Bitcoin & Bitcoin Mining

[Freak Dodgeball Accident]

LTC has hit $8, having gone up 100% over the last 24 hours or so. I could have already doubled my money farken.

I'm still happy to buy in to LTC right now, even if this is the top of this bubble. My long-term position is that it ought to be ~1/4 the price of BTC which it is still miles off.

Spewing that my laziness has already cost me, though. Today is the day to finally buy me some coins, methinks.

This is bloody ridiculous!!

I was trying to get in contact with BitcoinsAU to buy some LTC last week at about $3.50, I really wanted to get onto it because I knew once BTC kept on going up, people were going to look for alternatives. Messaged a few days with no reply. Absolutely spewing now. Let me know how you go about buying some mate, because I have been very keen but it's not exactly easy to get them. I wasn't too big on purchasing BTC and then trading it to LTC, as there was every chance BTC would crash while I was holding it. In hindsight, I probably should have got the BTC first =(

How are you going about buying them? PM me if you like.

Still so shattered.

I've been feeling really crap lately, keep thinking about 18 months ago when BTC were $2.30, some bloke said to buy about a 1000 and hold on to them. Hmmm, wish I took his advice. I keep thinking what if. It's a shit feeling.

 

[Ed_Gein]

To be honest, i've been reading up on it a little and wouldn't mind getting involved. But just wondering about the variance in price between different exchanges, seems as though it can be as high as US$100. How much of a process is transfering BTC between exchanges and ultimately, is it worth it?

 

[The Passenger]

To be honest, i've been reading up on it a little and wouldn't mind getting involved. But just wondering about the variance in price between different exchanges, seems as though it can be as high as US$100. How much of a process is transfering BTC between exchanges and ultimately, is it worth it?

I have found localbitcoins.org to be the best and quickest exchange.

Pulled the trigger on a couple of alternates. 19.4 litecoins for ~$140 US and 251 peercoins for ~210 US, and have 1.25 bitcoins left over.

For trading in the alternates I set up an account with vircurex.

Probably get another $200 US worth of each over the next fortnight and then just leave it at that and see how it rolls. If it all falls to shit then so be it, won't be the first time i've burnt money, not will it be the last.

 

[Freak Dodgeball Accident]

I have found localbitcoins.org to be the best and quickest exchange.

Pulled the trigger on a couple of alternates. 19.4 litecoins for ~$140 US and 251 peercoins for ~210 US, and have 1.25 bitcoins left over.

For trading in the alternates I set up an account with vircurex.

Probably get another $200 US worth of each over the next fortnight and then just leave it at that and see how it rolls. If it all falls to shit then so be it, won't be the first time i've burnt money, not will it be the last.

How do you go about the funding for that site (I'm just on my phone at the moment so it's hard to check)? Do you need to trade BTC for the LTC?

I've been looking for ways to get some LTC, would be good to dabble in some peercoins too. Wish is was easy like the old spendbitcoins website where you just deposit cash at a bank and they send the BTC straight to your wallet. Can't seem to really do that with LTC.

 

[The Passenger]

How do you go about the funding for that site (I'm just on my phone at the moment so it's hard to check)? Do you need to trade BTC for the LTC?

I've been looking for ways to get some LTC, would be good to dabble in some peercoins too. Wish is was easy like the old spendbitcoins website where you just deposit cash at a bank and they send the BTC straight to your wallet. Can't seem to really do that with LTC.

I think btc-e is the only place you can directly trade fiat currency for LTC.

With Vircurex you need to buy your bitcoins from another exchange (localbitcoins for me - which seemes similar to spendbitcoins where you can deposit at a bank), then send your bitcoins into your vircurex bitcoin wallet.

From there you can trade your bitcoins for other currencies.

The one annoying thing about Vircurex is that even if they don't want you exchanging fiat currency for digital currency, an online calculator would be nice. It's easy enough to do, just multiply BTC/USD (580) * LTC/BTC (0.0136) to get your LTC/USD (7.88) but still would be nice to have it there in front of you.

 

[Freak Dodgeball Accident]

Thanks heaps mate, very informative! Had a quick look tonight after work, I'm all signed up. Still nervous as hell about grabbing BTC at the moment, because knowing my luck they'll crash straight away.

 

[The Passenger]

Thanks heaps mate, very informative! Had a quick look tonight after work, I'm all signed up. Still nervous as hell about grabbing BTC at the moment, because knowing my luck they'll crash straight away.

yes it's not for the faint hearted. most investments are a long term thing but this one really is. the fluctuations on this are too wild and unpredictable to be keeping an eye on them all the time. too hard on the heart.

the obvious exception to that is if you are a professional bitcoin trader and looking to buy and sell at every good opportunity to get the best edge out of the market. but the thing is the swings are so unpredictable, i don't even know how anyone could do it. maybe there is some program out there that noticed patterns in the market. the only one i've noticed is that when they double - or even tripled - within a few days, there is generally a correction and a drop to around halfway between the peak and where the market was at the start of the rise.

as long as you're putting in money that if it were all to fall to shit, you would be ok, then it's not the end of the world.

i'm very interested in the alternates and will be keeping my eye out for new ones. i really like peercoins that caeser was on about before. the proof of stake model (as opposed to proof of work of bitcoins or litecoins) seems much more sustainable in terms of the energy consumption required to mine the coins.

the real interest for me will be what crypto's that are completely different to bitcoin will come out, and there will no doubt be a second and third generation over the coming years as usually happens with technology. From reading around Ripple looks like the most likely to do anything at the moment as they are aiming for a full monetary and payment system in which you can hold any type of cryptocurrency. It's the only crypto I know of where the source code isn't derived from bitcoin.

 

[Ed_Gein]

Someone sold just under 195,000 BTC apparently. Been floating around US$750 for a while so he'd be looking at US$140m+ ??

 

[The Passenger]

Someone sold just under 195,000 BTC apparently. Been floating around US$750 for a while so he'd be looking at US$140m+ ??

these are probably the transactions you are looking for

https://blockchain.info/tx/1746d7d24fa39c7f3b62f64a1760649b616f36e395796bf704d0aaca7b208ca9

https://blockchain.info/tx/11282d488a1e5658336345554981aae1b471fb0c9481abcbf5b9344e59785789

195,000 and 100,000 bitcoins.

in saying that though they could just be moving it between their own bitcoin wallets.

 

[Ed_Gein]

I would kill just for even one of those BTC.

I'm still struggling to get involved. GBP isn't really supported by mtgox, btc-e etc.... It's going to be a lot of work just for a small investment (£100 or so initially) and if i was to go through mtgox for example i just have to wonder if the trouble would be worth it considering it's a £25 charge (i think) for their process in sending payment to them. Considered going with Euro since it would be a fair bit easier, but sites like okpay require a fair amount of verification before being able to use them. localbitcoins, well it would be my prefered method, but not very good as far as value for money goes. Around £100 more than what it;s worth on the exchanges again.

 

[The Passenger]

I would kill just for even one of those BTC.

I'm still struggling to get involved. GBP isn't really supported by mtgox, btc-e etc.... It's going to be a lot of work just for a small investment (£100 or so initially) and if i was to go through mtgox for example i just have to wonder if the trouble would be worth it considering it's a £25 charge (i think) for their process in sending payment to them. Considered going with Euro since it would be a fair bit easier, but sites like okpay require a fair amount of verification before being able to use them. localbitcoins, well it would be my prefered method, but not very good as far as value for money goes. Around £100 more than what it;s worth on the exchanges again.

go to localbitcoins.com - it works similar to e-bay. just gotta use a trusted vendor with lots of transactions and 100% rating.

 

[Ed_Gein]

go to localbitcoins.com - it works similar to e-bay. just gotta use a trusted vendor with lots of transactions and 100% rating.

I wanted to mate. That would be my prefered option, although it doesn't seem like there is a great deal of fluctuation on their prices to be honest. I haven't seen them being traded for less than £500 on there despite spending a fair amount of time under £400 and as low as £280 on the markets since it hit it's peak of £560 a week ago.

 

[Freak Dodgeball Accident]

Just started mining Peercoins. Yipee =)

 

[arkie]

The finite number of bitcoins is an issue. On one hand it makes them more valuable, but on the other it means that many businesses have less incentive to open themselves to trading so it will always be a niche market. The volatile pricing of coins makes them almost worthless to businesses too. Are you selling your product for $900 or $50 today? Who knows?

So it seems that everyone involved is banking on the idea of playing the trading game better than everyone else and cashing out at the right time, because eventually some investors are going to be left with a whole load of worthlessness. Sure a lot of people are interested in a somewhat untraceable currency for online purchasing, but with the fluctuating values it won't normalise for a long time and by then who knows how much they will be worth?

I agree with you. I think people need to understand that bitcoin won't ever take over for the reasons you have mentioned. It will never be a major currency. BTC just needs people to agree that it's a good 'store' currency in the long run.

 

[The Passenger]

been an interesting spike in peercoins over the last week. doubled in comparison to the bitcoin, which is about a 50% increase compared to the dollar.

 

[RU486]

On the verge of hitting $1000 USD/BTC!

 

[The Passenger]

On the verge of hitting $1000 USD/BTC!

It's crazy how much discrepancy between exchanges there is

vircurex you can by them for $825 US then send them over to MT Gox and sell them for about $950 US...

Love to know how that works.

Surely people are just loading up on them in vircurex then making instant profit on MTG? Even if it takes about an hour for the blockchain to confirm your transaction sending them vircurex to MTG you should be pretty safe from any crazy fluctuations that drop the price in the meantime.

Litecoins are up to ~$17.50 and Peercoins to ~$2.80

 

[Freak Dodgeball Accident]

This is bullshit. Last week I was trying to buy LTC through bitcoinsAU. I had my hopes up of getting them from there, so didn't put much effort into getting them from elsewhere.

So that fell through anyway, apparently they were changing their structure of how they sell them. Wish they'd bloody told me that last week so I could have tried somewhere else. I was prepared to spend up to $1000 while they were about $8. I'm fuming I've missed out this time. Sure enough there will probably be a crash sometime soon, but I'll be out of the country for a month so I won't be able to take advantage of it.

 

[The Passenger]

Freak Dodgeball Accident just go localbitcoins into vircurex. Easiest way I have found to do it.

been an interesting spike in peercoins over the last week. doubled in comparison to the bitcoin, which is about a 50% increase compared to the dollar.

Found out they were in a New York Times post and are about to be feature on Wired and Wall Street Journal.

I think @Caeser is onto a winner with these. The mining process using proof-of-stake as opposed to (just about) everything else's proof-of-work is much more energy efficient which will be a major factor in the mining process years down the track. In the unlikely event someone was to acquire more than 51% of all peercoins they could cause chaos to the blockchain though....

Pulled the trigger on a couple of alternates. 19.4 litecoins for ~$140 US and 251 peercoins for ~210 US, and have 1.25 bitcoins left over.

Using Vircurex half way between Asking and Sell prices
BTC = 797.5 USD
LTC = 0.02212 BTC
PPC = 0.003705 BTC


- 19.69 LTC (was fooling around on vircurex today and accidently bought 0.3) @ $17.64 US = $347.34 US
- 251 PPC @ $2.95 US = $741.63 US
- 0.12 BTC (Vircurex) = $95.70 US
- 1.062 BTC (Localbitcoins) = $846.94 US

Total $2031.61 US

Spent $350 US above acquiring the LTC and PPC, and the BTC i had bought in September for about $140 US.

It's been an interesting experiment.

 

[True__Believer]

Has anyone used or currently using any block eruptors to mine with? Some of the new ones can mine at around 50GH/s, which can mine around 0.025BTC per hour, depending on who you ask. You can also 'hire' block eruptors for an hour or a day for a set fee and keep whatever is mined in that time frame.

 

[Papa Juggs]

I think Bitcoin might be made illegal.

I'm not saying that's good or bad, just that anything that undermines the ability of The Bernanke to control worldwide economic policy isn't going to fly.

 

[The Passenger]

I think Bitcoin might be made illegal.

I'm not saying that's good or bad, just that anything that undermines the ability of The Bernanke to control worldwide economic policy isn't going to fly.

those in control certainly aren't fans of it. i don't know how they would make it illegal but they just may do everything they can to try and undermine it.

it wouldn't at all surprise me if some of the recent hacks of exchanges are the work of the nsa.

i didn't realise until today and tallying them all up that i have about 2k in total. not an insignificant amount to lose because an exchange had poor security. have downloaded the bitcoin, peercoin and litecoin clients and tomorrow will be moving my coins into encrypted wallets on my computer with a couple of backups. makes much more sense.

 

[Papa Juggs]

I think the technology has promise but the bitcoin itself created by a ghost isn't the way of the future.

The central banks need to make their own bitcoin that is endorsed by them.

I'm not trying to wave the banner for the Fed reserve here I just recognise the power they have which is absolute and supreme.

All hail The Bernanke.

 

[Yellow Feathers]

Anyone have any idea how high the BTC price could go? I watched it crash at around $200 earlier in the year when I never thought it could go that high. Now $1000?

Seems too late to get back in.

 

[RU486]

I think Bitcoin might be made illegal.

I'm not saying that's good or bad, just that anything that undermines the ability of The Bernanke to control worldwide economic policy isn't going to fly.

The recent US Senate hearings into Bitcoin were overwhelmingly favourable of it, suprised quite alot of people I think.

http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/21/heres-how-bitcoin-charmed-washington/