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Bitcoin & Bitcoin Mining

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I didn't even know you could mine using Bitcoin-Qt tbh. I have never mined CC; I only run the proper clients to support the network as a node. I actually have 0 BTC in my BTC wallet atm but still leave the client running 24/7 just to help the network; I truly believe in the potential revolution that CC offers and the more nodes out there the better.

As for my mate, he wants to ensure that if his house burns down, he doesn't lose the coins. That's not a throwaway line. An engraved piece of metal is the smartest method I've heard of so far to accomplish this kind of reliability.

Are you following the LTC market atm? I think it could crash below $10 again within 24 hours. I'm hoping it does because that is the point at which I load up with my next tranche of investment...
 
i haven't really had time to get across this, but i aim to when i have some time off over christmas and probably will put in a couple k out of interest.

is buying a lc, pc or any other form of cc a bet against bc given its current dominance of the cc market?
 
I'm new to the game myself and you're a smart chap so you'll be probably be more across this by the end of the summer than I will be but fwiw...

My personal take is that if BTC falls either dramatically or continuously, the rest of the CC market will more or less fall with it. BTC crashes 80% next week, LTC et al go with it; BTC drops week on week for a few straight months, LTC et al go with it. It is almost like the index coin. That said, I see some CCs appreciating relative to BTC over the short, medium and longer terms. Obviously I have backed LTC but I also see merit in some of the others.

If you are recently out of uni, I wouldn't be recommending you drop a couple of grand into the CC market unless you've recently come into some inheritance or something. My own stance is that I treat CC like gambling at a casino: I'll only put in money that won't hurt me to lose 100% of - because there is a good chance that that is exactly what will happen.
 
the way i see it is the upside is (still) huge.

bitcoins are a great idea and there is a huge need for them with cross-border commerce and money transfer.

where i see the biggest potential is the general public have no idea about them (yet) and once they do you'll have peoplepumping money in left, right and centre inflating the prices.

obv there's a huge amount of regulatory risk. but i think, once i have given it some proper consideration, $2k or less which i can afford to lose is reasonable given what i perceive to be a huge upside.

i guess it all depends on where you think we are on a curve like this:

goldbubblecycle.gif


i would put us towards the start of the orange.
 

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In that case I hope you are smart enough to go long and hold on to whatever you buy for at least 12 months, come what may. The bitcointalk forums (currently down) are littered with people who bought, panic-sold at the first hint of a crash OR trigger-sold after the first big increase, and have spent every day since the subsequent rally regretting it. Even my mate who bought 500 BTC for practically nothing laments the 200 he sold for a few grand total, even though he still has ~$250-300k worth still sitting in his wallet.

If you aren't willing to stay in, don't get in.
 
checkraiseulite a good quote i read on reddit

if you start to panic when the price of bitcoin goes up, then you don't have enough. if you start to panic when the price of bitcoin goes down, then you have too many. if you find yourself completely unphased a 50% daily fluctuation in either direction, then you have just the right amount.

Not touching my portfolio till it gets to $8k value. Sitting on $3.7k now.
 
http://www.newstatesman.com/future-...ng-down-right-now-and-you-can-watch-real-time

This is as interesting as any side-story I have yet encountered wrt bitcoin.

tl;dr A guy (or group) has just pulled off the biggest heist in CC history and some say the greatest heist of all time at ~$100m worth of BTC. Problem is that he has been traced and now has nowhere to store the coins without being tracked down again. No way out. And he stole the money from professional drug dealers. And an identity has been linked to the heist with some degree of confidence.

Whether or not the identity now out there on the net is the actual person responsible for the heist, I don't like his chances of making it to the family Christmas this year.
 
OK, can I (and probably a lot of others) have some information processed to us in layman's terms?

1) What is "mining"?
2) If I purchase something (I'm looking at Quarkcoin atm due to it being very cheap) does that actually affect my computer in any way?
3) How safe is this whole thing?
4) What are the negative impacts that can happen due to cryptocurrency, if the obvious answer taken away is 'you may lose money that you have invested'?
5) Thoughts on Quarkcoin?

I'm sure there are more questions in my mind, but these are the immediate ones.
 
As for my mate, he wants to ensure that if his house burns down, he doesn't lose the coins. That's not a throwaway line. An engraved piece of metal is the smartest method I've heard of so far to accomplish this kind of reliability.

It is a good plan but he should also hold multiple encrypted back ups. What if he loses the engraved piece of metal? It's all moot if he is already holding multiple back ups.

I'm happy that I've taken all my coins into off line storage. Got Litecoin bootstrap working and the client synced in no time. happy days.

This is what we were following a few posts back. Very interesting. Was watching a bit of it unfold on reddit last night but had to go to bed, and don't have time to look at it while working.

As said earlier there is fair chance he would have preferred Ross Ulbricht's fate and been caught by the FBI.
OK, can I (and probably a lot of others) have some information processed to us in layman's terms?

Most should be answered in my post earlier

http://www.bigfooty.com/forum/threads/bitcoin-bitcoin-mining.1040037/#post-30844918

I have no idea about quark as an actual coin. If I get a chance I will look tonight. I just know it was going up while all the others were falling yesterday but looking at this thing in a 24 hour window, or even a 7 day window does not give you anything close to the info you require on one coin. They are far too volatile for that.

I'm somewhat reticent to do much with coins that are 99% direct copies of bitcoin. I have no idea if Quark falls into this category or not. The only exception to that is litecoin but that is because it has built itself a little base following.
 
What's the best/quickest way for an Australian to use to buy coins with cash?

https://localbitcoins.com/

the trading rights are higher than other exchanges but it works the same way when you cash them out, you should expect to trade them for slightly higher.

there are too many other dodgy ones out there for me to bother with saving about %5-10%, and then with international exchanges you'll get stung with fees and so on.
 
What's the best/quickest way for an Australian to use to buy coins with cash?

  • Create a wallet on Blockchain
  • Google 'getbitcoin'
  • Buy bitcoins with cash from bank
  • 100% private (no ID checks etc)
Easy as that, you will have bitcoins within 30 minutes of depositing cash
 

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  • Create a wallet on Blockchain
  • Google 'getbitcoin'
  • Buy bitcoins with cash from bank
  • 100% private (no ID checks etc)
Easy as that, you will have bitcoins within 30 minutes of depositing cash


The commissions are pretty high there, and there is a very small reserve of coins (only 2.14 in stock as i write this). I have found that local bitcoins is the way to go, using a trusted seller is also advised. If you want the coins quickly it is just a matter of going down to the bank and doing a deposit. Last time i bought from there i had the coin within 15 minutes.

As was mentioned earlier, the alternate coins hinge on the price of btc. When btc crashed the other morning by 20%, all the others did also. Everyone has their own strategy but if you want to just buy btc and sit on them you are probably likely to make some money. As i trade day to day, i found the best method is to have an even split of usd/btc at the exchange to take advantage of any swings (eg use usd to buy when price crashes, sell from btc when price rises). It also takes a bit of nerve and a bit of luck to get the best possible outcomes, i usually aim for 5% at a time and this has been quite easily achievable.
 
http://www.newstatesman.com/future-proof/2013/12/theres-£60m-bitcoin-heist-going-down-right-now-and-you-can-watch-real-time

This is as interesting as any side-story I have yet encountered wrt bitcoin.

tl;dr A guy (or group) has just pulled off the biggest heist in CC history and some say the greatest heist of all time at ~$100m worth of BTC. Problem is that he has been traced and now has nowhere to store the coins without being tracked down again. No way out. And he stole the money from professional drug dealers. And an identity has been linked to the heist with some degree of confidence.

Whether or not the identity now out there on the net is the actual person responsible for the heist, I don't like his chances of making it to the family Christmas this year.


Shame for him, i highly doubt he'll ever see a cent of that in his own bank account. What will happen to the BTC should he end up being wiped out by the mafia?
 
Shame for him, i highly doubt he'll ever see a cent of that in his own bank account. What will happen to the BTC should he end up being wiped out by the mafia?
If he takes his passwords to the grave, then the BTC will be gone forever. Forever.

If the underworld get hold of him alive, then:

security.png
 
whats being made of the incredible rise over the last 30 days?

i remember sitting here when they were at 400 thinking damn I missed it, now theyre at 1200 and I'm thinking shit if I sit on my hands for a couple more days will I miss it again

thinking of buying on mt.gox, anybody smarter than me tell me if this is a bad/good idea?

happy to buy about 3-4k so I guess 3-4 btc and sit on them
 
whats being made of the incredible rise over the last 30 days?

i remember sitting here when they were at 400 thinking damn I missed it, now theyre at 1200 and I'm thinking shit if I sit on my hands for a couple more days will I miss it again

thinking of buying on mt.gox, anybody smarter than me tell me if this is a bad/good idea?

happy to buy about 3-4k so I guess 3-4 btc and sit on them

It's hard to say really. I bought in at 825US and i thought i was too late then however it hasn't proven to be so.

Best bet is to buy locally, somewhere like localbitcoins or something. Make sure you buy from a seller with good feedback/high volumes of sale, i personally have never had an issue. Get the coins from there and then send them to mt.gox if you are looking to trade them occasionally. Mt.gox have a stringent verification system if you are looking to deposit/withdraw currencies such as the US dollar, it can take some length of time.

If not, hang on to them in your own personal wallet, and think about options like cold storage on a usb and maybe some encryption methods. Its best not to leave your bitcoin at an exchange unless you are constantly using it there. A google search will inform you about some of the different types of security which you can use.
 

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thanks i'll have a look

just noticed on mt.gox that the price of bitcoins over the last couple of hours has dropped by a couple of hundred dollars on average

are these swings normal within a day?
 
thanks i'll have a look

just noticed on mt.gox that the price of bitcoins over the last couple of hours has dropped by a couple of hundred dollars on average

are these swings normal within a day?


Yes....if you have a look at the graphs on bitcoinity.org, you can see historical graphs. It is not uncommon to see wild swings off up to 20% in a matter of minutes. This makes such a platform a great opportunity for day traders and speculators to build up their portfolio. As i mentioned on one of my earlier posts, it is quite easy to make 5% gains in the matter of a few minutes. There is no way the common day trader would make such money on fiat currencies, however you must factor in the element of risk. Bitcoin could quite easily reach $5,000 or it could also drop to $100. As others have mentioned, only invest what you can afford to lose, and then strap in for a wild ride.
 
Yes....if you have a look at the graphs on bitcoinity.org, you can see historical graphs. It is not uncommon to see wild swings off up to 20% in a matter of minutes. This makes such a platform a great opportunity for day traders and speculators to build up their portfolio. As i mentioned on one of my earlier posts, it is quite easy to make 5% gains in the matter of a few minutes. There is no way the common day trader would make such money on fiat currencies, however you must factor in the element of risk. Bitcoin could quite easily reach $5,000 or it could also drop to $100. As others have mentioned, only invest what you can afford to lose, and then strap in for a wild ride.


lol, lowest sale now is 870 with the last sale 910 on mtgox, 5 hours ago it was in the 1200 range

Could have a lot of fun with this
 
wow, left work with my CC's at it's all time high value of ~$4200. Come back for a casual look a few hours later and it's down to ~3100.

Life is like... A roller coaster baby baby... I wanna ride... Your roller coaster baby baby

China has banned bitcoin, this is what has happened. It'll get over this eventually.

http://www.bloomberg.com/news/2013-...cial-companies-from-bitcoin-transactions.html



This is the reason the price dropped. Panic selling by people who do not read the article correctly. China has banned financial institutions from holding,buying,trading bitcoin etc. The general public are still free to use it, and some may see this as good news. It means the banking system cannot enter and try and dominate or manipulate prices. I bought at 940 and again at 910. This same panic selling occurred when silk road got busted. The price has recovered to 1050 again as i write this and will be back at 1200 before you know it.
 

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