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Bitcoin & Bitcoin Mining

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BotsMaster said:
Hmm http://www.itnews.com.au/News/363961,bitcoin-exchanges-hacked-users-money-stolen.aspx
Click to expand...

there is no doubt there is potential for dodgy dealings. that's why anyone keeping their funds in an exchange needs to research that exchange thoroughly. with the increased price of bitcoin then the motivation for stealing funds goes up.

the safest storage method is to keep your bitcoin offline on a USB key. there are obvious disadvantages -
1) if you lose your USB you are ****ed, but to offset this you should always have two, three or even more USB's. You can keep the same coins on multiple USB's but the blockchain will only let you spend those coins once
2) keeping multiple USB's increases the chance of one being stolen. To offset this you should encrypt the coins and use a password.
3) in the event of a bitcoin crash it will take longer for you to get your coins to an exchange and they will first need to be transferred from USB to exchange, then you can trade them off. this process could take one or two hours and given the nature of bitcoin, the value could have or even third in that time; and has before.
4) if you are away travelling, or even just a night out on the town, you could be extremely vulnerable to bitcoin crashes by not always having remote access to your coins in an exchange.
 

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Has now cracked the US$500/bitcoin, invested in a measly $100 afew days ago, going to continue to invest a small portion of each pay.
 
Really interesting read the last page or 2. Certainly seems like you'd have to be really confident in what you're doing to make significant money. I don't think i could handle running the risk of having my BC's wiped out for whatever reason.

Amazing that the value has pretty much doubled over the last 2 weeks. Although you'd expect that they'd drop a fair again soon enough.
 
RU486 said:
Has now cracked the US$500/bitcoin, invested in a measly $100 afew days ago, going to continue to invest a small portion of each pay.
Click to expand...

and gone through the $500 barrier straight to $600.

who the **** knows when this will finish?
 
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.
 
http://bitcoinity.org/markets

Wow.
Cool.

Edit: I don't really know what's going on, but it's still amazing. high of 900

So hypothetically, if someone had bought some bitcoins, is now the time to hold fast?

Are banks entering the game? Could someone explain this sorcery to an arts major pleb?
 

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Radius said:
http://bitcoinity.org/markets

Wow.
Cool.

Edit: I don't really know what's going on, but it's still amazing. high of 900

So hypothetically, if someone had bought some bitcoins, is now the time to hold fast?

Are banks entering the game? Could someone explain this sorcery to an arts major pleb?
Click to expand...


Now is the time to start jumping out with a very, very good return.
 
Radius said:
You sure it isn't too early? It's very bizarre. Might be worth holding.
Click to expand...


Might be. I'm a risk adverse person and if something's just jumped from 500 to 900 I'd be taking the return and walking off happy.

It probably will go up for a bit yet but when it collapse it will fall very quickly and will basically be worthless.

These sort of price movements are because a cabal of investors are manipulating things- which has severe effects on the value of currencies that are actually backed by governments let alone bitcoin.
 
Radius said:
http://bitcoinity.org/markets

Wow.
Cool.

Edit: I don't really know what's going on, but it's still amazing. high of 900

So hypothetically, if someone had bought some bitcoins, is now the time to hold fast?

Are banks entering the game? Could someone explain this sorcery to an arts major pleb?
Click to expand...

There is currently a Senate hearing in the US about bitcoins, which is generating a lot of publicity for it. The Justice Department made a statement the other day saying that they acknowledge it as a legal means of exchange, which is mostly stating the obvious but some people have taken it as a positive sign. That is what has driven the most recent jump, presumably.

It's a massive bubble. There is absolutely nothing underpinning the value of these coins right now - very few businesses accept them. There's no safeguards against manipulation. Maybe eventually they will become widely accepted enough that their utility starts to justify their price, but jeeze, you'd need to have big balls to have any amount of capital tied up in them right now and not be selling them.
 
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?
 

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woopedazz said:
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?
Click to expand...

Bet the Yanks have a record of every transaction
 
The Reaper said:
Not the people involved though
Click to expand...

no, and if they do have the capabilities of attaching wallet ID's to people's actual identities then they have pulled off one hell of a con job.

There are definitely some wallets that would be traceable, perhaps even a fairly sizeable portion (lets not forget many legitimate web sites put up their bitcoin wallet address), but a lot would not be, especially when bitcoins are paid for in cash. Whilst I haven't looked in full detail to things like http://www.bitcoinfog.com/ people with a better mind then me have said they are very effective.
 

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