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#1 |
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![]() Anyone currently own any?
I found out about these probably 2 weeks ago and at the time they were roughly ~$30 a coin. I shrugged it off as a dumb idea and never looked into it. After doing quite a bit of reading and research today I am considering buying 1 or 2 coins just to see what happens. They are currently trading at ~$142 a coin and most analyst say by the end of the year it would be in the $400-$500 range. The actual process of buying them seems to be quite tedious. Set up an account with MtGox, then place an order through BitInstant and then pay for that order with a cash payment through MoneyGram. Being that Bitcoin is a 100% anonymous way to move cash makes it difficult to just pull your card out and buy.
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#2 |
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![]() It's a really interesting concept but as much as it could increase in value it could also just vanish in the blink of an eye as well.
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#3 |
Delivers
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![]() There was a guy on reddit that bought in to them for like 30k. He's still riding them out but his initial investment was worth like 125k or something like that right now. I'll see if I can find it.
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#4 |
Custom User Title
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![]() Isn't this already being looked in to for money laundering?
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#5 |
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#6 |
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![]() A bunch of the underground websites have used bitcoin for years in terms of doing online drug sales etc. It's a pretty risky investment.
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#7 |
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![]() Also, BitCoins have been hacked in the recent past. When that happened, the value of a BC tanked huge.
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#9 |
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#10 | ||||
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If you can't tell, the market has significantly recovered. I've bought and sold many btc over the past two years. I mine then on multiple computers, and I have an order in for a new standalone miner. But, you know, you're the expert and all. ![]()
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#11 |
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![]() Just broke $800.
Increased $300 just today. I thought about getting in last week at around $300. But it's a bubble just waiting to burst.
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#12 |
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![]() I'm starting to get involved... can't make a purchase til Friday. We'll see how that goes.
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#13 |
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![]() Let us know how it goes.
Even though it's an encrypted currency, you either have to trust a 3rd party to safely hold onto it, or your hard drive/network. Then the same thing when you sell it (from what I've read). It seems to be a bubble waiting to burst (which will keep rising as long as China is investing in it), so I've been very skeptical. That being said if I didn't listen to my rational thinking I would have doubled my $5,000 that I was going to put into it.
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![]() Last edited by Onetype; 2013-11-18 at 11:27 PM.. |
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#14 | |
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#15 |
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![]() That's what I think most have thought. But it's gaining a lot of ground in other countries such as China & Canada. Even Ben Bernanke stated that it looked promising *shocked*.
That being said, it's still a virtual currency with zero backing.
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#16 | |
**Sponsor**
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I should start selling DIY dollars and guarantee 30% per year. ![]()
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DIY Auto Repair Fully equipped service bay rental by the hour We also offer full service automotive repairs along with paint and bodywork Visit us at http://diyautorepairkc.com/ or call (913) 226-3806 Favorite car from the past (73 Pinto) |
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#17 | |
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![]() What does it take to start mining?
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#18 |
Delivers
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#19 |
Administrator
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#20 | |
**Sponsor**
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#21 | ||||||
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Video URL: http://www.youtube.com/watch?v=GmOzih6I1zs http://www.extremetech.com/computing...bitcoin-mining https://en.bitcoin.it/wiki/Mining_hardware_comparison It is pretty crazy they are already to the point of needing hardware tailored specifically to the mining process. I am also curious about the end result of all the number crunching. It seems analogous to something like SETI @ Home, but they are very open about the purpose of running their software. I haven't read anything more descriptive of bitcoin mining beyond "solving complex math problems".
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#22 | ||
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![]() This is the best explanation I've found so far.
My mind is still blown at all of the energy / CPU cycles that go just towards the currency itself. https://en.bitcoin.it/wiki/FAQ#Mining Quote:
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#23 |
Delivers
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![]() Did you figure out the rate in which it can mine?
Looks like one of the cheaper Butterfly Labs machine is running $1,275. Then the energy consumption of letting it run all day every day. Maybe .50 per day? So $15 per month? I guess you have to watch the market fluctuations as well and just sell what you have at a premium to get your return. I honestly don't know what these generate per month though. 1 Bitcoin? so maybe $300-500 per month if you sell right? So on the low end ($300) it takes about 4.5 months to get to break even. Plus the technology is moving forward so fast, like DIY was talking about, that it may be even longer. |
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#24 |
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![]() Thought I read somewhere that at this point there are so many people involved it isn't even worth it to mine anymore?
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#25 |
Delivers
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![]() Thats what I had read but don't remember where. It's at the point where it is taking so much energy and computing power that its barely if not at all profitable.
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