Bitcoins and Other Crypto-currencies

So a few of my friends at work are using Bitcoins and have made me aware of the massive increase in value these things have had recently. They bought a few back in April at under $100/coin and they're now worth over $1000, and have been increasing in value at a rate of about $50/day from what I've heard, which in financial terms seems insane.

Now I think these things are headed for a massive correction but was just curious to see what some other opinions on this, or other crypto-currencies like it are. Does anyone here trade in them?

A link to the current value...

http://preev.com/btc/gbp

Bitcoins are incredibly unstable, and they've crashed a few times. For some reason there's a lot of people who think that they're a long term investment which keeps fuelling these bubbles, but soon enough they'll crash again.

Reminds me that someone posted this the other day, I wondered how it could be worth so much
http://uk.finance.yahoo.com/news/the-4m ... 41090.html

Website

I was going to post about this recently as I have a lot of questions about it. I was actually going to ask that on a tech minded forum like this we all should've known about the potential of this and told each other and become millionaires! I mean I'd heard of it before but only started taking notice this year.

I was reading about some European from one of the Nordic countries bought the equivalent of about £17 worth when it launched then lost the password for his account. When he found it earlier this year he saw he had the equivalent of a substantial amount of money that allowed him to buy a very nice house in the good part of town.

It's the mining for Bit coins I didn't grasp. It's like something from Settlers III.

Investing in something like this can work out in a number of ways.

Dan. wrote:Investing in something like this can work out in a number of ways.

I don't get the 'mining' thing either.

I paid £500 for a bitcoin at the start of the week. After a couple of wasted days where I left it while I created accounts at exchanges and synced my wallet, I then swapped it for 50 litecoins two days ago.

At current prices my investment is now worth $2500!

Edit: I also use my server at work to mine them but as it has no gpu I only have half a litecoin from that so far.

satriales wrote:I paid £500 for a bitcoin at the start of the week. After a couple of wasted days where I left it while I created accounts at exchanges and synced my wallet, I then swapped it for 50 litecoins two days ago.

At current prices my investment is now worth $2500!

Edit: I also use my server at work to mine them but as it has no gpu I only have half a litecoin from that so far.

Which exchanges are you with?

Igor wrote:Which exchanges are you with?

The only one I'm using at the moment is BTC-e (I know they're a bit dodgy). I'm registered at others but not verified yet.
My housemate bought litecoins months ago when they were $2 and is making an app that pulls data from all the exchanges.

Bitcoins are going to crash again so hard. Sell, sell, sell.

It'll be a fun game of pass the parcel first. Then the music stops and the parcel is gonna explode in some poor strawberry floaters face.

Its a currency that isnt really tied to anything that gives it value. Effort to mine the coins doesnt really cut it, because at the end of the day, some banana split is going to be left at the end of the chain with a 'wallet' full of bits that have no actual real world value.

How does one keep abreast of new coin formats? i heard of BitCoins a while back but paid no mind.. Now LiteCoins seem to be the new kid on the block

Winckle said I was buying "libertarian moron bucks" back in March.

Those moron bucks have earned me a fair bit since then.

Max Keiser goes on Twitter all the time about BTC. https://twitter.com/maxkeiser He's also on ITV News at 10.20PM tonight talking about them.

..ok?

The fact remains that the value has dropped out the arse of them before, and it will do so again. You'd probably make more money investing in stocks.

Or selling drugs.

Or buying 100 tshirts for £100 and selling them for £2 each.

That way you'd have real actual material goods or real actual legal tender.

I remember looking at them at $2 each and passing thinking it was nonsense, I remember them hitting $60 and again contemplating it, I have so many regrets!

Is it even worth mining if you haven't got a few grand to invest? I was reading about this banana split's setup:

Liquid cooled. He has racks of those :dread:

You're basically turning your electricity usage into a currency. Whilst we're still destroying the planet, it's not something I can fully get behind... ASIC miners will be out for Litecoin too, which should make things interesting.

Ive seen a few of the ASIC miners, and besides being in short supply, they make an unholy racket and kick out proper heat.

I've got a spare virtualisation server and some NVidea GRID GPU cards at work. Doubt they'd be too happy with me making money from it though. :shifty:

Bitcoins and Other Crypto-currencies

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