What's new
Pinball info

Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Anyone use Bitcoins?

Rus121

Rus121

Site Supporter
Joined
Jul 21, 2011
Messages
2,671
Location
Teesside
So, these bitcoin things have spread across my workplace like wildfire. It seems everyone i know at work is using them. Anyone else delve into this murky world of crypto currency?
 
I didn't have a bloody clue what you were on about so had to Wikipedia it:

http://en.wikipedia.org/wiki/Bitcoin

So it's a digital currency thats not controlled by any sort of financial institution or central bank :eek: Sounds dodgy as f*ck to me and completely open to being abused by crims. The fluctuation in exchange rate against the dollar for these is proper scary....

"The USD price of a bitcoin increased in 2013 from $13 on 1 January to $190 on 9 April." :eek: :eek: :eek:

Very interesting stuff but I think I'll stick with cash :)
 
Well if the number of them is absolutely fixed then they can only get more valuable, as most currencies just keep printing more and more, diluting their worth.

They sound ace. I may try to buy one just to watch its value change. Meh. Or maybe not. Damn I need beer
 
The problem with any currency is the methods in which people can manipulate its worth. As bitcoins value is also dependant on people trusting it, it can be knocked by digital hacks.
There has been a few denial of service attacks on it, people lose trust and dump stock at a lower value which is then brought up by the people. Then repeat.
I consider buying the same as speculating on the stock market at the moment.
 
Silk road, lmao. Seems an easy way to set up a sting to me. Anyway....

The guys at work are 'mining' these things with their home pcs (and to some extent, the works servers i suspect, tut tut.). You basically use the power of your pc to solve an SHA-256 algorithm block, for which you get rewarded in bitcoins. The faster your rig, the more bitcoins you get. PC GPU mining is about dead now (due to hashing power difficulty rising over time) but FPGA and the newer ASIC mining rigs can still have you churning out a profit. The more hashing power you have (measured in mega hashes and giga hashes a second - mh/s, gh/s) the more bitcoins you can generate.

Now, imagine a wind turbine 'off grid' setup with a bitcoin miner plugged into it. Money from fresh air my friends!
 
Seems an easy way to set up a sting to me
Click to expand...

Maybe for guns or serious amounts of drugs but for people buying a bit of weed or a few pills then it's probably not worth the expense of setting something up.
 
Fellow pinheads should take serious notice of this digital currency.

Back in june bitcoin had a $90 dollar average. Today, its worth a MASSIVE $400.
 
My advice is to wait until there is another outage caused by currency hackers, and buy back in when they sink again.
 
I bought mine at $120. Sold most of them now, but still have a few left. Got another pin and a new gaming pc out of it.
 
Rus121 said:
I bought mine at $120. Sold most of them now, but still have a few left. Got another pin and a new gaming pc out of it.
Click to expand...
You lucky son of .... Good man. Pleased to hear you profited, I never get into these things at a good time as I am risk adverse. ;)
 
Calimori said:
You lucky son of .... Good man. Pleased to hear you profited, I never get into these things at a good time as I am risk adverse. ;)
Click to expand...

Me and a friend stumped up for a preorder on some expensive mining equipment (knc miners). When the mining difficulty shot up past all expectations we got a refund from knc and bought bitcoin instead from Bitstamp.net. Best decision I made all year.
 
Rus121 said:
Lol, yeah. Nice story that but I bet he's kicking himself for selling them at $880K when they are now worth 2.7 MILLION!!!!
Click to expand...
That is greed talking and leads to increased risk ;). We have to be happy with a good return or else we all hang on waiting for more money and then the price drops and we lose out.
Now I have stated that, I bet the price continues to rise so everyone else best buy in now. I will let you know when I buy in as they usually signals a price crash. :(
 
Its not greed, but regret at making the right decision too early. It all depends on your perspective really. :)

Me? I'm happy with no regrets. I'll continue to keep my beady eye on BTC for some time to come. 2016 will be the year to watch BTC explode in value or fail miserably as the block reward is halved for those mining bitcoins (the only way to make them exist in the first place).

Go here for all the info you could ever need:

Bitcointalk.org
 
Rus121 said:
Lol, yeah. Nice story that but I bet he's kicking himself for selling them at $880K when they are now worth 3.1 MILLION!!!!
Click to expand...

The story I read said he only sold about 150k's worth of the 880k so he's probably not short of a few bob or two...
 
Probably being pushed up by people buying due to their press in the US ahead of the Senate discussions following the closure of Silkroad. I guess a positive spin coming out of that committee will push the value up more, but a negative spin...
 
All non asset backed currencies are technically worth nothing. The punt you take is if the group of people using them believe they have an asset value, ie only the value is confidence.

The confidence is based on the cryptography, which will (by definition) not be 100% secure.
 
The FBI is holding around 140,000BTC which were taken from Robert Ulbricht (silk road owner). They have openly stated they want to sell them but will take the matter to the upcoming senate hearing.

I don't need to tell you guys what happens when that amount of coin is back on the market.
 
Broke $1000 today. Currently at $1008. Might sell up and bid on that nice MM....hmmmm.
 
You must log in or register to reply here.
Back
Top Bottom