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Rico1304

Bit coins

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Might be being thick here but how do you get them, if it is the case you can't cash them in? Do you have to sell something to someone in exchange for getting some?

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Might be being thick here but how do you get them, if it is the case you can't cash them in? Do you have to sell something to someone in exchange for getting some?

 

You can cash out, but it's difficult and time consuming.

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I'm not really to close to the detail regarding bitcoin but the state of the economy now is that the cart is pulling the horse. You have commercial banks driving the economy instead of the other way around. Banks creating money from thin air and thn charging people interest on it. The system is fucked. Money can only be created through debt. How crazy is that!? I'm kind of hoping that bitcoin will be, if not the answer then perhaps an idea to build on which will see the power being taken away from banks and put back into the hands of the people.

 

Good post. Personally though, I don't think that bitcoin or any other crypto currency is a solution - certainly not in the short to medium term.

 

I am, however, intrigued by this:

 

http://bristolpound.org/

 

http://www.bbc.co.uk/news/uk-england-bristol-19627592

 

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

 

 

 

 

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I accept them on a few of my eCommerce sites. Quicker, cheaper and easier than paypal and credit card processors. No transaction fees for the first $1M in sales. Instant conversion to USD for 1%. Deposit within 24hrs.

 

Almost no-one uses them, but those that do can't find anything else to spend them on, so the sale total is much higher than average. More cross-sells, more multiples, etc . . .

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the value of currency is based on trust, as others have said the early players have made on this, difficult to know if the value will keep on increasing.

 

Bitcoin is limited to certain amount being produced, something like 22 million. If people begin to hoard them then the currency ceases being used, thus the trust in it's validity dissipates.

 

Then you've got people with computers in their house worth tens, hundreds of thousands of pounds with no way to secure that value as the currency isnt recognised. Not like in a bank where they'll insure your account up to a certain amount if they go bust.

 

Then you've got the lad in Wales who threw his hardrive away with £7.5M worth of coins on it!!! what happens then other than coins lost.

 

Then you've got the hackers, then you've got the wallet holder companies that can store your bitcoins for you that can go belly up at any point. Like the one the other month did and they reckon the fella did a runner with all the coins.

 

Just seems like the early worm tech , geek , cash in moment and good luck to them. See what comes along next

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I've been following the bit coin hype yet don't own any. Max Kaiser on Russia today is constantly banging the drum about them.

 

The important point to note about them is that they are (or once mined) finite and as such cannot (at least at the moment) be devalued through further supply.

 

The whole system doesn't sound particularly secure and I believe there have been instances of whole exchanges being hacked of thousands.

 

I think it is the model of future monetary exchange. Not necessarily bit coin but some thing based along similar lines. The crooked central banks must be wary about losing their magical inflation (theft) wands.

 

I think it's funny when people say 'gold is at an all time high'. Urm no the dollar and all the other funny money is at an all time low.

 

Sent from my Nexus 4 using Tapatalk

 

 

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="bri" post="3634711" timestamp="1389121614"]how do you invest in lite coins?

 

https://btc-e.com

 

Swerve bitcoins for now. I sold mine after the China incident reduced their value dramatically but I'd bought them very early on. Probably should have hung in there but such is life.

 

Litecoin is worth an investment, or not, if they fall / fail you won't lose much at this point.

 

The hardest part in the UK is actually buying them as cash can only be deposited in nonreversible transfers, so no PayPal or credit card.

 

Once you get the coins and they are held on the exchange (btc-e is the most reputable) transfer them to your wallet (software on your machine) back them up to an external hard drive and put it somewhere safe.

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If anyone is interested I can post a full guide tomorrow. I have a few bitcoins left to sell toif any reputable people on here want them.

I think you need to brush up your sales technique....swerve them...but you can buy mine!

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I think you need to brush up your sales technique....swerve them...but you can buy mine!

Haha, yes. I'd swerve them for investment, deffo but a bitcoin is still worth approx $850 and peeps like them for buying stuff anonymously online. Its quicker for me to sell small amounts to someone who needs them than throw them on the exchange.

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dogecoin.jpg

 

 

How does one mine bit coin?

 

You get some heavy computer hardware and use it in a pool to try and generate a SHA-256 hash which is considered by the bitcoin/litecoin network to be a 'discovery', whilst doing this you are also distributing transactions on the currencies public ledger.  

 

When your machine creates the required hash, you are awarded a bitcoin.  This is extremely difficult mathematically so it takes a long time and a lot of computer resources.  The more people are mining, the more coins are introduced and difficulty in 'mining' a bitcoin goes up.

 

A really simple example is...

 

If your machine can generate a hash starting with a zero, you get a bitcoin

 

03lJ+sOFn1Rj0XxyCBAe1AcaGuCUi+gyPp7iL3VZ53s= <-- tada I got a bitcoin, it took ages but I got one.

 

The difficulty goes up as the amount of bitcoins in the world reaches say 50k

 

If your machine can generate a hash starting with two zero's, you get a bitcoin

 

Its really getting tricky now

 

4 years later....

 

If your machine can generate a hash starting with a ten zeros, you get a bitcoin...

 

 

So if you look into what a hash is, you'll see its now really, really fucking difficult to generate a bitcoin.  Intentionally anyway.  

 

You need numerous rigs, with as many suitable graphics cards in as possible because GPU's are much faster for the types of calculation required than CPU's.  In fact the resources needed will likely cost you more in electricity and ruined hardware than you could make back in the bitcoins you can mine.

 

http://www.bitcoinx.com/profit/

 

 

Pretty much the same as above for lite, doge and kanye coins except due to them being less used (and two of them being novelty crypto-coins) you'd have more luck than with bitcoins.  Lite coins will be close to costing you more money in electricity and ruined overclocked GPU's right now if you mined them on a home PC.  You need to make a specific, noisy and very hot-running rig for maximum profits.

 

http://www.cryptobadger.com/build-your-own-litecoin-mining-rig/

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