Ive been watching bitcoin for a while, and I think its gonna make a bunch of people rich. I want to get some, but I have to spend all my money on film equipment 
Anyone here into Bitcoin?
- Thread starter RealJasonBourne
- Start date
It's already made some people rich, if you get on board now you'll probably miss the boat. It's increase in value is mainly due to its increase in popularity.
It has become fairly mainstream now so I don't think it's popularity (read price) will increase much further.
I could ofcourse be off, but thanks to it becoming more mainstream many companies are starting to place stricter rules on crypto-currency.
China has already done this, and thanks to their measures the bitcoin dropped from 1200$ to 570$. Its currently trading at 925$ and at that rate, I wouldn't buy.
You could buy when it drops again, it's quite volatile so if you buy at a near low you're pretty much guaranteed to make a little profit in trading, but i think the big boom is over.
It has become fairly mainstream now so I don't think it's popularity (read price) will increase much further.
I could ofcourse be off, but thanks to it becoming more mainstream many companies are starting to place stricter rules on crypto-currency.
China has already done this, and thanks to their measures the bitcoin dropped from 1200$ to 570$. Its currently trading at 925$ and at that rate, I wouldn't buy.
You could buy when it drops again, it's quite volatile so if you buy at a near low you're pretty much guaranteed to make a little profit in trading, but i think the big boom is over.
I wanted to learn how to mine, but still have no clue as to how..
yeah $1000 is too much, but if it drops low ill probably waste a paycheck on some
i asked on a bitcoin forum, and everyone tells me theres no point in trying to mine yourself, unless youre serious and invest big money into miners. there are people using $40,000 machines to mine bitcoin. you could mine bitcoin with your computer but it would be completely useless compared to the expensive machines people use. they say if you want to get into bitcoin to just buy.
It's in a serious bubble. At least with gold, you buy gold and have a commodity. With the USD$, Swiss Franc etc, you have a currency whose FX market price is tightly related to a country's market value. With bitcoin, it's simply what the market will pay for it...
...and that market is illogical and in a huge bubble
At some point that bubble will burst and a lot of people will lose a lot of $$$$$$
The ones in from the start or 2012 have made huge gains but a bubble is still a bubble. They need to sell before the crash...
...and that market is illogical and in a huge bubble
At some point that bubble will burst and a lot of people will lose a lot of $$$$$$
The ones in from the start or 2012 have made huge gains but a bubble is still a bubble. They need to sell before the crash...
The time to get into something like this is before it hits pop culture.
Once everyone knows about it and starts buying in, it's too late.
Once everyone knows about it and starts buying in, it's too late.
I don't really see the point. If your not an 'insider' with the alt coins, making it your life, then you're not going to know soon enough which ones to get in on.
The boat has sailed for bitcoin. Not for it's use as a black market currency, but as a get-rich-quick scheme it's done for.
If you're *really* serious about mining you should start trawling the altcoin forums and see what the next hot one might be. Spend a couple grand on a mining PC and mine the shit out of it. If you're lucky and picked one that takes off (read: speculators think it might be the next bitcoin, not that there needs to be another bitcoin, so it's all wall street type bullshit with imaginary values) and sell it all at the right time, you could *maybe* make a little money.
The boat has sailed for bitcoin. Not for it's use as a black market currency, but as a get-rich-quick scheme it's done for.
If you're *really* serious about mining you should start trawling the altcoin forums and see what the next hot one might be. Spend a couple grand on a mining PC and mine the shit out of it. If you're lucky and picked one that takes off (read: speculators think it might be the next bitcoin, not that there needs to be another bitcoin, so it's all wall street type bullshit with imaginary values) and sell it all at the right time, you could *maybe* make a little money.
And while you're there ask about filmmaking advice!
IndiePaul said:
Yes because gold has an intrinsic value. Its shiny so it must be worth about 1250 per ounce. Every price is determined on supply and demand.
Most currencies have some stabilisation, emergency and stimulus packages available to guide it in a (stable) direction.
BitCoin has its own advantages, it is for a large part untraceable, location independant, transaction-free and limited in supply.
The value underlining the BitCoin is for a large part supply and demand, but the ease of mining is also a factor.
If mining were cheap and easy, Bitcoin would drop. Its not. I think it's a functional currency that we maybe should consider as an alternative to paypal and the likes.
You are assuming that there doesn't need to be another BitCoin, which is false. The attraction of alternatives is that they all have a slightly different ruleset.
This makes that they can differentiate themselves, and allows them to prove that they can do a certain job better than the BitCoin
(whose ruleset proved that it was a better black-market currency than anything else out there (that we know of)).
Maybe there someone will think of a filmmaking coin, which you can use in transactions that would otherwise be freebies? Idk. We could have an IndieTalkCoin which we could all mine by posting posts on indietalk and then give them away to other indietalkers who gave you good advice (say, liking a post gives them 1 IT-Coin). People could buy them to spend on premium, and people with insightful posts could buy premium for free by helping others. There's an infinite amount of possibilities, each just a little more useless than the last
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It is the future you see.
You used the word 'waste'
That's a sign...
Too much too late you are.
When $0,50 worth you bought should have.
Now you are just dreaming you can get rich quick while the bubble is quite full already.
Shorrrrrt iiiiit.
http://blockchain.info/charts
http://blockchain.info/charts/market-price
http://www.investopedia.com/terms/b/blowofftop.asp
http://blockchain.info/charts
http://blockchain.info/charts/market-price
http://www.investopedia.com/terms/b/blowofftop.asp
"Definition of 'Blow-Off Top'
A chart pattern that indicates a steep and rapid increase in a security's price and trading volume followed by a steep and rapid drop in price and volume. The rapid changes indicated by a blow-off top, also called a blow-off move or exhaustion move, can be the result of actual news or pure speculation."
A chart pattern that indicates a steep and rapid increase in a security's price and trading volume followed by a steep and rapid drop in price and volume. The rapid changes indicated by a blow-off top, also called a blow-off move or exhaustion move, can be the result of actual news or pure speculation."
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I was thinking about getting into it a few years back, gutted I didn't now! By the look of things, it's highly volatile right now, when China & India banned bitcoins the value dropped dramatically, if other countries follow suite it could be the end? Anyway, here's a guide to bitcoin mining I found helpful, it also has links in the description where you can find the things he mentions.
http://youtu.be/j7opj5-32hw
Had a quick look on eBay too, lots of bitcoins, bitcoin mining rigs for sale which should give you an indication of how things are going in the market.
http://youtu.be/j7opj5-32hw
Had a quick look on eBay too, lots of bitcoins, bitcoin mining rigs for sale which should give you an indication of how things are going in the market.
Speaking of mining rigs, caught this today: http://www.theregister.co.uk/2014/01/17/ten_bitcoin_miners/ (fantastic h2g2 reference at the end of the article...it is the Reg, after all)
For myself, bitcoin doesn't really hold my interest. It's days of a "get rich quick scheme" have passed, and I don't need to buy drugs online, so it's use as a currency is marginal. Will that change? Maybe, and I'm not ignoring it, so if the landscape changes I'd be comfortable using it.
For myself, bitcoin doesn't really hold my interest. It's days of a "get rich quick scheme" have passed, and I don't need to buy drugs online, so it's use as a currency is marginal. Will that change? Maybe, and I'm not ignoring it, so if the landscape changes I'd be comfortable using it.
Mt. Gox set to restart bitcoin withdrawals as price tumbles
http://blogs.marketwatch.com/thetel...restart-bitcoin-withdrawals-as-price-tumbles/
http://blockchain.info/charts/marke...ageString=1&show_header=true&scale=0&address=
@ Blockchain:
c. US$950 I said short it ("Sell" now, cover later)
US$558 last.
Potential 41% gain.
http://www.coindesk.com/price/
@ Coindesk:
c. US$850 I said short it
US$623 last
Potential 27% gain.
But don't despair!
http://blockchain.info/charts/marke...ageString=1&show_header=true&scale=0&address=
I bet that POS drops to last summer lows, c. US$100 (Blockchain) and c. US$90 (Coindesk).
http://qz.com/69630/how-to-short-bitcoins-if-you-really-must/
http://www.peakprosperity.com/discussion/83904/options-shorting-bitcoins
http://beforeitsnews.com/financial-markets/2014/01/how-to-make-money-trading-bitcoin-2-2662316.html
GL!
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Its a technical issue with (i believe the wallet, the online storage of bitcoins) only one exchange.
The other bitcoin exchanges remain relatively stable, and just pick up the business.
Mt Gox. used to be the biggest exchange, when 1 btc was trading for $900. Now on the mt Gox exchange it trades for less then 200$, where as its still well in the 600$'s at other exchanges.
With this bitcoin crash, other crypto-currencies took a slight hit, but I believe they in time they will take over where bitcoin declines.
Why? Because despite most people thinking of bitcoins in terms of investment, digital currencies are actually useful, and used, extensively.
Crypto currencies provide a truly free and truly global payment system, that simply fills a void left by our over-regulated and poorly regulated national currencies.
To prove my point. Another bitcoin alternative, the Dogecoin, which started as a joke, was recently added to the a chinese exchange. From that point on, it was a tool that could be used for global trade (you could trade dollars to doges, doges to yuan, etc). Value of the coin skyrocketed. Not because it's a good investment, but because it has a purpose.
http://www.ibtimes.co.uk/dogecoin-value-soars-40m-follow-chinese-exchange-opens-1436085
P.S. I wouldn't recommend going short on crypto currencies. You never know what they'r going to do, and if you're short, your maximum profit is double what you put in. Your maximum loss is infinite.
I wouldn't take that risk on something as volatile and unpredictable as new currencies. But hey, whatever you feel you need to do.
The other bitcoin exchanges remain relatively stable, and just pick up the business.
Mt Gox. used to be the biggest exchange, when 1 btc was trading for $900. Now on the mt Gox exchange it trades for less then 200$, where as its still well in the 600$'s at other exchanges.
With this bitcoin crash, other crypto-currencies took a slight hit, but I believe they in time they will take over where bitcoin declines.
Why? Because despite most people thinking of bitcoins in terms of investment, digital currencies are actually useful, and used, extensively.
Crypto currencies provide a truly free and truly global payment system, that simply fills a void left by our over-regulated and poorly regulated national currencies.
To prove my point. Another bitcoin alternative, the Dogecoin, which started as a joke, was recently added to the a chinese exchange. From that point on, it was a tool that could be used for global trade (you could trade dollars to doges, doges to yuan, etc). Value of the coin skyrocketed. Not because it's a good investment, but because it has a purpose.
http://www.ibtimes.co.uk/dogecoin-value-soars-40m-follow-chinese-exchange-opens-1436085
P.S. I wouldn't recommend going short on crypto currencies. You never know what they'r going to do, and if you're short, your maximum profit is double what you put in. Your maximum loss is infinite.
I wouldn't take that risk on something as volatile and unpredictable as new currencies. But hey, whatever you feel you need to do.
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