Bitcoin Page 2

  • frightlever 28 Mar 2013 16:02:44 1,445 posts
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    Not sure if this is a common theory but... Bitcoins are scarce with an effective upper limit on their number. The "value" of Bitcoins continues to rise, while mining new Bitcoins becomes increasingly more "difficult". So, my theory is that the value of the Bitcoin is less about the scarcity and more about the amount of cash required to actually mint one. ie there is a real world cost in electricity and hardware to mint one new Bitcoin that tends to rise as the cap is approached.

    Once the cap is reached or almost reached, interest in mining Bitcoins will collapse and the price with it.

    Discuss.
  • twelveways 28 Mar 2013 16:41:23 7,131 posts
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    I think Bitcoin is a shit name, almost every sci-fi movie and game tells us that the future currency will be called 'credits'.
  • neilka 10 Apr 2013 14:09:18 22,534 posts
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    $260 now o_o

    Thread from May 2010 where someone was paying 10,000 Bitcoins for pizza ($2.6m as of today):
    https://bitcointalk.org/index.php?topic=137.0
  • cubbymoore 10 Apr 2013 14:42:10 36,709 posts
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    That seems mighty sustainable.
  • Load_2.0 10 Apr 2013 23:07:56 29,322 posts
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    Was chatting to someone about this last week, not really clear on how the mining process works.
  • DarmokJalad 10 Apr 2013 23:17:28 63,689 posts
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    ecureuil wrote:
    Already crashed to $150.
    That's normal, no bubble bursting yet. It's already back up to $200. https://mtgox.com/
  • joeymoto108 10 Apr 2013 23:27:34 686 posts
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    I might try mining out of curiosity when I'm back at Uni next week, seeing I have free electricity at my accomodation and all.
  • RichieTenenbaum 2 Nov 2013 14:49:11 2,774 posts
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    The bitcoin mining machines have broken it. The difficulty is ramping up now. In order to get anywhere near a good amount of coin from mining you need a couple of dedicated machines, and even they'll be useless soon as we're nearing the full 21m

    Problem is, this means that the circulation of currency is non existent. The only people who are buying are speculators, not regular folk. People like me don't have any coins to spend, and aren't going to accept payment in bitcoins as I have a proper job that doesn't do that kind of thing.

    Think it will remain a niche thing, rather than break out.
  • Futaba 10 Nov 2013 02:10:59 3,636 posts
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    Anyone know the best place to buy coins in the UK?
  • Deleted user 10 November 2013 02:12:20
    You can exchange notes for coins in a variety of change machines found in pubs and casinos throughout the UK.
  • EMarkM 10 Nov 2013 06:58:25 4,480 posts
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    @meme Not sure if serious...
  • Futaba 10 Nov 2013 11:32:42 3,636 posts
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    meme wrote:
    You can exchange notes for coins in a variety of change machines found in pubs and casinos throughout the UK.
    That's good news, I hate these worthless pieces of paper with pictures of old ugly people on.
  • kingnothing12 10 Nov 2013 11:34:22 786 posts
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    Localbitcoins.com
  • Futaba 11 Nov 2013 01:11:00 3,636 posts
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    @kingnothing12

    Cheers. Would you recommend a bank transfer or cash for a first time buyer to use?
  • Futaba 19 Nov 2013 15:01:52 3,636 posts
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    Bought 1.4 Bitcoin on 11th November for 312, just sold 0.7227 for 314 and kept the remaining 0.68. Pretty happy with that, just wish I would've invested years ago :)

    @Dirtbox

    How much money did you end up making from Bitcoin?

    Edited by Futaba at 15:02:19 19-11-2013
  • estoo 19 Nov 2013 15:10:44 2,879 posts
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    I hadn't logged into my account for 6 weeks, went on yesterday to find that my "dregs" of 0.1xxxxx was now worth over 50!

    Wish I'd bought more when it was at 60-70 but hindsight and all that...
  • kingnothing12 19 Nov 2013 15:36:13 786 posts
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    Really wish I had kept my 1 bitcoin when I purchased it at 88 just over a month ago, would of made a right tidy profit.
  • neilka 19 Nov 2013 15:52:01 22,534 posts
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    I bought at $60 and sold at $120 :/

    I made enough to cover both new consoles but obviously wish I'd held on to the coins now!
  • kingnothing12 19 Nov 2013 16:05:36 786 posts
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    If I had of bought 2 and sold both today I would of made 522. No way am I getting one now. The bubble is bound to burst again.
  • Moot_Point 19 Nov 2013 16:20:28 5,530 posts
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    @kingnothing12 So you live up to you username then.
  • Moot_Point 28 Nov 2013 09:28:19 5,530 posts
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    Whoops!
  • Rodpad 18 Dec 2013 10:43:38 2,989 posts
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    Nope.
  • senso-ji 18 Dec 2013 16:49:01 9,455 posts
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    http://www.bbc.co.uk/news/technology-25428866
  • Deleted user 18 December 2013 16:53:13
    time to buy?
  • Deleted user 18 December 2013 17:34:55
    senso-ji wrote:
    http://www.bbc.co.uk/news/technology-25428866
    Prepping for a seminar on legal implications of bitcoins. Debating whether it is worth digging out my old pokemon cards to make a point.
  • Futaba 19 Dec 2013 02:56:39 3,636 posts
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    whatfruit wrote:
    time to buy?
    Yep. Also Litecoin.
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