Bitcoin is tumbling

[Transient]

Uh oh

That's such a non-story. Her death wasn't Bitcoin-related and the exchange she was a part of is not exactly big. Besides, Bitcoin seems to be pretty resilient so far, even in light of Mt. Gox going under.

[Κracus]

So... anyone here heed my advice? If you did you'd be a millionaire today. You're welcome.

Edit: also... to everyone that laughed at me in this thread. Shit ain't so funny now is it?

[MKJ]

so youre a millionaire now?

[Κracus]

A quarter of the way there...

[MKJ]

So no then.

still funny.

[Κracus]

Yeah it is funny. You guys missed out on a shit ton of easy money.

[xer0s]

So... anyone here heed my advice? If you did you'd be a millionaire today. You're welcome.

Edit: also... to everyone that laughed at me in this thread. Shit ain't so funny now is it?

It was over $500 when you made the original post and it went up from there. It never went back down to $20 like you suspected. So a person would have had to invested $33k at the time of your original post to be a millionaire now. I doubt you did that...

[phantasmagoria]

how much did you invest and what's your return been? have you sold it now?

the thing that annoys me about bitcoin is the amount of energy and effort that goes into mining (which is HUGE) is all using real, tangible resources for something that is complete make believe and bullshit.

[xer0s]

Also, it’ll crash soon. There’s no way to withstand this...

[shaft]

Can you even turn bitcoin into cash money or anything else that you can spend? I thought it was just black markets and drug dealers who dealt with crypto currency.

[Κracus]

Yes you can. I had 14 coins. I mined 4 and bought 10. Sold 4 to buy the 370z

[Κracus]

how much did you invest and what's your return been? have you sold it now?

the thing that annoys me about bitcoin is the amount of energy and effort that goes into mining (which is HUGE) is all using real, tangible resources for something that is complete make believe and bullshit.

The technology driving the currency isn't bullshit. I invested about 3k total over a year shortly after this post. I'm sitting on about 200k

[phantasmagoria]

The point I was making was the amount of real world resources that go into it. Entire building complexes consuming gigawatts of energy for fuck all. If these GPUs were mining the cure for cancer we'd have it by now.

When the EMP hits it'll all disappear.

[Κracus]

Bitcoin is more likely to hit 1 million per coin than a planetary emp. However... Just to be safe I also store my coins on a sheet of paper as well as a hardware wallet with a backup of that wallet.

[phantasmagoria]

WOOSH

[xer0s]

Just let it go Phant...

[Doombrain]

Bitcoin makes the drugs go round

[Eraser]

Trouble with bitcoin is that it's purely a speculative thing with no practical uses. Even Valve stopped accepting bitcoin for Steam. So it's the very definition of a financial soapbubble.

Stepping in right now is probably a terrible idea.

[Doombrain]

wut, yes the good times have already rolled but it's showed no signs of stopping.
The amount of drugs and gun selling on the net is huge, and bitcoin is funding it all. there's still huge value.

[ToxicBug]

Can you even turn bitcoin into cash money or anything else that you can spend? I thought it was just black markets and drug dealers who dealt with crypto currency.

Yeah it's like currency. You can convert BTC to USD on an exchange. For Canada you convert BTC to CAD on a Canadian exchange. I use QuadrigaCX. Sell BTC for CAD and do a bank transfer into your Canadian account.

I mined for NiceHash for a few weeks this summer. I just left the program on and it used my PC when it was idle to get hashes for different crypto algorithms. They paid me in BTC.

My BTC were worth around $360 CAD when I decided to stop because I got tired of my PC making noise, etc.

Here's what I can sell it for right now.

[SOAPboy]

how much did you invest and what's your return been? have you sold it now?

the thing that annoys me about bitcoin is the amount of energy and effort that goes into mining (which is HUGE) is all using real, tangible resources for something that is complete make believe and bullshit.

The technology driving the currency isn't bullshit. I invested about 3k total over a year shortly after this post. I'm sitting on about 200k

You mining these days? or just cashing in on old money?

Been debating setting up a small mining rig for shits. Debating on some factors sooner than later. (Volta, etc.)

[Κracus]

No not these days. I was mining them shortly before mtgox began trading bitcoin. They weren't worth the electricity you'd use to mine one. Today you need fairly powerful hardware to get anything. I mean it could still theoretically be early enough that buying in could be profitable but it's more risky today than ever.

I think that making money in bitcoin today would involve using the technology creatively as opposed to straight up buying the currency. Creating ways to trade bitcoin cheaply is going to be the next big thing. Using the crypto for secure browsing might be another.

[PhoeniX]

One of my colleagues has a mining rig set-up with 6 1050's I think it is. Cost £2500 to set-up and it earns him on average £10-£20/day. His set-up automatically mines whatever the most profitable currency is at the time and will take about 9 months before it breaks even, though obviously he can sell the cards on eBay when he's done with them so it's not that bad.

It seems like quite a lot of cost to get decent returns - especially if it did all just crash tomorrow.

[SOAPboy]

One of my colleagues has a mining rig set-up with 6 1050's I think it is. Cost £2500 to set-up and it earns him on average £10-£20/day. His set-up automatically mines whatever the most profitable currency is at the time and will take about 9 months before it breaks even, though obviously he can sell the cards on eBay when he's done with them so it's not that bad.

It seems like quite a lot of cost to get decent returns - especially if it did all just crash tomorrow.

Sounds about right. Thanks. Neat hes using 1050s. Heh.

No not these days. I was mining them shortly before mtgox began trading bitcoin. They weren't worth the electricity you'd use to mine one. Today you need fairly powerful hardware to get anything. I mean it could still theoretically be early enough that buying in could be profitable but it's more risky today than ever.

I think that making money in bitcoin today would involve using the technology creatively as opposed to straight up buying the currency. Creating ways to trade bitcoin cheaply is going to be the next big thing. Using the crypto for secure browsing might be another.

So. No. Gotcha.

[xer0s]

How does a complete newb go about buying some Litecoin?