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Topic Starter Topic: Re: Bitcoin is tumbling

Lead Pipe Mafia
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PostPosted: 12-07-2017 09:50 AM           Profile   Send private message  E-mail  Edit post Reply with quote


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




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Lead Pipe Mafia
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PostPosted: 12-07-2017 09:54 AM           Profile   Send private message  E-mail  Edit post Reply with quote


phantasmagoria wrote:
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




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Bück Dich
Bück Dich
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PostPosted: 12-07-2017 09:59 AM           Profile Send private message  E-mail  Edit post Reply with quote


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.



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Lead Pipe Mafia
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PostPosted: 12-07-2017 11:15 AM           Profile   Send private message  E-mail  Edit post Reply with quote


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.




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Bück Dich
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PostPosted: 12-07-2017 11:23 AM           Profile Send private message  E-mail  Edit post Reply with quote


WOOSH



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Digital Nausea
Digital Nausea
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PostPosted: 12-07-2017 12:32 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Just let it go Phant...




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Kempston Joy
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PostPosted: 12-07-2017 12:50 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Bitcoin makes the drugs go round




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Cool #9
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PostPosted: 12-07-2017 01:05 PM           Profile   Send private message  E-mail  Edit post Reply with quote


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.




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Kempston Joy
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PostPosted: 12-07-2017 01:34 PM           Profile   Send private message  E-mail  Edit post Reply with quote


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.




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redline
redline
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PostPosted: 12-07-2017 04:04 PM           Profile Send private message  E-mail  Edit post Reply with quote


shaft wrote:
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.

Image




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Soccer Practice!
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PostPosted: 12-07-2017 05:59 PM           Profile Send private message  E-mail  Edit post Reply with quote


Κracus wrote:
phantasmagoria wrote:
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.)




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Lead Pipe Mafia
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PostPosted: 12-08-2017 03:43 AM           Profile   Send private message  E-mail  Edit post Reply with quote


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.




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Risen From The Ashes
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PostPosted: 12-08-2017 04:04 AM           Profile Send private message  E-mail  Edit post Reply with quote


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.




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Soccer Practice!
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PostPosted: 12-08-2017 03:51 PM           Profile Send private message  E-mail  Edit post Reply with quote


PhoeniX wrote:
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.

Κracus wrote:
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.




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Digital Nausea
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PostPosted: 12-19-2017 09:44 AM           Profile   Send private message  E-mail  Edit post Reply with quote


How does a complete newb go about buying some Litecoin?




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Canadian Shaft
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PostPosted: 12-19-2017 02:58 PM           Profile Send private message  E-mail  Edit post Reply with quote


xer0s wrote:
How does a complete newb go about buying some Litecoin?

Register with an exchange like Kraken. I own some litecoin and EOS at the moment.




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Digital Nausea
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PostPosted: 12-19-2017 04:39 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Alright, after some research, looks like I need to make a bank transfer into Coinbase, move the money over to GDAX for no fee, buy LTC from GDAX, take LTC out of GDAX and put into a hardware wallet...




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Truffle Shuffle
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PostPosted: 12-19-2017 09:48 PM           Profile Send private message  E-mail  Edit post Reply with quote


I cba 2 gas



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Lead Pipe Mafia
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PostPosted: 12-20-2017 04:41 AM           Profile   Send private message  E-mail  Edit post Reply with quote


xer0s wrote:
Alright, after some research, looks like I need to make a bank transfer into Coinbase, move the money over to GDAX for no fee, buy LTC from GDAX, take LTC out of GDAX and put into a hardware wallet...


Yeah or you can just create a coinbase account, link your bank account and buy litecoins whenever you want. I also own litecoins, bought in when it was roughly 50$ and seeing a nice profit there although I didn't put as much as I did into bitcoin.

If you don't want to store your coins on coinbase then you can move them to GDAX and from there put them into a wallet for almost no fees.




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Digital Nausea
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PostPosted: 12-20-2017 06:09 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Why use Coinbase at all? Can’t I make bank transfers and buy coins right on GDAX?




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Lead Pipe Mafia
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PostPosted: 12-20-2017 08:06 AM           Profile   Send private message  E-mail  Edit post Reply with quote


I don't use GDAX but yeah I think so. Both GDAX and coinbase are owned by the same company though iirc.

Personally as a US citizen I'd use coinbase since it's fairly easy to buy and sell. As a Canadian I can only buy on coinbase and can't sell so using GDAX makes sense.




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Digital Nausea
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PostPosted: 12-20-2017 10:35 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Posted just last night from the founder of Litecoin:

https://www.reddit.com/r/litecoin/comme ... h=aac9524a




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Digital Nausea
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PostPosted: 12-20-2017 10:41 AM           Profile   Send private message  E-mail  Edit post Reply with quote


He says selling his shares won’t have an influence, but it’s down 11% today...




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Lead Pipe Mafia
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PostPosted: 12-21-2017 04:44 AM           Profile   Send private message  E-mail  Edit post Reply with quote


11% is a drop in the bucket in comparison to the huge spikes it's been having so far this year. The entire cryptocurrency market could drop 50% in value overnight and would still be worth more than I imagined it'd ever be worth in 2012 when I started following cryptocurrency news.




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Digital Nausea
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PostPosted: 12-21-2017 07:54 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Can I store two or more different cryptocurrencies on the same hardware wallet? For example, can I keep my stash of bitcoin, litecoin, and ripple all on the same wallet?




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Kempston Joy
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PostPosted: 12-21-2017 08:07 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Κracus , didn't you lose 200 coins on an HD once?




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Digital Nausea
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PostPosted: 12-21-2017 08:17 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Fuck, only a moron wouldn’t write down his keys...




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Kempston Joy
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PostPosted: 12-21-2017 08:21 AM           Profile   Send private message  E-mail  Edit post Reply with quote


I think he lost the HD, not the keys.




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Digital Nausea
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PostPosted: 12-21-2017 08:28 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Just ordered a Ledger. I guess I’ll go ahead and buy my coins and get em on the wallet when it gets here...




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Lead Pipe Mafia
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PostPosted: 12-21-2017 11:25 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Doombrain wrote:
Κracus , didn't you lose 200 coins on an HD once?


I have not. I've lost 0.2 coins though as someone once tipped me 0.2 when tipping was a thing on reddit and I have no clue where that went. If I lost 200 coins I'd probably just commit suicide.




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Finno-Persian Legend
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PostPosted: 12-21-2017 07:32 PM           Profile   Send private message  E-mail  Edit post Reply with quote


xer0s wrote:
Can I store two or more different cryptocurrencies on the same hardware wallet? For example, can I keep my stash of bitcoin, litecoin, and ripple all on the same wallet?


Yes




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Kempston Joy
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PostPosted: 12-22-2017 12:11 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Κracus wrote:
Doombrain wrote:
Κracus , didn't you lose 200 coins on an HD once?


I have not. I've lost 0.2 coins though as someone once tipped me 0.2 when tipping was a thing on reddit and I have no clue where that went. If I lost 200 coins I'd probably just commit suicide.


I clearly recall your post about an old mining rig that was lost with a number of coins.




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Arrr?
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PostPosted: 12-22-2017 12:10 PM           Profile   Send private message  E-mail  Edit post Reply with quote


The price just dropped from $15k to $10k overnight and Coinbase halted trading.

I think I'll stick to my IRAs. :up:



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meh...
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PostPosted: 12-22-2017 04:34 PM           Profile Send private message  E-mail  Edit post Reply with quote


Thread title relevant once more.




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Arrr?
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PostPosted: 12-22-2017 04:44 PM           Profile   Send private message  E-mail  Edit post Reply with quote


https://gizmodo.com/bitcoin-crashed-and ... 1821529613
Quote:
We’re also likely seeing the “bitcoin whales” finally cashing out. A thousand people own 40 percent of the bitcoin market and when that price edged toward $20,000, the writing was on the wall.

Some of the whales have even publicly announced their moves. Litecoin’s founder dumped all of his litecoin holdings this week. An anonymous whale recently announced they’d be giving away $86 million worth of bitcoin to charity through an organization they call the Pineapple Fund. When I asked the founder by email if they recommend that the charities hold the bitcoin or cash out, they told me, “We encourage charities to convert bitcoin to their national currency ASAP, as they shouldn’t be engaging in speculation!” They also added, “On a personal note, I do expect bitcoin and all cryptocurrencies to crash in the immediate future.”



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