221 replies to this topic

[Tony H]

So, all parts for sale threads to be priced in bitcoin? Lets get this medium of exchange going people!

[dave_dub86]

Be wary of the other coins, as since they are smaller markets they are used as 'pump and dump' coins where someone puts in a massive buy order and pumps the price up, everyone thinks it's going bullish so buy in and then the initial big buyer sells everything they have and the price crashes, those who can't get out quick enough lose money. Pumps can be fun but don't get greedy and you won't get burnt. It's worth following a guy on twitter called fontas, he tends to be the one doing some of the pumping and dumping but don't trust what he says his target price is. Btc and ltc are the safest to have your money in by far.. that being said don't put into it what you can't afford to lose!

Edited by dave_dub86, 20 November 2013 - 11:06 PM.

[kitcar765]

Be wary of the other coins, as since they are smaller markets they are used as 'pump and dump' coins where someone puts in a massive buy order and pumps the price up, everyone thinks it's going bullish so buy in and then the initial big buyer sells everything they have and the price crashes, those who can't get out quick enough lose money. Pumps can be fun but don't get greedy and you won't get burnt. It's worth following a guy on twitter called fontas, he tends to be the one doing some of the pumping and dumping but don't trust what he says his target price is. Btc and ltc are the safest to have your money in by far.. that being said don't put into it what you can't afford to lose!

+1

[kitcar765]

very open minded group us VX'ers! most people think im a crazy man

[dave_dub86]

very open minded group us VX'ers! most people think im a crazy man

Haha I think older generations find it pretty hard to get their head around.. maybe it's because we grew up collecting electronic coins on Super Mario so we're used to it.. That could be the game version of this forum actually - Mario Kart - driving around in lightweight cars collecting bitcoin, throwing banana skins at each other

[JD VX220]

Good advice! I'll hang in with ltc for a while. Lots to learn but I'm enjoying the research! I'm not a tweeter but might have to start now.

[kitcar765]

 

very open minded group us VX'ers! most people think im a crazy man

Haha I think older generations find it pretty hard to get their head around.. maybe it's because we grew up collecting electronic coins on Super Mario so we're used to it.. That could be the game version of this forum actually - Mario Kart - driving around in lightweight cars collecting bitcoin, throwing banana skins at each other

 

haha love it. You are probably right, suppose younger people will be more willing to put faith into it. Great way to make money while bitcoin becomes more mainstream and its use becomes more wide-spread. These boom and bust stages are all part of the adoption phase.  what interest me most is when it becomes mainstream and starts to replace fiat currencies. perhaps that will take another 10-15 years. the value in bitcoin is the faith people put into it. just as all faith will leave the current banking system when it inevitably collapses. When will it collapse? well with governments getting involved in the housing market it has removed the idea of risk from the system. people should of been burnt from stupid mortgages. Without people feeling risk of failure, i see the next collapse coming much sooner than 2008 came around.  houses are the uk economy. 

[Tony H]

what interest me most is when it becomes mainstream and starts to replace fiat currencies. perhaps that will take another 10-15 years. the value in bitcoin is the faith people put into it. just as all faith will leave the current banking system when it inevitably collapses. When will it collapse? well with governments getting involved in the housing market it has removed the idea of risk from the system. people should of been burnt from stupid mortgages. Without people feeling risk of failure, i see the next collapse coming much sooner than 2008 came around.  houses are the uk economy. 

 

 

Stop it or you'll have me getting out all my Murray Rothbard books again!!

[kitcar765]

was at a talk at the university of leeds last night. there was a yorkshire co-operative banker there.  he said  "i was at a banking meal with some leading london bankers, and after the meal they said "so whats this fractional reserve banking everyones on about?" that put the fear of god into me! there isnt any realistic solutions to the debt. both default and trying to inflate it away will lead to a collapse. Bitcoin is a very young alternative system.

 

A senior economics lecturer was telling me we are in the "winter phase" of the current system which is usually a 10-11 year phase. so perhaps we still have another 5/6 years.  i keep getting recommended economic books will have to have a scout of e-bay. Was told to listen to "mish" last-night.  

[christhegasman]

fcuk now I know I am getting old What in fucks name are you lot on about 😃

[Rickwoo118]

fcuk now I know I am getting old What in fucks name are you lot on about 😃

I am glad someone else is in the same boat as me chris.....I havnt a clue either. If there is an opportunity to make some money I am interested. I don't understand it all tbh.

[fezzasus]

 

fcuk now I know I am getting old What in fucks name are you lot on about 😃

I am glad someone else is in the same boat as me chris.....I havnt a clue either. If there is an opportunity to make some money I am interested. I don't understand it all tbh.

 

 

Too late to make much money quickly, however Bitcoin will increase in value as its use becomes more prevalent. Biggest issue for it is the 10 minute delay to confirm a transaction, hence Litecoin which confirms in 2.5 minutes, still slow, but perhaps bearable enough to operate in the real world.

 

Obviously online sales don't have the same issues with confirming the transaction as the confirmation time will be much less than the time taken to pack and post.

 

Essentially bitcoins have a fixed algorithm which means there will only ever be 21 million in existence, to generate bitcoins up to the 21 million total, people 'mine' them. This is done by using computers (now very dedicated hardware, but originally old household computers), these computers crunch data to check and confirm other peoples transactions, the people running these computers are rewarded with bitcoins. The difficulty of mining bitcoins increases with the number of bitcoins available to control inflation.

 

This is similar to gold, which is a finite resource and ever increasing to mine, as a result it has a fixed value which sees little fluctuation. 

 

Best place to invest is an altcoin (generic names for digital currency that isn't bitcoin) with fast transaction confirmation time. Idea being this can be used to pay for things in daily transactions while bitcoin holds the bulk of the reserve (similar to using gbp rather than gold).

[christhegasman]

Thanks fez I now understand the theory but to be honest still can't be arsed 😃

[fezzasus]

Thanks fez I now understand the theory but to be honest still can't be arsed 😃

 

I understand. The market is very young and volatile so will need close attention if you wish to invest. If you don't have the time then I suggest something a bit longer term, my bet is on UK shale gas.

[kitcar765]

to understand the value of bitcoin you need to understand the Banking system.

have a look at this website for some fun interesting (short) videos which explain:

http://www.positivemoney.org/

its all a bit of an experiment. one day it will stabilise. 

[techieboy]

its all a bit of an experiment. one day it will be found to be worthless. 

 

[kitcar765]

time will tell

[Rudy]

I see the value of Bitcoins dropped 40% yesterday! triggered by a wave of Chinese sellers consolidating their position. According to the reports the supply is limited to 12 million coins, not the 21 million previously advised? Apparently they are still cheap??!!

[kitcar765]

 

[fezzasus]

I see the value of Bitcoins dropped 40% yesterday! triggered by a wave of Chinese sellers consolidating their position. According to the reports the supply is limited to 12 million coins, not the 21 million previously advised? Apparently they are still cheap??!!

 

There are 12 million currently available. There are a potential 21 million as the rest have not been mined yet.

 

Depends if you think £460 is cheap. some people think they're only worth 1 % of their final value.