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Maybe? I don't follow it closely, but this doesn't look good. Click.

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its always smelt like a ponzi scheme to me

the amount of thefts and shutdowns of traders recently has been quite alarming as well

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MtGox has been bad news for months now. When I bought mine the prices on MtGox were regularly $100 higher than everywhere else, simply because people struggled to get their cash out of the place, so people with coins there weren't selling. Or something like that.

There's been a big dip recently because of the climaxing troubles at MtGox, but now they're properly dead I expect to see prices level out and start climbing again.

I could be wrong :)

Has anybody mined, say, 3 Bitcoins and then immediately "sold" them for real, spendable dollars/pounds?
It always seemed to be a medium for payment rather than being a hard currency in its own right.

My main concern was always that what appears to be "state of the art" cryptography today could be a mere Rubik's Cube of complexity in a few months/years' time.

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David_Yu said...

Has anybody mined, say, 3 Bitcoins and then immediately "sold" them for real, spendable dollars/pounds?
It always seemed to be a medium for payment rather than being a hard currency in its own right.

I'm sure plenty of people have.

But, bitcoins (despite the price drop since Christmas) are becoming more "spendable" every day. It's not going to happen overnight, but things are definitely moving in that direction.

For one example, some pr0rn sites (pr0rn.com and the brazzers network) have started trialling it, which could be massive. Sex sells, dontcha know. And no-one wants to see proof of its purchase on their bank statements...

As a wise man once said, there's a very good reason that currencies are centrally controlled.

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_ said...

[

For one example, some pr0rn sites (pr0rn.com and the brazzers network) have started trialling it, which could be massive. Sex sells, dontcha know. And no-one wants to see proof of its purchase on their bank statements...

Who pays for pron these days?

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To me it may as well be sky money and until it's a proper hard currency then that's the way I'm going to look at it. Certainly appears to have been a boon for those who invested early and cashed in at the right time.

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Alex_ said...

Who pays for pron these days?

Evidently from the amount of it that gets made, *plenty* of people.

However, I will concede that most of those who pay are probably the technically inept... if you imagine a massive pair of boobs as an venn diagram, I guess the intersection of people too stupid to torrent their pr0rn and people intelligent enough to use bitcoin would be fairly minimal :D

David_Yu said...

Has anybody mined, say, 3 Bitcoins and then immediately "sold" them for real, spendable dollars/pounds?

Up until very recently a colleague of mine was mining 2 a week and selling them for $700 each or something along those lines, then splitting the profit with his business partner (who built the server which does the mining, 'my' chap put the money in). Before you ask why is he still working, you need to know that his wife is worth a few quid and he basically works because he enjoys the challenge, problem solving etc.

I don't think he's actually bought anything with bitcoin, although he was bizarrely offered the chance to buy pizza online from Dominos and pay in bitcoin :shock: But he's certainly flogging them in return for $. Tax free too, apparently.

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Stupid question, but if a bitcoin is worth $700, for example's sake, I assume there is the equivalent of a bit-cent - worth $7? Would make buying a pizza easier, or do Dominos just give you $680 change is USD?

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ShockDiamonds said...

Before you ask why is he still working,

But $700 a week is lottery winner money!

Updated February 26, 2014 at 1:27 PM

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I'm sure it's been cited before, but the whole Bitcoin thing reminds me of the Tulip craze in 17th century Europe.

mattcambs said...

Stupid question, but if a bitcoin is worth $700, for example's sake, I assume there is the equivalent of a bit-cent - worth $7? Would make buying a pizza easier, or do Dominos just give you $680 change is USD?

Fractions of a BC, down to umpteen decimal places, etc.

Rich B said...

ShockDiamonds said...

Before you ask why is he still working,

But $700 a week is lottery winner money!


Er, is there any actual work involved, once the mining device has been built and plugged in?

I guess that aspect has always bugged me too.
a) if it's that easy, why isn't everybody doing it?
b) if it's that profitable why hasn't every company with some computing power just diverted a couple of server rooms purely to mining?

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ShockDiamonds said...

Before you ask why is he still working, you need to know that his wife is worth a few quid and he basically works because he enjoys the challenge, problem solving etc.

Sounds like someone on here the lucky git :) given the same circumstances I'll be fishing and playing Golf.

It's best suited to GPUs and ASICs specifically written to exploit it (this is true of BC, other cryptocoins still run best on GPUs)

If you have a farm full of GPUs, there's a good chance that whatever you're running on them - CFD, simulations, or other hard science - is more important or valuable than a few quid an hour.

Also, bear in mind that depending on the setup you have, and your power bills, and the value of the cryptocoins you're mining, you might not even break even - this is particularly true of bitcoin on GPUs.

On other cryptocurrencies where GPUs are still king, you might manage to mine a few coins, which at todays values may put you ahead, but if the value of the currency drops, you're basically out of pocket.

That, and have you tried getting £50000 in BC changed out?

Or is there somewhere you can get services or products chargable in bitcoin that are relevant to you?

IE mining Litecoins and using those Litecoins to buy a bigger graphics card in order to mine more Litecoins might make sense, but if you're a large company with a datacentre, then it's far more efficient to just get a loan/finance/use petty cash to get the money to cover the prospective purchases of goods or services.

BitCoin has no real use beyond niche markets.

mattcambs said...

Stupid question, but if a bitcoin is worth $700, for example's sake, I assume there is the equivalent of a bit-cent - worth $7? Would make buying a pizza easier, or do Dominos just give you $680 change is USD?

Aye, they're divisible down to 8 decimal points IIRC.

There was a bit of a campagin recently to change the "default" unit from BTC to mBTC. So when all the charts/echanges used to say "$1100/BTC" some of them switched to $1.10/mBTC. The theory being that people are scared to buy things that cost $1000 each, and that people don't realise you can just buy a part of one. Individual stocks aren't divisible, BTC are.

Is it only me who hasn't got a f**king clue what they are on about ?

As for mining, you need to already own the equipment for it to be financially viable now really, and even then you barely break even on the electricity cost. And your equipment will die sooner than if you weren't smashing it at 100% 24/7.

Check out this graph:

https://blockchain.info/charts/difficulty

The difficulty of mining one bitcoin has pretty much doubled in the last month alone, and as you can see the rate of difficulty increase is exponential...

There's only ever going to be 21 million bitcoins. There's already 12 million or so in circulation, and the difficulty of finding new ones is engineered to make sure that we're still unearthing them decades from now.

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