Cryptocurrency

Stuff we should click on.  Be sure to state Not Work Safe, if applicable.  KTHX.
Post Reply
Leisher
Site Admin
Posts: 65250
Joined: Thu May 20, 2004 9:17 pm
Contact:

Cryptocurrency

Post by Leisher »

“Every record been destroyed or falsified, books rewritten, pictures repainted, statues, street building renamed, every date altered. The process is continuing day by day. History stops. Nothing exists except endless present in which the Party is right.”
TheCatt
Site Admin
Posts: 53716
Joined: Thu May 20, 2004 11:15 pm
Location: Cary, NC

Post by TheCatt »

About a year ago I tried mining them for two weeks, and got none, so I quit.

Seems a bit too wild, wild west for me.

Although, I did visit Silk Road once just to browse it. Fascinating.
It's not me, it's someone else.
User avatar
Troy
Posts: 7156
Joined: Mon Jun 07, 2004 8:00 am

Post by Troy »

TheCatt wrote:Seems a bit too wild, wild west for me.
They say on SA, think of it like Safari rules:

"Look at the poop, smell the poop, appreciate the poop, but never ever touch the poop"
TPRJones
Posts: 13418
Joined: Fri May 21, 2004 2:05 pm
Location: Houston
Contact:

Post by TPRJones »

I bought 20 when they were about $2 each a couple of years ago. Time to dig those up and sell them.

It's an interesting economic experiment. In theory they're no less valid than any government-issued currency. As long as the encryption is sound they'll have a value. But to buy them at this point would be the wildest of speculation.

I've seen a few places that take them as actual currency for purchases. If that and the overall user base keeps growing they'll become more solid.

As to mining, it's best to join a pool. I'm part of Deepbit.net, and I used to get about 0.01 per day for my meager CPU activity when my computer was idle. Time to fire that up again, now that that's almost $5 a day.




Edited By TPRJones on 1365706985
"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
TPRJones
Posts: 13418
Joined: Fri May 21, 2004 2:05 pm
Location: Houston
Contact:

Post by TPRJones »

Oh, and if it ever does stabilize and reach more wide-ranging acceptance, I can easily see it becoming the new reserve currency 20 or so years from now. It's in theory perfect for that, since it's not tied to any government and moving large amounts around is so easy you can do it on your iPhone.
"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
User avatar
Troy
Posts: 7156
Joined: Mon Jun 07, 2004 8:00 am

Post by Troy »

Long term prediction: Bitcoin continues to viable just from Silkroad use alone
thibodeaux
Posts: 8055
Joined: Thu May 20, 2004 7:32 pm

Post by thibodeaux »

TheCatt
Site Admin
Posts: 53716
Joined: Thu May 20, 2004 11:15 pm
Location: Cary, NC

Post by TheCatt »

TPRJones wrote:I bought 20 when they were about $2 each a couple of years ago. Time to dig those up and sell them.
Holy shit, nice!
It's not me, it's someone else.
TPRJones
Posts: 13418
Joined: Fri May 21, 2004 2:05 pm
Location: Houston
Contact:

Post by TPRJones »

Finally found my bitcoins! Well, most of them. I've located 16.56254039 of them, which is a nice chunk of unexpected cash.

Now to wait for the right time to sell.
"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
GORDON
Site Admin
Posts: 54396
Joined: Sun Jun 06, 2004 10:43 pm
Location: DTManistan
Contact:

Post by GORDON »

The right time to sell was about 3 days ago when they were about $200USD each. Have they hit 50 yet?
"Be bold, and mighty forces will come to your aid."
TPRJones
Posts: 13418
Joined: Fri May 21, 2004 2:05 pm
Location: Houston
Contact:

Post by TPRJones »

They've stabilized at just over $100. I expect them to drift up for awhile, but I'll check every day for my sell point.

I use this graph (also same setup for picking stock sell points): http://bitcoincharts.com/charts....gSStoch

When two lines cross up high, that's a sell signal. When any two do it about the same time, that's when I sell. (Similarly, when two lines cross down low, that's a buy) Of course the first step is to make sure the stock is sound by studying the financials, but that doesn't apply in this case. I expect it'll start drifting up slowly again until my signals tick off around $140-ish in a few weeks.

It's not a perfect system - I won't catch the absolute highest or lowest price points this way - but it takes the emotion out of it to stick with this. No holding on too long or buying too soon.




Edited By TPRJones on 1365962558
"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
Paul
Posts: 8458
Joined: Fri May 21, 2004 5:02 pm
Location: KY
Contact:

Post by Paul »

People are selling them for $300 apiece now on https://localbitcoins.com

Most of those sellers will buy all you have for $250+ per coin.

Crazy.

I was looking at them yesterday when people were selling them for the mid $260's.

http://bitcoincharts.com/charts/mtgoxUSD#rg60ztgSzm1g10zm2g25zv




Edited By Paul on 1383864665
TPRJones
Posts: 13418
Joined: Fri May 21, 2004 2:05 pm
Location: Houston
Contact:

Post by TPRJones »

I still have 11 of them. I'm tempted to cash out, but I think I'll hang onto them for awhile longer.
"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
Paul
Posts: 8458
Joined: Fri May 21, 2004 5:02 pm
Location: KY
Contact:

Post by Paul »

The prices keep rising. From what I see they sell for 10% more than yesterday.

You paid $2 apiece? Damn good investment.




Edited By Paul on 1383917233
TPRJones
Posts: 13418
Joined: Fri May 21, 2004 2:05 pm
Location: Houston
Contact:

Post by TPRJones »

I've pushed 10 to MtGox to sell today. I expect there will be another dip eventually and I'll buy some back then, taking the difference as cash.

While I do think they have an interesting potential future, the recent price hike looks a lot like a bubble to me.
"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
TheCatt
Site Admin
Posts: 53716
Joined: Thu May 20, 2004 11:15 pm
Location: Cary, NC

Post by TheCatt »

It's kinda a bubble by definition, given it has no inherent value.
It's not me, it's someone else.
TPRJones
Posts: 13418
Joined: Fri May 21, 2004 2:05 pm
Location: Houston
Contact:

Post by TPRJones »

You mean like U.S. Dollars have no inherent value? Or more like how diamonds have no inherent value?

Okay, diamonds do have some industrial uses so they aren't completely without value, but they'd be as cheap as glass if there weren't enforced artificial scarcity.




Edited By TPRJones on 1383930208
"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
TPRJones
Posts: 13418
Joined: Fri May 21, 2004 2:05 pm
Location: Houston
Contact:

Post by TPRJones »

10 sold at $350 each

total cost basis: $20




Edited By TPRJones on 1383930579
"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
TheCatt
Site Admin
Posts: 53716
Joined: Thu May 20, 2004 11:15 pm
Location: Cary, NC

Post by TheCatt »

Be sure to pay taxes on that :p
It's not me, it's someone else.
Paul
Posts: 8458
Joined: Fri May 21, 2004 5:02 pm
Location: KY
Contact:

Post by Paul »

http://imgur.com/rBrJvlN

There is a subreddit on bitcoins:
http://www.reddit.com/r/bitcoin




Edited By Paul on 1383955668
Post Reply