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Cryptocurrency
Posted: Thu Apr 11, 2013 1:05 pm
by Leisher
Posted: Thu Apr 11, 2013 1:58 pm
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.
Posted: Thu Apr 11, 2013 2:49 pm
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"
Posted: Thu Apr 11, 2013 3:00 pm
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
Posted: Thu Apr 11, 2013 3:11 pm
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.
Posted: Thu Apr 11, 2013 3:13 pm
by Troy
Long term prediction: Bitcoin continues to viable just from Silkroad use alone
Posted: Thu Apr 11, 2013 5:06 pm
by thibodeaux
Posted: Thu Apr 11, 2013 8:08 pm
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!
Posted: Sun Apr 14, 2013 1:10 pm
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.
Posted: Sun Apr 14, 2013 1:19 pm
by GORDON
The right time to sell was about 3 days ago when they were about $200USD each. Have they hit 50 yet?
Posted: Sun Apr 14, 2013 2:01 pm
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
Posted: Thu Nov 07, 2013 5:28 pm
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
Posted: Thu Nov 07, 2013 6:02 pm
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.
Posted: Fri Nov 08, 2013 7:38 am
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
Posted: Fri Nov 08, 2013 11:21 am
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.
Posted: Fri Nov 08, 2013 11:50 am
by TheCatt
It's kinda a bubble by definition, given it has no inherent value.
Posted: Fri Nov 08, 2013 12:00 pm
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
Posted: Fri Nov 08, 2013 12:09 pm
by TPRJones
10 sold at $350 each
total cost basis: $20
Edited By TPRJones on 1383930579
Posted: Fri Nov 08, 2013 12:23 pm
by TheCatt
Be sure to pay taxes on that :p
Posted: Fri Nov 08, 2013 6:33 pm
by Paul
http://imgur.com/rBrJvlN
There is a subreddit on bitcoins:
http://www.reddit.com/r/bitcoin
Edited By Paul on 1383955668