bitcoin update

simple people always want to be part of the "next big thing" to make them feel special... this is why religion and cults exist.

this is why bitcoin investors exist.
 
i love how people who have never taken a finance or economics course in their lives are spouting the value to be found in these things.

a sure sign of a good investment.
 
Ixiterra said:
Just so everybody knows, this may not be a ponzi scheme but it's definitely a bitcoin scheme. I've done research on what's going on here, and the first 3.25 million bitcoins were mined at essentially 1/100,000th the difficulty of the current mining, and there were only a few people doing it. So while it currently takes days or weeks to mine 1 BTC in a pool with an average computer, the "early adopters" as they're referred to received 50 BTC every 10 minutes divided by a couple of people.

Essentially, whenever the market is big enough, any one of these people can buy up millions of dollars worth of asks on the market, crash bitcoin, and there goes the bubble. Everyone on their forums is either delusional or shilling to get people to buy more bitcoins. The inventor has no real name associated with him, and mysteriously disappeared once bitcoins started having a real value in USD (something like 10 cents when he left).

Stay away from bitcoin investing.
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True. But bitcoins were essentially worthless, so these people were wasting cpu cycles for almost nothing back then. 1000BTC was worth a buck. If you're going to convince someone to run a program that eats 99% of your cpu/gpu 24/7, you need to give them incentive. The difficulty ramp-up is because now it's actually wicked popular, so more people are doing it, which means the network itself is more powerful, hence the increased difficulty. It's not a scam, it's a natural result of how its setup.

If I mine all day on deepbit and make 0.2 BTC, that's about 6 bucks with my specs. If I had mined back then, given the value of BTC, I would have more BTC, but it would be worth less actual money.
 
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testing123 said:
True. But bitcoins were essentially worthless, so these people were wasting cpu cycles for almost nothing back then. 1000BTC was worth a buck. If you're going to convince someone to run a program that eats 99% of your cpu/gpu 24/7, you need to give them incentive. The difficulty ramp-up is because now it's actually wicked popular, so more people are doing it, which means the network itself is more powerful, hence the increased difficulty. It's not a scam, it's a natural result of how its setup.
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i've read one article about the mining process.

you have it completely backwards - and you 'invested' $1000 in this? i really feel bad for you.
 
reZolut said:
i've read one article about the mining process.

you have it completely backwards - and you 'invested' $1000 in this? i really feel bad for you.
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are you surprised that the most uninformed person in this entire thread is also the person most willing to buy into a retarded pyramid scheme?
 
basically testing123 is thinking like this...

1. a barrel has 90 pebbles
2. he throws in 10 and and is told he now owns 10% (10/100) of all pebbles in the barrel
3. other people throw in more pebbles doubling the total
4. he just doubled his investment!
5. goto #3

except hes not #2, hes #3 (after #5 has happened many times) and at any point the #1 investors can pull out and break the whole fuckin pebble barrel leaving him pebbleless :(
 
but it's not just like, pebbles, maaaan

it's a new world order

we won't need other currencies, everyone will just like, trade in bitcoins, mannn

we'll keep the banks out of it, we'll bring the corporations to their knees

it's a movement, maaaan
 
https://mtgox.com/

again go to that link. you can sell your bitcoins at a moments notice, and they will sell instantly. while he may not make 7k in 5 minutes he will make close in a very short period of time. not to say this all wont eventually go to shit but since he got in early he can definitely make a buck off this.
 
is gox all an elaborate ruse as well, I suppose.. right now there are bids and asks up for way more than 200btc for over $30. If I wanted to I could sell most if not all, instantly, cash it out through dwolla, and have the money in my bank account by next week.

It's hitting $50, im waiting for that. If it hits $15, im out, which is fine because I got in at $5.
 
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there isn't. It will get shut down and any one who hasn't cashed out will lose what ever money they put into it.
 
testing123 said:
is gox all an elaborate ruse as well, I suppose.. right now there are bids and asks up for way more than 200btc for over $30. If I wanted to I could sell most if not all, instantly, cash it out through dwolla, and have the money in my bank account by next week.

It's hitting $50, im waiting for that. If it hits $15, im out, which is fine because I got in at $5.
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any drop in price isn't going to happen gracefully. good luck if you think there is going to be someone willing to buy when this shit blows up
 
testing123 at least admit its a scam and youre just trying to get rich off idiots buying into it
 
lmao @ testing123 thinking the value is going to drop slowly enough for him to "cash out" at $15

what an idiot

things like this don't "slowly go down in value"

they drop right the fuck out in seconds

$35 to 0.0001 cents in fifteen minutes kind of thing

god you're so stupid, I hope you try to repeat something like this later in life and lose a lot more than $1000

then I hope you kill yourself

reZolut said:
any drop in price isn't going to happen gracefully. good luck if you think there is going to be someone willing to buy when this shit blows up
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beat me to it you hoe ass bitch
 
Xeri0us said:
https://mtgox.com/

again go to that link. you can sell your bitcoins at a moments notice, and they will sell instantly. while he may not make 7k in 5 minutes he will make close in a very short period of time. not to say this all wont eventually go to shit but since he got in early he can definitely make a buck off this.
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how liquid is MtGox? or any of the other exchanges?

I'd assume due to the anonymity of the whole thing there are no market makers...
 
I'm willing to bet 1000 bitcoins that neither Xeri0us nor testing123 know what "liquid" means

or "market makers" for that matter

they will be completely unable to answer your question before they Wikipedia both of those things
 
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