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Buying bitcoins

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    #242
    pH
    Registered Users Posts: 4,188 ✭✭✭pH


    moneymad wrote: »
    What if they are too high and i don't have a buyer of my coins on the exchange? Can i cash them out no?

    You can "cash them out" for whatever someone else will pay for them at that time. The same with gold/shares/bonds, and even government issued currencies. I'd have thought you'd have understood something as basic as that.


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    #243
    moneymad
    Registered Users Posts: 882 ✭✭✭moneymad


    pH wrote: »
    You can "cash them out" for whatever someone else will pay for them at that time. The same with gold/shares/bonds, and even government issued currencies. I'd have thought you'd have understood something as basic as that.

    No, not at all. I didn't have a clue how it all worked.


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    #244
    Pinewoo
    Registered Users Posts: 79 ✭✭Pinewoo


    You can buy them for $61/bitcoin now on bitstamp (from a high of $266 yesterday on mtgox which is currently down). Glad to see this massive ponzi scheme crashing, and as has repeated time and time again since markets were invented those who jumped in at the end lost the most and paid for the winnings of everyone else.


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    #245
    zonEEE
    Closed Accounts Posts: 1,554 ✭✭✭zonEEE


    Not looking good at the moment. Will see what happens when mtgox comes online.

    The crash in price really tells us its not good having 80% of the market in one exchange.

    Price is crashing but on the other hand, its back to where it was a few weeks ago. The last week or two have been crazy. I think there is still a future in bitcoin but only if some big players start opening exchanges.

    I took back what money i put into bitcoin a week ago so all I have left is profit, I have lost a good bit in the last 24 hours but its profit so I guess im one of the lucky ones, im sure there was many buying at 200 euros yesterday.


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    #246
    Pinewoo
    Registered Users Posts: 79 ✭✭Pinewoo


    ar118945826163681.jpg

    Springs to mind ^

    The question now is what is the "mean", with the trend BTC was taking for the years leading up to January 2013 then I would say at the moment it should be around the $20 mark.


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    #247
    moneymad
    Registered Users Posts: 882 ✭✭✭moneymad


    If they go to 20 I'll be buying some.


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    #248
    Pinewoo
    Registered Users Posts: 79 ✭✭Pinewoo


    moneymad wrote: »
    If they go to 20 I'll be buying some.

    To sell them on for profit later? :pac:


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    #249
    moneymad
    Registered Users Posts: 882 ✭✭✭moneymad


    Pinewoo wrote: »
    To sell them on for profit later? :pac:
    ya definitely.


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    #250
    Stingerbar
    Registered Users Posts: 260 ✭✭Stingerbar


    zonEEE wrote: »
    Not looking good at the moment. Will see what happens when mtgox comes online.

    The crash in price really tells us its not good having 80% of the market in one exchange.

    Price is crashing but on the other hand, its back to where it was a few weeks ago. The last week or two have been crazy. I think there is still a future in bitcoin but only if some big players start opening exchanges.

    I took back what money i put into bitcoin a week ago so all I have left is profit, I have lost a good bit in the last 24 hours but its profit so I guess im one of the lucky ones, im sure there was many buying at 200 euros yesterday.

    I just read through this whole thread to get an idea of bitcoins and how they work. Done a fair bit of research online and so on.

    During the reading of this thread, you seem to have a strong belief in bitcoins.. ideologically.. and so on.

    I hope this doesn't come across as too blunt, but if that's true, why did you cash out?


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    #251
    pH
    Registered Users Posts: 4,188 ✭✭✭pH


    Stingerbar wrote: »
    I just read through this whole thread to get an idea of bitcoins and how they work. Done a fair bit of research online and so on.

    During the reading of this thread, you seem to have a strong belief in bitcoins.. ideologically.. and so on.

    I hope this doesn't come across as too blunt, but if that's true, why did you cash out?

    There have been almost 2 separate debates on this thread - the first being do bitcoins at a technical level make some sort of sense as an internet "currency", the second being did the huge increase in price since January this year represent a bubble of some sort.

    You can have many combinations of views on the above, imagine someone who got out at the top of our property boom - I'm not sure what that would say about their ideological belief in "houses"?

    You can think that bitcoin makes sense - but still believe the recent price spike was a bubble - the two thinks aren't necessarily contradictory.


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    #252
    moneymad
    Registered Users Posts: 882 ✭✭✭moneymad


    The Winklevoss Twins Say They Own 1% Of All Bitcoins
    The Winklevii own about 108 thousand of them.


    So the winkles buy bitcoin last summer when they cost only a few dollars, then they pay to have their story appear on yahoo saying, they bought all these bitcoins. Classic pump and dump as far as i can see.

    link to yahoo


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    #253
    Lenin Skynard
    Closed Accounts Posts: 2,970 ✭✭✭Lenin Skynard


    moneymad wrote: »
    If they go to 20 I'll be buying some.

    Just picked a few up at €55. It was the lowest price on my exchange all day and has gone back up to €65 now.

    I should really be posting this in the gambling forum.


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    #254
    spix
    Registered Users Posts: 2,577 ✭✭✭spix


    Lenin Skynard wrote: »
    Just picked a few up at €55. It was the lowest price on my exchange all day and has gone back up to €65 now.

    I should really be posting this in the gambling forum.

    Well there's a very fine line between investments and gambling. It's all about trying to make money at the end of the day and both are risky :)


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    #255
    Stingerbar
    Registered Users Posts: 260 ✭✭Stingerbar


    pH wrote: »
    You can have many combinations of views on the above, imagine someone who got out at the top of our property boom - I'm not sure what that would say about their ideological belief in "houses"?

    There isn't a comparison between houses and bitcoins though.

    The use of, and value in, bitcoins seems to be founded primarily on an ideological belief about their potential value to society and a distrust (or misunderstanding) of the current system and it's history

    The comments in the past 2 days also seem to be entirely about "cashing out", "how much do you lose", "there should be regulations so this kind of thing can't happen again"

    I am going to watch the price over the next week and see how it goes and consider "getting in" (in a small amount) to test the water and see if a novelty profit can be turned. I am pretty sure this is what 99% of bitcoin buyers and sellers are thinking, whether they admit it to themselves or not.

    I know this is rough, but the bottom line appears to be -

    How much real money can I make from this itchy and scratchy money


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    #256
    pH
    Registered Users Posts: 4,188 ✭✭✭pH


    Stingerbar wrote: »
    There isn't a comparison between houses and bitcoins though.

    I'm not saying there is, merely pointing out that you can judge something overpriced/in a bubble but still believe the thing has merit and worth. This applies to houses, tulip bulbs and bitcoins.
    The use of, and value in, bitcoins seems to be founded primarily on an ideological belief about their potential value to society and a distrust (or misunderstanding) of the current system and it's history

    The comments in the past 2 days also seem to be entirely about "cashing out", "how much do you lose", "there should be regulations so this kind of thing can't happen again"

    I think you've made up the regulations thing, but yes in what appears to be a bubble bursting there's lots of human interest in how people have been affected.
    I am going to watch the price over the next week and see how it goes and consider "getting in" (in a small amount) to test the water and see if a novelty profit can be turned. I am pretty sure this is what 99% of bitcoin buyers and sellers are thinking, whether they admit it to themselves or not.

    I know this is rough, but the bottom line appears to be -

    How much real money can I make from this itchy and scratchy money

    Bitcoin (except the mining operations) can't make you any money - it's not like a share/bond/deposit that pays interest or a dividend. If you buy some today then you're relying/hoping that in the future a bitcoin will be worth more to someone else than you paid for it.

    Bitcoin is a fully digital P2P currency, that computers can interact with directly. I personally believe this is incredibly powerful and a game changer, in many ways bigger than the web was - bitcoin allows all computers on the planet trade with each other in a very open manner.

    That said, many on this thread have postulated technical weaknesses, the idea that a large gov (the US) might shut it down and the fact that many other "me too" currencies (litecoin, namecoin etc. etc.) have now sprung up, and if digital currencies go the way of other net phenomena then only one will be truly huge and it's not necessarily the first one.


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    #257
    zonEEE
    Closed Accounts Posts: 1,554 ✭✭✭zonEEE


    Stingerbar wrote: »
    I just read through this whole thread to get an idea of bitcoins and how they work. Done a fair bit of research online and so on.

    During the reading of this thread, you seem to have a strong belief in bitcoins.. ideologically.. and so on.

    I hope this doesn't come across as too blunt, but if that's true, why did you cash out?

    I cashed out what money i put into it as to assume no risk. I had a nice bit of profit left. It was going off the walls in the last week or so, something was going to happen. I still do believe in bitcoin but there was no need to get burnt in the process :)


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    #258
    howamidifferent
    Registered Users Posts: 1,817 ✭✭✭howamidifferent


    zonEEE wrote: »
    I cashed out what money i put into it as to assume no risk. I had a nice bit of profit left. It was going off the walls in the last week or so, something was going to happen. I still do believe in bitcoin but there was no need to get burnt in the process :)

    How much did you pay on average per bitcoin zonEEE ?


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    #259
    Capt'n Midnight
    Moderators, Recreation & Hobbies Moderators, Science, Health & Environment Moderators, Technology & Internet Moderators Posts: 90,726 Mod ✭✭✭✭Capt'n Midnight


    And they're back down to 55 and up to 80 (again) http://bitcoin.clarkmoody.com/

    very volatile

    as an investment you'd need to figure out their intrinsic worth, and that's their value as a lower commission paypal substitute with no way for a dodgy buyer to clawback the money. unfortunately that value is only realised if they are used rather than hoarded.


    That rule about doing the opposite of the market probably applies, sell when everyone's buying and buy when everyone's selling.


    The main feature bitcoins have is that it's very hard to print money. And the difficulty is determined by the the producers. On the other hand one key metric to remember is that over half of all the bitcoins that will ever exist have already been mined.


    We've already seen one set of miners back off.
    Does bitcoins have a mechanism to handle someone like the NSA coming in and mining coins very fast for a short time close to the period when the difficulty is raised so that the bar is raised too high when they drop out ? The object here is shock and awe. And to force the miners to up their game , which would thin the herd and reduce the numbers of people doing.




    I'm reminded of the day Microsoft invested in Apple (ie gave them a loan) share price doubled, 30 million shares traded. The amount made on the day was three times the value of the loan. Bitcoins is similar in that a big player can manipulate the market to their advantage.


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    #260
    zpehtsfd
    Registered Users Posts: 627 ✭✭✭zpehtsfd


    [QUOTE=Bitcoins is similar in that a big player can manipulate the market to their advantage.[/QUOTE]

    That's what is happening. You don't honestly think joe blow bought in the 200's do you. Just like in the stock market the big owners buy and sell to themselves all the time raising the price. It a way of getting eyes on the stock. Then when it goes down to 50 you will have joe blow buyers because "well it can't go any lower" mentality comes into play. JMHO.


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    #261
    Roonbox
    Registered Users Posts: 498 ✭✭Roonbox


    zpehtsfd wrote: »
    That's what is happening. You don't honestly think joe blow bought in the 200's do you. Just like in the stock market the big owners buy and sell to themselves all the time raising the price. It a way of getting eyes on the stock. Then when it goes down to 50 you will have joe blow buyers because "well it can't go any lower" mentality comes into play. JMHO.

    The exact opposite is true, the smart money comes in at the start and paddy bloke comes in when the run is nearly over.


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    #262
    The Dagda
    Closed Accounts Posts: 1,345 ✭✭✭The Dagda


    Roonbox wrote: »
    The exact opposite is true, the smart money comes in at the start and paddy bloke comes in when the run is nearly over.

    I disagree. I think the smart money comes in now when the herd is big enough to manipulate the market


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    #263
    Pinewoo
    Registered Users Posts: 79 ✭✭Pinewoo


    The smart, ballsy guys are investing in bitcoins now


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    #264
    valor
    Registered Users Posts: 3,296 ✭✭✭valor


    Are their any easy ways to get money onto exchanges to buy Bitcoins? I cant seem to find anywhere you can use Credit cards at least, the only option seems to be Bank Transfers...EUR Bitcoin seems a little bit overpriced also, MtGox charges 2.5% extra on currency transactions or something


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    #265
    chuky_r_law
    Registered Users Posts: 705 ✭✭✭chuky_r_law


    what would happen to bitcoins if the silk road got shut down? it seems to me that there are 2 types of people out there who buy bitcoins. those who trade and those who speculate. i know more and more people are usiing them to trade but would it be true that most of the trading is done through the silk road? if the fbi shut down the silk road tomorrw would the currency be worthless?


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    #266
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    Apparently it's used heavily for online gambling as well (because of the legality issues in america). Silk Road is only one of the uses.


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    #267
    omicron
    Registered Users Posts: 817 ✭✭✭omicron


    srsly78 wrote: »
    Apparently it's used heavily for online gambling as well (because of the legality issues in america). Silk Road is only one of the uses.

    In more ways than one seeing as buying it is online gambling as well!


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    #268
    kowloon
    Registered Users Posts: 13,285 ✭✭✭✭kowloon


    Decided I'd mine a little bit of a bitcoin and follow it seeing as I have a GPU suited to the task and I'm using my computer for basic tasks at the moment, it's on but only using half of a dual gpu card.
    Mined a little and sent it to an exchange I was recommended called Bitcoin-24 and Bang! It was gone, the site was shut down with the Euros in the account. I've lost the price of an Indian for the whole family.

    The people I saw panic selling a years wages must be gutted, the ones on that particular exchange even more so.


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    #269
    pH
    Registered Users Posts: 4,188 ✭✭✭pH


    kowloon wrote: »
    Decided I'd mine a little bit of a bitcoin and follow it seeing as I have a GPU suited to the task and I'm using my computer for basic tasks at the moment, it's on but only using half of a dual gpu card.
    Mined a little and sent it to an exchange I was recommended called Bitcoin-24 and Bang! It was gone, the site was shut down with the Euros in the account. I've lost the price of an Indian for the whole family.

    The people I saw panic selling a years wages must be gutted, the ones on that particular exchange even more so.

    When was this? By "price of an indian" I guess you mean 30-40 euro?

    What mHash/sec and what guild?

    AFAIK a good modern GPU was getting 100Mhash/sec - this would earn you about 20c a day on slush's pool. Just wondering as gpu mining is not profitable any more, and even the FPGA mining rigs are being replaced with ASICs. Currently it would take someone with a desktop rig single GPU 200+ days to mine 50 euro!


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    #270
    hmmm
    Registered Users Posts: 11,205 ✭✭✭✭hmmm


    Silk Road. Officials are "powerless" to shut it down apparently, so drug users and dealers are flocking to the site. LOL - the naivety.

    In other news
    http://www.bbc.co.uk/news/world-us-canada-18604492


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    #271
    chuky_r_law
    Registered Users Posts: 705 ✭✭✭chuky_r_law


    srsly78 wrote: »
    Apparently it's used heavily for online gambling as well (because of the legality issues in america). Silk Road is only one of the uses.


    id imagine it would be one of the bigger uses of bitcoins, besides speculating on them.

    so if they were able to regulate them in the states would that have an effect on people wo use them for gambling?


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