Bitcoin/Litecoin

cryptocurrency

This is going well, watched it right up to 657 euro last night (around 1.30am i think). Settled a bit now. Transfering from MtGox to another exchange is taking ages though, fancy a few more Litecoins, really like the look of them and would recommend anyone looking to dip there toes in to look there.

Prodgey

Jesus, I remember having these at €15 quid a few years ago, and then €80 for a while, sold at €120, kicking myself.

cryptocurrency

Prodgey wrote: »

Jesus, I remember having these at €15 quid a few years ago, and then €80 for a while, sold at €120, kicking myself.

I am surprised you paid anywhere near that a few years ago...

Sir montygom

cryptocurrency wrote: »

This is going well, watched it right up to 657 euro last night (around 1.30am i think). Settled a bit now. Transfering from MtGox to another exchange is taking ages though, fancy a few more Litecoins, really like the look of them and would recommend anyone looking to dip there toes in to look there.

It took about 5mins for my transaction of bc from mt.gox to btce !!!!!! Lost a bit of value in the transaction but was lucky as was able to purchase a quantity of ltc at good price .....will try and make withdraw from btce to bank in next day or so to test it!!!!


Five mins is a long time the way they are trading atm!!!

KyussBishop

munster87 wrote: »

China's google, Baidu has started accepting BitCoin now

Except they are primarily a search engine, who don't seem to provide any kind of a notable market for Bitcoin.

manonboard

Big change in price.

Dropped down sharply. Would suggest people keep a close eye on it if you have money in it.
it might be time to jump ship if people are only in it for speculation.

http://bitcoincharts.com/charts/mtgoxUSD

Prodgey

I won't be buying till they're back down below 400 quid.

but43r

Wow, the price has doubled in the last week since I started looking at BitCoin. The general consensus seems to be that the price will crash at some point so I'll wait until then (if it ever happens).

Recoil12

I am just looking for anyone's opinion on a potential investment into bitcoin mining.

I am am seriously considering this contract:http://www.ebay.ie/itm/Bitcoin-Miner-BUTTERFLY-LABS-COINTERRA-100GH-S-1-YEAR-24-7-MINER-CONTRACT-/281210409084?pt=UK_Computing_Other_Computing_Networking&hash=item417972507c

I have some question:Does this price seem too good to be true?,as other mining websites are much higher(Example:http://www.minerlease.com/contracts/
Do you think buying from ebay is a bad idea?

What are the alternatives for someone looking to get into bitcoin?

I have been following this since around March of this year,with only 1 Litecoin to my name:o

Any help greatly appreciated.

cryptocurrency

Recoil12 wrote: »

I am just looking for anyone's opinion on a potential investment into bitcoin mining.

I am am seriously considering this contract:http://www.ebay.ie/itm/Bitcoin-Miner-BUTTERFLY-LABS-COINTERRA-100GH-S-1-YEAR-24-7-MINER-CONTRACT-/281210409084?pt=UK_Computing_Other_Computing_Networking&hash=item417972507c

I have some question:Does this price seem too good to be true?,as other mining websites are much higher(Example:http://www.minerlease.com/contracts/
Do you think buying from ebay is a bad idea?

What are the alternatives for someone looking to get into bitcoin?

I have been following this since around March of this year,with only 1 Litecoin to my name:o

Any help greatly appreciated.

don't bother, you'll mine nothing and they ESB bill will be nuts. Mine Litecoin for now with a view to adapt to what the market takes you.

Recoil12

cryptocurrency wrote: »

don't bother, you'll mine nothing and they ESB bill will be nuts. Mine Litecoin for now with a view to adapt to what the market takes you.

I though that myself alright.But with this contract,I don't incur any costs as the mining is done by someone else,I buy a share in the equipment for a return at a certain hash rate and time,eg,50G/H for 6 months.

AtomicHorror

but43r wrote: »

Wow, the price has doubled in the last week since I started looking at BitCoin. The general consensus seems to be that the price will crash at some point so I'll wait until then (if it ever happens).

Down a lot today. I suppose if it were any other currency we'd call it a crash, but with BTC, it could hit a record high the very next day.

jamo2oo9

Seems the price of Bitcoins is gonna crash now. Value has gone down by $100 already today and it's still going down.

Better cash them out folks!

Cute Hoor

I see the fraudsters have found an easy way of mining the bitcoins!


Tens of millions of UK email users could be targeted in a 'mass spamming event' designed to harvest their financial details, it has been claimed today.

The National Crime Agency warned that small and medium businesses are the particular targets of the messages that appear to be legitimate communication from banks.

The emails come with attachments that look to be files such as a voicemail, fax, an invoice or details of a suspicious transaction.

Threat: Small and medium businesses are the most at risk from the scam - which sees messages that appear to be communications from banks delivered to inboxes (library image)

However, it is in fact malicious software that encrypts the user's computer.

The screen will then display a countdown timer that demands the payment of 2 Bitcoins, a digital currency worth around £536, for the decryption key.

Officers said the scam is 'a significant risk' to those targeted.

'We are working in cooperation with industry and international partners to identify and bring to justice those responsible and reduce the risk to the public.'

The NCCU is trying to uncover who is sending the emails. Anyone whose computer is infected should report it to ww.actionfraud.police.uk.

Experts are advising internet users not to click on any attachments like those described, to update antivirus software and operating systems, and to back up files.

If a computer is infected it should be disconnected from the network and a professional called in to clear the machine, they added.

AtomicHorror

Cute Hoor wrote: »

I see the fraudsters have found an easy way of mining the bitcoins!


Tens of millions of UK email users could be targeted in a 'mass spamming event' designed to harvest their financial details, it has been claimed today.

The National Crime Agency warned that small and medium businesses are the particular targets of the messages that appear to be legitimate communication from banks.

The emails come with attachments that look to be files such as a voicemail, fax, an invoice or details of a suspicious transaction.

Threat: Small and medium businesses are the most at risk from the scam - which sees messages that appear to be communications from banks delivered to inboxes (library image)

However, it is in fact malicious software that encrypts the user's computer.

The screen will then display a countdown timer that demands the payment of 2 Bitcoins, a digital currency worth around £536, for the decryption key.

Officers said the scam is 'a significant risk' to those targeted.

'We are working in cooperation with industry and international partners to identify and bring to justice those responsible and reduce the risk to the public.'

The NCCU is trying to uncover who is sending the emails. Anyone whose computer is infected should report it to ww.actionfraud.police.uk.

Experts are advising internet users not to click on any attachments like those described, to update antivirus software and operating systems, and to back up files.

If a computer is infected it should be disconnected from the network and a professional called in to clear the machine, they added.

That's not what bitcoin mining is. That's extortion via kind of malware called ransomware that has been about for at least a year. Demanding bit coins instead of other currencies is not a surprising development. So, not mining and not really news either.

jamo2oo9 wrote: »

Seems the price of Bitcoins is gonna crash now. Value has gone down by $100 already today and it's still going down.

Better cash them out folks!

It's crashed before, but it always stabilises at a higher average price than before any given bubble. So I think I'll keep mine.

hullaballoo

It's not historically accurate to say that one commodity always stabilises after a bubble bursts. I mean, it depends on what you bought in for but if it was e.g. €350 per bitcoin, I wouldn't be supremely confident that you'll stabilisation over that price.

If it was a tenner, hang on in there.

Cute Hoor

AtomicHorror wrote: »

So, not really news either.

Apologies, it was news to me (and possibly others)

Value Hunter

Recoil12 wrote: »

I am just looking for anyone's opinion on a potential investment into bitcoin mining.

I am am seriously considering this contract:http://www.ebay.ie/itm/Bitcoin-Miner-BUTTERFLY-LABS-COINTERRA-100GH-S-1-YEAR-24-7-MINER-CONTRACT-/281210409084?pt=UK_Computing_Other_Computing_Networking&hash=item417972507c

I have some question:Does this price seem too good to be true?,as other mining websites are much higher(Example:http://www.minerlease.com/contracts/
Do you think buying from ebay is a bad idea?

What are the alternatives for someone looking to get into bitcoin?

I have been following this since around March of this year,with only 1 Litecoin to my name:o

Any help greatly appreciated.

The equipment suppliers are the only ones to ever make real money out of these bubbles.

In the gold rush it was the wagon and wheelbarrow manufacturers, today its 1 year contracts on bitcoin mining machines :rolleyes:

Same story, different century

The fools who chase after the magic juice are the ones who end up getting wiped out, while the suppliers and vested interests who big up the 'opportunity' make their fortune

nxbyveromdwjpg

Value Hunter wrote: »

The equipment suppliers are the only ones to ever make real money out of these bubbles.

In the gold rush it was the wagon and wheelbarrow manufacturers, today its 1 year contracts on bitcoin mining machines :rolleyes:

Same story, different century

The fools who chase after the magic juice are the ones who end up getting wiped out, while the suppliers and vested interests who big up the 'opportunity' make their fortune

Rubbish, anyone could have bought in a month ago and nearly tripled your money without even selling at the top. Many many did.

AtomicHorror

Value Hunter wrote: »

The equipment suppliers are the only ones to ever make real money out of these bubbles.

In the gold rush it was the wagon and wheelbarrow manufacturers, today its 1 year contracts on bitcoin mining machines :rolleyes:

Same story, different century

The fools who chase after the magic juice are the ones who end up getting wiped out, while the suppliers and vested interests who big up the 'opportunity' make their fortune

And what about people who don't bother with mining? It's a niche area these days. I would guess that most people who make a profit from bitcoins do so via speculation and arbitrage without going near mining at all. How those profits compare to those of miners and mining service providers, I couldn't say, but as a proportion of the bitcoin-holding population, the miners are in the minority.

I think you might be getting hung up with the use of the term "mining" and over-stretching the analogy. Not saying we shouldn't look backwards for wisdom, but the fact is that bitcoins are not really like anything that has come before, and that requires new thinking as well as caution.

Cute Hoor wrote: »

Apologies, it was news to me (and possibly others)

Sure, but it was presented in a kinda misleading way. That scam doesn't really have anything to do with bitcoins specifically and certainly nothing to do with bitcoin mining.

AtomicHorror

hullaballoo wrote: »

It's not historically accurate to say that one commodity always stabilises after a bubble bursts. I mean, it depends on what you bought in for but if it was e.g. €350 per bitcoin, I wouldn't be supremely confident that you'll stabilisation over that price.

If it was a tenner, hang on in there.

Seems to be stabilising at around €500 now. Like I said, not holding at it's peak value, but much higher than it was during the last plateau from 13-17 Nov before the value started surging up again.

p0wp0w

If your buying bitcoin for monetary value - your doing it wrong.


People need to understand the protocol and its goals.
If you are trying to make quick money here - be very very careful - that is NOT what bitcoin is.

p0wp0w

Value Hunter wrote: »

The equipment suppliers are the only ones to ever make real money out of these bubbles.

In the gold rush it was the wagon and wheelbarrow manufacturers, today its 1 year contracts on bitcoin mining machines :rolleyes:

Same story, different century

The fools who chase after the magic juice are the ones who end up getting wiped out, while the suppliers and vested interests who big up the 'opportunity' make their fortune

You need to look forward rather than backward.

EDIT:
Can you expand on these manufacturers?, What is your knowledge of ASIC's?

harryr711

p0wp0w wrote: »

If your buying bitcoin for monetary value - your doing it wrong.


People need to understand the protocol and its goals.
If you are trying to make quick money here - be very very careful - that is NOT what bitcoin is.

At the moment, that's exactly what it is. I stress "at the moment". It's attracting a lot of hot money and is very volatile. Speculative trades exceeded transactional trades by 20-25 times in the last quarter. It's perhaps why on an "Investments & Markets" forum like this people are gossiping about price movements while I don't think there's been a single mention of the US Senate discussion on bitcoin, probably the biggest bitcoin news item this week. The current state of play raises questions over whether in time it will become a useful transactional currency or be seen as another asset class.

AtomicHorror

harryr711 wrote: »

At the moment, that's exactly what it is. I stress "at the moment". It's attracting a lot of hot money and is very volatile. Speculative trades exceeded transactional trades by 20-25 times in the last quarter. It's prehaps why on an "Investments & Markets" forum like this people are gossiping about price movements while I don't think there's been a single mention of the US Senate discussion on bitcoin, probably the biggest bitcoin news item this week. The current state of play raises questions over whether in time it will become a useful transactional currency or be seen as another asset class.

Exchange rates need to stabilise and more vendors need to accept bitcoin, aside from that there's nothing stopping it. Granted, not small obstacles.

Where did you get your transaction/speculation figures from? Just curious how anyone can assess this.

harryr711

AtomicHorror wrote: »

Exchange rates need to stabilise and more vendors need to accept bitcoin, aside from that there's nothing stopping it. Granted, not small obstacles.

Where did you get your transaction/speculation figures from? Just curious how anyone can assess this.

Not small is an understatement. Transaction figures came from a Bloomberg article. Also according to a researcher at the International Computer Science Institute in Berkeley, half of the Bitcoins in existence are being saved rather than spent.

AtomicHorror

harryr711 wrote: »

Not small is an understatement.

Well, adoption would probably only require a couple of big western names on board to start significant growth- eBay or Amazon might do it, so I think that's the lesser of the two challenges. I guess stabilisation of the exchange rates depends on adoption by more people and a shift towards transactional use.

harryr711 wrote: »

Transaction figures came from a Bloomberg article.

Is there a link? I'm not suggesting the figures are implausible- they wouldn't be surprising to me- but really wondering how they measure transactional vs. speculative trades. For example, as I understand it, it would be impossible for someone looking at the block chain to tell the difference between me buying widgets with bitcoins versus selling bitcoins for dollars on mt.gox.

harryr711 wrote: »

Also according to a researcher at the International Computer Science Institute in Berkeley, half of the Bitcoins in existence are being saved rather than spent.

That wouldn't surprise me either, and I can easily see how that would be measured.

Value Hunter

nm wrote: »

Rubbish, anyone could have bought in a month ago and nearly tripled your money without even selling at the top. Many many did.

And that doesn't scream bubble to you?

AtomicHorror

Value Hunter wrote: »

And that doesn't scream bubble to you?

Not saying it's not a bubble, but do you really think they're that easy to predict? By analogy? Last I checked, we were only really good at labelling bubbles after they pop.

Value Hunter

AtomicHorror wrote: »

Not saying it's not a bubble, but do you really think they're that easy to predict? By analogy? Last I checked, we were only really good at labelling bubbles after they pop.

Yes I firmly believe in this case their easy to predict. 300% increase in 2 weeks with no major change in fundametals in that time period?

The public is only good at labelling bubbles after they pop. The clued in investor knows that when an 'investment' increases 300% with no major change in fundamentals its bubble territory.

Your saying its not a bubble. do you think its a good investment? Or are you going to stay on the fence, and speak from hindsight like so many armchair pundits?