$900 Bitcoin

[AndyL]

Qr77 has a Kensington bitcoin converter (brick n mortar) on at 2pm

And litecoin hit 50$ today (2$ 3 months ago)

[BigMass]

Originally posted by AndyL
Qr77 has a Kensington bitcoin converter (brick n mortar) on at 2pm

And litecoin hit 50$ today (2$ 3 months ago)

takes a special kind of person to take in $1300 cash (probably soon) and buy a "bitcoin" instead of buying an ounce of gold with that same amount of cash.

[CompletelyNumb]

An opportunist?

[Zhariak]

Anyone know any easy way for Canadian's to purchase some litecoins?

Is there an easy? Or we stuck with the processors that are used on most exchanges?

[spike98]

So i have a line on a ASIC 5 Ghash/s rig for about $500. I can have it next week. Is it too late in the game?

[kenny]

Too slow and will be useless early next year when these start coming online in numbers.

http://cointerra.com/product/terrami...r-march-batch/

$3/Gh vs $100/Gh investment.

[ExtraSlow]

So I get that you can "mine" by performing calculations. But who's paying the money in at the other end? Is this someone paying to solve very tough industrial problems or something?

[pheoxs]

Originally posted by Zhariak
Anyone know any easy way for Canadian's to purchase some litecoins?

Is there an easy? Or we stuck with the processors that are used on most exchanges?

You can either pay a fee and buy some locally with cash / debit at the bitcoin store or you can sign up for CaVirtex, get verified and deposit money directly into them.

Originally posted by ExtraSlow
So I get that you can "mine" by performing calculations. But who's paying the money in at the other end? Is this someone paying to solve very tough industrial problems or something?

Not per say. Mining actually runs the back bone of the bitcoin network (blockchain). By having all the miners it processes all the transactions, in turn they are rewarded with a fixed amount of bitcoins per block.

The rate is predetermined, there will be 25 bitcoins created every 10 minutes until the next halving (3 years I think), then 12.5 bitcoins / 10 min and half after that etc etc etc so that there will never be more than 21 million bitcoins in existence. (It's actually 20.9999 repeating)

[AndyL]

It's actually the blocks of data that run the system... The system kicks out bitcoins based on an algorythm - if you happen to process that block - you get the bitcoin (or as more typical your pool gets the bitcoin and it's divvied up amongst the members by processed amount etc)

The $ comes from the perceived value of the bitcoin - it's not backed up by anything other than processing power basically.

[Zhariak]

Originally posted by pheoxs

You can either pay a fee and buy some locally with cash / debit at the bitcoin store or you can sign up for CaVirtex, get verified and deposit money directly into them.



Not per say. Mining actually runs the back bone of the bitcoin network (blockchain). By having all the miners it processes all the transactions, in turn they are rewarded with a fixed amount of bitcoins per block.

The rate is predetermined, there will be 25 bitcoins created every 10 minutes until the next halving (3 years I think), then 12.5 bitcoins / 10 min and half after that etc etc etc so that there will never be more than 21 million bitcoins in existence. (It's actually 20.9999 repeating)

Bitcoin store?

[sabad66]

Cavirtex only does bitcoins - not litecoins. Great exchange though. Would definitely recommend.

I am kicking myself for not jumping on litecoins a few days ago like I wanted. Fuuuuuuuuu

[Zhariak]

Snap,

Just found this "Bitcoin Store" that pheoxs mentioned.

URL: http://www.bitcoinbrains.com/

In Kensington apparently. Will be checking them out!

[Modelexis]

FML, BTC is like 1200 right now..

Originally posted by AndyL
It's not backed up by anything other than processing power basically.

I think to be more precise, it's the limitations of processing power that create a scarcity in the currency rather than 'back' the currency. The demand is what backs it at the moment and the scarcity is what creates that demand in part.

[BigMass]

just remember. The day bitcoin crashes back to $100 or under, it won't happen slowly to give everybody a chance to get out. Impossible to tell when the crash will happen because currently the pump and dump is in full pump mode. If you're a baller gambler and think you can buy high and sell higher then go for it. Just don't fool yourself and thinking this is anything more than gambling.

[Modelexis]

Originally posted by BigMass
just remember. The day bitcoin crashes back to $100 or under, it won't happen slowly to give everybody a chance to get out. Impossible to tell when the crash will happen because currently the pump and dump is in full pump mode. If you're a baller gambler and think you can buy high and sell higher then go for it. Just don't fool yourself and thinking this is anything more than gambling.

On the other hand, historically speaking there have been crashes and the crashes have just led to larger bubbles.
So even if it did crash, who knows if the bubble would re inflate even higher the next time?

If it went to 100$ you don't think everyone and their mother would be buying?

[BigMass]

Originally posted by Modelexis


On the other hand, historically speaking there have been crashes and the crashes have just led to larger bubbles.
So even if it did crash, who knows if the bubble would re inflate even higher the next time?

If it went to 100$ you don't think everyone and their mother would be buying?

why would $100 be a number where everyone rushed to buy? bitcoin has no intrinsic value. nobody wanted bitcoin a year ago when it crashed to $1... so the value is arbitrary based on demand. If nobody wants it or needs it then the value is zero.

[Modelexis]

Yeah, but from a gambling standpoint, it has shown a potential to hit over $1000 so if it drops to 100$ it would seem like a good value to buy in.

I think if it ever did start to crash, as the price dropped you would have people trying to catch it by buying into BTC as the price got lower and lower, it might cushion the fall if/when there is a fall.

You keep bringing up this value of zero concept as if it is unique to bitcoin. If no one wants or needs gold the value could theoretically also be zero.
Or if an asteroid struck the earth and was 100% gold and suddenly gold was the most abundant element on earth, your gold holdings would become quite low in value.

[Zhariak]

I'm not bothering investing in bitcoins, although I do want to buy some litecoins...

I'm not really serious about the investment, nor do I consider it an actual real "investment".

I just want to snag 1-3 bitcoins, then use an exchange and swap em over to litecoins, just let them sit. Don't plan on doing anything with them for a while.

Either way, I think bitcoins will be here for good, not sure what the value will be long term. Right now it's a gamble with litecoins IMO, however I'd say there's a 50/50 chance they'll stick around. If so, with a large number, exponential gains muthafuckas!!!!

[sabad66]

Originally posted by BigMass


why would $100 be a number where everyone rushed to buy? bitcoin has no intrinsic value. nobody wanted bitcoin a year ago when it crashed to $1... so the value is arbitrary based on demand. If nobody wants it or needs it then the value is zero.

BTC did not crash to $1 a yaer ago. It did crash to $75ish from $250 but eventually recovered and then went way above
http://bitcoincharts.com/charts/mtgo...gSzm1g10zm2g25

[BigMass]

Originally posted by Modelexis
Yeah, but from a gambling standpoint, it has shown a potential to hit over $1000 so if it drops to 100$ it would seem like a good value to buy in.

I think if it ever did start to crash, as the price dropped you would have people trying to catch it by buying into BTC as the price got lower and lower, it might cushion the fall if/when there is a fall.

You keep bringing up this value of zero concept as if it is unique to bitcoin. If no one wants or needs gold the value could theoretically also be zero.
Or if an asteroid struck the earth and was 100% gold and suddenly gold was the most abundant element on earth, your gold holdings would become quite low in value.

comparing gold to bitcoin is like apples and boat anchors. Not even in the same discussion. Plus the only people that seem to bring up gold is those trying to defend bitcoin. My arguments for or against bitcoin have nothing to do with gold at all.

Originally posted by sabad66

BTC did not crash to $1 a yaer ago. It did crash to $75ish from $250 but eventually recovered and then went way above
http://bitcoincharts.com/charts/mtgo...gSzm1g10zm2g25

I remember clearly when bitcoin crashed from about $25 to about 10 cents. I was watching it happen live. The only thing I might not remember is exactly when it happened. Not really important is it?