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Bitcoin
- Thread starter elru
- Start date
ZeroFlight
Rising Star
As much as everyone is ragging on Mt. Gox it is the largest exchange and thus is open to world wide scrunity from hackers and opportunists alike. I hope when trading resumes that they fix issues like excessive trade lagging.
That increase in publicity was a bit too fast still I believe for the community to keep up with. It truly is a type of currency the world desperately needs and its boom shows that, but the recovery from this crash will tell a lot about it's immediate future.
My personal oppinion is that if they stabalize at all above $100 it will recover rather well. It all depends on how many are in it for the long haul due to it's features vs people who just wanted to make some money.
I like the idea of money not being politically controlled. Ideally if this was a major world currency there wouldnt be nearly as much voltality in price.
That increase in publicity was a bit too fast still I believe for the community to keep up with. It truly is a type of currency the world desperately needs and its boom shows that, but the recovery from this crash will tell a lot about it's immediate future.
My personal oppinion is that if they stabalize at all above $100 it will recover rather well. It all depends on how many are in it for the long haul due to it's features vs people who just wanted to make some money.
I like the idea of money not being politically controlled. Ideally if this was a major world currency there wouldnt be nearly as much voltality in price.
Bitcoin wasn't the first, and won't be the last.
The concept of virtual currency was conceived in
the late '70s, and introduced circa 1983.
The concept of virtual currency was conceived in
the late '70s, and introduced circa 1983.
Sihran Rap
Rising Star
This thread got me interested in mining. Great way to harness computing power, eh?
maybe if you have a suped-up rig with a few ATI Radeon X1900 series GPUs.
mining via CPU is a waste of energy and time.
mining via CPU is a waste of energy and time.
I wonder how the value of bitcoins is calculated. When I look at the cost of things on the deep web, the prices seem to be pretty stable. What does it really mean for a currency to be unstable if the products you can buy with it remain at the same price? I'd be curious of who is tracking this instability and whether or not they have a motive for detering people from using bitcoins instead of the usual currencies.
The Day Tripper
Rennasauce Man
hixidom said:
The price is calculated by what the market demand/supply is on the various excanges at any given time.
The demand is fluxuating and spiking due to political/economic/social events at the present time, and the publication of articles that reach a wide audience who rush to "get in on the bitcoin goldrush".
The supply is derived by-
A) sellers (big & small) and if they want to sell at what price the coin is trading at at the time.
B) The profitibality of miners to run their rigs and the associated energy costs, if they aren't making $, they wont be mining, and the rate at which new coins are created will slow, and demand will exceed supply, and a correction will fix that problem.
C) A fixed rate increase in the difficulty of block finding by miners, to ensure the currency base cannot be increased/decreased artificially without due hashing and the energy costs associated with it. Plus theres a cap on how many coins will ever be created, but that is semi-irrelevant once its established as a fiat (or not?) currency, with semi-stable value long term. A coin will just increase in value until the reach (for the sake of hypotheticals $1000+), and we'll be conducting transactions in fractions of bitcoins instead of whole coins like in the good old days.
Theres also conspiracy/valid theorys that large players with a vested interest in controlling monetary policy, and the currency base, are manipulating the market by high volume transactions for the sake of sabotaging the bitcoin. State entitiys have been theorized to be behind such antics as well, not suprizingly. But in all reality if that was the case, the state entity would be acting on behalf of a powerful economic player, like the private banks at the Fed Reserve not wanting their house of cards to collapse, so they use their proxy "private" financial institutions to manipulate the cost of currency trading. Not exclusive to bitcoins either, theres factual evidence it happens with metals, fiat currency, stocks, futures, etc.
The Day Tripper
Rennasauce Man
DMTripper said:I can hardly afford 1 coin todayBut maybe tomorrow. Yup maybe I can afford 10 tomorrow
Way too unstable
But is Mt.Gox the only place to trade bitcoins. Are there any other places you can trust that members here have used?
MTgox sucks imho.
I have a bitstamp, and camp bx exchange accounts. Both are better than mtgox in terms of fees, service quality, etc. The fact that mtgox makes soo much from their fees, and did not take action to ensure their hardware could handle the increasing number of trades/accounts on their exchange, and their record from users on bitcointalk have made me steer clear of mtgox, in lieu of smaller players.
Their track record, based on user expirence is not too good from what i've read. I'm very happy with my bitstamp and camp bx accounts. Pay less fees as well.
Most importantly, Mtgox froze trades at a current cost when the dive happened. There was a %50 difference in their stated exchange rate, and the active exchanges. Whether or not that was due to hardware issues regarding volume, or to manipulate the market forces causing the boom/bust the coin just went through is unnacceptable as an account holder. I closed my mtgox account after that episode. Though i had not used it in a few weeks previously as well, after using bitstamp and camp bx and being much happier with them.
I don't like the idea of a main centralized exchange that processes most/all bitcoin trades, hence i have some predetmined bias against mtgox. Wheres the competition, and push to innovate based on how their service compares to alternatives?
But thats a general economic viewpoint i hold almost unilaterally. MTgox is to large, and doesn't handle that responsibilty too well imho.
F*** Mt.Gox.DMTripper said:
For trading, BTC-e is great. They kinda screwed me out of a few coins because I enabled the "withdraw via email" option and lately I can't seem to get the emails. A new account fixed this. But oh well, the site is fantastic. As stated above, campbx is about the best for usd to btc. I also like Coinbase but others have had problems with them. I haven't.
Note: Don't use Bitcoins for drugs, mmkay? It's just bad... for both BTC and users.
Well, i bought 10 btc for a total of 50$ .... i wanted to restore them to sell for 1000$+ but unfortunatly, my wallet backup is on my external backup drive which crashed a while ago.
Not the most costly hardware failure in the history of mankind, but you can imagine that this is a bit upsetting for a low earner.
Not the most costly hardware failure in the history of mankind, but you can imagine that this is a bit upsetting for a low earner.
Obliobliguhl said:
Thanks, but the disk makes funny noises and does not get recognized anymore.
It's totally trashed, not just a couple of bad sectors, unfortunatly
On a brighter note, i have found another wallet and could recover 1 coin or so it seems...it does not really ease the pain, but i won't say no to it either.
It's totally trashed, not just a couple of bad sectors, unfortunatly
On a brighter note, i have found another wallet and could recover 1 coin or so it seems...it does not really ease the pain, but i won't say no to it either.
You're joking, right? Please tell me you're joking...Cailieg said:
If not, go spend some time on bitcointalk before giving Josh your monies. Cause's you'll likely never see your miner nor your cash ever again. Biggest BTC mess to date.
Do your homework before investing people!!
Well, good luck with that. Yes, the reviews are favorable...
...However, You'll likely not see your order until the end of 2014 or beginning of 2015.
By then the network difficulty will be so high that you will never make a return on your investment.
...However, You'll likely not see your order until the end of 2014 or beginning of 2015.
By then the network difficulty will be so high that you will never make a return on your investment.
DMTripper
John Murdoch IV
So how about 'em bitcoins folks
I've been reading through this thread and DAMN!! If only we had known at the time.
But I think bitcoin will go to a million $ in the next years. There's only going to be 21 million tokens and this is still not mainstream but will replace the current monetary system. Well not just bitcoin but cryptos in general.
Blockchain will change the world as much as internet and computers I think.
I've been reading through this thread and DAMN!! If only we had known at the time.
But I think bitcoin will go to a million $ in the next years. There's only going to be 21 million tokens and this is still not mainstream but will replace the current monetary system. Well not just bitcoin but cryptos in general.
Blockchain will change the world as much as internet and computers I think.
Aum_Shanti
Esteemed member
Well if you still have the drive, then it probably wouldn't be a bad idea to send the drive to a professional data recovery company, as these 10BTC are now worth a fortune...and well worth spending like $1000 for a HD-recovery.
That's exactly the problem. Noone knows if Bitcoin will still be used in 10 years. Maybe another crypto currency will be mainly used by then. As from a technical POV, there are many much better crypto currencies around in the meantime.
Or maybe these currencies simply get banned by the authorities, if they become too popular...
(see China)
or...