nitro harley
Well-Known Member
My son bought a few of these's internet coins for a few bucks and now they are up over 800.00 per coin. Any input would be interesting...thanks nitro...
Bitcoins? What is up with this for an investment?
- Thread starter nitro harley
- Start date
Happy Grows
New Member
You happen to be lucky, I'm a real bitcoin fanatic!
Bitcoin is a peer-to-peer/decentralized payment system.
This means that every computer in the network helps with relaying the transactions to everyone.
Bitcoin is based on mathematical algorithms to prove that the money exists and also makes it un-crackable (with todays standard of technology).
It is also pseudonymous! This means that the users get to generate an address (to receive and send bitcoins from) which is not linked to their identity.
If you're really interested into the math and technology behind this, shoot me a PM and I will give you some interesting white papers!
Bitcoin is a peer-to-peer/decentralized payment system.
This means that every computer in the network helps with relaying the transactions to everyone.
Bitcoin is based on mathematical algorithms to prove that the money exists and also makes it un-crackable (with todays standard of technology).
It is also pseudonymous! This means that the users get to generate an address (to receive and send bitcoins from) which is not linked to their identity.
If you're really interested into the math and technology behind this, shoot me a PM and I will give you some interesting white papers!
racerboy71
bud bootlegger
Super volatile to say the least..
The other day they were $800, than down to 500, back up, back down..
The days of buying them for say $10 and under are far behind us..
The other day they were $800, than down to 500, back up, back down..
The days of buying them for say $10 and under are far behind us..
nitro harley
Well-Known Member
I set up an account to maybe buy a few coins but right now I am watching...I don't throughly under stand exactly what it is but evidently it is worth looking into. I feel like I am to late but you never know..
I agree, it's been up and down with a big spread. I will be watching for it to go back down in the 500 range and then I might pick up a few and see what happens...
racerboy71
bud bootlegger
Damn I screwed up and my post is In yours and I'm on my phone so I'll leave it like this and fix it later..I set up an account to maybe buy a few coins but right now I am watching...I don't throughly under stand exactly what it is but evidently it is worth looking into. I feel like I am to late but you never know..
Yeah I think its a bit late as well nitro..
I had bought around 17 or so of them over a year ago and paid about $12 per..
I hadn't bought them as an investment and quickly spent most of.mine.. I had like .1 left when they went over $100 per.. I was bummed then, than to find out they're now over $800 per, I could've jumped off a bridge if I let.it bother me too much..
The thing about them is there will only be I think a max of 10 million ever made, or mined is the correct term.. the guy who originally made them set up an algorithm and if you solve it, you get paid in bitcoins.. the first people to break the.code naturally were only getting not even pennies for their effort..
Now people set up big homes full of computer equipment solely to mine btc.. they're not really srltriking it.rich as the equipment needed plus the power to run it is far from cheap..
I don't exactly understand the entire process tbh, but like I said he set it up so that there is a set limit on how many btc's can ever be mined.. my 10 million number was just a quest image on my part.
There are tons of.cool articles online if you're interested in further reading. The guys main goals with it though were decentralized banking, where more money can't simply be printed at will to either stimulate interest rates or for inflation.. naturally this pisses off the powers that be beyond belief, and even more so that taking down the silk road has done nothing but make the btc even stronger..
second reason was annomynity .. no trace with btc like with normal banking and more so with say credit cards.. being a virtual currency and the way it's all set up makes it all very hard to track where it originated or where it's going ..
Hope that helps a bit m8..
I agree, it's been up and down with a big spread. I will be watching for it to go back down in the 500 range and then I might pick up a few and see what happens...
My opinion: When bitcoins hit the $1k mark, that will be the time to buy. Because people paying a grand for one of them is a total endorsement of their increasing value and, while prices will be volatile, they should truck on up to $10k in fairly short order. Indeed, it is not difficult to imagine a bitcoin mania. There are some serious investors getting involved and I believe that bitcoin ETFs have been proposed. If the SEC approves them, that would allow them to be placed in retirement accounts such as IRAs. The most important thing about bitcoins is that there is a strict upper limit on how many will ever exist. You can't say that about dollars, euros, yen, or stock shares, just to name a few examples.
In the event of high or hyper-inflation, bitcoins could be your only protection. While the government may outlaw them, you can always travel to a country where they are not outlawed to redeem them. Contrast that with precious metals: at the stroke of a pen, your gold can be outlawed and you won't be bringing it on an outbound flight.
In the event of high or hyper-inflation, bitcoins could be your only protection. While the government may outlaw them, you can always travel to a country where they are not outlawed to redeem them. Contrast that with precious metals: at the stroke of a pen, your gold can be outlawed and you won't be bringing it on an outbound flight.
Not if you consider both the limited quantities and divisibility of bitcoins in the context of aggregate global currency issuance. Anyone who thinks it a bubble at this early stage is just being silly and/or has not looked into just how these things progress, historically.
Ivone
Member
I am so pissed. Nov.3.13 I was going to buy some around ($210). After recommendation I went to Chinese site, first all was in English, but when I pressed the buy shit button BANG all in Chinese. So I bailed out and went to bed. Just send them really nasty email. Next day I had car trouble with W-pump, so I was chasing that all over the world and forgot about the BTC. When I looked in to it couple days ago I almost got a heart attack ($775) 
Now I am stubborn... only register 14 BTC domains, maybe i make some money with these.. Oh, well........... at least your son was lucky!
Now I am stubborn... only register 14 BTC domains, maybe i make some money with these.. Oh, well........... at least your son was lucky!
racerboy71
bud bootlegger
I just don't like the idea of people using the bitcoin as an investment opportunity as that's completely not what and why they were made.. it's pretty much everything the polar opposite of what the inventor of them stood for, so yeah, it really bothers me hearing how now people are looking at them as some.form of investment..
CCCmints
Well-Known Member
that's a problem with most currencies.
The inventor was opposed to a free market? The whole purpose of the bitcoin was to create a non-government controlled medium of exchange. The inventor knew the math, limited supply meets global demand. That is why it is divisible to 8 decimal places.
You can't use it to directly pay your taxes, that is true. (That you can do this with the USD is the only real "backing" that it has.) In order for bitcoin to "crash", every country on Earth would have to outlaw it.
Happy Grows
New Member
Well as long as it gets advertised as a curency and not as an investment, people will buy with their mind set to thinking of it as a currency.
The market is volatile, but the more people join in, the less impact the big players will have!
nitro harley
Well-Known Member
I just bought in with four coins at 880, if I lose it all it wont be the end of the world. We will see what happens..
I would say we already have a digital currency system with a tiny fiat money system tacked on to it. Or it might be more accurate to call it a digital credit money system. In any case, I think paper money will prove far more resilient than what is now believed. A friend that lived in rural Japan for two years never once witnessed a credit/debit card transaction at the local stores. Because the Japanese know that their banks are all effectively insolvent (my theory).
nitro harley
Well-Known Member
Well bit coin is up to 930.00 this morning, maybe it will hit 1000 today?.....very interesting indeed...