Bitcoin

[Admin]

I owned a Bitcoin a few months ago, bought it for $250. I sold it a month later when it dropped to $220. Now I see they are up to $460. I logged in to my coinbase account and set up an auto buy of $10 a week to get back in to it.

[Mayaca]

Have a buddy who retired to Costa Rica was going to just trade in those. He lost so much he had to transfer his money back to some traditional market...

[Admin]

Have a buddy who retired to Costa Rica was going to just trade in those. He lost so much he had to transfer his money back to some traditional market...

I dont know how he would have lost money unless he bought them when they were at $1100.

[Mayaca]

I dont know how he would have lost money unless he bought them when they were at $1100.

Not sure. He might have just expected more than he was making or something. Only know he said,he had to get his,finances "stabilized". Some of his conversations are difficult to follow.

[Admin]

Not sure. He might have just expected more than he was making or something. Only know he said,he had to get his,finances "stabilized". Some of his conversations are difficult to follow.

Im only interested in it for a hobby point of view. I'm certainly not dumping any significant money in to it. I can spare $10 a week just to fuck around on the different trading markets that opperate on bitcoin only. Plus I think the major volitility has worked itself out. If you look at the value graphs it peaked too fast, then dropped. It's been steadily rising for the last couple years.

[Watch Ryder]

I got a little bit of BC a few years back, good for nice and hush-hush money to be transferred, although it's not quite as ultra-anonymous as the media makes out (typically).

[Absolutely!]

I owned a Bitcoin a few months ago, bought it for $250. I sold it a month later when it dropped to $220. Now I see they are up to $460. I logged in to my coinbase account and set up an auto buy of $10 a week to get back in to it.

Dude you're buying high and selling low.

[Absolutely!]

PS. This is what I'm getting on Harmoney, a peer to peer lending institution. RAR of 11%PA.

Your RAR includes your defaults. You can see I choose low risk grades although I'm adding more of the higher risk grades in slowly.




PS: Cash available: cash that has come back upon repayment of loans
in funding balance: funds waiting for completion of loan before they become outstanding principal. I have chosen to invest in something but all $25 notes have not been purchased so the loan has not been created yet.
Gross interest received: interest received since the creation of the account.
Your RAR: realised annual returns. What I have in fact been earning on my money due to the way I have invested, including defaults on loans and fees, but not income tax.
Harmoney Platform RAR: all interest received on all loans on the entire site, minus all defaults.

[Admin]

Sudden surge in value, Bitcoin jumps from $430 to roughly around $450 at the end of the day yesterday. Value has doubled since October and is treading to do the same in the next several months.

Right now I just buy $10 a week. Nothing that really matters, but if value keeps moving up, I may actually turn out a nice profit. There are some traders anticipating a $3000 value within a year, I'm a bit skeptical, but I think new technologies are pretty risky in the early days. That's why I've decided to not actually pour significant funds in to this venture.

[Admin]

There's speculation that China is purchasing a lot of bitcoin because their markets are crashing.

[Tactical Knightmare]

Ok.. not trolling, not being a smart ass here.

But can someone clue me in to exactly what a bitcoin is, what is its purpose is, etc etc. Is this like a electronic version of buying gold and watching a market? I am lost here.

[Admin]

Ok.. not trolling, not being a smart ass here.

But can someone clue me in to exactly what a bitcoin is, what is its purpose is, etc etc. Is this like a electronic version of buying gold and watching a market? I am lost here.

It's a digital ledger system that can't be manipulated. thousands and thousands of people run mining nodes, which is essentially a copy of the ledger. When someone "sells" or "buys" a bitcoin a transaction is processed through the ledger and propogates across all the nodes. It's not possible for someone to create a bitcoin because they are finite and only generated by running a node. The amount generated is halved every couple years until it's zero. Right now its getting to the point that the electricity costs more than the return on bitcoin. So fee based markets are starting to open up where people buy and sell bitcoin.

The way it works is lets say you have 1 bitcoin and it's encrypted code is 123456. You will have to have a "wallet" to associated to that coin and lets say your wallet code is 654321. The ledger will associate the coin to that wallet and it's totally encrypted, anonomous and on every ledger across the world.

The Mt. Gox thing was bad because people were using the mt. gox "wallet" and the owner of that site had access to information. You can even created a paper wallet where the encrypted codes are printed with a barcode and then you can keep them in a safe. Then they're basically money. Someone scans them, then redigitizes them, and since the ledger has record of that bitcoin existing.

It's really cool, and not as stupid of an idea as it sounds on the surface. Theres a bunch of youtube videos that break it down a lot better than I did.

[Admin]

It's big in 3rd world countries or places with corrupt governments. In africa it acts as a banking system for remote people because all you need is a cell phone. In south america it acts as a better way to preserve your moneys value as their currencys deflate.

The ledger technology is also being used to track land ownership. It's a good way to validate who owns what, and prevents any sort of fraud. Openbazaar is a site about to launch that only works off bitcoin. It's like an ebay, but bit different because bitcoins can be broken in to such small portions that micro transactions become possible for fractions of a cent and no fees. so people will be able to sell access to their blog for a fraction of a cent instead of trying to convince people to give them $1.99 for a subscritption. No one will ask someone to use their credit card to send them 1 penny. The fees alone make stuff at that scale impossible.

I got to go to work.

[Tactical Knightmare]

thanks for that name, I am now slightly educated which means I am even more confused. But I think I get the gist of it.

[Absolutely!]

thanks for that name, I am now slightly educated which means I am even more confused. But I think I get the gist of it.

It's monopoly money for internet games.

To my simple understanding you get it from playing painful games like Eve Online and getting all of your space ships to mine imaginary planets. They get the ore which they take to the markets to sell. The money they sell it for is bitcoins.

bitcoins have taken off since then and are actually being used for actual transactions IRL. some website will let you pay your subs in bitcoins. I think Wikipedia takes bitcoin donations. People will buy bitcoins off each other so that they can get bigger space ships for their online games or superpowers for their magical elves in whatever other heinous long-winded games they play.

So we could say it is a substance with no intrinsic value, but it does have a value: hours and hours and hours of someone's life as they sit there watching for attack while their little space ships collect the ore.


And because it's internet, it's international. So it's international money.