Bitcoins

[topfiverecords]

Originally Posted by Tron_fdc

This is fascinating. I've been reading about BTC for a few days now.

Is there a central exchange for them? There doesn't really seem to be. I found a few sites where you can trade them, but the price is all over the map. Theoretically I could buy them on one exchange, then turn around and sell them somewhere else for a 25% premium (or more).

Seems to me that if someone spent a lot of time exploiting all the unregulated areas of the currency there is quite a bit of money to be made.

It's also pretty tempting to put together some cash, and order up some mining equipment. It really is like a gold rush.

https://bitcointalk.org is the best place for information on Bitcoin. I believe it's a bit late to get into the mining gold rush, but there could still be money to be made just buying in.

Arbitrage between the exchanges has been discussed at length on bitcointalk and there's challenges doing so with some of the exchanges. Mtgox has multi-month delays for wire-transfer withdrawals. Avoid Mtgox at all costs for many many reasons. Btcchina you need a China based bank account. Cavirtex is good but trading fees are much higher than other exchanges. Bitstamp is a main choice for lots of people.

[topfiverecords]

Good charting here: http://www.bitcoinity.org/markets/bitstamp/USD

[Tron_fdc]

I'm curious if anyone has put a few million into mining equipment? That seems like the natural progression here.

[Azure]

There are almost certainly a few people with some pretty powerful mining equipment.

If you hold Bitcoins, I'd hold on to them. 6 months ago we all thought $250 was crazy. Now the price is hitting $450.

I'm currently mining Litecoins. Price is sitting around $4. Hoping it heads north at some point.

[Tron_fdc]

Just signed up at Canvirtex.

It seems like the only blip on the bicoin pricing was back in March, and that was due to the Mt Gox server crashing. Other than that it's been a pretty steady (meteoric) rise, so it wouldn't seem like there's going to be another big crash anytime soon.

Might be worth it to throw a couple grand into buying some, and watching what happens.

[Rathji]

Originally Posted by Tron_fdc

I'm curious if anyone has put a few million into mining equipment? That seems like the natural progression here.

Most people with this kind of money put it into developing the boards to use the asic chips themselves. That way they got to use them before everyone else just bought the preassembled product, and kept costs down

[Mean Mr. Mustard]

Originally Posted by Tron_fdc

Just signed up at Canvirtex.

It seems like the only blip on the bicoin pricing was back in March, and that was due to the Mt Gox server crashing. Other than that it's been a pretty steady (meteoric) rise, so it wouldn't seem like there's going to be another big crash anytime soon.

Might be worth it to throw a couple grand into buying some, and watching what happens.

I have to ask what the logic behind that statement is?

[Tron_fdc]

Think of it like a highly portable and tradeable commodity.

- finite resource (12 million of 22 million coins have been "mined")
- gaining in popularity as they are designed for e-commerce
- not subject to deflation, governed or controlled

Essentially, as more people use them and trade them, the more a single bitcoin will be worth, which is what you have seen the last 4 years. Obviously I'm taking a bullish stance on it, but when you can park money into a currency that is universal and uncontrolled, popular and is actually used, it's pretty appealing. If it goes into mainstream circulation, it won't (theoretically) be affected by things like the EU crisis, which would offer investors extreme stability, even in comparison to the USD.

It's a very, very interesting type of currency that has the potential to make early adopters extremely wealthy.

[Azure]

I'm not really sure what is driving the price at this point, but Bitcoin is getting a lot of positive press.

Who knows where it could go, but if you have some money lying around, investing a couple thousand to see what happens is not such a crazy idea.

[Azure]

Went over $500 today.

[rubecube]

Yeah, I only have about 2 coins but I'm holding onto them for the time being. If I wasn't broke I'd consider dumping a pile of cash into it.

[Azure]

Might as well hold on and let it ride. Nobody has a clue where it will go.

Could crash too though.

[rubecube]

Originally Posted by Azure

Might as well hold on and let it ride. Nobody has a clue where it will go.

Could crash too though.

Yeah, my thinking is that I'll sell if it drops back down into the $300 range and buy back in if it keeps sinking.

[Azure]

Should have bought more at $500 since it just hit $575.

Amazing how many Bitcoins are bought and sold in China. By far the country with the most transactions.

[GGG]

Is there anywhere that actually tracks where bitcoins are used in teal transactions for real goods. If no one actually buys anything with them then I think a bubble is highly probable. The other issue / benefit is that they are a deflationary currancy. This means it is never wise to spend them because they keep increasing in scarcity given there is a finite end to them.

So I see bitcoins as a highly volitile bubble with no real future value but if you like gambling timing the bubble right could be very profitable.

[Azure]

http://www.businessinsider.com/bitcoin-map-2013-11

Doesn't show where real goods are being bought, but it does show who is buying Bitcoins.

[Azure]

Anyone have a reputable online computer hardware dealer that accepts BTC and has more selection than wtcr.ca?

I'm looking to buy some video cards with BTC.

[puckluck2]

There is no way it doesn't come crashing back to earth soon. I bet it will be back to the $300 mark in a week or so.

[Hack&Lube]

!%!#%!$ Forgot I had an auto-sell set @ $300 from a couple of months ago.

10 BTC were sold in early Nov. for that price instead of $550 like it is now.

I'm still getting tunnel vision and depression from losing my 400 BTC mined since 2011 for only $10,000 instead of $200,000

Only 3 BTC left from mining.

[Hack&Lube]

This is the owner of Cavirtex. He's probably a billionaire now with all the BTC fees he has skimmed off all the transactions.

http://calgary.ctvnews.ca/video?clip...ylistPageNum=1