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Author Topic: Bitcoins!  (Read 5467 times)

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dejavroom

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Bitcoins!
« on: November 18, 2013, 06:10:23 pm »
Has anyone dipped hir toes in the Bitcoin pond? There has been a recent boom in its value (1 BTC = USD500+), and it looks poised to go even higher.

Then there's the story about the dude who bought 16 pounds worth of bitcoins 4 years ago, forgot about it and came back to them to find something like 500.000 pounds in his account: http://www.telegraph.co.uk/news/worldnews/europe/norway/10413026/Norwegian-cashes-in-Bitcoins-he-forgot-about-to-buy-Oslo-apartment.html

Has anyone here had any experience with it? I'm considering buying some.
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Arachno-capitalist

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Re: Bitcoins!
« Reply #1 on: November 18, 2013, 06:39:52 pm »
Yes I have experience with bitcoins. Do not buy bitcoins. You've missed the boat.

We are rapidly approaching the terminal value of bitcoins. People with too much and time and too much money have put together specifically designed en/de/cryption computers that 'mine' bitcoins 24/7/365. These guys are about to hit the point where the cost to Design Build Operate and Maintain their systems will outpace the incremental value of bitcoins. The bitcoin market has enormous volatility and money can be had by capturing swings, but I don't have the time to crack that nut.

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dejavroom

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Re: Bitcoins!
« Reply #2 on: November 18, 2013, 10:25:53 pm »
Thanks for the advice, A-cap. But listen man, this holds even if I were just a small-time cat looking to buy just a small fraction of bitcoins (say USD2.000 worth) with the intent to sell them 4, 5 days down the road (partly for the kicks and partly because, hey, free rent)?

Meaning, I really wouldn't consider having a long-term involvement with this market (I don't know the first thing about financial speculation, so I was thinking of maybe doing the equivalent of taking a coupla dips discreetly in the kid pool and then getting the heck out of it).
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theinevitable

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Re: Bitcoins!
« Reply #3 on: November 18, 2013, 11:06:31 pm »
I know nothing about this, but the question as far as I see it is "would you be upset if that $2000 disappeared forever?"
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Re: Bitcoins!
« Reply #4 on: November 18, 2013, 11:18:50 pm »
Quote from: dejavroom on November 18, 2013, 10:25:53 pm
Thanks for the advice, A-cap. But listen man, this holds even if I were just a small-time cat looking to buy just a small fraction of bitcoins (say USD2.000 worth) with the intent to sell them 4, 5 days down the road (partly for the kicks and partly because, hey, free rent)?

Meaning, I really wouldn't consider having a long-term involvement with this market (I don't know the first thing about financial speculation, so I was thinking of maybe doing the equivalent of taking a coupla dips discreetly in the kid pool and then getting the heck out of it).

Bitcoins are not the casino you are looking for. You're talking like someone who has more money than they know what to do with and that is a recipe for quickly being relieved of that situation.
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Guy at my watering hole: "Acap, why do you keep coming to Jack's?They just serve shitty burgers and happen to have beers on tap."
Acap: I was thirsty one day and I sat down. A year later, Jack's was built around me and thirst is a recurring thing.

Bobby Isosceles

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Re: Bitcoins!
« Reply #5 on: November 19, 2013, 01:27:23 pm »
Quote from: Arachno-capitalist on November 18, 2013, 06:39:52 pm
Yes I have experience with bitcoins. Do not buy bitcoins. You've missed the boat.

We are rapidly approaching the terminal value of bitcoins. People with too much and time and too much money have put together specifically designed en/de/cryption computers that 'mine' bitcoins 24/7/365. These guys are about to hit the point where the cost to Design Build Operate and Maintain their systems will outpace the incremental value of bitcoins. The bitcoin market has enormous volatility and money can be had by capturing swings, but I don't have the time to crack that nut.



OK, so let's say you have one of these rigs and have more than a few bitcoins from months of mining. Cash in or hold on to it? It seems more valuable to me to keep my BTC to use them AS BTC rather than as something to convert to dollars.
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pmcd9

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Re: Bitcoins!
« Reply #6 on: November 19, 2013, 08:45:14 pm »
Yesterday I had never heard of bitcoins. Today they are talking about them on Dianne Rehm show. Just now they were a 'suggested post' on Facebook. From nothing to over saturation is less than 24 hours.
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Re: Bitcoins!
« Reply #7 on: November 19, 2013, 09:40:09 pm »
Quote from: pmcd9 on November 19, 2013, 08:45:14 pm
From nothing to over saturation is less than 24 hours.

Just like the Lumineers!
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Re: Bitcoins!
« Reply #8 on: November 20, 2013, 01:08:53 am »
Quote from: Bobby Isosceles on November 19, 2013, 01:27:23 pm
OK, so let's say you have one of these rigs and have more than a few bitcoins from months of mining. Cash in or hold on to it? It seems more valuable to me to keep my BTC to use them AS BTC rather than as something to convert to dollars.

Right. This is the only reason to own BTC. They serve a valid purpose as a mostly anonymous means of exchange, but I don't see them as an investment vehicle any more.
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Bobby Isosceles

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Re: Bitcoins!
« Reply #9 on: November 20, 2013, 03:22:26 am »
Quote from: Arachno-capitalist on November 20, 2013, 01:08:53 am
Right. This is the only reason to own BTC. They serve a valid purpose as a mostly anonymous means of exchange, but I don't see them as an investment vehicle any more.

I see one use of BTC as being used as a way of wiring money internationally (as an alternative to Western Union or such). Obviously this presents itself as an alternative to existing markets - what's your take on that?
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Re: Bitcoins!
« Reply #10 on: November 20, 2013, 04:20:26 am »
Most full service consumer banks have programs that allow near instant transfer of funds. WU has been marginalized to fraud and other nefarious corners of finance. The same could be said of Bitcoins. I can't imagine a scenario where I have a legitimate need to move money that would be better served with BTC as opposed to more conventional means.
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Guy at my watering hole: "Acap, why do you keep coming to Jack's?They just serve shitty burgers and happen to have beers on tap."
Acap: I was thirsty one day and I sat down. A year later, Jack's was built around me and thirst is a recurring thing.

theinevitable

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Re: Bitcoins!
« Reply #11 on: November 20, 2013, 06:37:25 am »
People are constantly asking me where they can do Western Union downtown, and whether we cash checks, and whether they can pay their utility bills at the store. I have read some stuff about financial illiteracy and why people might avoid banks, but I am still kind of flabbergasted by this.
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Ben-San

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Re: Bitcoins!
« Reply #12 on: November 21, 2013, 08:03:52 am »
As I understand it Bitcoins used to be a pretty good way to buy weed online but the darknet site involved got taken down hard.
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nDed

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Re: Bitcoins!
« Reply #13 on: November 30, 2013, 06:12:37 pm »
I'm confused. When do I get to trade in these bitcoins for Magic: The Gathering cards?
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Re: Bitcoins!
« Reply #14 on: November 30, 2013, 06:43:47 pm »
Nonono, nDed,

You see, as Kurzweil-sama (may his kitty-ears be exalted) has decreed Bitcoins will increase in value at an exponential rate until we hit the singularity and everybody in the hivemind is given ten pounds of monoatomic gold and a pansexual monocled Victorian fuckbot.

I will stay inside my apartment until this happens and I will read internet comic books.
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