Anyone here into Bitcoins?

[jmeitrem]

Apparently bitcoins have been all the rage in my programming shop for a while now, but I've only just found out about it a couple of weeks ago. I really need to get out of my cave more often...

Have you guys heard about them? I'd be interested to here if anyone has any experience mining or buying/selling them

[ejcompere]

I heard of them just a week or two ago. In video editing class of all places! :p They sound really cool, and maybe like a useful currency. But its a bit beyond me right now. I'd wait and see if they become more "common" to put the effort into using them. At least from what I heard there is no "small" bitcoin? They are all LARGE amounts of money.

[Daithi]

I've been looking into them myself. Not too long ago they were really cheap, but not anymore. I wish I'd bought a bunch in 2011. Right now I'm on the fence. Afraid of the bitcoin bubble suddenly bursting while simultaneously fearing that next year I'll be saying, "I wish I had bought some in 2013."

[OST]

Apparently bitcoins have been all the rage in my programming shop for a while now, but I've only just found out about it a couple of weeks ago. I really need to get out of my cave more often...

Have you guys heard about them? I'd be interested to here if anyone has any experience mining or buying/selling them

In late August/September I finally caved in and bought 0.20 ($24.50) in Bitcoin from Coinbase after frequently seeing it in the news. I only bought it to try it out and buy some domains with it, but college work came in the way so I forgot about it.

Last week I saw news of Bitcoin reaching a new record, so I logged in to my account and was surprised to notice my 0.20 Bitcoin value had increased from $24.50 to $120! Currently the value of my 0.20 Bitcoin is $212, so if I sold it at this moment I would be earning a profit of $187. I don’t plan on cashing out just yet. I won’t be buying more Bitcoin either because the buy price is really high now and could crash any time.

If anyone is planning on buying, make sure you do your research. Do not buy whatever you can't afford to lose!

I heard of them just a week or two ago. In video editing class of all places! :p They sound really cool, and maybe like a useful currency. But its a bit beyond me right now. I'd wait and see if they become more "common" to put the effort into using them. At least from what I heard there is no "small" bitcoin? They are all LARGE amounts of money.

You don't have to buy a full Bitcoin, you can buy them in fractions.

[jmeitrem]

I think I feel the same way... It looks like it's too late to get in the game, I wish I would have heard of them sooner. I saw a cousin of mine just built a dedicated mining machine that's making about $10 a day at the current rate, but I can't imagine how much he put into it. Maybe Cyber Monday??

[ejcompere]

You don't have to buy a full Bitcoin, you can buy them in fractions.

Good to know!

Yes. With how high the value has gone, it would be pretty risky to buy into them heavily. Unless sometime they get established enough that there is not such a concern of them crashing.

[John Bear]

Intriguing quasi-serious proposal in this morning's newspaper: pay off the national debt with Bitcoins.

[Johann]

Well, now they've shut down the Silk Road site and I can't buy any more heroin with Bitcoins, and now Black Market Reloaded has been seized by the FBI -- I can't get my hands on a decent AR-15 rifle --just WHAT do I need my remaining 3 million BITCOINS for? I tell you -- I'm about to ditch my TOR browser!

Seriously, there's a lot of FED objections to the mere existence of Bitcoin - as it can easily be used anonymously for nefarious things -- not that you guys would, of course. I think there's going to be an "evolution" here that will make things less anonymous and more regulated -- and if the potential for illegal use is curbed, the value to criminals will decline and Bitcoin rates for all of us will be back down where they once were...or below.

To me, Bitcoin has all the classic signs of a "bubble." And I've seen a few of them in the past 70 years. When I hear Warren Buffett is buying Bitcoins -- that's when I'll buy 'em!

Here's an article on current Federal fears, paranoia, chills and belly-aches etc. Feds Reveal What They Really Think About Bitcoin | Wired Enterprise | Wired.com

Johann

[Johann]

Intriguing quasi-serious proposal in this morning's newspaper: pay off the national debt with Bitcoins.

Uh-huh. I also heard a proposal about minting a "trillion-dollar coin" for the same purpose. I think there's a thread about that on one of the other forums - DD, IIRC.

Yep. Fools and our money are soon parted. That's why your National Debt is so high -- and why ours (Canada's) is, too. Both nations are serial "mass-fool-electors." :willynilly:

Johann

[EI2HCB]

Looks like there'll be a bitcoin cavity search on Johann next time he arrives at a border checkpoint. I had my ham radio on this Friday morning while at work, the boss doesn't work Fridays, and overheard a conversation regarding bitcoins and how the technology needed to "mine" them was becoming too complex and that the bitcoin of the future was something called litecoin, which the radio operator was "mining" at a rate of about $20 per day. He was on his way to buy a radion 7970 processor to speed up his mining operation. Its a bit too technical for me to comprehend over the radio. Although $20 running a pc for 24 hours to gain $20 seems to be a way to make some extra cash.