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[quote][i]Originally posted by Paul_J[/i] [quote][i]Originally posted by Ian[/i] I'm still surprised there's enough real money to make something like that worth millions. You need the millions there in dollars, which means you need lots of people each paying a thousand dollars. What's your position on all the other upstart ones Paul? Worth a look? I would think they have to be - bitcoin proved its possible for them to appreciate, will the others not just replicate that? [/quote] Ian, so was I... I believed the buy side would not support the sell side for the recent prices, but the money came from China - due to the fact you can observe the buy / sell orders, you can actually see chinese people buying lots of $1,000,000 -> $5,000,000 at a time! The guy who cashed out $12 mil sold them to chinese investors... if it was to end tomorrow it would lose a lot of money in China - but I'm fearful that instead people will keep jumping on the bandwagon and buy out the Chinese investors. http://www.chrisnorstrom.com/2013/12/confession-i-could-have-made-128-grand-in-bitcoin-but-lost-1500/ Quite an amusing read... this is the thing, even if you did get in early - a lot now feel gutted they sold too early. The ironic thing with this guy who says 'I could've had $100,000 now' ... well if he still had them he'd have probably sold them before they hit $100,000 and still be kicking himself... and even if he did sell for 100k, say it kept going up - he'd make a post in a years time about 'I could've had a million'. So Ian I was at a tech event (techstars HQ party) in London on Friday and a lot of nerds were running around talking about the other currencies, litecoin / feather coin ... now in my opinion these currencies are more worthless than bitcoin as no one is using them for purchases, China is not investing in these only BTC etc... however, as they noted - there is a F.O.M.O (Fear of missing out) effect caused by the rise in BTC. Which in turn makes people move towards the smaller currencies and thus raises their price. The guys I were talking to said they were mining feathercoin and making about $70 a day from it at current price, with the belief that it'll track the rise / fall of price of BTC (so if BTC keeps going up, then so will feathercoin). I'm going to just buy £100 of both litecoin and feather coin and just forget about them. If BTC crashes hard any time soon (doubtful as too many speculators will prop the price back up), I'll get in a bit bigger - as I believe there's one more big cycle left before either the price reaches a stabilisation point or it dies forever. One key element is that many of the holders of BTC who still have a lot are not cashing out - they believe that BTC is the future currency and USD is dead, so why change BTC into a worthless currency (USD lol). I keep meaning to dig out one of my old laptops and desktops too - this work machine has a wallet.dat on it from back when I originally looked at it, but I was more likely to have mined using my home machines and may even find some on there :lol: Regarding mining, you have to be careful - as a lot of people got burnt by that with BTC. They would mine with some hardware, make some BTC, then the difficulty would rise, so they would sell their BTC to pay for expensive mining gear... which would then make some BTC, then the difficulty would rise again... sell the BTC to pay for more mining gear... etc... one guy spent $150k's worth on mining gear, which now is worthless due to rise of difficulty (and why you're unlikely to make a dent on a standard pc any more) - but if he'd have just held on to his BTC and stopped mining completely he'd have cashed out big. At least with litecoin / feather coin - they use a different algo which avoids 'ASIC' miners becoming the standard and instead focueses on GPU mining - but at the end of the day, people will find a way to game it. [/quote]
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