James
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Registered: 1st Jun 02
Location: Surrey
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Much like most things, if it was easy and profitable, everyone would be doing it.
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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Maybe, but at the moment, it looks relatively easy to make some money whilst they are not overly common in comparison to bitcoin.
If I had plenty of cash laying around, id probably have a go. But as that's not the case. Ill settle for getting 1 coin over a fair while lol
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Paul_J
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Registered: 6th Jun 02
Location: London
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FYI:
Due to news that the Bank of China is starting to ban transfers to BTC exchanges, the BTC price crashed a bit today (probably not as bad as it could've been due to people jumping on board with the price drop) - but the guarenteed rise of prices may be over.
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John
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Registered: 30th Jun 03
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Price rises were never guaranteed, it could crash tomorrow with or without Bank of China stopping transfers.
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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It could also double  I think the lower costing litecoin is a better option for small investments lol
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Brett
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Registered: 16th Dec 02
Location: Manchester
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Excited about the bubble bursting tbh 
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DannyB
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Registered: 6th Feb 08
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Not sure if this is any use to you but it was linked in something else I was reading
https://pay.reddit.com/r/explainlikeimfive/comments/1rls76/official_eli5_bitcoin_thread_round_ii/
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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What about the news of litecoin being sold at 25k outlets in the uk?
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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Im now the proud owner of 1 LTC!
Everything is crashing atm, so got one while its relatively cheap. As I really believe these are going to go up considerably.
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Brett
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Registered: 16th Dec 02
Location: Manchester
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Expert now
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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I've been looking at loads of things and have an opinion. Far from an expert. But unlike Paul. If I see an opportunity I don't let it slip. Regardless of anyone else's opinion on it. One day I'll catch an opportunity that pays off larger than expected!
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Brett
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Registered: 16th Dec 02
Location: Manchester
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Lol ok
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John
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Registered: 30th Jun 03
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I knew what bitcoin was but have been reading a bit more about it since it's been in my face constantly. The more I read the more I see it's basically a big scam.
There are lots of pitfalls, but the biggest one is that they are only worth so much at the moment because everyone is hoarding them. As soon as everybody tries to get out, they will be completely worthless. If the anonymous inventor cashes all his in, it'll be worthless.
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John
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Registered: 30th Jun 03
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Obviously if you get in and out at the right point you can make a quick buck. Unlike Paul_J, although I (along with everyone else with the internet) can see that a mile off, having the guts and the timing is a different thing.
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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Yea. I think bitcoin is kinda a pyramid scheme. Those who got on it first got them easy and could have potentially made billions.
I think the bit coins are going to drop to a lower price. But something else is going to go up in its place. What will take its place is the thing nobody knows. I'd like to think it's going to be litecoins as they are making progress pretty fast.
Who knows. It's cost me £18 and I'll see what happens.
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Brett
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Registered: 16th Dec 02
Location: Manchester
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The only saving grace for BTC is that retailers are taking it now because of the hype. Obviously I could be wrong but I think assuming each of the 50 odd cryptocurrencies now will start to climb once another has peaked is a little naive, especially when there's a lot of people in line to get burnt with BTC. I suggested litecoin originally in the hope that with it being the second most popular then you might be able to ride the end of the BTC wave and make some cash.
As John mentioned, it's a little unnerving that there's some mysterious creator who has a massive wallet and could fuck the market in a single shot, however that'd be a dick move if he wanted to make as much as possible. Most creators have massive wallets they've premined, it's all a bit of a scam tbh.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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http://bitcoinrichlist.com/top100
Top wallet has $100m
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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Crazy how many have such large wallets, and arnt selling up. You would think a lot would have sold up at the 1k mark.
80% of the coins are still owned by the rest of the wallets, so they top 100 don't hold a very big share really.
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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What is also mad is that the top guy was on $144m the other day, and has lost $44m by not cashing out.
Although re my earlier point about money being available in the other currency, don't think you'd ever see it all as there aren't enough dollars waiting to buy it.
Price would crash before you ended the exchange. Probably why the big people can't cash out - the marginal rates would fall to zero with every coin they sold.
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Gary
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Registered: 22nd Nov 06
Location: West Yorkshire
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I really don't get the mining part. How do you actually get these things? I've watched videos on how to do it which seems simple but don't get how it started etc
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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Essentially run software to calculate things, wait while it does so, then at the end you have a coin calculated.
Takes thousands of years for 1 coin at current rates. Hence why despite my interest also, I haven't started anything.
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Gary
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Registered: 22nd Nov 06
Location: West Yorkshire
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So the higher value the coin the more complex calculations are? Who decides all this?
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Dom
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Registered: 13th Sep 03
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quote:
Originally posted by Ian
http://bitcoinrichlist.com/top100
Top wallet has $100m
I believe one of those wallets in the top 10 is stolen coins from Sheep Market hack a few weeks back. Unlikely the owner will ever be able to shift that amount and laundering would take forever.
[Edited on 07-12-2013 by Dom]
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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quote:
Originally posted by Gary
So the higher value the coin the more complex calculations are? Who decides all this?
No the difficult increases with each coin which is created, that's predetermined in the software.
The price going up at the same time is the market responding to how much more difficult it is to make new ones, compounded by the fact that people aren't really selling them. Short supply - increase in price.
Price is already on the fall though, which may indicate people are cashing out which is increasing supply, which in turn lowers the price, which causes people to cash out more quickly, which leads to a complete crash.
Or it might stabilise around mid range of what value it was. Nobody knows really. One thing for sure, its not a stable currency at all.
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Dom
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Registered: 13th Sep 03
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quote:
Originally posted by Gary
So the higher value the coin the more complex calculations are? Who decides all this?
No, it's based on currency circulation - so the more 'coins' that are mined and put into circulation, the higher the difficulty level (based on some calculation in the bitcoin algorithm) and the harder it becomes to mine.
You can thinking of mining as puzzles for computers; you run the application, the application/computer is given a puzzle to solve ('Block') and when the computer solves the puzzle you'd get a bitcoin. Obviously the quicker (or higher hashrate) the computer can solve it, the more you obtain.
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