Any bitcoin owners here?
- Thread starter n00bPimp
- Start date
I thought about buying some a while back but I believe the main use for them is an online drug trade called Silk Road. Silk Road was recently busted by the feds so I would image the value of bitcoin is going to drastically fall.
The price of bitcoin did drop about 25% because of the silk roads shut down, only to go right back up days later and make historical highs. If you ask me this last rise in price is attributed to the fact that bitcoin didnt totally collapse after the shut down.DJ Bax said:
taiyuu_otoko
Master Don Juan
They've got ATMs in Canada when you can withdraw canadian dollars against your bitcoins.
They very well may be in a bubble, as more and more people are hearing about them, and buying them just because they think they'll go up in price (which pretty much defines a bubble).
While I would have LOVED to make 40 TIMES my money over the past year, I'm fearful that the government will decide to pull the rug out at any time.
For those in the know, does the increase in price justify all the equipment needed to mine them? I know six months or so ago, it was pretty close.
Could you spend $5K on mining machines and make a profit within, say, six months? Or is the rise in price also reflect the diminishing mining returns?
They very well may be in a bubble, as more and more people are hearing about them, and buying them just because they think they'll go up in price (which pretty much defines a bubble).
While I would have LOVED to make 40 TIMES my money over the past year, I'm fearful that the government will decide to pull the rug out at any time.
For those in the know, does the increase in price justify all the equipment needed to mine them? I know six months or so ago, it was pretty close.
Could you spend $5K on mining machines and make a profit within, say, six months? Or is the rise in price also reflect the diminishing mining returns?
DanZy
Master Don Juan
The government can't do sh1t about bitcoin, they have zero control over them.taiyuu_otoko said:
There's virtually no point in trying to mine them at this point, the amount of money you spend will be vast compared to what you get out.
Atom Smasher
Master Don Juan
Looks like we're late for the party. At 300 and change, how high can they be reasonably expected to go.
Since I own a computer business, I wonder if I could cobble together a mining rig that would at least pull some kind of profit. I need to keep 3 computers running 24/7 in my office, and a lot of that time is idle time. It seems to be worth investigating.
Since I own a computer business, I wonder if I could cobble together a mining rig that would at least pull some kind of profit. I need to keep 3 computers running 24/7 in my office, and a lot of that time is idle time. It seems to be worth investigating.
Vice
Master Don Juan
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Dollar isn't as volatile, and is more liquid than BitCoins.ArcBound said:
Again guys, stay far away. This is a bubble; the concept can be applied to an infinite amount of digital currencies. You'd be better off learning real business skills.
taiyuu_otoko
Master Don Juan
n00bPimp said:
Good you made a profit.
One thing they say about bubbles is you feel like an idiot if you don't get it, then you feel like an idiot when you do get in.
Just remember the sage words of Malcom Forbes:
"Never buy at the bottom, and ALWAYS sell too soon."
Who Dares Win
Master Don Juan
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Learning about the bitcoin world from few days, but the impression I got is to be too late to get some benefit out of it, in terms on mining especially.
