Any Bitcoin or Cyrptocurrency enthusiasts?

vogeltron · #1 07-18-2015

Just curious I think the technology is amazing. Hard to say what will happen with fintech.

rsot · #2 07-18-2015

I would love to get into it but no time or resources :(

vogeltron · #3 07-18-2015

Quote:

Originally Posted by rsot

I would love to get into it but no time or resources :(

Yea it is intense I just bought my first couple bitcoins. I was unsure about it about 4 months ago even though I had supported the idea of it. My Capstone project for my MBA was on fintech (financial technology) lots of it was based around Bitcoin and Crypto Currencies. I am pretty convinced on the technology who will be the winner and loser is another thing.

Looking into even taking out small positions in Cyrptos like Dogecoin and Litecoin.

I will say Bitcoin and Altcoins are definitely not for the faint of heart. It is still early days and there is much volatility.

rsot · #4 07-18-2015

You bought first couple of bitcoins?

yankee · #5 07-18-2015

any good articles or website suggestions volgetron so I can get a better grasp of how all this works?

unkown5454 · #6 07-18-2015

i love it, just hate the volatility. it's a huge gamble and only for those who have money they are willing to lose, either by the price of coins falling into hell or just waking up one day to find all of your coins have been stolen.

yankee · #7 07-18-2015

stolen? What do you mean exactly.

jakobrockz · #8 07-18-2015

If I understand it correctly, you put bitcoin into a "wallet" thats encrypted and I guess theres possibilities it can be hacked.

I'd love to get into bitcoin but I just can't grasp it.

jeffweico · #9 07-18-2015

A few years ago, someone sent me a message on eBay asking if I would take Bitcoin for an item that I had listed. Nobody had ever asked me that before. The item had been listed for months and wasn't selling. It was only $50. So, I got his email and we made the deal. I had always been interested in Bitcoin, but had never come across a reason for using it. I think I got 10 or 11 Bitcoins for the item.

When I took them, I felt stupid because I had my Bitcoin wallet on my PC and thought I would lose them if my hard drive ever crashed. But it wasn't a big deal to me, because we were talking about $50.

A year and a half later, the price of Bitcoins went through the roof! I sold them for $185 each and used the money (after Mt. Gox fees) to have a landscaper come out and create the garden I have always wanted but never wanted to pay for.

I have not done anything with Bitcoins since, because of the volatility, but I do accept them when selling eBay accounts. I would definitely convert them into real dollars as quickly as possible, because the price could very quickly go either way and I - despite my one GOOD experience - am usually on the LOSING end of speculative investments.

123 · #10 07-18-2015

Bitcoin is great for sellers in my opinion as it reminds me of Liberty Reserve in terms of not having to worry about charge backs etc (hopefully doesn't go down like LR though) but I agree with Jeff I convert it instantly, not interested in speculating fluctuations with my sales atleast

yankee · #11 07-18-2015

can we safely transfer paypal funds to bitcoin?

jeffweico · #12 07-18-2015

Quote:

Originally Posted by 123

Bitcoin is great for sellers in my opinion as it reminds me of Liberty Reserve in terms of not having to worry about charge backs etc (hopefully doesn't go down like LR though) but I agree with Jeff I convert it instantly, not interested in speculating fluctuations with my sales atleast

I don't think they can shut it down. Liberty Reserve was centralized and they were not licensed the way they should have been. But Bitcoin is spread out worldwide with the "blockchain".

So, the government could probably declare Bitcoin ILLEGAL if they wanted to, but I don't see how they could stop it.

unkown5454 · #13 07-18-2015

Quote:

Originally Posted by yankee

stolen? What do you mean exactly.

unless you store physically/locally, bitcoin exchanges continue to suffer from intrusion. And not just for pennies, but for 5, 6, 7 figures worth. is it going to happen to you? i don't know. it's just too much risk for me personally right now on top of how volatile the prices already are.

vogeltron · #14 07-18-2015

Quote:

Originally Posted by jeffweico

I don't think they can shut it down. Liberty Reserve was centralized and they were not licensed the way they should have been. But Bitcoin is spread out worldwide with the "blockchain".

So, the government could probably declare Bitcoin ILLEGAL if they wanted to, but I don't see how they could stop it.

In the United States highly unlikely. They US Marshall service already auctioned off some of the Bitcoin seized from the Silk Road shutdown. Which by defacto says that it is legal to own. If anything there could be more regulation.

vogeltron · #15 07-18-2015

Quote:

Originally Posted by yankee

any good articles or website suggestions volgetron so I can get a better grasp of how all this works?

I would say this is probably the best video I have seen with regards to explaining how Bitcoin works.

Getting started BitCoin mining using ASIC mining hardware - YouTube

MM78 · #16 07-18-2015

I've received bitcoin for a lower price and sold it for 3x the original receiving price....Not bad.

dan_ebay · #17 07-18-2015

I traded them for a bit a couple of years, was loads of arbitrage chances before everyone was so hot on it. I think its a joke personally as a alternative form of currency, as soon as it gets popular in a country a government can just ban it like they did in China.
People moan about banks with insider trading etc but crypto currency is much easier for people to manipulate

rsot · #18 07-18-2015

1 Bitcoin equals
277.59 US Dollar

The fluctuation is huge when you look at 2014 until now.

vogeltron · #19 07-19-2015

Quote:

Originally Posted by dan_ebay

I traded them for a bit a couple of years, was loads of arbitrage chances before everyone was so hot on it. I think its a joke personally as a alternative form of currency, as soon as it gets popular in a country a government can just ban it like they did in China.
People moan about banks with insider trading etc but crypto currency is much easier for people to manipulate

China hasn't banned Bitcoin they have however banned Financial institutions from being involved in Bitcoin. Some of largest Bitcoin mines are in China.

Personally without wide adoption anything is susceptible to huge volatility. I do think the Block-Chain technology is changing the future of finance. Fintech is about the hottest thing on earth with regards to VC funding. Especially in the UK London and Isle of man are huge on it.

Trustfund · #20 07-23-2015

Just saw this an thought i had to post.

i'd hate to toot my own horn but i'd consider myself an "expert" in this field lol . I dont mine bitcoin but instead altcoins such as litecoin and ethereum eventually upon its release

To answer a previous post yes you can convert funds from Paypal into bitcoin without involving a bank.

Why would you want to do this?

its untraceable if utilized with stealth and all the perks that come with that i wont mention.

the process is simple:

EBay => Paypal => sll (virtual currency) => bitcoin

With the current instability of the world economy in general (mainly due to fiat money and the sub prime loan epidemic) im an advocate of putting y
our money in something physical that has intrinsic value aka Gold, which you can purchase with bitcoin via a site called bitgold.com.

EBay => Paypal => sll (virtual currency) => bitcoin => Bitgold (gold) [now your moneys safe]

Just a heads up for when the us economy crashes and the usd is worthless and thus u americans adopt the amero and link it to the euro. (spelling world apocalypse)

Finally why dont people accept paypal as a payment for bitcoin?

The reason most bitcoin sellers dont like to sell coins via paypal is because a seller can simply do a chargeback and claim they didn't receive anything.

Is Bitcoin stable?

short answer is No, but its the most stable its ever been holding steady at around 1BTC per $250 / £180.

Why?

Because more and more major ecommerce sites and vendors are adopting it example microsoft and Newegg.

Should you mine it?

no....... unless you have a couple hundred thousand to spend on equipment. The time has gone for mining bitcoin but the next big thing is right around the corner. ETHEREUM!!! (new altcoin yet to be released) <<<<< research

Feel free to ignore this but i felt like posting

AccountMaster · #21 07-23-2015

Bitcoin is certianly useful and seems to be accepted by more and more private users and companies by the day! Here is the Bitcoin wallet that I use...its completely free and instant!

https://blockchain.info/wallet

bjammin · #22 07-23-2015

Quote:

Originally Posted by unkown5454

i love it, just hate the volatility. it's a huge gamble and only for those who have money they are willing to lose, either by the price of coins falling into hell or just waking up one day to find all of your coins have been stolen.

I love the volatility!