BITCON... WHY its totally FLAWED

No idea what the future holds but I do think there will be an almighty correction sometime soon :)
 
grinners said:
No idea what the future holds but I do think there will be an almighty correction sometime soon :)
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No doubt, but from what level?

$200 back to $30?
$1000 back to $100?

Who knows...all I know is my $200 prediction for this week is looking likely, hope that doesn't change!
 
Still trying to decide what to do next.

1050ppc / 100ltc

Buy more? Try trade into one or the other completely?

Gah.
 
RetardedMonkey said:
Still trying to decide what to do next.

1050ppc / 100ltc

Buy more? Try trade into one or the other completely?

Gah.
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Here's your chance! Put all of your silver into ltc and when everyone abandons btc because of the bubble they'll move to ltc and you can buy 5 houses!
 
Phiber said:
southerncross said:
Phiber said:
Just another reason to be careful with your bitcoins and have them in your own hands.
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Just how do you hold a digit/code/whatsit in your hand ?
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It's called "cold storage": basically instead of having your coins hosted by a third party, you go offline and create a bitcoin address and it's matching private key (understand password) that you print on a piece of paper. The private key is not stored and does not exist anywhere but on this price of paper you have printed. Since you have created it being offline, it cannot be hacked/copied/stolen electronically. If you lose it though, you lose your coins. You then send your coins to this bitcoin address and they are safely stored. When you want to retrieve them, you can import the private key and get the coins back if you want to sell them or buy something. You can create as many addresses like that as you want. No third party risk but your responsibility to keep the private key safe!
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Don't forget, if you're going cold/paper wallet and 'make it hot' by importing the private key, you will have to make a new paper wallet with new keys, because your old one will be emptied and the change sent back to a new address upon use.
 
Rincewind said:
Phiber said:
southerncross said:
Just how do you hold a digit/code/whatsit in your hand ?
Click to expand...

It's called "cold storage": basically instead of having your coins hosted by a third party, you go offline and create a bitcoin address and it's matching private key (understand password) that you print on a piece of paper. The private key is not stored and does not exist anywhere but on this price of paper you have printed. Since you have created it being offline, it cannot be hacked/copied/stolen electronically. If you lose it though, you lose your coins. You then send your coins to this bitcoin address and they are safely stored. When you want to retrieve them, you can import the private key and get the coins back if you want to sell them or buy something. You can create as many addresses like that as you want. No third party risk but your responsibility to keep the private key safe!
Click to expand...
Don't forget, if you're going cold/paper wallet and 'make it hot' by importing the private key, you will have to make a new paper wallet with new keys, because your old one will be emptied and the change sent back to a new address upon use.
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Indeed!
If doing so, the best is probably to generate several addresses at once and use each only one time!!
 
Wow.. just read this thread after a while.. just wow!
I can't imagine those people who bought a bit during the crash to 1c.. they'll be grinning right now.. :D
 
So theoretically, there can only ever be 21 million BTC

But I wonder how many of those 21 million have been lost due to formatting, accidental deletion of wallets, forgotten passwords etc.
 
Still seems like LTC is the most profitable to continue mining (plus one of my cards will only do scrypt and not sha256).

From LTC can convert into whatever you want. Just seems like the processing power is best directed towards it currently.
 
RetardedMonkey said:
Still seems like LTC is the most profitable to continue mining (plus one of my cards will only do scrypt and not sha256).

From LTC can convert into whatever you want. Just seems like the processing power is best directed towards it currently.
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The advantage of LTC mining too, is that you can send them to BTC-E then convert to BTC at like $10 - $12 under Mt Gox rate, send to Mt Gox, and net another 5-7% profit.
 
I wouldn't mind getting some LTC actually but getting AUD on BTC-E is painful... Could use some BTC of course... But I'd rather keep'em
Any suggestions?
 
thatguy said:
1for1 said:
REASON ITS FLAWED...

Who gets the profit from each bitcoin born into existence? AHA!

If this automatic generation of coins was given out free (ie: each person in earth gets a turn at recieving a bit coin based on a equal allocation system) similar to the current system (except the current system only beneifts the creator who sells each!) then this would actually work.. as the current set-up sees private hands profiting each time a bit-coin is born into the system bit coin is no better than any other privately created money.

The whole idea with Fiat money in a working system is that the money is born into the system debt free at benefit of society..

Anyone here who has purchased bit-coins want to explain how a private indivual making digital currency and selling it at the current PRICE for it is a good working monetary system? To me its just another flawed system designed to benefit the creator (much like the problem with current IMF issued through debt fiat folly).

1for1
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Bitcoins work on the same principle as mining. You can mine gold and all it costs you is time and resources, not everyone goes out and mines gold because they put their time and resources into something the see as more worthwhile. The price of gold represent the time and resources originally put in and the amount of time and resources it would take to put in now. Bit coins cost time and resources to mine, every one that gets mined makes the next one harder to mine so you need more time and resources to get it.

But even given all that G&S bitchslap bitcoin IMHO
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godzilla-facepalm-godzilla-facepalm-face-palm-epic-fail-demotivational-poster-1245384435.jpg

Oh dear :(
 
Phiber said:
I wouldn't mind getting some LTC actually but getting AUD on BTC-E is painful... Could use some BTC of course... But I'd rather keep'em
Any suggestions?
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Not many sorry, as I said earlier my method was to troll forums for Australian based LTC sellers and offer them a bank transfer at a little under market price.

Managed to get about 1000 LTC in about 4 hours yesterday under BTC-E market price...kind of kicking myself now as I sold them all for a small profit at $3.00 - $3.25 and now it is well over $4.00!!!

People were probably more keen to sell them yesterday when it was dropping, probably not so much now that it went up over 25% since.
 
thatguy said:
But even given all that G&S bitchslap bitcoin IMHO
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True in almost all regards except the current ability to make a decent profit off BTC.

I'll take 1700% profits this year over gold and silvers negative returns. :D
 
I just cashed out the rest of my LTC @ $4.20.

Expecting a pullback into the $3's by the time I get home from work.


Lets see how bad this gamble is lol
 
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