BITCON... WHY its totally FLAWED

[hawkeye]

crypto currencies are all well and good for a world currency standard but whatd happen if some sort of event caused power outages world wide and all the data re: crypto currencies got lost?

You would have to not just turn off the power but also wipe all hard drives. If you wiped all hard drives, good luck getting access to your money in regular banks.

In fact, due to it's decentralised nature you are much less likely to lose your bitcoins than you are your regular bank money (which itself is a very unlikely occurence). Much more likely that the politicians will inflate or directly steal your bank money though. No way for them to get their hands on bitcoins fortunately...

 

[Fykus]

i wonder what will happen to the price when the maximum amount of bitcoins have finally been mined?

 

[Noppy]

I'm thinking about taking a position in 500 or so name coin.. Just so I can trade 3 for better options in the taxes.. Anyone got knowledge about name coin ?

Other than you can mine it whilst mining bitcoin on slushes pool not really. Sent us a link if you read a good summary of it.

 

[RetardedMonkey]

I'm thinking about taking a position in 500 or so name coin.. Just so I can trade 3 for better options in the taxes.. Anyone got knowledge about name coin ?

It just exploded lol

 

[RetardedMonkey]

https://www.omnicoins.com/

Omnicoins sold out of all their coins. Either they're cashing in, or demand has shot through the roof.

 

[RetardedMonkey]

Man so good when it gets near to who dollar values sold at 1.959 bought back at 1.875.

Yep, and then you just have to hope it doesn't break down the wall!

 

[1for1]

I'm thinking about taking a position in 500 or so name coin.. Just so I can trade 3 for better options in the taxes.. Anyone got knowledge about name coin ?

It just exploded lol

Happening to me a bunch lately.. almost put the buy in at .00035 now its .0007 ... sheesh.. doubled the price in 30 min! (but i didn't get in!)

1for1

 

[Rincewind]

crypto currencies are all well and good for a world currency standard but whatd happen if some sort of event caused power outages world wide and all the data re: crypto currencies got lost?

An event of the scale required to wipe crypto-currencies from the public record would likely render every financial system in the world useless as well, so IMHO the question is moot.

 

[Rincewind]

I'm thinking about taking a position in 500 or so name coin.. Just so I can trade 3 for better options in the taxes.. Anyone got knowledge about name coin ?

I wouldn't bother. Put the money on LTC instead. Namecoin stagnated after the early adopters cybersquatted all the good domain names right out of the chute. Any gains you see in alternative currencies right now outside of BTC and LTC are ancillary from an 'a rising tide lifts all boats' effect.

 

[Noppy]

Man so good when it gets near to who dollar values sold at 1.959 bought back at 1.875.

Yep, and then you just have to hope it doesn't break down the wall!

Transfer more bitcoin and buy more. Ltc will crack $2 I have had 5 mates ask me about the new Silk road since Saturday, gotta love those hipsters and their pills.

 

[RetardedMonkey]

Any gains you see in alternative currencies right now outside of BTC and LTC are ancillary from an 'a rising tide lifts all boats' effect.

Sorry, but I believe the LtC rise is directly due to the media attention BtC has received and the rocket in price.

Basically seen as the 'poor mans bitcoin'

 

[hawkeye]

I have to admit it's feeling like a speculative bubble to me now. I still think crypto has a great future but I wouldn't be surprised at some serious correction at some point in the near future. I've been wrong before though...

 

[RetardedMonkey]

Transfer more bitcoin and buy more..

I need to obtain Bitcoin first.

And to be honest, I am wondering if this is going to keep going up much higher....!

BitCoin is AUD $106.75 from BitCoinsRUs (cheapest I can find).
But only USD $97.66 on BTC-e.com

So you'd end up with about 52 Litecoin.
Which means you just paid AUD $2.05 for each Litecoin.

It's the commissions/fees/charges that really get you with this.

 

[Rincewind]

Any gains you see in alternative currencies right now outside of BTC and LTC are ancillary from an 'a rising tide lifts all boats' effect.

Sorry, but I believe the LtC rise is directly due to the media attention BtC has received and the rocket in price.

Basically seen as the 'poor mans bitcoin'

I think LTCs faster confirmations and the displacement of GPU miners from Bitcoin give LTC a chance at long-term survival. The exchange prices of both are hugely speculative right now and probably due for a correction, but BTC could regain its losses over time while LTC does not. In any event, I would not be surprised if LTC survived a collapse, just without the price rebound. Any others are bunk until proven otherwise. Ripple might be the only viable alternative on the horizon, but that's probably a stretch.

 

[grinners]

Just spent about 4 hours trying to set up litecoin mining...

litecoin wallet installed and syncronized.

GUIminer downloaded and started with coinotron.com

20khas via GUI aka 6 LTC per month! What did I do wrong!

Can't even get the litecoin program to mine for me

 

[Dynoman]

crypto currencies are all well and good for a world currency standard but whatd happen if some sort of event caused power outages world wide and all the data re: crypto currencies got lost?

An event of the scale required to wipe crypto-currencies from the public record would likely render every financial system in the world useless as well, so IMHO the question is moot.

& your digital tele just gave out the ghost.

 

[RetardedMonkey]

Just spent about 4 hours trying to set up litecoin mining...

litecoin wallet installed and syncronized.

GUIminer downloaded and started with coinotron.com

20khas via GUI aka 6 LTC per month! What did I do wrong!

Can't even get the litecoin program to mine for me

Which GPU you using?

 

[RetardedMonkey]

Thinking of selling some at the 1.98 mark. There's about 25,000 LtC resistance between 1.98 and 2.00 lol

 

[grinners]

Just spent about 4 hours trying to set up litecoin mining...

litecoin wallet installed and syncronized.

GUIminer downloaded and started with coinotron.com

20khas via GUI aka 6 LTC per month! What did I do wrong!

Can't even get the litecoin program to mine for me

Which GPU you using?

NVidia GeForce 650m

 

[Noppy]

Don't know how much power that little laptop system would suck but that hash rate is pretty low. Nvidia cards don't do very well at mining compaired to Ati cards.