Discussion in 'Waffle' started by muzzadj, Feb 23, 2014.
Where is the best place to buy bitcoins at the moment? Any recommended/trusted sites?
Give your money to me I'll buy them for you.
I usually use bitbargain, if the rates are too pricey just check it again at a different time
Bitbargain or Vault Of Satoshi. Bitbargains sick if you want em quick. Can have em in 2 minutes.
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By the way if youve seen a massive crash in bitcoin value and want to cash in, its mainly only mt Gox thats affected, the place is crumbling (and hopefully dying, just hope peeps with coin in there can get it out in the end).
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I used Bittylicious in the end. Despite the having the worlds worst name it was decent and I had my coins within 5 minutes of them recieving my payment.
I dont know what bitcoins or mining for them is. Im looking into GPUs right now and they are all really expensive thanks to the whole bitcoin thing and everyone using them for mining.
Has anyone got a simple (for dummies) summary of what the fuck its all about.
The crux of it is, bitcoin is decentralised, that means there is no big bank or instituation to process and authenticate payments, so people mining are basically processing bitcoin transactions. As a reward for doing this they are awarded bitcoins (or fractions of bitcoins).
Graphics cards can process information faster than a processor, so if you have a powerful GPU on your graphics card you can mine more efficiently (seeing as all mining is is solving complex mathematics).
Lemme know if you need any elaboration. Thats about the simplest i can put it though before i start talkig about hashrates and ledgers.
Btw, next time use Bitbargain or Vault Of Satoshi. Only two exchanges that i believe have the communities best interests in mind.
If you're actually serious about mining this late in the game you'll NEED to get the dedicated bitcoin boxes and let it run 24/7 to make any substantial profit. So, unless you've got some fairly large chunks of spare change lying around (i.e. quite a few thousand at LEAST) then mining bitcoin probably isn't going to be worth it for you.
Sorry geez but without a fat BeoWolf cluster or something your not making much, if any money from it.
Joining a large pool might be the way to go, but mining on your own isnt worth it logistically. Leccy costs etc.
bitcoins are cool. I know a guy who knows a guy..
Didnt some fella go to meet someone to buy bitcoins in person from that site and end up getting held up or something? BITBARGAIN!
Thanks man for taking the time to explain. I have a better idea of the process but its still alien to a guy like myself.
So I solve math problems and I create monetary value?
How does their value change? I wish I knew a bit more about our money supply and how it all worked.
Papa - is the popularity down to the very fact that they arent backed by an army or government, and gold well even our "real" money isnt backed by Gold any more. I know little to none about this, so probably just hot air, but fuck it, its just people trying to take back control of their lives again, starting with money. I quite agree with your evaluation tho, nice premise, but who is left holding the bad cards at the end?
Can someone explain some pros and cons of bitcoin over the pounds in my bank? To me they seem like they are very volatile, and what goes up must come crashing down. I want some stability in my holdings of choice. I would trust my XDJ as currency more than I would a digital bitcoin tbh.
Interesting how we measure our wealth, a friends dad once said to me and his lad "Life is all about material possesion, and your drive towards that, set your goals and try to achieve".
I used to think that was quite callous, but talked a great deal of sense in one way, digits on screen are worthless in essence, physical objects of worth are where its at. I dont want to feel like a syntax error away from being destitute and fighting the apocalypse, and thats where "real" money and Bitcoins feel like they are heading.
I feel like a group like anonymous is going to figure in "money" issues at some point.
The technological age is fascinating to see evolve, the challenges it throws up, we still havent resolved how we handle these whistle blowers that have come about now, and how information about the world being diseminated has changed us so much. It has led to bitcoins, nice premise, but where is the value? Someone please explain to me? Its value because some computer geeks mined them? Ok then
Value changes based on demand, relevant news etc. Exactly how it works with any other currency mate.
Eg, when China effectively brought the hammer down on bitcoin in china the value dropped, because it was a huge market. But then, of course, it bounced back.
All this Mt Gox bullshit has resulted in value on Mt Gox dropping from like £600 for a single bitcoin down to less than £100 lol. Luckily its only really affecting the mt gox exchange (their problem, not bitcoins). BUT it could now shake peoples faith in bitcoin and cause it to become less popular, which means its no longer in as high demand, which means price goes down.
And by the way, no currency has any real value. £, $ etc only have value because of the faith we put in it. Its a piece of paper or lump of metal that we're told has value. Same goes for bitcoins, it has value because people want it. People want it for diff reasons, anonymity, because its new and cool, because they believe its the way things should be, because they want to send large amounts of money to other people without extortionate bank fee's.... list goes on.
I mean, you can send £1,000,000 worth of bitcoins and pay like £10 to do so... Then person on the other end withdraws that coin to their bank account and it means youve effectively avoided possibly thousands of £'s worth of bank fee's. (Also a reason why its starting to be adopted by physical shops, low/no fee's). Medical bud dispenseries in america accepting bitcoin as well ;D.
That scares the shit of me, no-one else? Protection of the US dollar springs to mind now as a very good reason for US military strategy. Saddam wanted to trade oil for euros, Momar wanted his own african currency to trade his. Two of the more plausible reasons those guys got nobbled!
Nice posts though Forau, you explain this so I can understand it a bit better, its a strange thing people cant really explain it very well on most occasions!
Need anything else clarified feel free to ask. Im no way a pro on this subject, reckon my line of work (IT for a financial group) has helpded me get my head round it better.
And yeah its pretty scary, technically all your doing is trading a piece of paper for goods on the premise that whoever recieved your piece of paper can pass that piece of paper along.
Eg, your piece of paper is traded for a pack of fags, the shop owner wouldnt accept this in trade if he didnt have confidence/faith that his wholesaler would accept it when he gives it to them in exchange for more packs of fags. If the wholesaler no longer accepted £'s then your £10 note is worthless to the shop owner. See what i mean, it all relies on trust and faith in the system.
Technically the shop owner could say "no, i wont accept your silly piece of paper"... then, because its backed by government and has been declared "legal tender" he can be arrested for not accepting it.
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