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Cryptocurrency - Fad or Future?

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Old 02-06-2014, 09:38 PM   #1
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Default Cryptocurrency - Fad or Future?

**OFFICIAL CRYPTOCURRENCY THREAD**

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Old 02-06-2014, 09:42 PM   #2
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Default Re: Cryptocurrency - Fad or Future?

Is this a real thing? **** bitcoins.
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Old 02-06-2014, 09:43 PM   #3
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Is this a real thing? **** bitcoins.

http://coinmarketcap.com/


Very Real
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Old 02-06-2014, 09:47 PM   #4
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Default Re: Cryptocurrency - Fad or Future?

They are talking about this on the market. I rememer a segment about it on tastytrade. I think this may get really big REALLY fast like tulip mania. Get in EARLY!!!!
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Old 02-06-2014, 11:28 PM   #5
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Anyone else dabble in this?

I made a ******* killing on Maxcoin today, despite the botched launch and general asshatery. (yay cudminer) I'm currently dumping coins everytime they cap .01 BTC. I've made about 4 grand so far tonight.

My Dogecoins are gaining value everyday, and the Olympics are coming up soon where Dogecoin is sure to mentioned multiple times for sponsoring the Jamaican Bobsled team. (That's right, straight out of Cool Runnings 2). I have about 60,000 Doge.

I missed the boat on Vertcoin, but I have like 20,000 Earthcoins. Not sure if I should dump those or not.

Thoughts? Anyone else mine or trade?
Im very interested but there seems to be a new cyrpto coin out all the time. Read about greencoin,&litecoin, which seem to be the new alternate cyrpto coin waiting in the wings. I just dont know where to start or really what is worth to get into. I have read that now certain pizza resturants in London are taking Bitcoin and that the NBA Sacramento Kings are in the works to accept it as well. So to answer your question, I say Cryptocurrency is a future thing.
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Old 02-07-2014, 12:00 AM   #6
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Default Re: Cryptocurrency - Fad or Future?

please expalin this to me like I am 5

I just read about it and I still do not understand
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Old 02-07-2014, 12:13 AM   #7
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Default Re: Cryptocurrency - Fad or Future?

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Im very interested but there seems to be a new cyrpto coin out all the time. Read about greencoin,&litecoin, which seem to be the new alternate cyrpto coin waiting in the wings. I just dont know where to start or really what is worth to get into. I have read that now certain pizza resturants in London are taking Bitcoin and that the NBA Sacramento Kings are in the works to accept it as well. So to answer your question, I say Cryptocurrency is a future thing.
Are you looking to mine or invest?

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please expalin this to me like I am 5

I just read about it and I still do not understand
It's basically digital money. And it's not a dollar. It's kinda like a dollar, Euro, or Pound, except it's decentralized, and most of them are deflationary. (Dogecoin is now mildly inflationary, but more on that later)

They are highly volatile in price (Bitcoin has settled down to around $800 each for the last couple months) and are great for day trading. There's explosive growth in some, up to even 10000%. (If you had bought $25 of Bitcoin at this time last year and cashed out at the peak you'd have 5.5 million dollars) Vertcoin just shot up from a few pennies each to about $9 a coin this week. Theres LOTS of money to be made if you know what you're doing. (I don't)

Check out http://www.reddit.com/r/dogecoin for more info on Dogecoin, and Cryptos in general. (Dogecoin in the friendliest and easiest to get into.. even with a shitty laptop you can probably mine 100 a day right now.)
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Old 02-07-2014, 12:17 AM   #8
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If you have an Nvidia card I'd be mining Maxcoin this very second. (I am in fact)

Every block is worth 96 coins, and 100 coins are going for 1.3 bitcoins as I type this. I've found about 5 blocks so far. (yeah almost 5 grand today) Difficulty is shooting up every hour though, so time is of the essence.

http://maxcoin.co.uk/

https://bitcointalk.org/index.php?topic=167229.0
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Old 02-07-2014, 12:42 AM   #9
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fun times with bubbles. it's the new penny stock
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Old 02-07-2014, 12:58 AM   #10
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Ive been mining since october i think, Ive made around $12,000.

picked up a cointerra pre order, I should make anywhere from $20k to $50k+ in the next 12 months. if the stars align that is.. haha

I def want to get into the trading side though, Ive just always heard that speculation never works

OP what exchange do you use for Doge? I should def get in on that, didnt even think about the sled team or whatever it is.

OP sent you a PM

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Old 02-07-2014, 01:43 AM   #11
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What's the best way to get into this?
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Old 02-07-2014, 01:54 AM   #12
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Old 02-07-2014, 04:01 AM   #13
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Good thread. Thread is good, definitely going to look into this. 2LEM1 I'm looking to purchase some, what would you suggest for a first timer?
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Old 02-07-2014, 04:56 AM   #14
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Been interested, just no clue where and how to start.

I do have two computers with nvidia cards, how the hell do I "mine"? Wouldn't mind a few extra bucks.
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Old 02-07-2014, 05:20 AM   #15
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yeah, I dont even understand how you mine this stuff...and then once mined...how you actually turn it into cash lol.

I see in this thread people saying "I made $4k" and "I made 12k"...is that in their virtual "worth" or has cold hard cash hit your hand?

it makes no sense to me that you can set up a computer to goof around online and "find" money and then just cash it out for real world money...thats like cashing out online game money for cash on ebay which is illegal.

edit: ok, yeah, the few links I can actually click at work that arent blocked as malicious (lol) I still have no idea what I'm reading. so you basically download a script and let it run on your pc/laptop in the background which makes your pc part of their "web" or whatever which helps boost security power and as a result over time they give you coins?

but then at a predetermined point, all coins will be distributed and no more can be mined? then what? then they go up in price and people trade them until they are worth more than god's own tears?

and it seems if you dont have an invidia graphics chip on whatever pc/laptop you have, you cant even mine? and there's scripts that let you mine faster?

sounds really really fishy to me lol. I just imagine leaving the pc up and then getting on to do some amazon buying while its running and it steals all your info lol

Last edited by stackz; 02-07-2014 at 05:53 AM.
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Old 02-07-2014, 06:10 AM   #16
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but then at a predetermined point, all coins will be distributed and no more can be mined? then what? then they go up in price and people trade them until they are worth more than god's own tears?
I don't know anything about the mining, but people have already started trading in 1000ths of bitcoins, called millibits. I think this will grow like tulips until the Fed steps in and says all crypto trading is akin to money laundering and within the sphere of their prosecution. Eventually everything will crash from their intervention. Or, in a strange plot twist, the Fed may enable it, call it a currency, and bring it under the oversight of the CFTC. I fear for the day I am trading bit- and dogecoin futures.

Check out live bitcoin and doge floor trading.

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Old 02-07-2014, 07:40 AM   #17
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ITT: People who complain about money being nothing but scraps of paper touting the benifits of money that's nothing but 1's and 0's leveraged against a certificate server.
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Old 02-07-2014, 08:02 AM   #18
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If you have an Nvidia card I'd be mining Maxcoin this very second. (I am in fact)

Every block is worth 96 coins, and 100 coins are going for 1.3 bitcoins as I type this. I've found about 5 blocks so far. (yeah almost 5 grand today) Difficulty is shooting up every hour though, so time is of the essence.

http://maxcoin.co.uk/

https://bitcointalk.org/index.php?topic=167229.0

And you're cashing that out how?

Cyptocurrency has no future because it's unuseable in the real world. There is no buyer protection.
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Old 02-07-2014, 08:09 AM   #19
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I don't think it will go away, but I also doubt it will ever be mainstream.
The biggest problem they have now is anyone with math skills can make a new algorithm and make a new currency.
We could have 10,000 different digital currencies, and then how would you trade between them?

Maybe if there was a central clearing house, but that would defeat the purpose of being anonymous.

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Old 02-07-2014, 08:28 AM   #20
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It's a coming wave... common electronic currency.
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Old 02-07-2014, 08:31 AM   #21
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I don't think it will go away, but I also doubt it will ever be mainstream.
The biggest problem they have now is anyone with math skills can make a new algorithm and make a new currency.
We could have 10,000 different digital currencies, and then how would you trade between them?

Maybe if there was a central clearing house, but that would defeat the purpose of being anonymous.

.

The issue is even more basic than that. What are you going to use this currency for other than gambling "trading" on these shady exchanges? You can't buy anything with it because there's no buyer protection. Anonymous funds transfers are a joke if you're expecting something in return. I just sent you 50 bitcoins for your riced out Civic and now I'm out 50 bitcoins and have no Civic, and you're gone. I don't know who you are. I have no recourse to recover my funds. I'm just straight assed out. When you click that send button those coins are gone forever and it's strictly honor system whether you get anything in return.
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Old 02-07-2014, 08:37 AM   #22
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^^ Good point.
I know with the underground darknet markets, there's a seller rating system like amazon.
So yeah, you might not get your cocaine, but if the seller F's you over, you rate him and soon enough, he'll be gone.
People with more possitive ratings can charge more because you know they're legit.

So craigslist would need something like that too. A buyer rating system.

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Old 02-07-2014, 08:38 AM   #23
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The issue is even more basic than that. What are you going to use this currency for other than gambling "trading" on these shady exchanges? You can't buy anything with it because there's no buyer protection. Anonymous funds transfers are a joke if you're expecting something in return. I just sent you 50 bitcoins for your riced out Civic and now I'm out 50 bitcoins and have no Civic, and you're gone. I don't know who you are. I have no recourse to recover my funds. I'm just straight assed out. When you click that send button those coins are gone forever and it's strictly honor system whether you get anything in return.
I thought that was called ebay....
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Old 02-07-2014, 08:51 AM   #24
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The issue is even more basic than that. What are you going to use this currency for other than gambling "trading" on these shady exchanges? You can't buy anything with it because there's no buyer protection. Anonymous funds transfers are a joke if you're expecting something in return. I just sent you 50 bitcoins for your riced out Civic and now I'm out 50 bitcoins and have no Civic, and you're gone. I don't know who you are. I have no recourse to recover my funds. I'm just straight assed out. When you click that send button those coins are gone forever and it's strictly honor system whether you get anything in return.
Actually there's has been a few of companies that are accepting digital currency, and many more are considering it. Overstock.com is one of them, and a Lamborghini dealership in Newport, CA has recently sold a car purchased from Bitcoins.

I think it's still in its infancy and it's hard to tell where it could possible go, but I would jump in and start cashing in.
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Old 02-07-2014, 09:11 AM   #25
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I thought that was called ebay....
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