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Cryptocurrency - Fad or Future?

 
Old 02-07-2014, 08:15 AM
  #26  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by AyeYo View Post
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.
This.

It is akin to gambling...just without ever being able to win anything.
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Old 02-07-2014, 10:09 AM
  #27  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by FijiBlueFG2 View Post
This.

It is akin to gambling...just without ever being able to win anything.

but you guys arent getting that the whole system will evolve, there a multiple complanys developing physical wallets that you can carry with your coins on it. and companys developing systems to be able to tranfer between currencys with no delays. when the currency is adopted by the masses (If) it will become much more stable. it may not be bitcoin even..
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Old 02-07-2014, 03:11 PM
  #28  
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Default Re: Cryptocurrency - Fad or Future?

I was wondering when a thread like this would pop up!

Jesus but that Maxcoin launch was a cluster... Delayed by a day because the forum 502'd rather than just releasing over Twitter like they should have, then there's no Windows wallet, plus there's a "non-official" GPU miner for a supposedly fair CPU-only coin--oh but only for nVidia users. I can't believe people are buying it, especially after mcxNOW noped the eff out after he read the source... (edit: I see now that it did get listed there after all)

Anyway, spread between Bitcoin, Vertcoin, Dogecoin, with really small holdings on Ultracoin and DigiByte. I'm only small time, though, I'll be lucky to make five hunnit in the end. Jumped into Vert the day before it went wild, shoulda stocked up and cashed out when I could, now it feels like I'm mining just to make a little bit in the end. If doge forked and added KGW and the adaptive n-factor, Vert would disappear quick as those are it's only selling points. Stopped mining doge after the diff got so high that I was bringing in <5K a day. Made a little on 42coin when it was still new, got burned on Reddcoin. Feel like I missed the bus on Topcoin, it seemed like a stupid idea, but hey, so does Flappy Bird...

I realize every altcoin besides LTC is going to end up worthless, it's just fun to jump on a new coin when it's released and hope to hell you can come out with 0.1BTC in the end. I was hoping alts would have a big day today with the Mt. Gox withdrawal pause and BTC dropping 10%, but alas, it didn't materialize.

Last edited by Merines; 02-07-2014 at 03:48 PM.
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Old 02-07-2014, 04:05 PM
  #29  
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Default Re: Cryptocurrency - Fad or Future?

I'm still not understandering how all this stuff works and how you actually make money and what you would use these coins for. I'm gonna yahoo this stuff when I get home.
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Old 02-07-2014, 04:29 PM
  #30  
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Default Re: Cryptocurrency - Fad or Future?

Can you trade this stuff through exchanges like Forex, or do you have to buy in and convert your money back when done?
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Old 02-07-2014, 06:43 PM
  #31  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by Outrun View Post
I'm gonna yahoo this stuff when I get home.
This is why you have no idea what bitcoin is.
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Old 02-07-2014, 08:49 PM
  #32  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by FijiBlueFG2 View Post
This.

It is akin to gambling...just without ever being able to win anything.

Srsly, google it genius. There's hundreds of companies that accept digital currency. Here's some guys buying burgers with Dogecoin today. http://imgur.com/a/goaUT#0 (good looking burger actually)

Like someone said there's a Lambo dealership in Newport that has sold 2 cars already with Bitcoin.

Some guy sold his 5 million dollar mansion for Bitcoin.

The Sacramento Kings accept Bitcoin.

Tiger Direct accepts Bitcoin.

In fact, here's 85 pages of places that accept digital currency, with more being added daily. https://spendbitcoins.com/places/
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Old 02-07-2014, 08:52 PM
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Default Re: Cryptocurrency - Fad or Future?

I don't want to write an AA-esque post about how this all works, and most cryptocurrencies are different anyway. It's interesting to see people's opinion on it though.


I don't think this is a fad though. I'm pretty sure it's a glimpse of the future. I mean... you already basically deal with 'digital' currency entirely anyway right? How often do you break a physical $100 bill? How is this any different?

http://www.bbc.co.uk/news/technology-26031331
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Old 02-08-2014, 04:28 AM
  #34  
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Originally Posted by 2LEM1 View Post
I don't want to write an AA-esque post about how this all works, and most cryptocurrencies are different anyway. It's interesting to see people's opinion on it though.


I don't think this is a fad though. I'm pretty sure it's a glimpse of the future. I mean... you already basically deal with 'digital' currency entirely anyway right? How often do you break a physical $100 bill? How is this any different?

http://www.bbc.co.uk/news/technology-26031331

It's different because it's unregulated, has massive exchange rate fluctuations faster than you can press the checkout button, there's no regulated, safe exchange, and no one is really even sure if it'll prove to be legal. My credit card doesn't have those issues.

Let's back up for a second. Someone made a Dogecoin. Yes, an internet meme currency. Can we get a Boxxycoin next? It'd buy into that. How can anyone take this seriously when anyone with basic coding skill can make a new currency.
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Old 02-08-2014, 04:41 AM
  #35  
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After Coinbase sets an exchange rate, the Bitcoins are immediately liquidated for the two companies, with old-fashioned fiat currencies landing in their bank accounts once the sale goes through.
http://www.slate.com/blogs/future_te...ainstream.html

That's why people accepting it doesn't mean anything. It's not a currency, it's a payment method.
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Old 02-11-2014, 12:19 AM
  #36  
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Default Re: Cryptocurrency - Fad or Future?

So how does the so called "Bitcoin crash" affect you guys who use it?
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Old 02-11-2014, 03:52 AM
  #37  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by AyeYo View Post
It's different because it's unregulated, has massive exchange rate fluctuations faster than you can press the checkout button, there's no regulated, safe exchange, and no one is really even sure if it'll prove to be legal. My credit card doesn't have those issues.

Let's back up for a second. Someone made a Dogecoin. Yes, an internet meme currency. Can we get a Boxxycoin next? It'd buy into that. How can anyone take this seriously when anyone with basic coding skill can make a new currency.
Ding, I agree with you on this.

So you can't ever cash out any of this bitcoin stuff, you can only spend it. If you find a sucker willing to sell something in that currency, congrats, you basically pulled off a scam IMO. Someone is going to get stuck with that hot potato and you want to pass it off as fast as possible.

All of the quoted examples of people selling things for bitcoin are just more examples of financial idiots.

Spending bitcoin = wise, accepting bitcoin as payment = stupid.
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Old 02-11-2014, 05:25 AM
  #38  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by Merines View Post
I was wondering when a thread like this would pop up!

Jesus but that Maxcoin launch was a cluster... Delayed by a day because the forum 502'd rather than just releasing over Twitter like they should have, then there's no Windows wallet, plus there's a "non-official" GPU miner for a supposedly fair CPU-only coin--oh but only for nVidia users. I can't believe people are buying it, especially after mcxNOW noped the eff out after he read the source... (edit: I see now that it did get listed there after all)

Anyway, spread between Bitcoin, Vertcoin, Dogecoin, with really small holdings on Ultracoin and DigiByte. I'm only small time, though, I'll be lucky to make five hunnit in the end. Jumped into Vert the day before it went wild, shoulda stocked up and cashed out when I could, now it feels like I'm mining just to make a little bit in the end. If doge forked and added KGW and the adaptive n-factor, Vert would disappear quick as those are it's only selling points. Stopped mining doge after the diff got so high that I was bringing in <5K a day. Made a little on 42coin when it was still new, got burned on Reddcoin. Feel like I missed the bus on Topcoin, it seemed like a stupid idea, but hey, so does Flappy Bird...

I realize every altcoin besides LTC is going to end up worthless, it's just fun to jump on a new coin when it's released and hope to hell you can come out with 0.1BTC in the end. I was hoping alts would have a big day today with the Mt. Gox withdrawal pause and BTC dropping 10%, but alas, it didn't materialize.
What in the actual ***.....?

I read this entire thread. And most of the links. I'm still confused.
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Old 02-11-2014, 06:31 AM
  #39  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by jonebone View Post
Someone is going to get stuck with that hot potato and you want to pass it off as fast as possible.
Exactly. And the article I linked shows that that is exactly how these legitmate companies that are accepting it as payment are looking at it. They convert it to cash literally instantly. No one is accepting bitcoins as payment. They're accepting cash as payment by way of bitcoins, the same way they aren't actually accepting plastic as payment when you hand them your credit card.
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Old 02-11-2014, 06:39 AM
  #40  
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Default Re: Cryptocurrency - Fad or Future?

so wait a minute....some of you are actually making REAL thousands of dollars? Or just thousands in bitcoin?
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Old 02-11-2014, 06:40 AM
  #41  
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Default Re: Cryptocurrency - Fad or Future?

@Shad

How easy/fast is it to unload these coins for USD?
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Old 02-11-2014, 06:41 AM
  #42  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by gofastgokart99 View Post
so wait a minute....some of you are actually making REAL thousands of dollars? Or just thousands in bitcoin?
There are people making hundreds of thousands of dollars with multiple kinds of cryptocurrencies. Litecoin, Bitcoin, etc. I don't understand it all that well, but people are making REAL money with this.
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Old 02-11-2014, 07:01 AM
  #43  
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Default Re: Cryptocurrency - Fad or Future?

Subscribed. I want in on this.
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Old 02-11-2014, 07:35 AM
  #44  
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Default Re: Cryptocurrency - Fad or Future?

Started to mine this morning.
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Old 02-11-2014, 07:45 AM
  #45  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by 1995Ex_Sedan View Post
Started to mine this morning.
Is that tough?
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Old 02-11-2014, 08:02 AM
  #46  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by JDM-EJ1 View Post
Is that tough?
Pick axe and a helmet, plus it depends what kind of shape you're in.



People cashing out thousands or tens-of-thousand of dollars (if they even exist), please walk us through how you're doing it.
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Old 02-11-2014, 08:07 AM
  #47  
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Default Re: Cryptocurrency - Fad or Future?

Yep I'm mining. Built an open air case. Two Gigabyte R9 270X. 475 khash per card. Just finished up the case/build last week.





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Old 02-11-2014, 08:10 AM
  #48  
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Default Re: Cryptocurrency - Fad or Future?

@Slow

What kind of coin are you mining?
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Old 02-11-2014, 08:10 AM
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Default Re: Cryptocurrency - Fad or Future?

Doge
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Old 02-11-2014, 08:12 AM
  #50  
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Default Re: Cryptocurrency - Fad or Future?

Whats the cost of that case/components?
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