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(Bitcoin Charts)   If you bought a few bitcoins on this date last year, good news: They're now worth 42 times what you paid for them   (bitcoincharts.com) divider line 69
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2273 clicks; posted to Geek » on 16 Nov 2013 at 1:49 PM (36 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-11-16 01:53:20 PM
img.fark.net
 
2013-11-16 01:53:49 PM
Hmm.  Perhaps when a few months back authorities on a drug bust decided to seize them, it added perceived legitimacy to them, and a bunch of people jumped on board.  (And soon they'll probably jump off board and the price will go back down.  Ain't no way I'm touching it now.)
 
2013-11-16 01:56:58 PM
42 times nothing is still nothing.
 
2013-11-16 02:10:45 PM
Bitcoin is the perfect example of a pump and dump scheme.

Subby, you should have bought instead some tulips. I heard their price increased more than just 42 times.
 
2013-11-16 02:15:12 PM
Is there a way yet to liquidate them and get their full 'value?'
 
2013-11-16 02:21:50 PM
I hate to be that guy, but legitimately, I have no idea what the hell a "bitcoin" is and what it's supposed to do.  I think it's somewhat akin to World of Warcraft gold or something, right?
 
2013-11-16 02:23:10 PM

rustypouch: Is there a way yet to liquidate them and get their full 'value?'


That was my first question, if you can't turn it back into cash or spend them on anything legitimate it kinda doesn't matter.
 
2013-11-16 02:25:15 PM
I didn't have much, but lost all mine for using a popular online wallet a few years ago.  I wish I could remember the name to warn you against them.  My advice to anyone getting into it is keep it on your own system.
 
2013-11-16 02:31:24 PM
Is there a way yet to liquidate them and get their full 'value?'


Yes, There are a few marketplaces that you can go to to sell them for cash.
 
2013-11-16 02:31:25 PM

Shadowknight: I hate to be that guy, but legitimately, I have no idea what the hell a "bitcoin" is and what it's supposed to do.  I think it's somewhat akin to World of Warcraft gold or something, right?


Money for libertarian college students.
 
2013-11-16 02:53:56 PM
Still wish I had purchased goog when they went IPO.

Was broke then though, sooo, meh.
 
2013-11-16 02:54:22 PM
Hollie Maea:
Money for libertarian college students.


Libertarian college students and cryptography geeks.
 
2013-11-16 02:59:17 PM

LazarusLong42: 42 times nothing is still nothing.


Tell that to the people who have converted them to hard currency.
 
2013-11-16 03:00:20 PM

Mega_3001: Hollie Maea:
Money for libertarian college students.


Libertarian college students and cryptography geeks.


And that's why I used the 5770 for decoding
 
2013-11-16 03:00:53 PM

techgeek07: Is there a way yet to liquidate them and get their full 'value?'


Yes, There are a few marketplaces that you can go to to sell them for cash.


Such as?  Certainly not the one used for that chart to determine the price, since it had all its US assets seized and has over a two year waiting list to get money out.

Hmm, I wonder if that fact that the only way to get any USD held by that exchange is to sell for Bitcoins at any price asked and remove those has any effect on the listed price?
 
2013-11-16 03:03:59 PM

Shadowknight: I hate to be that guy, but legitimately, I have no idea what the hell a "bitcoin" is and what it's supposed to do.



  Paypal for buying drugs online.
 
2013-11-16 03:04:33 PM

aerojockey: Hmm.  Perhaps when a few months back authorities on a drug bust decided to seize them, it added perceived legitimacy to them, and a bunch of people jumped on board.


Not exactly. The price went down when Silk Road got shut down, because there weren't many other uses for Bitcoins. With other online drug markets springing up to fill the vacuum, their value has increased.
 
2013-11-16 03:09:14 PM

InmanRoshi: Shadowknight: I hate to be that guy, but legitimately, I have no idea what the hell a "bitcoin" is and what it's supposed to do.


  Paypal for buying drugs online.


I never used them for drugs.  In fact, I never actually got a chance to use them.  As far as if you can sell them for full value, you can get close.  Not having done it in a few years, I'd have to research the sites.
 
2013-11-16 03:09:46 PM

InmanRoshi: Shadowknight: I hate to be that guy, but legitimately, I have no idea what the hell a "bitcoin" is and what it's supposed to do.


  Paypal for buying drugs online.


Ok, gotcha, thanks.
 
2013-11-16 03:13:07 PM
I have a very small amount of bitcoin, nothing to get too excited about.....but on the off-chance the currency goes mainstream, at least I have some skin in the game
 
2013-11-16 03:21:35 PM

techgeek07: And that's why I used the 5770 for decoding


The difficulty rate for mining has made GPGPU mining fairly worthless.  These days, dedicated ASICs are the way to go.
 
2013-11-16 03:30:02 PM
I started trying mining out just because in the summer (I also have access to video card purchases for high end machines at work which I need to burn in after a build to ensure stability) but as expected, these ASIC's are now starting to churn so much that nobody can even earn 0.0004BTC in 24 hours.  If you had a $700 AMD video card it might take you 30 days or even months to get 1 bitcoin these days.

50btc also just got hacked big time and now there's lost bitcoin and fake bitcoin or something... huge mess.
 
2013-11-16 03:40:53 PM

Dinjiin: techgeek07: And that's why I used the 5770 for decoding

The difficulty rate for mining has made GPGPU mining fairly worthless.  These days, dedicated ASICs are the way to go.


You can get a usb stick now from Ebay that mines about 3 times faster than my I7 and GTX 570OC for £22...
 
2013-11-16 03:58:20 PM

Cooper420: If you had a $700 AMD video card it might take you 30 days or even months to get 1 bitcoin these days.


Unless you live in an area with very cheap power, GPGPU mining is no longer profitable.  For example, an AMD R9 280X can mine about 620Mh/S.  But you're looking at about 275-325W of total system power consumption.  At 11¢ kWH, you're spending 2.6¢ for every 1¢ of Bitcoin mined with the current difficulty:payout ratio.

The days of hobbyist mining is over (unless you can leech free power from your employer by setting your gear up at work).  Either you need to buy Bitcoins on the market as a currency speculator or you have to invest in dedicated ASIC powered mining hardware and run your own powerfarm.
 
2013-11-16 04:12:40 PM

frankmanhog: Hmm, I wonder if that fact that the only way to get any USD held by that exchange is to sell for Bitcoins at any price asked and remove those has any effect on the listed price?


i.imgur.com
 
2013-11-16 04:25:54 PM
I love the idea of bitcoins....
I hate the reality of them....
 
2013-11-16 04:27:59 PM

dready zim: You can get a usb stick now from Ebay that mines about 3 times faster than my I7 and GTX 570OC for £22...


Nod.  Those $30/£22 USB miners can crunch about 330Mh/S.  If you're using your PC all day, they can generate a few cents per day for you in the background.  But running your PC overnight with just one stick would lose you money.

It isn't until you reach the $200 USB miners that crunch 2Gh/S that they become profitable as 24/7 dedicated farms.  But the real money is in the professional gear that is $1000+.
 
2013-11-16 04:30:18 PM
I wonder what'll happen to the price of a bitcoin when the guy behind Cryptolocker gets busted.

I think that's why the price is going up - increased demand from people trying to get their files back.
 
2013-11-16 04:50:46 PM

Infinity370: Bitcoin is the perfect example of a pump and dump scheme.

Subby, you should have bought instead some tulips. I heard their price increased more than just 42 times.


As you can see from this chart in the late 1800s, if this trend continues there's no stopping!
 
2013-11-16 04:58:26 PM

Shadowknight: I hate to be that guy, but legitimately, I have no idea what the hell a "bitcoin" is and what it's supposed to do.  I think it's somewhat akin to World of Warcraft gold or something, right?


It's a computer-based, decentralized attempt at currency that has turned into a bubble investment.

By that, I mean:

Computer-based -- You run a program which generates codes that, in turn, give you "bit coins".

Decentralized -- There isn't a central government or bank or company which runs them or organizes them.

Attempt at currency -- Originally, they were supposed to be used as currency (I give you 12 bitcoins, you give me a video game).  However, they kind of fail at currency because they do not have a stable value and they really can't be used to exchange for goods and services.

Bubble investment -- People aren't buying them in order to use them as currency (well, there was a little bit for illegal goods, mainly drugs) but rather are buying them in order to sell them to some schmuck down the road when they increase in value.  There's no real inherent value other than the expectation that someone will pay more for them down the road.
 
2013-11-16 05:00:19 PM

sendtodave: Still wish I had purchased goog when they went IPO.

Was broke then though, sooo, meh.


Honestly, I'm happy that I didn't.  The numbers didn't work.  The P/E ratio was insanely bad for a tech stock.  Even though the people who invested in Google made a ton, it was still a gamble and if I'm going to gamble, I'd rather do it on poker.
 
2013-11-16 05:00:29 PM
If you bought Bitcoins on this date last year, then you are now

ecx.images-amazon.com
 
2013-11-16 05:04:22 PM

darwinpolice: If you bought Bitcoins on this date last year, then you are now

[ecx.images-amazon.com image 850x1275]


Whoa, did not expect that to be so big.

/not what she said
 
2013-11-16 05:12:37 PM

Infinity370: Bitcoin is the perfect example of a pump and dump scheme.


Naw, your Mom is.
 
2013-11-16 05:12:44 PM
They're now worth 42 times what you paid for them

Unless they were with one of the exchanges that disappeared or got jacked.  Then, well, they're still worth 42 times what you paid, they just aren't yours anymore.
 
2013-11-16 05:20:06 PM
The more I hear people trying to explain exactly what Bitcoin is, the less I understand what it is.
 
2013-11-16 05:21:14 PM

Lets talk frankly about internal cleanliness: [img.fark.net image 315x315]


QADAFI!!!!

Sorry nothing else to add; funny he's become a meme (especially for that) considering how his life ended.
 
2013-11-16 05:22:58 PM

Shadowknight: I hate to be that guy, but legitimately, I have no idea what the hell a "bitcoin" is and what it's supposed to do.  I think it's somewhat akin to World of Warcraft gold or something, right?


I'd imagine the exchange rate between Eve Online ISK and your preferred government-backed fiat currency of choice would be far better
 
2013-11-16 05:26:19 PM
meanmutton:

Attempt at currency -- Originally, they were supposed to be used as currency (I give you 12 bitcoins, you give me a video game).  However, they kind of fail at currency because they do not have a stable value and they really can't be used to exchange for goods and services.

Bubble investment -- People aren't buying them in order to use them as currency (well, there was a little bit for illegal goods, mainly drugs) but rather are buying them in order to sell them to some schmuck down the road when they increase in value.  There's no real inherent value other than the expectation that someone will pay more for them down the road.


There is now way this could be better stated, well done
 
2013-11-16 05:42:42 PM

meanmutton: Shadowknight: I hate to be that guy, but legitimately, I have no idea what the hell a "bitcoin" is and what it's supposed to do.  I think it's somewhat akin to World of Warcraft gold or something, right?

It's a computer-based, decentralized attempt at currency that has turned into a bubble investment.

By that, I mean:

Computer-based -- You run a program which generates codes that, in turn, give you "bit coins".

Decentralized -- There isn't a central government or bank or company which runs them or organizes them.

Attempt at currency -- Originally, they were supposed to be used as currency (I give you 12 bitcoins, you give me a video game).  However, they kind of fail at currency because they do not have a stable value and they really can't be used to exchange for goods and services.

Bubble investment -- People aren't buying them in order to use them as currency (well, there was a little bit for illegal goods, mainly drugs) but rather are buying them in order to sell them to some schmuck down the road when they increase in value.  There's no real inherent value other than the expectation that someone will pay more for them down the road.


OK, thanks. Couldn't really get an understanding from any website I visited. Though Cracked.com had a pretty good video to that effect.
 
2013-11-16 07:00:16 PM

pyrotek85: rustypouch: Is there a way yet to liquidate them and get their full 'value?'

That was my first question, if you can't turn it back into cash or spend them on anything legitimate it kinda doesn't matter.


A food delivery aggregation site started accepting them. Order food through them and pay in bitcoins.

/Probably wrong continent
 
2013-11-16 07:53:02 PM

Mega_3001: Hollie Maea:
Money for libertarian college students.


Libertarian college students and cryptography geeks.


But you repeat yourself.
 
2013-11-16 08:01:22 PM

DerAppie: pyrotek85: rustypouch: Is there a way yet to liquidate them and get their full 'value?'

That was my first question, if you can't turn it back into cash or spend them on anything legitimate it kinda doesn't matter.

A food delivery aggregation site started accepting them. Order food through them and pay in bitcoins.

/Probably wrong continent


There are also bitcoin ATMs. I think a coffee shop had one so people could withdraw cash or pay with bitcoins.
 
2013-11-16 08:13:19 PM

albert71292: The more I hear people trying to explain exactly what Bitcoin is, the less I understand what it is.


Bitcoin is a currency that grows based on technology vs. the whims of a non-government cabal of banks that are giving money to themselves (any other modern currency).
 
2013-11-16 08:14:52 PM

Brontes: albert71292: The more I hear people trying to explain exactly what Bitcoin is, the less I understand what it is.

Bitcoin is a currency that grows based on technology vs. the whims of a non-government cabal of banks that are giving money to themselves (any other modern currency).


Derp.
 
2013-11-16 08:15:53 PM

Hollie Maea: Brontes: albert71292: The more I hear people trying to explain exactly what Bitcoin is, the less I understand what it is.

Bitcoin is a currency that grows based on technology vs. the whims of a non-government cabal of banks that are giving money to themselves (any other modern currency).

Derp.


Are you derping or am I?  How would you define Bitcoin?  How would you define the dollar?
 
2013-11-16 08:26:26 PM
i do not understand this 'bitcoin'...

and therefore, i am out.
 
2013-11-16 09:11:29 PM

rustypouch: Is there a way yet to liquidate them and get their full 'value?'


Yes.
 
2013-11-16 09:14:31 PM

mcmnky: They're now worth 42 times what you paid for them

Unless they were with one of the exchanges that disappeared or got jacked.  Then, well, they're still worth 42 times what you paid, they just aren't yours anymore.


Do you actually keep your Bitcoin at an exchange?

Aren't thinking about cloud based wallets?
 
2013-11-16 09:33:55 PM

spawn73: rustypouch: Is there a way yet to liquidate them and get their full 'value?'

Yes.


Not really.  The feds will jump your ass and lock it up for a couple years.
 
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