The Bitcoin Tracking Thread

[Son-of-Liberty]

Why not just copy bitcoins and call them batcoins and start them yourself so you can make millions rather then buy in at $100 hoping it will go to $1000 or $10000? Is anyone doing this? There is nothing tangible about them unlike gold and silver so why is their not competition in this space?

People are spending ridiculous sums of money to create computers to mine something that isn't even real? why? Why not just create a competing currency that isn't so hard to mine? Then mine it yourself. Some of the critics are right that all the rewards go to the early adopters much like a Ponzi scheme or network marketing. Then all the people that join late do all the heavy lifting but get the least rewards.

Would any of us even be interested in bitcoins @ $100 if their was an alternative crypto currency at $0.01?

[Ares]

One thing is certain the person or people who created it are/have already made millions or hundreds of millions and are laughing their asses off no matter what happens from here.

Ok... Prove it. The early adopters also spent obscene amounts on hardware with very little return in the beginning. At first it started with mining with CPU's people just letting it run on their computers. No return, maybe 1-2 cents AT MOST for a single bitcoin. A year or so goes by and someone figures out you can mine bitcoins using GPU (Graphical Processing Units / video cards) Some people built entire rigs just dedicated to mining bitcoins with 2-3 graphics cards per motherboards whose sole purpose was to mine bitcoins. Again bitcoin at this time was trading for wide swings of 5 to 25 dollars per coin. It was a wide unstable margin.

Then ASIC mining was invented (Around the time Madfranks and I got in on the action, no I don't have my ASIC miner yet).

Speed up a couple months and the European Union starts imploding. Gold / Silver is locked up by the early adopters / banksters from the previous gold standard but if you want paper shares you can have as many as your heart desires. At 1,600+ an ounce it really isn't economical to dump your entire life savings into a currency that you can't buy or trade for shit online with. The more integrated the modern world is, the more need there is for an electronic medium of exchange. Bitcoin solves that, and greatly reduces transaction fees, it's stateless, borderless, and no central bank can claim it.

The creators of bitcoin making millions? Sure if you mean the diehard miners maybe if they already have the equipment to do it. Who benefits if silver and gold go up in price? It sure as hell isn't us. It's a store of value, it maintains purchasing power. But try leaving the country with it.

[Ares]

Why not just copy bitcoins and call them batcoins and start them yourself so you can make millions rather then buy in at $100 hoping it will go to $1000 or $10000? Is anyone doing this? There is nothing tangible about them unlike gold and silver so why is their not competition in this space?

People are spending ridiculous sums of money to create computers to mine something that isn't even real? why? Why not just create a competing currency that isn't so hard to mine? Then mine it yourself. Some of the critics are right that all the rewards go to the early adopters much like a Ponzi scheme or network marketing. Then all the people that join late do all the heavy lifting but get the least rewards.

Would any of us even be interested in bitcoins @ $100 if their was an alternative crypto currency at $0.01?

There are 5 other competing crypto currencies. Why not mine some?

http://usahitman.com/5ccynho/

[Shami-Amourae]

Litecoin is basically the same code with a few alterations that make it work somewhat differently. I'm trying to find a way to buy some right now, since the price will skyrocket I think. I just heard a rumor that Mt Gox might cover it. If that's true you could expect the price of Litecoin to go up by 10x very rapidly. Just saying.

Bitcoin as the new Gold.
Litecoin as the new Silver.


I'm sure many of you may think I'm crazy, but, we are in crazy world right now...

[Ares]

Litecoin is basically the same code with a few alterations that make it work somewhat differently. I'm trying to find a way to buy some right now, since the price will skyrocket I think. I just heard a rumor that Mt Gox might cover it. If that's true you could expect the price of Litecoin to go up by 10x very rapidly. Just saying.

Bitcoin as the new Gold.
Litecoin as the new Silver.


I'm sure many of you may think I'm crazy, but, we are in crazy world right now...

Not at all, I started having my Dell PowerEdge 1950 Dual Xeon Quad core running litecoin mining. If MtGox opens up exchange for Litecoin, I think that will seal the deal for the other competing digital currencies and you may be right. Bitcoin = New Gold Litecoin = New Silver.

[Son-of-Liberty]

Thanks Ares, I did not realize their was any competition at this time.

[madfranks]

With bitcoins now over $100 and silver below $28, I'm buying more silver.

Litecoin mining also sounds like fun, let's jump on this bandwagon and hope it truly does become the silver to bitcoin's gold.

[Horn]

With bitcoins now over $100 and silver below $28, I'm buying more silver.

Litecoin mining also sounds like fun, let's jump on this bandwagon and hope it truly does become the silver to bitcoin's gold.

What's the longest running thread on this Silver site?

[steyr_m]

Not at all, I started having my Dell PowerEdge 1950 Dual Xeon Quad core running litecoin mining. If MtGox opens up exchange for Litecoin, I think that will seal the deal for the other competing digital currencies and you may be right. Bitcoin = New Gold Litecoin = New Silver.

What are you using a Dual Xeon Quad core for? That's alot of muscle. Still doing some reading on using a GPU for LTC mining, it's not the same as BTC mining.... I think in a different thread, those ASIC machines will probably drive the prices down. I though I was doing well with my 550 m/hash -- those are what? 1,500 g/hash. I'll have some $$$ ready to drop on some BTC then...

[Cebu_4_2]

What are you using a Dual Xeon Quad core for? That's alot of muscle. Still doing some reading on using a GPU for LTC mining, it's not the same as BTC mining.... I think in a different thread, those ASIC machines will probably drive the prices down. I though I was doing well with my 550 m/hash -- those are what? 1,500 g/hash. I'll have some $$$ ready to drop on some BTC then...

I am not following as closely as I should, this all sounds like a different language to me now.