The Bitcoin Tracking Thread

[Son-of-Liberty]

Some questions I have...
Bitcoins are now worth over a billion dollars...how much labor and energy did it take to create this billion dollars?

I still think this is the weak link here. Nobody is creating anything tangible and of value to create the bitcoins. At least when you borrow money from the bank to build a house and your signature creates the money the house is real and always has value.

The Fed did not allow Norfed dollars...why does the fed allow you to trade this alternate currency?

They might not like it but good luck stopping it

Do you think transactions with bitcoins are anonomous when you make purchases or turn them into cash?

Depending on how you do it yes. I came across a site that lets you fund a prepaid mastercard with them.

Currently you are required to pay tax on capitol gains in gold and silver...why not bitcoins?

I suppose they want you to but I already have no liability to pay taxes

Do you think the NWO wants a purely digital currency?

One that they control, yes. I don't think bitcoin is under their control though. Also it is only another tool to be used I am not getting rid of my gold/silver

Do you think greed plays a large part in every bubble in history?

Absolutely. Doesn't mean there isn't money to be made here. That is what unchecked money creation by governments does. Causes people to speculate to protect their savings

Is it possible the Money Changers, or Google are involved in bitcoin?

Potentially, but if it is only a small part of your diversification this isn't a huge risk. Someone who put a grand into bitcoins a couple years ago could be a millionaire today. I don't think the gains going forward will be that good but there is still opportunity to make some money and at least protect your wealth in a digital form that can be sent anywhere in the world instantly and outside of government control.

...

[mick silver]

Just be careful folks. Know when to jump ship and turn your digital coins into tangibles.

The way things are heading, nothing digital can be trusted. Bitcoins too were conjured up out of thin air. It may all just come crashing back down, poof.

yep i took my paper today and added to my family food supply one day it will become the Bitcoin but in real stuff not digital stuff . i thought that the reason none of like the fed who could just push a key and it there . and i did pick up a few metal silver dollars today also

[sirgonzo420]

Definitely, if you would of asked me 2 years ago if I would invest in hardware to mine either BitCoins or Litecoins I would of laughed and said hell no. But I see the potential is there to make some extra money. Yeah I might not live well off of it, that's fine if I can supplement my income a little why not?

Bitcoin has paid off mortgages!


There will only ever be 21,000,000 btc....

If one has 21 bitcoins, then one has one one-millionth of the entire eventual (not all the coins are out yet) BTC economy. That means that there could only be 999,999 other people with the same amount.

If one only had 1 bitcoin, then one has one 21-millionth of the entire eventual BTC economy.... which means there could be no more than about 21,000,000 people with the same amount.

Regarding crypto-currencies like Bitcoin and Litecoin, anyone who hears about it now and acts can still be considered an "early adopter".

The cost of admission is still ridiculously cheap. Anyone who has ever played the lottery owes it to himself to buy into Bitcoin. It's by no means a sure thing, but compared to the lottery it's a fuckin' grade A solid investment! If it were to "really take off", having any amount would be quite significant.

Imagine being able to cheaply buy one one-millionth of the world's gold.... (which is, according to my quick calculations, over 5000 oz of gold, at a current market value of $8million+)....

[Ares]

Bitcoin has paid off mortgages!


There will only ever be 21,000,000 btc....

If one has 21 bitcoins, then one has one one-millionth of the entire eventual (not all the coins are out yet) BTC economy. That means that there could only be 999,999 other people with the same amount.

If one only had 1 bitcoin, then one has one 21-millionth of the entire eventual BTC economy.... which means there could be no more than about 21,000,000 people with the same amount.

Regarding crypto-currencies like Bitcoin and Litecoin, anyone who hears about it now and acts can still be considered an "early adopter".

The cost of admission is still ridiculously cheap. Anyone who has ever played the lottery owes it to himself to buy into Bitcoin. It's by no means a sure thing, but compared to the lottery it's a fuckin' grade A solid investment! If it were to "really take off", having any amount would be quite significant.

Imagine being able to cheaply buy one one-millionth of the world's gold.... (which is, according to my quick calculations, over 5000 oz of gold, at a current market value of $8million+)....

Wife and I just purchased the equipment for me to build a Litecoin mining rig. So I hope to have a rig that will mine 1,200 K/hs by the end of this week up and running. If Mt.Gox really does adopt Litecoin for trading the price will surely go up. As it stands I've already mined 5 LTC's with just my CPU's. With current difficulty and 1,200 hash rate I should get about 12 coins a day with just dedicated mining.

[Shami-Amourae]

I had over 138 Bitcoins at one point. I completely regret not sticking to my guns and holding onto them. Just whatever happens, understand these prices are volatile. It's best to buy them early and forget about the prices for a while, despite how hard they rise or crash. If you believe the idea of cryptocurrencies is here to stay, then stick to your guns and watch your wealth multiply.

By the way, my 'predictions' are my thoughts of the moment. Cryptocurrencies are are a new beast and new techniques and thinking needs to be made to figure out how to profit with them. I have made many bad calls in the past, but I think I'm getting closer and closer to understanding how they work each time. It's pure mass psychology.

[Son-of-Liberty]

I am really getting screwed trying to get set up to get some bitcoins here in Canada. A lot of the faster, safe and more anonymous options are unavailable here like bitinstant.

Any suggestions? Dwolla is only for Americans.

Don't know if mining is even worth it. I am using a 3 year old MAC right now and creating a mining rig is above my skill level at this time. Plus spending hundreds for a mining rig to potentially get a small payoff in the future doesn't sit well with me. The more people that start mining the lower the payoff will be.

Found a company (https://www.canadianbitcoins.com/) that is taking cash deposits at some banks but they are charging a $15 premium and are back-ordered.

Looked for local people selling in my area on (https://localbitcoins.com/) and there are none within 3 hours drive.

Apparently there is a shortage of bitcoins here in Canada.

[Son-of-Liberty]

and meanwhile the price keeps going up.....

;(

[Son-of-Liberty]

Wife and I just purchased the equipment for me to build a Litecoin mining rig. So I hope to have a rig that will mine 1,200 K/hs by the end of this week up and running. If Mt.Gox really does adopt Litecoin for trading the price will surely go up. As it stands I've already mined 5 LTC's with just my CPU's. With current difficulty and 1,200 hash rate I should get about 12 coins a day with just dedicated mining.

How much did it cost you for the parts? Do you mind sharing? I am not that tech savvy but I have a friend who could build the rig.

[Ares]

I am really getting screwed trying to get set up to get some bitcoins here in Canada. A lot of the faster, safe and more anonymous options are unavailable here like bitinstant.

Any suggestions? Dwolla is only for Americans.

Don't know if mining is even worth it. I am using a 3 year old MAC right now and creating a mining rig is above my skill level at this time. Plus spending hundreds for a mining rig to potentially get a small payoff in the future doesn't sit well with me. The more people that start mining the lower the payoff will be.

Found a company (https://www.canadianbitcoins.com/) that is taking cash deposits at some banks but they are charging a $15 premium and are back-ordered.

Looked for local people selling in my area on (https://localbitcoins.com/) and there are none within 3 hours drive.

Apparently there is a shortage of bitcoins here in Canada.

Wife and I went back and forth for a good couple of hours before pulling the trigger to buy the equipment for a LTC miner. At current price and difficulty it will pay for itself in under a month. So to me, it is worth the risk. My first sell order will be just what I paid for hardware, and hopefully the price continues to climb and I can continue to mine to supplement my income. Purchase some additional hardware and keep adding hashing power. If you need a hand getting a rig setup, let me know. You'll need a decent graphics card, Motherboard, processor, and at least 8GB of ram. 1000 to 1200watt power supply. I plan on building my own container for the rig out of extra wood I have in my basement from when I built my house. It will be open and free flowing for air. If you want a parts list, I'm attaching the hardware that I purchased. I already have a DVD drive, and SATA hard disk. So I didn't need to purchase one.

[Son-of-Liberty]

Thanks at least I have an idea of the cost now.