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Do any of you own bitcoin?

Posted on 4/26/15 at 9:18 pm
Posted by texag7
College Station
Member since Apr 2014
37512 posts
Posted on 4/26/15 at 9:18 pm
If so how long do you plan on holding it and what's your opinion on its long term survivability?
Posted by Vols&Shaft83
Throbbing Member
Member since Dec 2012
69901 posts
Posted on 4/26/15 at 9:27 pm to
You should try buttcoin

Posted by Agforlife
Somewhere in the Brazos Valley
Member since Nov 2012
20102 posts
Posted on 4/26/15 at 9:27 pm to
Damn Mexican food
Posted by cokebottleag
I’m a Santos Republican
Member since Aug 2011
24028 posts
Posted on 4/26/15 at 10:30 pm to
Didn't it crash pretty hard recently?

Bitcoin is a Ponzi scheme or a really volitile stock with no backing. Take your pick.
Posted by Rebel Land Shark
Member since Jul 2013
30164 posts
Posted on 4/26/15 at 10:47 pm to
Posted by Volatile
Tennessee
Member since Apr 2014
5471 posts
Posted on 4/27/15 at 12:30 pm to
Hey, I don't own Bitcoin. Nope:
Posted by TeLeFaWx
Dallas, TX
Member since Aug 2011
29179 posts
Posted on 4/27/15 at 12:40 pm to
I bought one bitcoin when it was at like 4 something. I think it's at like 2 something now, so I've lost a couple hundred on it at the moment. I viewed it as nothing more than a risky stock.

I am intrigued but the possibilities to an extent, but it's just something for me to watch, not participate in at the moment. I don't really plan on buying anything with it. I don't think it really offers much value to Americans and the fact that like 90% of the trades are done in Yuan reflect that, but the existence of a cryptocurrency, and one that's used, will help regulate the federal reserve's manipulation of our currency one day.
Posted by HempHead
Big Sky Country
Member since Mar 2011
55444 posts
Posted on 4/27/15 at 12:45 pm to
quote:

If so how long do you plan on holding it


Until it reaches what I think the possible market cap is.

quote:

what's your opinion on its long term survivability


Not very good. If cryptocurrency really takes off, I doubt it will be bitcoin. I just had such a low entry cost that I'm willing to ride it out and see what happens, but I don't have much optimism.
Posted by ehole
in a house
Member since Nov 2010
3373 posts
Posted on 4/27/15 at 7:06 pm to
i mine it and other cyptocurrencies. i day trade too. i've doubled, almost tripled my ROI on the miners and done moderately ok in the trading.
quote:

what's your opinion on its long term survivability?


to paraphrase satoshi nakamoto... there will either be tons of bitcoin transactions in 20 years or none.
Posted by rootisback
Member since Mar 2014
3371 posts
Posted on 4/27/15 at 7:10 pm to
what - do I look like I went to aTm? Most people are stupid enough to invest in scams like that.
Posted by deeprig9
Unincorporated Ozora, Georgia
Member since Sep 2012
63928 posts
Posted on 4/27/15 at 7:22 pm to
quote:

i mine it and other cyptocurrencies. i day trade too. i've doubled, almost tripled my ROI on the miners and done moderately ok in the trading.


I've seen some of the "mining operations" in data centers, and they aren't cheap, and just running them costs thousands, tens of thousands of dollars a month in just electricity for the servers and cooling them.

All to solve deep web riddles for monopoly money.

I don't get it.

But I'm open minded, if you can explain it to me a little better, or differently.
Posted by BarberitosDawg
Lee County Florida across causeway
Member since Oct 2013
9914 posts
Posted on 4/27/15 at 7:28 pm to
quote:

Bayside Corp. Announces Interim Sales Revenues of $250,000

4:30 pm ET April 20, 2015 (PR Newswire) Print
Bayside Corp. (OTC: BYSD) today announced interim gross sales revenue figures from its Hong Kong sale of Bitcoin and Vault 51. Bayside Corp. through its subsidiary company Bitcoinz USA launched the sale of Vault 51 and Bitcoin in Hong Kong on March 24, 2015. Since that time the company has generated gross sales revenue in excess of $250,000.

To continue, the company's sale of Bitcoin and Vault 51 to institutional clients served as a catalyst for its sales figures in the region. The company intends to make Vault 51 and the sale of Bitcoin available to consumers all across China through independent operators in the very near future.

Furthermore, the number of retailers now accepting Bitcoin is estimated to have exceeded 100,000 worldwide according to the latest industry figures. Which leaves a lot of room for growth. Bitcoinz USA believes that the United States of America as a world leader is a key player in the next phase of Bitcoin's growth and evolution.

As international countries, corporations and retailers follow the lead of the United States of America and American corporations by adopting Bitcoin as a form of payment for goods and service, the larger the worldwide Bitcoin eco-community will grow.

Vault 51 is an offline storage system for Bitcoin users, which is represented by a Physical Bitcoin. The electronic Bitcoin is then stored off-line in a secured computer chip known as Vault 51 and embedded in a Physical Bitcoin, which is not connected to the internet. This process is also known as cold storage and is done to avoid hacking, loss, or theft.





Posted by texag7
College Station
Member since Apr 2014
37512 posts
Posted on 4/27/15 at 7:43 pm to
You mine? You must be running a lot of equipment and a bunch of good graphics cards.
Posted by deeprig9
Unincorporated Ozora, Georgia
Member since Sep 2012
63928 posts
Posted on 4/27/15 at 7:55 pm to
quote:

good graphics cards


In what way is that important to bitcoin mining?
Posted by texag7
College Station
Member since Apr 2014
37512 posts
Posted on 4/27/15 at 8:21 pm to
Pretty sure everyone uses GPU's and graphics cards now since they hash data way faster than most CPU's.
Posted by ehole
in a house
Member since Nov 2010
3373 posts
Posted on 4/27/15 at 10:19 pm to
my bitcoin miners are asics... antminer s2, s3+, and s5 specifically. nobody cpu or gpu mines sha256 algorithm (which is bitcoin) with that or fpgas anymore. there are plenty of scrypt, x11, x13, qubit, etc, etc algorithms you can still mine profitably with good gpus. i won't lie, drugs got me into cryptocurrency... but my love of math and shite has pushed me further down the wormhole.
there are lots of alternatative cryptocurrencies besides bitcon, referred to as "alt-coins" i equate them to penny stocks, most are pump and dump and don't survive 2 months on an exchange. the are several good alt-coins, but none are close to surpassing BTC yet.

if you guys have any serious (or actually funny) questions about bitcoin or the general mining process i'd love to try and answer. i'll give a quick overview of what mining is. basically you have a machine (be it a gpu or an asic rig like mine) trying to solve an advanced math problem. the more people trying to solve the problem with increase the difficulty of the problem. bitcoin is set to be solved 1 time every 10 minus. the solution aka block, is then broadcast through the network and work starts on the next one. all the previous blocks and transaction within are put on what is know as the blockchain. each block is built from the previous block's information and transaction creating a seamless flow of transactions. if blocks are being found too fast or too slow due to luck and or network hashrate (volume of people solving the math problems) the difficulty will adjust accordingly. with bitcoin that is every 2016 blocks, and theoretically at 10 minutes a piece take exactly 2 weeks.
Posted by texag7
College Station
Member since Apr 2014
37512 posts
Posted on 4/27/15 at 10:37 pm to
You should go to bustabit.com I gamble bitcoin on there every month or so and it is a provably fair site.
Posted by ehole
in a house
Member since Nov 2010
3373 posts
Posted on 4/27/15 at 11:18 pm to
i do bet college football in bitcoin... nothing major, as i hate parting with losses. i'm gonna check out your site and bookmark it for next season so i can have another place i can compare odds, thanks.
there has been one occasion i left my wallet at home while out to dinner with friends... bought an e-gift card while we were eating. if you're creative there's almost no limit how you can spend them. it'd be nice if they went back up to 1000, but i treat them like a gallon of gas. it will always be a gallon and drive my care the same distance... but it won't always be the same price on the same day. in fact 10-15% price variance in a week isn't unheard of. i don't know why people have an issue with this when it comes to bitcoin. the price is still up over 2000% from the first ones i purchased... and blew through
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