Bitcoin

FlutterPie said:

Since bitcoin is just getting out of hand. I'm thinking to start litecoin mining. Bitcoin started at a very low price and look at it now. So why wouldn't litecoin do that as well? Any thoughts on this?

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Litecoin is the equivalent of shady guys at the flea market selling "Niike" sneakers.

Litecoin is 90% comprised of the Bitcoin source code with some of the static values altered. From what I remember Litecoin changes the hashing algorithm (Scrypt instead of SHA256), the total number of coins to be generated (approx 4x bitcoin total coins), and the target block time (slightly faster)

Litecoin proponents argue that more than one cryptocurrency should exist and Litecoin would be better suited for smaller transactions. I agree alternatives should exist but take a look at Curecoin as an example trying to use BOINC research computing work units as proof of work instead of arbitrary nonce hashing. Litecoin offers no real changes over bitcoin and any problems that plague bitcoin also affect litecoin. (block chain size, transaction rate limits, etc)


Not to say that you can't make money mining litecoin as it does seem to hold varying concepts of value; problem is that all the disgruntled bitcoin miners that got pushed out by the proliferation of ASICs have piled onto litecoin. Profitability is hard to achieve since there is now such fierce competition amongst GPU miners. (ASICs don't work on litecoin since the hashing algorithm was changed)

I think that covers most of it?

I really like the Curecoin idea.

Imagine the thousands of dollars spent on Bitocin mining ASICs being used for research, just like F@H.

That Litecoin thing is idiotic. Its inventors and supporters miss the point about BTC or any virtual currency if they just want easy mining again. The whole mining thing was and is really just to get people on-board, and it's not supposed to be easy to mine coins later into the process because it would just cause inflation (even with the upper limit on the number of coins in existence) That whole "better suited for small transactions" thing is a load as well: you can break down the bitcoin into any fraction of the whole for any-sized transaction.

The real-value of the whole virtual currency thing is that it is a currency: you can trade it for real goods. The fluctuations in value the currency suffers, while benefiting or short-changing people in the short run, aren't all that helpful for establishing the currency as a viable exchange medium. I'd much rather have BTC settle on something like $100 or $1000 -- or just something -- so that people won't hesitate to buy or sell them (i.e. use them).

Im sure it will settle somewhere in the future, but right now its still growing. Thats one of the great things about bitcoin, it has generally been increasing since it was created so pretty much everyone who buys it makes money on it. While the value and popularity continue to grow more people get in on it, I think eventually its growth in users will slow and the price will level off.

Yet another thing you can buy using bitcoins: Space flights!

Virgin Galactic to accept Bitcoin for space flights | Technology | theguardian.com

The 1.5 bitcoins I gave away when I made this thread would now have been worth over $1500.. D'oh!

I some 1 btc for 770 dollars :/ now its worth 1000

CheesyWalnut said:

I some 1 btc for 770 dollars :/ now its worth 1000

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People are always complaining what they don't have. Be happy that you got $770 for your bitcoin.

Blord said:

People are always complaining what they don't have. Be happy that you got $770 for your bitcoin.

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Well I'm not that angry I got my bitcoin for free anyways

I've been scammed between 12 and 15 bitcoins in my life, so I'm quite sad.

I love the concept of Bitcoin but seeing the amount of "traders" buying it to sell higher makes me believe it will crash - and it will crash *hard* - in the near future.

I was reading this thread from the beginning and watching the value grow. I was thinking about the bit coins given away in the beginning and how much Grix really gave away. Lol ouch, but awesome. Very cool Grix

Is anyone on the 'Mining' side of this whole craze?

What I'm getting out of this... Is that if you put money into it, and let it sit, then it's worth more money? Like investing in bit coin, but without formally investing? Or am I wrong? Enlighten me please

CameronJP said:

What I'm getting out of this... Is that if you put money into it, and let it sit, then it's worth more money? Like investing in bit coin, but without formally investing? Or am I wrong? Enlighten me please

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Only if the price goes up, though historically it has.

But the main point of bitcoin is not making money, but how revolutionary it is as a method for sending and storing value digitally without involving third parties.