Buying Bitcoins

[doer]

Folks, not sure if anyone here's using Bitcoins yet. If you are, however, and want to offload some, I'm purchasing 200 BTC at USD 47/BTC. Ping me if you've got inventory.

P.S. If you're not into it yet, get into it

[unrequited]

Folks, not sure if anyone here's using Bitcoins yet. If you are, however, and want to offload some, I'm purchasing 200 BTC at USD 47 flat. Ping me if you've got inventory.

P.S. If you're not into it yet, get into it :)

Considering it's $47 PER bitcoin, I dunno if you're going to find anybody to sell you 200 of them for "47 flat".

[doer]

Lol. Fixed.

[unrequited]

So if you're going to match the market price, why not just go on mtgox and buy a couple hundred dollars worth yourself? Near infinite inventory there.

[doer]

Transferring funds is a pain in the ass with all the various delays. Plus these sites have USD 3-5K caps on accounts. Pass.

After two weeks of daily 10BTC purchases and local transactions, I'm nowhere near my goal. Hence the post.

Now. Do you have BTCs to sell?

[Scree]

I was considering mining them. Then I read stories on mining farms. Then I read what mining bitcoins would do to my electric bill. Then I saw the hardware efficacy rate for various graphics card.

Then I deleted all relevant bitcoin related bookmarks.

I doubt many people have these or would bother speculating in a market that is entirely virtual.

[doer]

Oh dude, Feya, this market's set to blow up. You can now purchase Newegg and Amazon merchandise through BTC (indirectly for now). VC investments are going into exchanges and startups. Silk Road (have you heard of it?) is reigning supreme, and is becoming busier by the minute. BTC only stores are popping up at an increasing rate. A couple of big banks are eyeing BTC transactions for their clients. BTC-only gambling sites are reporting $500K+ profits in less than a year. More BTC-enabled gambling sites are popping up. BTC stores are reporting increasing sales. People are buying coffee, pizza and hookah through BTC (I'm guilty when it comes to the hookah ). Etc.

This thing's about to go crazy in the next couple of years. Atleast that's what I'm banking on.

As far as mining these goes; yeah I'd rather stay out of that rat-race. I considered it aswell last year. The high-end GPUs you'll get will give good returns in the beginning, but then a couple of months later the other farmers will get the same or better equipment, and the network's complexity will go up. Then you'll be back to where you started. Tough business, too much competition.

[Eazycheeze]

Wikipedia:

http://en.m.wikipedia.org/wiki/Bitcoin#section_1

Bitcoin is the most widely used alternative currency:[11][3] As of March 2013, the monetary base of bitcoin is valued at over 400 million US dollars.[12][13] The large fluctuation in the dollar value of a bitcoin has evoked criticism of bitcoin's economic suitability as a currency.[14]

[doer]

Eazy. Title: "George Soros of Bitcoin." I'm chasing it. Join me.

Also, it's a 10.8M BTC x $47 = $507M market now.

[mormak]

You should have bought yesterday when it crashed. Up 250% this year... Seriously risky betting on currencies, but it has become more widely accepted, and not just in the US, so it might be a worthwile bet.

[Fanfan]

i'd rather waste my money on the crap tables in vegas

[doer]

You should have bought yesterday when it crashed. Up 250% this year... Seriously risky betting on currencies, but it has become more widely accepted, and not just in the US, so it might be a worthwile bet.

Ah yeah, but the transaction limits at these exchanges cramped my style. Here's hoping for another crash and a bubble.

[ragnoth]

this market's set to blow up.

Just like housing in 2008 .

Bitcoins are becoming more common, but they are still being used primarily for shady grey market transactions. You pointed out 'gambling sites' the 'silkroad' (which is most known for being a place to buy guns and drugs) and 'indirectly' buying from legit sites like newegg. There are always fun stories about it being used to buy pizzas and such, but I don't think that it will be considered a standard currency any time soon.

Also keep in mind that one of the biggest 'advantages' of bitcoin (not being controlled by any government) also prevents it from ever being adopted or promoted by the government. Let's be real here, after a certain point uncle sam would rather just ban you from using the stuff in regular stores than give up their monetary policy.

But seriously: There could be an argument for the value to go up (since the supply of new coins gets smaller and smaller over time and the cost to mine gets higher.) But this stuff looks like the worst kind of currency speculation. Just don't 'invest' anything you can't afford to lose .

[doer]

lol

[Fanfan]

the thing that'll make bitcoin really take off is when Blizzard integrates the currency into WoW, or Project Titan.

[unrequited]

the thing that'll make bitcoin really take off is when Blizzard integrates the currency into WoW, or Project Titan.

I don't see any major company ever taking bitcoin directly if they're based in the US. Technically using alternative currency would be legal, but keeping records for tax purposes would be a nightmare.

[Fanfan]

nah, what I meant was replace in-game gold with bitcoin currency. You still gotta pay cash for the subscription and cd-key.

[doer]

Article: http://www.forbes.com/sites/timothylee/ ... r-bitcoin/

Excerpt: "Given those laws, FinCEN’s guidance is probably the best Bitcoin fans could have hoped for: it sends a clear sign that America’s anti-money laundering regulators do not consider the currency a threat and isn’t going to try to force it to change or shut down."

[ragnoth]

Article: http://www.forbes.com/sites/timothylee/ ... r-bitcoin/

Excerpt: I’m not a big fan of anti-money laundering laws

[doer]

hahaha