Bitcoins in 2014?

[Retired_Member38]

About a billion dollar's worth.
http://motherboard.vice.com/blog/bitcoin-mints-its-first-billionaire-satoshi-nakamoto

Yet another half-truth attempt to discredit it - none of those coins were mined before it was launched publicly. Me or you could have mined those coins - we just didn't know/care about it. It was out there in the public though... we had the option.

 

[websaway]

Where will the $350,000,000 shortfall come from - anybody know ?

 

[Edwin]

Yet another half-truth attempt to discredit it - none of those coins were mined before it was launched publicly. Me or you could have mined those coins - we just didn't know/care about it. It was out there in the public though... we had the option.

Realistically, who knew about it day 1 hour 1 apart from the guy who created it? Who was the only person in the world set up to mine the very second that the system opened?

In fact, several days went past before anything was announced. https://en.bitcoin.it/wiki/History

 

[Retired_Member38]

Realistically, who knew about it day 1 hour 1 apart from the guy who created it? Who was the only person in the world set up to mine the very second that the system opened?

He was pretty open about what he was doing - a variety of people knew exactly what he was doing, and when he was doing it. Plenty other people mined early on and have made a massive pile of cash from it. Obviously he's the biggest winner but he could have made significantly more if he done what you're suggesting and pre-mined before releasing it.

His only real issue now is he can't sell many of the coins. If he did, that alone could cause a collapse in price. If the founder thinks he should sell at x price, why should anyone else hold past that level?

 

[websaway]

About a billion dollar's worth.
http://motherboard.vice.com/blog/bitcoin-mints-its-first-billionaire-satoshi-nakamoto

In domain terms, it would be like a registry hanging onto all the best domains to sell later at super inflated prices. Oh, wait, that's what a lot of the new GTLD registries are doing...

So if he throws in 744,000 of his 1,000,000 bitcoins to cover the shortfall, problem solved for now, and he retains some wealth.

 

[anthony]

About a billion dollar's worth.
http://motherboard.vice.com/blog/bitcoin-mints-its-first-billionaire-satoshi-nakamoto

In domain terms, it would be like a registry hanging onto all the best domains to sell later at super inflated prices. Oh, wait, that's what a lot of the new GTLD registries are doing...

Great spot!

Whether or not he 'pre-mined' them, he clearly was first to the line anyway, and the better off for it.

If he had made a conscious effort to not mine them first, then he would have gained some respect. As it is, he pipped everyone else whilst he was in the know.

 

[Retired_Member38]

Great spot!

Whether or not he 'pre-mined' them, he clearly was first to the line anyway, and the better off for it.

If he had made a conscious effort to not mine them first, then he would have gained some respect. As it is, he pipped everyone else whilst he was in the know.

He publicly announced what he was doing, and mined from the day anyone else could have done - wtf else was he meant to do?

It was as fair as he could make it. He could have mined for weeks/months before launching, and didn't.

He's the creator of the system, why shouldn't he make money from it anyway?

 

[websaway]

If it walks like a Ponzi and quacks like a Ponzi

 

[Edwin]

If it walks like a Ponzi and quacks like a Ponzi

Like all the best Ponzi schemes (cf Madoff) Bitcoin has become large and popular enough that it has suckered "real" firms into its orbit, thus lending it a veneer of legitimacy. It all sounds so exciting, with its mathematical foundations, mining, promise of anonymity etc. But there's nothing behind the curtain if you take a really long, hard look.

Sadly, that's not to say that you can't make money from it. Some people do well even out of Ponzi schemes - on the way up. But they implode and destroy all value very very quickly when the game is up, so you don't want to be the one left catching a falling knife...

 

[websaway]

Like all the best Ponzi schemes (cf Madoff) Bitcoin has become large and popular enough that it has suckered "real" firms into its orbit, thus lending it a veneer of legitimacy. It all sounds so exciting, with its mathematical foundations, mining, promise of anonymity etc. But there's nothing behind the curtain if you take a really long, hard look.

Sadly, that's not to say that you can't make money from it. Some people do well even out of Ponzi schemes - on the way up. But they implode and destroy all value very very quickly when the game is up, so you don't want to be the one left catching a falling knife...

The big problem with this all along is that you don't know who is invested ( people in high places perhaps ) and those sitting on profits are likely to defend it on the hope they will not lose the gains they have accumulated.

 

[disruptive]

Yeah bull trap too! Those who buy in after the first plunge!

 

[retired_member36]

To secure your bitcoins, print them out?
http://www.marketwatch.com/story/to-secure-your-bitcoins-print-them-out-2014-02-26

Bitcoin exchange BTC-e, a Mt. Gox alternative, is an Internet black hole
http://blogs.marketwatch.com/thetel...mt-gox-alternative-is-an-internet-black-hole/

 

[websaway]

Gox filed for bankruptcy protection

 

[Retired_Member38]

Volume is low so I would not expect prices to fall immediately. Plus news takes a while to go around all time-zones.

So what happened to this big crash you were expecting... it never appeared.

 

[newguy]

They'll either go up or down in value. If you get in at the right time you'll make a profit, if you don't you won't. Like anything else really. All of the conjecture about whether bitcoin is or isn't valid is and will remain rather pointless.

 

[Jamie101]

Value up $100 today. With the help of this being published by HMRC:

http://www.hmrc.gov.uk/briefs/vat/brief0914.htm

Sent from my GT-I9300 using Tapatalk 2

 

[anthony]

Value up $100 today. With the help of this being published by HMRC:

http://www.hmrc.gov.uk/briefs/vat/brief0914.htm

Sent from my GT-I9300 using Tapatalk 2

That's a VAT & Tax anti-avoidance measure rather than a Bitcoin recognition statement, but people being people, they will think it's something it isn't.

 

[scooter]

Bitcoin bank Flexcoin pulls the plug after BTC hackers nick $610,000

here






.

 

[retired_member36]

They are the highest ive seen for a while on bitbargain.co.uk

 

[Retired_Member38]

£423 on bitbargain.co.uk currently, which is $707.

$677 on Bitstamp currently, so unless you're going to buy a tiny amount and bank fees are an issue, Bitstamp looks like a better buy.

I've created a Bitstamp account, I'm likely going to buy some at some point - I just wanted to get an account ready so I can move quickly if I chose to do so