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Anyone ever bought Bitcoin?

King Richard said:
I bought 100 bitcoins around a year ago for $4 each, their price now is something like $35 each :D. Ive never had to give out my bank details or anything though.. i bought them via paypal and then got the coins sent to my bitcoin wallet by giving the site i bought them off my wallet address..

Also, if you're interested in mining bitcoins, id suggest investing in one of these:-

http://www.butterflylabs.com/
Click to expand...
Doesn't seem like this account is still active, but I hope he held on to it. Or sold it at the right time. I wish I had got in on this early. Oh well... :)
 
Roxxo said:
At one point in time I had several thousand bitcoin, granted that was when they were worth a couple cents. The hard drive that had that bitcoin wallet failed and is now a paperweight. A paperweight with millions of dollars worth of bitcoin encoded on an unreadable sector. Fuck.
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<FutbolThink>
 
We either have a bunch of rich dudes in here or well, I just hope they didn’t sell early and have to live with it.
 
You guys all know that while Bitcoin will crash every once in awhile, I do not see a limit to how much it could reach up to. We all know that Bitcoin will hit a million dollars each in the future. It may take some time, but it will get there. And keep going up higher and higher.
 
Bornstarch said:
You guys all know that while Bitcoin will crash every once in awhile, I do not see a limit to how much it could reach up to. We all know that Bitcoin will hit a million dollars each in the future. It may take some time, but it will get there. And keep going up higher and higher.
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Yup it would defo reach much much higher than we expect. The fiat money we're having now is doomed to fail
 
Bornstarch said:
You guys all know that while Bitcoin will crash every once in awhile, I do not see a limit to how much it could reach up to. We all know that Bitcoin will hit a million dollars each in the future. It may take some time, but it will get there. And keep going up higher and higher.
Click to expand...
Would you happen to know at what rate BTC growth has outpaced inflation since it dropped?

Wild, random guess... in the neighborhood of 20,000X or so?
 
High Test With da Best said:
Would you happen to know at what rate BTC growth has outpaced inflation since it dropped?

Wild, random guess... in the neighborhood of 20,000X or so?
Click to expand...

I dunno, but exponentially higher than anything else. Maybe infinite. Bitcoin was worth nothing for the first 2 or 3 years after I saw people on 4chan passing them around. 10 thousand bitcoins for anyone who wanted them, and some people took, most people thought it was a scam at the best, a computer virus at the worst.
 
Bornstarch said:
I dunno, but exponentially higher than anything else. Maybe infinite. Bitcoin was worth nothing for the first 2 or 3 years after I saw people on 4chan passing them around. 10 thousand bitcoins for anyone who wanted them, and some people took, most people thought it was a scam at the best, a computer virus at the worst.
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Yes I remember and was very, very close to jumping right on in for fun. Blech!
 
HIMBOB said:
Cheers,


FYI all,



How does Bitcoin work?

This is a question that often causes confusion. Here's a quick explanation!
The basics for a new user

As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once.


Bitcoin
Balances - block chain

The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.
Transactions - private keys

A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 10 minutes, through a process called mining.
Processing - mining

Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.
Going down the rabbit hole

This is only a very short and concise summary of the system. If you want to get into the details, you can read the original paper that describes the system's design, and explore the Bitcoin wiki.
Click to expand...

My post when btc was about $250

Fyi no lambo for me
 
WorldofWarcraft said:
Just bought 1 bitcoin from Coinbase.com

I needed .60 bitcoin to continue my newsgroup membership at a certain website. Buying bitcoin is ridiculous in that you have to put in your bank checking and routing numbers, as well as your bank username and password for them to verify and link your bank account to your bitcoin account. I just used one of my old bank accounts I never use that has almost no money in it after I bought the bitcoin just in case I get hacked.

This is the only way to go in order to avoid the six strikes policy that all ISPs are implementing.
Click to expand...
Until I read the year this was posted, I thought "newsgroup membership" was a euphemism for drugs. .60 Bitcoin for a web subscription, jeez.
 
King Richard said:
I bought 100 bitcoins around a year ago for $4 each, their price now is something like $35 each :D. Ive never had to give out my bank details or anything though.. i bought them via paypal and then got the coins sent to my bitcoin wallet by giving the site i bought them off my wallet address..

Also, if you're interested in mining bitcoins, id suggest investing in one of these:-

http://www.butterflylabs.com/
Click to expand...
So, you’re all rich now and forgot to log on to Sherdog??
 
This King Richard character, does he have millions of dollars now or what
 
Bitcoin is a great starting tool to become a trader. I started with it, and now I'm doing great in the forex market. These stocks are just toys after cryptocurrency trading. For a while, I was buying bitcoin and trying to increase my numbers until I figured out how the system works. This information is not for the public mind as the system directly depends on how many people don't understand how the system works. (if you understand what is written here, you are a trader) Anyway, it is worth noting how much the demand for https://www.earnforex.com/high-leverage-forex-brokers/ has gone up.
 
Last edited:
Sounds like a passing fad that is very unlikely to catch on in the mainstream.
 
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