Bitcoin / Bitcoins / Crypto Currency

Yeah i guess. I guess i will keep hold of them just to be involved. How much i paid for them doesnt really matter as it was long enough ago for it not to mean much.

Don't buy bitcoins as an investment. Much like lottery millionaires surely there are winners, but that doesn't make it a sound investment.

Thanks, Mr Buffett.

All you can eat? Where dat at?

Burgers, isn't it? And Dr Pepper?

http://blogs.wsj.com/washwire/2013/11/05/bitcoin-comes-under-senate-scrutiny/

I accept and agree that a non-governmentally controlled fixed currency is beneficial to a inflationary liable fiat currency.
http://en.wikipedia.org/wiki/Bitcoin#Alternative_to_fiat_currency

What I don't understand is the benefits of technology behind bit-coin and how it helps & why its necessary.

How is it different to me putting all my money into a Paypal account?
How is it better than minting my own Gold coins?

My main worry is in the technology behind the mining of bitcoins. Seems to be limited by potential computing power, but what if computer processing power where to increase dramatically due to quantum computing or some other discovery that speeds up moores law.

Even if moores law remains constant they mining costs are also linked to energy costs which future prices are hard to predict.
http://en.wikipedia.org/wiki/Bitcoin#Energy_use_and_environmental_impact

Buy more... what could possibly go wrong?

All those issues and more are addressed, Tommy.

https://www.scirra.com/blog/tom/4/bitcoins-uk-future-looks-bleak

It's because the Americans have told this government NO!

Judging by the post above it looks as though Lynchman bought a few. I wonder if that's what finally led him to top himself

$400USD+ these days but lots of sites being hacked or coins being stolen too. So, reward comes from risk as always.

There's risk, and then there's holding your BC wallet on an unregulated exchange in a foreign country.

That's like putting cash in an envelope, and asking a complete stranger to keep it safe for you.

Eggs Zacchary.

Still, how else are peeps supposed to get that kilo of horse through the post?

In their Tescos lasagne, natch.

That's inflation for you

All those issues and more are addressed, Tommy.

Should be easy for you to cut out the answers then...?

Don't agree its more secure, which seems to be its main advantage
http://blockchain.info/wallet/paypal-vs-bitcoin

Still don't understand or trust the technology in anyway
http://www.extremetech.com/extreme/170473-bitcoin-flaw-allows-miners-to-game-the-system-gain-control-of-entire-network

Seriously.. what is wrong with gold?

This isn't up-to-date. There's been quite a few more this week - just as the public interest increases, so does the value and so does the number of people trying to game the system somehow..

https://bitcointalk.org/index.php?topic=83794.0

^^ If you read around you'll find the answers (they're probably in this thread).

But as I understand it in very simple terms, you mine by solving an equation with your computer. Every time someone solves an equation it gives them part of a new bitcoin. That is how they're produced (or mined).

However, every time part of the equation is solved it adds a bit onto the problem making it harder to solve. The harder it is to solve the more resources/energy it takes. So even if you invented a super computer tomorrow that could solve lots of them out it could only run for a short time because you would be making the equation harder and harder to solve.

That's why back when they started you had people in effect mining them on the side while their pc's were doing other things and now you'll spend £ks on specialist equipment that will only be good for a limited period. See here:

http://imgur.com/a/ZDNam

There are other safe guards in the way the solutions are checked but basically if you want to understand it properly you're going to actually have to do your own reading.

9am - 6:30pm 30th Nov - Free Bitcoin Conference

Cafe 1001, 91 Brick Lane, E1, London

http://www.bitcoinexpo.co.uk/

Time Share Bitcoin Ownership?

Its going mental.

Quick everyone, get in! Quick, before you miss the gold rush!

Put all savings into Bitcoin. Definite gains.

Looks like I sold a few of mine a bit cheap at their last peak.

8.7 at $208 out of my 16 coins which cost me $16 dollars each.

Positive things coming out of the senate. I can see them going quite a bit higher in the near future.