Bitcoin / Bitcoins / Crypto Currency

is it even worth buying them now ?
or does the price of goods bought with them decrease in a similar proportion ?

say for example a $20 USD pizza

when 1 bitcoin = $1 it would cost 20 bitcoins for a $20 pizza
now they are at $220 would the same pizza cost 11 bit coins or 0.0909090 recurring of a bit coin ?

are vendors lowering their prices in relation to the increase in valuer of the bitcoin ?

The service i need them for has been lowering the price, still bullshit though

nearly all vendors are pegged to the $. Lots of people are becoming millionaires from this.

Until it bursts.

another bubble I missed
i swear i'll get on one one of these days and retire

Litecoin could be a good choice for getting in to the cryptocurrency game at a sensible price.

If you had hardware that could mine them extremely fast the complexity would also rise extremely fast.
That would slow down the mining again. That's what will happen, or is happening with the specialized
mining hardware.

The cost of buying and running computers outweighs the value of the coins.

You need to be a lab geek somewhere using a whole fleet of student machines at night or something.

Lets say your bitcoins would be worth 2 million.
Who is going to give you the 2 million pounds?

No one I know.

https://www.bitstamp.net/ there was a £200,000 buy on here earlier.

The cost of buying and running computers outweighs the value of the coins.

You need to be a lab geek somewhere using a whole fleet of student machines at night or something.

that was possible 2 years ago until people started building specialized GPU clusters.
and now this:
http://www.butterflylabs.com/

with regular CPUs you can not keep up.

Lets say your bitcoins would be worth 2 million.
Who is going to give you the 2 million pounds?

Presumably you could go and sell them right now for that amount, so clearly someone would.

Didn't they used to be used for massively dodgy / nefarious reasons (drug deals, money laundering etc) as they were so anonymous? Someone who wanted to remain anonymous may be willing to pay a lot for that I guess.

Litecoin is easier to mine than bitcoin on a regular pc - such as your work pc..

^^I would imagine most people with £200,000 in dodgy money would have more reliable ways to dispose of it.

How hard would it be to get one? For example, I've got a grotty laptop. Would it be one of those instances where it would take me 10^20 years or something to mine one?

that was possible 2 years ago until people started building specialized GPU clusters.
and now this:
http://www.butterflylabs.com/

with regular CPUs you can not keep up.

Hence the lab geek bit. Surely there's some 3D uni courses out there with the required hardware?

nearly all vendors are pegged to the $. Lots of [STRIKE]people[/STRIKE] drug dealers are becoming millionaires from this.

.

^^I would imagine most people with £200,000 in dodgy money would have more reliable ways to dispose of it.

Maybe. I used to work in a bank, and they reckoned that people who want to launder money are comfortable to take a 60% loss (i.e. they want to make £1000 of dodgy money legit, they'd be happy to get £400 back).

This seems like a pretty easy way to clean cash, and (as long as you don't hold it too long to avoid any crashes) you wouldn't take that 60% haircut.

I decided to keep hold of mine - I bought them for 17gbp a coin a while back - and got tempted to sell near the end of last month.
At almost 10 x my investment in under a quarter, it's going ok.
Presumably there is still coin to be mined?

the 10k pizza looks more and more ridiculous!

I've started selling off-peak electricity to bitcoin miners. I'm making a fortune. :)

Iv'e started selling crack on Silk Road. I'm making even more

you has PM mike

The money I make from the electricity sales goes into large-scale crack cocaine production..

Which is then laundered through bitcoins