Anyone own Bitcoin?

Discussion in 'Off-Topic' started by Matt, Nov 5, 2013.

  1. Thanks for the info. Figured the mining bit was more complicated and a larger investment then appeared. I'm going to look into it further on the links you all have shared. If I'm thinking about jumping on something I'll hit you up first to see if its an intelligent investment
  2. mapcratic

    mapcratic Supporter

    I was getting ready to make a purchase a few weeks ago but it went from $300 to $700. Now I'm not so sure about buying.. this whole thing feels like the tech bubble from 10-15 years ago. Is it possible to buy fractions of bitcoins through a broker? I might be ok with buying a quarter or half bitcoin if there's a reputable source out there.
    • Like Like x 1
  3. Matt

    Matt Owner

    Media:
    6
    You can buy any amount from coinbase. It's divisible down to 8 decimal places.
    • Like Like x 1
  4. junglemason

    junglemason Supporter

    Media:
    21
    Albums:
    2
  5. Matt

    Matt Owner

    Media:
    6
    Important to point out that it's speculation that their terrible code and poor accounting practices led to them losing track of their members account balances over a period of several years. Not to be confused with someone hacking them or there being a problem with the Bitcoin protocol itself.

    To me, it's great news if MtGox finally goes under. They've been around for ages and were key in bootstraping bitcoins popularity, but they are the most amateurish company I have ever seen. Nobody should be trusting their money with them.
  6. Tibal

    Tibal Supporter

    Media:
    8
    Albums:
    1
    ^This and with any exchange IMO. I personally don't understand why people don't store their BTCs on a personally owned, physically available external hard drive.

    I've been toying with the idea of buying a single coin and riding the waves in this new ocean, but one thing I haven't figured out yet is why people keep their coins in the exchanges. Are they just unaware that they can store their money in their mattress or is there some advantage to having it online. Is it just less steps/faster to day-trade BTCs? Is there less or no broker fee if kept in 'the bank'?

    I think the worst thing that has come out of the MtGox failure is that the media is, and likely already has, going to spread FUD to the uninformed and have a headline with something like, "BITCOIN HAS FAILED!" or "BITCOIN GOES BANKRUPT!" or better yet, "THOUSANDS LEFT ON THR STREET DYING OF DYSENTERY AFTER LOSING ALL THEIR MONEY IN BITCOIN!!11ONE"
  7. Cryptomeria

    Cryptomeria Supporter

    Two very good pieces of information here:
    1. Tibal lives less than two hours from me
    2. Tibal keeps money under his mattress
    • Like Like x 2
  8. junglemason

    junglemason Supporter

    Media:
    21
    Albums:
    2
    When I first heart about BitCoin, I assumed it was kinda like BitTorrents, where the transaction data was sharded and seeded across the cloud, thereby making it super resilient. I'm really surprised it's the opposite of that.
  9. Matt

    Matt Owner

    Media:
    6
    What do you mean? The block chain is exactly that. Every node on the network contains a full copy of all transactions.
  10. junglemason

    junglemason Supporter

    Media:
    21
    Albums:
    2
    Ahh, well that's cool then. I was just surprised to find out that one company could lock down a bunch of members' money. I don't understand the relationship between a company like MtGox and its customers. I can Google, but I'm just stating my current ignorance.
  11. Matt

    Matt Owner

    Media:
    6
    analogy time:
    bitcoin = the internet
    mtgox = AOL

    My grandparents still think AOL = the internet. In other words, mtgox just provides a service (providing a platform to exchange dollars for bitcoins) but in order to use their service you have to trust them with your money and/or bitcoins. There's other ways to exchange bitcoins, and other service providers that do other things, all with varying amounts of trust required on the users part. But you can always just keep your bitcoins in your own wallet, or trade with people directly and not have to trust other people with the keys.

    The best way to use an exchange is to transfer money/bitcoins in. Do the exchange. Then transfer the money/bitcoins out. Most of the people that got burned were just using mtgox like a bank and keeping a balance with them.
  12. Just let me know when there's a strip club that accepts bitcoins.
  13. Matt

    Matt Owner

    Media:
    6
  14. zLunaTiK

    zLunaTiK Supporter

  15. Matt

    Matt Owner

    Media:
    6
    [​IMG]
    • Funny Funny x 1
  16. Voljub

    Voljub

    Media:
    6
    Albums:
    1
    I remember looking into getting myself linked to a coin wallet maybe a year or two ago in a groggy 3AM "Fuck it what can it hurt?" kinda move. but I cant for the life of me remember how I went about it or even how to access it again.
  17. PastaNinja

    PastaNinja Supporter

    If you're a bitcoin millionaire, @Matt, can you reopen the Axe?
  18. Hey Matt...

    Do you have any interest in possibly bringing the WoodenAxe Network back to life?

    There's a ton of small adult network's out there but nothing comparable to what the WoodenAxe use to be. From one System Administrator/Developer to another.. If you have any possible interest in seeing this network being brought back to life - please feel free to get in contact with me. I own a hosting company/datacenter in DFW and would be more than willing to provide the required dedicated server(s) and resources to make this happen at no expense to you. Consider it a.. sponsorship of some sort.