WadeF
Junior Member
Google says a bitcoin's current value is $3353.96, and with $800 you could have bought 10,000 bitcoins if they were $0.08 each, and today they would be worth $33,539,600. 
Is 1 bitcoin really worth 1/4lb of platinum
- Thread starter Steve
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GKL
Forum Supporter
Google says a bitcoin's current value is $3353.96, and with $800 you could have bought 10,000 bitcoins if they were $0.08 each, and today they would be worth $33,539,600.
The old 20/20 hindsight strikes again
......If we'd only known back then what comic books, baseball cards, silver coins, ect. from when some of us grew up back the 1950s/1960's would be worth today we would have stockpiled a bunch of all that and we'd all be rich now
Steve
Forum Supporter
You would think ebay and PayPal would try to keep market share by lowering fees... instead ebay has started taxing on my seller fees.
amc rulz
Forum Supporter
Look at it like the Federal Reserve Bank, and our dollar. Very similar.It seems like some kind of gimmick, scam to me. Is it like stocks or what. I just don't see how somehow someone just made up a new money system, unless I'm just missing something here.
BottleCapKing
Elite Member
An item is worth what ever someone is willing to pay for it.
Is a diamond really worth what people pay for them? Without the stranglehold on the natural diamond supply by the Diamond Mafia (De Beers), diamonds would be much cheaper than they are now. There is sufficient demand that the price can be set high by the suppliers.
I have contemplated setting up a Linux server I have to do bitcoin mining. I would love to find a few of them, sell them, and pay off my car. However, in the world of bitcoin mining, you may have X bit coins one day, and come back the next to find X - Y bitcoins in your bitcoin wallet.
Is a diamond really worth what people pay for them? Without the stranglehold on the natural diamond supply by the Diamond Mafia (De Beers), diamonds would be much cheaper than they are now. There is sufficient demand that the price can be set high by the suppliers.
I have contemplated setting up a Linux server I have to do bitcoin mining. I would love to find a few of them, sell them, and pay off my car. However, in the world of bitcoin mining, you may have X bit coins one day, and come back the next to find X - Y bitcoins in your bitcoin wallet.
BottleCapKing
Elite Member
It seems like some kind of gimmick, scam to me. Is it like stocks or what. I just don't see how somehow someone just made up a new money system, unless I'm just missing something here.
All money systems are made up. New systems replace old systems. It has been this way since the first people started trading a long sharpened stick for a sharpened rock.
Steve
Forum Supporter
De Beers... probably 1 of the best marketing campaigns in history.
It doesn't really work that way. Home computer systems even with top end processors and graphics cards can only mine teeny tiny fractions of a bitcoin per day, not worth ruining your equipment for. They sell specialized machines that are built for the sole purpose to very quickly do the crazy calculations it takes to find a bitcoin block and it's not just you that mines to try and find one of these blocks. You connect your miner/machine to an online pool of thousands of other people who are also mining and you all combine your hashing power to solve a block. Once your pool finds one you then all split the amount of bitcoin that was in the block (right now 25 per block), among the thousands of people who are using the pool but the pool can find multiple blocks per day. At any rate, you're still only mining small amounts of a bitcoin per day depending on how many machines you are running. The more hashing power you provide for the pool, the more of the reward you get when a block is found. You won't lose any bitcoin in your wallet unless you sell them or lose access to your wallet. I'm kicking myself now. I had 16 Antminer machines 4 years ago and mined somewhere around 20 coins over a year and a half. Back then Bitcoin was around 500$ and then it slowly started tanking to 275$/coin and I panicked and sold everything. Those would be worth over $85,000 today if I had just hung onto them. It's near $4,300/coin now and some are predicting $8,000 by the end of the year so I'm trading $1,000 worth of poured sterling bars for some bitcoin in the next few days. Just gonna hang onto it and see what happens.
Ohiodigger
Elite Member
I found $800 in clad in 2010 when Bitcoin was .08c ea!....I was watching Bitcoin on several Financial sites and was aware of all the Pro/Con discussions...I just didnt understand it, like a 401k kind of rip off deal.....So I wisely invested the dirt money on metal detecting gear as MY plan to get rich quick!...
Bitcoin kept going up, up, UP! Gold stayed the same, and then the easy clad ran out.....and here I am, with detecting gear and empty pockets!...I do have a fairly substantial collection of Beanie Babies and some certified Collector plates from the Franklin mint as a nest egg investment.
I wonder how rich I would be today if I had bought Bitcoins back in 2010 with that $800 dirty clad? I bet I could get some decent waders and maybe even a Minelab!! I'm not good at math..obviously...
Regarding riches, They say, "You cant take it with you" And I'm doing my best to assure that will not be an issue for me to worry about...!
I did the math for ya mudd, you could have 10,000 bitcoins, multiply that by what one is today, and you would have had 32,950,000!!!! WOW!!!!
Nevermind, just seen someone else did LOL
Steve
Forum Supporter
Google says a bitcoin's current value is $3353.96, and with $800 you could have bought 10,000 bitcoins if they were $0.08 each, and today they would be worth $33,539,600.
$4400 so far... 3 retailers accept bitcoun, if I remember correctly, and 1 of those is a drink shop
GKL
Forum Supporter
I've heard of Bitcoin some time ago, but "Bitcoin mining" is new to me, so I just did a search and according to this news article it seems it would be extremely difficult now for the average individual to profit from Bitcoin Mining.
Too bad, it would have been nice even to average just $25 a week for some extra cash
Here is a quote from the linked article just below it -
(quote)
As the value of bitcoin has gone up, more people have seen mining as a potential business, investing in warehouses and hardware to mine as many bitcoin as possible.
These warehouses are generally set up in areas with low electricity prices, to further reduce their costs. With these economies of scale, it has made it more difficult for hobbyists to profit from Bitcoin mining, although there are still many who do it for fun. (end quote)
(I don't think I'd do it just for fun)
http://www.huffingtonpost.com/ameer-rosic-/what-is-bitcoin-mining-a-_b_13764842.html
Too bad, it would have been nice even to average just $25 a week for some extra cash
Here is a quote from the linked article just below it -
(quote)
As the value of bitcoin has gone up, more people have seen mining as a potential business, investing in warehouses and hardware to mine as many bitcoin as possible.
These warehouses are generally set up in areas with low electricity prices, to further reduce their costs. With these economies of scale, it has made it more difficult for hobbyists to profit from Bitcoin mining, although there are still many who do it for fun. (end quote)
(I don't think I'd do it just for fun
)http://www.huffingtonpost.com/ameer-rosic-/what-is-bitcoin-mining-a-_b_13764842.html
I've heard of Bitcoin some time ago, but "Bitcoin mining" is new to me, so I just did a search and according to this news article it seems it would be extremely difficult now for the average individual to profit from Bitcoin Mining.
Too bad, it would have been nice even to average just $25 a week for some extra cash
Here is a quote from the linked article just below it -
(quote)
As the value of bitcoin has gone up, more people have seen mining as a potential business, investing in warehouses and hardware to mine as many bitcoin as possible.
These warehouses are generally set up in areas with low electricity prices, to further reduce their costs. With these economies of scale, it has made it more difficult for hobbyists to profit from Bitcoin mining, although there are still many who do it for fun. (end quote)
(I don't think I'd do it just for fun
http://www.huffingtonpost.com/ameer-rosic-/what-is-bitcoin-mining-a-_b_13764842.html
I wouldn't say anyone does it just for fun, it just depends on how you think of "profit". Miners have a ROI (return on investment) meaning within so many months they will mine x amount of bitcoin and cover the cost of the machine you paid for (right now one D3 Antminer is $1500). Usually once you reach that ROI time the difficulty has increased, there are newer more efficient machines, etc so you'd be lucky to break even after that date compared to the cost of electricity it costs to run them because you will be mining much less bitcoin per day with the machine at this point. However, why most people do it anyway is because they are anticipating that the 1500$ in bitcoin the just mined back will be $3000+ within less than a year the way bitcoin has been skyrocketing in price. So really it is mining for an investment AND fun!
crazydigger
Elite Member
thats a good one mud.
I found $800 in clad in 2010 when Bitcoin was .08c ea!....I was watching Bitcoin on several Financial sites and was aware of all the Pro/Con discussions...I just didnt understand it, like a 401k kind of rip off deal.....So I wisely invested the dirt money on metal detecting gear as MY plan to get rich quick!..
Bitcoin kept going up, up, UP! Gold stayed the same, and then the easy clad ran out.....and here I am, with detecting gear and empty pockets!...I do have a fairly substantial collection of Beanie Babies and some certified Collector plates from the Franklin mint as a nest egg investment.
I wonder how rich I would be today if I had bought Bitcoins back in 2010 with that $800 dirty clad? I bet I could get some decent waders and maybe even a Minelab!! I'm not good at math..obviously...
Regarding riches, They say, "You cant take it with you" And I'm doing my best to assure that will not be an issue for me to worry about...!
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PlasteredDragon
Elite Member
It seems like some kind of gimmick, scam to me. Is it like stocks or what. I just don't see how somehow someone just made up a new money system, unless I'm just missing something here.
I don't know a lot about the subject, but from my understanding the point of bitcoin was to make a form of currency that was under the control of no government or bank, that had built in security systems that prevent counterfeiting or scamming, and that was maintained by a distributed system spanning the globe -- no centralized server to "hack".
As far as the value of the bitcoin goes, it's worth whatever people are willing to exchange it for. You might not be willing to shell out $1000 for data, but if on the other end you can exchange that data for $1000 worth of goods, what difference does it make if your money is paper or electronic? After all, if you use a modern bank, your money really is data right now. When I drop off $1000 in fiat paper money at the bank, they don't stick those bills into a special box for me -- they just add 1000 to the number associated with my account in their database. If it isn't in our hands or stashed away somewhere, our money is just data.
I remember hearing somewhere that bitcoin is used on dark web auction sites where both parties want to exchange goods without a government levying a tax or imposing regulations. It is therefore popular among people buying and selling illegal/restricted merchandise.
Here's more information on it if you are curious.
https://en.wikipedia.org/wiki/Bitcoin
I don't own any bitcoin, nor have I converted any currency into bitcoin. I don't really have a need to or a desire to, but I think I understand the appeal.
"As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment."
That's amazing, isn't it? I wonder if cryptocurrency is the future of currency? I mean it depends on electricity and the internet, but so does any money we keep in the bank. Hmm. It's something to think about, isn't it?
Steve
Forum Supporter
I don't know a lot about the subject, but from my understanding the point of bitcoin was to make a form of currency that was under the control of no government or bank, that had built in security systems that prevent counterfeiting or scamming, and that was maintained by a distributed system spanning the globe -- no centralized server to "hack".
As far as the value of the bitcoin goes, it's worth whatever people are willing to exchange it for. You might not be willing to shell out $1000 for data, but if on the other end you can exchange that data for $1000 worth of goods, what difference does it make if your money is paper or electronic? After all, if you use a modern bank, your money really is data right now. When I drop off $1000 in fiat paper money at the bank, they don't stick those bills into a special box for me -- they just add 1000 to the number associated with my account in their database. If it isn't in our hands or stashed away somewhere, our money is just data.
I remember hearing somewhere that bitcoin is used on dark web auction sites where both parties want to exchange goods without a government levying a tax or imposing regulations. It is therefore popular among people buying and selling illegal/restricted merchandise.
Here's more information on it if you are curious.
https://en.wikipedia.org/wiki/Bitcoin
I don't own any bitcoin, nor have I converted any currency into bitcoin. I don't really have a need to or a desire to, but I think I understand the appeal.
"As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment."
That's amazing, isn't it? I wonder if cryptocurrency is the future of currency? I mean it depends on electricity and the internet, but so does any money we keep in the bank. Hmm. It's something to think about, isn't it?
How many in the U.S. accept it? I know in my little area of Asia there is no chance of this ever getting wings. People still buy gold instead of numbers on a computer.. so was it successful
Steve
Forum Supporter
1 bitcoin will buy approximately 1,000 barrels of oil. Still lots of room for profit mining
amc rulz
Forum Supporter
Me thinks you might want to subtract about 900 barrels from that estimate.
GKL
Forum Supporter
Just happened to come across this interesting article and remembered this thread.
This is one of the world's most dangerous places to mine bitcoin
http://www.msn.com/en-us/money/markets/this-is-one-of-the-worlds-most-dangerous-places-to-mine-bitcoin/ar-AAqYIaO
Here is a quote from the above link -
"Cryptocurrencies like bitcoin have long been seen as a risky investment, but in places like Venezuela, they can also be dangerous.
Thousands of Venezuelans have turned to secretly mining the digital currency for their economic survival, and for many that means risking jail time.
Venezuela was once the richest country in South America, but it's now in crisis. It stands at the brink of civil war. Deadly protests paralyze city centers. It's the world's most indebted country, and its GDP has collapsed. Food and basic necessities are scarce, people are rationing toothpaste and toilet paper, and there are even reports of hungry Venezuelans killing flamingos and anteaters for food.
The country's future economic picture looks just as bleak. It already has the highest inflation rate on the planet. The International Monetary Fund expects prices in Venezuela to rise more than 1,100 percent this year."
This is one of the world's most dangerous places to mine bitcoin
http://www.msn.com/en-us/money/markets/this-is-one-of-the-worlds-most-dangerous-places-to-mine-bitcoin/ar-AAqYIaO
Here is a quote from the above link -
"Cryptocurrencies like bitcoin have long been seen as a risky investment, but in places like Venezuela, they can also be dangerous.
Thousands of Venezuelans have turned to secretly mining the digital currency for their economic survival, and for many that means risking jail time.
Venezuela was once the richest country in South America, but it's now in crisis. It stands at the brink of civil war. Deadly protests paralyze city centers. It's the world's most indebted country, and its GDP has collapsed. Food and basic necessities are scarce, people are rationing toothpaste and toilet paper, and there are even reports of hungry Venezuelans killing flamingos and anteaters for food.
The country's future economic picture looks just as bleak. It already has the highest inflation rate on the planet. The International Monetary Fund expects prices in Venezuela to rise more than 1,100 percent this year."
It seems to me that you could get started mining for just a few hundred dollars and start earning bitcoins.
Has anybody had any experience with this?
Has anybody had any experience with this?
