Anyone still mining Bitcoins?

[killadoob]

It was easy to get your money in rands, go to the exchange sell your coins and they send the money to your bank account.

It's very easy. At least that is how it worked for me, had a few transfers done and the bank phoned me to confirm the money transfer. There was a small fee but i got paid straight into my current account and back then sadly the rand was sitting at 7ish. Then the big bitcoin hacked killed it for awhile.

watch the keiser report though it explains bitcoins very well actually. You are correct about the bitcoin and how it works, there is a limit based on the maths.

I also sold 30 bitcoin on this forum to someone can't recall who but i regret selling them and they had been sitting in my wallet for 6 months . 2k seemed decent when bitcoin looked dead

 

[Garson007]

While there may be a hard limit because of mathematics, that doesn't defend the position that it has a limit. Having a limit and halving the creation of bit coins every four years just doesn't make it a viable currency. That makes it even less viable than gold.

 

[killadoob]

While there may be a hard limit because of mathematics, that doesn't defend the position that it has a limit. Having a limit and halving the creation of bit coins every four years just doesn't make it a viable currency. That makes it even less viable than gold.

Not really. Why does it make it less viable than gold? Did you watch the keiser report on bitcoin?

 

[Garson007]

Not really. Why does it make it less viable than gold? Did you watch the keiser report on bitcoin?

The biggest problem with gold is its finite quantity and potentially declining production (bitcoin never even had any production growth). That's the beauty of fiat currency; it can be manipulated to fit the agenda of economists to create growth.

 

[ozoned]

@killadoob - Thanks -- I'm assuming you are referring to Mt Gox exchange?

Hmmm, Now that I search my memory, I think my issue was not so much the question of exchange, ie purchase a bitcoin on Mt Gox, transferring rands, and vice versa, but rather, there was no local (ZA) online exchange, or maybe there never was a problem and I misremembered.

Manipulating a currency never has and never will create real growth, all it does it stimulate reallocation of resources and causes the markets to faff about until exchange rates are rebalanced. That is not to say the illusion of nominal growth does not serve the agendas of economists.

 

[Friedpet]

I was considering mining for bitcoins, but after visiting this website I don't think it's worth it...
http://www.bitcoinx.com/profit/

 

[Garson007]

Manipulating a currency never has and never will create real growth, all it does it stimulate reallocation of resources and causes the markets to faff about until exchange rates are rebalanced. That is not to say the illusion of nominal growth does not serve the agendas of economists.

Come back to me when you pay an employee in bitcoins. Deflation is only but one real issue.

 

[Kayoss]

Sitting at $55 atm.. That's mad.

 

[killadoob]

Sitting at $55 atm.. That's mad.

Yup the bubble was always gonna burst dude. Check when it drops below below 10 dollars start buying as many as you can. The Euro is killing country after country and there will be another crisis soon according to keiser.

That is my new plan . Stockpile cheap bitcoins and panic sell them when another crisis develops.

 

[Kayoss]

Yup the bubble was always gonna burst dude. Check when it drops below below 10 dollars start buying as many as you can. The Euro is killing country after country and there will be another crisis soon according to keiser.

That is my new plan . Stockpile cheap bitcoins and panic sell them when another crisis develops.

That's exactly what i plan on doing

Just not sure where the best place is to buy them?..

 

[killadoob]

That's exactly what i plan on doing

Just not sure where the best place is to buy them?..

Mtgox, biggest problem is now that people know bitcoin can sky rocket the hoarding begins. So people are not be keen on selling at 10 dollars. Those poor folk who paid 24999 dollars for the mining unit, they better hope and prey and it goes up haha. They don't even have their stock yet and bitcoin is nose diving.

Mining with a gpu just isn't worth it, although i did say it would happen so hopefully people didn't buy gpu's to mine. Make next to nothing with the difficulty level so high. all those farms run on gpu's will be shut down now as well.

 

[MisterFortySomething]

What's the best way to fund a mtgox account? Getting money into the exchange seems pretty tough for SA residents (no credit card, no paypal, no debit card allowed).

 

[Tweebeenvis]

Hmmmm 7500-10000 per BTC... Shoulda help on to them coins

But anyway, someone find an easy way to fund an exchange account yet?

 

[Jimmy-Z]

Hmmmm 7500-10000 per BTC... Shoulda help on to them coins

But anyway, someone find an easy way to fund an exchange account yet?

BTC-e accepts visa & mastercard.

 

[Glock26]

Argh. I thought I did well getting out at $260 per bitcoin. I only paid $10 each.
Now over $1000 each. I would have gotten R100,000 for my R1000.

Like them or hate them...BTC is getting interesting.

G26

 

[Quarkiee]

You know that there are two South African exchanges right? Bitx and ice3x. Bitx seems to have the higher trading volumes.