The Bitcoin Thread

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Norrad said:
I converted some of my other coins to BTC two days ago and pretty glad that I did. This rise is incredible.
I'm going to ride it out for a few days and then convert back to ETH and Ripple to hold until after the fork.
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Ja, the current BTC run is sucking many others dry. As new money comes in, there's no telling when the bubble will pop...
 
Wonder if we'll see a pullback at $7000 or whether keep on going up to the fork.
 
I have a two questions if you can answer them, to be honest I really dont have time to go through all the 280 odd pages to see if it has been asked.

1. When the bitcoin got launched(released) was it open for purchase or did people just take the coins available for free?
So the question actually is who received the money for all the bitcoins sold the first time, was the bitcoin sold or just handed out to the early adopters? and between them started to trade.

2. Looking at the spike recently is it a good time to buy now or wait a bit, I am just scared I buy in when its in all time high and then it comes crashing down in price?
 
Acid0 said:
I have a two questions if you can answer them, to be honest I really dont have time to go through all the 280 odd pages to see if it has been asked.

1. When the bitcoin got launched(released) was it open for purchase or did people just take the coins available for free?
So the question actually is who received the money for all the bitcoins sold the first time, was the bitcoin sold or just handed out to the early adopters? and between them started to trade.
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It was mined through a cpu/gpu-involved process that helped manage the blockchain. It gets harder and harder to mine bitcoin = scarcity.

2. Looking at the spike recently is it a good time to buy now or wait a bit, I am just scared I buy in when its in all time high and then it comes crashing down in price?
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It's probably going to hit $7000. However, don't FOMO (fear of missing out). Sit back, enjoy the show and get in after the next price correction. As much as it's probably going to keep going up, I wouldn't suggest going in now. But...your emotions will kick in at some point today and you'll buy. It happens to everyone.

See what Voicy is doing - if he's buying, rather back away :p.
 
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Acid0 said:
I have a two questions if you can answer them, to be honest I really dont have time to go through all the 280 odd pages to see if it has been asked.

1. When the bitcoin got launched(released) was it open for purchase or did people just take the coins available for free?
So the question actually is who received the money for all the bitcoins sold the first time, was the bitcoin sold or just handed out to the early adopters? and between them started to trade.

2. Looking at the spike recently is it a good time to buy now or wait a bit, I am just scared I buy in when its in all time high and then it comes crashing down in price?
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https://en.m.wikipedia.org/wiki/History_of_bitcoin
In January 2009, the bitcoin network came into existence with the release of the first open source bitcoin client and the issuance of the first bitcoins,[12][15][16][17] with Satoshi Nakamoto mining the first block of bitcoins ever (known as the genesis block), which had a reward of 50 bitcoins. Embedded in the coinbase of this block was the text:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.[18]

One of the first supporters, adopters, contributor to bitcoin and receiver of the first bitcoin transaction was programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction.[19][20] Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.[21]

In the early days, Nakamoto is estimated to have mined 1 million bitcoins.[22] Before disappearing from any involvement in bitcoin, Nakamoto in a sense handed over the reins to developer Gavin Andresen, who then became the bitcoin lead developer at the Bitcoin Foundation, the 'anarchic' bitcoin community's closest thing to an official public face.[23]

The value of the first bitcoin transactions were negotiated by individuals on the bitcointalk forums with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John's.[12]
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Regarding your second question, I'm waiting to buy in the hope it will drop again at some point, but who knows. There are rumours that Amazon may accept bitcoin in the near future which will send the price sky rocketing again, I assume, irrespective of whether it first drops or not. I'm cautious by nature though, if I'd bought a lot more bitcoin than I did two years ago I could be a rich man today so caution isn't always the best strategy but I don't have the stomach for risk... So I'll wait, hope it drops and then buy again if it does.
 
With regards to it dropping near the fork, will it drop before or after the fork?
 
Acid0 said:
I have a two questions if you can answer them, to be honest I really dont have time to go through all the 280 odd pages to see if it has been asked.

1. When the bitcoin got launched(released) was it open for purchase or did people just take the coins available for free?
So the question actually is who received the money for all the bitcoins sold the first time, was the bitcoin sold or just handed out to the early adopters? and between them started to trade.

2. Looking at the spike recently is it a good time to buy now or wait a bit, I am just scared I buy in when its in all time high and then it comes crashing down in price?
Click to expand...

People mined the coin and sold coins they got through mining. Then pools evolved and people mined in groups to share the earnings and increase chances of finding BTC. Then Exchanges arrived, allowing people to buy / sell easily (buying and selling happened over informal channels before - that and ebay).
 
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saor said:
Wonder if we'll see a pullback at $7000 or whether keep on going up to the fork.
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We will see resistance at $7k. Round numbers are always resistance points. If it breaks through, it could go higher but it's never broken through so I'd expect a pullback. Stranger things have happened though.
 
Acid0 said:
Thank you for the quick response, so obviously when do they expect the drop?
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That depends who you ask. If you ask me, I'd say shortly after the hardfork this month... or shortly after reaching $7k. If you ask biometrics, he'd say three months ago. It's very unpredictable - it's not a regulated market.
 
Sabre Wulf said:
That depends who you ask. If you ask me, I'd say shortly after the hardfork this month... or shortly after reaching $7k. If you ask biometrics, he'd say three months ago. It's very unpredictable - it's not a regulated market.
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Any chance someone can give a quick overview of the hardfork?
 
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