kerrmando Posted May 4, 2013 Posted May 4, 2013 Hi guys, so was doing some reading on wired today... saw this http://www.wired.com/opinion/2013/05/lets-cut-through-the-bitcoin-hype/ This is the wikipedia page that tells you about Bitcoin (if you were as clueless as I was about it two years ago) http://en.wikipedia.org/wiki/Bitcoin What do you guys think about a new currency like this? Would it help or hurt online sales, both Legal and otherwise. Do you think it would help lego investors as being an easier way to transfer funds..? Just thought it could be fun to talk about.. Quote
Alcarin Posted May 4, 2013 Posted May 4, 2013 I cant even be bothered reading about this, but I strongly suspect this thing is more or less ''We did not get money from old currency system so trade in our currency so we get some shares from your cash'' nothing to see here really move along I say, but hey thats only me. Quote
dr.arnold Posted May 4, 2013 Posted May 4, 2013 I cant even be bothered reading about this, but I strongly suspect this thing is more or less ''We did not get money from old currency system so trade in our currency so we get some shares from your cash'' nothing to see here really move along I say, but hey thats only me. It's not a ponzi scheme if that's what you think. It's a decentralized peer to peer virtual currency that you can trade over the internet. Now that sounds kinda weird and almost like a scam but I recommend you do some research on the underlying technology as it's pretty cool. I first learned about it from security expert Steve Gibson and if you're interested in the technology of it check this out www.youtube.com/watch?feature=player_detailpage&v=XQPSwA2Itbs#t=2513s Quote
Sauromosis Posted May 4, 2013 Posted May 4, 2013 Ah, bitcoin...I bought them years ago at 2 dollars, then sold at 8 last summer. Thought I was a genius, turns out I was a fool. Price chart: http://bitcoincharts.com/ 3 Quote
emes Posted May 4, 2013 Posted May 4, 2013 I run in deeply technical IT process and security circles so I heard about it early and I've been involved since Dec 2010, back when it made sense to run your own miners. At one point I had 3 pc's with two cards each running 24x7. The difficulty was so low back then that you'd hit coins all the time, and of course they were worth less than the electricity required to find them. There were guys then (and now) running basically their own small data centers full of miners, and a bunch of guys in the bitcoin world that would sell you mining capacity without people ever having to buy their own hardware. I'm sure all of that is still around. I sold off a bunch on mtgox, right around the time of the 1st breach, during the 1st run up in 2011 and made some crazy money on it. Sold more just a few weeks ago, and still have a bunch left over. I'm being purposefully obscure about the exact numbers here. At some point in late summer 2011 when the difficulty increased I switched over to a mining pool, BTCGuild I think, and did that for a while, until eventually stopping and selling off my hardware. This was another area where for a while you could have bought specific GPU's and sold them for way above market price. Not sure now though...haven't checked those prices in a while. As far as my opinion of it, it is what it is. I don't see it really ever being a form of currency that will have any impact on LEGO sales, mainly because the privacy aspect of Bitcoin is really irrelevant. IMO the privacy aspect is really the only reason Bitcoin has the value that it does. Also, the value of Bitcoin is too volatile for LEGO sales. At this point I can't see someone just getting into Bitcoin...that ship has sailed unless there's a total crash in the market then you might want to buy some up. Or, I could be wrong and in a year they could be worth 10x what they're worth now. I also have many Namecoins as well, which is a Bitcoin derivative. 1 Quote
Celes Posted May 5, 2013 Posted May 5, 2013 If you want to get into the next Bitcoin before it blows up, do some research about Ripple: https://ripple.com/ Current price: 110 per 1 U.S. Dollar. They are going to be a cryptocurrency like Bitcoin but also a money transfer system like Paypal. Have lots of silicon valley funding. Get yourself a couple thousand and sit on them to see if it takes off. Thank me later. :coolsmile: Interesting, thanks for the information. I don't know much about Bitcoin but noticed that a lot of people involved early where lucky to make a good profit, so as Emes states I also think that ship has sailed. Theres also a lot of virtual currencies popping on, I still can't picture them having an impact in a near future, probably much later? Quote
kerrmando Posted May 5, 2013 Author Posted May 5, 2013 Wow didn't think so many people here would be involved in this. I'll check out ripple for sure! Is it taxable? Quote
Sauromosis Posted May 6, 2013 Posted May 6, 2013 For those interested in Ripple, you can see a price chart compared to 1 bitcoin here: http://bitcoincharts.com/markets/rippleXRP.html It's pretty close to a 30-day high of 5999 XRP to 1 BTC and volume has been very high the last few days. As far as getting some, here is a tutorial which is pretty tricky but I was able to do it: http://www.btcpedia.com/how-to-buy-ripple-xrp/ Quote
kerrmando Posted May 6, 2013 Author Posted May 6, 2013 Who think's I should drop like 20 bucks and see what happens? Quote
Sauromosis Posted May 6, 2013 Posted May 6, 2013 I obviously do. They're worth a penny right now. It's a long shot but what if they're worth a dollar in the future? Quote
kerrmando Posted May 6, 2013 Author Posted May 6, 2013 Alright cool. After my exam today I'll do a little more research on it and maybe drop a few bills on it. Why not hah! Quote
Sauromosis Posted November 25, 2013 Posted November 25, 2013 Did you ever do it kerrmando? I started a separate thread about it. Quote
Ed Mack Posted November 25, 2013 Posted November 25, 2013 Keep it to one thread please. I'll give you some leeway here, just one thread. Thanks. 1 Quote
Sauromosis Posted November 25, 2013 Posted November 25, 2013 Got it, thanks. Wanted to distance the thread from "bitcoin" but will use this. P.S. I gain nothing by mentioning this, just want to put it out there since I "missed" the bitcoin opportunity. Quote
Sauromosis Posted November 25, 2013 Posted November 25, 2013 I can send a few people 50 xrp to get them started if you give me your ripple address. Quote
Guest TabbyBoy Posted November 25, 2013 Posted November 25, 2013 I think this is a very dangerous bubble to play with as it's easy to be greedy and get pulled in but, may be worth a punt for the disciplined. Those that got Bitcoins in their infancy did very well out of it but, every man and his dog is now involved so you must tread carefully. I often think of a virtual currency that is pegged to the average exchange rate between Quote
asharerin Posted November 25, 2013 Posted November 25, 2013 No different from any other form of online gambling but the guise as a currency makes it legal to gamble on everywhere. Personally I prefer to sit down in a nice casino and get free drinks when I gamble. When it comes to business and making money I only bet on sure things - I don't work for free. 1 Quote
maxgc53 Posted November 25, 2013 Posted November 25, 2013 No different from any other form of online gambling but the guise as a currency makes it legal to gamble on everywhere. Personally I prefer to sit down in a nice casino and get free drinks when I gamble. When it comes to business and making money I only bet on sure things - I don't work for free. Maybe you should read about bitcoin and then realize it isn't necessarily a gamble at all. 2 Quote
metsrock507 Posted November 25, 2013 Posted November 25, 2013 before investing in ripple, read this: http://ripplescam.org/ 1 Quote
gregpj Posted November 25, 2013 Posted November 25, 2013 before investing in ripple, read this: http://ripplescam.org/ If you dig deep enough, it seems as though some big banks and corporations may be behind ripple. Perhaps those that did not get in on BitCoin early enough to profit. Ripple = a way for real currency to eventually flow to the companies and people that conjured 100 billion XRP out of thin air. That is the ripple. Quote
citymorgue Posted November 25, 2013 Posted November 25, 2013 If you dig deep enough, it seems as though some big banks and corporations may be behind ripple. Perhaps those that did not get in on BitCoin early enough to profit. Ripple = a way for real currency to eventually flow to the companies and people that conjured 100 billion XRP out of thin air. That is the ripple. It honestly is no different than any countries currency. It's all just perceived value for something made out of thin air. Money is only worth what people believe it to be worth. Retired Legos only have worth because people put worth behind it. Same with anything. It's just like any other investment honestly. I could invest tons of money into Tesla 'stock' thinking it will be worth something, but that doesn't mean much other than what people's perceived value of the company is. I could buy a $20 stock piece of paper and sell it years for now for crap tons of money. That's how I view bitcoin. Just another way to invest money. 1 Quote
legoman12323123 Posted November 25, 2013 Posted November 25, 2013 I think this is a very dangerous bubble to play with as it's easy to be greedy and get pulled in but, may be worth a punt for the disciplined. Those that got Bitcoins in their infancy did very well out of it but, every man and his dog is now involved so you must tread carefully. I often think of a virtual currency that is pegged to the average exchange rate between Quote
Sauromosis Posted November 25, 2013 Posted November 25, 2013 They did release the source code so they are now open source. And they are being very open about their goal of making money...which is why they pay employees partially in ripples and have such top-level investors. We have a problem with that on this site? Think of it as a Western Union of digital currency with its own currency to boot. As far as going bankrupt, I'm not advocating plowing your net worth into this. Quote
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