Bitcoin - a decentralised digital currency

2,300 posts in this topic

 

I don't know why bitcoin-qt says that 0.01 BTC is the recommended fee. This is way too steep. I only ever pay 0.0005 BTC

 

 

You transferred 0.001 BTC to each of us, and paid 0.0005 BTC to do so. That's rather steep?

I think you've got one too many zeroes (but that's okay. I don't even have any zeroes, I have to envy yours. :) ).

0

Share this post


Link to post
Share on other sites

 

TheSwedishChef, that's not a valid bitcoin address. Addresses should begin with the number 1 or 3.

 

Ah right. Thanks. That's because I'm retarded.

 

This looks better : 1DxD8jwsYMT65kVWFBdwNGGBsX....

0

Share this post


Link to post
Share on other sites

Yes, looks much better. OK, transfer sent.

 

And that's it folks! Giveaway is now over. Fun, wasn't it? :-)

 

Your coins were worth €0.10 each yesterday evening. They're worth €0.11 this morning. It'll be interesting to see their value at the end of the year.

 

Free bitcoin giveaway to TTers (see details)

 

 

  1. 1 mBTC sent to El Jeffo
  2. 1 mBTC sent to hellfire99
  3. 1 mBTC sent to kludgie
  4. 1 mBTC sent to rick_de
  5. 1 mBTC sent to YorkshireLad6
  6. 1 mBTC sent to MadAxeMurderer
  7. 1 mBTC sent to JOB
  8. 1 mBTC sent to WDave
  9. 1 mBTC sent to CandyQuackenbush
  10. 1 mBTC sent to TheSwedishChef

--Giveaway closed--

2

Share this post


Link to post
Share on other sites

Thanks for that.

 

Also should say thanks generally for posting this thread - I probably would have been ignorantly unaware and ignored the whole idea for months until this post. So, either way, bubble or burst, profit or loss, it's an interesting thing to keep an eye on..

1

Share this post


Link to post
Share on other sites

 

thanks for posting this thread - I probably would have been ignorantly unaware and ignored the whole idea for months until this post

 

Second that. I have no money to play with at the moment, apart from the abovementioned ever-increasing luddite tendencies, but I'll probably have a go in a few months when I can. Had only vaguely heard about it before and it kind of got filed away with facebook and tumblr and torrents and all the other things that I've never bothered with.

1

Share this post


Link to post
Share on other sites

 

Your coins were worth €0.10 each yesterday evening. They're worth €0.11 this morning. It'll be interesting to see their value at the end of the year.

 

Playing with some figures...

 

BTC of €0.10 each yesterday evening. Now worth €0.11 today.

 

That's a 10 percent increase in value in just one day.

 

Not the first time market has increased by 10pc in one day, has happened a lot recently.

 

If you compound this with around 270 days left til end of 2013 at same 10% per day, then €0.10

grows into:

 

€14,997,711,416.5 by 31 Dec 2013

 

:ph34r:

 

sounds a bit la la to me.

 

So I set it to just 2% average increase per day:

 

This gives us around €20.99 at year end.

 

= would represent an increase in value for Bitcoin of over 20,000% in one year.

 

which is still stratospheric. Meanwhile back to reality..

 

Calculations made using: http://www.miniwebtool.com/compound-growth-calculator/

1

Share this post


Link to post
Share on other sites

I rounded my figures. It was probably more like €0.104 yesterday and €0.106 this morning.

 

I'm pretty confident a millibit will be worth a euro by the end of the year.

0

Share this post


Link to post
Share on other sites

 

I rounded my figures. It was probably more like €0.104 yesterday and €0.106 this morning.

 

no matter. BTC has managed 10% and more many times over the last few months.

 

of course it doesnt do that every day, there are falls and there is consolidation to take into account.

 

But it looks like we are in for major appreciation in value.

 

Unless something suddenly happens which disrupts the whole thing and sends it into free fall.

 

As I see it, there are at least three uses for Bitcoin:

 

1. store of value long term - and speculative trades as a result, like with gold, currency, commodities and stocks.

 

2. means of exchange - still in early stages, yet to see how this works out, also could be problematic with 1.

 

3. transaction medium: ie very fast, peer to peer, no banks involved, no bank fees.

 

It's potentially possible for other digital vehicles to come along and fulfill any one or combination of these three functions - and which could then impact Bitcoin.

 

EDIT: I guess for the Silk Road etc fans there's also

 

4. Cannot be traced

1

Share this post


Link to post
Share on other sites

 

But it looks like we are in for major appreciation in value.

Unless something suddenly happens which disrupts the whole thing and sends it into free fall.

 

You're hoping for a major appreciation in price

 

And that something that will suddenly happen is reality settling in to a vastly over-hyped market. Pump 'em and dump 'em only works if you can dump 'em in time. Good luck!

0

Share this post


Link to post
Share on other sites

I agree it's extremely risky. When something suddenly rises parabolic like this it's a bubble phenomena at present.

 

It depends on whether Bitcoin can hold and sustain it's price over time without crashing like it did in 2011. Back then it rose by 300,000% or so before crashing down again

 

First it has to prove that it can and that it's not a bubble. This will take time.

 

Til then Im watching it like a hawk.

 

But, any major crash aside, I'm in for the long haul.

1

Share this post


Link to post
Share on other sites

I just came across this slide share presentation:

http://www.slideshare.net/KyleDrake/bitcoin-the-cyberpunk-cryptocurrency

 

I thought the rest of you might also find it a good summary of currency history, and hints at possible successors to Bitcoin, such as Litecoin and Freicoin.

 

Has anyone here considered other crypto-currency alternatives such as those?

2

Share this post


Link to post
Share on other sites

And another question -- has anyone attempted to use Bitcoin to move money between different accounts, e.g., from a USD account to a EUR account? I see that Mt. Gox posted something about limiting the size and frequency of cash withdrawals, which would limit its usefulness for this purpose to smaller amounts (though I didn't read it carefully; I could be quite mistaken).

1

Share this post


Link to post
Share on other sites

Ive been looking into Litecoin, esp for mining as its said to be easier to mine Litecoin with mainstream computers which dont have GPU or ASICS hardware than it is Bitcoin.

 

Litecoin's the most popular of the digital currencies after Bitcoin. But the amount in circulation is much smaller. On the other hand, max amount that can be mined is ca.80M far as I know, vs Bitcon's 21M.

 

Also the exchanges for converting into BTC or national currencies are thin on the ground at present.

 

I doubt whether the average Joe has heard of Litecoin though, so its very much a minority pursuit.

 

This is thing though with these digital currencies, its very much a free market with currencies coming and going. If something better than Bitcoin, Litecoin or whatever comes along, people could pile out of the one and into the other. And if you're not quick off the mark, you could stand to lose.

1

Share this post


Link to post
Share on other sites

Editor Bob, any chance of a Litecoin payout as well, or are we pushing our luck?

 

Anyone remember "Linden Dollars"? They were the currency of Second Life - maybe they still are, I never joined it. What happened to them?

2

Share this post


Link to post
Share on other sites

 

I was just doing some accounting and noticed that I didn't send 1 mBTC to JOB as intended, but 0.1 mBTC.

 

Sorry about that, it wasn't intentional!

 

I must admit, this doesn't bode well for the usability of bitcoin, at least not in its current incarnation.

 

In all my years of "normal" banking I can't recall ever having made a transfer for the wrong amount.

 

Certainly not by getting the decimal point in the wrong place!!!

 

I was so careful with the above BTC transfers too, I double checked everything, but still I messed one of them up.

0

Share this post


Link to post
Share on other sites

Its damned easy to screw up using bitcoin, too much stuff to go wrong. wallet.dat, addresses, passwords, keys to mislay etc. Or get hacked and stolen. but this will get sorted in time.

 

finally got litecoin installed plus the miner software. More to it than i expected, always seems to be one more thing you need, one more thing to compile, some dependency or script or other that you need. Think im just about there now.

 

litecoin almost completed downloading its blockchain, bit advantage over bitcoin, the ltc blockchain is much smaller. Then I can start the miner. going to use p2pool if all goes to plan.

 

bitcoin blockchain is also still downloading.

 

BTC now at 139 EUR

0

Share this post


Link to post
Share on other sites

 

I was just doing some accounting and noticed that I didn't send 1 mBTC to JOB as intended, but 0.1 mBTC.

 

Sorry about that, it wasn't intentional!

 

Was wondering why the transgender midget hooker I got from Silk Lane stopped just before the good bit...insufficient funds!

1

Share this post


Link to post
Share on other sites

Just discovered I have a dormant Mt.Gox trading account from 2 years ago. Nothing in it though, never used it.

 

Arent the bank transfer fees from EU to Mt Gox extortionate?

 

Mt Gox have a waiting list for new accounts right now.

 

Who wants to buy a Mt.Gox account? :rolleyes:

1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now