Bitcoins soar to over $1000 for the first time.

#2
#2
Read a story a few weeks ago about a guy who purchased $25 worth back in '09 while doing a thesis on electronic currency for his Master's. He said he did it on a lark and actually forgot about. Then while reading about the rise in value he remembered he had purchased some and went to see how much it was worth. Turned out he has sitting on over $875k.
 
#3
#3
Friend had about $50 worth of Bitcoins on a laptop that was stolen. Apparently you need the file to access them or something. I would be hanging from the rafters if that happened to me.
 
#4
#4
burntorangeVOLffle said:
Read a story a few weeks ago about a guy who purchased $25 worth back in '09 while doing a thesis on electronic currency for his Master's. He said he did it on a lark and actually forgot about. Then while reading about the rise in value he remembered he had purchased some and went to see how much it was worth. Turned out he has sitting on over $875k.
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Even better would be finding over $8million in a landfill.

Missing: hard drive containing Bitcoins worth £4m in Newport landfill site | Technology | The Guardian

Bitcoin valuation has been going crazy the last few months. They are up $400 in just the last 2 or 3 weeks.
 
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#7
#7
VOLatile said:
Friend had about $50 worth of Bitcoins on a laptop that was stolen. Apparently you need the file to access them or something. I would be hanging from the rafters if that happened to me.
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When I first looked into them a few years ago that is what stood out to me. Seems kinda easy to lose. At least I know if I misplace a $20 in my house it will turn up eventually. If my hard drive gets corrupted my bit coins are just gone.

There is a mining process that uses a lot of power. A few years ago it wasn't worth the electric bill to try it. I bet it is now.
 
#8
#8
A guy used to work with was into bitcoins. This was a couple of years ago. I wonder if he is a millionaire now.

How would you cash them in?
 
#9
#9
burntorangeVOLffle said:
When I first looked into them a few years ago that is what stood out to me. Seems kinda easy to lose. At least I know if I misplace a $20 in my house it will turn up eventually. If my hard drive gets corrupted my bit coins are just gone.

There is a mining process that uses a lot of power. A few years ago it wasn't worth the electric bill to try it. I bet it is now.
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You can recover most data off of a corrupted hard drive. Things are never truly lost if you have the drive in hand.
 
#10
#10
It has briefly, at least, surpassed gold. #Crazy


20131128_goldbtc_0.png
 
#11
#11
That has to be the peak right? Is it worth investing in a little right now or is it too late?
 
#12
#12
burntorangeVOLffle said:
That has to be the peak right? Is it worth investing in a little right now or is it too late?
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Folks keep saying that every day. It's possible we are no where near the peak. It's a strange situation. There's a lot going on for Bitcoin right now with the US Govt and others really starting to take notice. And so far, it's been positive.
 
#14
#14
burntorangeVOLffle said:
That has to be the peak right? Is it worth investing in a little right now or is it too late?
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My opinion is simple: if you invest now in bitcoins you are still ahead of the game. 99% of the people in America have no idea what bitcoins are, and when they do they will start to buy.

The thing that made me buy the most was when it was opened up in China. Because of the restrictive regulations on currency in China, there has been a major upswing (the reason it is over $1100 right now) and will continue to be so, imo. Think about it: the Chinese, for the first time, have access to an open unregulated currency. From the looks of it, they are jumping in.

Buy now
 
#18
#18
mrorange211 said:
Think about it: the Chinese, for the first time, have access to an open unregulated currency. From the looks of it, they are jumping in.

Buy now
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What if they stop jumping out?

The price has risen way too fast, and price swings are far too volatile, for a purchase of Bitcoin to be considered much beyond gambling at these levels.
 
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#19
#19
there is also Litecoin and Terracoin. I'll probably do some litecoin mining for a while just to see what happens.
 
#20
#20
Velo Vol said:
What if they stop jumping out?

The price has risen way too fast, and price swings are far too volatile, for a purchase of Bitcoin to be considered much beyond gambling at these levels.
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I'm not saying that it isn't a risk; it absolutely it, but at this point I feel that the reward is very high, while the loss really isn't that significant.

Before I invested I referred to this article:

Should You Invest in Bitcoin? - WSJ.com

:hi:
 
#21
#21
FLVOL_79 said:
there is also Litecoin and Terracoin. I'll probably do some litecoin mining for a while just to see what happens.
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I have a friend that is mining some Litecoin as well, but I don't think it is going to take off in the same way bitcoin has.

In order to catch the next ride into space, like bitcoin reaching $1200, a new product needs to be found that offers something totally different than bitcoin. Litecoin and Terracoin are just too similar, imo.
 
#22
#22
Can you still mine for bitcoin? I remember when I first looked into it there was a finite amount of bitcoin that would ever be available. Has all been mined amd in circulation?
 
#23
#23
burntorangeVOLffle said:
Can you still mine for bitcoin? I remember when I first looked into it there was a finite amount of bitcoin that would ever be available. Has all been mined amd in circulation?
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There are in total 21 million bitcoins. There are around 9 million in circulation today. There are differing opinions as to when the total number of bitcoins will be mined; largely people seem to agree that it will be sometime in the next decade. You can still mine coins, but with the updates to software, limited availability because of the increase in miners, and harder/complicated logarithms, I doubt it will work for you from a financial perspective. There is just too much competition at this point. Yet, 99.9% of Americans do not own a bitcoin. The upside could be substantial if you were to simply purchase at least part of one.
 
#24
#24
burntorangeVOLffle said:
Can you still mine for bitcoin? I remember when I first looked into it there was a finite amount of bitcoin that would ever be available. Has all been mined amd in circulation?
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I didn't even know you could "mine" for virtual coins until I read this thread. I did some research online figured out what this really meant and how you could do it. I found that even though you can and people still do mine for bitcoin most have moved on to mining for other virtual coins.
 
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