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I saw people talking about that on a bitcoin forum Westaus, people trying to cash out and then something wrong and the "pending" transactions taking forever. Anyway I'm interested to see how you go with the transaction.
 
GypsyGoldAu said:
Given a choice of an Oz of Gold or a Bitcoin, personally i know which i'd take first... :Y:

Bit coin is just a line of code....that it has any value astounds me. :/

ymmv, and good luck to those on the hunt.
Click to expand...

Every dollar in your bank account is 'just a line of code'. But that line of code is issued centrally, from a central bank which is privately owned and not under the control of those we elect. Giving control of the monetary supply to private parties is the very worst thing to do.

All that aside, Bitcoin is not centrally controlled. It is a decentralised, peer to peer, trust network with a finite supply of bitcoin. Inflation due to money printing (a favourite trick of the bankers to transfer wealth from savers, you and I, to the issuers of currency at zero cost or effort to them, except writing a 'line of code') simply cannot happen once all bitcoin have been mined.

It's ironic that people who like gold dislike bitcoin.

You have an opportunity to grab some bitcoin now, stick it under the mattress for 20 years and either retire, gift it to your kids/grandkids or take a chance that one day you may get to say 'I told you so'.

I dont want to come on here in 20 years and tell all of you 'I told you so'.

As I said, in five years Bitcoin(or its successor) could be $5,000. In 20 years I'm confident it will be much, much more than even that.
 
diggit said:
GypsyGoldAu said:
Given a choice of an Oz of Gold or a Bitcoin, personally i know which i'd take first... :Y:

Bit coin is just a line of code....that it has any value astounds me. :/

ymmv, and good luck to those on the hunt.
Click to expand...

Every dollar in your bank account is 'just a line of code'. But that line of code is issued centrally, from a central bank which is privately owned and not under the control of those we elect. Giving control of the monetary supply to private parties is the very worst thing to do.

All that aside, Bitcoin is not centrally controlled. It is a decentralised, peer to peer, trust network with a finite supply of bitcoin. Inflation due to money printing (a favourite trick of the bankers to transfer wealth from savers, you and I, to the issuers of currency at zero cost or effort to them, except writing a 'line of code') simply cannot happen once all bitcoin have been mined.

It's ironic that people who like gold dislike bitcoin.

You have an opportunity to grab some bitcoin now, stick it under the mattress for 20 years and either retire, gift it to your kids/grandkids or take a chance that one day you may get to say 'I told you so'.

I dont want to come on here in 20 years and tell all of you 'I told you so'.

As I said, in five years Bitcoin(or its successor) could be $5,000. In 20 years I'm confident it will be much, much more than even that.
Click to expand...

I could not have said it better. I personally missed the boat earlier. I am not going to sit idle and watch it potentially sail by AGAIN! I am getting a ticket and hopping on board for the ride.

Currently learning about something at the moment and if I can wrap my head around it. From what I am seeing it WILL change everything as we know it! Bitcoin was the first, there are many Crypto currencies. It is a case of what they offer and what they do differently. There are currently two Crypto's that are very different from what I can understand. One will be used more in commerce though! This will be the game changer.

For the initial website it is about learning and helping people get familiar with the new technology. Remember how hard it used to be when you had to setup a VCR for your first time on the internet or computer etc... This is what the introduction using Satoshi's is about. I can see some already using and getting familiar with this. Congratulations you already know more than 99% of the population about Bitcoins

Updated some payout information on the site as well. Some has come through some still pending. Keep checking back for updates.

Thanks all

Aus
 
diggit said:
GypsyGoldAu said:
Given a choice of an Oz of Gold or a Bitcoin, personally i know which i'd take first... :Y:

Bit coin is just a line of code....that it has any value astounds me. :/

ymmv, and good luck to those on the hunt.
Click to expand...

Every dollar in your bank account is 'just a line of code'.
Click to expand...

Be that as may be, the line of code in my account is derived from, and is only a reflection of, a physical asset.....and the $$ buried out back i can at least hold, and can't be hacked/stolen....never seen a Bitcoin in anyone's wallet, how bout you?

Just saying....and it's not like I'm against it, it just isn't my thing, like stocks are not for everyone, or owning a business to get ahead...

As the 'inventor' noted, it was an exercise to reveal 'anything' could be used as a 'currency'....as much as he was surprised at how it caught on.

Again, for those init, good luck, but i'm out. :)

Gypsy
 
Faucets are an utter waste of time, you're spending good time to get fractions of a cent, you'd be better off buying $5 worth of bitcoin than jumping through all these hoops and websites full of malware and other stuff. Cloud miners give a negative return to the amount of coin you would get just buying the bitcoin straight up, and mining is done on such a large scale now that people going on about video card mining have no idea - those days have been and gone years ago now.

Anyone buying old ASICs is wasting their time and money, you not only will get an negative return but the hashing power those units have is useless, it's akin to using a needle as a pick when we go detecting and just digging holes at random with a pin, I'm not exaggerating in the slightest.

Your only option at this point in time is just to buy them, if you don't understand how computers work let alone bitcoin, I wouldn't recommend it either, bitcoin is really only useful as a store of value and commodity, it'll never be used as a currency because it sets a high bar for the average user.

Oh, and regards to cloud miners, they are basically a scam, you'll never get a positive return. Example, you buy $20 worth of mining, you get back $10 in bitcoin, when you could've just bought $20 of bitcoin straight up. They prey on the newcomers who have no clue how any of it really works but just want to get started and throw money at anything, a lot like the prospecting industry in a way really.
 
cazalla said:
Faucets are an utter waste of time, you're spending good time to get fractions of a cent, you'd be better off buying $5 worth of bitcoin than jumping through all these hoops and websites full of malware and other stuff. Cloud miners give a negative return to the amount of coin you would get just buying the bitcoin straight up, and mining is done on such a large scale now that people going on about video card mining have no idea - those days have been and gone years ago now.

Anyone buying old ASICs is wasting their time and money, you not only will get an negative return but the hashing power those units have is useless, it's akin to using a needle as a pick when we go detecting and just digging holes at random with a pin, I'm not exaggerating in the slightest.

Your only option at this point in time is just to buy them, if you don't understand how computers work let alone bitcoin, I wouldn't recommend it either, bitcoin is really only useful as a store of value and commodity, it'll never be used as a currency because it sets a high bar for the average user.

Oh, and regards to cloud miners, they are basically a scam, you'll never get a positive return. Example, you buy $20 worth of mining, you get back $10 in bitcoin, when you could've just bought $20 of bitcoin straight up. They prey on the newcomers who have no clue how any of it really works but just want to get started and throw money at anything, a lot like the prospecting industry in a way really.
Click to expand...

I can't argue with most of what you say, nor do I want to either :) That is not what I am trying to do. I think everyone that has had experience and not just an an opinion. As long as it is factual and not just here say, it is good to get both sides. I can only say what I am doing and have learned, as have you and others. Some have been good, some bad it is awesome regardless to get the facts.

That alone has made it a success in more people having more details on Bitcoin and the crypto currency markets IMO.

Cheers

Edit
cazalla said:
it'll never be used as a currency because it sets a high bar for the average user.
Click to expand...
Don't know if I would use the "NEVER" :) May not be Bitcoin in the long run. But a Crypto(Digital) based currency WILL eventually be in place. It's just getting the right things to line up and it will happen. The central banks, IMF, large corporations just need to know how to make money. I believe they have found the way. The initial teething steps have already been taken.
 
It's not a matter of opinion though Westaus, it's a matter of fact. For example, the S7 miner you bought runs at the same cost as when it was first released, the the amount of bitcoin it mines is next to nothing now, it'd be months (perhaps even over a year now) before you mined enough to warrant the fee to withdraw it from a mining pool all the while you're racking up bills in electricity each month, you're playing a fools game, not opinion but fact.

The rest I don't really have the motivation to respond to. I got my first coins in 2012, been through the entire thing and I'm confident in my analysis of it but explaining it to people who have not had that experience is heart attack inducing.
 
cazalla said:
It's not a matter of opinion though Westaus, it's a matter of fact. For example, the S7 miner you bought runs at the same cost as when it was first released, the the amount of bitcoin it mines is next to nothing now, it'd be months (perhaps even over a year now) before you mined enough to warrant the fee to withdraw it from a mining pool all the while you're racking up bills in electricity each month, you're playing a fools game, not opinion but fact.
Click to expand...

You are exactly right, again though it was given to me free, it is going into a factory that is not charging for power. So anything it may (or may not) produce seems pretty good to me. Should have it up and running next week or by - 8/4/17

I will post how it goes after a month should give us an idea. I never, never would (or have ever) suggest to anyone it is a good idea to purchase one and run one.
 
cazalla said:
Faucets are an utter waste of time, you're spending good time to get fractions of a cent, you'd be better off buying $5 worth of bitcoin than jumping through all these hoops and websites full of malware and other stuff. Cloud miners give a negative return to the amount of coin you would get just buying the bitcoin straight up, and mining is done on such a large scale now that people going on about video card mining have no idea - those days have been and gone years ago now.

Anyone buying old ASICs is wasting their time and money, you not only will get an negative return but the hashing power those units have is useless, it's akin to using a needle as a pick when we go detecting and just digging holes at random with a pin, I'm not exaggerating in the slightest.

Your only option at this point in time is just to buy them, if you don't understand how computers work let alone bitcoin, I wouldn't recommend it either, bitcoin is really only useful as a store of value and commodity, it'll never be used as a currency because it sets a high bar for the average user.

Oh, and regards to cloud miners, they are basically a scam, you'll never get a positive return. Example, you buy $20 worth of mining, you get back $10 in bitcoin, when you could've just bought $20 of bitcoin straight up. They prey on the newcomers who have no clue how any of it really works but just want to get started and throw money at anything, a lot like the prospecting industry in a way really.
Click to expand...

This is not entirely untrue. This is the biggest challenge facing bitcoin imho. The fact that initially it was conceived as a distributed network but if the miners (HUGE mining farms) are the only ones solving blocks then its not very 'distributed' considering you need a huge amount of hashing power to solve the blocks as difficulty increases.

Be that as it may the flip side is that bitcoin has got the ability to increase 100 fold again. In other words it's possible that if you have 0.1 of a bitcoin that one day it will be worth $10k. I would say unlikely but then I said BTC (Bitcoin) would not get over $5. I've been watching BTC doing the unthinkable, for me, ever since.

0.1 of a bitcoin is $111
 
diggit said:
This is not entirely untrue. This is the biggest challenge facing bitcoin imho. The fact that initially it was conceived as a distributed network but if the miners (HUGE mining farms) are the only ones solving blocks then its not very 'distributed' considering you need a huge amount of hashing power to solve the blocks as difficulty increases.

Be that as it may the flip side is that bitcoin has got the ability to increase 100 fold again. In other words it's possible that if you have 0.1 of a bitcoin that one day it will be worth $10k. I would say unlikely but then I said BTC (Bitcoin) would not get over $5. I've been watching BTC doing the unthinkable, for me, ever since.

0.1 of a bitcoin is $111
Click to expand...

Hit the nail on the head :)
 
Westaus said:
diggit said:
This is not entirely untrue. This is the biggest challenge facing bitcoin imho. The fact that initially it was conceived as a distributed network but if the miners (HUGE mining farms) are the only ones solving blocks then its not very 'distributed' considering you need a huge amount of hashing power to solve the blocks as difficulty increases.

Be that as it may the flip side is that bitcoin has got the ability to increase 100 fold again. In other words it's possible that if you have 0.1 of a bitcoin that one day it will be worth $10k. I would say unlikely but then I said BTC (Bitcoin) would not get over $5. I've been watching BTC doing the unthinkable, for me, ever since.

0.1 of a bitcoin is $111
Click to expand...

Hit the nail on the head :)
Click to expand...

We're all eternal optimists on this site! :)
 
False economy bitcons are full of shite, put up a post with pictures of the bitcons you've dug and I might just might change my mind. Talk about no photos it never happened :lol: if this is what pleases you go for it, to pretentious for me. Some people just need to have some figures to feel good I suppose the reality is it doesn't exist and never will until you trade with pretenders, when that happens somehow it's real :eek: got me stumped.
 
RM Outback said:
False economy bitcons are full of shite, put up a post with pictures of the bitcons you've dug and I might just might change my mind. Talk about no photos it never happened :lol: if this is what pleases you go for it, to pretentious for me. Some people just need to have some figures to feel good I suppose the reality is it doesn't exist and never will until you trade with pretenders, when that happens somehow it's real :eek: got me stumped.
Click to expand...

It's no different than trading in paper gold.... It certainly is a currency and you certainly can make money from bitcoin but it's the same as any other investment, you need to get on board at the right time, buy low and sell high.

It's gone up $70 in 2 days but I suspect that is because the Japanese government have just accepted it as being a valid currency by law since yesterday.

Better than the last 2 days for gold.
 
RM Outback said:
False economy bitcons are full of shite, put up a post with pictures of the bitcons you've dug and I might just might change my mind. Talk about no photos it never happened :lol: if this is what pleases you go for it, to pretentious for me. Some people just need to have some figures to feel good I suppose the reality is it doesn't exist and never will until you trade with pretenders, when that happens somehow it's real :eek: got me stumped.
Click to expand...

Gold is good, don't get me wrong I love GOLD. But gold is no good in modern business. I believe it is a great source of reliable value and in a local emergency gold is good to have I believe still and for the foreseeable future as well.

As for trade this totally shocked me, we have heard of Bitcoin and perhaps a few others, what I didn't realise is there are hundreds in fact nearly 800 on this list with a market cap of $25Bn US that is half decent in anyone's language. This is in a few short years.

https://coinmarketcap.com/1
 
Westaus said:
Gold is good, don't get me wrong I love GOLD. But gold is no good in modern business. I believe it is a great source of reliable value and in a local emergency gold is good to have I believe still and for the foreseeable future as well.
Click to expand...

I've seen that stated quite often, but if you go looking, I think you'll find few if any examples where it has actually proved to be the case. Instead, in situations of major economic collapse (typically the aftermath of wars), the most reliable forms of spendable currency have usually been Scotch whiskey and American cigarettes! I've made a modest investment in the former, but unfortunately it's proving rather difficult to preserve intact. ;)
 
Westaus said:
RM Outback said:
False economy bitcons are full of shite, put up a post with pictures of the bitcons you've dug and I might just might change my mind. Talk about no photos it never happened :lol: if this is what pleases you go for it, to pretentious for me. Some people just need to have some figures to feel good I suppose the reality is it doesn't exist and never will until you trade with pretenders, when that happens somehow it's real :eek: got me stumped.
Click to expand...

Gold is good, don't get me wrong I love GOLD. But gold is no good in modern business. I believe it is a great source of reliable value and in a local emergency gold is good to have I believe still and for the foreseeable future as well.

As for trade this totally shocked me, we have heard of Bitcoin and perhaps a few others, what I didn't realise is there are hundreds in fact nearly 800 on this list with a market cap of $25Bn US that is half decent in anyone's language. This is in a few short years.

https://coinmarketcap.com/1
Click to expand...

I found that page the other day too, couldn't believe how many different digital currencies there are, some have gone up yhuge amounts in very short time spans, someone is making a fortune out there.
 
A young brother of mine was convinced that a similar scheme involving web advertising was going to make him a millionaire with effectively no significant outlay in his case. Tried to "on sell" the concepts to me, but I wasn't having a bar of it. Guess what, 12 to 18 months later, someone else scooped the cream out of the scheme and not even dried milk powder left for him to lap up.

I must admit that at my age, I need something more substantial in the way of returns and guarantees, else it doesn't get my interest at all.
 
grubstake said:
Westaus said:
Gold is good, don't get me wrong I love GOLD. But gold is no good in modern business. I believe it is a great source of reliable value and in a local emergency gold is good to have I believe still and for the foreseeable future as well.
Click to expand...

I've seen that stated quite often, but if you go looking, I think you'll find few if any examples where it has actually proved to be the case. Instead, in situations of major economic collapse (typically the aftermath of wars), the most reliable forms of spendable currency have usually been Scotch whiskey and American cigarettes! I've made a modest investment in the former, but unfortunately it's proving rather difficult to preserve intact. ;)
Click to expand...

You cannot under estimate the value of something that provides comfort in hard times. Even though the stuff will kill you lol but it has a place for sure :)
 

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