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#1 SpleenBeGone

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Posted 10 October 2012 - 12:09 PM

Does anyone do this?

I've tinkered with it a bit here and there, but have never even made a full BTC.

I noticed that it was on the rise again today ($12USD) and decided to do a bit of research. Apparently in December the amount of coinage is suppose to drop to 25 instead of 50. Also, there appears to be some ASIC miners in the works, that should be available at the end of the year (if they're not a scam). There's a high investment rate, but a much higher hash speed than using graphics cards, and at much lower wattage. Do you think this will crash the market?
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#2 K_N

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Posted 10 October 2012 - 02:39 PM

Bitcoins are a huge scam. The original creators own the majority of the currency and just want the value to be driven up so they can make more money selling it off. The market is WAY too volatile to be consider a reliable currency, and as time goes on, due to the infinitely shrinking gains of the mining algorithm, mining will just become impossible.

Not to mention that all the major exchanges keep getting hacked, there's no way to get your currency back if someone steals it, and if you lose your wallet file, ALL of your btc is gone forever.

Rumors of my demise have been greatly exaggerated.


#3 SpleenBeGone

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Posted 10 October 2012 - 03:01 PM

Oh yeah, I know it's completely useless as a currency, but there's always someone out there willing to buy it off of you with good ol' USD. I imagine most people are making their money from buying and selling it like stock.
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#4 K_N

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Posted 10 October 2012 - 06:50 PM

Oh yeah, I know it's completely useless as a currency, but there's always someone out there willing to buy it off of you with good ol' USD. I imagine most people are making their money from buying and selling it like stock.

Yeah, but it's incredibly risky, unfortunately.

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#5 SpleenBeGone

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Posted 10 October 2012 - 06:53 PM

I know, that's why I haven't done it yet. >.>
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#6 Calvary

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Posted 12 October 2012 - 01:30 PM

What K_N said! I've studied this sort of thing in Economics and in American history (similar what with the stock crash). Avoid at all costs!

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