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Bitcoin (Read 18909 times)
SolidSnake
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Re: Bitcoin
Reply #15 - 29th Nov, 2013 at 10:26pm
 
Also I've just found out about BitCoin mining.. and I can tell it's also interesting.
Since I have my computer on 24/7 and I have a high end PC I could use it as a mining center..
I'll keep on researching it for now..
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dansbanners
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Re: Bitcoin
Reply #16 - 30th Nov, 2013 at 12:19am
 
moneymarketing wrote on 29th Nov, 2013 at 8:39pm:
It is sort of like egold whereby there are exchanger sites that trade bitcoins. We would be dealing with the exchangers

So should I look for what would be like a bitcoin exchanger website?
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moneymarketing
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Re: Bitcoin
Reply #17 - 30th Nov, 2013 at 3:51am
 
dansbanners wrote on 30th Nov, 2013 at 12:19am:
So should I look for what would be like a bitcoin exchanger website?



Yes, that is where I have sort of stopped at this point. I'm not sure I'll pursue it father. I was looking for one that took Paypal but those are rare apparently
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Re: Bitcoin
Reply #18 - 30th Nov, 2013 at 5:17am
 
dansbanners wrote on 30th Nov, 2013 at 12:19am:
So should I look for what would be like a bitcoin exchanger website?


Apparently MtGox is the biggest one going

https://www.mtgox.com/
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Re: Bitcoin
Reply #19 - 30th Nov, 2013 at 11:47pm
 
So is a bitcoin like a share of a stock? Such as 1 bitcoin = $5 or something?
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ruicarlov
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Re: Bitcoin
Reply #20 - 30th Nov, 2013 at 11:59pm
 
It's more of a currency pair than a stock. It's more kinda like BITUSD, or BITEUR.
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moneymarketing
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Re: Bitcoin
Reply #21 - 1st Dec, 2013 at 1:45am
 
dansbanners wrote on 30th Nov, 2013 at 11:47pm:
So is a bitcoin like a share of a stock? Such as 1 bitcoin = $5 or something?



It is like a currency (it is a bartering instrument in its strictest definition) that, at this point, no government can print more of. So, it is a finite asset from that perspective. Thus the price fluctuation is more a reflection of how many dollars are out there. As more dollars get printed the price of each bit coin goes up (it takes more dollars to buy them). It is, all other things being equal, a measure of currency inflation. Of course, all other things are not equal and thus there is also an element of hype and euphoria which is where the risk is.
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Re: Bitcoin
Reply #22 - 1st Dec, 2013 at 2:39pm
 
Regarding the risk it is clearly stated here :

Quote:
Bitcoin price is volatile

The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with Bitcoin is not recommended at this point. Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin. If you receive payments with Bitcoin, many service providers can convert them to your local currency.


I keep reading more and more on this subject. Looks like it may lack privacy and security if not used under specific guidelines.
A considered "safe" way is to have an offline computer that will be used to sign your transactions, and then transfer them
through a USB stick to an online computer to complete the money sending.. However there are several privacy matters to be
considered when using Bitcoin..

All transactions are public and stored permanently on online servers so anyone could practically access it and see how many
Bitcoins you have and how many you have spent at any time. There are some ways to work around this like creating new
bitcoin addresses with every transaction plus using a fake IP generator to not let your own be traced. There's too much stuff
regarding privacy so for more information on bitcoin privacy read here.
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moneymarketing
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Re: Bitcoin
Reply #23 - 1st Dec, 2013 at 3:21pm
 
SolidSnake wrote on 1st Dec, 2013 at 2:39pm:
Regarding the risk it is clearly stated here :


I keep reading more and more on this subject. Looks like it may lack privacy and security if not used under specific guidelines.
A considered "safe" way is to have an offline computer that will be used to sign your transactions, and then transfer them
through a USB stick to an online computer to complete the money sending.. However there are several privacy matters to be
considered when using Bitcoin..

All transactions are public and stored permanently on online servers so anyone could practically access it and see how many
Bitcoins you have and how many you have spent at any time. There are some ways to work around this like creating new
bitcoin addresses with every transaction plus using a fake IP generator to not let your own be traced. There's too much stuff
regarding privacy so for more information on bitcoin privacy read here.



Can you maybe hold them under a company name in order to protect your privacy?
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ruicarlov
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Re: Bitcoin
Reply #24 - 1st Dec, 2013 at 11:47pm
 
Give it some time. Funds and ETFs following the currency are about to appear.
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moneymarketing
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Re: Bitcoin
Reply #25 - 1st Dec, 2013 at 11:54pm
 
ruicarlov wrote on 1st Dec, 2013 at 11:47pm:
Give it some time. Funds and ETFs following the currency are about to appear.


Now that could be interesting. I wouldn't mind setting up an option hedge on something like this. Where did you read about that? I love trading volatility (I have some positions in the VIX markets) so this could be a nice 'currency' addition
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ruicarlov
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Re: Bitcoin
Reply #26 - 2nd Dec, 2013 at 12:13pm
 
There currenly a fund for investing in Bitcoins, but SecondMarket. However, it's not as tightly regulated as common mutual funds.

Besides that there are plans to create a Bitcoin ETF: http://www.cnbc.com/id/101190181
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moneymarketing
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Re: Bitcoin
Reply #27 - 2nd Dec, 2013 at 7:03pm
 
ruicarlov wrote on 2nd Dec, 2013 at 12:13pm:
There currenly a fund for investing in Bitcoins, but SecondMarket. However, it's not as tightly regulated as common mutual funds.

Besides that there are plans to create a Bitcoin ETF: [ur]http://www.cnbc.com/id/101190181[/url]



Thanks for that. It definitely looks promising. I hope they can put it together and will be looking for it to launch
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ruicarlov
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Re: Bitcoin
Reply #28 - 9th Dec, 2013 at 5:28pm
 
It seems the bitcoin is being strongly linked to demand by China. Throw a bit of bad news about Chinese policies regarding Bitcoin and the prices makes a little dive.
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moneymarketing
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Re: Bitcoin
Reply #29 - 9th Dec, 2013 at 6:28pm
 
ruicarlov wrote on 9th Dec, 2013 at 5:28pm:
It seems the bitcoin is being strongly linked to demand by China. Throw a bit of bad news about Chinese policies regarding Bitcoin and the prices makes a little dive.



Yes, it has definitely hit some turbulence
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