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Going for Bitcoins/Litecoins. Any Advice?


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Ky-Guy
Title: Obscure Nintendo Gamer
Joined: Jul 19 2006
Location: Michigan
PostPosted: Dec 29 2013 01:02 am Reply with quote Back to top

Hey, Im thinking about investing in Bitcoins, as well as their counterpart, Litecoins. If anyone reads this, is there any advice youd like to give me, such as picking the right websites and stuff?

Just to let you know, I have already downloaded my wallets for both currencies.


Syd Lexia wrote:
iPhone games are what you play when you can't get at actual games. You know, like how sometimes alcoholics drink mouthwash.

Lexiabot9000 wrote:
Your love life will be happy and harmonious if you stick to masturbating.

 
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UsaSatsui
Title: The White Rabbit
Joined: May 25 2008
Location: Hiding
PostPosted: Dec 29 2013 01:37 pm Reply with quote Back to top

Wait. I wouldn't go into it at all right now. It's WAY too volatile to be any sort of safe investment, and so many things are up in the air about it that I wouldn't touch it. Maybe throw some money in and play around a little bit, but I'd wait a while (maybe a year) before doing any serious investing.
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The Opponent
Title: Forum Battle WINNER
Joined: Feb 24 2010
Location: The Danger Zone
PostPosted: Dec 29 2013 03:24 pm Reply with quote Back to top

I love that people are getting so upset over the existence of Dogecoin (a variant of Litecoin). There is literally nothing special about it as a cryptocurrency except for the name.


I'm not a bad enough dude, but I am an edgy little shit. I'll do what I can.
 
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@om*d
Title: Dorakyura
Joined: Jul 10 2010
Location: Castlevania
PostPosted: Dec 29 2013 03:49 pm Reply with quote Back to top

LOL, I was going to suggest investing in Dogecoin, partly as a joke, and partly because of how cheap it is right now. There might be some actual potential for a nice return with it.


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Vaenamoenen
Joined: Mar 18 2010
Location: Tuonela
PostPosted: Dec 29 2013 03:54 pm Reply with quote Back to top

UsaSatsui wrote:
Wait. I wouldn't go into it at all right now. It's WAY too volatile to be any sort of safe investment, and so many things are up in the air about it that I wouldn't touch it. Maybe throw some money in and play around a little bit, but I'd wait a while (maybe a year) before doing any serious investing.


Depends on what kind of investor you are. In essence, it's a gamble, like all the other financial instruments out there. A gamble of the sort, where possible gain & loss are big. For safe & long terms investment for your retirement days, probably not. For quick and dirty gain, maybe. If you're up for a gamble, why not.

Do you have a great graphics card in your computer and cheap electricity? Try coin mining. In the process you gain insight into the whole coin game, which will help if you decide to invest.

I read the other day, thay they're actually now selling more AMD grapics cards to mine Litecoins, than to play games. (Maybe invest in AMD, then. Hehe)

Despite all the things the US banks and the stock market have done to your economy, and I do get the charm of cryptocurrencies in general, more traditional instruments are probably still a better bet for serious investing.
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Preng
Title: All right, that's cool!
Joined: Jan 11 2010
Location: Accounting Dept.
PostPosted: Dec 29 2013 05:11 pm Reply with quote Back to top

As others mentioned, it sounds as though Bitcoin (and possibly other such currencies) are quite volatile at the moment. I would consider the following elements if you are considering anything significant/long-term:

-The United States government has been slow to react, but may impose regulations, restrictions or taxes.
- Online retailers are much more likely to accept these currencies than physical stores.
- More and more variants seem to be added to the mix. Is this outlet going to be over-saturated?
- Wikipedia briefly mentioned the risk of theft, so you would need to research and implement any necessary security measures. I imagine this may not be overly complicated, but you have to be safe.

Overall, this mining craze seems pretty silly to me. Though I will admit that I'm typically risk-averse, will enough people find value in these coins to sustain their worth?

On a more humorous note, as Vaenamoenen brought up, specific AMD graphics cards have been selling like mad thanks to the mining surge. This guy apparently bought 108 R9 290Xs at $400 a pop, or $43,200 - shenanigans!
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Ky-Guy
Title: Obscure Nintendo Gamer
Joined: Jul 19 2006
Location: Michigan
PostPosted: Dec 29 2013 06:03 pm Reply with quote Back to top

Thanks for the warnings, guys. I'll wait until it becomes much safer and less volatile before investing. Very Happy

On the other hand, I was going to wait, or even avoid, investing in Bitcoins, anyway, as last time I checked, they're over $700 a pop. However, Lite coins were only about $22 a pop.


Syd Lexia wrote:
iPhone games are what you play when you can't get at actual games. You know, like how sometimes alcoholics drink mouthwash.

Lexiabot9000 wrote:
Your love life will be happy and harmonious if you stick to masturbating.

 
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LeshLush
Joined: Oct 19 2009
Location: Nashville, TN
PostPosted: Dec 29 2013 07:25 pm Reply with quote Back to top

I'd just like to add that anyone who finds the idea of crytocurrencies intriguing should read the Neal Stephenson novel Cryptonomicon. Two thirds of it take place during World War 2 and involve the allied effort to crack the axis enigma code, and one third is set in the present day and involves attempts to set up a data haven and a cryptocurrency. It's also a really great book by any worthy literary standard.
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The Opponent
Title: Forum Battle WINNER
Joined: Feb 24 2010
Location: The Danger Zone
PostPosted: Dec 31 2013 01:14 am Reply with quote Back to top

I just started mining Dogecoin on my puny little GeForce GT 630 while it idles. If I make even like $10, I'll consider it a worthwhile investment.


I'm not a bad enough dude, but I am an edgy little shit. I'll do what I can.
 
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Vaenamoenen
Joined: Mar 18 2010
Location: Tuonela
PostPosted: Jan 03 2014 10:08 am Reply with quote Back to top

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Vaenamoenen
Joined: Mar 18 2010
Location: Tuonela
PostPosted: Jan 03 2014 10:08 am Reply with quote Back to top

double post, sorry
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Shut up, Dorn
Title: White Chocolate
Joined: Jan 04 2008
Location: Grate Whyte Norf
PostPosted: Jan 03 2014 10:22 am Reply with quote Back to top

I just don't understand how it translates to real dollars and cents. Like, the five W's.


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Vaenamoenen
Joined: Mar 18 2010
Location: Tuonela
PostPosted: Jan 03 2014 10:32 am Reply with quote Back to top

Shut up, Dorn wrote:
I just don't understand how it translates to real dollars and cents. Like, the five W's.


The same way pesos translate as dollars and cents.
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Preng
Title: All right, that's cool!
Joined: Jan 11 2010
Location: Accounting Dept.
PostPosted: Jan 03 2014 12:03 pm Reply with quote Back to top

Coinye West! ha HA!
It only gets better from here on out.
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The Opponent
Title: Forum Battle WINNER
Joined: Feb 24 2010
Location: The Danger Zone
PostPosted: Jan 09 2014 09:14 pm Reply with quote Back to top

A lot of Dogecoin owners are thinking of migrating to Coinye once that gets started.


I'm not a bad enough dude, but I am an edgy little shit. I'll do what I can.
 
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lordsathien
Title: Head of Lexian R&D
Joined: Oct 15 2005
Location: Metro area, Georgia
PostPosted: Jan 10 2014 09:20 am Reply with quote Back to top

The-Excel wrote:
A lot of Dogecoin owners are thinking of migrating to Coinye once that gets started.

The same ones who had their accounts stolen from on Christmas Day?


"Life is a waste of time. Time is a waste of life. Get wasted all the time, and you'll have the time of your life!"
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The Opponent
Title: Forum Battle WINNER
Joined: Feb 24 2010
Location: The Danger Zone
PostPosted: Jan 23 2014 04:34 pm Reply with quote Back to top

Their accounts weren't stolen, just that a bunch of transactions were hijacked. I think only a few thousand dollars worth of Dogecoins were taken.

In other news, I finally got 1200 Dogecoins, which is like about a dollar last I checked. Totally worth all those kilowatt-hours.


I'm not a bad enough dude, but I am an edgy little shit. I'll do what I can.
 
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aeonic
Title: 2012 Champ of your Mom
Joined: Nov 19 2009
Location: Cape Coral, FL
PostPosted: Jan 25 2014 07:13 am Reply with quote Back to top

Invest in gold, steel jacketing, and rye. Just my two cents.


Who likes role-playing games? Me. Way too goddamn much.
 
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lordsathien
Title: Head of Lexian R&D
Joined: Oct 15 2005
Location: Metro area, Georgia
PostPosted: Jan 25 2014 08:33 pm Reply with quote Back to top

I love this girl:



"Life is a waste of time. Time is a waste of life. Get wasted all the time, and you'll have the time of your life!"
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Ky-Guy
Title: Obscure Nintendo Gamer
Joined: Jul 19 2006
Location: Michigan
PostPosted: Feb 26 2014 01:33 pm Reply with quote Back to top

I'm glad I waited out on Bitcoin investment. I've read that Bitcoins are rapidly decreasing in price after Mt. Gox disappeared with over 740,000 of them.

I'm going to wait to see how low they will go, as well as build a desktop suitable for trading them. Meanwhile, I might look into Litecoins and Peercoins.


Syd Lexia wrote:
iPhone games are what you play when you can't get at actual games. You know, like how sometimes alcoholics drink mouthwash.

Lexiabot9000 wrote:
Your love life will be happy and harmonious if you stick to masturbating.

 
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Preng
Title: All right, that's cool!
Joined: Jan 11 2010
Location: Accounting Dept.
PostPosted: Mar 25 2014 09:45 pm Reply with quote Back to top

The IRS has declared bitcoins to be considered property, not currency.

ha HA! Regardless, one still must claim it on their tax return! ha HA!
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The Opponent
Title: Forum Battle WINNER
Joined: Feb 24 2010
Location: The Danger Zone
PostPosted: Mar 26 2014 02:47 pm Reply with quote Back to top

Update: I now have $2 worth of Dogecoin.


I'm not a bad enough dude, but I am an edgy little shit. I'll do what I can.
 
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Preng
Title: All right, that's cool!
Joined: Jan 11 2010
Location: Accounting Dept.
PostPosted: Mar 26 2014 06:50 pm Reply with quote Back to top

A $1 increase in two months, Excel? That's tough.
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JoshWoodzy
Joined: May 22 2008
Location: Goshen, VA
PostPosted: Mar 27 2014 07:45 pm Reply with quote Back to top

lordsathien wrote:
I love this girl:


I'd like to legitimately question your sanity if you found anything remotely enjoyable about that. I was so embarrassed after watching I had to take a shower.


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The Opponent
Title: Forum Battle WINNER
Joined: Feb 24 2010
Location: The Danger Zone
PostPosted: Mar 27 2014 10:16 pm Reply with quote Back to top

Preng wrote:
A $1 increase in two months, Excel? That's tough.

Difficulty skyrocketed since then. Also I've only been digging on and off since the computer that does it isn't on very often these days.


I'm not a bad enough dude, but I am an edgy little shit. I'll do what I can.
 
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