Bitcoin mining

francky · 11 Apr 2013 at 13:28

Dj_Jestar said:
Not much foul play from reddit. They've largely been trying to convince everyone to just hold back and stop trading to quell the bounce.
Bitcoin is worse because it is unregulated.

I know Bitcoin is unregulated and not worth the risk, which is why I wouldnt invest.

I was just mentioning that market manipulation happens in all areas of currency and trade, regulated or not.

Darujhistan · 11 Apr 2013 at 13:44

It reeks of being another internet based nonsense.

MeEsH BaKkA · 11 Apr 2013 at 14:02

Housey said:

A few people just made stacks.

SlyReaper · 11 Apr 2013 at 14:35

It's plummeting like a stone again. £80 now - less than half of yesterday's peak.

elmarko · 11 Apr 2013 at 14:40

The fact the currency is generated by wasting large amounts of energy & high-tech computer components make the whole thing appear pretty stupid from the outside.

What's the point replacing money with something equally wasteful?.

div0 · 11 Apr 2013 at 15:56

http://www.bbc.co.uk/news/technology-22105322

Tech news site Ars Technica linked the crash to the antics of an anonymous Bitcoin owner who gave away around $13,000 in Bitcoins via the Reddit social news site. The unnamed person, who used the alias Bitcoinbillionaire on Reddit, randomly picked 13 different people to receive the coins. One lucky Redditor got a gift of about $5,000 (£3,250).

But the rising value has meant the MT Red mining pool, which is co-ordinated via Reddit, cannot keep up with its financial obligations to its pool members and is shutting down. The "soaring price" has made it impossible for MT Red to cover what it owes to members, an administrator said.

Anyone who's 'casually' into this is likely to get shafted, unless they happen to get very lucky. It's clearly been designed right from the start to allow early adopters to dominate the market share and thus easily influence the price. This sort of manipulation will continue until people lose interest in the whole thing.

RichIbizaSport · 11 Apr 2013 at 16:28

Lol $60 now, that's the bubble well and truly popped.

Mt Gox stopped trading.

aardvark · 11 Apr 2013 at 16:34

lol - suckers.

Locky · 11 Apr 2013 at 16:44

div0 said:
http://www.bbc.co.uk/news/technology-22105322

Anyone who's 'casually' into this is likely to get shafted, unless they happen to get very lucky. It's clearly been designed right from the start to allow early adopters to dominate the market share and thus easily influence the price. This sort of manipulation will continue until people lose interest in the whole thing.

always some lucky folk out there

SlyReaper · 11 Apr 2013 at 17:15

RichIbizaSport said:
Lol $60 now, that's the bubble well and truly popped.

Mt Gox stopped trading.

Well that settles it then. I didn't make enough real money to meet the minimum withdrawal limit, so I'll use what's there to buy more bitcoins once the price has settled to its new low. With a bit of luck, there may be another bubble in the future. There was one a few years ago, so it's not impossible.

Hatter The Mad · 11 Apr 2013 at 17:21

elmarko said:
The fact the currency is generated by wasting large amounts of energy & high-tech computer components make the whole thing appear pretty stupid from the outside.

What's the point replacing money with something equally wasteful?.

It isn't about churning your computer for the sake of it - each Bitcoin needs to be calculated, and this is an incredibly complex calculation. It's not like they could have said 'here are 21million numbers, let's use these'.

Dano · 11 Apr 2013 at 17:22

Not read the thread but the whole thing has always stunk of an electronic pyramid scheme to me.

scrlk · 11 Apr 2013 at 17:23

If anyone lost their money by speculating on Bitcoins, I don't have any sympathy for them sadly.

EDIT:

If we take the 6 month graph, the trend becomes shockingly clear:

sven256 · 11 Apr 2013 at 17:36

Then you have to take into account scum companies like.

https://instawallet.org/

Which someone correct me if I'm wrong, it looks like they have just closed all account and are hoping to gain a lot of bit coins by people not claiming them or being too few to even bother.

Nice little earner for them.

Dj_Jestar · 11 Apr 2013 at 17:41

RichIbizaSport said:
Lol $60 now, that's the bubble well and truly popped.

Mt Gox stopped trading.

Talking out of your backend? BTC is at $116 right now, which is the lowest it has been since early March.

KIA · 11 Apr 2013 at 17:45

sven256 said:
Then you have to take into account scum companies like.

https://instawallet.org/

Which someone correct me if I'm wrong, it looks like they have just closed all account and are hoping to gain a lot of bit coins by people not claiming them or being too few to even bother.

Nice little earner for them.

Using an online wallet service is incredibly risky. It's like asking a random person on the street to look after your physical wallet.

Addicted · 11 Apr 2013 at 17:47

KIA said:
Using an online wallet service is incredibly risky. It's like asking a random person on the street to look after your physical wallet.

Exactly, using something like that is incredibly stupid.

Danthus · 11 Apr 2013 at 17:57

http://www.bbc.co.uk/news/technology-22105322

SELL SELL SELL !!!!!!!!

Efour · 11 Apr 2013 at 18:03

I hope no one on OcUK was stupid enough to get too burnt. At the same time id like to say ... DERP DERP DERP... Im sure it will make a come back if it survives this.

sven256 · 11 Apr 2013 at 18:12

Addicted said:
Exactly, using something like that is incredibly stupid.

Well good job i didn't

i was merely pointing out.