Author Topic: Bitcoin mining? (Read 59560 times)

Adrock · **Reply #90 on:** April 02, 2012, 18:39:24 PM

Re: Bitcoin mining?

Reply #90 on: April 02, 2012, 18:39:24 PM

Legislation?

M3ta7h3ad · **Reply #91 on:** April 10, 2012, 19:09:45 PM

Re: Bitcoin mining?

Reply #91 on: April 10, 2012, 19:09:45 PM

Is there any benefit getting involved with this nowerdays?

All the sites associated with bitcoins (aside from the big exchanges) look like typical pyramid/ponzi style schemes, even the retailers listed on the weusecoins website look dodgy as hell.

Combine the high potential for scammage with the low return on bitcoin grinding for yourself, what is the best way about making money using bitcoin?

I'm guessing it's just currency trading?

matt5cott · **Reply #92 on:** April 10, 2012, 19:34:04 PM

Re: Bitcoin mining?

Reply #92 on: April 10, 2012, 19:34:04 PM

Mining can be still profitable afaik

As for trading, yes that ican be profitable but the usual caveats of don't trade with more than you can afford to lose.

I went for a couple of beers and sushi once after work, the market crashed and I lost £90 of profit (I had bought very low) in the 2-3 hours I was out.

Bacon · **Reply #93 on:** April 10, 2012, 20:19:07 PM

Re: Bitcoin mining?

Reply #93 on: April 10, 2012, 20:19:07 PM

Quote from: matt5cott on April 10, 2012, 19:34:04 PM

Mining can be still profitable afaik

As for trading, yes that ican be profitable but the usual caveats of don't trade with more than you can afford to lose.

I went for a couple of beers and sushi once after work, the market crashed and I lost £90 of profit (I had bought very low) in the 2-3 hours I was out.

Give me £50 and i'll give you £45 back and you'll be better off trading with Baconcoins

Dave · **Reply #94 on:** April 10, 2012, 21:03:15 PM

Re: Bitcoin mining?

Reply #94 on: April 10, 2012, 21:03:15 PM

Quote from: M3ta7h3ad on April 10, 2012, 19:09:45 PM

Is there any benefit getting involved with this nowerdays?

All the sites associated with bitcoins (aside from the big exchanges) look like typical pyramid/ponzi style schemes, even the retailers listed on the weusecoins website look dodgy as hell.

Combine the high potential for scammage with the low return on bitcoin grinding for yourself, what is the best way about making money using bitcoin?

I'm guessing it's just currency trading?

would be interested in how this works exactly - costs mostly

like do you get direct access to the exchange order book - i.e. you can place orders directly to cross with other orders or wait for someone to hit your order... i.e. market and limit orders... or do these sites play the role of market makers - i.e. you have to just fire in a market order cross a spread in order to trade...

if costs are low and you can place limit orders in the exchange then there is potential to make some money I guess... then again there isn't much to price these things against...

Clock'd 0Ne · **Reply #95 on:** April 10, 2012, 22:00:52 PM

Re: Bitcoin mining?

Reply #95 on: April 10, 2012, 22:00:52 PM

Quote from: matt5cott on April 10, 2012, 19:34:04 PM

Mining can be still profitable afaik

As for trading, yes that ican be profitable but the usual caveats of don't trade with more than you can afford to lose.

I went for a couple of beers and sushi once after work, the market crashed and I lost £90 of profit (I had bought very low) in the 2-3 hours I was out.

Mining can still be profitable if you have the right hardware, I wouldn't recommend going out of my way to make a mining rig though. I'm sitting on my mined coins (still mining every day too) until I can sell them for a good amount. I got greedy before when I should have sold around the 5GBP mark but didn't, so now I'm waiting for the market to recover. I have about £100s worth at least but I keep waiting for another boom so I can maximise my profits. I've absolutely no problem mining all year as eventually I might get a tidy sum back.

As Matt said about trading, it is definitely profitable if you know how to play it but has the same risks as stock trading anywhere else. He's the one I ask when I am watching the markets and waiting for the right time to sell to see what is going on

matt5cott · **Reply #96 on:** August 17, 2012, 12:10:08 PM

Re: Bitcoin mining?

Reply #96 on: August 17, 2012, 12:10:08 PM

Anyone else get into this? coins trading at around £10 now.

Clock'd 0Ne · **Reply #97 on:** August 17, 2012, 12:34:19 PM

Re: Bitcoin mining?

Reply #97 on: August 17, 2012, 12:34:19 PM

I'm still gutted I sold too soon earlier in the year (damn auto-sell I forgot I'd setup), but then, I needed the money at the time anyway. I could be sitting on hundreds right now, but oh well. I'll milk it while I still can until:

By the end of the year I predict I will solely be investing in big market stocks.

Last Edit: August 17, 2012, 12:35:56 PM by Clock'd 0Ne #187;

Leon · **Reply #98 on:** August 21, 2012, 09:50:10 AM

Re: Bitcoin mining?

Reply #98 on: August 21, 2012, 09:50:10 AM

BitCoin Credit Card?

Leon · **Reply #99 on:** August 22, 2012, 16:09:50 PM

Re: Bitcoin mining?

Reply #99 on: August 22, 2012, 16:09:50 PM

and the card was fake.

Clock'd 0Ne · **Reply #100 on:** August 22, 2012, 16:48:14 PM

Re: Bitcoin mining?

Reply #100 on: August 22, 2012, 16:48:14 PM

Something like that is extremely unlikely to happen because bitcoin isn't a fully fledged currency as such and no one serious wants to give it any backing, its more akin to trading a commodity.