BitCoins

**< <Samson> >** · 07-04-2013, 05:30 PM

Just came across these & trying to figure em out. Anyone use these for anything?

Look way odd to me

**austinite** · 07-04-2013, 05:34 PM

Yeah. very common. Funny thing... I deposited money and got so many coins. I spent about $400. Cant recall how many coins I paid for. I made a purchase for $380. So $20 left worth of coins. About 2 weeks later, I login to my bitcoin account, and it has 104 bucks in it. so I cashed that in. Fluctuation is crazy, so make sure that you're making a payment the same day you deposit so your coins don't diminish in value. But you could get lucky and make a few bucks.

**marcus300** · 07-04-2013, 05:35 PM

Yes used them to buy some gear. Worked out great seeing that they went up in value for the 3 days o had them.

**< <Samson> >** · 07-04-2013, 05:39 PM

Yeah, I found some interesting shit to buy with em'.

I still don't understand how they are generated. But, since its more of a one time purchase ill just get what I need and make an immediate payment.

**austinite** · 07-04-2013, 05:49 PM

Originally Posted by < <Samson> >

Yeah, I found some interesting shit to buy with em'.

I still don't understand how they are generated. But, since its more of a one time purchase ill just get what I need and make an immediate payment.

Sam. No one wants to hear about your fetish purchases. Or do we??

Bitcoins are basically virtual/digital money. Like any currency, it has a value that appreciates and deprecates based on activity. It has a cap though, I believe it's 21 million right now. So when that number of coins is reached (which I believe it has), you can't buy coins and you'd have to wait for someone to spend their coins. This was done to prevent flooding. Chances of falling into that scenario is slim to none considering the level of activity.

**< <Samson> >** · 07-04-2013, 05:59 PM

Ha ha, maybe

Kinda makes sense, just crazy looking since its a nonexistent currency.

**austinite** · 07-04-2013, 06:01 PM

Originally Posted by < <Samson> >

Ha ha, maybe

Kinda makes sense, just crazy looking since its a nonexistent currency.

You'll know that it exists when it leaves your bank account

In some way or another, this will be the future of money. Get used to it.

**Zodiac82** · 07-04-2013, 07:18 PM

went somewhere that required bitcoins....tried to understand it but didnt so didnt make a purchase through them lol

-Beast Mode-

**< <Samson> >** · 07-04-2013, 08:19 PM

Originally Posted by cancer82

went somewhere that required bitcoins....tried to understand it but didnt so didnt make a purchase through them lol

-Beast Mode-

Some things you can't find elsewhere

**kronik420** · 07-05-2013, 04:48 AM

silk road

best place to spend them

get ANYTHING you want..

**Sgt. Hartman** · 07-05-2013, 05:04 AM

Originally Posted by austinite

Yeah. very common. Funny thing... I deposited money and got so many coins. I spent about $400. Cant recall how many coins I paid for. I made a purchase for $380. So $20 left worth of coins. About 2 weeks later, I login to my bitcoin account, and it has 104 bucks in it. so I cashed that in. Fluctuation is crazy, so make sure that you're making a payment the same day you deposit so your coins don't diminish in value. But you could get lucky and make a few bucks.

I had almost the same experience as you. The only way you're really gonna profit from the value fluctuations is like you and i did - cashing out and getting cash for bitcoins. Most vendors who accept bitcoins adjust their prices daily and "hedge" their transactions so they don't lose money on the deal.

**austinite** · 07-05-2013, 12:52 PM

Originally Posted by Sgt. Hartman

I had almost the same experience as you. The only way you're really gonna profit from the value fluctuations is like you and i did - cashing out and getting cash for bitcoins. Most vendors who accept bitcoins adjust their prices daily and "hedge" their transactions so they don't lose money on the deal.

Yeah, I almost transfered my scottrade account over. (not!). But I wonder if people are actively attempting to profit through bitcoins.

First you'll see the penny go away. Then soon enough all cash will be gone.

**Hazard** · 07-05-2013, 12:53 PM

Originally Posted by austinite

Yeah, I almost transfered my scottrade account over. (not!). But I wonder if people are actively attempting to profit through bitcoins.

Let me borrow $1000 and I'll try. I'll split the profits with u

**austinite** · 07-05-2013, 12:58 PM

Originally Posted by Hazard

Let me borrow $1000 and I'll try. I'll split the profits with u

Sweet! I'll send 1000 vietnamese dongs right away.

**< <Samson> >** · 07-05-2013, 07:00 PM

Yeah, I don't see a real reason to invest in these. I guess theoretically you can buy these low and sell em high. But, ill pass

Found a guy to buy these from at a normal looking price. Got what I needed paid for just fine.

**kronik420** · 07-05-2013, 09:42 PM

a year ago you could buy 1BTC for about $5, a few weeks ago they sky rocketed to over $200, then some guy gave away 10,000BTC and the value of them dropped about 50%...

as long as you spend them all within a few days or so of buying them, you won't lose/gain much..