Member of the Month

PartyBullshiit
March, 2024

Online

Welcome to the Newschoolers forums! You may read the forums as a guest, however you must be a registered member to post. Register to become a member today!

Bitcoin

profile picture
CRiP
Posts: 1323 - Karma: 482
Any NS'ers getting into bitcoin recently?

The price is now up to ~$145 from under $50 a few weeks ago

As more companies begin to accept bitcoin as a form of payment the price continues to rise

I bought in a few weeks ago and ive already more than doubled my money

What does NS think about bitcoin?
Apr 6 2013 2:49PM
85 34
profile picture
EC-Skier
Posts: 3899 - Karma: 668
im sorry, wtf are you trying to say?
Apr 12 2013 9:20AM
0 1
profile picture
2_fadez
Posts: 7780 - Karma: 4,180
are there any programs or ways to short-trade them, as in buying and selling them over little amounts of time
Apr 12 2013 9:24AM
0 0
profile picture
infedel_one
Posts: 5140 - Karma: 444
hey OP, how are your bitcoins doin now? hahahahahahahahahahahaha

Apr 12 2013 9:24AM
1 0
profile picture
johnnyBuz
Posts: 1438 - Karma: 1,270
I feel like the only way to short them at this time would be to enter into some type of forward-rate agreement with another party. However that would be incredibly risky since there is no governing body or regulatory body to really oversee and enforce the agreement.
Apr 12 2013 9:45AM
1 0
profile picture
Swaggermager
Posts: 2576 - Karma: 951
These kids at my school used silkroad to get 50 bars of Xanax and brought them all to school yesterday. The kid who bought them took 2 and he always pukes when he drinks and makes an ass of himself. He was walking around school stumbling and shit and then he passed out while taking a test. The administration took him in and they found all of the pills and he was sent to the hospital to get his stomach pumped. I would feel bad but I really don't because he's a huge cock to everyone and thinks hes super gangster because he smokes blunts.
Apr 12 2013 10:02AM
1 0
profile picture
2_fadez
Posts: 7780 - Karma: 4,180
hahahahah
Apr 12 2013 10:03AM
0 0
profile picture
gabe.
Posts: 1891 - Karma: 47
This explains the mining part pretty well. It's the text highlighted in yellow.

http://www.reddit.com/r/explainlikeimfive/comments/1c3adk/official_eli5_bitcoin_thread/c9cx3mu

Apr 12 2013 10:05AM
0 0
profile picture
johnnyBuz
Posts: 1438 - Karma: 1,270
Holy shit. I feel old or out of the loop. Is Silk Road really that legit? How safe/reliable is it? Should you set up a PO Box if you are getting stuff delivered?
Apr 12 2013 10:31AM
0 0
profile picture
Phil-X-
Posts: 7205 - Karma: 14,399
Dont use it if you need to ask these questions, not trying to be a dick just keeping you safe. Its a pretty safe system as long as you understand how to use it completely
Apr 12 2013 10:58AM
0 0
profile picture
howlongcanausern
Posts: 4982 - Karma: 1,737
somebody I know uses it all the time. he says that's it's worked every time....in fact he says that buying the bitcoins is the biggest hassle. he also says to make sure you never sign for any packages and there's almost no way to get caught.
Apr 12 2013 10:58AM
1 0
profile picture
howlongcanausern
Posts: 4982 - Karma: 1,737
he also says that this is good advice
Apr 12 2013 11:02AM
0 0
profile picture
Dirty_Bit
Posts: 389 - Karma: 38
#1 rule of SR: don't talk about SR.
Apr 12 2013 11:04AM
1 0
profile picture
johnnyBuz
Posts: 1438 - Karma: 1,270
You win one interwebz.
Apr 12 2013 11:09AM
0 0
profile picture
howlongcanausern
Posts: 4982 - Karma: 1,737
it does feel good that I got out but god damn it was close. right now BTC is ~67...so ridiculous.
Apr 12 2013 1:34PM
0 0
profile picture
deleted5
Posts: 14507 - Karma: 13,500
I can't hear you over the sound of I was right.
Apr 12 2013 2:16PM
1 1
profile picture
2_fadez
Posts: 7780 - Karma: 4,180
everyone knew the bubble would burst, it was just a matter of when. you're a fucking idiot if you saw that graph and didn't see a crash.
and if he made money out of it, then why does it matter if it crashed or not? he still made money that you didn't, therefore he is right
Apr 12 2013 2:46PM
0 0
profile picture
fortyvalve
Posts: 1442 - Karma: 1,570
well it's back up over $100 now so it seems to be climbing again
Apr 14 2013 7:46AM
0 0
profile picture
Vino
Posts: 2939 - Karma: 1,117
I loled so hard when I saw this in the Economic News, and then the guy said : '' the drop was caused by someone on Reddit'' lol
Apr 14 2013 8:42AM
0 0
profile picture
CRiP
Posts: 1323 - Karma: 482
pretty good, i sold way ahead of where i started and then bought again around $90. I couldve made so much if i sold right at 250 but hindsight is 20/20
Apr 14 2013 11:36AM
1 0
profile picture
johnnyBuz
Posts: 1438 - Karma: 1,270
It trades everyday including weekends? That's weird.
Apr 14 2013 12:45PM
0 1
profile picture
howlongcanausern
Posts: 4982 - Karma: 1,737
ah yes the beauty of a decentralized currency
Apr 14 2013 12:55PM
1 0
profile picture
deleted5
Posts: 14507 - Karma: 13,500
I'm not your father so take it or leave but why you are reinvesting in such a volatile market after you made your money is surprising to me.
Apr 14 2013 1:35PM
1 1
profile picture
anti_bunk
Posts: 2629 - Karma: 329
there is a lot more to btc than buying meth. more companies are viewing it as a way to send money internationally without a fee and things like that. Right now the sketchy nature of the whole market is keeping people away but when secure and faster ways of buying btc become available then mainstream investors will really blow this up and that's when your bubble will really happen.
Apr 14 2013 2:37PM
0 0
profile picture
Drail
Posts: 14011 - Karma: 10,001
There was an interesting conversation on CBC Radio the other day about Bitcoin. On one side, this guy was claiming that it would one day take over for the main currency of the world. The other side was that Bitcoin was really, really bad for the global economy due to it not being linked to any actual national economy and therefore doesn't accurately reflect what is going on in the actual global economy.

I don't really know too much about it, but it sure does sound sketchy to me. Seams like the acting trend in any currency is bigger isn't better (look at the shit show the EU has been in over the past decade to try and keep their economy on top)... When America forced the world to eliminate the gold standard currency all around the world became a little iffy to me.

Will we/should be have a unified international currency? Certainly yes. Are we anywhere close to being ready for it right now? Not even close. I mean, we're still fighting wars over resources instead of working together for the greater good of our 'global economy'. Online or physical, any currency that isn't linked to any real economy right now just doesn't sound like a good idea.

But you guys can play your little investment game and/or buy whatever is you're into off the internet... I still have faith in the Canadian banks and don't see a need to take my business elsewhere.
Apr 14 2013 3:29PM
0 0
profile picture
howlongcanausern
Posts: 4982 - Karma: 1,737
enjoy your 1-2% APR. keeping money in a bank is a fucking joke. you're lucky if you keep pace w/ inflation.
Apr 14 2013 3:43PM
0 0
profile picture
Drail
Posts: 14011 - Karma: 10,001
Canadian banks are pretty solid compared to the rest of the world. We weren't really affected by the crash in 2008 and since then most of America and Europe has been looking at how Canadian banks run things as a guide to how they should run things. That beings said, I don't think there is any possible way to turn things around across the border... it was designed to fail.

I don't make enough money to invest in gold 'cause I live pay cheque to pay cheque... I don't really play the 'money' game, I have no debt, and I pay for things straight up. For right now, there is absolutely zero need to use anything but the bank for storing my money - money this is a real thing, with a value based off of a real economy.

Talk to me when your boss is willing to pay you in bitcoin and you can use it to buy groceries at your local store in town. As I said, to me, money isn't a game.
Apr 14 2013 4:20PM
0 0
profile picture
[~_~]
Posts: 20239 - Karma: 1,273
May I suggest a credit union, sir?
Apr 14 2013 4:33PM
0 0
profile picture
zues
Posts: 6434 - Karma: -5,332
I had 400 bitcoins when they were $4 each last February. I'mm gonna tell everyone that Bitcoins are a bubble and they're gonna drop again eventually who knows how long it will be, I've been on SR for 16 months and i never saw this coming.

I should have $100,000 but instead i used my bitcoins to buy mushrooms and cocaine ... lifes not fair at all.
Apr 14 2013 9:10PM
0 0
profile picture
zues
Posts: 6434 - Karma: -5,332
i've tried mining, unless you have a super fast efficient computer its gonna wreck your machine, the miner takes all your CPU usage and it takes days to find any bitcoins, I don't believe theres any bitcoins that are even left to be mined in all honest.y
Apr 14 2013 9:11PM
0 0
profile picture
zues
Posts: 6434 - Karma: -5,332
you fucking highschool clowns don't belong on SR. you're the reason the site poses a problem. SR is completely reasonable if only responsible adults were to use it, but because of these kids SR has become a problem. I'm sure i sound arrogant here, but if you're under 18 gtfo
Apr 14 2013 9:14PM
0 0
profile picture
zues
Posts: 6434 - Karma: -5,332
400 x $200 = $80k... sorry for rounding up
Apr 14 2013 9:15PM
0 0
profile picture
zues
Posts: 6434 - Karma: -5,332
money doesn't make you happy anyways and i don't reccomend cocaine, nothing good comes out of it. mushrooms are a good experience for anyone
Apr 14 2013 9:16PM
1 0
profile picture
deleted5
Posts: 14507 - Karma: 13,500
Ever seen a homeless person skipping?
Apr 14 2013 9:18PM
0 0
profile picture
howlongcanausern
Posts: 4982 - Karma: 1,737
no you get buzzed for 20 mins...those 20 mins are pretty good
Apr 15 2013 12:04AM
2 0
profile picture
zues
Posts: 6434 - Karma: -5,332
kids on these forums and their opinions. lmao. thanks for the advice guys.
Apr 15 2013 12:32AM
0 0
profile picture
LIL_WAT
Posts: 1900 - Karma: 475
Bump. This thread is gold

Who here is still in the game? I'm tempted to jump into Litecoin at the moment

BTC/USD~236 right now, for those who are interested



Nov 4 2013 5:54PM
0 0
profile picture
LIL_WAT
Posts: 1900 - Karma: 475
this one is classic
Nov 4 2013 5:57PM
0 0
profile picture
howlongcanausern
Posts: 4982 - Karma: 1,737
meh, it would be hard to make serious cash in litecoin....it just doesn't have the volume/volatility btc does. but hey, you're right, it could be the next big thing
Nov 4 2013 5:57PM
0 0
profile picture
LIL_WAT
Posts: 1900 - Karma: 475
Yeah, I don't really have a strong opinion either way on Litecoin, just something to look into.

I think Bitcoin will continue up over the long term as its recognition and convenience are only going to improve, albeit with a LOT of volatility.
Nov 4 2013 6:00PM
0 0
profile picture
t_rob
Posts: 6433 - Karma: 11,458
Saw this today.

http://money.cnn.com/2013/11/04/technology/bitcoin-flaw/index.html

Pretty interesting not that I know anything about bitcoin mining.
Nov 4 2013 6:01PM
0 0
profile picture
LIL_WAT
Posts: 1900 - Karma: 475
Interesting read

Apparently that is nothing new to the community though, and it would be extremely hard to pull off
Nov 4 2013 6:15PM
0 0
profile picture
Jro.
Posts: 628 - Karma: 655
So is bitcoin mining basically free money?
Nov 4 2013 6:32PM
0 0
profile picture
howlongcanausern
Posts: 4982 - Karma: 1,737
basically
Nov 4 2013 6:35PM
0 0
profile picture
LIL_WAT
Posts: 1900 - Karma: 475
did you buy back in after cashing out earlier in the year?
Nov 4 2013 6:50PM
0 0
profile picture
howlongcanausern
Posts: 4982 - Karma: 1,737
no, i bought a mercedes :(
Nov 4 2013 7:21PM
0 0
profile picture
cwphoto
Posts: 2332 - Karma: 780
i just read today that the BTC market hit something like 2.7 billion. crazy ish. and for all you guys out there with some extra bitcoin, i accept bitcoin as payment for everything in my sale thread
Nov 4 2013 7:24PM
1 0
profile picture
7-3instacall
Posts: 999 - Karma: 1,005
Yo help me guys.
lets say i want to buy bitcoins.
If I buy them at 12:57 do I receive them at 12:57 or is it a long process?
and if I wanna sell them at 3:49 where the price is $250 per bit coin.
will i immediatley recieve the money or is it a long process again?
who buys those things?
who sells them?
company or just individuals?

also on another.
thinking about buying gold, since 2002 gold has been skyrocketing,
im thinking it'll keep going up seeing its something every government (i think) accord value to.
anyway.
yah
Nov 4 2013 7:31PM
0 0
profile picture
howlongcanausern
Posts: 4982 - Karma: 1,737
yes
yes
people who buy drugs on the internet
mtgox, coinbase, localbitcoins
both

the above depends on the exchange used
Nov 4 2013 7:33PM
0 0
profile picture
7-3instacall
Posts: 999 - Karma: 1,005
how does yes answer the following question:
do i recieve them immediatley or is it a long process?

appart from those two yes's thanks for the info
Nov 4 2013 9:56PM
0 0
profile picture
zues
Posts: 6434 - Karma: -5,332
bought a few hundred when they were $3.82
Nov 4 2013 10:03PM
0 0
All times are Eastern (-4)