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Bitcoin/Litecoin etc

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Original thread gone?

Bitcoin back on the up today after a couple of days with very little movement.

Litecoin doing well still but down today a bit. It really needs gox to announce a date for thier trading engine to open, kinda in limbo at the mo it would seem

@leanne I havent looked into desktop/offline wallet software, is that something you are looking into?

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indeed. you wonder who is buying at $1000 a pop. I would say there is some way to go because at those prices you have to be talking bigger and bigger players getting in on it

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It's a tricky one alright, I could do with the cash, but at the same time, I'm not desperate! There is interest at the minute, but still not really that huge interest when you think about it. Once things are set up to let people buy and sell more easily then I'd imagine a lot more people will get involved.

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agreed. I would see a bit of crash though within the current market. simply because of the bubble type territory it has been in. anyone considering buying now is doing it on a punt alone, there is no real trend analysis that lends itself to bitcoins in recent months, as its creating new territory every week. its worth close to oz gold now.

the reality is that all new currencies go through this kind of up and down volatility initially as they gain acceptance. its the nature of money. new currencies also have a history of being used for black market activity too as it goes, so criticisms of bitcoin as being simply a criminal activity are just short sighted.

the big moment will come when there is word out of a large institutional investor in the market getting involved in a big way. that's were the acceptance matters.

also big questions about central banks trying to get regulate/control such currencies will have to be brought up eventually.

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I also think when the infrastructure to allow easier usage comes, then mass adoption will take place online and then commercial websites etc will all start accepting them and it'll be set in stone then. How much they will be worth then is what I'm unsure about, and also the mining side of things.

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Max keisers predictions ringing true very quickly

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not till it hits $10,000 plus its not

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I was talking about litecoin

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what was he saying specifically on lite?

i know he shouts $20,000 on bitcoin

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What? 1 Bitcoin to be worth $20,000??

Surely that's not possible really?

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He quoted interim price for litecoin at 50usd (less than a week ago) and has recently mentioned short term prices for btc at 1000 and then 1500usd

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Yous are talking as if everyone's buying these btc to try & profit from rising value. I think the steady constant demand is coming from the people who spend them as quick as they buy them, hence the sudden spike when silk road 2 resurfaced

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i transferred a few btc ro a private wallet and they stil arent there starting to get really really worried now

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gutted lol

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Yes my first wallet transfer was a butt hairy experience too. Should be fine.

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im not too worried im holding most of my $$ in LTC but i also have a few btc so decided to move them first - still no sign the most concerning aspect is who do you complain to if they never show up??

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scoobs how long did yours take???

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Nobody to complain to lol, so fragile. Dunno how long mine took, 10 minutes maybe more, felt like an hour.

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leanne is your BTC wallet up todate with blockchain transactions? if it isnt then your btc wont appear until it is..

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I just downloaded blockchain ill pm u about this

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Your wallet is probably syncing.

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Can any of you guys who manage to actually sell some litecoins let us know how it goes? I'm now hearing it costs £70 just to set up as a seller ffs! Really have a bad feeling about this with regards to actually being able to shift the fuckers for cash!

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Relax the kecks Mufferinho.

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lol.. aye Muff, chill the beans mate!

WE COOL, WE COOL!

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ha ha shits got real! S'all in the game I s'pose!

Is that right enough about the £70 to become a seller though can anyone verify?

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Pack it in Muff, and come join Blurt on the throne

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I had a look at becoming a seller last night, serious rigmarole involved with bitbargain

local litecoins seem to be a lot less stressed out about the whole thing.

I have an account with bitstamp who also do GBP withdrawals so getting it verified as heard they are a more reliable exchange than gox

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Aye Blurt, the pink throne... that's shaped like a huge cock.

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Last night Litecoin local let me sign up then wouldn't let me sign in

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We will rule like two twat's

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Profit isn't profit until the cash is in your bank - Kaizen 28/11/13

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and broken records dont actually play :)

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They do, just not the whole song

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depends how broken they are

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Stop you trying to save your wee face

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Kaizen seems raging he's not involved lol

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Let me know how the litecoin local site goes for you sean as I think I will prob look to cash a couple of mine in soon to recoup my initial investment and also prove that it is possible for an ordinary joe like me to be able to lol

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aye, what muff said. gonna have a look here myself soon.

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Guys I tried to back up my wallet. The PC saves it as a .dat file. I can't however open this file. Do i need to download some software which enables me to see it?

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I'll be happy enough to spend mine if worst comes to worst! :¬D

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RP.com
also big questions about central banks trying to get regulate/control such currencies will have to be brought up eventually.

how will this happen? how will they be able to tax it? surely it is not that simple?

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Always that to fall back on Kev I guess! :-)

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Muff, that file *is* the back up file. You don't need to open it or anything. Just save it somewhere, or in a couple of places.

The wallet will be able to import it and use it.

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Ah I see doh!

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I withdrew a few litecoins to a paypal account today using 2 sites.

vircurex.com (change litecoins to bitcoin) then transfered to www.virwox.com/?drgn=1 where you convert btc to sll then sll to euro.

Fees are pretty rediculous, but i managed to withdraw at its peak value today as well as leave some litecoin on vircurex. Got more euro in my account that btc-e said the litecoins were worth so happy days

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Max Keiser apparently on ITV at 10.20pm to talk about litecoin. If its anything like his tweet regarding litecoins, value will probably rise a bit

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Litecoin being sold for £40 a touch minimum on some sites. I bought at £8 each on Sunday night. Parful

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i got them at $2.70 :D

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@justim

the central banks are responsible for the supply of money that is taxable... in the UK sterling
in the US dollars

because only that money is accepted by the government to pay taxes it has intrinsic value.

you cannot pay tax in bitcoin... you must convert it to sterling first

the value of crypotcurrencies comes from the faith people have in it... much like commodities such as gold- it has no intrinsic value other than a store of wealth- hence you cannot pay you taxes in gold either.

traders may accept gold or bitcoins in return for goods and services but ultimately they will convert them to sterling to pay taxes.

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i don't think it is possible for the central banks to actually control cryptocurrencies due to the decentralised nature of the currency

however market manipulation can occur if interested parties are able to buy enough bitcoin to cause a lack of supply and drive up demand- this is possible with any currency where there is a physical limit on the total amount of coin in the economy.

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thanks pav. makes it a lot clearer. ive always been keen to learn this stuff, but never really cared enough to give a fuck, until now. just gave dow jones and ftse a wide birth.

i take it the banks wont like bitcoin?

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