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Bitcoin/Litecoin etc

17

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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17

That isn't mining. Samples are miniscule when they take them and i've seen what their plans were to do that and it was impressive, like a sticky robot. Humungous difference. Look into what mining entails on earth (i know a wee bit about it, enough to know that it is a logistical nightmare on earth, alone, never mind a moving asteroid!).

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It should........ b

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*but sure.

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I said that we will probably mine an asteroid in our lifetimes. You said, and I quote...

"I'll put a bet on right now that we will not be mining asteroids in our lifetime."

I've just given two examples of government missions to asteroids to sample/mine the material in the next few years. That doesn't include all the future missions which will take place, and also the private enterprises who planning specifically to mine asteroids. I think I've given enough evidence to support my opinion. Im yet to see anything from you to back up your opinion that we won't mine in our lifetimes, even though its complete pointless now considering I've given evidence of actual missions which are already in the process of happening. You can twist the words as much as you want to try and back up your point of view, but I would rather go on hard evidence.

I'll leave it at that.

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Takkischitt has put forward a more compelling argument here. The other guy doesn't seem to understand the basics of debate and can't or won't address the points put to him.
Keep the space links coming Takkischitt, very interesting stuff.

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Vicious from takki, too much fact at this time

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A complete slaying

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Sampling isn't mining! We were talking about mining an asteroid! The whole debate started as you proclaimed that gold might not be that big a commodity as we may see us mining asteroids. I refute that claim completely as sampling is not mining, and to actually mine it is so off the charts, it's actually ahrd to comprehend. Note, they ahven't even accomplished a sampling!

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Am i really, slayed. Really? This is funny.

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Less of this shite and more chat about how much cash money I'm gonna make with my litecoins innit.

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*Mining asteroids in our lifetime, i say that's a long, long way off.

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I reckon it will happen, but just nowhere near as soon as you think.

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Melters :)

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A couple of things worth noting, for those interested in the virtual pump-and-dump campaign that is Bitcoin.

1) The Chinese Bitcoin premium has seemingly abated.

BTC China was last seen at a price of ¥6,217.97. If you convert that rate with the official November 28 USDCNY fix of 6.1343, this implies a dollar value of about $1,013.64. Bitcoin was trading on MTGox at $1,082, suggesting the US is now overbidding for the virtual currency relative to China.

Also worth noting, the biggest push into Bitcoin in China occurred on November 18. November 18 was, of course, the day that the details of the Chinese plenum — including prospective plans for liberalisation — were first properly released and widely circulated. On that day, Bitcoin reached a price of nearly ¥6,000 on BTC China, which implies a US dollar valuation of about $978. The high achieved on the MTGox exchange in dollar terms, however, was just under $800 per coin on that day, showing a clear China premium in the market.

After that initial thrust — which was followed by some profit taking and sideways trade — a secondary surge began around November 25. This happens to be roughly a week after the initial China boom, and could very well be based on the inflow of US (and western) latecomers who have just been verified by exchanges, since authentication can take about a week or so. Either way, it is quite clear it’s the dollar bid that’s moving the virtual currency higher at this stage.

2) The Bitcoin euphoria is now taking other virtual currencies with it. The smarter pump-and-dumpers would have piled into Litecoin on November 18, since it’s now outperforming Bitcoin by an order of magnitude.

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Interesting!

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You gatta push LTC

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Ltc starting to rise again after that mini crash

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good to see daire getting behind ltc, cheers m8

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Past tense ferg. Pump is done, now its time to dump

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Where you taking the dump?

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My hand

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4th floor toilet

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Tramp

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i wasnt being serious daire, ye big crypto sceptic

i am in for the long haul, as I stated at the start of this thread, my original investement + a nice wee prfot has been extracted, the rest is whatever it is when i take it out but nothing to lose, only rosie gainz

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We noted that the shift from Bitcoin into other crypto alternatives, which give early adopters a better chance at pilfering wealth from suckers, had already begun.

We referred, for example, to the rise in Litecoin. But this was foolish. We were thinking too small. There are so many other virtual choices on the market.

Take feathercoin as an example. Or Namecoin. Or Peercoins. Or Novacoin. In fact, Cryptocoincharts shows something in the region of 164 different virtual currency-based cross rates in the market. All of which can be bought on eBay at ridiculous premiums due to the virtual currency industry’s “responsible” and meticulous authentication and verification processes, which are focused on drawing as much security information from those willing to hand over real world cash for virtual claims, and which make it near impossible to trade these things fluidly.

If ever there was an industry in demand of high frequency trading to bring some order to the self-manufactured pricing anomalies, inconsistencies, premiums, discounts and general captured markets, it is this one. For now, however, what we have is a wild west of artificial and abstracted value fragmentation. The natural consequence, perhaps, of a leisure economy with nothing more productive to do — or, more simply, nothing more productive that has as great a potential for quick speculative profit.

Though, not to overlook the influence of the idea that it is wise to protect oneself from a fiat currency armageddon that still hasn’t happened yet, and against which there are fewer viable diversification tools.

So what we have created instead is a veritable Weimar-style notgeld issuance frenzy. A parallel private money expansion outside of the government’s money supply control, created by the public itself. (Though, at least with notgelds, the units issued were always redeemable for the issuing companies’ underlying goods and services.)

While it’s no bad thing perhaps that money supply is expanding — the fact that is expanding in this private way is possibly evidence of the fact that the system can handle it — the problem is how it’s being distributed, as well as the wanton energy waste it is encouraging.

In exchange for goods and services

The campaign to encourage generic acceptance against goods, meanwhile, has begun in earnest. The Bitcoin community is leading the way with “Bitcoin Black Friday“, which will no doubt see a slew of newly minted Bitcoin billionaires rush to online stores to exchange BTCs for real-world goods and services (if their hoarding instinct aren’t too powerful). Of course, even if a buying frenzy does occur and causes a bona fide increase in economic activity — just as the Keynes’ coalmine thought experiment envisioned there would be if people were allowed to dig for fiat currency — it may still have little impact on USD inflation.

Retailers (if they are legitimate) will accept BTC, but still be forced to book the value in conventional dollar terms at today’s exchange rates. Sales volumes may be higher, but since the companies’ tax liabilities remain in dollars, profits won’t be captured until those Bitcoins are transformed back into dollars. And when those corporates begin currency hedging that USD exposure, or exchanging BTC to meet their dollar liabilities, it’s more than likely the market will buckle under the pressure (especially since even conventional, much deeper fiat currency markets can be moved by sizeable corporate flow).

What we end up with, in fact, is a similar situation to the one Eastern European corporates ended up with when they decided to take debt in foreign currencies which they believed could only go down in value. When things turned the other way, they were suddenly left massively exposed.

With Bitcoin retailers, however, the exposure won’t be on the debt side but on the asset side. The risk here lies in the presumption that the currency can only go up, and that dollar tax liabilities and dollar costs will only ever get smaller in BTC terms.

Which is why investing in a limitless Tesco club card redemption system, or a British Airways unit — redeemable in lounge time — seems like a much better economic option than a crypto currency any day.

Though, if we’re going to have crypto parallel currencies, why not have them issued by corporates in exchange for goods and services directly? A bit like a cross between Kickstarter and Bitcoin — a scheme that directs equity funds to specific corporate ventures and pays out not in dividend but in underlying. One example: pharmaceutical firms working on real-world drugs that can, you know, cure serious diseases, issue drug-specific coins redeemable for the underlying legal drugs invented, in a way that can help pre-fund research and absolve the industry from the patenting curse.

So, from Silk Road to beating Cancer?

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don't for get spaceflights and bitcoin pizza

ok pay accepts crypto, the list is growing

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www.theguardian.com/te...

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link dhaireboy?

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dodgy site is dodgy!

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FT rp

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If you're playing with illegals, you gotta accept you might get burned.

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If you're playing with e-currency at all, you gotta accept you might get burned

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cheers - interesting points in it.

"Retailers (if they are legitimate) will accept BTC, but still be forced to book the value in conventional dollar terms at today’s exchange rates. Sales volumes may be higher, but since the companies’ tax liabilities remain in dollars, profits won’t be captured until those Bitcoins are transformed back into dollars. And when those corporates begin currency hedging that USD exposure, or exchanging BTC to meet their dollar liabilities, it’s more than likely the market will buckle under the pressure (especially since even conventional, much deeper fiat currency markets can be moved by sizeable corporate flow)."

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Max Keiser ‏@maxkeiser 9m
Ice-T got a new crypto coming out called BitchCoin

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sheeple get fleeced for £60million worth of bit coins on sheep site

www.newstatesman.com/f...

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A mix of begging letters and threats blockchain.info/addres...

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www.thebitcoinchannel....

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Thats huge news

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Anyone have any good links to info on mining?

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en.wikipedia.org/wiki/...

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I read up a lot on it yesterday. It appears to be that without building a designated mining rig, your own desktop or laptop won't yield any reasonable profits

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YOU WANT TO MINE COINS? YOUR PC CAN'T HANDLE MINING COINS!

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Your Uncle Albert can't handle mining coins

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I have a fairly decent computer with a fairly decent GFX card that's on, and idling, most days. Even if it was slow, it might as well be put to some use.

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Apparently when you factor in the price of electricity, it's not really worth the hassle. I dunnae know the deets, mind

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max keiser; According to one estimate, BTC are trading at a 75% discount to mining costs.

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Aye, but the computer is on anyway. The extra energy being used to generate the coins wouldn't be a huge increase, it would just be the small amount of extra juice the GFX card was pulling.

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What i'm trying to say is, halfies?

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My mate set up a wee mining rig but it took him a quare while figuring it all out. He had to build a new computer with (originally 3 now updated to) 5 or 6 high spec graphics cards and even then it still doesn't produce that much. Also it's noisy as fuck and even with 2 fans it overheats easily during the summer.

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Shit, that'd be noisy all right.

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