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[Flying Dice]

Supposedly he was even the cause of a spike in the price of racist caricatures back during the election.

[10ebbor10]

Why would you want to invest in such an unstable concept as digital currency? If you want to invest in something, buy gold or silver - signs show that the prices are only going to go up.

Why would you invest in worthless yellow rocks? Latinum is the way to go, my friend.

Why would you invest in Italian real estate?

[misko27]

Bitcoins, ahh, proof Survival of the fittest still chugs along.


In a word, no. I could go into a billion reasons why, but "It's stupid and you can only really buy drugs with it" is a short way of explaining it.

[forsaken1111]

Were you one of the founders or early adopters who produced a large number when the algorithm was fast, and then sold them off while the hype was making them valuable? If not, then you'll almost certainly lose money on them. Bitcoins aren't necessarily a bad concept, in theory, except that nobody really recognizes them as valuable (making them not valuable, because economics is mostly complicated tautologies), and the mechanism for producing them transformed them into a clear pyramid scheme.

I was into this when it first came to light, back when you could mine a few coins with your PC. Then some guy took the entire network he had at his office and used all of the workstations and servers to mine. He mined several hundred thousand bitcoins in just a week or so, and everyone got all upset. I thought it was amusing.

That guy is probably rich now if he held onto them.

[Cthulhu]

Yes, that was actually something you could do a while ago, though things were so uncertain then that you'd be better off gambling.  Now the algorithm's too difficult to be cost-efficient because of power consumption.  Best case scenario you get the cops poking in your closet for weed, worst case scenario you get your power cut off or set your house on fire.

[Leafsnail]

The only way to make money mining Bitcoins at the moment is if you don't pay for your own power.  Or computer equipment.

[mainiac]

Tulips are where it's at.

[freeformschooler]

Were you one of the founders or early adopters who produced a large number when the algorithm was fast, and then sold them off while the hype was making them valuable? If not, then you'll almost certainly lose money on them. Bitcoins aren't necessarily a bad concept, in theory, except that nobody really recognizes them as valuable (making them not valuable, because economics is mostly complicated tautologies), and the mechanism for producing them transformed them into a clear pyramid scheme.

I was into this when it first came to light, back when you could mine a few coins with your PC. Then some guy took the entire network he had at his office and used all of the workstations and servers to mine. He mined several hundred thousand bitcoins in just a week or so, and everyone got all upset. I thought it was amusing.

That guy is probably rich now if he held onto them.

Do you have a source on this? I'd really like to read more about this and the reactions from the bitcoin community.

[Grakelin]

I just wish I hadn't listened to you guys back when bitcoins were starting out and we all agreed it would be a bad idea to buy any.

[Knight of Fools]

Honestly, I didn't even know Bitcoins had become anything more than a theory. Seems like a pretty silly concept to begin with.

[fractalman]

My own advice?
Go ahead and buy a few, but treat it as riskier than the stock market, so don't make it a BIG investment. Maybe 5-100 dollars, tops, unless you think you're rich enough to invest, have enough money to stabalize the market in a pinch, and still have enough other assets to keep going if that fails. 

If nothing else, if/when they collapse you can try to use them for one of the crappier microtransaction games, if you can find any that accept bitcoins automatically and which don't update the price very fast.
 

[forsaken1111]

Were you one of the founders or early adopters who produced a large number when the algorithm was fast, and then sold them off while the hype was making them valuable? If not, then you'll almost certainly lose money on them. Bitcoins aren't necessarily a bad concept, in theory, except that nobody really recognizes them as valuable (making them not valuable, because economics is mostly complicated tautologies), and the mechanism for producing them transformed them into a clear pyramid scheme.

I was into this when it first came to light, back when you could mine a few coins with your PC. Then some guy took the entire network he had at his office and used all of the workstations and servers to mine. He mined several hundred thousand bitcoins in just a week or so, and everyone got all upset. I thought it was amusing.

That guy is probably rich now if he held onto them.

Do you have a source on this? I'd really like to read more about this and the reactions from the bitcoin community.

It was several years ago now and I don't know if the story ever came to public light. I'll look though and see if I can find anything.

[Leafsnail]

I just wish I hadn't listened to you guys back when bitcoins were starting out and we all agreed it would be a bad idea to buy any.

TBH you probably would've lost them all several times over due to the thefts that have occured on basically every Bitcoin storage service.

[Sigulbard]

Why would you want to invest in such an unstable concept as digital currency? If you want to invest in something, buy gold or silver - signs show that the prices are only going to go up.

Why would you invest in worthless yellow rocks? Latinum is the way to go, my friend.

Latinum is suspended within gold.

[Kansa]

and it has completely and utterly crashed