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I am fairly new to cryptocurrencies and I do not know much about how mining works.
I am wondering since it seems no longer worth mining BTC with a generic computer, are there any Altcoins that possibly have potential that I could mine while at work and while sleeping? Or do I have the wrong idea how it works?
I don't know what I need but my computer I think has a quad-core processor and 4gb RAM.
If anyone can suggest altcoins and how to get started I would appreciate it. =)
Also, I have been reading through these forums and I am wondering, are most of the altcoins being advertised by people that created them themselves for their own benefit? I just can't tell how legit some of these posts in the altcoin section are because everyone is really trying to sell their favored altcoin.
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Lethn,
Thanks for the replies and advice I really appreciate it!
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I am becoming more convinced that Bitcoin is better to hold onto than USD and that USD will have to fail. I wish we knew how long though until it crashes. I can totally see why we look completely crazy to outsiders though haha! ....being all lame on our bitcointalk forum, prophesying a collapse of a nation. No one wants to face reality, everyone is distracted by their stuff, USD, and it is a general human condition for someone not to believe something simply because they don't want to believe. Americans are spoiled and do not think something bad can happen because we are blinded by our prosperity.
You have the opposite problem -- your debt has caused you to cling to even the smallest hope that bitcoin will make you rich. So you're blindly hoping that the dollar crashes because then you think you'll be OK. You're the one who is blinded. You should just fix your debt problems. Sigh, both statements are probably right, I still feel like putting a small amount into it is worth the risk. I am paying my credit card and car payment every month, I don't have bad credit it just makes it hard to get by. |
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Lethn, I have some questions.
1. are you an investor in stock?
2. I get payed around $400 a month and a lot of it goes to food, gas, payments. Is there a way to use the stock market to make a little extra per month? Or is it only a long term type of thing.
3. How much % of my pay should I put into bitcoin? If I only have enough to put around $5 - $20 a month in it, do you think that that small amount would have potential to be a lot?
4. Where can I even buy stock? Can I buy it online? Are there any companies you recommend?
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1 bitcoin will always be worth 1 bitcoin though.
I like this answer, I totally get what you are saying XD I was just overthinking it. |
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I am becoming more convinced that Bitcoin is better to hold onto than USD and that USD will have to fail. I wish we knew how long though until it crashes. I can totally see why we look completely crazy to outsiders though haha! ....being all lame on our bitcointalk forum, prophesying a collapse of a nation. No one wants to face reality, everyone is distracted by their stuff, USD, and it is a general human condition for someone not to believe something simply because they don't want to believe. Americans are spoiled and do not think something bad can happen because we are blinded by our prosperity.
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Well, I'll be laughing even harder when I see them in denial next year when the stock market crashes again and Bitcoin goes past $500  Haha even the comments on the video people are calling Ron Paul a Nutcase and no one should listen to his conspiracy theories... |
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I think we need to brace ourselves for Bitcoin being blamed when people loose their pensions. Unfortunately.
I was thinking about that, most of the rich now or those that rely on centralized currency will lose all their value and investments. So many people would have to lose a lot before the "better" way of life is established. Everyone would kind of like reset and start equally at zero except for those that already have bitcoin. But the endless amount of fake money not backed by anything being created is bound to fail sometime regardless of bitcoin isn't it? In the video the reporter said that the Federal Reserve has not established much regulation on btc yet but she can't imagine they will let it remain that way, that scares me. How much control/regulation can the federal reserve actually establish on bitcoin? Sorry I have a lot of questions. |
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I think we need to brace ourselves for Bitcoin being blamed when people loose their pensions. Unfortunately.
I was thinking about that, most of the rich now or those that rely on centralized currency will lose all their value and investments. So many people would have to lose a lot before the "better" way of life is established. Everyone would kind of like reset and start equally at zero except for those that already have bitcoin. But the endless amount of fake money not backed by anything being created is bound to fail sometime regardless of bitcoin isn't it? Watching now, that first line "could bitcoin be the death of the US dollar" I can imagine so many investors and self proclaimed economists just laughing at that. A lot of people make fun of bitcoin =P |
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I think we need to brace ourselves for Bitcoin being blamed when people loose their pensions. Unfortunately.
I was thinking about that, most of the rich now or those that rely on centralized currency will lose all their value and investments. So many people would have to lose a lot before the "better" way of life is established. Everyone would kind of like reset and start equally at zero except for those that already have bitcoin. But the endless amount of fake money not backed by anything being created is bound to fail sometime regardless of bitcoin isn't it? |
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In a way, the adaptation of Bitcoin would be like reverting back to old times before a centralized bank was even established. Back like trading Gold coins, except it is electronic, it is amazing. Would reverting back be an "advancement" for the human race? =P
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I find myself spending a lot of time reading these forums, trying to understand economics and lately my mind has been on bitcoin a lot. I grew up in a broken home with poor conditions and looking back on my past I tend to find myself having more regrets in my past. I have made bad financial decisions and I wish I knew how to invest or understand the stock market but it all seems so complicated and I feel like I have nothing to work with. The ones that do understand how the system works seem arrogant or insult me for being "stupid", ...at least in these forums XD.
Being a college student with stupid debt from bad decisions, working part time at night as a janitor for a private school, I tend to sometimes feel trapped at the bottom of the social status, not knowing how to get out and seeing my dreams slowly fade away out of reach, an overwhelming feeling of my life possibly amounting to nothing. That is why I decided I will start buying Bitcoin with a small percent of my paychecks, because even as unstable as it is, I see it as a small glimpse of hope. The chances feel slim, but this could be my way out of this mess I am in, and it gives me something to hope in.
Anyways... kind of unrelated, I had an incomplete thought today while cleaning a toilet. It might not even have a good point or relevance...
I don't know where I am going with this but maybe someone can help complete it haha: It is interesting to me how we base the value of Bitcoin off of USD, but at the same time for the value of bitcoin to go up the value of USD needs to go down (I think this is what I have been reading, correct me if I am wrong). So when Bitcoin is valued by more USD, won't the large amount of USD mean nothing? I just think about how when I think of the value of USD I don't compare it to other currencies I just hold a value to it within myself along with others around me. Do we want USD to crash and bitcoin to rise, or do we want them both to carry a stable value together?
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In a few days it will reach 600$ and settle over there
Why do people make fools of themselves like this? How come everyone on this forum can tell the future?? |
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Won't this cause the value to drop if there is no flow from "general" users, or in other words, no one using the currency in the fundamental way/reason that a currency exists
No, it won't. Any other questions? Please research such subjects which you obviously missed as: gold. The reason I am asking is because I don't know asshole, I am knew to this. Asking people questions here about bitcoin and economics in the economics section is researching. The best way to learn is ask people that are experienced and already know ... When they are not jerks about it. |
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It would be amazing if everyone used them but idk how we can manage to convince the general public =P
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Bitcoin is heavily speculative and there aren't a lot of people actually spending them. There are two sides to this story, however. When you spend them, they are (nearly everywhere) instantly converted to fiat. This has a net down pressure to the price. Some argue that you must first buy in order to spend, which isn't completely false, but there are many people who have coins that were bought so long ago that it's irrelevant now regarding the buy pressure. I've spent about $20k between Overstock, Gyft, and Newegg since the beginning of the year, and have yet to repurchase those coins. Those coins are from 2011-12.
You are correct in the assumption that everyday spending would make Bitcoin utility rise in a huge way and in turn, desirability/demand. If I could pay my mortgage with BTC, I definitely would. That also goes for all my utilities and car... But then they will also likely just convert them to fiat of their choice and create more downward pressure. So, until we are all paid in BTC and we spend BTC so that those stores can buy their product with BTC and those suppliers pay their employees in BTC, BTC will have huge sell pressure if there isn't an equally huge amount of fiat coming in to create buy pressure to combat the selling.
The fact that they are converting them instantly and not all of them accept btc is why it is not beneficial currently to buy things with bitcoin. what would it take for everyone to start using them? |
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Sorry noob question here... What does halving mean? Why will there be one soon?
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I recently posted a thread, "why is the value dropping" in hopes to understand what is causing value of BTC to be currently dropping.
Well I have been thinking about this and now I have another question to propose as a seperate discussion slightly concerning this.
I could be wrong but it doesn't seem economical or like good money management to buy goods and services with bitcoins considering a lot of things I need to buy do not accept bitcoin. Keeping currency in BTC and exchanging it to USD to buy things seems like I would lose money from exchange rates and fees so it doesn't seem wise to keep my money in BTC. The reason I am saying this is because I feel like most people that own bitcoin are not using them for exchanging goods and services rather just collecting them in hopes that the value will rise. At least that is what I see from looking through forums and articles. Won't this cause the value to drop if there is no flow from "general" users, or in other words, no one using the currency in the fundamental way/reason that a currency exists. At least, not enough people are using BTC to exchange for goods and services and are most likely just exchanging for centralized currency. There isn't a huge demand for coins in a sense of people want to generally use them. The demand for coins comes from those that are investing in it. Am I wrong?
As pretty much an outsider and someone looking into BTC becuase it is new to me, I personally feel like the only way BTC would be appealing/worthwhile for me and probably others is if it is accepted as a form of currency in exchange for goods and services in my community and everyday living expenses. I hope this makes sense, I am trying to explain it.
edit: for example it would be like someone investing in a company that produces a product that no one uses and the only reason the stock is rising in value is because a lot of other people are investing in the stock in hopes that it will eventually have a high demand from the general public but the demand and value is really only coming from the people that are investing in it and no one is using the product but the stock flow and trade rate is high because of the investors only. If btc does not become an accepted form of currency for exchanging goods and services then the value will continue to decrease. How confidence is this community that this will ever happen. It seems like A risky gamble.
Who is using their BTC for everyday use that is not just for investmenting to sit in your wallet forever without having to exchange for other currency? Is the demand coming from yourselves as long term investors?
Did I word this in a way that makes sense?
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