if you had a small 401 k that earned you a small percentage each year and it IS your retierment plan would you cash out and buy bit coins ..... even at these prices?
low 30s gunna only invest half and save the other half. might be incredibly smart might be the dumbest thing ive ever done. if i would have when it was at 2, 5, 10 i would be quite well off.... ok pert much rich.
so what do you think? risky yes, possible i could make a lot of money? even more than the markets would give me. also make up for the ten persent fee for taking it out early.
there are a lot of smart people on here, I would relay appreciate your feedback on this as this could make or break me. thank you.
In July of 2011 I took $10,000 out of my Roth IRA. I bought about 700 BTC at $14/BTC. I was hoping my money would follow the pattern and triple by the time I needed to make a balloon payment that next spring for $30,000. Instead, by that spring the price of Bitcoin was down to $2-$4/BTC. So I had to take $30k out of my 401k to pay for the balloon payment. Taking $30k out means a 10% penalty of $3000 plus you have to pay income taxes on that as well (at around 30% that's another $9,000). So that is $12,000 I owe the IRS this year. I also took a lot more out of my 401k for other things. So I owe the IRS a lot. Back in the fall, seeing a large IRS bill coming up and no extra funds sitting around I had to go with the only way I can make that kind of money...I shipped off to Afghanistan. And here I sit, making a bunch of money that will go to the IRS instead of into Bitcoin. Just make sure you can cover the taxes and penalties for next year's tax bill even if Bitcoin crashes. You are a gambling man. Maybe it's time to double-down again.  |
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I suspect MTGOX is accepting LTC for the same reason, not because it has any inherit advantage over BTC.
Mtgox is accepting them because they are currently missing out on a 0.6% fee of millions of litecoins that are traded daily. They are a business and they care about making money... at the moment btc-e is making tens of thousands of dollars per day from these litecoins, and they are still small. MTGOX is the primary exchange for new investors. Adding LTC, NMC, NVC, IXC, etc., will just make BTC look cheap and reinforce the notion that we should all just wait and see which one will be the best. Why shouldn't we do just that? Bitcoin is not necessarily the best, just the first. Absolutely. Let the market decide. Just don't be surprised when LTC2, LTC3, LTC4, etc do better than LTC. That's only because it takes advantage of the typical PC configuration. Currently, most people are already running LTC on GPUs. When prople start using cloud computing, where will your network power come from? ASICs are made specifically for Bitcoin and will evolve seperately from personal devices. LTC may one day have unique hardware, but it will then be just a BTC imitator.
yes, please, go ahead and speed up scrypt by a factor of 1000  You missed my point. Try running scrypt in an IPAD or Chromebook. Nobody will have multithreading CPUs anymore with loads of memory. |
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Increased hash rate == increased network security.
Also, litecoin is certainly not at all immune to ASIC.
I don't agree that "Increased hash rate == increased network security". When ASIC bitcoin mining is widely available, if you have the same number of people mining, the network won't be more secure just because the hashrate is higher. It's all about how much $ it takes for an attacker to come up with enough hashrate to 51% the network. ASICs might eventually increase the network hashrate 50x but that does not mean the network is 50x more secure if it costs the same amount of money for someone to successfully attack the network. Take for example, if someone found a way to optimize the miner software to be 10x better hashrate and it works on CPUs, GPUs, FPGAs, and ASICs. Then all of the sudden, the next day EVERYONE uses the new miner software and the network hashrate jumps from 50 thahs/s to 500 thash/s. Is the network now ten times more secure? If that strawman is the best example you can come up with to play devil's advocate, then no. But do you really think that a network composed of <1% of the global GPUs is invulnerable to a virus attack? Bitcoin was nearly attacked this way, but the perps instead decided to profit. Maybe LTC will not be so lucky. Where did I say Litecoin is invulnerable to attacks? If huge botnet that uses CPU and GPU can successfully attack Litecoin. But botnet operators likely just want to make money, so as like Bitcoin, they will just add to the hashrate and help secure Litecoin. That may be true. All I'm saying is that getting a lot of CPUs and GPUs together to attack LTCs 4.7 GH/s is going to be easier than going up against BTCs 54 TH/s Don't forget that mining litecoin with GPUs is about 1000x different in speed. So 4.7 ghash/s network hashrate of Litecoin is about equivalent to 4.7 thash/s network hashrate of Bitcoin. It's still much smaller, but not as small as the numbers make it seem like. That's only because it takes advantage of the typical PC configuration. Currently, most people are already running LTC on GPUs. When prople start using cloud computing, where will your network power come from? ASICs are made specifically for Bitcoin and will evolve seperately from personal devices. LTC may one day have unique hardware, but it will then be just a BTC imitator. |
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I can't blame mtgox for trading like the other multi-currency exchanges to make fees. How will it ever be considered a legitimate currency when it's just one of a plethora of cryptocurrencies?
Plethora? We can never have enough altcoins  Maybe this will be a new attack against BTC. Muddy the waters with every conceivable wannabe coin and nobody will ever take any of them seriously. |
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Increased hash rate == increased network security.
Also, litecoin is certainly not at all immune to ASIC.
I don't agree that "Increased hash rate == increased network security". When ASIC bitcoin mining is widely available, if you have the same number of people mining, the network won't be more secure just because the hashrate is higher. It's all about how much $ it takes for an attacker to come up with enough hashrate to 51% the network. ASICs might eventually increase the network hashrate 50x but that does not mean the network is 50x more secure if it costs the same amount of money for someone to successfully attack the network. Take for example, if someone found a way to optimize the miner software to be 10x better hashrate and it works on CPUs, GPUs, FPGAs, and ASICs. Then all of the sudden, the next day EVERYONE uses the new miner software and the network hashrate jumps from 50 thahs/s to 500 thash/s. Is the network now ten times more secure? If that strawman is the best example you can come up with to play devil's advocate, then no. But do you really think that a network composed of <1% of the global GPUs is invulnerable to a virus attack? Bitcoin was nearly attacked this way, but the perps instead decided to profit. Maybe LTC will not be so lucky. Where did I say Litecoin is invulnerable to attacks? If huge botnet that uses CPU and GPU can successfully attack Litecoin. But botnet operators likely just want to make money, so as like Bitcoin, they will just add to the hashrate and help secure Litecoin. That may be true. All I'm saying is that getting a lot of CPUs and GPUs together to attack LTCs 4.7 GH/s is going to be easier than going up against BTCs 54 TH/s |
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Increased hash rate == increased network security.
Also, litecoin is certainly not at all immune to ASIC.
I don't agree that "Increased hash rate == increased network security". When ASIC bitcoin mining is widely available, if you have the same number of people mining, the network won't be more secure just because the hashrate is higher. It's all about how much $ it takes for an attacker to come up with enough hashrate to 51% the network. ASICs might eventually increase the network hashrate 50x but that does not mean the network is 50x more secure if it costs the same amount of money for someone to successfully attack the network. Take for example, if someone found a way to optimize the miner software to be 10x better hashrate and it works on CPUs, GPUs, FPGAs, and ASICs. Then all of the sudden, the next day EVERYONE uses the new miner software and the network hashrate jumps from 50 thahs/s to 500 thash/s. Is the network now ten times more secure? If that strawman is the best example you can come up with to play devil's advocate, then no. But do you really think that a network composed of <1% of the global GPUs is invulnerable to a virus attack? Bitcoin was nearly attacked this way, but the perps instead decided to profit. Maybe LTC will not be so lucky. |
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Adding LTC, NMC, NVC, IXC, etc., will just make BTC look cheap and reinforce the notion that we should all just wait and see which one will be the best.
That's how you view because you're still stuck thinking there should be a single dominant cryptocurrency (BTC). The cryptocurrencies offer different advantages... PPCoin being energy efficient, Litecoin using Scrypt, Bitcoin having the most traction and most secure network... it might not ever be the case of one being 'the best'. Also, investors care about different things. With a range of cryptocurrencies they can invest in a portfolio and spread their risk, or put it all into a risky cheap crypto. And so on. You are right. Highly intelligent and educated investors do that, but not people with large amounts of money. |
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I suspect MTGOX is accepting LTC for the same reason, not because it has any inherit advantage over BTC.
Mtgox is accepting them because they are currently missing out on a 0.6% fee of millions of litecoins that are traded daily. They are a business and they care about making money... at the moment btc-e is making tens of thousands of dollars per day from these litecoins, and they are still small. MTGOX is the primary exchange for new investors. Adding LTC, NMC, NVC, IXC, etc., will just make BTC look cheap and reinforce the notion that we should all just wait and see which one will be the best. |
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I am mining LTC for the suckers speculators that will trade them for BTC, because I only have GPUs. I suspect MTGOX is accepting LTC for the same reason, not because it has any inherit advantage over BTC.
As far as who mines LTC vs. BTC goes, energy efficiency will determine the strength of the network. Energy efficiency is what determines the evolutionary survival of just about everything.
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I can't blame mtgox for trading like the other multi-currency exchanges to make fees. How will it ever be considered a legitimate currency when it's just one of a plethora of cryptocurrencies?
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That sounds like just about every conversation I've had with anyone about Bitcoin. The few I've convinced have thanked me.
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"I have and IT department and they would very much not trust this."
Reminds me of "The IT Crowd."
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Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on XXXXXXXXXX after your funds have arrived. Hmmm.. This is not a very good option. |
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Yes. I've been dollar cost averaging for the last two years.
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DATE? WHERE IS MY PRECIOUS DATE?
Have you tried AdultFinder? |
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“money under the matress 2.0″ Love it! |
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The truth usually requires few words unless you are trying to explain technical details. This article concocts a bizarre set of arguments that are pretty much summed up by BigJohn. This article belongs in the FUD Hall of Shame.
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I should have sold more bodily fluids to buy Bitcoin.
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