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It has reached the Fad stage.
There are increasingly newbees showing up at Meetups with an interest and curiosity.
New newbies make btc a fad? I think no new newbies would make btc a fad. Touche! Also, newbies are just people that got on board after you. |
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If someone (NSA, or anyone else) did break the encryption used by Bitcoin, or other cryptocurrencies, that would be all the more reason to switch to Primecoin!
Bitcoin doesn't use encryption. Primecoin (and every altcoin clone) generates addresses using the exact same cryptographic primitives (ECDSA, SHA-256, RIPEMD-160) Good point. I was not thinking of addresses. But of the coins themselves. Primecoin would clearly need a way to be able to generate an arbitrarily large number of coins (based on Cunningham Chains), as it has no inherent upper bound to the number of possible coins. That wouldn't matter though, if every address was accessed, like you suggested. Still, if anything will spur developments in cryptography, bitcoin will have some hand in it. At least until the NSA takes over the network and shuts it down to create another great depression.  |
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If someone (NSA, or anyone else) did break the encryption used by Bitcoin, or other cryptocurrencies, that would be all the more reason to switch to Primecoin!
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I can see only 5 main reasons that make people using bitcoins:
- for buying stuff online (but only occasionally).
- for buying illegal things online (drugs).
- money laundering.
- for investing, and making some profit.
- eventually, as a safe haven like gold.
I think another advantage Bitcoin (or any cryptocurrency) has over "traditional" money, is that it can't be counterfeited. In the long run this, along with its general decentralized nature, will make it more valuable as a currency. It costs money to maintain the centralization required to protect the dollar, or the euro, from radical inflation, whether through being counterfeited, or poorly designed laws. For instance, protecting the dollar from large scale counterfeiting requires quite a bit of r&d. However, this is built into cryptocurrency. In general, one should consider money, and the financial institutions required to maintain that money (banks, taxes, laws, etc.) as services that essentially charge the customer to use their money, although they provide protection from certain forms of inflation. A well designed cryptocurrency essentially cuts out these middle men, so you are able to use more of the actual value, per unit of money. Still, it will be quite a while before a cryptocurrency is a stable monetary unit. |
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My advice would be to buy some Bitcoin, then.... Hold a certain %. Use the rest to, (number one rule - DON'T BE GREEDY) Buy some alts. Do your research as some can be very high risk. Trade accordingly. Websites for trading... www.btc-e.com www.mcxnow.comwww.cryptsy.com You could invest in some stocks, bonds at BTCT.co. Again do your research. Even if its pretending to buy shares, you will soon learn when is the best time to buy/sell certain stocks. www.btct.coAlso if you have some Litecoins you can visit www.litecoinglobal.comIf you start trading alts and securities, information is a big factor. You need to be in the loop at all times. Sometimes small rumors can greatly impact the price of certain coins. Keep up to date with crypto news and services. Subscribe to blog updates, lurk in the trollboxes. Some good places would be Reddit www.reddit.com/r/bitcoin as well as other subreddits such as /r/litecoin etc etc. The exchanges have good chat boxes to keep up to date, but take advice very lightly some can be absolute bull****. Form your own opinions. One thing I have found with the cypto community is that there are a lot of scammers (as with anything involving wealth). Always be careful what websites you deposit coins to and you an escrow if buying or selling goods outside an exchange. I started out in BTC, but I find the crypto world very addicting and now hold a few alts as well. Best of luck! Excellent advice! Thanks a ton! I know I need to utilize litecoin, but have yet to do anything. I haven't been tracking it like bitcoin. I am also quite intrigued by Primecoin at the moment. |
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I'm interested, I pm'd you! Thanks.
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dont buy shitcoin. Invest 50% in bitcoin. rest in NVC,LTC,PrimeCoin,WDC,DGC,PPC
Yes, I do need to invest in some ancillary currencies. Primecoin seems especially interesting. I think it is very likely that it will generate decent media buzz at some point, as it's already discovered 3 Cunningham Chains. LTC also seems like a necessity. |
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less risky:
coinlenders
Thanks! Coinlenders seems really awesome. |
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CoinTerra seems pretty awesome. They also have insane (or legitimate, if you prefer,) credentials. In light of this, would it be smart to purchase ASIC Miner shares? I don't know anything about ASIC Miner's r&d department. Will they be able to keep up, or will they slowly become obsolete, with "pro" players like CoinTerra advancing on the market?
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I'm considering putting a substantial sum into bitcoins. What would be the smartest route? Hardware, shares? There's a ton of vectors one could take, sometimes it's a bit nauseating trying to consider what investment route to take.
"substantial sum" is pretty vague - I've opted to split my 'investment/s' up between hardware and coins (keeping a majority of it in coins) and further splitting up the hardware amongst multiple vendors. Firstly, thanks for the information. I'm not overly concerned with immediate ROI. Sorry for being vague about the amount, I was a bit uncomfortable stating the specific amount, but it's nothing crazy. In the single-digit thousands. Hardware investment seems so iffy, since I have to hope that it ships on time and can earn no btc while waiting, while concurrently hoping that the competitors hardware is delayed. I did buy some btc when they dipped in price in July. I've been looking into purchasing a contract with a cloud hosted company, or shares. Having a share or contract based on scalable hardware seems like a necessity at this point. |
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I'm considering putting a substantial sum into bitcoins. What would be the smartest route? Hardware, shares? There's a ton of vectors one could take, sometimes it's a bit nauseating trying to consider what investment route to take.
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