ShittyBitcoinDrawer (OP)
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January 01, 2013, 07:54:07 AM |
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Hello everyone,
I am just curious as to how people earn such large amounts of BTC. I was under the impression mining isn't that useful any more, so is this BTC just USD turned into bitcoins? I even see large amounts of BTC bet on statoshi dice which makes me feel people have very large amounts of BTC. Are there a lot of botnets out there? I'd be happy if I got 10 BTC total earned ever. Over half way there! I am just interested in how people earn there BTC, or if it is just real money conversion. Am I missing something?
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odolvlobo
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January 01, 2013, 08:03:56 AM |
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Mining has become a smaller part of the economy. The amount of BTC bought on MtGox is far more than the amount mined. In addition to buying and mining BTC, people obtain it by selling things, investing, and performing services (oh, and begging and stealing, too).
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weex
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January 01, 2013, 09:04:29 AM |
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I'd say just try to build a reputation for doing good work and hopefully you'll find clients who will pay you either in BTC or in USD that is easily convertible. So it's basically having skills, showing them, and building your rep. Good luck. I still love your mining in space pic. Why not sell signed and numbered prints?
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odolvlobo
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January 01, 2013, 08:35:22 PM |
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Also keep in mind that just 2 years ago, 10 BTC was worth only pennies. When the Casascius first started selling his coins, I bought a dozen and handed them out to friends.
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Kuzcsenrok
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January 01, 2013, 10:04:43 PM |
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Also keep in mind that just 2 years ago, 10 BTC was worth only pennies. When the Casascius first started selling his coins, I bought a dozen and handed them out to friends.
this, wish i woulda got into it earlier |
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collaghost
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January 01, 2013, 10:13:16 PM |
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I was under the impression mining isn't that useful any more
Look forward to bitcoin ASICs scheduled to come out in january. There is still almost half of the btc left to mine, it's nowhere as easy to get them as it was 2 years ago but you may want to give it a try. |
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atomium
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Study the past, if you would divine the future.
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January 01, 2013, 10:30:39 PM |
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mining takes a lot of work and money, if you plan on mining you would have to dedicate yourself to make it worthwhile. but it will definitely be worth all the work.
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Skylineman
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January 01, 2013, 11:29:47 PM |
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I was thinking on az ASIC, and it's a really good ground to earn!
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SouthernComfort
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January 02, 2013, 12:31:46 AM |
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The people who have lots of Bitcoins bought when they were selling for pennies on the dollar. There has been a few hundred Bitcoin millionairs from that.
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Jeweller
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January 02, 2013, 01:17:02 PM |
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The people who have lots of Bitcoins bought when they were selling for pennies on the dollar. There has been a few hundred Bitcoin millionairs from that.
I think that overstates the scale of things. The market cap of all bitcoins in existence right now is around $150M USD. And while we can't really know how many people posses what, it's definitely in the thousands to tens of thousands at least. So there were a few "bitcoin millionaires" made, but not very many. |
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johnvolta
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January 02, 2013, 02:29:02 PM |
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So, this means BTC has appreciated over years!
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DannyHamilton
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January 02, 2013, 05:50:15 PM |
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Also keep in mind that just 2 years ago, 10 BTC was worth only pennies . . .
this, wish i woulda got into it earlier Of course, if bitcoin ever makes it into mainstream use, you'll find that people are asking how anyone managed to acquire 0.01 BTC, and that they'd be happy if they could earn 0.0001 BTC. Others will comment on how "not that long ago" bitcoin was only 0.13 USD per 0.01 BTC and how they wish they had gotten into it earlier. You'll be one of those "early adopters" who are sitting on a wealth of bitcoin that others wish they could acquire. |
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Third Way
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January 03, 2013, 02:22:15 AM |
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Also keep in mind that just 2 years ago, 10 BTC was worth only pennies . . .
this, wish i woulda got into it earlier Of course, if bitcoin ever makes it into mainstream use, you'll find that people are asking how anyone managed to acquire 0.01 BTC, and that they'd be happy if they could earn 0.0001 BTC. Others will comment on how "not that long ago" bitcoin was only 0.13 USD per 0.01 BTC and how they wish they had gotten into it earlier. You'll be one of those "early adopters" who are sitting on a wealth of bitcoin that others wish they could acquire. This, is my fetish... |
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Dabs
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January 03, 2013, 03:11:13 AM |
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When a substantial portion of the world economy is into bitcoin, the value of a single whole one bitcoin could be a thousand US dollars. Each.
That much, I could see, maybe in 10 to 20 years. I don't know how it will be in the far more distant future. I mean, we can't keep on going appreciating in value at the rate it did in a linear fashion.
It's $13 now. 2 years ago it was $5? It can't keep doubling every 2 years. (or can it?)
Also depends on anything high profile that happens, like thefts, or large purchases, or some random 3rd world country government collapsing and it's citizens adopting bitcoin wholesale.
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DannyHamilton
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January 03, 2013, 04:25:23 AM |
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. . . the value of a single whole one bitcoin could be a thousand US dollars. Each.
That much, I could see, maybe in 10 to 20 years . . .
. . . It's $13 now. 2 years ago it was $5? It can't keep doubling every 2 years. (or can it?) . . .
If your prediction of 1000 USD in 10 years is going to come true, then it would have to: Now 1 BTC = 13 USD 2 years 1 BTC = 26 USD 4 years 1 BTC = 52 USD 6 years 1 BTC = 104 USD 8 years 1 BTC = 208 USD 10 years 1 BTC = 416 USD 12 years 1 BTC = 832 USD (still less than 1000 USD). |
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