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Author Topic: How did you guys get into bitcoin?  (Read 8303 times)
vokain
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V.V.V.V.V.


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January 20, 2012, 01:10:15 PM
 #1

Well, for me, my hardcore gamer friends were talking about bitcoin mining and I thought it was all ridiculous about a year ago my senior year of high school. I just thought it was like seti@home or something like that, except you got paid in bitcoins, and I was like, how the hell would this be worth the electricity costs even? Fast forward to this Christmas, luckily I missed the crash a year ago, and I was planning on buying random crap with bitcoins, but I had yet to realize the investment opportunities available. Anyways, in the few days I bought my bitcoins, the price shot from 4-6 and that's where I started trading and here I am! Things are pretty good here Smiley

"It's a bull market, you know!"

...مكتوب
Escape the plutocrats’ zanpakutō, Flower in the Mirror, Moon on the Water: brave “the ascent which is rough and steep” (Plato).
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squirrelman
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January 20, 2012, 07:57:54 PM
 #2

I read an article about bitcoins a while back, probably on one of the tech blogs I read, and was fascinated by it then but just never got around to trying it out.  I just built a new computer recently (getting ready for Diablo 3) and decided to go back and give bitcoin mining a try.  I just finished my first full coin, but i've been enjoying it so far.  I'm already plotting my expansion.
Twister Trojan
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January 20, 2012, 08:55:27 PM
 #3

I don't know that I have yet. I was curious so I set up GPU mining at a small scale with the client and a wallet, but so far bitcoins are not of much value to me.

There weren't any particularly interesting technical challenges making it work, it only took a couple of hours to do and now that it all works it's all kind of boring actually. I don't really care much about all the hyped benefits I see touted on this forum and elsewhere, but for now I'll keep making coins in the hope I can find a reason to continue. I'm glad my additional hardware investment is zero so far because it looks like it will stay that way.
Goomboo
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January 20, 2012, 08:56:29 PM
 #4

Lol hey all - I got into bitcoin because of the volatility - basically I'm a speculator on the price.  The concept is really advanced and difficult for me to wrap my brain around at times.

Some people get angry at speculators, but we provide liquidity for the commercial uses!
snkrvmph
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January 21, 2012, 12:49:10 AM
 #5

I read the article in Wired Magazine.
CurrencyMan
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January 21, 2012, 01:12:09 AM
 #6

just the idea of a new de-centralised payment system sounded interesting, accounts are relatively easier to find and from a trading point of view it's a lot easier then learning the workings of FOREX lol
RyNinDaCleM
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January 21, 2012, 01:59:49 AM
 #7

https://bitcointalk.org/index.php?topic=58847.0

Goomboo
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January 21, 2012, 02:01:06 AM
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just the idea of a new de-centralised payment system sounded interesting, accounts are relatively easier to find and from a trading point of view it's a lot easier then learning the workings of FOREX lol

To be honest, I was trading forex before bitcoin and I have to say that forex is a more accessible, easier to read, and a more profitable market.  Here's why.  Technical analysis is a great tool for profiting in the markets, but it tends to only work well if there are many practitioners using it.  For example, the 200 period moving average is a widely-watched indicator and you can watch currency and stock prices bouncing around it.  This happens because lots of individuals are watching these same things and have a plan / system based upon the same things.  In essence, technical analysis becomes a self-fulfilling prophesy in larger markets.





Bitcoin is difficult to read / trade in that it is an illiquid market and there are relatively few individuals.  You can make / lose a million dollars a day in the forex market, but a million dollars would cause the price to rise / fall 30% or more in bitcoin.

Here is the real deal when it comes to technical trading.  If you do this, you will have a chance.

1.  Develop a system:
--How many lots/bitcoin/shares will you trade?
--When will you enter?
--When will you exit?
--What times will you trade?

2.  Backtest the system:
--Open a NinjaTrader demo account with a currency broker (I suggest MB Trading) and load up a chart.  (I suggest NinjaTrader because it's great for this type of testing - you can click the arrow keys to move forward/back 1 bar)
--Move the chart one bar at a time recording your entries/exits in an Excel spreadsheet - chart your performance and do some metrics to see if your system has an edge
--Do this for 200-400 trades

3.  Forward test the system:
--Take the system you developed and trade it on a demo account with fake money for at least two months and see if your results hold with your backtested results

4.  Live trade
--If your system is robust and holds up, trade it with small amounts of money
--As you continue to make profits, scale in with more and more money
jojo69
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January 21, 2012, 02:20:03 AM
 #9

[H]ardOCP

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
FlipPro
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January 21, 2012, 02:37:12 AM
 #10

A friend told me about them, he still is reluctant to "use" them...

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greatwolf
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January 21, 2012, 04:10:27 AM
 #11

http://bitcoin.stackexchange.com
jekker
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January 21, 2012, 11:54:41 AM
 #12

I earn money online  and i used to have my money sent to my paypal. But paypal is a pain in the ass to work with and began keeping all of my funds for 21 days before giving   it to me. I got sick of paypal, read the bitcoin wiki for a few hours, and began using bitcoins for all my money transfers, and I have never looked back.
codymanix
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January 23, 2012, 08:59:30 PM
 #13

I've read an interesting german news entry in the beginning of june 2011 which immediately caught me.

Programming tutorials, Tools, Games & Humor http://deutronium.de.vu
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Sev3n
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It is what it is.


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January 23, 2012, 09:09:30 PM
 #14

I was told offhandedly about them, and they just became something I found interesting.
eja
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January 23, 2012, 11:36:33 PM
 #15

Played around with it for a bit somewhere in 2010 when I read about it on some blog/website, but didn't stick with then unfortunately Smiley
Picked it up again a couple of months ago.

BTC:16iXexzgaBEMxiQTSLwqbVAfKmN8ZqBa8m - LTC:LhfzDKQzez2Mxmtd1wQWJbcp2BuWFyfCtf
YAC:YEZ6p9MgGuapGRY9CFmxep7hJ6ZH9HJ1uN - MSG:BM-2D7fEEFznM1QjGBv1h6qsiEDrtsWmrbTFm
nayrB16
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January 29, 2012, 04:41:45 PM
 #16

Heard about it form the TWIT Security Now Podcast with Steve Gibson way back in March or April

Haha! I'm the only one to control Bitcoin address 1HjtErSHNEHtY347LouvsFq5KesHkEZLAV
R04dRunn3r
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January 29, 2012, 06:47:26 PM
 #17

Seeing the price index for the first time, 20 euro for 1 Bitcoin! I want those days back!
Bitcoin can NOT fail, because I want to be rich!

Diamonds are like tears of mother nature captured for eternity.
snedie
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January 29, 2012, 07:18:38 PM
 #18

I honestly don't remmember, but it was only around 1,5$ / BTC back when I found it.
lowbrow
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January 30, 2012, 12:12:12 AM
 #19

Stumbled on it a couple years back, ignored it like a jackass. Kicking myself for doing that now.
virialtheorem
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February 01, 2012, 06:14:30 AM
 #20

I've known about bitcoin for a while now, at least a year or two. Back then, I could only pull in around 1 MH/s on my computer.. Now I can pull in 30 MH/s, so I'm mildly interested in BTC again.

Hoping to earn at least 1 BTC before the year is over >.<
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