Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k - 10/31/13 | Page 5 | TigerDroppings.com
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CaptSpaulding
Alabama Fan
Member since Feb 2012
894 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k

quote:

There are sites like Coinbase.com that allow you to connect your bank account to buy and sell bitcoins. If you buy bitcoins, they simply debit your account. If you sell them then they'll credit your account.



Do you think they are set up to handle any amount? For instance, what would happen to the bitcoin ecomony if the guy from SR had cashed everything in before he was caught?


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

Do you think they are set up to handle any amount? For instance, what would happen to the bitcoin ecomony if the guy from SR had cashed everything in before he was caught?


A 100,000 bitcoin sale would definitely move the market.

Coinbase has limits, but the exchanges I listed typically don't.

"Whales" move the market with big buys and sells all the time. It's to be expected with such a small market, but it will become less and less common as bitcoin grows.


bbap
Indiana Fan
Baton Rouge, LA
Member since Feb 2006
85417 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
i guess i still dont see the advantages to it. you get points on a CC. you dont on bitcoin. gotta be something im missing.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

so you are telling me right now you can go out and find something cheaper one some secret bitcoin market than you can or amazon (or wherever) and its because the merchant doesnt have to worry about credit card transaction fees?


That's the goal of BitcoinStore.com.

But right now the market is so young that we aren't really seeing that on a large scale. You will see it as bitcoin grows, however. Going from a cost of around 3% per transaction to virtually nothing will certainly save many businesses a lot of money, especially businesses that do a large volume of transactions. Whether or not they choose to pass on those savings to their customers remains to be seen, however, a savvy businessperson would surely be smart to use whatever advantage possible to undercut competitors.



WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

i guess i still dont see the advantages to it. you get points on a CC. you dont on bitcoin. gotta be something im missing.


So then don't use bitcoin. No biggie.

That's the great thing about alternative currencies. No one forces you to use them.


bbap
Indiana Fan
Baton Rouge, LA
Member since Feb 2006
85417 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
im not saying i wont ever use them. but there has to be some value before i would ever switch. and you have yet to provide and example of one.


eta: i just saw your post a couple of posts up about it being early in the market life.
This post was edited on 10/31 at 1:15 pm


StickyFingaz
LSU Fan
Austin
Member since May 2013
12643 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
Bitcoin thread


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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

eta: i just saw your post a couple of posts up about it being early in the market life.


We are so early in the bitcoin lifecycle. Right now bitcoin is like the internet was in 1993 or so. Sure, it existed. There wasn't much there and getting on it required specialized knowledge and expensive hardware.

Convincing the Average Joe that the internet was going to be revolutionary back in 1993 was tough. There were many doubters and resisters.

But as time went on, the infrastructure got built up, it became easier to use the internet. It became faster. There was an explosion of content.

And now, we have functional illiterates posting pictures of their meals on facebook and what not.


It takes time for all this stuff to mature. But bitcoin will, and it will be revolutionary.


Tigerfan56
LSU Fan
Member since May 2010
4134 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
How do I buy bitcoin? I'd like to throw a couple hundred dollars down for some.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

How do I buy bitcoin? I'd like to throw a couple hundred dollars down for some.


The easiest way for a US bitcoin user is to use Coinbase.com, IMO. They will link to your bank account and use ACH transfers when you purchase or sell. They are a VC-backed company based out of San Francisco.

If you don't feel comfortable linking your bank account to them, then just find someone near your area on localbitcoins.com and do a face to face transaction.


baytiger
Valparaiso Fan
Boston
Member since Dec 2007
44543 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

I just noticed this thread.

If any one has any questions about bitcoin then go ahead and ask them.


I know this isn't specifically about bitcoin, but you mentioned 50btc a while back... do you know what happened with their recent hacker attack? my account is showing some wonky numbers lately.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

I know this isn't specifically about bitcoin, but you mentioned 50btc a while back... do you know what happened with their recent hacker attack? my account is showing some wonky numbers lately.


No, I haven't really kept up with it. There was reddit thread on it though...you might want to go search for that, or check bitcointalk.org


Clyde Tipton
LSU Fan
Planet Earth
Member since Dec 2007
24558 posts
Online

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

face to face transaction


So there is a physical coin?

If so, how are they protected from counterfieters?


Pilot Tiger
Georgetown Fan
Washington DC
Member since Nov 2005
65474 posts
Online

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
so glad i bought thousands of bitcoins back in the day


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JimMorrison
South Carolina Fan
The Peninsula
Member since May 2012
16892 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

If any one has any questions about bitcoin then go ahead and ask them.


LINK

Further, are the only reasons bitcoin appears to be valuable because of its scarcity and its sketchy consumer base? e.g. SR shuts down and the value drops considerably.


TH03
Notre Dame Fan
Member since Dec 2008
103361 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

So there is a physical coin?


no


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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

So there is a physical coin?


no*


When I say "face to face transaction" I mean that you meet up with someone, physically give them cash, and they transfer the equivalent amount of bitcoins into your wallet via the internet.



*But yes, there is a company that produces physical coins that contain a bitcoin private key inside of them. They are protected by tamper resistant technology. No one really uses physical bitcoins, they are treated more like a collectors item.
This post was edited on 10/31 at 1:38 pm


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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

I'm probably incredibly ignorant about this, but wasn't bitcoin invented by some dude where he hid a limited amount and made people "mine" for them?


Bitcoin's creation is credited to "Satoshi Nakamoto," which is almost certain to be a pseudonym for an individual or group of individuals.

There will only ever be 21,000,000 bitcoins. Currently there have been about 12,000,000 mined. The last bitcoin to be mined will happen somewhere near the year 2140. The inflation rate halves every 4 years.

"Mining" is a bit of a misnomer. Miners are actually securing the network and processing transactions. As a reward for their efforts, the bitcoin protocol awards them new coins (again, at a decreasing rate) plus any included transaction fees.

quote:

Further, are the only reasons bitcoin appears to be valuable because of its scarcity and its sketchy consumer base? e.g. SR shuts down and the value drops considerably.


The scarcity is key. However, just FYI, the price of a bitcoin nearly doubled after the SR got shut down.
This post was edited on 10/31 at 1:38 pm


StickyFingaz
LSU Fan
Austin
Member since May 2013
12643 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
How many bitcoins do you own?


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
quote:

How many bitcoins do you own?


between .00000001 and 21,000,000


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