Bitcoins/Litecoins/Virtual Currencies

Thanks for the info.
I havent dug into mining yet, looking at some sites on miners and pools. Got the gui wallet still synchronizing, was going to get others computers in the house mining once I fulling understand the details and have things running.
I like the idea behind Monero for websites to mine from the browser from the users to "pay" for costs without need of advertising. At least the claim of this.
Didnt look into coinhive too close other than some neat ideas/uses with this.

Bitcoin has broken $12k.

Was at $12143 on coinbase.

I think there's almost more money to be made in certain auxiliary markets then direct btc investment, if you have the means and connections.
Poker/betting sites have taken btc for a awhile now, and they are making money hand over fist just with how much btc they get to sit on all the time.
ex: Someone deposits $100 into a poker site, transferred as btc. They play and break even over a few months. They cash out their $100, which gets paid back in btc. Unfortunately, since btc doubled during that time, the poker site still 'won' $100 just from holding that btc during that time. The player 'lost' $100.

That's on top of their normal profit from regular operation.

It doesn't matter if you're being paid in BTC vs fiat. You can simply exchange one for the other at the time of sale if you want to.

For larger operations they can now hedge with the upcoming futures markets.

And in the meantime they can just liquidate enough to cover initial deposits and let the rest ride.

Tripamang said:

Bitcoin is in for a serious crash, and it's because of the technical limitations that the bitcoin developers are placing on the currency. Not expanding the block size or implementing changes to improve the transactions has caused the price to send money skyrocket from pennies to 5-10$ per transaction. They're making it so it's going to near impossible to use it, especially if it's popularity continues to rise like it is now. The bulk of people purchasing it must be doing it to hold it for value, or are holding it in bitcoin banks where buying/selling the coins doesn't require an actual bitcoin transaction. I don't get how anyone could continue to invest in an obvious dead end technology, unless the cost per transaction plummets it's never going to be adopted as a real currency which really limits it's uses.

Bitcoin cash might come out of this unscathed though, it supports 8x as many transactions and the people backing it are willing to make the necessary changes to the technology to keep it viable. The cost per transaction right now is in the penny range for bitcoin cash.

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I paid less than $4 in fees for my VPN service on cyber Monday using Bitcoin. Also, using SegWit addresses, the fees go down to like 40 cents; but many operations are not using SegWit yet.

Regardless, Bitcoin is hardly 'unusable' if fees are $10+. The use case merely changes. People think Bitcoin is just a p2p paypal, but that's the wrong way to look at it. Bitcoin is more like trustless banking and grants you more control over your wealth. Right now it's possible to buy $1 billion dollars worth of BTC, move it into your private wallet address, memorize the wallet seed, delete the wallet from your computer, zero the drive to prevent recovery, and you'll have $1billion in your head with no other way to access it short of 'enhanced interrogation'. No government can seize it, freeze it or devalue it. No bank can steal it.

With Monero, nobody can even know how much you have or who you send it to. I can imagine a future where all tax comes from property and sales taxes because the government can't know how much money anybody has.

Bitcoin devs are working on 'second layer' solutions to scaling. Increasing the block size (and SegWit did that anyway, as a compromise) dramatically reduces security in exchange for little scalability. Bitcoin Cash exists because the Chinese mining cartel want to exploit ASICBOOST and Roger Ver is an idiot. Ver threw away most of his fortune pumping that shitcoin-- makes me wonder if the Chinese were just conning that fool out of his fortune.

With lightning networks, many transactions are settled onto the blockchain at once, and payments are instant. Even if reduced security from increased blocksize were not a concern, the confirmation times still make on-chain scaling less desirable. You can't have Visa in a public p2p ledger, it's just not possible. Block sizes fill up no matter how large they get; what happens is services like Satoshi Dice (or cryptokitties, as ETH is finding out) fill them up. It's wrong to assume that 2x block size = half the fees. Paying for coffee shouldn't be on 3000 bitcoin nodes all over the world permanently enshrined in the blockchain for eternity anyway.

Ameraves said:

Good Lord. Bitcoin just shot up to $14k, and it is still going.

I don't see how it can possibly keep going like this.

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Got to have a correction soon

Anticipation of the futures shit launching on the 10th going to drive it up hard like this imo

Waiting to see if any large companies start investing into the market to help boost their bottom line where needed. If things crash, claim the loss.

General Antony said:

It doesn't matter if you're being paid in BTC vs fiat. You can simply exchange one for the other at the time of sale if you want to.

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talking about the player or the company? The player doesn't have that option. Your money is converted into $USD when you deposit. It's not until you withdraw that you get it converted back to btc.

It's certainly not without risk on the company's side, but with how much btc is going up, they are making as much as someone investing in btc AND their profits from running the business. They are double dipping.

Arative said:

Got to have a correction soon

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It really doesn't have to.. It did correct down to 8k after hitting 10, and we will keep seeing small corrections like that, but with all the talk of NASDAQ and big companies getting involved.. this is just the beginning. When btc was $100, no one thought i'd hit 1k. When it was 1k, no one thought it'd hit 10k. Now, no one thinks it'll hit 100k, but I have no doubt it could easily do this in a few years unless a big problem pops up. You've got endowments, pensions, hedge funds, etc.. all looking at btc.
Combine that with these tax cuts for large corporations and billionaires, where do you think they might stash their money if the power starts swinging back to the Dems, and they make their intentions known to undo some of those cuts? No matter what rules and regulations get passed to try and get their money, they can always hide it away in cryptocurrencies.

Ya, seen the Crypto-cat thing. Told a co-worker about this and he was going to get the GF in on that. Something maybe for the family to play around with and make some money. Not sure where thats going to go. Will guess more games are going to be coming though. Big hit, many eyes in on this.
I see it as a fad but no clue how long. Seems like something that is low investment to enter, claim is low as $10.

Interesting article on it.
CryptoKitties: I Could Breed Virtual Cats for a Living

Nicehash was hacked, might want to change those PWs.
Cryptocurrency Mining Market NiceHash Hacked - CoinDesk

Jesus fuck. Bought some at 14k last night. Now up to 15.5k. Plan to get out tonight.

BTC futures on CME on December 18. Not sure how this will affect price, but being able to do spreads will be nice.

Kaige said:

It might be 16k by the time you get out, good luck to you.

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Already went above $16k on gdax for a brief minute.

Close to $16.5k now on gdax. shit is insane.

This shit is absurd