Thinking about making an investment in the Bitcoin Industry (if you'd even call it an industry) in the coming weeks.

I know that the big bitcoin boom just ended and now they are more difficult to mine/receive, but I believe the market can still hold a decent profit margin.

 

My whole opinion regarding the economic side of bitcoins is that they (or something similar) will rise as the default global currency. The fact that it's a decentralized (not belonging to a specific party/organization) currency helps out it's case even more so. Furthermore, in our digital world, nothing stands in the way of the whole planet embracing Bitcoin (or some other digital currency). Its inbuilt scarcity provides an assurance of purchasing power arguably safer than any other system yet conceived. (Source)

 

As for my business plan (can't release exact details, of course), I plan on buying hardware worth around $300 and receiving about a $4-6/day profit. Coupled with increased profit and decreased profitability, my plan is to keep upgrading hardware until the profitability decreases to a point where it wouldn't be worth it to purchase newer hardware. If you have any thoughts on this, feel free to chip in.

 

Although it's not a "get rich quick" method, again, I believe it may still hold profit.

So, let me know what you think about the economics regarding bitcoins, and the currency in general.

 

tl;dr - Bitcoin thread

 

For those of you who aren't familiar with Bitcoin:

 

Bitcoin charts, graphs, videos, and infographics

Prices (^) directly correlate to bitcoin difficulty:

Videos Bitcoin related:

The following video really grinds my gears:

"Lawmakers insist digital [currency] should be brought out of the darkness and regulated, both in the interest of the public and virtual currency industry." is complete BS.

 

Edited August 19, 201312 yr by Sherlock

So you're gonna buy a pc to run a few bots and sell rsgp?

Btw everything you say has logical thinking all over it. You must be good in math mr logical guy.

Bitcoins unfortunately are getting to that stage where it's not worth the effort and investment. I suggest you invest in the same system you're looking at but mine Litecoins rather than Bitcoins. Read anywhere online, Litecoins is the way forward now. 

So you're gonna buy a pc to run a few bots and sell rsgp?

Btw everything you say has logical thinking all over it. You must be good in math mr logical guy.

I'm decent in math. Just enjoy using logic.

 

Bitcoins unfortunately are getting to that stage where it's not worth the effort and investment. I suggest you invest in the same system you're looking at but mine Litecoins rather than Bitcoins. Read anywhere online, Litecoins is the way forward now. 

 

I've just read up about Litecoins; they seem to be almost the exact same to bitcoins.

Some key differences of them:

1. The Litecoin network processes a block every 2.5 minutes, rather than Bitcoin's 10 minutes. ¹

Alright, so the mining rate (gather rate) is about 4x faster than that of BTC (bitcoins).

 

2. The Litecoin network will produce 84 million litecoins, or four times as many currency units as will be issued by the Bitcoin network. ²

It has 4x the amount of currency units (coins) as BTC.

 

3. 1 Litecoin = $2.39401

So, a litecoin is worth about $2.3.

The current exchange rate of a bitcoin is $99.0

Mines 4x faster, has 4x as much coins, but it's worth $2.3.

 

In the work it would take you to mine 1 bitcoin (worth $99), you would mine 4 litecoins (approx. $10).

-Prices subject to change

 

Unless the market is prone to severe fluctuations, I'm not sure if it's something I'm willing to invest in at this point.

Usually one one currency system prevails in a certain region (digital), and I believe it will be the bitcoin.

 

^{1 & 2}: http://en.wikipedia.org/wiki/Litecoin

 

So you're gonna buy a pc to run a few bots and sell rsgp?

Btw everything you say has logical thinking all over it. You must be good in math mr logical guy.

I'm decent in math. Just enjoy using logic.

 

Bitcoins unfortunately are getting to that stage where it's not worth the effort and investment. I suggest you invest in the same system you're looking at but mine Litecoins rather than Bitcoins. Read anywhere online, Litecoins is the way forward now. 

 

I've just read up about Litecoins; they seem to be almost the exact same to bitcoins.

Some key differences of them:

1. The Litecoin network processes a block every 2.5 minutes, rather than Bitcoin's 10 minutes. ¹

Alright, so the mining rate (gather rate) is about 4x faster than that of BTC (bitcoins).

 

2. The Litecoin network will produce 84 million litecoins, or four times as many currency units as will be issued by the Bitcoin network. ²

It has 4x the amount of currency units (coins) as BTC.

 

3. 1 Litecoin = $2.39401

So, a litecoin is worth about $2.3.

The current exchange rate of a bitcoin is $99.0

Mines 4x faster, has 4x as much coins, but it's worth $2.3.

 

In the work it would take you to mine 1 bitcoin (worth $99), you would mine 4 litecoins (approx. $10).

-Prices subject to change

 

Unless the market is prone to severe fluctuations, I'm not sure if it's something I'm willing to invest in at this point.

Usually one one currency system prevails in a certain region (digital), and I believe it will be the bitcoin.

 

^{1 & 2}: http://en.wikipedia.org/wiki/Litecoin

 

Last night bitcoins hit $120.65

**Ninja edit: They are $121.201 according to Mt. Gox

Edited August 20, 201312 yr by WillyJ