Anyone trade Bitcoin?

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Matty_K

Matt
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Hey Everyone,

Just curious to see if anyone here trades Bitcoins?
I started trading them about a year ago and the last 2 weeks have been crazy! they went from $160 each all the way to $414 a piece.
So you can imagine how pleasing the last couple weeks has been :)
So anyone else been fortunate to ride the Bitcoin rollercoaster with success lately?

Cheers
Matt
 
No but Mashable reported that TradeFortress got hacked recently. See link: http://mashable.com/2013/11/08/bitcoin-theft-tradefortress/

"Cybercriminals have stolen $1.3 million dollars' worth of Bitcoin from inputs.io, a company that let users store the digital currency in online wallets, the site's founder claimed in a message on the site on Friday that started with a frowning emoticon.

The founder, known only as TradeFortress, wrote that cybercriminals hacked into his site on two different occasions and stole 4,100 BTC, the equivalent of $1.3 million. If true, this would be one of the 15 biggest robberies in Bitcoin's history, according to one list of Bitcoin heists (the biggest theft involved 263,024 BTC)."
 
That's a pretty decent return, well done :)

To be honest, the whole Bitcoin thing still confuses me. Would you mind giving us a quick rundown on Bitcoin trading?
 
yea i read about that. i dont like storing my coins with companies so i keep my wallets on flash drives.
there have been some rather large coin thefts in the past.
 
Hi Nugget.

Well your not alone on the confusion side of things lol
First of with Bitcoin there is a finite amount that will ever be "mined" the number is 21 million from memory.
The way a bitcoin is created is a computers CPU or GPU will solve either part of, or an entire "block".
all a block is is a series of confirmation algorithms that is created when one person transfers coins from one wallet to another. To make it easier to understand it would be like me buying something from you for $100 but before you get the money we need 10 other people to just confirm that I have $100 in my wallet before it can be put into yours.
Now once our trade is finalized it is stored in the "block", and the next trade someone executes will stack under our previous trade info. Sounds confusing I know!
Every computer or device that runs bitcoin mining software will have a theoretical copy of the "Block" which shows every trade previously done and this is why it is impossible to counterfeit bitcoin. Even if you create a program that sends out manipulated algorithms stating you have more in your wallet than you really do, no other computer on the network will confirm the trade and hence you can not counterfeit it.
Now with trading its pretty easy to get into. I personally use MtGox to trade on. You have your usual ups and downs but unlike the stock market it is not a strange site to see a $30 rise in price in a day.
There have been days where I will buy for $125 and then a couple hours later sell for $170 and then repeat the process a couple hours later.
On the other side of it the price can bottom out real quick if you dont watch the rate.
Currently the price is $365AUD each which is $17 lower than an hour ago.
Thats just a quick run down on how it works but I hope it clears up more questions for you than it raises lol
 
Sounds a bit dodgey to me if it's been hacked 15 times since start up another flight scam that was around in the 80's last in get scammed. A these scheme that sound to good to be true are just that.
 
Nugget said:
That's a pretty decent return, well done :)

To be honest, the whole Bitcoin thing still confuses me. Would you mind giving us a quick rundown on Bitcoin trading?
Click to expand...

Im as lost with this Bitcoin process as Nugget is. I did try to understand it some time ago but failed miserably and it went to the wayside.
Im in the belief that "He who holds the gold, ownes the Gold"
Cant get my head around trading CPU blocks.
Thanks for the info on it Matty
Cheers
Chris
 
I know of a guy that runs several CPU's 24/7 in their own aircon room just to mine bitcoins, he was making a reasonable wage from it.
 
Wintersnake said:
I know of a guy that runs several CPU's 24/7 in their own aircon room just to mine bitcoins, he was making a reasonable wage from it.
Click to expand...

Its not uncommon for people to run multiple rigs to mine them. I prefer just trading them on the exchange though.
 
Is Bitcoin generally legal? Cryptocurrencies are not yet regulated in our legislation. Even though there is so much talk about them now, the very concept of "cryptocurrency" is not in the legislation. Can't find any information on Cryptocurrency Blog on whether it is legal to trade bitcoin or not. Guys, if you have any ideas about this or found something on https://blog.switchere.com/ Blog.Switchere, please share it with us. Thank you all in advance for your help.
 

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