BitCoin / LiteCoin

[eliot]

Heard about someone who also bought a couple of grams or a bag of weed for what at the time was like £20 a couple of years ago - in todays money its thousands of pounds.

You can also grow you own bitcoins - but the computing power required is increasing exponentially.

[longone]

This debate was aired mid year when BTC peaked at $260 and the consensus was its a bubble and not to be touched, search for the thread it's all there. It was wrong then too.
If you're serious about cryptos, do your homework, there's a number of specialist sites and forums. PHeads isn't one of them.

[sunoco69]

jogon said:

This. When Silk Road got closed down by the FBI a couple of months back Bitcoin plummeted to c£70 btc. It has since gone on a steady climb to £517. I don't see it going much higher tbh so you've probably missed the boat.

Yep bang on there

[jonamv8]

Seems litecoin has started though - I bought at under £10, trading at £22+ currently - tidy profits

[matrignano]

How liquid are they? How easy to get in and out of?

[Art0ir]

matrignano said:

How liquid are they? How easy to get in and out of?

Also interested in this? I see it broke $1000 today.

[jonamv8]

bitcoins more so than litecoins - easier to trader

bitcoins - I'd say the boat has sailed

Litecoins however, looks like the boat is setting sail. Albeit not easy to trade

[B17NNS]

Where can you trade/buy/sell? litecoins?

[ringram]

considering there is SFA barriers to entry what makes you guys think this is a good idea?

[rufusgti]

jogon said:

This. When Silk Road got closed down by the FBI a couple of months back Bitcoin plummeted to c£70 btc. It has since gone on a steady climb to £517. I don't see it going much higher tbh so you've probably missed the boat.

Since you wrote that the guy on here with 100 coins has made 13 grand.

Just One day!!!

[ringram]

Why did he cash them in?
Nobody has made anything until they realise their gains. Id be selling the whole lot asap IMO.

[hairykrishna]

I sold my 250 back in the day, when they hit ~£15. I wish they'd stop appearing in the news.

[rufusgti]

ringram said:

Why did he cash them in?
Nobody has made anything until they realise their gains. Id be selling the whole lot asap IMO.

That's very true.

I have a small amount in bitcoin. I'm very interested to see where it will go. I think the term "worth a punt" is where I stand. But obviously no more than one is happy to lose.

[z4chris99]

how the fk do you sell these things.?????

I want out, top of the market me thinks

[B17NNS]

You could take out an OK Cupid subscription.

For life.

[rufusgti]

z4chris99 said:

how the fk do you sell these things.?????

I want out, top of the market me thinks

Where are they? You need to get them onto an exchange and sell them. There's various exchanges, depending on which currencies you want to cash into. You then need to withdraw the money. Which some exchanges make hard. Like MT-Gox will let you sell in GBP, but they will only allow a withdrawal of £1000 per day or up to 10k in 30 days.

I know, It's totaly mental.

Edit to say, It also takes about 10 days to get verified to trade on these exchanges. You need to send ID and statements to prove who you are.

Edited by rufusgti on Wednesday 27th November 22:23

[z4chris99]

what's the best GBP exchange?

they are in a wallet on my PC.

[rufusgti]

z4chris99 said:

what's the best GBP exchange?

they are in a wallet on my PC.

To sell, you will get the highest price on MT-GOX removing the money will be more of a process rather than one transaction. But that could work to your advantage for reasons you already mentioned.

[0to60tv]

I'm just doing some reading about litecoin mining...looks interesting given I have access to a load of servers etc!

[hairykrishna]

I'd use MtGox. There's minimal chance of them disappearing with your money, something which doesn't apply to all of the exchanges.