BitCoin / LiteCoin

[walm]

Ever since the fed approved I have been wanting to trade these.
But the Mt Gox approval process just fell down on me dramatically.
"upload fail - upload fail - upload fail"
Doesn't inspire me with confidence.

Is there ANY other exchange that works in the UK?

I am astonished etrade, igindex and hargreaves lansdowne haven't worked out how to do it yet.
They are missing a huge amount of commission on this.

Plus it all just makes me hate the Winkelvii even more.

[...Mole...]

walm said:

Ever since the fed approved I have been wanting to trade these.
But the Mt Gox approval process just fell down on me dramatically.
"upload fail - upload fail - upload fail"
Doesn't inspire me with confidence.

Is there ANY other exchange that works in the UK?

I am astonished etrade, igindex and hargreaves lansdowne haven't worked out how to do it yet.
They are missing a huge amount of commission on this.

Plus it all just makes me hate the Winkelvii even more.

Interested in this too, only option ive seen so far UK wise is localbitcoins and anyone trading there seems to carry quite a big premium over any of the US exchanges. £740 looks the cheapest on there atm.

The difficulty of buying them put me off buying last time when the price dropped to $70 after the shutdown of silkroad, was going to buy 20 of them then. Kicking myself now!

[dtmpower]

z4chris99 said:

what's the best GBP exchange?

they are in a wallet on my PC.

Please backup / secure your wallet. You don't want to lose the coins by hardware failure / theft.

[Hoofy]

This mining... it's a bit like Cookie Clicker but with real money.

Also, I worked out I can produce £2 a day with my current PC.












Less commission.

[hairykrishna]

Hoofy said:

Less commission.

and electricity presumably.

[Hoofy]

hairykrishna said:

Hoofy said:

Less commission.

and electricity presumably.

It's ok, I don't have a water meter so have a hydroelectric operation going on in my bathtub.

[onomatopoeia]

Hoofy said:

Also, I worked out I can produce £2 a day with my current PC.

Crude, unchecked sums (which means I could be one or more orders of magnitude out) suggest that if I'm right, that's something around 4GH/s your PC would be kicking out.

[z4chris99]

dtmpower said:

Please backup / secure your wallet. You don't want to lose the coins by hardware failure / theft.

moved to two HD's the safe! bit silly putting £2k watches in the safe but not your bit coins!

will be selling through BitStamp.

[Hoofy]

onomatopoeia said:

Hoofy said:

Also, I worked out I can produce £2 a day with my current PC.

Crude, unchecked sums (which means I could be one or more orders of magnitude out) suggest that if I'm right, that's something around 4GH/s your PC would be kicking out.

Er. From the website I found, it was closer to 100 Kh/s. http://www.litecoinminingcalculator.com/index.php

My PC is very average. It barely runs Battlefield 3.

[onomatopoeia]

Oh, litecoins rather than bitcoins. Ignore me then, I was working on the bitcoin exchange rate and difficulty.

[longone]

z4chris99 said:

what's the best GBP exchange?

they are in a wallet on my PC.

The only practical exchange is MtGox to get back to GBP. But fwiw my advice is, unless you are desperate for the cash, do not sell them. If you want to trade in cryptos well that's a different matter, but if you just fear the top is in then I urge you to learn a lot more about the subject.
I include myself here when I say there's no point taking advice about crypto currencies from a car site forum. The depth of knowledge on this subject is pityfull and you are sitting in a possibly very profitable position.
You have done the right thing storing your BTC in an off-exchange wallet, just ensure it's properly protected and copied to a separate USB device
Good luck but for goodness sake ask people who have a good chance of knowing what they're talking about.

[lewisf182]

z4chris99 said:

moved to two HD's the safe! bit silly putting £2k watches in the safe but not your bit coins!

will be selling through BitStamp.

Chris you lucky bugger haha. My brother did exactly the same, now that weed he bought is worth about £30k if he'd have left his coins in there instead of using silk road. Sickening really!

Well done lad.

[z4chris99]

longone said:

The only practical exchange is MtGox to get back to GBP. But fwiw my advice is, unless you are desperate for the cash, do not sell them. If you want to trade in cryptos well that's a different matter, but if you just fear the top is in then I urge you to learn a lot more about the subject.
I include myself here when I say there's no point taking advice about crypto currencies from a car site forum. The depth of knowledge on this subject is pityfull and you are sitting in a possibly very profitable position.
You have done the right thing storing your BTC in an off-exchange wallet, just ensure it's properly protected and copied to a separate USB device
Good luck but for goodness sake ask people who have a good chance of knowing what they're talking about.

my take on it is at £20 it is about right considering electricity to mine etc.

at £1000 it's a bubble, and not a game I'd be playing with..

any day google/eBay/paypal/fb could come and make their own and kill bitcoin

[Simpo Two]

Caught a radio programme today featuring an IT bod who had 7,500 BitCoins on his laptop HD. Then he spilled something on his laptop, and took it to bits, and kept the HD for a while, then finally threw it away. Four months later he suddenly realised they were worth £4M, and found the landfill site where his HD now was; the site was the size of a football pitch and the drive would have been 4-5 feet down.

He sounded a bit pissed off...

[jon-]

That's a touch unlucky.

Has anyone put much research into mining? Have all 21 million bitcoins been made now?

[hairykrishna]

jon- said:

Has anyone put much research into mining? Have all 21 million bitcoins been made now?

No. The only really economical way to mine now is ASIC's - dedicated circuit boards purely for mining. Last time I looked there was a >6 month waiting list for them and the companies were struggling to keep up with demand. That was when coins were still under £100 so I would imagine it's even worse now.

[jon-]

The FAQ is very well written:

http://bitcoin.org/en/faq

How, as a MASSIVE computer geek I've not heard of this before now puzzles me. It's like my wildest currency dream!

[KTF]

Simpo Two said:

Caught a radio programme today featuring an IT bod who had 7,500 BitCoins on his laptop HD. Then he spilled something on his laptop, and took it to bits, and kept the HD for a while, then finally threw it away. Four months later he suddenly realised they were worth £4M, and found the landfill site where his HD now was; the site was the size of a football pitch and the drive would have been 4-5 feet down.

He sounded a bit pissed off...

That made it to BBC News: http://www.bbc.co.uk/news/uk-wales-south-east-wale...

[Simpo Two]

jon- said:

The FAQ is very well written:

http://bitcoin.org/en/faq

How, as a MASSIVE computer geek I've not heard of this before now puzzles me. It's like my wildest currency dream!

Aha - the IT bod said his laptop was getting very hot... so he was mining them.

Did this idea start with Secondlife I wonder? That had/has a cyber currency.

[ringram]

That's worth spending a year in the dump.
Sadly by the time he finds it bitcoin will have popped and it wont be worth $4M mark my words.