For those who want to read the original white paper on Bitcoin from Satochi Nakamoto, here it is:
http://bitcoin.org/bitcoin.pdf
http://bitcoin.org/bitcoin.pdf
Quote: (12-05-2013 12:38 PM)Farmageddon Wrote:
So, I've opened up an account with Coinbase and I am going to be buying some bitcoins within the next few days/weeks/months. My question for those who already own some is: should I wait for the price to come down a little? It seems the cost is over-inflated to what is has been historically. In your opinions what would be a good cost to start buying in at?
Also, what is a good off-line wallet to store my coins in? I've downloaded Armory but it doesn't seem to be working with my mac. I'd really like to store them on paper in case anything happens to the hard drive I put them on. Does anyone have a good tutorial on how to store the codes on paper?
Thanks for any info.
Quote: (12-05-2013 03:30 PM)pants Wrote:
Investing in bitcoin is like investing in anything else. At the level we are currently most people believe it can go either way short term.
When I found Bitcoin it was at 28USD, I had a hard time finding a way to buy some. And bye the time I found a solution it had already risen to 57USD, should i go in or should i wait for the price to maybe drop down to 40 USD again?
My interest was long term, and in my opinion if Bitcoin was gonna catch on it was going to go way higher. For me it would have been much worse if the price continued to increased and I would continue with my mentalism of, "If it just drop 10%, i am buying in!"
A good way to limit the risk is to never go 100%. Never buy all or sell all at once.
There are already written several good guides on safety. Its key to work on a system free from spyware and key logging software. I would recommend download a linux distro and boot from it every time you handle your wallet.
And make sure you generate your wallet from a safe place.
bitaddress.org is recommended from people in the community.
Download the page on a USB stick.
Generate an address from your linux system while being offline.
Remember to STORE the prive key many places you have control over. I encrypt them using a software called TrueCrypt.
Cheers
Quote: (12-05-2013 04:34 PM)pants Wrote:
If you never done it before, creating a linux partition on a USB is much less work than you would assume. Its basically plug and play.
Quote: (12-06-2013 06:32 AM)Maciano Wrote:
Butterfly Labs is (likely or at least mostly) a scam. Some have indeed received their orders, many have been waiting since the last crash in april...
The CEO has been convicted of mail fraud (~25$ M).
https://bitcointalk.org/index.html?topic=110805.0
Considering lots of ppl bought & never got their ASICs (yet), I'd be cautious. Very cautious. Remember: time is factor. Every passing month you need better equipment for the same (i.e. amount BTC mined in pool) return on computing power.
Quote: (12-06-2013 10:46 AM)runsonmagic Wrote:
Quote: (12-06-2013 06:32 AM)Maciano Wrote:
Butterfly Labs is (likely or at least mostly) a scam. Some have indeed received their orders, many have been waiting since the last crash in april...
The CEO has been convicted of mail fraud (~25$ M).
https://bitcointalk.org/index.html?topic=110805.0
Considering lots of ppl bought & never got their ASICs (yet), I'd be cautious. Very cautious. Remember: time is factor. Every passing month you need better equipment for the same (i.e. amount BTC mined in pool) return on computing power.
Yikes! Thanks for the heads up. I emailed them a week ago, and they still haven't gotten back to me. Good to know.
I've heard good things about their equipment, but I'll get it used or ebay if I really decide to go for it.
Any other suggestions on bitcoin mining?
Quote: (12-06-2013 12:17 PM)samsamsam Wrote:Yepp that's about it. I made some posts about it in the other bitcoin tread, have a look there. Got my second payment today from http://e-pickaxe.com/ so I can say that thay are green. Got 2.2BTC in total back, I put in 10.11BTC so will go break even sometime in January I think. Also have a look at the group buys of ACIS rigs over at bitcointalk, I put some BTC into the new KnC miner Neptune. How much profit it gives will be unclear until I know when it delivers, but it should me good.
friheten can you explain buying production in more detail? So you buy hash production and whatever gets mined is yours right? Would love to find out if it works out for you. Fascinating.
Quote: (12-07-2013 01:06 AM)friheten Wrote:
I put some BTC into the new KnC miner Neptune. How much profit it gives will be unclear until I know when it delivers, but it should me good.
Quote: (12-05-2013 03:58 PM)username Wrote:
If you could manage to sell when it reaches about $1100 or $1200 and then rebuy at ~$800 and you do that a few times you would be making a fucking killing.