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Anybody getting rich off Bitcoins?

You use a Bitcoin exchange. But better be careful which one you choose, could lose it all.
CEO of bitcoin exchange found dead in Singapore - Houston Chronicle

Many aspects of Bitcoin seem to be rather unregulated, shady, underground and offshore. Regular banks won't touch Bitcoin or are even prohibited from handling it, http://www.nytimes.com/2013/12/06/business/international/china-bars-banks-from-using-bitcoin.html ...because of the lack of accountability and money laundering.

Think if you were in it from the start you just might have got rich, like with investment or mining(minting Bitcoins with your computer), but I don't think there's many making much from it now
 
Is this all about the virtual card thing? What's popping with this? Is this a big thing that's gonna be a billion dollar idea, or is it just getting people killed?
 
The people that got in early are doing very well, but as time goes on they get harder to mine.

Sadly I think the average joe missed the boat on profitable mining. But then again, they took the risk that it could all be worthless.

At any moment it could be again.
 
Omar Days said:
From when I hear peoples e-wallets are being hacked, I'll steer clear thanks.
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That's what caused the Bitcoin exchanges to collapse. There was a problem with the system and all the Bitcoins were basically embezzled. Thing is they're not like proper, regulated and licensed financial institutions, were if someone steals money from your credit card or account, they'll make good in it. You lose...end of.
 
the real winners are the ones who got in early when it started. Only time i would've invested tbh. I'll stick to forex
 
Wait, so you can 'mine' for bitcoin? I thought you had to buy for it with an exchange rate of some sort. Well, I think I'll stick with my wallet for now. Like Steven58, I don't understand it at all.
 
I love seeing people rationalize their decisions to not get into it later on.

I did the math- if I'd bought in when I wanted to at $300, I'dhave $40,000 right now. That being said.

Yeah, your wallet can get hacked- if you are not paying attention and fall to many of the same tricks that'll get your bank account hacked. Viruses, keyloggers, etc. I'll further point out that NO MONETARY SYSTEM is secure against embezzling, fraud, etc. Your only protection is the same you have here, and that's through lawsuits.
 
mojos said:
Wait, so you can 'mine' for bitcoin? I thought you had to buy for it with an exchange rate of some sort. Well, I think I'll stick with my wallet for now. Like Steven58, I don't understand it at all.
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You can do both, but I get the idea that mining is not really cost effective, given the amount you might have to spend on a system that can mine, and you have to be very lucky to actually mine any. Also you have to mine a minimum of 50 Bitcoins, for it to be valid. There are mining syndicates that distribute the mining work across many machines. It's really a lot of number crunching, bit like Folding@Home or SETI@Home. All Bitcoins are mined, but you go to a Bitcoin exchange to buy and sell, assuming all risks. The actual value of a Bitcoin has kind of taken a nosedive since the collapses.
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Rather like shares really, but without any protection at all.
 
I just read that mining is getting cost prohibitive, it takes more and more resources as time goes by. It started with CPU load mining, then went to multiple GPU now it is moving into custom ASIC processor based machines costing many thousands of dollars. Add to that this is a 100% online generated currency with absolutely no backing, I'm staying far away.
 
SamuraiBigEd said:
I just read that mining is getting cost prohibitive, it takes more and more resources as time goes by. It started with CPU load mining, then went to multiple GPU now it is moving into custom ASIC processor based machines costing many thousands of dollars. Add to that this is a 100% online generated currency with absolutely no backing, I'm staying far away.
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Exactly.. Good idea, I'm with you. If you want to donate your idol computer time, we have a World Community Grid team here :P :)

It's free, use your CPU, and ARM processor on your android computers or PC to do problems for researchers looking for humanities biggest problems. Things like cancer, clean water and other stuff :)

You don't get paid, but it's for a good cause. And there's no worry about getting hacked, because, well... There's nothing to really hack.
 
SamuraiBigEd said:
I just read that mining is getting cost prohibitive, it takes more and more resources as time goes by. It started with CPU load mining, then went to multiple GPU now it is moving into custom ASIC processor based machines costing many thousands of dollars. Add to that this is a 100% online generated currency with absolutely no backing, I'm staying far away.
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So not dissimilar to my dollars in my bank :p
 
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