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Thread: $27 investment now reaches a staggering $1 million return

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    Default $27 investment now reaches a staggering $1 million return



    Four years ago, Christopher Koch was working on a thesis paper about encryption. His research befriended him with budding e-currency, bitcoin and on a whim he purchased 5,000 bitcoins for 150 kroner($26.60). He then forgot about it until widespread reports jogged his memory this past April.

    But the unlucky chap forgot the password to his bitcoin wallet until after some failing trial and error he finally got logged in. And to his dreadful or wonderful surprise, the initial $27 investment was now NOK5m($866,000) which based on today's exchange rate is worth more than $1 million - he told NRK


    Bitcoin ATM in Vancouver, British Columbia

    Bitcoins can be purchased through Bicoin "exchange", although the process can be a bit tricky because of money laundering regulations. Alternatively one could generate own bitcoins using computer hardware to mine them. But the process is time consuming, hardware intensive and deemed by some to no longer be profitable.

    Since then Christopher has purchased a neat apartment in a wealthy area of Norse capital Toyen, Norway; his home country by cashing out 1,000 bitcoins.

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    isnt bitcoin illegal?

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    Not in all countries. Most countries are trying to ban it to stop money laundering.

    Now let me ask you a question. Whatever you do with your money, should it be a problem for the government? As long as it does not involve any crimes?

    Alas here we live in this world. Where you have to pay taxes for the money you earn. Just like chandaabaajes.

    Sorry. Had to pay income tax this year.
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    Quote Originally Posted by avas911 View Post
    Not in all countries. Most countries are trying to ban it to stop money laundering.

    Now let me ask you a question. Whatever you do with your money, should it be a problem for the government? As long as it does not involve any crimes?

    Alas here we live in this world. Where you have to pay taxes for the money you earn. Just like chandaabaajes.

    Sorry. Had to pay income tax this year.
    How else do you expect governments to run? They can't just print money for themselves.

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    i support taxes. and support jakaat in Islamic countries.

    but bitcoin er biruddhe keu sposhto kore kisu bolte partese na. ami jotodur ghatlam bitcoin naki online drug kena bechay jukto ejonne ban korte chasse

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    Quote Originally Posted by Taher furious View Post
    i support taxes. and support jakaat in Islamic countries.

    but bitcoin er biruddhe keu sposhto kore kisu bolte partese na. ami jotodur ghatlam bitcoin naki online drug kena bechay jukto ejonne ban korte chasse
    The problem is bitcoin is just like fiat currency. Like the cash you have in your wallet. When you buy something with it, no one else other than buyer which is you and the seller knows. So it cannot be traced. Or you can not find out the origin of the money.

    That is the problem with bitcoins. And as it has no limitation for country borders, anyone can send anyone money anytime, from anywhere.

    The problem is in todays economy most countries are trying to control money flow. Just because they think that it is stealing if you dont pay income taxes.

    Only Honk Kong and Singapore allow free money flow.
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    it can't be traced! i'm not an economist but thats big problem i think.



    how to get immigration to Honk Kong and Singapore?

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    @avas911 bro if i have money in my paypal or mastercard can i buy bitcoin? i know i can but is it legal in BD?

    when i cash out what 'ojuhat' will i show?
    Last edited by furiousTaher; November 17th, 2013 at 23:41.

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    Quote Originally Posted by Taher furious View Post
    @avas911 bro if i have money in my paypal or mastercard can i buy bitcoin? i know i can but is it legal in BD?

    when i cash out what 'ojuhat' will i show?
    Most people buy bitcoins now a days just to trade like stock. There are not much places you can spend them. I would not recommend them.

    Also now they are uber expensive and price goes up and down multiple times in a day.

    check out https://www.mtgox.com/


    The best idea was to mine it with amd cards. There was a time when the mined coins payed for the whole PCs less than a year. Now with ASICs all around it is not possible anymore.
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    Bitcoin can be traced. It's record keeping system in blocks keeps record of all the transactions. But also there is methods to mix up bitcoins in the exchanges, so the tracing can be avoided. Also, currently starting bitcoin mining in any type of investment is loss. If you go here, http://mining.thegenesisblock.com/ , and select the most efficient ASIC mining machines, select the starting date as when the machines will be available, you can see that you cannot even make back the price of the machines ever. It's now only for those who started early. And never even think about GPU mining for bitcoins.

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    mtgox site ta acmgold er moto mone hosse

    amd card diye mine kora jay shunsilam... but eto jeto je pc e kina felar moto jantam na :O

    - - - Updated - - -

    tahole ekhon bitcoin e amar labh nai... bujte parsi... broker hote hole stock ar forex e shikhte hobe.

    btw off topic: acmgold sara onno kon forex site bhalo?

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    Quote Originally Posted by Taher furious View Post
    mtgox site ta acmgold er moto mone hosse

    amd card diye mine kora jay shunsilam... but eto jeto je pc e kina felar moto jantam na :O

    - - - Updated - - -

    tahole ekhon bitcoin e amar labh nai... bujte parsi... broker hote hole stock ar forex e shikhte hobe.

    btw off topic: acmgold sara onno kon forex site bhalo?
    I have no idea about forex.

    Maybe @Codex can help
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    I also have no idea about Forex, not an economist here <_<'

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    so mining or cloud computing kore kemon kamano jabe?

    is there other sites like digital generation?

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    You're long late to the party, so virtually nothing.

    The only real shot at mining is with ASICs now, and they're sort of not cheap.

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    I don't know much about coins(aside from throwing heads or tails) but litecoin is bitcoins alternative cryptocurrency. BTW ASRock outed a BitCoin mining oriented ATX motherboard, H81 BTC maybe, with a large number of PCIe X1 ports. But people commented that mining bitcoins with GPU is quite dead and they(ASRock) shoulda offered more USB ports for ASIC mining. What's ASIC and why mining with GPU is dead @avas911 ? Juz curious.
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    Quote Originally Posted by Codex View Post
    You're long late to the party, so virtually nothing.

    The only real shot at mining is with ASICs now, and they're sort of not cheap.
    Not only cheap, the way difficulty is rising, it might not be feasible to mine with asics in the near future. Who has the setup already will benifit, but might not help others.

    There are 500 GH/s PCIe ASICs are coming out. They will destroy the playing field as they will be 200W devices

    Quote Originally Posted by Dunia_r_JAURA View Post
    I don't know much about coins(aside from throwing heads or tails) but litecoin is bitcoins alternative cryptocurrency. BTW ASRock outed a BitCoin mining oriented ATX motherboard, H81 BTC maybe, with a large number of PCIe X1 ports. But people commented that mining bitcoins with GPU is quite dead and they(ASRock) shoulda offered more USB ports for ASIC mining. What's ASIC and why mining with GPU is dead @avas911 ? Juz curious.
    Cause a 7970 can do 850MH/s. And a good asic can easily do 50-200 GH/s. And cost a lot less. also requires a lot less power

    Also ASICs are custom designed to do on e thing. That is the generate hashes. So they are more efficient in power and performance.
    Once more into the fray
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    Bitcoin is not illegal in the USA and they are thinking of bitcoin to stop money laundering and stop usage in illegal scenarios. I don't think it will become illegal but governments will monitor Bitcoin just like they already monitor bank transfers or large cash transactions.

    http://www.theverge.com/2013/11/18/5...ing-on-bitcoin

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    Akhon r laav nai. It was the initial investors who are now super rich. Now the price is already inflated and you will be playing loser's game because all the governments are trying to shutdown this alternative currency.

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    So lets go and try to mine some Litecoins Might get our PCs worth in 3 years time if we are lucky.Man I missed a huge deal. When I was researching these stuff BTC was going for 70$. Now silkraod is down and it goes up to 500$+ . man I could have been rich
    Once more into the fray
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