Author Topic: [STORIES] How did you come to find litecoin/bitcoin?  (Read 63426 times)

Offline Pepsi

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #75 on: December 04, 2013, 03:52:50 PM »
Found it on the press ;)

Offline AT101ET

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #76 on: December 04, 2013, 04:37:42 PM »
It was January 2010. I had just got back to school from Christmas Break, and a dopehead buddy who was in a class with me started talking about these Bitcoin things which he was going to use to buy drugs online someday.

I really started getting into Bitcoins after WOT was out, and I'd walk to the store, pick up a money pak, and buy my weekly pay's worth of Bitcoins from a nice bloke named Pirateat40. The bitcoin protocol sucked at the time, so if you were sent Bitcoins, you wouldn't even be able to see they were sent until after 1 confirmation. I got sick of waiting 10 minutes to see if someone had scammed me or not, so I moved to Solidcoins which did not have that problem. A few months passed, Solidcoins started getting... meh... And I went back to Bitcoins.

On btc-e I saw my first Litecoins. I thought it was neat that I could buy 12,000 for $5 (1 BTC) So I did. Forgot mostly about them until the BitcoinExpress hack threat thing. Joined the Litecoin community more actively, and spent a lot of time fudding with Smoothie  ;D

So now, either your BTC/LTC has made you into a millionaire?
And by the way, that 'nice bloke' pirate40 stole about $60 million of BTC in one of the biggest Bitcoin Ponzi Schemes to date. He's currently facing trial in the US.


Offline keithers

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #77 on: December 05, 2013, 10:52:54 PM »
I got introduced to bitcoin by a buddy at my office.   He received 500 bitcoins as a wedding present from his brother in law back when they were only a couple dollars each. 

He kept urging me to get into bitcoins.   Unfortunately, I didn't listen.   He told me again, when they hit $50/coin.   I still did not listen.   This was mainly because a bunch of other guys at my office just had lost a bunch of money investing in Zeek's Rewards right before the Feds shut it down.  He told me once again when they hit $100, and then $150.   By the time I finally listened, it was at like a 3 month high of $231 per coin (back in November).   I finally signed up at coinbase.com and I only decided to buy 3 BTC, because I felt like I was buying in at the highest price in a long time (I wish I bought more).   Bitcoin has skyrocketed since.   

After getting comfortable with the process, I wanted to get invested into another currency that was a lower price with more upside potential.   That is how I found litecoin.   I did a little research and then sent 2 BTC over to btc-e.com.   With that I was able to purchase a little under 300 LTC, when the price was about $3.74/coin.  Of course I wish I would have bought more!

Now the roles were reversed.   I kept telling the same buddy to get some money into LTC, but he wouldn't listen to me.   Fast forward a few weeks and the price jumped up to about $30/coin.   The same buddy now sent over 11 BTC and converted them to LTC.   He ended up with the same amount of LTC as me.   

Now we are both hoping it gets to around $100/coin :)

Offline keithers

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #78 on: December 05, 2013, 10:56:06 PM »
It was January 2010. I had just got back to school from Christmas Break, and a dopehead buddy who was in a class with me started talking about these Bitcoin things which he was going to use to buy drugs online someday.

I really started getting into Bitcoins after WOT was out, and I'd walk to the store, pick up a money pak, and buy my weekly pay's worth of Bitcoins from a nice bloke named Pirateat40. The bitcoin protocol sucked at the time, so if you were sent Bitcoins, you wouldn't even be able to see they were sent until after 1 confirmation. I got sick of waiting 10 minutes to see if someone had scammed me or not, so I moved to Solidcoins which did not have that problem. A few months passed, Solidcoins started getting... meh... And I went back to Bitcoins.

On btc-e I saw my first Litecoins. I thought it was neat that I could buy 12,000 for $5 (1 BTC) So I did. Forgot mostly about them until the BitcoinExpress hack threat thing. Joined the Litecoin community more actively, and spent a lot of time fudding with Smoothie  ;D

Wow, this is awesome

Offline Nite69

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #79 on: December 06, 2013, 12:43:07 AM »
I use evga forum alot and I'm a member of thier [email protected] team which favors running Nvidia cards and I saw someone mention that they used Litecoin to pay for thier power bill, and that got me thinking hmm I could use Litecoin to help cover the power bill running cost of my folding, so I stopped folding for a while and switched my nvidia cards over to litecoin mining so I can start generating LTC, and then after that I learned that AMD hardware is faster at litecoin mineing, so the first thing I'm gonna do with some saved up LTC is buy a couple AMD cards so I can increase my litecoin production and help pay the power bill of my folding.

It will be nice to have a dedicated system for Litecoin mining, and at the same time run [email protected] on another computer, the litecoin system will cover the power running cost while the folding system continues to process data to help cure cancer and other diseases
« Last Edit: December 06, 2013, 12:49:11 AM by Nite69 »

Offline FyaShtatah

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #80 on: December 07, 2013, 12:16:50 PM »
Read about BTC late '12 early '13 and got really drawn to Litecoin. Dropped the urge for half a year and after moving to China and nearly having an aneurism trying to get some money wired over pre-boom, finally invested in what I think will become a really important part of the crypto industry/movement.  [ltc] [ltc]  !        !!!    !

Offline Nite69

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #81 on: December 08, 2013, 12:16:30 AM »
Read about BTC late '12 early '13 and got really drawn to Litecoin. Dropped the urge for half a year and after moving to China and nearly having an aneurism trying to get some money wired over pre-boom, finally invested in what I think will become a really important part of the crypto industry/movement.  [ltc] [ltc]  !        !!!    !

Bad timing for you cause China just banned bitcoin, I don't think you will get anywhere in this lol

Offline FyaShtatah

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #82 on: December 08, 2013, 03:06:04 AM »
Read about BTC late '12 early '13 and got really drawn to Litecoin. Dropped the urge for half a year and after moving to China and nearly having an aneurism trying to get some money wired over pre-boom, finally invested in what I think will become a really important part of the crypto industry/movement.  [ltc] [ltc]  !        !!!    !

Bad timing for you cause China just banned bitcoin, I don't think you will get anywhere in this lol

I don't think my timing was that bad considering how far these currencies will go in the future, but more importantly, China didn't "ban" Bitcoin. Using the word ban is hurting investment and understanding of how the coin is growing. All China did is say "you can't do Bitcoin transactions in financial institutions." 
If you went into a bank in the West and said, "Alright, well i'm going to go ahead and wire some of my BTC into my virtual safe deposit box" or "Okay, I'm going to send the bank's wallet 8 BTC, can you go ahead and transfer that into fiat for me?" you'll obviously be rejected (currently). It's the same thing in China, but the government just stated the obvious, added the universal warning of "we don't have your back if your little speculation venture crashes" and the media and people who aren't reading between the lines are creating a panic. This is actually a good thing with somewhat legitimizing BTC as a thing to be discussed by the government at all.

Offline Nite69

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #83 on: December 08, 2013, 03:18:45 AM »
Oh ok so its only locally at banks you can't use it, it can still be done with online stuff, I see now

Offline keithers

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #84 on: December 09, 2013, 05:29:21 AM »
Read about BTC late '12 early '13 and got really drawn to Litecoin. Dropped the urge for half a year and after moving to China and nearly having an aneurism trying to get some money wired over pre-boom, finally invested in what I think will become a really important part of the crypto industry/movement.  [ltc] [ltc]  !        !!!    !

Bad timing for you cause China just banned bitcoin, I don't think you will get anywhere in this lol

I don't think my timing was that bad considering how far these currencies will go in the future, but more importantly, China didn't "ban" Bitcoin. Using the word ban is hurting investment and understanding of how the coin is growing. All China did is say "you can't do Bitcoin transactions in financial institutions." 
If you went into a bank in the West and said, "Alright, well i'm going to go ahead and wire some of my BTC into my virtual safe deposit box" or "Okay, I'm going to send the bank's wallet 8 BTC, can you go ahead and transfer that into fiat for me?" you'll obviously be rejected (currently). It's the same thing in China, but the government just stated the obvious, added the universal warning of "we don't have your back if your little speculation venture crashes" and the media and people who aren't reading between the lines are creating a panic. This is actually a good thing with somewhat legitimizing BTC as a thing to be discussed by the government at all.

so are Chinese citizens still able to withdraw BTC into cash in Chinese banks, or no?

Offline FyaShtatah

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #85 on: December 09, 2013, 11:55:19 AM »
Just like in the states (last time I was stateside) you need to have fiat from the exchange, then you can transfer fiat to your bank.
So if you want your cash, and you have Bitcoins on BTCCHINA:
On BtcChina, you sell your bitcoins for RMB (fiat)
Then you transfer the fiat from BTCCHINA to the bank.

What banks will not allow you to do:
Send Bitcoins from BTCCHINA or another exchange or a coin wallet service to your bank, and convert them to cash.
The spin from the media really killed on this one, but as far as I know, this was never an option with major banks was it?
If banks were to convert btc/ltc/altcoins to cash, they would be participating, with its profits and losses, in the currently very volatile coin markets.


Offline keithers

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #86 on: December 09, 2013, 08:48:28 PM »
I'm not sure, I am trying to make sense of it myself.   So does this mean that Chinese Citizens would not be able to use a service like coinbase?   Would they need to convert the bitcoins back into their own currency, and then send their own currency back to their bank?

Offline Polishgonewild

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #87 on: December 11, 2013, 12:00:00 PM »
I've been thinking about mining BitCoin for awhile. I've researched it and stuff before but never really wanted to invest in anything. I chose the wrong route and did a little bit of day trading on etrade.... booo! I just hate the amount of fees you have to pay, and stocks just seems old school and outdated. I came into litecoin mining seeing it as a $2600 investment where I make 2.5 stock options every day for free (minus power of course). I've always been interested in trading stock and Bitcoin/Litecoin seems easy, lower risk etc.

So I took some of my savings, found a store that has 290x GPUs in stock, and bought 4 of them. before, I aforementioned that I can get about 2.5 LTC a day, which is great. Since I'm only 22 and still in college, I'm planning to create a strategy of making as much money as my job offers me by trading and quitting my job so I can focus on school and pay rent in California XD. I'm planning to break even, then spend my next moths "Litecoin pay" to buy a second rig. I have two roommates so electric is split 3 ways and they don't mind what I'm doing, I guess I'm fortunate for that. Making 5 litecoins a day would be pretty crazy.

Anyways that's my long story short!

Offline AT101ET

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #88 on: December 12, 2013, 12:38:33 PM »
I've been thinking about mining BitCoin for awhile. I've researched it and stuff before but never really wanted to invest in anything. I chose the wrong route and did a little bit of day trading on etrade.... booo! I just hate the amount of fees you have to pay, and stocks just seems old school and outdated. I came into litecoin mining seeing it as a $2600 investment where I make 2.5 stock options every day for free (minus power of course). I've always been interested in trading stock and Bitcoin/Litecoin seems easy, lower risk etc.

So I took some of my savings, found a store that has 290x GPUs in stock, and bought 4 of them. before, I aforementioned that I can get about 2.5 LTC a day, which is great. Since I'm only 22 and still in college, I'm planning to create a strategy of making as much money as my job offers me by trading and quitting my job so I can focus on school and pay rent in California XD. I'm planning to break even, then spend my next moths "Litecoin pay" to buy a second rig. I have two roommates so electric is split 3 ways and they don't mind what I'm doing, I guess I'm fortunate for that. Making 5 litecoins a day would be pretty crazy.

Anyways that's my long story short!

Nice story.
You're in quite a fortunate position. Good luck :)

Offline ofirbeigel

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Re: [STORIES] How did you come to find litecoin/bitcoin?
« Reply #89 on: December 13, 2013, 02:13:52 PM »
I just saw all the buzz inside out Facebook group from Israel about Litecoin that I had to check it out. Once I started using it a bit I was amazed by how faster it was than Bitcoin.