silk road?

Joined: May 19th, 2013, 2:28 pm

June 12th, 2013, 11:52 am #11

It's pretty easy to get bitcoins. I use this sitehttps://localbitcoins.com/

Just set up an account and then click the Buy button next to the seller that is offering UK Bank transfers and is offering the best price. You then need to let them know how many bitcoins you want. They will then send you their bank details and once you have transfered the money they will release the bitcoins from escrow and into your on-line wallet (which you get when you set up your localbitcoins.com account)
"but I'd avoid putting much money into them as you could wake up one day to find the whole currency has dropped"

This goes both ways too though. In reality the value of bitcoins has gone up thousands of percent in the last few years. The first bitcoin transaction in May 2010 was for 1 pizza which then cost 10,000 BTC. Those 10,000 BTC are now worth £700,000
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Joined: March 31st, 2013, 8:18 pm

June 12th, 2013, 11:56 am #12

be careful - the daily mail did one of their "grass people up for daring to have fun" stories on it last year and i've heard rumours of a few people having trouble since then (i stopped using it after that article personally)

there was also a case this year where a similar website was busted (fbi managed to de-crypt the encrypted details) and a load of people got picked up and extradited to the states INCLUDING several harmless customers who'd done nothing other than buy

as you say, it's great for what it is but dont go into it thinking its risk-free
thanks for that link pm
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Joined: May 19th, 2013, 2:28 pm

June 12th, 2013, 12:07 pm #13

One thing to note though is that when you buy bitcoins it can take a while, sometimes an hour, before they appear in your wallet as all transactions need to be verified 3 times by the blockchain before you get them. It's just a precaution that's built into the codebase for extra security.
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Joined: March 31st, 2013, 8:18 pm

June 12th, 2013, 12:16 pm #14

noted. just having a look through the FAQs and whatnot, tar very much!
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Joined: April 16th, 2008, 10:15 pm

June 12th, 2013, 12:36 pm #15

"This goes both ways too though. In reality the value of bitcoins has gone up thousands of percent in the last few years. The first bitcoin transaction in May 2010 was for 1 pizza which then cost 10,000 BTC. Those 10,000 BTC are now worth £700,000"

True, I'm just saying unless you're interested in trying to play the market or keep an eye on it, don't buy up much more than you need.

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Nothin' at all! Nothin' at all! Nothin' at all! Nothin' at all! Nothin' at all! Nothin' at all!
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Joined: May 19th, 2013, 2:28 pm

June 12th, 2013, 12:41 pm #16

I'd say buy a few and just sit on them for a couple of years. You could be in for a nice little bonus. But, like you say, there is always a risk of loss.
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Joined: February 20th, 2004, 2:08 am

June 12th, 2013, 12:51 pm #17

PM-I'm a bit confused about the pricing of the coins.

You've got price 78.13 GBP/BTC then "Amount £10-30 GBP". How does that all work then? Make him offer of between 10 -30 quid n get 78 quids worth or Bitcoins or Vice Versa?

============================================
MASSIVE
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I'd rather Walk Alone.


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Joined: September 28th, 2010, 10:49 pm

June 12th, 2013, 12:58 pm #18

How does delivery work? Do they just put a box of drugs in the post and slap a stamp on it? Or do the dealers have contacts that are local to the buyer? I don't doubt that it works successfully, but I'm just wondering how.

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We have your motherfuckin' record company surrounded. Put down the candy and let the little boy go
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Joined: May 19th, 2013, 2:28 pm

June 12th, 2013, 1:04 pm #19

PM-I'm a bit confused about the pricing of the coins.

You've got price 78.13 GBP/BTC then "Amount £10-30 GBP". How does that all work then? Make him offer of between 10 -30 quid n get 78 quids worth or Bitcoins or Vice Versa?

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MASSIVE
At the moment the spot price for 1 bitcoin is £70.24. That seller is willing to sell 1 bitcoin to you for £78.13 but he doesn't want to sell a whole bitcoin. He only wants to sell between £10 - £30 worth. Bitcoins are highly devisable and in theory you could buy say 0.1 BTC £0.7 or 70p

Basically the seller set their own price for 1 bitcoin (shown in the 'Price / BTC' column) so there will be differences in what is offered (the ask price).

The amounts shown in the 'Amount' column is the amount of bitcoins that they want to sell priced in pounds sterling. If it's saying £10 - £30 then they only want to sell that amount of bitcoins.

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Joined: November 3rd, 2011, 8:20 am

June 12th, 2013, 1:18 pm #20

Stone manic, it depends how much, usually the it is vac packed and put in an envelope. For obvious fucking reasons don't use your own name on the envelope. The seller usually explains how it all works.
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