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Bitcoin: how I made a virtual fortune

Stashed in: economics, Bitcoin

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By this point, I had also come to believe that Litecoins had greater potential for growth than Bitcoins, so I eschewed the Bitcoin exchanges and instead submitted CipherMine for flotation on Litecoin Global. We made our initial public offering on Monday last week. I think I probably got the IPO price a bit wrong since the 20,000 shares I listed sold out in a matter of hours. We raised a total of 15,667 Litecoins in exchange for 20% of CipherMine's shares; about £27,700 at current prices. We are in the process of investing that money into more mining hardware, but in the meantime, our share price has continued to rise. As I write this, under a week later, the shares are being actively traded at about 1.6 Litecoins each; double the IPO value.

This all sounds like a scam. Expect the bubble to inflate more before it bursts:

"I still don't quite believe it and there is a very real possibility that all the value could vanish in a puff of logic."

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