How much RAM would Ubuntu 14.04 need?
(Usage: A bit of pictureprocessing, maybe an IP-Camera Stream, ordinary officework, simplecv, some Torrentdownloading).
Is 4GB or 8GB better suited for me?
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Min specs are posted here - https://help.ubuntu.com/community/Installation/SystemRequirements
I've always installed as much as possible, but a Linux OS is much lighter than Windows. 4GB would be more than enough for your purpose.
Ubuntu requires 512MB or more :)
I personally recommend you buy/install 8GB+ within your budget as it wouldn't be wasted. You never know what you'll be using the pc for in a few years time.