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Originally Posted by IamGreek
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https://encrypted-tbn0.gstatic.com/i...Clg_jKxEuTWNBgQuote:
Originally Posted by IamGreek
I don't understand how you can make money "shorting" bit coin. As you get paid in bitcoin. It's not like you are shorting the dollar against the yen and getting paid in yen. Basically, since you get paid in the currency you are shorting, you are in essence minimizing your gains and maximizing your losses.
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Originally Posted by Sanlmar
I was going to buy the other day when it went down below $700, but then I started looking into the sites like coinbase. Lot of complaints about how this site in particular operates. It seemed to me like it would be impossible to invest through them at a time like this where BTC is fluctuating so much, only when it is somewhat (lol) stable. From what I gathered when you buy through them your buy doesn't actually "buy" a BTC until after a period of time, when at that point the price could have obv changed. If it goes up after you buy then they send you an email saying it wouldn't go through because it was too "risky" of an investment ATM, or some shit like that.Quote:
Originally Posted by BeerAndPoker
I really have no clue how to buy these things and feel somewhat comfortable about it now.
Also tried signing up on Mt Gox and after entering my info it said "Access Denied! You are not allowed to access Mt Gox through this server".
I dont even think Gox is processing cashouts these days. Which means youll have to work through an alternate exchange. Which means youre looking at submitting your dox and waiting up to a week for authorization.
PS: Most exchanges are run by super shady eastern euro crime orgs.
PSS: Have fun!
If you want to trade sign up early. One of the traders who is on CNBC a bunch tried to go long Bitcoin. He signed up through MT.Gox and he got an e-mail saying because of the large amount of people trying to sign up accounts it would take up to 10 days to verify his account. This turned out to be very lucky for him as he missed the whole sell off.Quote:
Originally Posted by vegas1369
Using phone to post but coinbase is great. Once you get verified you can insta buy up to 10 coins, when you sell it auto ships to your bank account in 2 business days... Easy peasy imo..Quote:
Originally Posted by vegas1369I was going to buy the other day when it went down below $700, but then I started looking into the sites like coinbase. Lot of complaints about how this site in particular operates. It seemed to me like it would be impossible to invest through them at a time like this where BTC is fluctuating so much, only when it is somewhat (lol) stable. From what I gathered when you buy through them your buy doesn't actually "buy" a BTC until after a period of time, when at that point the price could have obv changed. If it goes up after you buy then they send you an email saying it wouldn't go through because it was too "risky" of an investment ATM, or some shit like that.Quote:
Originally Posted by BeerAndPoker
I really have no clue how to buy these things and feel somewhat comfortable about it now.
Do they accept echecks? Burning question Yebsite is wondering about.Quote:
Originally Posted by HeadshotUsing phone to post but coinbase is great. Once you get verified you can insta buy up to 10 coins, when you sell it auto ships to your bank account in 2 business days... Easy peasy imo..Quote:
Originally Posted by vegas1369
Back up above $1k, currently at $1,007.
If Bitcoins are gold, Litecoins might be silver.
I stopped mining Bitcoins because the difficulty went through the roof due to ASIC machines.
I was mining with 2xHD7970's and switched over to Litecoins about a month ago.
The good thing about Litecoins is it's scrypt based not sha-256 so ASIC machines will not be an issue. (they don't work scrypt)
My low-tech setup has mined 16 Litecoins in a month, each 7970 will hash at 700kH/s if setup correctly.
After factoring in electricity @ 30c per kWh and each card using 250W this is a profit of $350USD per month at current prices.
If I was mining Bitcoins with the same hardware I would have 0.02 of a Bitcoin after one month, and would lose $100 per month after factoring in electricity.
I'm going to accumulate them and hope the price goes through the roof.
If anyone wants to get involved in the crypto currency thing you can still mine with GPU's!
litecoin difficulty = mining is bust, nigs missed the boat.
Nah, the difficulty is still low.Quote:
Originally Posted by sonatine
If you buy the new R9 290X it will hash at 950kH/s, draw 350 watts and at current prices show a profit of $320USD per month after electricity costs.
No ASIC means the difficulty is not sky-rocketing.
This whole fake currency has really just turned into an organized coin flip. It fascinates me why people throw their money into some crime syndicate in the hopes of making a quick double. Why not just trade a $1 stock and hit refresh every 10 seconds in the hopes you can eke out a dime per share? At least you can get your money out quick and easy.Quote:
Originally Posted by sonatine
You know 100% in some of these bitscam exchanges your sale gets processed when someone decides it gets processed, there is no automation in many cases.
The reason this shit has exploded is because its not regulated. You'd think after UB, people on this site would think long and hard about dumping their money into shit that has no rules or regulation. Instead you have guys like Vegas trying to buy this shitscam at $700 a coin. Granted, he is not the sharpest tool in the shed but you'd think people would learn not to intentionally lose their money after online poker scams.
For whatever 10 guys that make money at Bitcoins, its probably safe to assume 100 are losing their shirt.
And something this volatile has no shot at ever being mainstream. It's a vehicle for illegal shit, and if you want to run in those circles, you get what you deserve when you lose all your money, or worse.
Scrypt mining is not dead, SHA-256 is an altogether different story with non ASIC machines.
Litecoins have the 2nd highest market cap.
Of course they're riding on the tail of the Bitcoin price run up.
http://dustcoin.com/mining
JPMorgan files patent for Bitcoin-style payment system
By Tracy Alloway in New York
"JPMorgan Chase has filed a US patent application for a computerised payment system that resembles some aspects of Bitcoin, the controversial virtual currency.
Like Bitcoin, JPMorgan’s proposed system would allow people to make anonymous, electronic payments over the internet, without having to reveal their name or account numbers or pay a fee, according to the patent application."
http://www.ft.com/cms/s/0/e230307a-6...44feabdc0.html
This is absolutely retarded.Quote:
Originally Posted by bukowski72
People are turning to crypto currencies because the banks control, & are fucking up/stealing, everything now. That shits not gonna fly. JP Morgan & all the big banks deserve a kick in the nuts for all the bullshit they've done.
I saw that earlier today and my first thought was "what does this have to do with bitcoin?". The whole fundamental thing about bitcoin is that it is a currency with wildly fluctuating exchange rates (as 29 pages of this thread attest to). This patent application appears to be entirely based on dollars. To me, it seems a whole lot more like a decentralized PayPal.Quote:
Originally Posted by bukowski72
http://www.businessinsider.com/927-p...tcoins-2013-12
47 individuals own 28.9% of the approximately 12 million Bitcoins in existence so far. Another 880 own 21.5%, meaning 927 people control half of the entire market cap of the digital currency. Another 10,000 individuals control about a quarter.
...
And here's what that means in terms of ownership: those same 47 people each own at least $10 million-worth of Bitcoins. The mean net worth may be much higher. Another 880 individuals each own at least $1 million-worth of Bitcoin. About a million people own $10,000 or less worth.
Wow.
The scary thing is Micon is likely at least in the 880 group..Quote:
Originally Posted by DirtyB
I'm really surprised we are 29 pages into this and the thread title hasn't been changed.
Coin is still around $1k.
Another leg down is coming. I promise you.Quote:
Originally Posted by BeerAndPoker
You do not want to read your early posts BNP. However, you will eventually be proved correct.
If you could short it here without jumping through so many hoops... if you could personally borrow Bitcoins from someone, perhaps. I would short here with a stop a little over $1100.
$100 dollar risk vs far greater downside. ABC down. i.e. Major fall. 1/3 - 2/3 retracement return/up then greater fall down. Rinse and repeat. That my friends, is a plus EV trade.
The lack of conviction to the upside (after this huge fall) vs fear of further downside. Do you think the greed & optimism is greater than the fear?
I'm well aware of my earlier posts and many people were felt the same way about bitcoins, however, they have thrived more then I thought they would but not without taking roller coaster plunges along the way.Quote:
Originally Posted by SanlmarAnother leg down is coming. I promise you.Quote:
Originally Posted by BeerAndPoker
You do not want to read your early posts BNP. However, you will eventually be proved correct.
If you could short it here without jumping through so many hoops... if you could personally borrow Bitcoins from someone, perhaps. I would short here with a stop a little over $1100.
$100 dollar risk vs far greater downside. ABC down. i.e. Major fall. 1/3 - 2/3 retracement return/up then greater fall down. Rinse and repeat.
The lack of conviction to the upside (after this huge fall) vs fear of further downside. Do you think the greed & optimism is greater than the fear?
A lot of stuff I said was somewhat clowning around mainly on Micon but he did make a lot off these things so kudos to him for that just as long as he's selling some and don't sink with the ship. I believe the coins will be around for a while but someday will have that massive drop which they may never recover from.
That's just it with something so volatile I don't want to use a service like coinbase and then have to wait a few days before I can get out if things go insane. The key might be to buy at $500 or whatever then when you make 40-50% to get out if the trend appears that they will start to drop. It can be a rinse and repeat type of process that I need much quicker availability and with coinbase you don't even see the coins available to you until a few days later when it clears.Quote:
Originally Posted by vegas1369I was going to buy the other day when it went down below $700, but then I started looking into the sites like coinbase. Lot of complaints about how this site in particular operates. It seemed to me like it would be impossible to invest through them at a time like this where BTC is fluctuating so much, only when it is somewhat (lol) stable. From what I gathered when you buy through them your buy doesn't actually "buy" a BTC until after a period of time, when at that point the price could have obv changed. If it goes up after you buy then they send you an email saying it wouldn't go through because it was too "risky" of an investment ATM, or some shit like that.Quote:
Originally Posted by BeerAndPoker
I really have no clue how to buy these things and feel somewhat comfortable about it now.
The same goes with selling which I don't want deal with having to go to some site to initiate a transaction then physically meet an individual to complete it. That whole process is time consuming but it appears to sell immediately isn't as big of a deal on a site like coinbase or other ones out there.
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Originally Posted by BeerAndPokerI'm well aware of my earlier posts and many people were felt the same way about bitcoins, however, they have thrived more then I thought they would but not without taking roller coaster plunges along the way.Quote:
Originally Posted by Sanlmar
A lot of stuff I said was somewhat clowning around mainly on Micon but he did make a lot off these things so kudos to him for that just as long as he's selling some and don't sink with the ship. I believe the coins will be around for a while but someday will have that massive drop which they may never recover from.
The entire crypto coin economy right now is riding on the whims of bored Chinese housewives frittering away huge volumes of disposable Chinese income once the hubbies leave for work and the children leave for school.
There will be another surge when Paypal pushes BTC support live, followed immediately by a shithammer of legislation and fees and a small army of "middle men" type shady payment processors sweeping in to pluck their pound of flesh off the BTC corpse.
Eventually it will sink down to an organic 180-215 per coin which will probably incur $10-14 in fees and taxes just to use.
When fees get too high people will look for alternatives if/when that happens. Taxation can be a slippery slope if that happens and gets done over and over on every sale where exchanges are forced to charge the seller or even the buyer.Quote:
Originally Posted by sonatine
The thing to me that the coin has going for it is the capped limit of them ever to be in circulation. As more coins either get seized, laptops with lots of them get thrown away by retards, or whatever it might be if the coin remains strong then demand will exceed availability causing the price to sky rocket before coming back down to earth again,etc... I see the crazy variance trend going on for a while.
Whoa.... Fidelity is going to start to let investors hold bitcoin in IRA accounts.....
I'm not a Bitcoin fanboy by any stretch, but I'm willing to admit that's big news. If it gains traction by joe public it's going to create some big demand.
If bitcoin gets US govt recognition as a currency, Micon can say goodbye to Seals and hello to a prison cell. No way theyre just gonna sit back & let Americans run bitcoin gambling sites. Micon had a better shot getting away with this when bitcoin was an under the radar niche item for nerds. Now he is providing gambling with a mainstream crypto currency and its not gonna end well.
I consider his weekly radio show to be a more serious offense.Quote:
Originally Posted by Cokehead
If Druff gave lil Ben these two pictures even he would say they match.
"Return to normal" phase - everything gonna be alright.
Wow, it's amazing how much those two match.
look at all the coins in existence:
http://www.coinmarketcap.com/
This is nothing but an electronic version of the Beanie Babies bubble from 2 decades ago. I think the SP500 is more overvalued than the coin market, as crazy as that sounds. With that said, the market can still go a lot higher.
Of course it is. Once you recognize that psychology theoretically it is easy to trade.Quote:
Originally Posted by snake_in_the_ass
This is a pretty rare thing to watch happen.
Wow, 10.5 BILLION dollars in bitcoins right now.
I wonder if any of those guys with hundreds of thousands of bitcoins from early on still have them.
If you had 200,000 bitcoins and didn't sell any, would you really be willing to risk the whole thing crashing, or would you cash out your $180 million right now?
You would be a moron not to cash them out (which could actually trigger a price decline, but you could probably unload them in pieces without having too much of an effect).
That's kind of fascinating to think about.Quote:
Originally Posted by Dan Druff
If you watch the trades (http://bitcoin.clarkmoody.com for instance) you will see orders that are sometimes in the fractions of a Bitcoin and sometimes they move the price. Bitcoin volume is so thin.
I think you are trapped unless you can line up a buyer on the other side of the trade. Traders and brokerages negotiate big block trades on the side in these instances on Wall Street.
Besides my mention earlier of the ability to trade btc on one of the forex brokers (not a market maker but actual ECN) there is also another btc item out there Im not sure how much is affecting the market and explains alot of the micro trading of btc which is this bitcoin robot that supposedly trades bitcoins on mtgox and another exchange automatically for people and it claims to be making money not sure I buy it and suspect the money it is making is nothing compared to the russians marketing it..Quote:
Originally Posted by SanlmarThat's kind of fascinating to think about.Quote:
Originally Posted by Dan Druff
If you watch the trades (http://bitcoin.clarkmoody.com for instance) you will see orders that are sometimes in the fractions of a Bitcoin and sometimes they move the price. Bitcoin volume is so thin.
I think you are trapped unless you can line up a buyer on the other side of the trade. Traders and brokerages negotiate big block trades on the side in these instances on Wall Street.
heres the website in case anybodys curious about this other potential autotrading that maybe affecting the market artificially.. (then again black box trading is rampant on wall street so who should be surprised it isnt going on in the cryptocurrency markets as well) http://www.btcrobot.com/
Bill Gates and everyone else who owns a ton of one stock sells a certain number of shares every day. It allows them to diversity their holdings without moving the price much. Totally standard move.Quote:
Originally Posted by Dan Druff
Good reminder, there prolly is autotrading.Quote:
Originally Posted by ftpjesusBesides my mention earlier of the ability to trade btc on one of the forex brokers (not a market maker but actual ECN) there is also another btc item out there Im not sure how much is affecting the market and explains alot of the micro trading of btc which is this bitcoin robot that supposedly trades bitcoins on mtgox and another exchange automatically for people and it claims to be making money not sure I buy it and suspect the money it is making is nothing compared to the russians marketing it..Quote:
Originally Posted by Sanlmar
heres the website in case anybodys curious about this other potential autotrading that maybe affecting the market artificially.. (then again black box trading is rampant on wall street so who should be surprised it isnt going on in the cryptocurrency markets as well) http://www.btcrobot.com/
The btcrobot site looked about as shady as they come. Want to run antivirus now. Ridiculous projected returns and price projections.
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Originally Posted by Dan Druff
As I said a few pages back, if you still have a material amount of BTC and you dont sell enough to buy your house and have a equal amount in cash in a bank account you are a moron.
Many people go an entire lifetime without hitting the lottery. If you happen to have 500-1000-X amount of BTC and you dont sell half now that the price is over $1K then you are basically tearing up a lottery ticket. You don't have to sell them all, but at this point it's a life changing event and its grossly irresponsible to not take advantage of it.
Edit: If I had 1,000 BTC right now I'd sell 600 of them. I'd pay off my house and my kids college fund for $200K, put $400K in the bank and let the 400BTC ride.
Cameron Winklevoss doing a reddit AMA now.
http://www.reddit.com/r/IAmA/comment..._love_me_some/
[–]ntrivers
Thank you for taking the time for this AMA. Where do you see Bitcoin in the future? How will it remain a viable currency?
[–]winky_pop
small bull case scenario for Bitcoin is a 400 billion USD dollar market cap, so 40,000 USD a coin, but I believe it could be much larger. When this will happen, if it happens, I don't know, but if it happens, it will probably happen much faster than anyone imagines.
This guy's previous investments have done better than anyone in this thread. $40k per bitcoin sounds ridiculous, but he has some credibility.
It's actually having a mini-slump right now. Down to $859 at the moment.
$900 has been the stable price for awhile now. It has gone up and down a few times, but always seems to land back around $900.