Bitcoins are officially donkdown

[JACKDANIELS]

This is fckin crazy watching this!

[monsterj]

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.

It is the majority or my income. Day trading is not a way to get rich. It's a grind. My style is to make high EV trades and get out. I almost never hold overnight.

For me it's a way to earn a living with some freedom. I don't play well with others.

Daytrading also sometimes costs me. I called Bitcoin short at $1180 and sold at $952 and $1080. It went on to crater $650. I made my money but missed a longer term ride down. (in my defense I was getting charged huge juice for borrowing and didn't want to hold too long)

Absolutely love trading.

Book #1
Japanese Candlestick Charting Techniques by Steve Nison

First book I ever bought. Nison is an acknowledged expert.

Fibonacci numbers will blow your mind too. Google them now. Found everywhere in nature and are kinda gospel in all trading. The fact that BTC retraced 33% was a Fibonacci number.

Gonna sound funny given the endless, endless stuff available today but a local (Boston) trader does a radio show. His style is very accessible when you are first starting out. Tosses out trading ideas.

10 years ago, I'm guessing I went to his workshops and it was a great start and I've always been fond of his style. Haven't listened for a while but it is how I started.

Leo Leyden - Financial Focus.
http://www.financialfocusadvisoryser...com/radio.html

Edit:
WillieMcFML got me tooling down memory lane. I don't usually look back.

As the result of a little domestic rift (not as epic as BadGuy Josie but I was pissed) and my love of poker ... 2007 I ended up virtually living at Foxwoods for 6 months - sleeping in my car in the garage then comp'd hotel rooms. Black card allowed you free rooms almost everyday but weekends. That's all changed now.

Spent virtually every single waking hour at the tables. Got my black card. Foxwoods poker room was wild then. 80 or so tables filled every day. Ate at the buffet 3 times a day and worked out in the spa gym everyday using points on card. You could see shows, night club, you name it for free/points. Foxwoods gave away the store.. Times were good.

Bus loads of people coming in to play the only poker room east coast save Atlantic City. It was so fat I just never left.

Finally, got so cold in November I just packed it up one day and that was it. I could write a book about those six months and the sick shit I saw. The regulars there were all huge huge characters. Lotta famous faces.

I don't remember seeing Chinamaniac but we must have crossed paths.

[vegas1369]

What is the quickest way to buy bitcoins and be able to sell them immediately atm?

I was looking at the coinbase site and they make you wait to clear an ACH so their is no way I'd buy something and not be able to sell it for days since the intent might be to buy and sell within hours.

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.

I really have no clue how to buy these things and feel somewhat comfortable about it now.

[vegas1369]

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".

[sonatine]

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!

[bukowski72]

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".

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.

[BHS]

What is the quickest way to buy bitcoins and be able to sell them immediately atm?

I was looking at the coinbase site and they make you wait to clear an ACH so their is no way I'd buy something and not be able to sell it for days since the intent might be to buy and sell within hours.

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.

I really have no clue how to buy these things and feel somewhat comfortable about it now.

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..

[simpdog]

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.

I really have no clue how to buy these things and feel somewhat comfortable about it now.

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..

Do they accept echecks? Burning question Yebsite is wondering about.

[BeerAndPoker]

Back up above $1k, currently at $1,007.

[Salty_Aus]

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!

[sonatine]

litecoin difficulty = mining is bust, nigs missed the boat.

[Salty_Aus]

litecoin difficulty = mining is bust, nigs missed the boat.

Nah, the difficulty is still low.
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.

[bottomset_69]

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!

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.

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.

[Salty_Aus]

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

[bukowski72]

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

[Hockey Guy]

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.

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.

[DirtyB]

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

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.

[DirtyB]

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.

[ftpjesus]

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..

[BeerAndPoker]

I'm really surprised we are 29 pages into this and the thread title hasn't been changed.

Coin is still around $1k.