discuss The bitcoin thread

[JudgeMind]

Updated: The Bitcoin crash is over...Here comes 2014!!


The rise and fall of the bitcoin.... The price of bitcoin is plummeting as i write this.

 

[Theo Goodman]

"the bitcoin crash" is now nearly back to the pre-"crash" price or higher.
http://www.cryptocoincharts.info/pe...ays&resolution=hour&pair=btc-usd&market=mtgox

 

[4pm]

"the bitcoin crash" is now nearly back to the pre-"crash" price or higher.
http://www.cryptocoincharts.info/pe...ays&resolution=hour&pair=btc-usd&market=mtgox

nice.. is it shortable?



*

 

[mhdoc]

nice.. is it shortable?



*

Old investment saying "The market can stay irrational longer than you can stay solvent." BusinessInsider.com has an article up about Kyle Bass loosing several hundred thousand early in his career when a stock he shorted went straight up

 

[Theo Goodman]

YES you can short bitcoin with a bitcoin CFD.

 

[urlurl]

yes and then he immediately converts it into cash, lol

there are not a lot people who can afford a ticket into space... but with all these new bitcoin millionaires over night just create a new source of possible customers, smart idea

---------- Post added at 04:07 PM ---------- Previous post was at 04:05 PM ----------

can someone give me 100 bitcoins please

 

[Weber]

Why shouldn't they? They don't need the bubble guarantee simply because its all a matter of entering and exiting the market at the right time. Pro brokers can read the chart and a broader look on how it was going in the last couple of months can help predict when the "big drop" is expected

Charts don't work as well when the markets are manipulated. By the way, in a market void of an entity like the fed reserve running interference for it, "the chart" suggests, imho, to be very cautious here. If 1250 can not be broken to the upside, run for cover.

 

[Theo Goodman]

"If 1250 can not be broken to the upside, run for cover. "

is this based on your chart analysis?

https://www.namepros.com/attachment.php?attachmentid=20814&stc=1&d=1386114676

 

[Theo Goodman]

woops doublepost

 

[bobbyj]

I don't know everyone... I have been watching since it's first peak at 200 and I was rushing to start mining, (which I never did, *grumble)... But, one reason the USD is not as good as the EURO is b/c the Euro comes in 200 Euro Bills which makes it easier to store and for drug dealers to transfer more money. How easy is it to transfer a wallet now across boarders?

Also, Swiss banks were the place you could hide money, but the veil has been pierced there. My question is, where do the Billions of dollars in illegally held funds, be it by individuals or by the CIA, get stored right now. There is a need for the currency, that is why we have it.

For every Silk Road there will be 100s of copycats all ready for the transfer of the Bitcoin. I think the big money play is to be the Paypal or Escrow service for Bitcoins... Preferably with their their home office in Sweeden.

I'm sad I missed out on my millions from mining, but I do not think we have seen the last of Bitcoin at all... Remember that the current currency system is not actually regulated by a central authority, but individual governments can regulate and manipulate their own currency... ask the Japanese.

Lastly, during the last physical gold rush here in the US; it was the people who sold the shovels made the most money.

Cheers!

 

[tradingdavid]

Nothing unusual here - it was ludicrous for a virtual currency with no financial back to rise to the price of gold. If you follow the market a little and know about the most famous "bubble" plummets in history, you would have seen absolutely the same pattern with BitCoins. Sure, now it started to rise again but that's no surprise either - just the natural way the market moves. Now it should rise a little more, but not to its previous levels.

There are only 20 million possible bitcoins supposedly. To compare to the price of gold you need to compare the price of bitcoins/number of bitcoin and gold oz/number of gold onces. (which I think is like 10 billion)

 

[forge]

this thread has developed a life of its own... kind of like bitcoins on crack... head for the hills!

Very interesting. Like a lot of you here are saying... proceed with caution is a good mantra.

 

[Deaol]

Over the weekend I was able to Sell @ $1100 on LBC (localbitcoin) buy back at $710 on BTC-E and now they are back around the $900 mark or so. Easiest money i have ever made in my life.

 

[Theo Goodman]

Over the weekend I was able to Sell @ $1100 on LBC (localbitcoin) buy back at $710 on BTC-E and now they are back around the $900 mark or so. Easiest money i have ever made in my life.

but I thought bitcoin was so inconvenient to deal with and hard to turn into fiat?!:D
-
How did you get your fiat to btc-e so fast?! Personaly I think BTC-E is pertty shady. Whomever is running that thing is trying to hide and making a lot of effort to do so. I wouldnt store any funds there for a long period of time, imho.

 

[GravityEleven]

http://www.coindesk.com/btc-e-exchange-banking-issues/

not sure how long BTC-E will still exist..

 

[Theo Goodman]

yea there are countless posts about btc-e on bitcointalk. Some of the complaints could be bogus but just put 1+1 together and you should really think about if or how much business you do there. They also have hacking "warnings" on there site. A lot of sites get "hacked" and then the coins are away in the wind of the blockchains.

 

[urlurl]

so what sites can be trusted,

 

[Compassion]

Over the weekend I was able to Sell @ $1100 on LBC (localbitcoin) buy back at $710 on BTC-E and now they are back around the $900 mark or so. Easiest money i have ever made in my life.

congrats on the successful day trading of bitcoin

the volatility will only continue

 

[Theo Goodman]

so what sites can be trusted,

to send "fiat" ie $€ ect -bitstamp.net & bitcoin.de otherwise use localbitcoins and meet someone in person. Cryptsy.com for bitcoin/altcoin , litecoin,namecoin,feathercoin ect .. Cryptsy does not have bitcoin/usd but only crypto currencies. Why are these more trusworthy? We know who the owners of these 2 exchanges are. Bitstamp is in the EU -Slovienia , and Cryptsy is US based and has applied for licences to carry $ in many states. Bitcoin.de is based in Germany and has a cooperation with a German bank "Fidor". So it is directly linked to a "real" bank ,approved by the authorities ect.
Stay away from mt.gox and btc-e (my opinion)

 

[Deaol]

but I thought bitcoin was so inconvenient to deal with and hard to turn into fiat?!:D
-
How did you get your fiat to btc-e so fast?! Personaly I think BTC-E is pertty shady. Whomever is running that thing is trying to hide and making a lot of effort to do so. I wouldnt store any funds there for a long period of time, imho.

I have been pretty lucky with the site, the BTC purchased back via btc-e was done with USD I already had on the site from some previous LTC trading.

I have never actually transferred any cash to the site, only BTC which transferred without hitch.

---------- Post added at 01:20 PM ---------- Previous post was at 01:19 PM ----------

congrats on the successful day trading of bitcoin

the volatility will only continue

Been having a lot of fun trading in the cryptocurrency markets.

It will be very interesting to see how these alt coins play out

 

[GravityEleven]

Finally decided to take part in all this with buying a larger set of Litecoins.. chose Kraken.com as the platform for this.. they allow direct trading between FIAT - crypto and/or crypto - crypto currencies
plus they have Forex functionality, which makes trading even more interesting

IMHO Litecoins & Namecoins will stay and grow even faster than Bitcoins in the same timeframe.. Bitcoins will be mostly used for speculating and investment but i can see LC and NC becoming really widely accepted in the future for daily digital payments etc.. then more and more people will join the LC & NC markets

Let's see how it all really plays out, as someone above me has mentioned already

 

[JudgeMind]

Finally decided to take part in all this with buying a larger set of Litecoins.. chose Kraken.com as the platform for this.. they allow direct trading between FIAT - crypto and/or crypto - crypto currencies
plus they have Forex functionality, which makes trading even more interesting

IMHO Litecoins & Namecoins will stay and grow even faster than Bitcoins in the same timeframe.. Bitcoins will be mostly used for speculating and investment but i can see LC and NC becoming really widely accepted in the future for daily digital payments etc.. then more and more people will join the LC & NC markets

Let's see how it all really plays out, as someone above me has mentioned already

Great to hear you are investing in digital currency. I also opened an account with kracken. How did you fund you account at kracken, seems to me you can only fund the account by using digital currency from an online wallet. Be good if i could use credit card or paypal.

 

[wot]

http://www.bloomberg.com/news/2013-...cial-companies-from-bitcoin-transactions.html

 

[GravityEleven]

Great to hear you are investing in digital currency. I also opened an account with kracken. How did you fund you account at kracken, seems to me you can only fund the account by using digital currency from an online wallet. Be good if i could use credit card or paypal.

Kraken has an account at Fidorbank, where you can transfer your FIAT funds from any bank account via Wire or SEPA (for european banks).

You get a public account key at Kraken.com which you have to add as payment reference to your transaction, and once it arrives on their bank account it will be written to your Kraken.com account.. takes about 2 days for me via SEPA (as i am from Austria and Fidorbank is a german bank)..


Ps: Kraken used to be beta until short time ago, hence you could only fund your account via crypto currency transfer before, but now they are officially registered as a financial institute in calfiornia, so you can fund via FIAT usd/euro/won Wire transfer to their Fidorbank account as well.. just not sure how long it takes as i did SEPA transfer only

 

[Paul]

Real money typically gets created at a fast pace. As a nation expands, so does its currency. It's an over-simplification, but the currency can even expand faster than the nation's worth, leading to inflation.

Bitcoin doesn't really have this problem. Bitcoins are generated very slowly--increasingly so. Eventually, the generation process will cease altogether. The result is that bitcoins are much more valuable. The worth of bitcoins has already been realized, because bitcoins are being actively exchanged. It would be difficult for them to lose this value. More likely than a crash would be a slow decline in worth as people move on to other virtual currencies, like Litecoin.

There is one exception: when there are no more bitcoins to be mined--and just before that point, the market will be in a volatile state. My guess is that the value will fluctuate quite a bit leading up to the end, either spike or dip randomly at the end, and then increase over the following month or two, with an eventual decline as miners move to other currencies.

 

[Theo Goodman]

"Quote
PBOC, China Banking Regulatory Commission and other regulators have held discussions about drafting rules for trading platforms that facilitate the buying and selling of the virtual money, two people with direct knowledge of the matter said. They were not authorized to speak because the information is not public.

“We’re happy to see the government start regulating the Bitcoin exchanges,” Chief Executive Officer Bobby Lee of BTC China, the largest Bitcoin exchange in the country.

http://www.bloomberg.com/news/2013-...cial-companies-from-bitcoin-transactions.html

"

Note that this is not a ban of bitcoin itself, just that financial companies are not allowed to use bitcoin, for now. Lets see what work around people come up with.