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discuss The bitcoin thread

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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.
 
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The views expressed on this page by users and staff are their own, not those of NamePros.
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so what sites can be trusted,
 
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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
 
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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)
 
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but I thought bitcoin was so inconvenient to deal with and hard to turn into fiat?!:D
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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
 
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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
 
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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.
 
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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
 
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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.
 
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"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.
 
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I see bitcoin dropped to below $1000 again (second time on last 7 days). Any idea why it happens?
 
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The misunderstanding of this announcement is what caused the drop in the last hour, i am pretty sure it will stabilize around 1000 USD again soon once the panic sellers have disappeared and all others have relaxed
 
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Wild swings going on today with this news.

Should be an interesting weekend for the cryptos.
 
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the chineses are selling and the americans & europeans buying right now..
completely opposite from the last days..

right now it's not a good time to invest in Bitcoins seeing how volatile the market is..
 
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Bitcoin Crash: Bitcoin prices fell from a high of $1,240 to a low of $870 this morning. That $370 drop can by characterized as a 30% crash. I may consider a hedge if we hit another $1200 + high
 
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may consider a hedge if we hit another $1200 + high
what kind of "hedge"?

imo if you are going to buy bitcoin as an investement then it makes sense to guy some of the other coins too, they normaly dont all go down together.
 
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I don't see anything to worry about, as long as people keep investing in BTC, the price will go back up at some time. As explained on bitcointalk, its a natural process that occurs. As long as there is no split in the blockchain, or attack on the blockchain, I see no reason to worry.
 
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Thats what kept Bernard Madoff out of jail so long
however with a ponzi scheme you need a ponzi, there is no central authority and therefore no ponzi.
I see no reason to worry.
There are SO many things that can happen. I would worry but I wouldnt panic. To worry a little is healthy while investing in anything, inho.
 
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Looks like the correction may be ongoing. Seems like the prices always slump on the weekend and this is just Friday. MtGox is at its low for the day right now $877.
 
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