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.

 

[urlurl]

Hi,
Bitcoin is NOT banned in China. Howeer ATM the goverment said that banks can not forward money to exchanges, same for 3rd parties like okpay. It does make it harder to get money to an exchange, but Bitcoin is not banned, you can trade bitcoin 100% legal, and merchants can accept it. That´s it. Yes the market is totaly bonkers but really did you expect anything else?

I was just quoting the article - I am on the fence with bitcoins - just reporting what I see. Its like a nano-soapopera.

China wont let third party payment providers work with bitcoins - this will make it very difficult for people (in China) to get real money in and out of bitcoins.

http://www.forbes.com/sites/kashmir...-crashes-as-china-cracks-down-further-on-use/

 

[xrvel]

I think BTC will bounce back. But maybe not now. Back to $1000 soon? I am not sure. Maybe to 700-800.

 

[urlurl]

not sure, it did go down to $480

 

[xrvel]

It's 337 on BTCChina now.

 

[Theo Goodman]

100% anonymity

Never ever ever with a centralised bank based pseudo cryptocurreny.

The whole reason bitcoin and other cryptos have value is the network , the decentral network. NOT because of a regualted bank, but because of a self regulating network. These 2 things just dont mix -bank&crypto-.

Looks like the biggest exchange in China BTCChina has stopped all deposits in Yuan, meanwhile Dennmark says that compaines are free to set up exchanges with fiat and crypto 100% legal ,they will not over regulate .. so far.

Today we are still above "pre china" bitcoin price levels, big question marks about the future of bitcoin in India and South America both of which have not really adapted yet.

Crypto coins are opensource, if you can compile code then you can make a clone coin, anyone interested in making a clone coin for fun? Maybe Shoottheshit coin or domainercoin ?

 

[Arief WN]

...
Crypto coins are opensource, if you can compile code then you can make a clone coin, anyone interested in making a clone coin for fun? Maybe Shoottheshit coin or domainercoin ?

Just name your coin, but it seems that almost all coins are declining... :ghost:

 

[Theo Goodman]

Just name your coin, but it seems that almost all coins are declining...

Yes blood on the streets. It has happened before ,good entry point if you have benn on the fence.

It's 337 on BTCChina now.
Today 10:05 AM
urlurl not sure, it did go down to $480

yup thats why people could have put in a nice limit order and gotten cheap btc. However more important is the day close price and not how long the wick of the candle is. I predict 550$ but I am still unsure could go either way.
In the past media exposure like this has led to massive ammounts of people adapting to BTC.

China wont let third party payment providers work with bitcoins - this will make it very difficult for people (in China) to get real money in and out of bitcoins.

"real" money is often refered to as Fiat since it has NO real backing.
There is a gigantic demand for being able to get funds OUT of china since this is very regulated. The yuan is regulated and currency in and out is strongly regulated. That is why bitcoin was really attractive to some in China. Its only a matter of finding a work around.

 

[iowadawg]

Shoottheshit coin...I like that a lot!

Bitcoin price plunges as China clampdown escalates
http://www.nbcnews.com/business/bit...ampdown-escalates-2D11765766?ocid=msnhp&pos=7

 

[urlurl]

other than bitcoin and litecoin, what is the next best contender, and why?

 

[Theo Goodman]

Well there are coins that have inovations in security and speed for better transactions and other that might have that but also do something else besides being a currency. There are also others that were "premined" or "defacto premined" this means that there was not a real effort to tell people that the coin exsits, then suddenly it appears but lets say one million were mined already with little effort "scamcoins".
I will just make a short list of some of the more interesting ones:
Namecoin NMC- bitcoin clone but the network allows the creation and management of .bit domains, these are not under ICANN so no censorship, you also need software to view .bit domains.
Peercoin PPC- uses "POW" proof of work as a way to tell whoand how much was mined, hey I havent had time to really fully grasp the whole POW thing, but it is somehow cool heavy math.
Primecoin- Different algo as litecoin and bitcoin, only CPU mining (so far). also uses "POW" and mining does something "usefull" it creates really really long prime numbers. On the one had that -could- be useful, on the other hand atm there is no clear use. So a mix of currency and primenumber generation. Faster transactions than bitcoin (litecoin is also faster)
Quark- only CPU mining, werid changing algo, secure, funny name, atm kind of hyped. Problem was a debated defacto premine.
Securecoin- simmilar to Quark, main feature is security , lesser known
Also check Annoncoin,Digitalcoin,Fastcoin(im still not 100% about this one but cool concept)
Avoid due to scammy developers, premine ect: Novacoin,Terracoin, Luckycoin,Solidcoin,Goldcoin (sorry Microguy) and many more.

With security the features include ways to stop a so called "51% attack" , preventing "double spends" and/or making the transactions more annon.

 

[urlurl]

if litecoin will have twice as much coins as bit coin - is it safe to say it should reach 1/2 the value of bit coin once it becomes more popular

 

[Name Trader]

So how many of you are buying now at $337?

 

[urlurl]

back up to $700 range - wow this is a day traders dream investment

the major swings are spectacular to watch

 

[Theo Goodman]

if litecoin will have twice as much coins as bit coin - is it safe to say it should reach 1/2 the value of bit coin once it becomes more popular

hard to say, I would not caculate it like that though. Really depends on if it starts being used more. Coinpayments.net allows people to accept a lot of coins on their website. It is not hard to use. If systems like that grow and people start using "alt" coins more than there is potential.

So how many of you are buying now at $337?

If you were lucky enough to have fiat at an exchange the second it was at 337$ or you had fiat and a limit order at an echange then you might have been able to pull that off. I dont think it stayed at 337$ long and when there are these crashes and panic buy/sells then sometimes the exchanges cant handle the traffic and you get 502, once I got a 502 and refreshed and the price had gone up over 100$ in 10 seconds.

back up to $700 range - wow this is a day traders dream investment

the major swings are spectacular to watch

Yea you are right they are crazy to watch. I do no recommend people try to "day trade" , a least not without a bot , and even then with extreme swings like that you are bound to really lose a lot of coins. If the course is more "stable" and just swinging along a bit more gently then it is possible to make small profits trading, but in intense times like this its just a big gamble , imho

 

[JudgeMind]

Ava fx to make available the LTC-Litecoin on their forex trading platform starting in January. PM if interested in trading on the market.
http://tinypic.com/view.php?pic=1zlvvkp&s=5#.UrNdeP-A271

Also

nmc will be added to gox soon, and the prices will skyrocket to probably 15 or 20$, here is the proof: http://data.mtgox.com/api/2/NMCUSD/money/ticker

---------- Post added at 01:02 PM ---------- Previous post was at 01:00 PM ----------

So how many of you are buying now at $337?

Bought in close to here, also bought namecoin (NMC) and PPC

---------- Post added at 01:06 PM ---------- Previous post was at 01:02 PM ----------

Yea you are right they are crazy to watch. I do no recommend people try to "day trade" , a least not without a bot , and even then with extreme swings like that you are bound to really lose a lot of coins. If the course is more "stable" and just swinging along a bit more gently then it is possible to make small profits trading, but in intense times like this its just a big gamble , imho

tried the daytrading side of things and was good, but also was bad. Is great if you have the fiat available in your acct to cover the large swings. The change in pips can be enough to eat up all your equity. I do suggest if you are daytrading only use about 20% of the balance in your acct to buy in



ALSO

Ava has introduced "Bitcoin Minin" to their trading platform, you can buy minimum of 0.1btc to trade at a time. Great way to not spend too much money...

 

[Theo Goodman]

Ava fx to make available the LTC-Litecoin on their forex trading platform starting in January.

Hi,
Just to be clear, as I pointed out earlier. Ava, Plus 500 and others are offering derivatives based on bitcoin as well as litecoin. You are not trading coins, but rather "contracts of difference" aka CFDs. Perhaps one of them offers an option , I am not 100% sure at this point. ALSO ava DOESNT TRADE ON THE WEEKEND! The bitcoin market is 247 but AVA is not, so it could be really good, or really bad for you, use caution! These derivatives could suit you if you dont wish to really own bitcoin ,if you want to short bitcoin ,or if you want to hedge your holdings in bitcoin. If you think that you could lose money trading bitcoin , imagine trading derivatives based on it! IMO the big disadvangate is that you could make a total loss a lot faster, and have nothing to show for it, if you own some bitcoin and bitcoin goes to 1 cent, you still have 1 bitcoin with a cfd I have nothing

 

[JudgeMind]

Hi,
Just to be clear, as I pointed out earlier. Ava, Plus 500 and others are offering derivatives based on bitcoin as well as litecoin. You are not trading coins, but rather "contracts of difference" aka CFDs. Perhaps one of them offers an option , I am not 100% sure at this point. ALSO ava DOESNT TRADE ON THE WEEKEND! The bitcoin market is 247 but AVA is not, so it could be really good, or really bad for you, use caution! These derivatives could suit you if you dont wish to really own bitcoin ,if you want to short bitcoin ,or if you want to hedge your holdings in bitcoin. If you think that you could lose money trading bitcoin , imagine trading derivatives based on it! IMO the big disadvangate is that you could make a total loss a lot faster, and have nothing to show for it, if you own some bitcoin and bitcoin goes to 1 cent, you still have 1 bitcoin with a cfd I have nothing

thanks for clarifying this. Yes ava does not trade on the weekends. However for day trading that is okay, imo. Also, the BTC market seems to suffer greatly on the weekends, so likely a good thing that you can't buy and sell on the weekend and get mixed up in that...

---------- Post added at 02:03 PM ---------- Previous post was at 01:37 PM ----------

BTC CEO "WERE NOT GIVING UP YET"

http://inagist.com/all/413725939298607104/

 

[Theo Goodman]

nmc will be added to gox soon, and the prices will skyrocket to probably 15 or 20$, here is the proof

This has been in their data feed for around 9 months...... "LTC on GOX" :tri:

 

[JudgeMind]

the up and down trends are getting easier to read, bitcoin price now influenced by traders. Until something big happens the price will be pumped up and back down by traders in the market. Bitcoin needs to be available again for the chinese market and needs to be adopted by more major retailers online.

 

[TonyTsolakis]

DOGE is the best do not contest ! lol

 

[Name Trader]

Bought in close to here, also bought namecoin (NMC) and PPC

Congrats in order for that purchase. Seems like you are the only one "on the ball".... at least for the moment

 

[TC27]

Hoping to buy myself some Bitcoins as an investment. I predict big things for 2014 a lot of merchants are going to start taking them on. To bad the Bitcoin market is so volatile.

 

[JudgeMind]

Hoping to buy myself some Bitcoins as an investment. I predict big things for 2014 a lot of merchants are going to start taking them on. To bad the Bitcoin market is so volatile.

The Bitcoin market is volatile at the moment, i refer to this as "Growing Pains". Likely some new rules will form within the Bitcoin community and the volatility will dissapear. I also see great things ofr Bitcoin in 2014. Thanks for your post.

 

[JudgeMind]

showing some resistance at $724, should break through soon and then get more resistance near $775. imho

 

[JB Lions]

Bitcoin exchanges shut down after threat from India's central bank

http://www.engadget.com/2013/12/27/indian-bitcoin-exchanges-shut-down/