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The Bitcoin (BTC) thread
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samsamsam Offline
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Post: #551
RE: Bitcoins up 60% in less than a month
People selling litecoins (well all cryptocurrencies)on eBay.

http://www.ebay.com/itm/20-Litecoin-/321...4acd1349e8

Current bid is over 700 dollars. But right now the market value is about 500 for 20 litecoins (fluctuating constantly of course).

I wonder what happens at the end of the bid.

"Uhhh, I thought they were gonna be worth more - now I don't wanna honor my bid."

Greed - pure awesomeness.

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(This post was last modified: 12-06-2013 10:27 PM by samsamsam.)
12-06-2013 10:26 PM
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JayJuanGee Offline
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Post: #552
RE: Bitcoins up 60% in less than a month
(12-06-2013 05:27 PM)el mechanico Wrote:  I sold my coins today. Waiting to see what China does but they're not buying so they may wake up and sell?? Anyway, I'll buy back in late tonight maybe

ElMech:
Where are you buying and selling? On BTC - e, no? For example, I would think that you are getting out of BTC by converting to dollars on BTC-e, but you do NOT cash out, then you jump TOTALLY back in by converting your dollars back into BTC.. at some strategic point.
Is that the methodology that you are employing for engaging in these ALL or NOTHING trades? If so, then I can see that there would be fairly low transaction costs on BTC - e for that method, no? Yet, BTC-e does take a small percentage of the trade, no?

NO Hating ... but from what i consider to be a practical perspective, I cannot believe that anyone would TOTALLY liquidate in such waves like you are saying that you are doing. That seems too risky and nerve racking in such a volatile market, even though there is a good opportunity for greater returns, if a guy can time it correctly.

Nonetheless, I tend to believe that a guy's gotta have a more sound investment strategy than the all or nothing approach, no?

(12-06-2013 06:24 PM)el mechanico Wrote:  
(12-06-2013 06:13 PM)portofmanteau Wrote:  Fun day in the trollbox. Baidu is no longer accepting BTC as a payment option, which is consistent with the China statement yesterday. This shouldn't much affect BTC's status in China, as they're buying it as a store of wealth, not as a currency, since their investment options are so limited.
I don't understand how the Chinese think I'm using Greek village logic right now to understand how the Chinese think


I appreciate your having ideas on strategies that may work out... like buying low and selling high based on the news and sources of news.. and attempting your best to accomplish such gains by fortunate and lucky timing.

NONETHELESS, I would have troubles with this all or nothing selling everything or buying everything.. like balls to the wall in or out. I mean, I have heard that some people do invest like that, yet it seems TOO likely to end up badly sooner or later b/c frequently, us “little people” are acting with insufficient information (well maybe I should speak for myself when I say “little people”... he he he).
Anyhow, UNLESS a guy really has good inside information, or something, sooner or later, with that all or nothing strategy, a guy is going to time the “in” or “out” incorrectly, and lose a lot of his investment, no?

(12-06-2013 06:41 PM)el mechanico Wrote:  
(12-06-2013 06:37 PM)Pyre Wrote:  
(12-06-2013 06:35 PM)el mechanico Wrote:  China is buying/converting fast now.

how can you tell
Fiatleak.com

I think that Fiatleak.com website made my computer crash… or that website may have been the straw that broke the camel’s back… because I have more than 50 tabs open in 3 windows. Anyhow, that website really does NOT tell me much about what I should do. It tells me that there is a lot of action in the USA and in China…. But what else can I gather from watching the volume of flow regarding whether I should buy or sell?


(12-06-2013 07:16 PM)Pyre Wrote:  damn coinbase crashed!

Yeah… I had more than 30 minutes that I had been trying to access Coinbase, as well, TO BUY as this BitCoin price had been going down for several hours and the prices were in the lower $800 range during that crash.

I kept trying to get in to buy, and the crash of the website may have saved me a little bit because the price continued to go down, so by the time I was able to send a new purchase, the price was down to $750 per BTC. Then I bought again at $690 before the price went back up. So my next time to buy today is if it goes below $680 and even more if it goes below $650 by the time I catch it…


(12-06-2013 08:52 PM)Pyre Wrote:  no i sold. gotta have a trading system with sell signals and buy signals. can always buy back again.

too much panic going on not to sell: coinbase crashes, China denounces it, etc.

Plus, I always hear you know you're at the top of a bubble when it's on every fucking news channel. case in point: yesterday someone bought a tesla and lambo with btc. and 2 months ago no one even heard of btc.

Hehehehe.... Yeah... a signalling system for buying and selling…, right.....? We could ONLY wish for such.

I've been on a buying spree all day.. but only in fairly small increments. I think a guy is supposed to buy while the price is going down and to sell while the price is going up. That's what I had heard.... and in this scenario that investment strategy assumes long-term bull (and inability to short)…. which I am gambling upon the long term bull….

I still hope it goes down to less than $100... but I will agree that it is a bit scary to be buying while this BTC is plunging so quickly…. And I would rather that the price does NOT plunge so quickly….


(12-06-2013 08:56 PM)The Texas Prophet Wrote:  Today is the day the music died.

Oh, and the trollbox over at BTC-e is hilarious. Panic central.


TP: You make it seem as if the whole game with BTC is OVER…. He he he he he.. eg… the music stopped and a few guys are stuck without chairs…. ? YOU KNOW that it is NOT over… and this is just a blip… right?



(12-06-2013 09:06 PM)Sourcecode Wrote:  haha shits crashing hard.

Sourcecode:

Hehehehe… Smile Your tone or word choice, here, sounds as if you are NOT “in”

Are you “in” BTC or NOT?

(12-06-2013 10:06 PM)portofmanteau Wrote:  The WNBA just announced they are accepting BTC for ticket purchases - that's what is driving the latest crash - look for BTC to be @10 by Monday.

http://www.nytimes.com/wnba-accepts-bitc...ks-omg-wtf


I cannot find the article that was linked above…. YET,…. ARE you for real in your assertion, PortofManteau? DON'T we believe that MORE acceptance of BTC should RAISE price of BTC, rather than cause any crash of the price, no? Can you explain what you meant by this?



(12-06-2013 10:26 PM)samsamsam Wrote:  People selling litecoins (well all cryptocurrencies)on eBay.

http://www.ebay.com/itm/20-Litecoin-/321...4acd1349e8

Current bid is over 700 dollars. But right now the market value is about 500 for 20 litecoins (fluctuating constantly of course).

I wonder what happens at the end of the bid.

"Uhhh, I thought they were gonna be worth more - now I don't wanna honor my bid."

Greed - pure awesomeness.

Sam(cubed): Yeah…. E-bay does NOT seem to be very well set up for crypto currency transactions.

The seller has been an E-bay member since September 2013 with 100% positive feedback - based on selling hard products. He has NO feedback regarding selling crypto-currencies.... GOOD LUCK to him, there just seems to be too many opportunities for BUYER's remorse.....










On another note, I am a little bit frustrated with the learning curve of Coinbase.

Yesterday, my first transaction of .45 BTC went through, which took nearly a week to accomplish (Coinbase called it 5 business days). My subsequent transactions:
1) Then, yesterday once my first transaction DID go through, I immediately bought .1BTC as an experiment to see whether that “BUY” transaction would go through right away, and it did.
2) Yesterday, a couple of hours later (after my second transaction), I attempted to make a third transaction - .1BTC buy, just to see what would happen, and VIOLA - NO DICE. Now, in order to make that additional .1 BTC buy, I Have to wait 4 business days before I receive the .1BTC.
3) Then between late last night and present, I made about 5 more “buy” transactions – each of these transactions lock in the price, but require 4 business days for me to receive the BTC.

So, in essence on Coinbase, I have verified my identification, my bank account and a visa credit card. I have also referred friends through e-mail and Facebook - however, NONE of my friends have registered and purchased with Coinbase, yet (at least that is what is showing up on my "referral" section of my Coinbase account).

This lack of immediate transaction authority is frustrating b/c I wanted to be able to buy and receive immediately. Maybe later i may sell, but currently, I am on a buying streak - as I have already previously disclosed ….

Here's a screenshot of my current Verifications and Limitations page from Coinbase from a few minutes ago:


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12-06-2013 11:01 PM
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portofmanteau Offline
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Post: #553
RE: Bitcoins up 60% in less than a month
(12-06-2013 11:01 PM)JayJuanGee Wrote:  I cannot find the article that was linked above…. YET,…. ARE you for real in your assertion, PortofManteau? DON'T we believe that MORE acceptance of BTC should RAISE price of BTC, rather than cause any crash of the price, no? Can you explain what you meant by this?

WNBA = women's national basketball association; it's a joke.

(12-06-2013 11:01 PM)JayJuanGee Wrote:  So, in essence on Coinbase, I have verified my identification, my bank account and a visa credit card. I have also referred friends through e-mail and Facebook - however, NONE of my friends have registered and purchased with Coinbase, yet (at least that is what is showing up on my "referral" section of my Coinbase account).

According to your screenshot you have to wait 30 days to complete the level 2 verification, everything else checks out. You should check with coinbase and make sure that's what's holding you back, and that's why you were able to buy .1 BTC instantly - just look at the bottom of the screenshot. Once your 30 days is up you should be able to instant-buy 10 a week.
(This post was last modified: 12-07-2013 12:10 AM by portofmanteau.)
12-07-2013 12:09 AM
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phoenix101 Offline
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Post: #554
RE: Bitcoins up 60% in less than a month
(12-06-2013 11:01 PM)JayJuanGee Wrote:  Yeah… I had more than 30 minutes that I had been trying to access Coinbase, as well, TO BUY as this BitCoin price had been going down for several hours and the prices were in the lower $800 range during that crash.

I kept trying to get in to buy, and the crash of the website may have saved me a little bit because the price continued to go down, so by the time I was able to send a new purchase, the price was down to $750 per BTC. Then I bought again at $690 before the price went back up. So my next time to buy today is if it goes below $680 and even more if it goes below $650 by the time I catch it…

I was only thinking a couple of days ago that it'll probably test the 50% Fibonacci at some point, looks like it's heading there ($600 or between $550-650). If it does you get your chance!
12-07-2013 12:41 AM
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samsamsam Offline
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Post: #555
RE: Bitcoins up 60% in less than a month
Fascinating. So many people with so many opinions on where bit coin is going. Not trying to celebrate the fall - not at all - just the way people justify or try and rationalize.

Quote:JustinHart: I guarantee that BTC hits 800 before it sees 600
SCalkins: I'm surprised ltc/btc is so high...
c0nnect4: invasion, lol so true . . . I was selling em cheap becasue cheap power/. . . sigh
BlahBlahBlahBlah: http://i.imgur.com/KcQJbbk.png
AndyYankee17: jdereg, That's why you convert USD into stock, bonds, ETFs, securities
_sg_: crash crash crash
doris300: let them suckers sell. give them all the time they want to sell the shit down to nothing.
cheese: NEW pro-china bitcoin article http://www.csmonitor.com/World/Asia-Paci...e-bank-ban
mickismick: another dump
bitzmining: LTC about jump 20%
SilverBullet: CrypticCurrent, link or vever happend
tonywestonuk: *Dont* think of this crash as a bad thing.....there are always ways of making money. Even now.
halliwell: Ohmygod you have no idea how happy I am I have cash right now. Cash is king kids. US Government backed dollars. That's right - cash = king... Heheheheheheheheheehehe
Holyrain: falling oon Gox. Sell now and get back on Sunday evening $400
nj234life: when do you buy into LTC is the question?!
onetime: wall down on GOX... time to start chipping on the next suckers buy wall
kris8888: we will crash!!!!!!!
Soulfood982: sell LTC now and rebuy at 0.032 it will be there tomorrow
Antiquity: My favourite flower TULIP
sinx13: 690. go to fiat
Cosmonaut: GOX and China crashing hard !, Here we come $100 BTC
TastyCheese: Do not buy!! Omg This trend line goes below $500

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12-07-2013 01:04 AM
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HD668B Offline
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Post: #556
RE: Bitcoins up 60% in less than a month
(12-06-2013 09:06 PM)Sourcecode Wrote:  if you are a instant trader right now..you can be making bank.

it hit 650.. withing and hour it went up to 8...then fell back down to 750

That's the problem. You cannot trade quickly bitcoins. Yesterday there was a delay of 40 mins on mtgox. Today is probably even worse.

I tried to short bitcoin when it was over 1000$ but I wasnot quick enough. Plus it is very complicated. I have to borrow a bitcoin and pay interest.
12-07-2013 06:57 AM
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JayJuanGee Offline
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Post: #557
RE: Bitcoins up 60% in less than a month
(12-07-2013 06:57 AM)LÉtranger Wrote:  
(12-06-2013 09:06 PM)Sourcecode Wrote:  if you are a instant trader right now..you can be making bank.

it hit 650.. withing and hour it went up to 8...then fell back down to 750

That's the problem. You cannot trade quickly bitcoins. Yesterday there was a delay of 40 mins on mtgox. Today is probably even worse.

I tried to short bitcoin when it was over 1000$ but I wasnot quick enough. Plus it is very complicated. I have to borrow a bitcoin and pay interest.


What exchange and/or service are you using L'Etranger?
12-07-2013 07:06 AM
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HD668B Offline
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Post: #558
RE: Bitcoins up 60% in less than a month
(12-05-2013 01:52 PM)The Texas Prophet Wrote:  Ha to all the haters of bitcoin. The price didn't crash, even with the slightly negative news out of China.

You see bitcoin became a bubble partially because of people like you. Because you are emotional about it. I don't hate bitcoin, in fact I think it's a great idea, but it just don't work for in real life for many reasons I previously talked about.
Bitcoin difference between the high of 1024$ and the low of 576$ was 56% today. This is not investing, this is pure speculation. (Translation = this is not the currency of the future)

(12-07-2013 07:06 AM)JayJuanGee Wrote:  What exchange and/or service are you using L'Etranger?

I never traded bitcoin before but for short i found that you can borrow bitcoin with bitfinex.com
To be honest I dont even know if its worth it. Since bitfinex itself might not even be around in 1 year. Or hacked like many others.
(This post was last modified: 12-07-2013 11:17 AM by HD668B.)
12-07-2013 11:16 AM
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el mechanico Offline
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Post: #559
RE: Bitcoins up 60% in less than a month
Who cares if it's the currency of the future. Who cares if it's a bubble. I wake up every day to make money. I could give a fuck about how it happens and could care less about the crypto world.
12-07-2013 11:30 AM
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pants Offline
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Post: #560
RE: Bitcoins up 60% in less than a month
(12-07-2013 11:16 AM)LÉtranger Wrote:  Bitcoin difference between the high of 1024$ and the low of 576$ was 56% today. This is not investing, this is pure speculation. (Translation = this is not the currency of the future)

Rather than say its not the currency of the future, I would say it´t not practical for the everyday use right now. What the future brings of stability we really have no idea about.


Mining

To earn money from mining you need to consider several factors
- Cost of mining equipment
- cost of electricity
- Risks of investing in mining equipment
- Future hashrate(how many other people are mining?)
- Value of bitcoin.

Lucky there are calculators for the theoretical part.
http://www.bitcoinx.com/profit/
Problem is future hashrate and value of bitcoin is highly unpredictable.

Scroll down this page to have a look at the developing "Difficulty". Its adjusted to the current network strength every now and then.
http://bitcoinwisdom.com/bitcoin/difficulty

To predict future hashrate you need to get an overview of the fabrics creating mining equipment, how much they create and when it will hit the market.
(This post was last modified: 12-07-2013 11:32 AM by pants.)
12-07-2013 11:32 AM
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el mechanico Offline
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Post: #561
RE: Bitcoins up 60% in less than a month
Why bother mining? You could have doubled your btc last night alone.
12-07-2013 11:36 AM
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Pyre Offline
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Post: #562
RE: Bitcoins up 60% in less than a month
(12-07-2013 11:30 AM)el mechanico Wrote:  Who cares if it's the currency of the future. Who cares if it's a bubble. I wake up every day to make money. I could give a fuck about how it happens and could care less about the crypto world.

yeah, it's just a trade. gotta look at it for what it is: a trade, and nothing more.
12-07-2013 11:51 AM
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Pyre Offline
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Post: #563
RE: Bitcoins up 60% in less than a month
ZeroHedge's summation is PERFECT

Quote:It was inevitable that a few short days after Wall Street lovingly embraced Bitcoin as their own, with analysts from Bank of America, Citigroup and others, not to mention the peanut gallery vocally flipflopping on the currency after hating it at $200 only to love it at $1200 that Bitcoin... would promptly crash. And crash it did: overnight, following previously reported news that China's Baidu woild follow the PBOC in halting acceptance of Bitcoin payment, Bitcoin tumbled from a recent high of $1155 to an almost electronically destined "half-off" touching $576 hours ago, exactly 50% lower, on very heave volume, before a dead cat bounce levitated the currency back to the $800 range, where it may or may not stay much longer, especially if all those who jumped on the bandwagon at over $1000 on "get rich quick" hopes and dreams, only to see massive losses in their P&Ls. Which incidentally, like gold, is to be expected when one treats what is explicitly a currency, instead as an asset, with delusions of grandure that some greater fool will pay more for it tomorrow than it is worth today.

im inclined to agree about the dead cat bounce for those that think its at a support and about to launch again. I'm thinking that a lot of people who bought at higher prices and haven't sold in the crash are probably going to be selling off soon.
(This post was last modified: 12-07-2013 12:38 PM by Pyre.)
12-07-2013 12:35 PM
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el mechanico Offline
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Post: #564
RE: Bitcoins up 60% in less than a month
Quote:
Post: #552RE: Bitcoins up 60% in less than a month
(Yesterday 05:27 PM)el mechanico Wrote:
I sold my coins today. Waiting to see what China does but they're not buying so they may wake up and sell?? Anyway, I'll buy back in late tonight maybe

ElMech:
Where are you buying and selling? On BTC - e, no? For example, I would think that you are getting out of BTC by converting to dollars on BTC-e, but you do NOT cash out, then you jump TOTALLY back in by converting your dollars back into BTC.. at some strategic point.
Is that the methodology that you are employing for engaging in these ALL or NOTHING trades? If so, then I can see that there would be fairly low transaction costs on BTC - e for that method, no? Yet, BTC-e does take a small percentage of the trade, no?

NO Hating ... but from what i consider to be a practical perspective, I cannot believe that anyone would TOTALLY liquidate in such waves like you are saying that you are doing. That seems too risky and nerve racking in such a volatile market, even though there is a good opportunity for greater returns, if a guy can time it correctly.

Yes that is exactly what I do. I'm sitting on USD only right now and will make some drunk trades tonight. I can't imagine using anything but BTC-E because of all the options. I would go as far to say if you're not there you're doing it wrong and causing a lot of unnecessary hastle.

Quote:I think that Fiatleak.com website made my computer crash
Buy an Apple. I time that site buy how much we and China buy per minute mix that with trollbox and google "bitcoin" a lot to read hype.
(This post was last modified: 12-07-2013 12:46 PM by el mechanico.)
12-07-2013 12:42 PM
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Wutang Offline
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Post: #565
RE: Bitcoins up 60% in less than a month
My mom, who just discovered that you can find music on Youtube this year now knows what Bitcoin is. If that isn't a sign that it's way too late to jump on the bandwagon, then I don't know what is.
12-07-2013 01:14 PM
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Sourcecode Offline
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Post: #566
RE: Bitcoins up 60% in less than a month
Mining is not worth it. all those mine pools are gonna take more money that they give out and unless you have a supercomuter you arent gonna be running a miner anywhere near you

I am the cock carousel
12-07-2013 01:43 PM
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Tex Pro Offline
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Post: #567
RE: Bitcoins up 60% in less than a month
(12-07-2013 11:16 AM)LÉtranger Wrote:  
(12-05-2013 01:52 PM)The Texas Prophet Wrote:  Ha to all the haters of bitcoin. The price didn't crash, even with the slightly negative news out of China.

You see bitcoin became a bubble partially because of people like you. Because you are emotional about it. I don't hate bitcoin, in fact I think it's a great idea, but it just don't work for in real life for many reasons I previously talked about.
Bitcoin difference between the high of 1024$ and the low of 576$ was 56% today. This is not investing, this is pure speculation. (Translation = this is not the currency of the future)

The haters of bitcoin are the emotional ones. Even if bitcoin never becomes a currency, it has value as a payment network (think of a cheaper, faster paypal).

Now, what is bitcoin worth as only a payment network? That I don't know, but it is not $0 like a lot of haters would say.
(This post was last modified: 12-07-2013 02:39 PM by Tex Pro.)
12-07-2013 02:33 PM
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Duke Castile Offline
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Post: #568
RE: Bitcoins up 60% in less than a month
I bought another one at 657.

First one was at 630.

This is fun.

I think a lot of guys are having meltdowns abot btc because it's unconventional.

We were meant for far more than to suffer in our self created prisons only to die alone. It doesn't have to be that way. It never did.
12-07-2013 05:30 PM
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Maciano Offline
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RE: Bitcoins up 60% in less than a month
El Mech is right. Still, BTER.com is good as well.

Stay away from MtGox.
12-07-2013 06:56 PM
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el mechanico Offline
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RE: Bitcoins up 60% in less than a month
Any thoughts as what price to buy in btc? I'm not touching other coins for now unless LTC goes to two dollars.
12-07-2013 07:03 PM
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Pyre Offline
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Post: #571
RE: Bitcoins up 60% in less than a month
(12-07-2013 07:03 PM)el mechanico Wrote:  Any thoughts as what price to buy in btc? I'm not touching other coins for now unless LTC goes to two dollars.
zerohedge states that its a dead cat bounce

Quote:In finance, a dead cat bounce is a small, brief recovery in the price of a declining stock.[1] Derived from the idea that "even a dead cat will bounce if it falls from a great height", the phrase, which originated on Wall Street, is also popularly applied to any case where a subject experiences a brief resurgence during or following a severe decline.

If its a dead cat bounce its gonna plunge again. However, if it remains stable at this $700 support for a bit then takes off going up, then it may not be a dead cat bounce but then peak again.

What im going to do is wait to see what happens and if it goes up and seems to keep going up, buy in and sell at another peak.
12-07-2013 07:34 PM
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Maciano Offline
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Post: #572
RE: Bitcoins up 60% in less than a month
El Mech,

I'm not buying anything. For now. People are way too wild.

You could buy some Quarkcoins at 15-12. Rumor is Keiser hosts Bill Still at 16-12 and he'll pump it live. Quarkcoin's also pretty popular on Google Trends, I don't know why, it just is. Sheep will buy.

Pretty funny: guys who moaned last week they missed their chance, now say bitcoin's too volatile for an investment.
12-07-2013 08:14 PM
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Post: #573
RE: Bitcoins up 60% in less than a month
(12-07-2013 07:34 PM)Pyre Wrote:  What im going to do is wait to see what happens and if it goes up and seems to keep going up, buy in and sell at another peak.


   

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12-07-2013 08:35 PM
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Pyre
JayJuanGee Offline
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Post: #574
RE: Bitcoins up 60% in less than a month
(12-07-2013 12:42 PM)el mechanico Wrote:  
Quote:I think that Fiatleak.com website made my computer crash
Buy an Apple. I time that site buy how much we and China buy per minute mix that with trollbox and google "bitcoin" a lot to read hype.

I have owned Macs since the early 1990s... and thus, my crashing of my webbrowser from that page (I misspoke it was NOT my whole computer that crashed) was likely from that buggy page....


(12-07-2013 07:03 PM)el mechanico Wrote:  Any thoughts as what price to buy in btc? I'm not touching other coins for now unless LTC goes to two dollars.


I certainly have NO clue at what price a guy (who had sold all his BTC) would buy back into BTC. I thought you, El Mech, had already a plan yesterday, which was to sell ALL of your BTC holdings (yesterday) and then to buy all of what that had converted into back in the evening (yesterday)... Seems like i have NOT been keeping up with your plan and you changed your plan?

I have a hard time with the dead cat bounce theory b/c I tend to believe that BTC is NOT going down in a sort of freefall ... after all of the hype in the last few weeks about this technologically solid system... and the quadrillionaires that have been made over the past several years – and more so in the past year and even more so in the past month... .. Surely, the very newly rich are NOT going to have much clout because they do NOT know anything, except for nearly pure luck.

So, maybe you, El Mech, will ride this recent BIG negative out until you hear a certain kind of news, no? or ride out this recent BIG negative for a certain time-period? I would think that any decision to buy back into BTC would NOT be based merely on BTC reaching a certain price point, unless that price point plays into a certain theory about how far down and how quickly BTC is going to go down and whether and how much it is going to bounce back? Seems like the latest news would be more important than the price point, and I guess if people are staying generally on a selling streak, then good for a guy to stay out..

I cannot really see this BTC going down to $200, even though it is possible.. especially if some more negative news were to come... I would think that $500 is about as low as a guy could expect it to fall over the remainder of the weekend... but what the HECK do I know? I'm still dabbling with attempting to continue to buy in small increments during these recent and ongoing dips.

For example, my latest purchase was about 2 hours ago: .2BTC at $693 (and in the last couple of hours, the price has been swinging up and down about $80 in that same range). At that time, I was ONLY going to buy .1 BTC; however, Fisto's above post in this thread influenced me to buy .2BTC because I felt like such a cheap bastard after reading that he had bought a whole one BTC at $657…. And I had just gotten online… and I had NOT yet bought any all day.. and they had been in the upper $700s most of the day. My next purchases depend on how quickly the price falls (or if it continues to fall)… so currently, I plan:

.1BTC at $620
.3BTC at $600
.3BTC at $550
.5BTC at $500

My quantity of investment depends upon how quickly I catch the price drops and how quickly it is going down… since I am kind of watching this downward trend and tending to want to jump into buying on the dips.. with small increments. If it does NOT continue to fall today, then tomorrow, I will buy .1BTC or .2BTC at whatever price it is – if it is up into the 700s or 800s….or even 900s.


My general strategy is NOT in and out.. ONLY “in” because I am trying to increase my portfolio of BTC.. and with this drop of price, I am buying a little more quickly than I had anticipated. Yesterday, I bought .1BTC at $545 at the end of a downward streak because I thought that BTC was continuing to go lower because it had been dropping so rapidly, and I was going to buy .5BTC at $500, but the price never made it much below $545, so I was kind of kicking myself for NOT buying .5 BTC at $545..

Regarding this “play money” concept that has been used to suggest that it is all for the losing… I generally agree and accept that concept; however, the concept could change somewhat when a guy is in the investment for a while and when a guy starts making gains:

To me, it makes a difference, if a guy were working with "play money" of 10 BTC, or 20, 50 or 100 BTC... If a guy had been working with 1000 BTC, it would have been a little more difficult to consider that to be play money b/c in my thinking, the larger the amount, the more difficult it becomes to continue to consider it play money. … The more volatility, the more that a guy of modest means will want to cash some of it out… unless he happens to be independently wealthy…

Let's say, for example (I am NOT saying this is you, EL MECH, b/c I am NOT really sure) a guy started to invest in BTC with $5,000 of “play money” in April/May or so when the price was around $100/BTC. That means around 50 BTC. And, the guy considered his investment purely play money – because he had NO idea what he was doing.
From the below linked charts, it looks as if that guy would have had to ride out his initial investment all the way until about November before profits would have begun to soar in any kind of large way. If he had sat on his BTC, his $5,000 would have gone to $60,000.

http://bitcoincharts.com/charts/mtgoxUSD...10zm2g25zv

Maybe since that guy was attempting to be practical and did NOT really know what he was doing, he may have decided to play it and to withdraw about 10BTC to take some profits, when the price was around $500.. But the price kept going up. In that regard, the guy would NOT have wanted to pull out during the upward streak. That guy may have pulled out and got back in, but it does NOT seem likely to be able to play it very well, but maybe he would have been able to get in and then out and to increase his initial investment back up to 50 BTC, even though he took out 10BTC?

I do tend to agree with El Mech that the alt coins are more of a long shot than BTC and alt coins are pretty UNLIKELY to play out very well... even though quite a few of them were playing out fairly well about two weeks ago, as long as a guy got in and then out in the right kind of timing.


(12-07-2013 07:34 PM)Pyre Wrote:  What im going to do is wait to see what happens and if it goes up and seems to keep going up, buy in and sell at another peak.

This described plan does NOT seem very solid in describing any meaningful action or suggestion about what a guy is supposed to do, and when he is supposed to do it b/c in this particular application, NONE of us can really predict whether BTC is going up or going down or whether we are at a trough in the price right NOW or whether the trough is down the road at a certain price point.

In this regard, a guy is supposed to buy while the investment price is going down and he is supposed to sell while the investment price is going up... but that is the safe strategy... the less safe strategy to become more rich or to lose more is to go balls to the wall and to go all or nothing.
(This post was last modified: 12-07-2013 10:12 PM by JayJuanGee.)
12-07-2013 09:54 PM
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el mechanico Offline
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Post: #575
RE: Bitcoins up 60% in less than a month
Don't worry about offending me. I really know I have no clue what I'm doing or care too much.

Alt coins: will drop when btc ( there ruler) does so don't bother buying in on any decline.

Village mentality : don't ever under estimate it. The Chinese have it. But are less jealous than Greeks I think. If Greece was a major player here I'd be able to predict the outcome 100% correct. I'm saying the village Greeks are buying coins because they don't understand them but the metropolitan Greeks could be but when it comes to money they revert to village mentality. I'm not dissing them but I'm dissing them. The Chinese are the same probably but not as lazy. The Greeks would rather hate on bitcoins than invest.
12-07-2013 10:27 PM
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