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The Bitcoin (BTC) thread
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Maciano Offline
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Post: #1001
RE: Bitcoins up 60% in less than a month
El mech

At what price do you get back in? I think 770-750$.

I don't get why litecoin is still this high. So many coins not mined yet, no devs or merchandiser. Weird.

Coinye West will be useful, proving lawyers can't stop crypto.

Even Doggycoin serves a purpose, you now have little kids interested in mining bc of DOGE.
01-08-2014 03:14 PM
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el mechanico Offline
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Post: #1002
RE: Bitcoins up 60% in less than a month
^ I'm only getting in for short pumps but If long term I would buy back in at 300 or so if possible.
01-08-2014 03:44 PM
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JayJuanGee Offline
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Post: #1003
RE: Bitcoins up 60% in less than a month
(01-08-2014 03:44 PM)el mechanico Wrote:  ^ I'm only getting in for short pumps but If long term I would buy back in at 300 or so if possible.


Surely, each of us has BTC expectations, and it seems likely that BTC is going to have a few more crashes before it goes up. Crashes have been part and parcel of BTC's history.

Frequently, when these recent BTC crashes have occurred, a guy has only had minutes to buy in at the lowest point(s), yet the same guy may have had hours to buy in at a higher "low" range. Frequently, a problem is that such guy does NOT know how long the crash will last or how low it will go, and for that reason, we have to be prepared to pull the trigger at our preset price point.

At this time in my thinking, it seems fairly likely that we will have a BTC crash that brings BTC prices down into the $500s, but less likely to bring those prices down into the $400s or $300s (though possible). I am hoping for a BTC crash to buy more, but I am hedged in BTC in the event that such a crash does NOT happen.... and in this regard, there is a POSSIBILITY, though seemingly low, that BTC prices will NEVER go below $800 ever again.
01-08-2014 06:42 PM
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svenski7 Offline
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Post: #1004
RE: Bitcoins up 60% in less than a month
All you need to know is this:

The bitcoin mining train has left the station. It is no longer to mine bitcoin with CPUs or GPUs.

There is, however, an opportunity to use the up-and-coming scrypt coins (excluding LTC) to obtain BTC via arbitrage.

Assuming DOGE is increasing in value exponentially (which it has been), mine it with GPUs and trade for BTC on an exchange. Execute code which detects when another scrypt-based coin is more profitable vis-a-vis BTC and switches your pool to said coin. So, assuming FTC goes "to da moon," my GPUs will mine it for however long the bubble lasts and constantly convert it to BTC.

Currently, I mine 8MH/s. Type that in here and find the scrypt coin with the highest profit. That's what I get in BTC in my encrypted wallet everyday. The system is automated so I don't need to manually switch pools.

It doesn't matter if DOGE disappears tomorrow, my proceeds are in BTC. If I want, I can move back to alt coin or currency (USD/EUR) -- not a problem.
01-08-2014 08:21 PM
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JayJuanGee Offline
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Post: #1005
RE: Bitcoins up 60% in less than a month
(01-08-2014 08:21 PM)svenski7 Wrote:  All you need to know is this:

The bitcoin mining train has left the station. It is no longer to mine bitcoin with CPUs or GPUs.

There is, however, an opportunity to use the up-and-coming scrypt coins (excluding LTC) to obtain BTC via arbitrage.

Assuming DOGE is increasing in value exponentially (which it has been), mine it with GPUs and trade for BTC on an exchange. Execute code which detects when another scrypt-based coin is more profitable vis-a-vis BTC and switches your pool to said coin. So, assuming FTC goes "to da moon," my GPUs will mine it for however long the bubble lasts and constantly convert it to BTC.

Currently, I mine 8MH/s. Type that in here and find the scrypt coin with the highest profit. That's what I get in BTC in my encrypted wallet everyday. The system is automated so I don't need to manually switch pools.

It doesn't matter if DOGE disappears tomorrow, my proceeds are in BTC. If I want, I can move back to alt coin or currency (USD/EUR) -- not a problem.


That system that you describe sounds as if it creates an incentive for the proliferation of many miners (which is a good thing).... and it sounds as if it could be fairly profitable to be in it in the short-term, even though you may have to continue to increase your hash rate in order to stay profitable, depending upon what others do.

Is 8 mH considered to be a good amount of power these days?
01-08-2014 08:33 PM
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svenski7 Offline
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Post: #1006
RE: Bitcoins up 60% in less than a month
(01-08-2014 08:33 PM)JayJuanGee Wrote:  and it sounds as if it could be fairly profitable to be in it in the short-term, even though you may have to continue to increase your hash rate in order to stay profitable, depending upon what others do.

Not really. New coins start at low difficulty (or are given out for free) so assuming Coinye starts rapidly increasing in value, I could easily mine it and swap for BTC. The most important part is measuring comparative advantage of one coin vs the next. The main factors to consider are difficulty and percentage (%) rise in value. The correct code can do this automatically just like a day traders track momentum on the stock exchanges. Sometimes lesser known coins take time to "cash in" but it's not a big deal.
01-08-2014 08:52 PM
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pants Offline
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Post: #1007
RE: Bitcoins up 60% in less than a month
what pool you use? Multipool?
01-08-2014 08:54 PM
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svenski7 Offline
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Post: #1008
RE: Bitcoins up 60% in less than a month
PS: Although it seems likely that capital gains on BTC will be taxable in the near future (and already is in countries like Norway), mining is tax exempt. Several agencies have ruled that miners do not need to register as some sort of "currency manufacturer."

That's good news for those who create their own BTC as exchanges are able to track the identity of those who buy/sell and may report to authorities in the future.
01-08-2014 08:55 PM
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svenski7 Offline
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Post: #1009
RE: Bitcoins up 60% in less than a month
@JJG: This is a typical at-home mining rig. Each card can put out about 700KH/s.

[Image: a5hw1e.jpg]
01-08-2014 09:08 PM
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Satoshi Offline
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Post: #1010
RE: Bitcoins up 60% in less than a month
This 2:nd generation coins are interesting
Mastercoin
Nxt and
eMunie
01-09-2014 08:58 AM
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R Smoov Offline
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Post: #1011
RE: Bitcoins up 60% in less than a month
(01-08-2014 12:52 PM)el mechanico Wrote:  Hey Rosca.
http://www.pcworld.com/article/2085360/k...pired.html

True.

http://www.dailymail.co.uk/tvshowbiz/art...t-hit.html

This just came out today.

The bright side of this is that all of this press only makes the coin even more valuable. If this coin has controversy behind it, then it separates it from the pack of the other coins.

@JJG
It's awesome. They have loads of stupid shit out there. Sexcoin, BBQ Coin. Shit is endless. I'm just sticking with both Dogecoin and the Coinye so far.

@svenski
Like svenski said, trying to mine bitcoins is not going to be easy at all. Maybe a few years ago yeah, but now the average person's $6,000 worth of hardware equipment is not going to stand a chance to a companies $500,000-$5,000,000.

You got a rig? Shit my laptop only mines at like 7 kH/s!

Nope.
01-09-2014 09:18 AM
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Maciano Offline
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Post: #1012
RE: Bitcoins up 60% in less than a month
GHash.io closing in on 51% of hashing power BTC network. Now at 38-40%

Cash might be smart if it keeps rising & passes 45%, if it gets higher you can bet some people will panick.

https://blockchain.info/pools
01-09-2014 12:12 PM
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JayJuanGee Offline
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Post: #1013
RE: Bitcoins up 60% in less than a month
(01-09-2014 12:12 PM)Maciano Wrote:  GHash.io closing in on 51% of hashing power BTC network. Now at 38-40%

Cash might be smart if it keeps rising & passes 45%, if it gets higher you can bet some people will panick.

https://blockchain.info/pools

Thanks for that link b/c in the past several hours, I had seen several news reports about this 51% threat, but I had NOT seen from where they were getting their information about hashing power percentages.

What is curious about the graph provided in the link is that about 17% of the network is unknown, but the website still explains that the unknown hashing power sources are NOT a threat to the network - to suggest that the unknown would NOT be able to team up with GHash IO.

Quote: large portion of Unknown blocks does not mean an attack on the network, it simply means we have been unable to determine the origin.



It may be good if some systems could be put in place in order that NO entity can have hashing power of more than 33% or some lower number, so that NONE can ever get near the 51% feared amount.


EDIT: By the way, I would NOT get into dollars b/c of this GHash io situation b/c it is NOT certain to cause a crash, yet there is a possibility that there could be a drop in BTC price b/c of this.
(This post was last modified: 01-09-2014 12:43 PM by JayJuanGee.)
01-09-2014 12:35 PM
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Tex Pro Offline
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Post: #1014
RE: Bitcoins up 60% in less than a month
Looks like miners are leaving Gash.io in order not to give it 51% attack power. The problem is solving itself:

http://www.coindesk.com/bitcoin-miners-d...51-attack/
01-09-2014 01:52 PM
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Maciano Offline
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Post: #1015
RE: Bitcoins up 60% in less than a month
JJG & TP,

I've been daytrading quite a bit last month and I noticed;
- The Chinese still drive the price: Huobi or BTCChina lead
- The Chinese trade emotionally, not intelligently -- up & down, easily +/-50$ daily.
- MtGox is mostly bots trading, it only tells you what the exchange owners want the price to do for a quick buck.
- Before 0:00 CET, there's usually a small spike Euros anticipating a China dump.
- From 2:30 CET price tends to trend up, so get out of cash.
01-09-2014 02:38 PM
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JayJuanGee Offline
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Post: #1016
RE: Bitcoins up 60% in less than a month
(01-09-2014 02:38 PM)Maciano Wrote:  JJG & TP,

I've been daytrading quite a bit last month and I noticed;
- The Chinese still drive the price: Huobi or BTCChina lead
- The Chinese trade emotionally, not intelligently -- up & down, easily +/-50$ daily.
- MtGox is mostly bots trading, it only tells you what the exchange owners want the price to do for a quick buck.
- Before 0:00 CET, there's usually a small spike Euros anticipating a China dump.
- From 2:30 CET price tends to trend up, so get out of cash.

My hats go off to anybody who can successfully day trade. If you have found a pattern that works for you (at least for the time being), that is great.

Day trading is definitely NOT my forte - even with your pointers, I am sure that I would screw up day trading, if i were to attempt it.
01-09-2014 02:51 PM
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Maciano Offline
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Post: #1017
RE: Bitcoins up 60% in less than a month
(01-09-2014 02:51 PM)JayJuanGee Wrote:  
(01-09-2014 02:38 PM)Maciano Wrote:  JJG & TP,

I've been daytrading quite a bit last month and I noticed;
- The Chinese still drive the price: Huobi or BTCChina lead
- The Chinese trade emotionally, not intelligently -- up & down, easily +/-50$ daily.
- MtGox is mostly bots trading, it only tells you what the exchange owners want the price to do for a quick buck.
- Before 0:00 CET, there's usually a small spike Euros anticipating a China dump.
- From 2:30 CET price tends to trend up, so get out of cash.

My hats go off to anybody who can successfully day trade. If you have found a pattern that works for you (at least for the time being), that is great.

Day trading is definitely NOT my forte - even with your pointers, I am sure that I would screw up day trading, if i were to attempt it.

Hey man, see it as game & overcoming approach anxiety. Smile

You can start small, learn by doing & pretty soon you'll be better & better. The first time I tried, I felt like I was throwing money away, but now I just trade easily.

I can still lose, but I gain more. Even if I lose, I learn, so I win.
01-09-2014 03:41 PM
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JayJuanGee Offline
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Post: #1018
RE: Bitcoins up 60% in less than a month
(01-09-2014 03:41 PM)Maciano Wrote:  
(01-09-2014 02:51 PM)JayJuanGee Wrote:  
(01-09-2014 02:38 PM)Maciano Wrote:  JJG & TP,

I've been daytrading quite a bit last month and I noticed;
- The Chinese still drive the price: Huobi or BTCChina lead
- The Chinese trade emotionally, not intelligently -- up & down, easily +/-50$ daily.
- MtGox is mostly bots trading, it only tells you what the exchange owners want the price to do for a quick buck.
- Before 0:00 CET, there's usually a small spike Euros anticipating a China dump.
- From 2:30 CET price tends to trend up, so get out of cash.

My hats go off to anybody who can successfully day trade. If you have found a pattern that works for you (at least for the time being), that is great.

Day trading is definitely NOT my forte - even with your pointers, I am sure that I would screw up day trading, if i were to attempt it.

Hey man, see it as game & overcoming approach anxiety. Smile

You can start small, learn by doing & pretty soon you'll be better & better. The first time I tried, I felt like I was throwing money away, but now I just trade easily.

I can still lose, but I gain more. Even if I lose, I learn, so I win.

Just as each of us employs variations on the gaming of girls, each of us have different tolerances for investment styles that may suit our skills, personalities and preferences.

I dabbled sufficiently enough into day trading to know that I would prefer to spend my time in other ways - even though, since i started investing in BTC (6 weeks ago), I have been watching these particular BTC and/or crypto-currencies markets a lot more than I had been watching any other market(s) in the past. I still consider that in my BTC investments I am employing a form of dollar cost averaging (that contain some hybrid elements of timing), which, at this time, largely seems to add up to a building up of my BTC holdings strategy.

Surely, there are ways for a guy to be efficient with his time in day trading, and still make money. And, bonus to you, if you find pleasure and reward engaging in day trading activities - NOT This cat... at least, NOT at this time in my life. I may revisit this later in life, but at this point, I get much better and guaranteed income and satisfaction from employing my time and skills in other ways.
01-09-2014 04:24 PM
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el mechanico Offline
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Post: #1019
RE: Bitcoins up 60% in less than a month
I got back in @ high sevens today. I was bored.
01-09-2014 05:54 PM
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el mechanico Offline
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Post: #1020
RE: Bitcoins up 60% in less than a month
Maciano, good work!
01-09-2014 06:04 PM
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JayJuanGee Offline
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Post: #1021
RE: Bitcoins up 60% in less than a month
It seems that the Overstock news from today is gonna be big for bitcoin. See how this one plays out, but overstock is now live and accepting bitcoin.
01-09-2014 06:15 PM
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el mechanico Offline
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Post: #1022
RE: Bitcoins up 60% in less than a month
(01-09-2014 06:15 PM)JayJuanGee Wrote:  It seems that the Overstock news from today is gonna be big for bitcoin. See how this one plays out, but overstock is now live and accepting bitcoin.

That's why I jumped in temporary though
01-09-2014 06:55 PM
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JayJuanGee Offline
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Post: #1023
RE: Bitcoins up 60% in less than a month
I agree that it may NOT play out long term, but it is certainly big positive short term news.
01-09-2014 07:02 PM
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Tex Pro Offline
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Post: #1024
RE: Bitcoins up 60% in less than a month
My real hope is that as more online retailers accept bitcoin, there will be increasing pressure for Amazon.com to accept bitcoin.

Once Amazon accept bitcoin, shit...you could live off bitcoin since you will be able to buy food, clothing, electronics, etc with bitcoin. It will also allow another way to "cash out" in bitcoin: when the price of bitcoin rises, there will be a rush to buy stuff with the increased purchasing power.
01-10-2014 03:49 PM
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el mechanico Offline
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Post: #1025
RE: Bitcoins up 60% in less than a month
I dropped out at 860 last night with a sell order I didn't think would go. How are you guys doing?

I'm waiting for a crash now maybe get into NMC again.
01-11-2014 06:40 PM
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