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The Bitcoin (BTC) thread
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Rah Offline
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Post: #151
RE: Bitcoins up 60% in less than a month
(04-11-2013 12:46 AM)guerrilla Wrote:  can you xfer btc to litecoin?

On btc-e, yeah, that's its own market.

(04-11-2013 12:46 AM)Ovid Wrote:  Are litecoins currently less demanding to mine than bitcoins? A few years ago, you could mine bitcoins with an ordinary server farm, or even a PC. Nowadays, you have to have very specialized rigs to do the quadrillions or however many calculations necessary to find a new block of bitcoins in less than a thousand years.

One of the whole original points of creating Litecoin was to make a currency that was less efficient to mine on specialized hardware like GPU farms and ASICs, promoting the ideal of every Joe Schmoe mining the currency on his every-man machine in the wee hours of the night.

Predictably, GPUs still ended up being the best way to mine Litecoins, granted it is way less efficient than Bitcoins (or other sha256 encryption based currencies) by a factor of about 1000. The hilarious result is that Bitcoin ASICs hitting the market will make GPU mining obsolete for Bitcoin mining, while GPU mining is currently the absolute best way to mine Litecoins. So all the legions of Bitcoin GPU farms are likely being recalibrated to mine Litecoins. Since Litecoins are earlier on in their lifecycle (and it is purpoted to have a much larger overall total monetary base than Bitcoin's total), GPU mining can currently churn out a decent amount of Litecoins.
04-11-2013 01:23 AM
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Rah Offline
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Post: #152
RE: Bitcoins up 60% in less than a month
P.S. Bitcoins currently rallying in the middle of the night for no reason past 185. There's no technical or fundamental reason to any of this beyond possibly a bunch of emechs pressing buttons, probably drunk, acting as the principle driver of price. Either that or Russian bot net trolling. Amazing!
04-11-2013 01:28 AM
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guerrilla Offline
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Post: #153
RE: Bitcoins up 60% in less than a month
Good point. These peaks and troughs ate all a result of computerized algorithmic trading and thus technical trading based on short term momentum. Nothing is related to the fundamental "value" of bit coin as a currency
(This post was last modified: 04-11-2013 07:59 AM by guerrilla.)
04-11-2013 07:58 AM
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el mechanico Offline
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Post: #154
RE: Bitcoins up 60% in less than a month
Quote:emechs pressing buttons
Laugh
04-11-2013 09:26 AM
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NY Digital Offline
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Post: #155
RE: Bitcoins up 60% in less than a month
Wow LTC is tanking... :/
04-11-2013 09:41 AM
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el mechanico Offline
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Post: #156
RE: Bitcoins up 60% in less than a month
(04-11-2013 09:41 AM)NY Digital Wrote:  Wow LTC is tanking... :/
Hold on. I'm going to sell at 4.90 next time and wait till it goes to two.
04-11-2013 09:45 AM
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NY Digital Offline
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Post: #157
RE: Bitcoins up 60% in less than a month
Of course. I fucked up hard. Bought in at $4.85 2 days ago. Should've seen it coming with the BTC bubble.

I'm such a noob lol. It'll go back up but I'm losing a lot of potential returns.
04-11-2013 09:47 AM
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el mechanico Offline
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Post: #158
RE: Bitcoins up 60% in less than a month
(04-11-2013 09:47 AM)NY Digital Wrote:  Of course. I fucked up hard. Bought in at $4.85 2 days ago. Should've seen it coming with the BTC bubble.

I'm such a noob lol. It'll go back up but I'm losing a lot of potential returns.
C'mon man that shit doubles and crashes every hour. It makes no sense so don't worry about it.
04-11-2013 09:51 AM
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ElJefe Offline
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Post: #159
RE: Bitcoins up 60% in less than a month
I want to short this motherfucker.

Who wants to lend me some BTCs? We can agree on a daily interest rate.

A year from now you'll wish you started today
04-11-2013 11:01 AM
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Rah Offline
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Post: #160
RE: Bitcoins up 60% in less than a month
Wabam, cut in half while I slept. Insane. I see BTC hit $55 for the low, I think anything near $50 is a good time to get in if you want to speculate. I'm not buying BTC unless it goes down to historical averages like $20.

Got in at 2.1 for LTC with a buy order while I was asleep and currently 30% down! Hah. I'll prob still just hold and forget about it until/if it blows up again.
04-11-2013 02:22 PM
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NY Digital Offline
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Post: #161
RE: Bitcoins up 60% in less than a month
Lol hold that. I got in at $4.85....

it was at $1.20 earlier too...
(This post was last modified: 04-11-2013 02:29 PM by NY Digital.)
04-11-2013 02:23 PM
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BurnFirst Offline
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Post: #162
RE: Bitcoins up 60% in less than a month
(This post was last modified: 04-11-2013 05:25 PM by BurnFirst.)
04-11-2013 05:21 PM
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Aliblahba Offline
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Post: #163
RE: Bitcoins up 60% in less than a month
I wanted in on this, but don't have a coin slot on my laptop. Confused
04-11-2013 05:37 PM
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NY Digital Offline
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Post: #164
RE: Bitcoins up 60% in less than a month
(04-11-2013 05:37 PM)Aliblahba Wrote:  I wanted in on this, but don't have a coin slot on my laptop. Confused

it's on the bottom
04-11-2013 06:04 PM
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Rah Offline
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Post: #165
RE: Bitcoins up 60% in less than a month
I gotta say, messing around with this shit over the past 24 hours has been thoroughly entertaining. The trollbox on btc-e.com alone is worth it.

A bunch of supreme amateurs throwing cash around on the most unpredictable, volatile FX market ever invented, all on exchanges that keep crashing, and it's 100% unregulated. The major exchange for Bitcoin (Mt. Gox) was down for 10 hours today! Hahahahah!

The range since Mt. Gox reopened has been $55 to $140 inside of the first hour. It's the wild west out here man.

I got out with a 15% overall loss, currently waiting for shit to tank before getting back in.
04-11-2013 10:17 PM
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ElJefe Offline
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Post: #166
RE: Bitcoins up 60% in less than a month
I took a huge beating beacuse the platform I was trading on failed to properly execute limit orders I had put in. Lost a ton. Should've had some stop-loss. What you get for being amateur. Fuck!

A year from now you'll wish you started today
04-11-2013 10:52 PM
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Rah Offline
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Post: #167
RE: Bitcoins up 60% in less than a month
Ouch. Yeah I haven't found any reliable trading tools with any level of real sophistication. Plus, liquidity is as much a crap shoot as anything else about this bitch.

In other news, Mt. Gox is down after being up only 1.5 hours. They claim it's a DDoS attack. Bahahah!
04-11-2013 11:16 PM
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bacon Offline
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Post: #168
RE: Bitcoins up 60% in less than a month
This crash is reminiscent of the suckers who were buying up the facebook stock and got burned when the price fell

Game/red pill article links

"Chicks dig power, men dig beauty, eggs are expensive, sperm is cheap, men are expendable, women are perishable." - Heartiste
(This post was last modified: 04-11-2013 11:25 PM by bacon.)
04-11-2013 11:25 PM
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ElJefe Offline
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Post: #169
RE: Bitcoins up 60% in less than a month
Wow... if my orders had been executed, I would've made 9K. Lost 1K instead. Can be re-earned, but still. My feelings are hurt. Won't be playing with this beast for a while to come.

I think a lot of people will feel the same. Bitcoin is going to experience a depression the coming days.

A year from now you'll wish you started today
(This post was last modified: 04-12-2013 12:06 AM by ElJefe.)
04-12-2013 12:05 AM
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NY Digital Offline
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Post: #170
RE: Bitcoins up 60% in less than a month
(04-12-2013 12:05 AM)ElJefe Wrote:  Wow... if my orders had been executed, I would've made 9K. Lost 1K instead. Can be re-earned, but still. My feelings are hurt. Won't be playing with this beast for a while to come.

I think a lot of people will feel the same. Bitcoin is going to experience a depression the coming days.

the failure to make a lot of money is so much worse eh?? :/
04-12-2013 12:11 AM
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ElJefe Offline
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Post: #171
RE: Bitcoins up 60% in less than a month
I totally deserved it.

Went to bed, thinking I was in place - wondered if I should be extra careful and place an additional order at another exchange. Woke up 45 min after all hell broke loose (even with just 4 hours of sleep).

Made over 1k yesterday playing around with margin trading, today I got buttfucked.

This is like oneitis. And getting dumped. Lrn2freemkt, folks!

A year from now you'll wish you started today
(This post was last modified: 04-12-2013 12:14 AM by ElJefe.)
04-12-2013 12:14 AM
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pants Offline
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Post: #172
RE: Bitcoins up 60% in less than a month
This is annoying, i was up 7k USD myself, and i also was 100% sure the crash would come, i was just thinking 300, then i sell for sure Tongue

Happy I sold out my initial investment at 137usd. It's not as painful to lose money you haven't really worked for.

But I'm in it for the long run, in one year I'll see.
04-12-2013 03:57 AM
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ElJefe Offline
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Post: #173
RE: Bitcoins up 60% in less than a month
Litecoins vs. Bitcoins? Which one will be the most solid?

A year from now you'll wish you started today
04-12-2013 06:07 AM
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NY Digital Offline
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Post: #174
RE: Bitcoins up 60% in less than a month
A lot of money is exchanging hands. I.E. People getting rich or people getting broke.
04-12-2013 09:05 AM
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xsplat Offline
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Post: #175
RE: Bitcoins up 60% in less than a month
As you can buy and sell the coins anonymously, I was speculating if some wealthy Internation Men of Mystery have been creating multiple accounts and buying and selling to themselves at high rates, thus driving up the average weighted price.

If you had enough cash to move a market, that would be a slick move. You'd create a momentum that drove up the price, at which point you'd start selling off your initial stock that you bought before you did your manipulations.

Stock manipulation seems a very interesting way to earn income. There's just the nagging problem of ill gotten gains. You know, retirement money of Grandpas, and all that.
04-12-2013 11:46 AM
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