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The Bitcoin (BTC) thread
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Rah Offline
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Post: #176
RE: Bitcoins up 60% in less than a month
(04-12-2013 06:07 AM)ElJefe Wrote:  Litecoins vs. Bitcoins? Which one will be the most solid?

Since Litecoins have been completely tied to the price of BTC, there's really no difference in buying one or the other for speculating other the number of currency units (50:1 LTC:BTC).

One interesting caveat: in the long term, once all units of currency are "discovered" via mining, we're supposed to end up with 4x more Litecoins than Bitcoins. And yet, right now, there's a 50:1 spread in price. So one might expect the LTC/BTC ratio to climb over time. Which is another reason I plan to buy and hold (or mine and hold) a decent pile of Litecoins.
04-12-2013 02:37 PM
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el mechanico Offline
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Post: #177
RE: Bitcoins up 60% in less than a month
(04-12-2013 02:37 PM)Rah Wrote:  
(04-12-2013 06:07 AM)ElJefe Wrote:  Litecoins vs. Bitcoins? Which one will be the most solid?

Since Litecoins have been completely tied to the price of BTC, there's really no difference in buying one or the other for speculating other the number of currency units (50:1 LTC:BTC).

One interesting caveat: in the long term, once all units of currency are "discovered" via mining, we're supposed to end up with 4x more Litecoins than Bitcoins. And yet, right now, there's a 50:1 spread in price. So one might expect the LTC/BTC ratio to climb over time. Which is another reason I plan to buy and hold (or mine and hold) a decent pile of Litecoins.
What's a decent pile and how many can you mine??
04-12-2013 02:51 PM
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Rah Offline
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Post: #178
RE: Bitcoins up 60% in less than a month
(04-12-2013 02:51 PM)el mechanico Wrote:  
(04-12-2013 02:37 PM)Rah Wrote:  
(04-12-2013 06:07 AM)ElJefe Wrote:  Litecoins vs. Bitcoins? Which one will be the most solid?

Since Litecoins have been completely tied to the price of BTC, there's really no difference in buying one or the other for speculating other the number of currency units (50:1 LTC:BTC).

One interesting caveat: in the long term, once all units of currency are "discovered" via mining, we're supposed to end up with 4x more Litecoins than Bitcoins. And yet, right now, there's a 50:1 spread in price. So one might expect the LTC/BTC ratio to climb over time. Which is another reason I plan to buy and hold (or mine and hold) a decent pile of Litecoins.
What's a decent pile and how many can you mine??

Don't know, going to just keep scooping up small stacks as the price dips or start mining. With a rig that costs about $1500 to build you can mine 7.5 a day at current difficulty level. At $5 prices you could make that back in 6 weeks and then be profiting like a grand a month. At current prices it would take 3-4x longer.

I'm just thinking if I mined say 2k of these things over the next year that could turn into a pretty valuable hunk of pretend money. Think if LTC is $10 by then. Over 10x return on investment.

Of course, it could all crash to shit too. So I'm only using my high-risk low-probability bet money on this shenanigans.
04-12-2013 03:10 PM
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Rah Offline
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Post: #179
RE: Bitcoins up 60% in less than a month
Also, LTC is expected to get added to Mt Gox exchange in the next 1-2 weeks, which could bump up price (for a while, at least).

http://www.reddit.com/r/Bitcoin/comments...ma/c9dqgtx
04-12-2013 03:26 PM
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xsplat Offline
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Post: #180
RE: Bitcoins up 60% in less than a month
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04-12-2013 03:42 PM
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el mechanico Offline
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Post: #181
RE: Bitcoins up 60% in less than a month
(04-12-2013 03:42 PM)xsplat Wrote:  Manipulating BTC stock is interesting, because of the anonymity, rather than do it the traditional way of talking up the stock or buying a lot to get the momentum going, you can have 100,000 of your own accounts, and just sell the same group of bitcoins through the system to yourself at increasingly higher prices, thus driving up the average weighted price.

So your invenstment needed to manipulate the market would be 100,000th of the normal investment, or xth amount where x is the number of anonymous bitcoin wallets you create.

If that's what's going on, someone or some group just became very wealthy overnight.

And if it's not what's going on, it will. I wouldn't mind doing that myself to drive the price down, buying, and then driving the price up again and selling.

Anyone see a flaw in my reasoning?

Oh, and BTC is back down to 88 now.
Sign me up! Anyway I can't see putting too much effort or cash into this. It seems kind of shady to me still. Coins get stolen, Russian websites etc.
04-12-2013 03:52 PM
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xsplat Offline
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Post: #182
RE: Bitcoins up 60% in less than a month
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04-12-2013 03:57 PM
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Rah Offline
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Post: #183
RE: Bitcoins up 60% in less than a month
It's completely unregulated, anything goes as far as I know. Which means you know this is already being done. Then throw DDoS attack manipulation on top of that. Free markets, lol
04-12-2013 04:02 PM
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xsplat Offline
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Post: #184
RE: Bitcoins up 60% in less than a month
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04-12-2013 04:23 PM
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Hencredible Casanova Offline
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Post: #185
RE: Bitcoins up 60% in less than a month
Where can you buy litecoin for cash?
04-12-2013 06:25 PM
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NY Digital Offline
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Post: #186
RE: Bitcoins up 60% in less than a month
(04-12-2013 06:25 PM)Hencredible Casanova Wrote:  Where can you buy litecoin for cash?

I can sell you some. but above market rate lol

I posted a little while back how to deposit cash at cvs walmart etc. to get btc into your btc-e account then transfer to ltc
04-12-2013 07:10 PM
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el mechanico Offline
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Post: #187
RE: Bitcoins up 60% in less than a month
(04-12-2013 06:25 PM)Hencredible Casanova Wrote:  Where can you buy litecoin for cash?
I'll give you some for entertainment. How many do you want?
04-12-2013 08:54 PM
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worldwidetraveler Offline
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Post: #188
RE: Bitcoins up 60% in less than a month
Those twins that sued Facebook apparently has about 10 million in bitcoins.
04-12-2013 09:24 PM
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NY Digital Offline
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Post: #189
RE: Bitcoins up 60% in less than a month
the trollbox on btc-e is fucking hilarious right now
04-12-2013 10:09 PM
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ElJefe Offline
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Post: #190
RE: Bitcoins up 60% in less than a month
(04-12-2013 09:05 AM)NY Digital Wrote:  A lot of money is exchanging hands. I.E. People getting rich or people getting broke.

I'm getting broke.

Have been trading on BitFinex because you can do margin trading and shorting, but I've been destroyed. Several of my orders were not executed and the system doesn't tell you that you can only trade if you route via BitFinex's own exchange when it actually indicates you can use MTGOX. Goodbye 2k!

I'm down to 0.8 btcs. What a lulz

A year from now you'll wish you started today
(This post was last modified: 04-13-2013 02:30 AM by ElJefe.)
04-13-2013 02:30 AM
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pants Offline
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Post: #191
RE: Bitcoins up 60% in less than a month
If i wasn't already in, i would seriously gone in when it was in lower 50-60. That was a cheap opportunity right there.

Bitcoin vs litecoin imo, they might both coexist like gold and silver coexist as precious metals. But i can't see a market for more than two major currencies.

litecoin have some slight different characteristics, but in the end they are mostly the same.
only advantage litecoin offer over bitcoin is the faster transaction time. In a tech world, you have to have a much better product to over win the existing one, as the user mass are lazy, and wont switch to a product of same standard. Google+ offered non over facebook, and failed.

I can't see the algorithm which do not optimize for GPU, but on CPU instead as an advantage. it's just different.
04-13-2013 05:54 AM
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ElJefe Offline
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Post: #192
RE: Bitcoins up 60% in less than a month
Is 116 the new normal?

A year from now you'll wish you started today
04-13-2013 06:12 AM
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pants Offline
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Post: #193
RE: Bitcoins up 60% in less than a month
Imo, numbers under 100 are just temporary dips, and not real value.

Seems like the market have "stabilized". A lot of people got burned, heard of young guys cashing out student loan to buy bitcoins. This fear will stick around for at least a month. Hope we go back to "moderate" growth of 10% per month Smile

You found any coins to short?
04-13-2013 06:19 AM
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Branimir Offline
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Post: #194
RE: Bitcoins up 60% in less than a month
Those bitcoins progressions are quite exciting to see.
It always seems to kinda be wobbling up and down.
But I can see it growing, given the Euro crisis won't stop and they'll consider to take people's cash from the bank account not only in Cyprus, but in other countries too.
04-13-2013 07:05 AM
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ElJefe Offline
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Post: #195
RE: Bitcoins up 60% in less than a month
Yeah, but I was not careful and greed got the better of me. Got annihilated.

Am down to 0.77 btcs. This is the last of what I got. Will try and make it grow, but it's like a guerilla campaign, haha

A year from now you'll wish you started today
(This post was last modified: 04-13-2013 07:20 AM by ElJefe.)
04-13-2013 07:17 AM
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Rah Offline
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Post: #196
RE: Bitcoins up 60% in less than a month
Mt Gox's terrible lag and instability makes day trading kind of insane. You can't even get reliable price data on the exchange that drives all prices of all coins.

Still waiting for another big crash to get back in.
04-13-2013 02:51 PM
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NY Digital Offline
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Post: #197
RE: Bitcoins up 60% in less than a month
BTC-e.... screw Gox
04-13-2013 03:42 PM
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Hencredible Casanova Offline
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Post: #198
RE: Bitcoins up 60% in less than a month
(04-12-2013 08:54 PM)el mechanico Wrote:  
(04-12-2013 06:25 PM)Hencredible Casanova Wrote:  Where can you buy litecoin for cash?
I'll give you some for entertainment. How many do you want?

Haha. However many you can. I'll PM you my digi address.
04-13-2013 05:31 PM
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tjuan Offline
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Post: #199
RE: Bitcoins up 60% in less than a month
When "mining" is the GPU being rented, ie. solving something or used for encoding? I'm having trouble understanding where this money is coming from - if by buying a bitcoin with cash, is one essentially buying currency backed by rented GPU power?
04-14-2013 09:46 AM
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pants Offline
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Post: #200
RE: Bitcoins up 60% in less than a month
No. Compare it to gold.

To find gold, you need a hoe, to find bitcoins you need a GPU.

However you can buy gold without finding it yourself, similar with bitcoin.

However if you lose your pick, you don't lose the gold you discovered with it. Same thing with bitcoins.

Only difference is you actually would need a network in order to transfer a bitcoin. But if the internet got switched off today, the bitcoin would still be there when switched on again.
04-14-2013 10:16 AM
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