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The Bitcoin (BTC) thread
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JayJuanGee Offline
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Post: #2376
RE: The Bitcoin thread
(11-11-2015 02:31 AM)rdvirus Wrote:  Well that was quick.. Wonder where we will level off now. Going to be buying on the way down.

$300.30 for a low today @ bitstamp prices


I agree with you about the quickness of it all.

In the past few days, there were several retesting of $350, so by yesterday, $350 had seemed like the bottom of the $502 correction.

Then within hours, there was a pretty strong testing with heavy volume of $320, and therefore that $320 kind of seemed like it could have been the real bottom.

In the past 24 hours, $300-ish has been tested twice, and since the second test of $300-ish was met with a medium level of volume, it seems likely that $300 will be tested again.

I had quite a few buy orders that were automatically filled, so even though I have more BTC, I would feel better if prices go up, rather than down.

I am set up so that I am likely going to continue to be able to buy all the way down to $220 or so, and I suppose, even though I would have quite a bit more BTC at that price point, that price point would be a bit disappointing - given the recent surge to $502.
11-11-2015 04:23 PM
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JayJuanGee Offline
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Post: #2377
RE: The Bitcoin thread
(11-11-2015 07:02 AM)SunW Wrote:  
(11-11-2015 02:31 AM)rdvirus Wrote:  Well that was quick.. Wonder where we will level off now. Going to be buying on the way down.

$300.30 for a low today @ bitstamp prices

I'll buy a bunch if it goes below $250 again. I need to find a trading platform where I can place a good-til-canceled buy, just in case it drops below $200, like it this year.

Meanwhile, gold and silver are still too high for me. I'm also watching platinum; if it drops below $800, I'll get a bunch of it.

Bitcoin does seem to overshoot, and to me it seems a bit overshot at the moment.

Nonetheless depending on your own particular financial particulars and your risk profile, it could be better to wait for much lower price points.

Probably, I would have called you crazy when we were in the upper $300s to be shooting for $250 or $200; however, after the price performance of the past about 36 hours, any of those numbers seem within the realm of possibilities, given bitcoin's tendencies to overshoot.
11-11-2015 04:58 PM
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SunW Offline
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Post: #2378
RE: The Bitcoin thread
(11-11-2015 04:58 PM)JayJuanGee Wrote:  Probably, I would have called you crazy when we were in the upper $300s to be shooting for $250 or $200; however, after the price performance of the past about 36 hours, any of those numbers seem within the realm of possibilities, given bitcoin's tendencies to overshoot.

Yes, it's been some interesting times. Bitcoin never bores.
11-11-2015 06:02 PM
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JayJuanGee Offline
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Post: #2379
RE: The Bitcoin thread
(11-11-2015 06:02 PM)SunW Wrote:  
(11-11-2015 04:58 PM)JayJuanGee Wrote:  Probably, I would have called you crazy when we were in the upper $300s to be shooting for $250 or $200; however, after the price performance of the past about 36 hours, any of those numbers seem within the realm of possibilities, given bitcoin's tendencies to overshoot.

Yes, it's been some interesting times. Bitcoin never bores.



Recently, I had been getting a little frustrated trying to trade the various smaller swings, it causes needs to pay attention on a daily basis and in these high volume trading times, needs for attention on a nearly hourly basis... which had been causing me to become somewhat exhausted watching the ups and downs and the changes in market direction - hard to explain except by some variations of insider abilities of whales to move fiat more quickly than others. Not only do they seem to have lots of coins, but there must be some ability to get them quickly and without causing the exchange price to go up... and the main exchange to observe is certainly Stamp.

Sure there is money to be made to continue to trade regularly during volatile times, and it can be a little bit of fun when trades are going well.

On the other hand, it is very time-consuming to be watching volatility and spurts in the price, and so far, since I had been trying to play safe in my trades, I had not really been playing with enough money at time to make it a very productive use of my time. There was one day that I traded $20k in a day, but even that was not very profitable because it was a lot of back and forth of anywhere between $100 and $2000 at a time.

Since I think that I have gotten enough practice to get the hang of trading, if needed, I'm thinking about modifying my trading strategy to only play the bigger swings. I never really wanted to become a day trader, and I kind of like the self-description of BTC swing trader (rather than BTC day trader).

Nonetheless, I recognize the concept of "bigger" swings to be relative, and therefore, maybe just a slippery slope that could have the potential, from time to time, to drag me back down into the quagmire of day trading - but I am going to attempt to figure out ways to lessen the frequency of that kind of activity, unless I am just feeling in the mood for such playing around...

And, really, since bitcoin remains so volatile, there seem to be a large frequency of "bigger" swings, especially in recent times (the past few weeks).
11-13-2015 05:03 AM
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SunW Offline
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Post: #2380
RE: The Bitcoin thread
Something shifted in the past twelve hours; bitcoin broke $350 on three of the major exchanges.
11-26-2015 07:18 AM
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JayJuanGee Offline
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Post: #2381
RE: The Bitcoin thread
(11-26-2015 07:18 AM)SunW Wrote:  Something shifted in the past twelve hours; bitcoin broke $350 on three of the major exchanges.


Yes. I recognize that nearly 36 hours have passed since you made your above post, and really it has been difficult to know or to assess BTC's various price movements and/or to attempt to determine how many big fish are manipulating BTC's price in either direction.

As a smaller fish (I will assume), we can attempt to recognize that the trend is our friend, even while we may have difficulties predicting price directions within the various trends (either shorter term or longer term trends).

Currently it appears that the BTC price trend is heading upwards and $400 and maybe even $500 again seem to be within sight, even though we also may need to protect ourselves for the potential reversal into the downward direction.

A week and even two weeks ago I was attempting to prepare and protecting myself for sub$300, and in recent days, sub$300 prices have been seeming less and less probable and sub$300 seems to be moving considerably out of striking distance.

Never say never in bitcoinlandia..... though I am getting a pretty decent feeling about bitcoin's price direction into the holiday season and into the new year.
11-27-2015 05:06 PM
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SunW Offline
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Post: #2382
RE: The Bitcoin thread
This may explain some of the recent movements. I highly recommend the video and discussion; very solid stuff.
11-27-2015 08:19 PM
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JayJuanGee Offline
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Post: #2383
RE: The Bitcoin thread
(11-27-2015 08:19 PM)SunW Wrote:  This may explain some of the recent movements. I highly recommend the video and discussion; very solid stuff.

Sure that is a bullish article and video clip, yet a lot of these bullish circumstances have continued to exist for much longer than the past couple of years, yet bitcoin prices have remained fairly bearish and flat in the past couple of years.

Don't get me wrong. I surely expect that at some point it is going to become more and more difficult for the big bear whales to keep BTC prices down, and personally I have assessed that the trade volume increase since late august and the more or less upward price movements since then amounts to a trend reversal that is largely going to be difficult to bear whales to contain.

On the other hand I still maintain some worries about the extent to which btc is going to be able to achieve a new all time high and my own wonderings regarding how long such a process could take. Personally, I believe that the BTC infrastructure is ready and able to support $10k plus BTC prices - yet I question whether we will witness such price increases in a week, a month, a year or in 10 years? quite the range of possibilities and uncertainties remain in my own perspective.
11-27-2015 09:39 PM
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SunW Offline
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Post: #2384
RE: The Bitcoin thread
Quote:Sure that is a bullish article and video clip, yet a lot of these bullish circumstances have continued to exist for much longer than the past couple of years, yet bitcoin prices have remained fairly bearish and flat in the past couple of years.

I think we're seeing many global products being built around bitcoin, like BitBank, which don't happen immediately, though the innovation in bitcoin is much faster than the fiat system. These products are also not recognized by the markets immediately. The speculators are slowly being replaced by the savers and investors, who are using bitcoin to generate returns through savings, CDs, loans, and bitcoin stocks. The major difference between the former and latter is the time horizon of the latter is much longer.
11-28-2015 09:29 AM
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Independent1 Offline
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Post: #2385
RE: The Bitcoin thread
I'm looking to get into trading bitcoins, I'm wondering how long it takes to buy/sell bitcoins at will. My plan is to buy bitcoins and just wait until they go up 1.5-2 times the price (obviously this could time waiting), my question is when they are dramatically increasing/decreasing is it easy to get rid of them?
11-30-2015 11:13 PM
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JayJuanGee Offline
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Post: #2386
RE: The Bitcoin thread
(11-28-2015 09:29 AM)SunW Wrote:  
Quote:Sure that is a bullish article and video clip, yet a lot of these bullish circumstances have continued to exist for much longer than the past couple of years, yet bitcoin prices have remained fairly bearish and flat in the past couple of years.

I think we're seeing many global products being built around bitcoin, like BitBank, which don't happen immediately, though the innovation in bitcoin is much faster than the fiat system. These products are also not recognized by the markets immediately. The speculators are slowly being replaced by the savers and investors, who are using bitcoin to generate returns through savings, CDs, loans, and bitcoin stocks. The major difference between the former and latter is the time horizon of the latter is much longer.


Actually, there is likely a lot of truth to both of your observations. Not only are the offering of bitcoin related products and bitcoin instruments becoming much more various and versatile, the population of bitcoin users are becoming more varied too in order to take advantage of the ever increasing variety of products and appeal.

Nonetheless, many of us watching the bitcoin space have also commented about how far these various products still need to go to become more user friendly to increase user adoption even more.

Nonetheless - about one year of driving BTC prices lower (which some may characterize as a correction), and then nearly another 3/4 of a year of relatively flat prices (and further attempts to drive BTC prices lower) have likely caused many to believe that the bottom is in, and the extent of the drop in this latest round has already been thoroughly tested. Yes, there are a few naysayers and a likely minority who are continuing to wait for sub $200 coins - which seems increasingly unlikely - as well as increasingly unlikely that we are going to experience sub-$250 coins.


I do get a sense that the base of coins is getting bigger, though I continue to wonder about the distribution of coins and whether there may be some big players who have shook the coins out of the hands of various weaker players - likely a bit of both going on.... and we cannot deny that in the past couple of years, there has been considerable international spreading of the word and utility of bitcoin (but still quite a bit more work to be done, and a lot more potential for such spreading, from my understanding).
12-01-2015 12:40 PM
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JayJuanGee Offline
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Post: #2387
RE: The Bitcoin thread
(11-30-2015 11:13 PM)Independent1 Wrote:  I'm looking to get into trading bitcoins, I'm wondering how long it takes to buy/sell bitcoins at will. My plan is to buy bitcoins and just wait until they go up 1.5-2 times the price (obviously this could time waiting), my question is when they are dramatically increasing/decreasing is it easy to get rid of them?

Maybe we need to find out more about how you plan to execute your trading?

If you are in the USA, bitcoins are very liquid and very quickly liquid through services like Circle, Coinbase and even Gemini... .

There are a multitude of other liquidation options too, that seem to be relatively safe, as long as you are not too concerned about hiding your profits. If you want to hide your profits, then your liquidation options may be more limited, though not impossible if, for example, you were to find someone through local bitcoins or even some bitcoin meet-up or someone else who may be willing to have a relationship with you (like an agreement that they will buy or sell bitcoins from you within a certain market price range).

Personally, if your goals are as you stated to attempt to trade with 50% to 100% profits on those kinds of price swings, then I believe that you should start out much smaller and to practice a little bit.. and there may be periods that you are waiting a long time and such swing direction may not occur.

Yes, price movements in bitcoin can be quite violent and radical in either direction, which also seems to cause considerable potentiality of getting burnt too, when you are attempting to time and/or to predict the direction of BTC's price.

You could attempt to do both trading in smaller ranges and trading in larger ranges with different lumps of money.... but with any asset that you attempt to trade, it will be good for you to study some of the underpinnings, beyond merely the price history and the charts in order to get a better feel for what makes it tick.. Bitcoin is a bit of a special animal and even the ability to trade on a multitude of platforms 24/7 and even with very small and maybe even non-existent fees brings certain interesting price movements and potentialities to trade profitably in smaller price ranges (and even if you are not doing it, you gotta realize that others are) and your questions regarding liquidity ease suggest to me that you are really a "newbie" to the bitcoin space - and newbies can get burnt fairly badly if they do not realize or recognize certain unique dynamics in bitcoin's trading space (even though you may be bringing other trading and/or life skills to the table).
12-01-2015 01:02 PM
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SunW Offline
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Post: #2388
RE: The Bitcoin thread
The Fed is claiming that they'll raise interest rates this month, and Mario's QE wasn't a big deal. The markets reacted with swings. As I posted in another thread:
Quote:Interesting: gold and silver are soaring with an interest rate increase on deck (US) and Mario not unleashing as much money as everyone hoped (EU). In fact, the Dollar is also up with precious metals.

Very odd.

Bitcoin didn't.

Solid market feedback here and it might indicate who's heavily using it more. I want to see if over this month this is confirmed.
(This post was last modified: 12-05-2015 10:10 AM by SunW.)
12-05-2015 10:10 AM
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Independent1 Offline
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Post: #2389
RE: The Bitcoin thread
(12-01-2015 01:02 PM)JayJuanGee Wrote:  
(11-30-2015 11:13 PM)Independent1 Wrote:  I'm looking to get into trading bitcoins, I'm wondering how long it takes to buy/sell bitcoins at will. My plan is to buy bitcoins and just wait until they go up 1.5-2 times the price (obviously this could time waiting), my question is when they are dramatically increasing/decreasing is it easy to get rid of them?

Maybe we need to find out more about how you plan to execute your trading?

If you are in the USA, bitcoins are very liquid and very quickly liquid through services like Circle, Coinbase and even Gemini... .

There are a multitude of other liquidation options too, that seem to be relatively safe, as long as you are not too concerned about hiding your profits. If you want to hide your profits, then your liquidation options may be more limited, though not impossible if, for example, you were to find someone through local bitcoins or even some bitcoin meet-up or someone else who may be willing to have a relationship with you (like an agreement that they will buy or sell bitcoins from you within a certain market price range).

Personally, if your goals are as you stated to attempt to trade with 50% to 100% profits on those kinds of price swings, then I believe that you should start out much smaller and to practice a little bit.. and there may be periods that you are waiting a long time and such swing direction may not occur.

Yes, price movements in bitcoin can be quite violent and radical in either direction, which also seems to cause considerable potentiality of getting burnt too, when you are attempting to time and/or to predict the direction of BTC's price.

You could attempt to do both trading in smaller ranges and trading in larger ranges with different lumps of money.... but with any asset that you attempt to trade, it will be good for you to study some of the underpinnings, beyond merely the price history and the charts in order to get a better feel for what makes it tick.. Bitcoin is a bit of a special animal and even the ability to trade on a multitude of platforms 24/7 and even with very small and maybe even non-existent fees brings certain interesting price movements and potentialities to trade profitably in smaller price ranges (and even if you are not doing it, you gotta realize that others are) and your questions regarding liquidity ease suggest to me that you are really a "newbie" to the bitcoin space - and newbies can get burnt fairly badly if they do not realize or recognize certain unique dynamics in bitcoin's trading space (even though you may be bringing other trading and/or life skills to the table).


I simply just planned on waiting for bitcoins to go to a price that seems on the lower end of the scale (according to price of the last 1 year), simply invest X amount of money during that time. Then just wait for the price to rise and sell when I want, I see this could take time and may not happen for a while.
12-06-2015 10:53 PM
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JayJuanGee Offline
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Post: #2390
RE: The Bitcoin thread
(12-06-2015 10:53 PM)Independent1 Wrote:  
(12-01-2015 01:02 PM)JayJuanGee Wrote:  
(11-30-2015 11:13 PM)Independent1 Wrote:  I'm looking to get into trading bitcoins, I'm wondering how long it takes to buy/sell bitcoins at will. My plan is to buy bitcoins and just wait until they go up 1.5-2 times the price (obviously this could time waiting), my question is when they are dramatically increasing/decreasing is it easy to get rid of them?

Maybe we need to find out more about how you plan to execute your trading?

If you are in the USA, bitcoins are very liquid and very quickly liquid through services like Circle, Coinbase and even Gemini... .

There are a multitude of other liquidation options too, that seem to be relatively safe, as long as you are not too concerned about hiding your profits. If you want to hide your profits, then your liquidation options may be more limited, though not impossible if, for example, you were to find someone through local bitcoins or even some bitcoin meet-up or someone else who may be willing to have a relationship with you (like an agreement that they will buy or sell bitcoins from you within a certain market price range).

Personally, if your goals are as you stated to attempt to trade with 50% to 100% profits on those kinds of price swings, then I believe that you should start out much smaller and to practice a little bit.. and there may be periods that you are waiting a long time and such swing direction may not occur.

Yes, price movements in bitcoin can be quite violent and radical in either direction, which also seems to cause considerable potentiality of getting burnt too, when you are attempting to time and/or to predict the direction of BTC's price.

You could attempt to do both trading in smaller ranges and trading in larger ranges with different lumps of money.... but with any asset that you attempt to trade, it will be good for you to study some of the underpinnings, beyond merely the price history and the charts in order to get a better feel for what makes it tick.. Bitcoin is a bit of a special animal and even the ability to trade on a multitude of platforms 24/7 and even with very small and maybe even non-existent fees brings certain interesting price movements and potentialities to trade profitably in smaller price ranges (and even if you are not doing it, you gotta realize that others are) and your questions regarding liquidity ease suggest to me that you are really a "newbie" to the bitcoin space - and newbies can get burnt fairly badly if they do not realize or recognize certain unique dynamics in bitcoin's trading space (even though you may be bringing other trading and/or life skills to the table).


I simply just planned on waiting for bitcoins to go to a price that seems on the lower end of the scale (according to price of the last 1 year), simply invest X amount of money during that time. Then just wait for the price to rise and sell when I want, I see this could take time and may not happen for a while.


Yes, but if you are waiting for up and down swings, then if you study the history of bitcoin's price movement, you may notice that certain price swings may never happen again.

For example after the first few years and I believe into 2011, bitcoin prices did not return below $2.

Then after September 2012, bitcoin prices never returned below $10.

Then after march 2013, bitcoin prices never returned below $60

And after November 2013, bitcoin prices never returned below $150

In other words, there are going to be swings in bitcoin prices, but it may not return to certain price points or price ranges (and it is possible that currently $200 or even $250 or even an outlier of $350 are some of those price points that will never come again.... unless there is some catastrophic bitcoin failure.

Don't get me wrong, I do have a sense that $350 is again possible, but I believe also that it is good to get some skin in the game right away, rather than waiting around for pie in the sky moments that may pass so quickly that it is difficult to time and to catch the falling knife.

On the other hand, if you personally believe that it is prudent for you to wait, then you are entitled to make that decision for yourself, and you certainly are the one who is in the best position to decide what is best for you.
12-07-2015 02:23 AM
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DamienCasanova Offline
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Post: #2391
RE: The Bitcoin thread
http://www.wired.com/2015/12/bitcoins-cr...an-genius/

http://www.zerohedge.com/news/2015-12-09...in-founder

Did they finally catch Satoshi Nakamoto?

If Australia seized millions in bitcoins, wow prices will skyrocket.
(This post was last modified: 12-10-2015 01:14 AM by DamienCasanova.)
12-10-2015 01:03 AM
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JayJuanGee Offline
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Post: #2392
RE: The Bitcoin thread
(12-10-2015 01:03 AM)DamienCasanova Wrote:  http://www.wired.com/2015/12/bitcoins-cr...an-genius/

http://www.zerohedge.com/news/2015-12-09...in-founder

Did they finally catch Satoshi Nakamoto?

If Australia seized millions in bitcoins, wow prices will skyrocket.


There seems to be pretty decent evidence that Wright could be Nakamoto - though, at this point such evidence is still being questioned.

Regarding the stash of 1.1 million BTC, it would likely not be bullish for those coins to be either released into the BTC market or to be seized by the Australian (or any other government). The articles do suggest that the 1.1 million coins are tied up in a trust until 2020 - yet if they were to be seized by government officials, there could be a question whether such trust could be broken in the event that irregularities were determined to have occurred in the creation or perpetuation or honoring of such trust terms.
12-10-2015 01:47 AM
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SunW Offline
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Post: #2393
RE: The Bitcoin thread
It's unlikely that Satoshi has been discovered (I still think it's multiple people, but whatevs). From the blog they link:
Quote:Needless to say, Craig S. Wright did not fit the bill. The Internet has gone to town on his purported credentials and mile-long Linked-In profile, now wiped. His PhD theses cannot be located, the supercomputer he claims to have built cannot be found, and the support letter from SGI doesn't read like any other support letter I've seen. He is in trouble with the Australian tax authorities, allegedly for having received tax breaks for R&D work that seems not to have taken place. None of this matches what he told me about his background, which was that he was the CTO of an overseas gambling operation.
...
The Wired story itself pointed out that the entries in his blog that discussed Bitcoin, dated 2008, were inserted in 2013. They contain words like cryptocurrency which were coined in 2010 at the earliest. The PGP keys that were leaked contain references to crypto constructs that were not incorporated into PGP until 2010.
...
I'm suprised that some of the journalists noticed that there were potentially forged portions of the leaked data, and chose to ignore them. Surely, everyone must know how easy it is to forge emails. But, ironically, timestamping services such as the Internet Archive (and also, Bitcoin) are harder to fool. In this case, the Internet Archive seems to have caught the backdated blog posts, which point out a clear attempt to deceive. There's a big difference between a case that has weak evidence versus a case where the evidence contains forged elements. The latter requires a full explanation of the forger, their relationship to the story, and should put the entire story at risk. You can't just look past that inexplicable problem and focus on the rest. The story changes the moment a piece of the evidence is forged.

Great read and I've added his blog to my reader (his twitter: https://twitter.com/el33th4xor/). This guy did more research than all the "paid journalists" did. The real reason for discovering the bitcoin founder is to smear the idea - that's what they really want. Look how many media stories now are writing "He invented bitcoin to avoid taxes" or "He created bitcoin because he's bankrupt." None of them realize the idea's value; these people are completely incapable of thought.
(This post was last modified: 12-11-2015 06:22 PM by SunW.)
12-11-2015 05:53 PM
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SunW Offline
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Post: #2394
RE: The Bitcoin thread
And for my current take on bitcoin's price, especially this month:
Quote:Let's assume that the markets are pricing in an interest rate increase and have priced in the ECB's disappointing depth of QE this last time, meaning things are going to get tighter. The USD and EURO have kind of bounced around and many people may flee to cash if things get too squishy.

What about bitcoin? According to Bitstamp, since December 1rst bitcoin is up almost one hundred dollars, and yet things have gotten "tighter" in December (from the ECB) with an expectation of more tightening from the Fed.

I don't know if this trend will continue, but if it does, it's over for central banks. If bitcoin rises, as things get tighter, it means a portion of the markets have given up on central banks. The Fed and ECB better hope any interest rate increase lowers the value of bitcoin; otherwise, they've lost a ton of power and a decentralized system is on deck.
12-11-2015 06:20 PM
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JayJuanGee Offline
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Post: #2395
RE: The Bitcoin thread
The below mainstream article in Forbes, is really bullish on bitcoin.... giving us 10 reasons to like bitcoin as a December 2015 investment.


http://www.forbes.com/sites/laurashin/20...mber-2015/

The bitcoin news has been really great lately, which probably also affects the price.

hang on boys!!!! The rocket (or is it train?) seems to have pretty decent momentum... that may even fuel growth passed the previous ATh - into the $3k to $5k territory as I have been continuing to suggest is the approximate arena for the next BTC bubble - and also frequently BTC overshoots expectations, whether that be upwardly or otherwise.
12-11-2015 09:28 PM
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JayJuanGee Offline
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Post: #2396
RE: The Bitcoin thread
hopefully, some RVF guys have jumped back into BTC in the past few months; however, I am thinking some of RVF guys may have become a bit bearish about BTC over the past couple of years and may not be jumping back in this time around until $600 or so, which still may be o.k. if BTC prices go into the $3k to $5k territory for the next bubble.

In other words, investing in BTC still seems to be pretty early if the $3k to $5k theory plays out.

Actually, just to be fair regarding a ballpark of my own BTC investment, as I type with prices in the $460s my personal portfolio of BTC is still approximately 6% in the red (that's including various fees and related expenses that I folded into my BTC expenses)
12-11-2015 10:08 PM
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SunW Offline
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Post: #2397
RE: The Bitcoin thread
Very good JJG on how close you are to being in black. I think it's just us two who've been in bitcoin for a while. From the other pages, most other members threw in the towel. I'm targeting my cost basis of bitcoins to be less than $10 per bitcoin two years from now by earning more bitcoins through BLC. If I don't do as well as I want, I still should be in the $20-25 range.

Since inflation has received some attention, I wanted to see how well bitcoin has done in high inflation/hyperinflation countries:

BTC to UAH
BTC to RUB
BTC to ARS

Bitcoin does very well in periods of high inflation/hyperinflation according to the graphs I looked at.
12-13-2015 12:16 PM
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JayJuanGee Offline
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RE: The Bitcoin thread
(12-13-2015 12:16 PM)SunW Wrote:  Very good JJG on how close you are to being in black. I think it's just us two who've been in bitcoin for a while. From the other pages, most other members threw in the towel. I'm targeting my cost basis of bitcoins to be less than $10 per bitcoin two years from now by earning more bitcoins through BLC. If I don't do as well as I want, I still should be in the $20-25 range.

Since inflation has received some attention, I wanted to see how well bitcoin has done in high inflation/hyperinflation countries:

BTC to UAH
BTC to RUB
BTC to ARS

Bitcoin does very well in periods of high inflation/hyperinflation according to the graphs I looked at.


I believe that bitcoin is poised for some real explosive times in the very near future.

Whether actual explosive times materialize is certainly a question of several factors playing out, and possibly that we are not being played by some of the big bear whales. I understand that over the past couple of years a lot of BTC investors, including myself, have become very skittish regarding the future price direction of bitcoin and real fears of being dumped on... because such dumpings have happened so many times in the past couple of years, especially when sentiments begin to turn and BTC investors begin to believe that we are leaving or that we have already left the bear market. Sooner or later it is going to be irrefutable that we left the bear market, and by that time, it will become much too late to extrapolate awe inspiring profits from being "in" bitcoin.

Regarding my own BTC portfolio, I remain very happy with it overall, but it is certainly nowhere near the average price per BTC ballpark as yours. So, yep, different dynamics at play with me, that is for sure. Just to assist you to follow my discussion, my current BTC average price is about $500.

I do believe that my average price per BTC is going to continue to come down and to come down considerably once my portfolio gets into the black; however, let me outline some reasons why I believe average price per BTC is not my perception of any kind of controlling indicator of the health of my BTC portfolio (even if that were my only investment).

As I mentioned, through 2015, I had been able to accumulate quite a few BTC below $300 (and even quite a few below $250); however, in the first several months of 2015, I experienced some mostly non-btc related cashflow issues that interfered with my abilities to accumulate as many coins as I could have and to better bring down my average cost per BTC.

In any event because of my overall continued accumulation of BTC through that period, I was able to come to a reasoned determination to put fiat into my BTC-related accounts and to begin (selling/trading at $250 and above).

Accordingly, my BTC selling was designed to provide some insurance for me in terms of potential future price drops, but it also had a side effect of causing my overall cost per BTC to go up a bit. Anyhow, I believe that I described enough of my particulars to give a pretty decent idea of my situation, and my BTC trading remains ongoing with various staggered dollars in my account along the way and prepared in case the price comes back down. – which is seeming less and less likely while this BTC market is continuing to appear to steam up and good and great news is continuing to flood the space – but never say never in bitcoinlandia.

Regarding RVF’ers participation in the bitcoin buying/selling/investing market, I believe that there may be a few closeted RVF investors that do not really want to chime in on this thread and they may even reasonably fear jinxing any kind of BTC investment that they may have made because such changes in BTC price trends have already occurred so many times in the past two years.

On the other hand, there may be a few RVF’ers who come out of the woodworks and proclaim in various ways about how they “killed it” in the BTC space in various ways.. and “I told you so,” etc, etc. RVF’ers are not the only guys who are prone to such desires for self congratulations – even though sometimes it seems that there may be a bit more tendency towards that in the RVF space.

I am looking forward to more bitcoin discussion, at some point soon, though.
12-13-2015 07:42 PM
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RE: The Bitcoin thread
SunW,

You are making BLC (Blakecoin) to convert to bitcoin?

A couple years ago I looked to try and make some cryptocurrency but ran into a few issues (hardware).

Is it attractive to do so now?

Fate whispers to the warrior, "You cannot withstand the storm." And the warrior whispers back, "I am the storm."

Women and children can be careless, but not men - Don Corleone

Great RVF Comments | Where Evil Resides | How to upload, etc. | New Members Read This 1 | New Members Read This 2
12-13-2015 08:26 PM
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JayJuanGee Offline
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RE: The Bitcoin thread
(12-13-2015 08:26 PM)samsamsam Wrote:  SunW,

You are making BLC (Blakecoin) to convert to bitcoin?

A couple years ago I looked to try and make some cryptocurrency but ran into a few issues (hardware).

Is it attractive to do so now?


Thanks Sam for highlighting a portion of SunW's earlier post.

I had not really pick-up on the significance of SunW's mentioning of BLC (Blakecoin) in connection with his interest in Bitcoin until after you mentioned it.

Certainly, a variety of alts have some relationship to bitcoin both in terms of some of their copy cat nature, but also in terms of their contributory aspects, in that in the future, bitcoin may be adopting some of the more successful features of some of the alts.

In various bitcoin forums, alts tend to be distractions from the bitcoin conversation, and tend to lead astray of the bitcoin conversation.

If you look at coinmarketcap,

http://coinmarketcap.com/all/

you will see nearly 700 alt coins, and blakecoin occupies 238 - and in other words, there appears to be nearly 700 alt coin ways to get off topic.

If you recall about 1.5 years ago, there were zillions of alt distractions after some programs that came out allowing very easy making of alts. IN recent times, creating alts seem less prevalent, and currently institutions are creating or imitating "blockchain" which could be characterized as other kinds of alts... which will likely in the end bring many of them back to bitcoin.

I understand your question was more personal and individualized in regard to creating alts and embarking upon implementation and the practicality of it all, so it may be interesting to hear about how some of this could relate to bitcoin.
12-13-2015 09:29 PM
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