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The Bitcoin (BTC) thread
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JayJuanGee Offline
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Post: #951
RE: Bitcoins up 60% in less than a month
(01-01-2014 07:05 PM)Maciano Wrote:  Well, that's it, deepdiver's strong arguments & profound logic made me see the light.

Are you for real? DDiver seems to be coming to the BTC thread and denigrating any of us guys involved in BTC and thereafter pimping some other unknown personal product (that's NOT BTC).

Am I reading this wrong or failing to recognize some kind of humor? And plus we find out from an astute observation of Svenski 7 that D_Diver is NOT human, but instead some kind of sea vessel... which seems to make sense, given DD's RVF name.
01-01-2014 09:54 PM
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Post: #952
RE: Bitcoins up 60% in less than a month
@D_Diver: If that is a Japanese torpedo boat...well, that's fucking awesome.
01-01-2014 10:55 PM
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JayJuanGee Offline
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Post: #953
RE: Bitcoins up 60% in less than a month
I want to do a little bit of an update about how my bitcoin (BTC) dollar cost averaging is working out.

As many of you may recall, in late November 2013, I started my own variation of modified front loading dollar cost averaging when BTC was at its recent $1,200 peak.

At the close of the year, on 12/31/13, with about one month’s investing and the acquisition of about 14.5 BTC, I was at about negative 2.5% since at the end of the year, I could have cashed out at about $750, and my then average price per BTC was at about $761 (accordingly, I am also adding in a 1% transaction fee, if I were to cash out on Coinbase).

Today, however, I could have cashed out at $795, which would have been a 3.5% profit in BTC.

As many of you may realize, I have NO intent to cash out anytime soon, and the amount of volatility that has occurred in the last month was within expectations – even though as it is occurring, we do NOT know whether BTC price is going to recover or NOT or by how much or whether BTC price is going to drop some more. No one wants to buy high and sell low, but as volatility occurs, we do NOT know what is going to happen.

Anyhow, into the next several months, I plan to continue to dollar cost average, even though I really have little idea about the direction of BTC, but my amateur readings of the indicators seem to show that BTC is more likely to go up rather than to go down.

Alternative Crypto Currencies:
Even though at this point, I am asserting to have invested in 14.5 BTC; however, during the past month, I have diverted about 2.5 of those BTC to various Alternative Crypto currencies (each of the seven listed on BTC e). Pretty much throughout the month of December 2013, my investment in those alt crypto currencies was losing value, which caused me to consider whether it is worth it to stay in the alt crypto currencies, when I hardly know anything about them – except for the fact that they are sufficiently recognized as to be traded on BTC e.

Throughout the last couple of days, these various alt cryptos have been doing very well on the exchange, and they have pretty much made up their lost values through December and overall, as a whole, the package of those alt crypto currencies are currently worth about the same amount as I have invested into them.

Even though I have various reservations about the alt crypto currencies, likely, I am going to keep my low ratio of investment in them, mostly as a means to create an incentive for me to pay attention to them, but without a large enough investment to break my bank. So, likely in the near future, absent some revelatory and relevant news, I intend to continue to invest more than 85% of my cryptocurrency investment into BTC.. and dabble less than 15% of my cryptocurrency investments in alt currencies.

Since about December 21, 2013, I have been moving away from a belief that I need to invest in BTC on a daily basis, and primarily, I have been getting the sense that I am becoming sufficiently front loaded in my investment in BTC… to feel that I have some stake in the game. So, now I am considering investing larger amounts of my limited resources on price dips and lesser amounts on a daily basis (and even skipping days, in anticipation of price dips); however, I will continue to invest every few days, even if the BTC price keeps going up – even though my inclination is to buy when BTC price goes down and to sell when it goes up (even though I am NOT practicing the selling part – therefore selling to me means to buy less when BTC prices are going up).

Do guys have any thoughts about the direction of BTC prices? We still have ongoing China and India restrictions; however, on the other hand there is a lot of BTC infrastructure continuing to be created throughout the world, including the expansion of BTC ATMs in Israel. And, generally, it seems that BTC’s user base is continuing to go up.


Finally, Rhodri Marsden’s article from today threw me for a little bit of a loop. He claims to be a tech writer; however, he does NOT really seem to be writing from a perspective that is informed about BTC (which is common for a lot of these mainstream writers who seem to be spewing out several myths and scare tactics without really getting at core contentions).
http://www.independent.co.uk/life-style/...35507.html

One quote I found interesting in Marsden’s article is that he found four categories of BTC users:

Quote:“Bank of America has said that Bitcoin may emerge "as a serious competitor to traditional money providers" – but that feels like a long way off. Bitcoin users fall into four categories: tech-heads fascinated by the maths; traders trying to make a fast buck; a few people trying to buy ecstasy; and libertarians who see its use as some kind of political statement, a method of escaping the scrutiny of government.”

Personally, I felt that I do NOT fall in any of those four categories. How about you guys? Do you fall in one of the four categories?
(This post was last modified: 01-02-2014 11:30 PM by JayJuanGee.)
01-02-2014 11:27 PM
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el mechanico Offline
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Post: #954
RE: Bitcoins up 60% in less than a month
That's nice Jay Juan. I don't think any of us are on the same page. In other news I pumped NMC starting last night today and been back in fiat since 4 pm.
01-02-2014 11:58 PM
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LeBeau Offline
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Post: #955
RE: Bitcoins up 60% in less than a month
Alright I'm going to be making my first purchase soon.

Any suggestions for buying in Canada?

I've seen a few different options but not sure who would be best...
(This post was last modified: 01-03-2014 12:32 AM by LeBeau.)
01-03-2014 12:32 AM
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Emancipator Offline
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Post: #956
RE: Bitcoins up 60% in less than a month
(01-03-2014 12:32 AM)LeBeau Wrote:  Alright I'm going to be making my first purchase soon.

Any suggestions for buying in Canada?

I've seen a few different options but not sure who would be best...

I posted this last page on Canadian options.

(12-28-2013 04:52 AM)Emancipator Wrote:  Don't go with CAVirtex, they have weird fee structure and clauses in the contract (inactivity = funds being taken).
Not to mention the engine lags like crazy, have issues withdrawing/depositing and verification is backed up.

Canadians can still use Coinbase, here's the trick I used: RBC
Open an American USD account at RBC, then coinbase will see you as valid.

As a Canadian I use the following:
Coinbase
Vault of Satoshi
Localbitcoins
Quickbt
I've yet to use the bitcoin shop, bitcoin atm and cavirtex (verification took ages, and when issues with them came to light I decided to just stick to the other options)

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01-03-2014 02:08 AM
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JayJuanGee Offline
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Post: #957
RE: Bitcoins up 60% in less than a month
(01-03-2014 12:32 AM)LeBeau Wrote:  Alright I'm going to be making my first purchase soon.

Any suggestions for buying in Canada?

I've seen a few different options but not sure who would be best...



For Guys in Canada: Emancipator beat me to it by linking his previous recommendation in the above post...

http://www.rooshvforum.com/thread-21537-...#pid614935



There may be other options, as well.


If you are just getting started, I would recommend that you buy in slowly to get your feet wet (figure out how to set up an account and to manage and move your coins); however, if you are of the belief that the market is going to rise, and you are in a hurry, then that's another story. I tend to think that it is going to rise... but I am just one person.

Apparently, El Mech thinks the BTC market is going down - b/c he says that he is in fiat (dollars or whatever)... but for how long, who knows?

Personally, I am a bit skittish about buying a lot of BTC at once b/c at any given moment, I do NOT have any good feelings about price direction, and I have NO idea if the price is going to go up or go down. Accordingly, I had been daily dollar cost averaging, which has meant buying a certain amount of BTC within my investment budget each day.... and in about the last couple of weeks I have spread this out a little bit less frequently.

Some other guys in this thread may have different (and/or better) recommendations.

Another possibility would be just to set up one or two accounts, and buy small amounts of BTC, and then get ready to invest at a time in which the price goes down. A risk with that approach is that the price may NOT go down or you may NOT be able to monitor it enough in order to know exactly when to buy when it is going down. If you look at the BTC charts, there have been several episodes of BTC going up and down quite dramatically several times over the last couple of years, but the past does NOT predict the future.


(01-02-2014 11:58 PM)el mechanico Wrote:  That's nice Jay Juan. I don't think any of us are on the same page. In other news I pumped NMC starting last night today and been back in fiat since 4 pm.

Congrats on choosing to invest in the one alt currency (NameCoin) on the one day that it did the best out of all the other alt currencies in the market yesterday, which could have gotten about 40% or so returns (depending on your timing). I have NO idea how to predict such, and even worse with the alt coins – because I do NOT know enough about them.

NOW that you are in fiat, I would infer from that you are predicting that BTC is going to go down now? For how long? just gonna feel it out for a while? a day, two days.. ? see what happens? Or maybe spontaneously get back in at some point. Well, you can always tell us afterwards what you did and we could have considered whether we had done the same.

BTW, El Mech, You realize that BTC has been generally trending upward since 12/21... from $580 to nearly $800. Maybe it will go down, who knows? But what would be a reason for it to go down? Chinese liquidating out of BTC during the month of January? I am thinking that downward BTC price adjustments for that issue should have already occurred, unless there is some other shoe to drop somewhere? And, in that regard, I see the BTC news as being generally good, in spite of some ongoing fear mongering.


Certainly, I cannot figure out how to time the market, and if I were to get out of BTC, I do NOT know when I would get back in BTC without losing some money. In other words, I am NOT getting out of BTC, because I would probably screw up the timing.
I would prefer NOT to lose money, so we MAY be on the same page regarding that goal - the goal NOT to lose money...
(This post was last modified: 01-03-2014 03:53 AM by JayJuanGee.)
01-03-2014 03:03 AM
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el mechanico Offline
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Post: #958
RE: Bitcoins up 60% in less than a month
^ It's growing too fast and always crashes when it does. All the data you're reading is fake as well. I tested it by putting buy and sell orders in sometimes my order is 3X in the sell or buy book than what it actually is so I hold in USD when I'm sleeping
01-03-2014 08:15 AM
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Duke Castile Offline
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Post: #959
RE: Bitcoins up 60% in less than a month
I might sell another coin soon.

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.
01-03-2014 08:19 AM
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JayJuanGee Offline
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Post: #960
RE: Bitcoins up 60% in less than a month
(01-03-2014 08:15 AM)el mechanico Wrote:  ^ It's growing too fast and always crashes when it does.

That is NOT a bad theory that BTC is growing too fast to sustain itself, and we know that any investment will only grow as fast as the market can bear.

Nonetheless, there is still considerable upside potential with BTC, and if we get more user-friendly BTC infrastructure that causes more "regular" people to find out about BTC, then there comes additional upside potential.

Additionally, if the branding of BTC gets converted to millibits or microbits or whatever name they use, then people may begin to buy those.

The instability that I continue to fear is that BTC is too good to be true - and there cannot be this much transfer of wealth from regular "old wealth" into a group of largely libertarian and technical and radical people (surely NOT everyone in BTC fits those categories). In any event, there are very interesting experiments going on to test the govt and its trigger happiness to regulate BTC. For example, the Texas politician (Stockman) who announced he is taking BTC (very risky when involved in politics and the transparency aspect of BTC is quite different from fiat). Additionally, the many seemingly pump and dump alt coins, that can definitely cause some issues with scams that causes concerns about winners and losers in those millions of dollars scenarios - nearly 70 alt coins listed on coinmarketcap. Could give good excuse for regulators to CRACK DOWN.




(01-03-2014 08:15 AM)el mechanico Wrote:  All the data you're reading is fake as well. I tested it by putting buy and sell orders in sometimes my order is 3X in the sell or buy book than what it actually is so I hold in USD when I'm sleeping

When you are referring to fake, I am NOT sure if you are talking about fiatleak.com or some other BTC exchange or spending reporting mechanisms, including blockchain.info. There may be a lot of irregularities and duplications with these various sites - but I DOUBT that the data flow is fake for some attempt to create hype for a pump and dump... Your testing may go to show whether El Mech is real???? Smile Smile ... Anyhow, back to point, sometimes, there may be duplicative reporting based upon the multiple verification process. When there is a lot of money to be made, there are going to be guys who are engaging in a variety of opportunistic and duplicative behavior, including the taking advantage of arbitrage factors.

I realize that you like the pump and dump theory, and surely there is some of that pump and dump going on, but pump and dump seems to NOT explain the main dynamic(s) going on with BTC (even though more pump and dump seems to be occurring with several opportunistic alt currencies and there are examples of BTC related fly by nights popping up to take advantage of the trend(s)).
01-03-2014 11:26 AM
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Tex Pro Offline
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Post: #961
RE: Bitcoins up 60% in less than a month
Bitcoin will be a safer bet after Jan 31 because by then there won't be anymore uncertainty regarding the Chinese dumping anymore.

Thus, I expect the price after Jan 31 to appreciate slowly but surely as more retailers adopt bitcoin.
(This post was last modified: 01-03-2014 01:44 PM by Tex Pro.)
01-03-2014 01:44 PM
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LeBeau Offline
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Post: #962
RE: Bitcoins up 60% in less than a month
(01-03-2014 02:08 AM)Emancipator Wrote:  
(01-03-2014 12:32 AM)LeBeau Wrote:  Alright I'm going to be making my first purchase soon.

Any suggestions for buying in Canada?

I've seen a few different options but not sure who would be best...

I posted this last page on Canadian options.

(12-28-2013 04:52 AM)Emancipator Wrote:  Don't go with CAVirtex, they have weird fee structure and clauses in the contract (inactivity = funds being taken).
Not to mention the engine lags like crazy, have issues withdrawing/depositing and verification is backed up.

Canadians can still use Coinbase, here's the trick I used: RBC
Open an American USD account at RBC, then coinbase will see you as valid.

As a Canadian I use the following:
Coinbase
Vault of Satoshi
Localbitcoins
Quickbt
I've yet to use the bitcoin shop, bitcoin atm and cavirtex (verification took ages, and when issues with them came to light I decided to just stick to the other options)

Thanks, this post was the final prompt for an overdue +1 rep point from me.

A few further questions:

1) Just to clarify, you're diversifying your bitcoin across 5+ companies?

2) Also is it just RBC that allows that trick, or any of the big Canadian banks with USD accounts?

3) If you had to name 1-2 of those companies for holding small amounts (I'm just getting my feet wet at this point) which would you say was the easiest/most convenient without too high of fees?
01-03-2014 09:56 PM
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Emancipator Offline
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Post: #963
RE: Bitcoins up 60% in less than a month
Thanks LeBeau,

1) I'll break it down
Exchanges where I hold, buy, sell:
Coinbase: I use it because it's the main American option and initially signed up with them for their merchant solutions. I've since switched to BitPay and thus have been using Coinbase less and less (because of the long hold period).
Vault of Satoshi: Also allows Litecoin and Peercoin, the best Canadian option because when compared to Cavirtex their verification process is maybe 100x faster. It was easier in the past to put funds when they allowed cash deposits at BMO. In the future they are going to implement CAD into their trading engine. Currently if you want to deposit funds into VoS you need a wire transfer or certified checks. VoS in the future will also implement a feature where your bank account is connected to your VoS account allowing for seamless transfers between the two (ala Paypal-Bank)

Both the above two I have been extremely satisfied with (good cs, low fees, easy interface)

Others

I use localbitcoins as somewhat for arbitrage when I want to sell bitcoin for local fiat (CAD) and obtain cash rather quickly. Due to the high prices found here I would recommend against it but that's why localbitcoin is attractive to me as a seller.

Quickbt is what I used to make my first btc purchase at a small amount (using interact bought .8 btc), I havn't used it since, but I recommend it to people dipping their toes in bitcoins or for those that dedicate a % of their paycheck towards purchasing bitcoin. Quickbt is good because of how easy it is to purchase small amounts of bitcoin quickly. I think they've since switch from bitstamp to cavirtex since the last time I used them, which makes them less attractive (high price).

2) The key isn't to have just an ordinary US dollar account based in Canada but rather have an US dollar American based account done through one of the bank's American subsidiaries. I think only Canadian banks with big American retail operations offer this. So TD and RBC? I know in my case, the account is based in Florida.

3) I would just personally recommend going with Vault of Satoshi for now, it allows you to dip into other alt currencies (ltc,ppc) and their future implementations will only make it better. The downside is that you're going to take a hit in the mean time when you're exchanging CAD into USD and then whatever fees come from wire transfers and certified checks.

Second would be just taking a hit purchasing from quickbt or localbitcoins while saving on CAD-USD exchange rate (also maintaining a wallet because these two options don't allow you store them with them like an exchange does)

Third would be Coinbase + USD American Accnt

To be honest a lot of other Canadians will recommend cavirtex, but good luck getting verified (2-4+ weeks), getting hit by their fees, potentially losing $$$ as their engine lags, possibly getting your funds taken by them and some users report identity theft after using cavirtex.

Other more complicated options include btc-e or bitstamp. (not familiar with them)

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demographics is destiny
01-04-2014 04:32 AM
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JayJuanGee Offline
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Post: #964
RE: Bitcoins up 60% in less than a month
Emancipator:

Good detailed report. Thanks.

I have a couple of questions and supplemental information.



(01-04-2014 04:32 AM)Emancipator Wrote:  Coinbase: I use it because it's the main American option and initially signed up with them for their merchant solutions. I've since switched to BitPay and thus have been using Coinbase less and less (because of the long hold period).

Doesn't the hold period depend upon whether you have verified your accounts with their Level 1 or Level 2 accounts. During the first 30 days, a guy may be stuck at Level 1. I recently moved to Level 2, so I can buy and sell 50 BTC per day; however, they are only going to immediately transfer 10 BTC per week. So far, I am NOT buying and/or selling that much at a time.





(01-04-2014 04:32 AM)Emancipator Wrote:  Second would be just taking a hit purchasing from quickbt or localbitcoins while saving on CAD-USD exchange rate (also maintaining a wallet because these two options don't allow you store them with them like an exchange does)

I hold some bitcoins on localbitcoins, and I did NOT know that there were any limitations in holding coins on there. Actually, in order to be able to sell BTC on localbitcoins, a guy has to maintain at least 1BTC in his localbitcoin account.






(01-04-2014 04:32 AM)Emancipator Wrote:  Other more complicated options include btc-e or bitstamp. (not familiar with them)

I have NOT used Bitstamp; however, BTC e, is fairly easy to set up; however, very difficult to get fiat into BTC e.

It is also really easy to get BTC into BTC e. There is NO fee to transfer BTC into BTC e, and once BTC is in their exchange, any trades are .2%. On BTC e, you can trade BTC, USD, Euro, Russan Rubles, and seven alt currencies (including Litecoin, Peercoin, Namecoin, Novacoin, Primecoin, Feathercoin, and Terracoin).. each of those trades would be at .2%.
01-04-2014 12:31 PM
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Emancipator Offline
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Post: #965
RE: Bitcoins up 60% in less than a month
JGG, I guess I must still be level 1 with coinbase.

Localbitcoin requires 1Btc minimum + amount you're selling to post an add. I look for locals buying. I dont hold my btc on lbc nor do I use localbitcoin's processors and escrow (thus avoiding lbc's fees). I pretty much use lbc as I would craigslist.

Good info on betc, I'm still wary on it but its an interesting trading platform.

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01-04-2014 02:32 PM
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Post: #966
RE: Bitcoins up 60% in less than a month
We seem to be in the midst of an upwardly crash of BTC, and makes it very tempting to resist NOT buying while it is going up. B/c I want to lock in lower prices as it is going up; however, if it crashes back down, that would be an even better time to lock in lower prices.

I realize that some other guys see the situation in a different way and are itching to sell as BTC is going up (which is NOT a bad philosophy, if you know when to get back in, if at all).

BTC has been up to $920 today on Coinbase - it has been up nearly 60% in the last two weeks (from $580), and up about 10% in the past 5 hours (from $840). As I write, BTC is at about $890 and seems to be heading back down.

Maybe we will experience a downward adjustment of BTC today, but I am tending to think we could get back into the $1,200 territory within the next week or two... And, that is pure speculation on my part b/c I really do NOT know anything beyond the overall hype that seems to be underlying BTC (pent up demand, so to speak) and you never know with these upward trajectories how long they are going to last or how far they will take us.

Any guys think that BTC is topped out at $920?



By the way, in the last several weeks, I have found a couple of decent IPhone Apps for BTC:

1) Bitcoin Ticker - I was having some troubles with OTHER apps with the various alarms and alerts (especially false alarms). This app seems to have unambiguously resolved my alarm problems. With this app, I have NOT been getting ANY false alarms. Actually, one beef that I do have, though, is that I would like to be able to EASILY turn the audio alarm feature on this app ONLY without any other audio alarms being active, so if I am sleeping or otherwise in silent mode, i could still have the audio alarm of THIS ONE APP alert me so I could, if necessary, make a BTC buy order.


2) ZeroBlock - I found the BTC news article section of this app to be quite helpful b/c it updates fairly regularly (I have NOT come across too many good BTC news article apps, so there may be better ones out there, but this app has been serving my news needs pretty well in the past couple of weeks).
01-05-2014 12:52 PM
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Post: #967
RE: Bitcoins up 60% in less than a month
Every time we had this pattern before it has ended in a bubble. The previous times the price has rocket after we passed the last ATH. And then crash down to about the double ATH. If there is another bubble I will try to sell on the top. Not all my BTC but a some. Also the time between thr bubbles has been shorter and shorter. First two years then 8months so an other bubble at this moment might be right. Also it got so much attention since breaking $1000. Last year at this point there was almost no media attention and very few people know about it. Most of them to use silk road. And bitcoins itself was mostly related to silk.road. Not anymore. It's mainstream. Yes I'm super bullish
01-05-2014 02:03 PM
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Post: #968
RE: Bitcoins up 60% in less than a month
I´ll be holding for a while longer, keeping my eyes on up and coming crypto currencies with better technologies.

Everyone keeps telling me that Bitcoin is scalable, but truth is at the moment bitcoin caps out at 7 transactions / second(VISA 2000tps i think). They say it´s easy to fix. But I´m a little skeptical until a solution is actually presented.The blockchain should be rewritten with only the important information from time to time.

Overall bullish on bitcoin/crypto.

7 weeks until my miner is supposedly delivered! Big Grin
01-05-2014 02:36 PM
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el mechanico Offline
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Post: #969
RE: Bitcoins up 60% in less than a month
I really can't figure out why it's going up. Anyone?

I'm holding in USD and not touching it until this is over
01-05-2014 02:36 PM
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Post: #970
RE: Bitcoins up 60% in less than a month
(01-05-2014 02:36 PM)pants Wrote:  I´ll be holding for a while longer, keeping my eyes on up and coming crypto currencies with better technologies.

Everyone keeps telling me that Bitcoin is scalable, but truth is at the moment bitcoin caps out at 7 transactions / second(VISA 2000tps i think). They say it´s easy to fix. But I´m a little skeptical until a solution is actually presented.The blockchain should be rewritten with only the important information from time to time.

Overall bullish on bitcoin/crypto.

7 weeks until my miner is supposedly delivered! Big Grin


All you are really saying is that b/c of these kinds of BTC transaction limitations is that BTC is slow, but that also goes to its security and its peer to peer nature with the multiple confirmations to nearly eliminate the possibility of double spending.

I think that those kinds of speed fixes can be fairly easily accomplished (though I am NO techno wizard) by even conducting speedier transactions through ripple or some other alt crypto currency, but BTC would still be the underlying transfer of value.

Personally, I am of the sense that BTC needs various other alt currencies and even fiat currencies during the transition into adoption in order to keep its value from sky rocketing too much b/c personally, i find a more critical flaw with BTC regarding how little BTC is expanding in its supply, which is merely going to cause its value to sky rocket too much (into instability). We cannot have an investment like this that appreciates as much as BTC's potential. In my view, there needs to be some additional expansion of the supply built in for a variety of factors including increased user base and also accounting for people losing their BTC... and also to fight off deflation. It is too unstable, in my humble opinion, if the price of goods has to keep changing, in terms of BTC (for example a year later it cost half as many BTC). That is too unstable if it were to keep occurring over the long hall b/c there is NOT enough supply of BTC.


(01-05-2014 02:36 PM)el mechanico Wrote:  I really can't figure out why it's going up. Anyone?

I'm holding in USD and not touching it until this is over


Personally, I do NOT think that currently is a good time to be in dollars... but what do I know?

I keep hoping that you are correct and BTC is going to go down some more so that I can buy more BTC, but it keeps going up, since 12/21 and BTC has NOT gone down hardly at all during that time.
01-05-2014 03:05 PM
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pants Offline
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RE: Bitcoins up 60% in less than a month
I think you miss understand a little. Yes, Bitcoin is "slow" for transactions where you want to buy something and get it a minute later.
As you need nodes confirming that you actually own the money you are trying to spend.

When I say it´s not scalable as it currently is. I am talking about the maximum amounts of transactions being able to be processed within a certain amount of time. There is an easy fix for this, but it will require the blockchain to grow at a much faster speed, making it more difficult for small scale nodes to keep in the game pushing the technology in a more centralized direction.

Another fix to import an algorithm that rescan the blockchain to delete parts that are not important for the bitcoin network any more. If this is technologically possible atm, or how easy it would be to implement this into bitcoin I have no idea of.

El mech: How will you know "this" is done?
01-05-2014 03:13 PM
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RE: Bitcoins up 60% in less than a month
(01-05-2014 03:13 PM)pants Wrote:  I think you miss understand a little. Yes, Bitcoin is "slow" for transactions where you want to buy something and get it a minute later.
As you need nodes confirming that you actually own the money you are trying to spend.

When I say it´s not scalable as it currently is. I am talking about the maximum amounts of transactions being able to be processed within a certain amount of time. There is an easy fix for this, but it will require the blockchain to grow at a much faster speed, making it more difficult for small scale nodes to keep in the game pushing the technology in a more centralized direction.

Another fix to import an algorithm that rescan the blockchain to delete parts that are not important for the bitcoin network any more. If this is technologically possible atm, or how easy it would be to implement this into bitcoin I have no idea of.


You are correct that I misunderstood, and I was responding to another technical issue.

Surely, there are quite a few technological issues with BTC that are a bit difficult to grasp, and the couple that you are referring to seem to be manageable from my limited technological understanding. I am NOT trying to insult anyone because I am ONLY limited in describing from my own words, which may NOT be exactly what you were intending to say. Here goes:

1) Centralization issue:
Surely this can be a problem with any newly adopted system or creation. The smaller guys get bought out or in this case spent out of the market. It becomes more and more difficult for little guys to operate and to produce blocks because the shear computing power becomes too expensive, and then too much control is in the hands of too few people (companies) – allowing for sabatoge and/or corruption due to such and maybe even Govts stepping in to either protect or to further enrich certain groups. Even working within the bitcoin foundation board or whatever, some individuals may get undue influence and/or spot back doors that they are able to exploit in the creation of a fork. And, yes, there may be some preventative measures that could be taken in order to both create an incentive for smaller miners to stay in the game and to prevent the network from becoming too centralized.


2) Cluttering of the blockchain: O.k. Maybe certain aspects of the blockchain have to be reconfirmed from time to time, but if there exist parts of the blockchain that are just there and clutter, couldn’t those aspects be archived and/or ignored… even though they are there. Yes, let’s say 10 years down the road, why would it need to be known that my BTC was used to purchase some condoms or a pizza. But then there is other clutter in the blockchain that is NOT relevant to BTC (apparently the placement of DNA information and other items that are NOT relevant to BTC in the blockchain). O.k. These items get confirmed and seem redundant, but there still may be ways to algorithmically put them into archives and/or into a very low priority of data.

It is likely that you know more than me or have a better feeling or hunch for certain things, but these technical aspects seem fairly manageable. Though I also understand what you mean that any technological difficulties may be more easily dealt with earlier in the life of BTC rather than letting them go on and then they could become fatal to BTC because of the fall out.



(01-05-2014 03:13 PM)pants Wrote:  El mech: How will you know "this" is done?

Whatever the “this” is, I believe that the BTC price and market has already largely adjusted to the China news (that BTC price adjustment was largely made in mid-December-ish) and apparently, there are some alternative measures already coming into being in China for Chinese people to get BTC from Chinese fiat into exchanges. From my understanding, no matter where in the world, once a person gets their fiat into BTC, then it becomes fairly easy to move the BTC around – and that ability to move BTC around has NOT been blocked or attempted to be blocked in China.

Surely, it would be nice to hear from El Mech about what indicators he believes would be necessary in order to get back into BTC. Personally, one possibility would be a large downward price adjustment (but what if that large downward price adjustment does NOT happen)?


(01-05-2014 02:03 PM)friheten Wrote:  Every time we had this pattern before it has ended in a bubble. The previous times the price has rocket after we passed the last ATH. And then crash down to about the double ATH. If there is another bubble I will try to sell on the top. Not all my BTC but a some. Also the time between thr bubbles has been shorter and shorter. First two years then 8months so an other bubble at this moment might be right. Also it got so much attention since breaking $1000. Last year at this point there was almost no media attention and very few people know about it. Most of them to use silk road. And bitcoins itself was mostly related to silk.road. Not anymore. It's mainstream. Yes I'm super bullish

The same question that El Mech received could be given to Friheten.

Friheten said that he was going to sell a little bit of BTC…. Yet, at what point do you know that BTC is at its bubble and to sell. I would anticipate that Friheten is thinking $1,500 or $2,000 or something like that, but maybe this answer about price point would depend upon how long it were to take for BTC to get to whatever “high point” it reaches. Friheten already projected that he thinks that in this current run, he anticipates that BTC is going beyond its previous $1,200 high point, but what is that number going to be and when is it going to get there and how is a guy going to know when it is there? We are all kind of guessing about this, and we may have different factors or news that motivate us.

I certainly have little idea, and I am just going to keep dollar cost average buying BTC – but at a slower rate when the price of BTC is rising like it is. By the way, on paper today, I could have gotten out of my whole holdings of BTC at $936 on Coinbase and been at more than a 21% profit (including the various transaction fees).. Nonetheless, I remain in BTC for the “longer term” – maybe two years-ish, and maybe some will say, you should have gotten out while you had a chance… which could be correct and staying in is a gamble.
01-05-2014 04:33 PM
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Tex Pro Offline
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RE: Bitcoins up 60% in less than a month
(01-05-2014 02:36 PM)el mechanico Wrote:  I really can't figure out why it's going up. Anyone?

It is going up because of the trading volume on Huobi. The Chinese have found a way to fund their trading accounts with CNY. I am not exactly sure how they are doing it, but the trading volume indicates they are doing it, so that is a bullish sign for bitcoin.
(This post was last modified: 01-05-2014 05:40 PM by Tex Pro.)
01-05-2014 05:40 PM
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el mechanico Offline
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RE: Bitcoins up 60% in less than a month
Texas, yes it's very cute and I trust the Chinese as much as umm well nobody because they don't give a FUCK when it comes to cash.
01-05-2014 06:36 PM
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Tex Pro Offline
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RE: Bitcoins up 60% in less than a month
(01-05-2014 06:36 PM)el mechanico Wrote:  Texas, yes it's very cute and I trust the Chinese as much as umm well nobody because they don't give a FUCK when it comes to cash.

So do you think they are faking the trade volume?

The main think that makes me weary right now is I don't know what will happen if the Chinese government gets even more strict with its crackdown on Bitcoin.
01-06-2014 12:25 PM
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