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The Bitcoin (BTC) thread
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Maciano Offline
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Post: #976
RE: Bitcoins up 60% in less than a month
JJG,

No, I think DD is full of shit -- such incomprehensible shit that I just think: "Ok, say your stuff", nod and move on.

I'm bullish on BTC, and that won't change if BTC reaches 50$, or 100K for that matter.

Also, I agree w/ El Mech abt being careful. Move some BTC to BTC-e, so you can go cash quickly in case of flash crash.
01-07-2014 09:38 AM
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Satoshi Offline
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Post: #977
RE: Bitcoins up 60% in less than a month
(01-05-2014 04:33 PM)JayJuanGee Wrote:  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.

It's a good question. Earlier in this thread I posted that I should have had BTC at the exchange to buy sell and then buy in later. The price was at that point $900 and later it dropped to $500. If I did sell I would almost have doubled my BTC. The previous bubble has looked like this:

$1 - $36 - $2

$36 - $266 - $80

$266 - $1200 - $550

So the next bubble might look something like this

$1200 - $4500 - $2400

However it depends on the news. When we break the ATH I will start following all the online discussions and news.
01-07-2014 02:53 PM
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Post: #978
RE: Bitcoins up 60% in less than a month
(01-07-2014 10:57 AM)Paul T. Manuel Wrote:  I think there's a constant rate of increase in the money supply until it gets to a certain point and no more. There will be a finite supply of bit coins. This means that the incentive is for people to hoard them, because you'll always be able to buy more in the future with your bit coins than what you can buy now. Thanks to all to join this discussion.

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It doesn't matter if some people hoard, there are always people who will want to cash out and realize profit as well. The volatility of bitcoin means that simply holding BTC is not a full proof strategy. Take profit when you can and buy in the dips. That is the only strategy that seems to make sense.
(This post was last modified: 01-07-2014 03:02 PM by Tex Pro.)
01-07-2014 03:01 PM
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Post: #979
RE: Bitcoins up 60% in less than a month
(01-07-2014 09:38 AM)Maciano Wrote:  JJG,

No, I think DD is full of shit -- such incomprehensible shit that I just think: "Ok, say your stuff", nod and move on.

I'm bullish on BTC, and that won't change if BTC reaches 50$, or 100K for that matter.

Maciano: I figured that you were NOT really taking D_Diver’s comment seriously. Surely, we are all entitled to our opinions about the direction of BTC, including D_Diver; however, it seems to get to be a bit much when D_Diver seemed to have been chiding of us (maybe even in a patrolizing manner) and attempting to scare (or pimp) some of us into off-site investment(s).



(01-07-2014 09:38 AM)Maciano Wrote:  Also, I agree w/ El Mech abt being careful. Move some BTC to BTC-e, so you can go cash quickly in case of flash crash.

I am o.k. with this idea in theory, yet as many guys have already said, in this thread, that BTC is NOT really behaving like any normal comparable asset class – so we never know exactly when to get out or to get back in. I’ve already fucked up a little in that regard by partially getting out of BTC by putting some money in dollars on BTC-e, and then the market changes direction towards the upward, never to return (so far) to its earlier low price point.




(01-07-2014 10:57 AM)Paul T. Manuel Wrote:  I think there's a constant rate of increase in the money supply until it gets to a certain point and no more. There will be a finite supply of bit coins. This means that the incentive is for people to hoard them, because you'll always be able to buy more in the future with your bit coins than what you can buy now. Thanks to all to join this discussion.

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Paul:

Yes, BTC is designed to expand the money supply to 21 million BTC until 2140. Right now, we are at 12 million BTC, and by design, every four years, the production of BTC is half of the previous 4 years. In essence, the rate of growth of the BTC supply is fairly small (especially if it were considered a currency rather than a commodity) and causes considerable scarcity (especially if we were to factor in people losing their BTC and other shrinkages of the BTC supply that seem inevitable).

In my thinking the amount of designed BTC expansion is way too small, and causes the BTC value to appreciate way too much to make BTC somewhat unstable…. and too precious (both in its adoption phase, and possibly even long term). I don't really like the word hoarding b/c it sounds so negative - like a BTC hater comment; however, hoarding is probably a pretty accurate descriptor of what seems likely to occur based on the current shortage of supply trajectory of BTC – especially if there were wide adoption of BTC. Hoarding would cause BTC to be an additional store of value.. .that will cause people to further flock to BTC over other assets….

Let's say that BTC expands so much that widespread retailers were to be accepting it, then if a guy spends BTC, he would likely feel the urge to immediately purchase more BTC to replace the spent BTC because he knows that BTC has a tendency to appreciate in value. If people begin to earn incomes (or to be paid) in BTC, and they only deal in BTC, then of course, those people are going to be forced to have to spend their BTC to receive basic necessities of life such as food and shelter - but they still may hold off on making some discretionary purchases knowing that the discretionary purchases could be bought later for fewer BTCs or that some greater and better products could be bought with the same quantity of BTC at a later date. I don’t know if this is a flaw that cannot be fixed because it certainly causes BTC to appreciate in value.

This currency deflationary aspect (increase in value of currency compared with price of goods/services) also creates a work disincentive, on the margins because life savings may be stashed away if there is a certain guarantee of increased in purchasing power. Historically, fiat currency has always been worth less over time, and the only way that it may make some sense to hold fiat currency would be to invest the fiat currency in order to make interest from it.

Let’s just say hypothetically that there are 15 billion BTC valued at $1,000 per BTC, then the market cap for BTC would be $15 Billion. A 15 billion market cap is a drop in the bucket as compared with a variety of other asset classes. Just take, for example, silver, Gold and dollars. Together, those three asset classes hold more than $20 trillion in value (less than a trillion for silver, about 6 trillion for gold and more than 15 trillion for dollars).

2005 report on various market caps for silver, gold, dollar and other assets:
http://silverstockreport.com/email/The_Money_Chart.html

If BTC were to aspire to achieve about a 1 trillion dollar market cap, then BTC would retain only a small fraction of the value of some similar asset classes and it would have to double in value for each of the next six years in order to attain such market cap value.

Let’s project ahead a little bit at a 100% growth per year in order to get BTC at a trillion market cap.

2014: $15 billion ($1,000 per BTC).
2015: $30 billion ($2,000 per BTC).
2016: $60 billion ($4,000 per BTC).
2017: $120 billion ($8,000 per BTC).
2018: $240 billion ($16,000 per BTC).
2019: $480 billion ($32,000 per BTC).
2020: $960 billion ($64,000 per BTC).
2021: $1.92 Trillion ($128,000 per BTC).


Even if BTC were to double in value every year for the next six years, then would it approach a 1 trillion dollar market cap, and at that rate, each BTC would be worth about $64,000 (that is if the supply were about 15 million BTC).

Pretty much the scarcity of BTC causes the potential for ongoing increases in value, even after BTC reaches a respectable market capitalization rate of 1 trillion. I cannot see BTC growing this slowly because if BTC attains a value similar to gold, then it is likely going to take over some of that $6 trillion gold market, much more quickly than 6 years. Even if BTC were to grow at 100% per year for six years, there would be a lot more potential for BTC expansion that would come after the six years which could be greater than 20% per year increase in value, even in the long term.
During the adoption phase and expansion phase of BTC, it is likely that BTC would have to continue to increase in value by at least 100% per year for the next 6-7 years then maybe it would settle down to a more reasonable rate, such as 20% per year until it nears the market cap of gold?

Let’s say that BTC appreciates 100% per year for the next 7 years and then appreciates 20% for the subsequent 7 years. Such an appreciation would look like this:

2014: $15 billion ($1,000 per BTC). (100%)
2015: $30 billion ($2,000 per BTC). (100%)
2016: $60 billion ($4,000 per BTC). (100%)
2017: $120 billion ($8,000 per BTC). (100%)
2018: $240 billion ($16,000 per BTC). (100%)
2019: $480 billion ($32,000 per BTC). (100%)
2020: $960 billion ($64,000 per BTC). (100%)
2021: $1.92 Trillion ($128,000 per BTC). (100%)
2022: $2.304 Trillion ($153,600 per BTC). (20%)
2023: $2.7648 Trillion ($184,320 per BTC). (20%)
2024: $3.3178 Trillion ($221,184 per BTC). (20%)
2025: $3.9813 Trillion ($265,421 per BTC). (20%)
2026: $4.7776 Trillion ($318,505 per BTC). (20%)
2027: $5.331 Trillion ($382,206 per BTC). (20%)
2028: $6.8798 Trillion ($458,647 per BTC). (20%)

In my thinking, a possible way that we get away from BTC appreciating too quickly (and to potentially lessen the hoarding issue) would be to have competing alternative crypto currencies that are also taking and holding some of that value. The direction in which people would flock (and the hoarding potential) remains difficult to project.

If BTC were to become a store of value similar to gold over the next 15 years, then maybe after 2028, BTC could stabilize and appreciate at a rate of less than 10% per year?

In the long run, to me, BTC appreciation seems very potentially unstable, and it is likely that if any BTC appreciation were to occur, such appreciation of value would NOT occur in any steady and/or linear trajectory. We are more likely to get upward and downward bursts in BTC value.

(01-07-2014 02:53 PM)friheten Wrote:  It's a good question. Earlier in this thread I posted that I should have had BTC at the exchange to buy sell and then buy in later. The price was at that point $900 and later it dropped to $500. If I did sell I would almost have doubled my BTC. The previous bubble has looked like this:

$1 - $36 - $2

$36 - $266 - $80

$266 - $1200 - $550

So the next bubble might look something like this

$1200 - $4500 - $2400

However it depends on the news. When we break the ATH I will start following all the online discussions and news.


Friheten:

In some sense, you seem to be a bit more bullish on BTC than me, and I believe the bubble scenario that you outline is certainly a possibility – given the recent past behavior of BTC, the ongoing developments in BTC and what seems to be the current trajectory. I appreciate your describing how you arrived at your thinking and your BTC bubble projections.. that is making a fairly specific projection that may NOT come to being... and the risk of providing any specifics is that the specifics may turn out to be incorrect.

I would like to make one correction to your description of the $266 - $1,200 bubble. There was about a six-hour period on December 18, 2013 that BTC stayed in the $400s, and actually fell to $390 for a moment. During that December 18 period, Fisto bought at $390, and I bought a total of 2.5 BTC at $519, $493, $422, $459 and $517 (wished that I would have bought more BTC, but at the time, I did NOT know where BTC was going, and thought that BTC price could have been going down to $300).

Each of us seems to have our own ways of developing and/or going with our gut feelings, and each of us seems to have BTC investment plans that are somewhat contingent upon how the BTC related news matters evolve – meaning that we may modify our BTC investment trajectory if certain events were to take place.

BTW. The BTC price drop in the last couple of days has been from $995 to $800, as I write (nearly a 20% drop) - and the BTC price seems to be continuing to drop... but who knows? To me, the good BTC news seems to be outweighing the bad, so I do NOT understand the reason for the BTC price drop - except that generally people are still a bit skittish overall about the long term pricing of BTC - accordingly, the overall BTC value is rising faster than its infrastructure and may need to remain in the $500 to $800 range for a little longer? In that regard, I could see BTC prices tittering between $500 and $800 for the next several months.
01-07-2014 06:54 PM
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el mechanico Offline
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Post: #980
RE: Bitcoins up 60% in less than a month
Jay Juan, how's it hanging?
01-07-2014 07:04 PM
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JayJuanGee Offline
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Post: #981
RE: Bitcoins up 60% in less than a month
(01-07-2014 07:04 PM)el mechanico Wrote:  Jay Juan, how's it hanging?

Thanks for the personal inquiry. It’s nice to see that you are interested.

As soon as El Mech starts gloating in a sort of "I told you so" manner that a guy should be in dollars, it must be time to buy BTC... That means that BTC is at its bottom. Smile That's a joke.. (kind of), b/c El Mech may be correct this time (the stopped watch theory) that BTC is going down, this time.

Actually, El Mech, NOT to be so direct (b/c none of us knows what the fuck this BTC price is doing, exactly), but it seems that in the last month you were in dollars a couple of times when BTC had fairly significant upward explosions, including this recent four-day run from about $750s to $990s (more than a 30% increases in four days). Now, BTC seems to be back down to around its price from NYE time frame (and you have been out of BTC for this whole time, no?)

Anyhow, it would be a losing argument for me or anyone else participating in this thread to attempt to pin you down into any such 30% or more LOSS IN GAINS that you likely would have experienced over these past several weeks that you have been asserting that BTC prices are falling. We cannot pin you down b/c you are NOT really letting us know specifics about your investment(s) into BTC ahead of time and before the market moves and I do NOT really care if you chose to be in dollars - except for the fact that you feel a kind of need to gloat about falling BTC prices, when they finally come to the falling point.. If you did NOT gloat, then there would be NO need to say anything about whether any guy is losing opportunities by NOT being in BTC. I do NOT sense any need to be right about anything regarding the price of BTC (which I keep repeating).

If my memory serves me, you have been suggesting BTC is going down for more than the past month and finally after nearly 3 weeks of steady upward movement of BTC (from December 21 until January 6), finally, you have a chance to again tell us look, BTC is going down and you should be in dollars..
On December 21, BTC was at $580-ish, so BTC is still up from that price point, and maybe BTC prices will go down below $580 this time? Personally, I am kind of hoping that BTC prices will go down to lower $500s in order that I can buy some more BTC.

On several occasions, I have provided fairly specific details of nearly my whole BTC related portfolio (as my portfolio has been evolving), and yes, when a guy provides that level of specificity, then he becomes vulnerable to "I told you so" suggestions.

I expect that there may be times in which my specific portfolio is going to be down.. and that is part of the possibilities with any risky investment(s) and accordingly my plan has been to be buying BTC while the price is going down.. and gambling that the price will go back up - which we all know that part of any gamble is that the hoped-for result may NOT take place.

By the way, TODAY, since I have been buying as BTC prices have been going down all day, I bought at $880, $837, $814 and $769 (my total buying today, so far, has been .7 BTC). My next buy point is likely to be $730 if BTC price gets to that low today. The quantity of my next BTC purchase would depend upon how quickly the BTC price were to get to that price point, if at all, and if it appears to be going lower. Of course, if the price is going lower, then I will NOT buy at that price point. I would buy at the lower price point.

At the moment, my portfolio has a $768 average BTC price, and accordingly, my portfolio is about 4.2% up (on paper), since within the past 30 minutes, I could have sold at about $807. Anyhow, as I write the current BTC sales price is $791. Nonetheless, it would have been possible, for me to sell within the last 30 minutes at $807, if I would have wanted to sell but I do NOT want to sell. Also, it is possible that BTC will go into the $500s or lower today or this week, then I would be at a loss point (on paper). At this time, I do NOT know whether BTC is going down further than its current price, and I do NOT feel comfortable taking any chance on selling because I do NOT see such sell indicators. If I had wanted to sell, I would have done so, yesterday while the prices were going up. My general approach is to sell while prices are going up, and NOT to sell while they are going down, unless there is a specific reason to abandon ship.

Hopefully that helps.
01-07-2014 08:47 PM
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CaliforniaSupreme Offline
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Post: #982
RE: Bitcoins up 60% in less than a month
(01-07-2014 08:47 PM)JayJuanGee Wrote:  
(01-07-2014 07:04 PM)el mechanico Wrote:  Jay Juan, how's it hanging?

Thanks for the personal inquiry. It’s nice to see that you are interested.

As soon as El Mech starts gloating in a sort of "I told you so" manner that a guy should be in dollars, it must be time to buy BTC... That means that BTC is at its bottom. Smile That's a joke.. (kind of), b/c El Mech may be correct this time (the stopped watch theory) that BTC is going down, this time.

Actually, El Mech, NOT to be so direct (b/c none of us knows what the fuck this BTC price is doing, exactly), but it seems that in the last month you were in dollars a couple of times when BTC had fairly significant upward explosions, including this recent four-day run from about $750s to $990s (more than a 30% increases in four days). Now, BTC seems to be back down to around its price from NYE time frame (and you have been out of BTC for this whole time, no?)

Anyhow, it would be a losing argument for me or anyone else participating in this thread to attempt to pin you down into any such 30% or more LOSS IN GAINS that you likely would have experienced over these past several weeks that you have been asserting that BTC prices are falling. We cannot pin you down b/c you are NOT really letting us know specifics about your investment(s) into BTC ahead of time and before the market moves and I do NOT really care if you chose to be in dollars - except for the fact that you feel a kind of need to gloat about falling BTC prices, when they finally come to the falling point.. If you did NOT gloat, then there would be NO need to say anything about whether any guy is losing opportunities by NOT being in BTC. I do NOT sense any need to be right about anything regarding the price of BTC (which I keep repeating).

If my memory serves me, you have been suggesting BTC is going down for more than the past month and finally after nearly 3 weeks of steady upward movement of BTC (from December 21 until January 6), finally, you have a chance to again tell us look, BTC is going down and you should be in dollars..
On December 21, BTC was at $580-ish, so BTC is still up from that price point, and maybe BTC prices will go down below $580 this time? Personally, I am kind of hoping that BTC prices will go down to lower $500s in order that I can buy some more BTC.

On several occasions, I have provided fairly specific details of nearly my whole BTC related portfolio (as my portfolio has been evolving), and yes, when a guy provides that level of specificity, then he becomes vulnerable to "I told you so" suggestions.

I expect that there may be times in which my specific portfolio is going to be down.. and that is part of the possibilities with any risky investment(s) and accordingly my plan has been to be buying BTC while the price is going down.. and gambling that the price will go back up - which we all know that part of any gamble is that the hoped-for result may NOT take place.

By the way, TODAY, since I have been buying as BTC prices have been going down all day, I bought at $880, $837, $814 and $769 (my total buying today, so far, has been .7 BTC). My next buy point is likely to be $730 if BTC price gets to that low today. The quantity of my next BTC purchase would depend upon how quickly the BTC price were to get to that price point, if at all, and if it appears to be going lower. Of course, if the price is going lower, then I will NOT buy at that price point. I would buy at the lower price point.

At the moment, my portfolio has a $768 average BTC price, and accordingly, my portfolio is about 4.2% up (on paper), since within the past 30 minutes, I could have sold at about $807. Anyhow, as I write the current BTC sales price is $791. Nonetheless, it would have been possible, for me to sell within the last 30 minutes at $807, if I would have wanted to sell but I do NOT want to sell. Also, it is possible that BTC will go into the $500s or lower today or this week, then I would be at a loss point (on paper). At this time, I do NOT know whether BTC is going down further than its current price, and I do NOT feel comfortable taking any chance on selling because I do NOT see such sell indicators. If I had wanted to sell, I would have done so, yesterday while the prices were going up. My general approach is to sell while prices are going up, and NOT to sell while they are going down, unless there is a specific reason to abandon ship.

Hopefully that helps.

Well that escalated quickly.
01-07-2014 09:08 PM
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Post: #983
RE: Bitcoins up 60% in less than a month
(01-07-2014 09:08 PM)CaliforniaSupreme Wrote:  Well that escalated quickly.

Escalation? hehehe...

I would call it explanation for anyone who may recognize the context.

And, these kinds of BTC price matters may become particularly interesting when prices become quite volatile and on the move in one direction and then in the other direction and then???? what? reversal... BTC prices were becoming a bit boring between 12/22 and 12/31, and in the past week, they have heated up, again.. with potential gains and losses.
01-07-2014 10:00 PM
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el mechanico Offline
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RE: Bitcoins up 60% in less than a month
I'm not gloating and if this thread was faster I would update it all day live.

@ Jay.. I'm fast and do not read your long winded stuff. Respond here in a few sentences so we can keep the ball rolling please.

Or catch up with me in the trollbox pm me for my user id.
01-07-2014 10:04 PM
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RE: Bitcoins up 60% in less than a month
(01-07-2014 10:04 PM)el mechanico Wrote:  I'm not gloating and if this thread was faster I would update it all day live.

@ Jay.. I'm fast and do not read your long winded stuff. Respond here in a few sentences so we can keep the ball rolling please.

Or catch up with me in the trollbox pm me for my user id.

Regarding length of posts. Different strokes for different folks, I suppose.

Thanks for the invitation to the BTC e trollbox, but NOT too likely that you would find me participating in the trollbox. Generally, i am NOT too tolerant of a streaming format... ... except when I was learning Spanish, i found a streaming text format to be very interesting and helpful for that purpose.

Regarding my posts in this thread. Surely, it's your choice about whether you are inclined to read them or whether you consider them to be lengthy or NOT... or for whatever other reason(s).
01-07-2014 10:34 PM
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el mechanico Offline
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RE: Bitcoins up 60% in less than a month
When I say fast it's this fast!
01-07-2014 10:35 PM
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el mechanico Offline
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RE: Bitcoins up 60% in less than a month
One minute
01-07-2014 10:36 PM
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el mechanico Offline
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RE: Bitcoins up 60% in less than a month
Which is one hour in the BTC world
01-07-2014 10:36 PM
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el mechanico Offline
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RE: Bitcoins up 60% in less than a month
See you in the trollbox
01-07-2014 10:37 PM
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JayJuanGee Offline
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RE: Bitcoins up 60% in less than a month
Yeah...? hehehe... For the most part, that's NOT my style of interaction ... but NO problem if you find that to be helpful. I would rather read a long article or a book than the attempt to keep up with multiple people chiming in on multiple threads of thought.
01-07-2014 10:40 PM
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EuroSlumming Offline
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RE: Bitcoins up 60% in less than a month
The real problem with Bitcoin is that nobody is buying it for it's intended use, everyone who is in it or considering getting into is doing it on the chance of making a buck. How it can flip from this speculative phase to a more stable one where people would actually use it as a currency I don't know.
01-08-2014 09:57 AM
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el mechanico Offline
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RE: Bitcoins up 60% in less than a month
I'm getting good enough at this to tell when a crash is ending..buy and sell orders can be deceiving though they seem to come out of nowhere. I'm going to pump NMC next crash
01-08-2014 09:59 AM
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el mechanico Offline
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RE: Bitcoins up 60% in less than a month
(01-08-2014 09:57 AM)EuroSlumming Wrote:  The real problem with Bitcoin is that nobody is buying it for it's intended use, everyone who is in it or considering getting into is doing it on the chance of making a buck. How it can flip from this speculative phase to a more stable one where people would actually use it as a currency I don't know.
That time will come and when it does you'll wish it was like it is now..Fun.
01-08-2014 10:00 AM
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el mechanico Offline
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RE: Bitcoins up 60% in less than a month
Todays dump #1 has begun
01-08-2014 10:13 AM
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RE: Bitcoins up 60% in less than a month
I think it was Mech who said it earlier, but the forum should try to set up a mining thing.

https://products.butterflylabs.com/homep...power.html
This seems like the best option for now if you're broke and trying to mine some coins. Once they get it up and running, it will be nice to have the mining done for you.

The learning curve for this mining shit is steep, but even on my shitty laptop, I was able to mine a few Coins from some other currency called Coiyne.

Nope.
(This post was last modified: 01-08-2014 11:39 AM by R Smoov.)
01-08-2014 11:26 AM
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pheonix500000 Offline
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Post: #996
RE: Bitcoins up 60% in less than a month
(01-08-2014 11:26 AM)Rosca Wrote:  I think it was Mech who said it earlier, but the forum should try to set up a mining thing.

The learning curve for this is steep, but even on my shitty laptop, I was able to mine a few Coins from some other currency.

how did you do it? and what kind of currency was it?
01-08-2014 11:39 AM
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R Smoov Offline
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RE: Bitcoins up 60% in less than a month
It was the recently launched Coinye Coin.
1: Get a Coinye Wallet
http://coinyecoin.org/

2: Read this.
https://bitcointalk.org/index.php?topic=396068.0

3: Join one of the pools and read their Get Started.
I joined this one http://pool.coinye.pw/index.php. They're helpful as fuck if you talk to them on IRC.

Shit people was willing to trade some of the better miners 3BTC for like 3 Million Coinye.

Note: This isn't as profitable as Bitcoin, but I learned a lot about mining through this.

[Image: CbMtZlV.png]
My Coinye wallet as of today.

Nope.
(This post was last modified: 01-08-2014 11:56 AM by R Smoov.)
01-08-2014 11:51 AM
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el mechanico Offline
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Post: #998
RE: Bitcoins up 60% in less than a month
Cool! ^^
01-08-2014 12:00 PM
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el mechanico Offline
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RE: Bitcoins up 60% in less than a month
01-08-2014 12:52 PM
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JayJuanGee Offline
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Post: #1000
RE: Bitcoins up 60% in less than a month
(01-08-2014 11:51 AM)Rosca Wrote:  It was the recently launched Coinye Coin.
1: Get a Coinye Wallet
http://coinyecoin.org/

2: Read this.
https://bitcointalk.org/index.php?topic=396068.0

3: Join one of the pools and read their Get Started.
I joined this one http://pool.coinye.pw/index.php. They're helpful as fuck if you talk to them on IRC.

Shit people was willing to trade some of the better miners 3BTC for like 3 Million Coinye.

Note: This isn't as profitable as Bitcoin, but I learned a lot about mining through this.

[Image: CbMtZlV.png]
My Coinye wallet as of today.


Rosca:
It is really funny that there are so many alternative crypto currencies that are out there, and recently, i have been hearing about several alt crypto currencies and they are NOT even listed on the Coinmarketcap website.

As I type, there are 71 crypto currencies listed on that site, and about 6 weeks ago, there were only 37 crypto currencies listed on that website.

Some days those crypto currencies gain greater than BTC and other days lose greater than BTC (sometimes in the same day). Certainly, there are opportunities to win or lose big with those, but also funny is that some of them have a fairly solid infrastructure and are built on the BTC blockchain. Others have their own blockchain(s)... most of them are NOT as liquid as BTC (and that is NOT saying a whole heck of a lot b/c BTC is NOT exactly liquid).

I certainly feel some reservations in getting involved too extensively investing in these various alt crypto currencies - despite some of the allure towards the high percentage yields that sometimes seem to take place with some of them.


(01-08-2014 09:57 AM)EuroSlumming Wrote:  The real problem with Bitcoin is that nobody is buying it for it's intended use, everyone who is in it or considering getting into is doing it on the chance of making a buck. How it can flip from this speculative phase to a more stable one where people would actually use it as a currency I don't know.

EuroSlumming:

Even though we refer to Bitcoin and various other alt crypto-currencies as "currencies," we may acting a bit loosely with our understandings and expressions. Maybe "currency" is a form of short hand, and surely these crypto currencies are considered as currencies.

However, they are more than just currencies, and are also like commodities, as well, or some other store of value.

I get a little bothered when guys use absolutes to describe what is happening with BTC or any other cryptocurrency when you say: "nobody is buying it for it's intended use." There is a lot going on with BTC and with other cryptocurrencies, and what is BTC's intended use? When you get mass adoption, you may get a lot of deviation from "intended use."

There is a lot going on with BTC including the fact that more and more venders are accepting it, more and more investment is being made into mining, various early adopters are becoming shocked by BTC and investing more into BTC, venture capital is taking serious looks at BTC, governments are taking serious looks at BTC and ATMs are being manufactured, installed and considered. There is lot of activities behind the BTC scene, in spite of a large number of people considering getting rich quick schemes.

The get rich quick schemes are going to be true with anything that is up and coming, and BTC still seems to be in its very infancy stages, in spite of the recent spike to $1,200... that is a recent spike, and around 99.5% of the world's population does NOT know WTF bitcoin is.
01-08-2014 02:43 PM
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