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The Bitcoin (BTC) thread
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JayJuanGee Offline
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Post: #1901
RE: The Bitcoin thread
In case my earlier posts were too bearish..., here's a little more upbeat news that came out yesterday:

https://www.cryptocoinsnews.com/400-euro...agreement/

More european banks accepting bitcoin - seems quite BTC friendly, and also BTC prices are up to $314, so the downward price pressure has let off, at least while I type there are nearly two hours of green candles.


And a little bitcoin humor, too, to show the various personality types of the bitcoin enthusiasts.

https://www.youtube.com/watch?v=QQhVwBESulM
(This post was last modified: 10-05-2014 07:39 AM by JayJuanGee.)
10-05-2014 07:34 AM
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Emancipator Offline
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Post: #1902
RE: The Bitcoin thread
I wake up hungover to an alert saying the price dropped below 300

What the hell happened?


Got a bit worried with some of my holdings so I moved them out of some exchanges and sites that were holding them and into cold wallets. I wouldn't be surprised if a few sites drop due to this crash.

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10-05-2014 01:50 PM
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Paul B Offline
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Post: #1903
RE: The Bitcoin thread
Bearwhale happened.

Big sell walls at 301 and 300 so it looks like we're either going to remain in the 290s for a while or plummet to the next support point at 278. I got my guns loaded.
10-05-2014 01:57 PM
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JayJuanGee Offline
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Post: #1904
RE: The Bitcoin thread
(10-05-2014 01:57 PM)Paul B Wrote:  Bearwhale happened.

Big sell walls at 301 and 300 so it looks like we're either going to remain in the 290s for a while or plummet to the next support point at 278. I got my guns loaded.


I am glad that you got some money left in your account.. because I am running out. I can probably get some more by Wednesday or Thursday.... but Fuck..

In the past two months, I bought various quantities of BTC at these various price points:

602.46
588.06
582.03
578.06
584.66
579.75
573.47
558.02
516.79
498.15
465.04
507.18
492.03
493.10
479.41
480.00
460.05
480.63
445.33
380.04
442.04
399.34
375.00
384.44
395.00
386.80
378.98
359.05
336.90
318.64
302.79
280.03

Maybe I am doing something wrong? I don't know.. I am just trying to accumulate BTC and to prepare my BTC portfolio holdings for the eventual BTC rocket (hopefully).

Regarding these fucking sell walls on stamp, there was one for 30k BTC on stamp at around $300, so that would represent about $9million... Here's a picture of that actual wall of bitcoins.. quite amazing on the chart. I actually was of the belief that there was NOT that much coin left on the exchange and willing to sell, but merely because they flash their BTC holdings does NOT really indicate that they would be willing to sell their BTC at that rate.

Also, these manipulator whales are seemingly more brave to flash their BTC holdings if they have some confidence that there may NOT be enough money on the exchange to buy up the wall in one fell swoop... it's a form of bluffing and gamemanship, and I suppose it can work to get people to act in a certain intended way... or to scare the opponent.

It would be nice if there were some really big players who had enough confidence to keep $10 to $20 million on the exchanges or more money like $100 million for the purpose of buying up some of these downward manipulation bluffs... which, if you watch, you will see a major buy like those from time to time, where a 1k or 2k BTC wall is put up by a downward bear btc price manipulator, and wheeewwwft.. it is gone (bought) in no time.. with NO price change.. he hehehehe .. that is usually NOT what they want when they put up those big-ass BTC walls.
(This post was last modified: 10-05-2014 02:43 PM by JayJuanGee.)
10-05-2014 02:22 PM
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JayJuanGee Offline
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Post: #1905
RE: The Bitcoin thread
Here's a link to the update of a Bitcoin price trend - that I believe is very indicative about what we should be doing and how, currently, we should be considering BTC prices. A nice thing about this one is that it is pretty (a rainbow) No gay. Gay or maybe just a little gay-ish?

https://bitcointalk.org/index.php?topic=...msg9102949

Only time will tell us whether the BTC price trendline will continue to hold or whether we have made the right kinds of decisions regarding our BTC investment choice.
(This post was last modified: 10-06-2014 03:36 PM by JayJuanGee.)
10-06-2014 03:33 PM
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Rawmeo Offline
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Post: #1906
RE: The Bitcoin thread
In the last 24h it's been going slowly up. Let it continue that way!
10-06-2014 05:31 PM
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JayJuanGee Offline
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Post: #1907
RE: The Bitcoin thread
(10-06-2014 05:31 PM)alex3948 Wrote:  In the last 24h it's been going slowly up. Let it continue that way!

I cannot be sure about what to think regarding the specific price direction(s) of BTC... but the trade volume in the last week has been quite amazing... and then the price diving down into the upper $200s was just quite a thing to watch.... which made me really nervous and scared about how far down it was going to go ... and just wishing to have more fiat in my bank account in order that I could buy more BTC...... On Bitstamp alone there was more than 10k BTC traded in an hour or less for under $300, and anyone watching this kind of market behavior should realize that little people are NOT controlling the downward price projections (at least NOT the most recent one), and the pure volume of BTC that is dumped at strategically low BTC price times, shows that there are big force desires to push the market down and NOT regular mass market price pressures.

I am thinking that the downtrend in price is mostly over, and there could be a dip this week or this upcoming weekend into the lower $300s or possibly even into the upper $200s (above $280).. but I am thinking also that next week-ish BTC prices are going to slowly revive upward... stay in the upper $300 to $400 for a month or two and then maybe rise and remain in the $500 to $800 for another month or two or possibly 6 months before traveling to newer ATH territories.. to the $3k to $13 territory (sounds pie in the sky??? ) and all of this remains pretty speculative territory on my part that I change my mind about these kinds of thoughts from time to time... but tend to remain a bit overall bullish regarding the future direction of BTC and its prices.
(This post was last modified: 10-06-2014 06:34 PM by JayJuanGee.)
10-06-2014 06:10 PM
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el mechanico Offline
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Post: #1908
RE: The Bitcoin thread
Jay. I've just walked away from those damn coin. I'll look at it again some time when I hear crazy news.
10-06-2014 06:52 PM
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JayJuanGee Offline
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Post: #1909
RE: The Bitcoin thread
(10-06-2014 06:52 PM)el mechanico Wrote:  Jay. I've just walked away from those damn coin. I'll look at it again some time when I hear crazy news.



Define "crazy"

LaughLaughLaughLaughLaughLaughLaughLaughLaughLaugh
10-06-2014 09:52 PM
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JayJuanGee Offline
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Post: #1910
RE: The Bitcoin thread
(10-06-2014 09:52 PM)JayJuanGee Wrote:  
(10-06-2014 06:52 PM)el mechanico Wrote:  Jay. I've just walked away from those damn coin. I'll look at it again some time when I hear crazy news.



Define "crazy"

LaughLaughLaughLaughLaughLaughLaughLaughLaugh


Interesting article from Pantera Capital puts bitcoin possible value at $79 trillion dollar market cap and over $4 million per bitcoin...


https://cdn.panteracapital.com/wp-conten...s-Gold.pdf

Now that's crazy, even though hypothetical and possible.



In other words: Get those cheap coins, while supplies last!!!!!!!!!!!

Laugh
10-08-2014 03:33 AM
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Rawmeo Offline
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Post: #1911
RE: The Bitcoin thread
Bought $20k worth of coins when it was $280. I am starting to think that move was great. $340 and rising now.
(This post was last modified: 10-08-2014 12:06 PM by Rawmeo.)
10-08-2014 12:06 PM
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JayJuanGee Offline
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Post: #1912
RE: The Bitcoin thread
(10-08-2014 12:06 PM)alex3948 Wrote:  Bought $20k worth of coins when it was $280. I am starting to think that move was great. $340 and rising now.

How long have you been buying bitcoins?

Was that your first purchase?

Through what services do you buy?

What country are you currently in?

Do you use bitcoins for travel?
10-08-2014 01:09 PM
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Rawmeo Offline
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Post: #1913
RE: The Bitcoin thread
(10-08-2014 01:09 PM)JayJuanGee Wrote:  
(10-08-2014 12:06 PM)alex3948 Wrote:  Bought $20k worth of coins when it was $280. I am starting to think that move was great. $340 and rising now.

How long have you been buying bitcoins?

Was that your first purchase?

Through what services do you buy?

What country are you currently in?

Do you use bitcoins for travel?

1) I've been in that game for around 9 months.

2) First purchase was very small, $100, just to get to know how it works.

3) You can use ANXPRO, CaVirtex, Local Bitcoins. I use all 3, depending on there the buy price is the lowest.

4) Canada. But I can do that and be location-independant.

5) No, there are not enough locations accepting BTC as payment, probably because the value fluctuates too much and too fast.
10-08-2014 03:25 PM
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JayJuanGee Offline
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Post: #1914
RE: The Bitcoin thread
(10-08-2014 03:25 PM)alex3948 Wrote:  
(10-08-2014 01:09 PM)JayJuanGee Wrote:  
(10-08-2014 12:06 PM)alex3948 Wrote:  Bought $20k worth of coins when it was $280. I am starting to think that move was great. $340 and rising now.

How long have you been buying bitcoins?

Was that your first purchase?

Through what services do you buy?

What country are you currently in?

Do you use bitcoins for travel?

1) I've been in that game for around 9 months.

2) First purchase was very small, $100, just to get to know how it works.

3) You can use ANXPRO, CaVirtex, Local Bitcoins. I use all 3, depending on there the buy price is the lowest.

4) Canada. But I can do that and be location-independant.

5) No, there are not enough locations accepting BTC as payment, probably because the value fluctuates too much and too fast.


Thanks for your response. It sounds as if you timed your $280 purchase pretty well. .. and yep, NOT too bad to be around 25% profit - zone for that set of coins in less than a week... but yep, profits on paper - until you cash them out..

I had already mentioned before that I had been making BTC purchases all the way down from $1,200, and surely I reassessed at several points, and I had various cash flows that I dedicated to BTC purchases.

On this last downward price leg, I purchased quite a few coins below $400, and by the time prices were in the $280 arena, I did NOT have too much money left... he he he...

We will see what happens with the price in the coming weeks, but it is looking pretty good for anyone who had purchased in the upper $200s or the lower $300s...

Regarding travel, it does seem that venues are expanding to be able to use your bitcoins in various overseas locations. I am NOT as eager about being able to purchase items but being able to lessen money transmission fees and to be able to cash out for local currency, which I believe with the passage of time is becoming more and more feasible with bitcoin...
10-08-2014 05:06 PM
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babelfish669 Offline
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Post: #1915
RE: The Bitcoin thread
The $300 range looks pretty reasonable. I would love to see it drop lower to buy more. The high prices were the result of fake trades from Mt Gox and fraudulent behavior from others. It will take further adaptation or more fraudulent exchanges to get back to that point.
10-08-2014 05:38 PM
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JayJuanGee Offline
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Post: #1916
RE: The Bitcoin thread
(10-08-2014 05:38 PM)babelfish669 Wrote:  The $300 range looks pretty reasonable. I would love to see it drop lower to buy more. The high prices were the result of fake trades from Mt Gox and fraudulent behavior from others. It will take further adaptation or more fraudulent exchanges to get back to that point.

We will see how it plays out;however, it seems to be pretty wishful thinking if you are of the belief that you will be able to get in below $320 or $310-ish - but never say never in bitcoinlandia....

My main point is that there seems to be pretty heavy volume being traded, and the downward trend seems to have reversed.

We had something similar in May/June-ish when prices went up to $680, so I am NOT sure how much steam it is going to take to bring BTC prices past $680...

You are emphasizing the MTGOX fiasco, but there has also been a whole hell-a-va lot of bitcoin developments in the past 10 months - so I have my doubts about attempting to emphasize too much one negative factor to contrast the several positive developments. Maybe that is just me?
10-08-2014 05:45 PM
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Rawmeo Offline
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Post: #1917
RE: The Bitcoin thread
Cashing out is easy. Put the coins on Virtex -> Convert to CAD (or USD) -> Withdraw to bank account ($5 fee) -> Wait 48 - 72 hours -> Money's there.
10-08-2014 07:40 PM
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JayJuanGee Offline
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Post: #1918
RE: The Bitcoin thread
(10-08-2014 07:40 PM)alex3948 Wrote:  Cashing out is easy. Put the coins on Virtex -> Convert to CAD (or USD) -> Withdraw to bank account ($5 fee) -> Wait 48 - 72 hours -> Money's there.


I believe that in my response post to you, I referred to two context for cashing out.


1) Cashing out in one's own country and to take a profit

2) Cashing out in travel.


Regarding 1) Cashing out in one's own country and to take a profit: Surely cashing out BTC is easy and has become easier and easier over the last year. But whether a guy wants to take a profit or to stay in BTC longer term is an individual decision in part based how the guy considers the length of time his investment. Some people may be nervous about staying in BTC longer term but I am somewhat in BTC because I like the concepts behind it and I believe some concepts behind BTC is going to cause another exponential growth cycle spurting into the $3k to $13k territory - and I want to be in while that is happening. Of course, I have various back up plans in the event that it does NOT happen or it begins to appear that such an exponential growth spurt is unlikely, in my view, to take place.

Regarding 2) Cashing out in travel: I think this is also nice that it appears that more and more locations around the world are creating and building a BTC infrastructure. So if you are traveling, there may be some places in which it is nice and easy to spend BTC directly - however, the more basic expectation that there will likely be ways to cash out some BTC holdings and to convert to whatever local currency. Good for me if I travel, and even good for me if I do NOT travel, because it greatly increases the current and future value of BTC.
10-08-2014 08:18 PM
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Steve9 Offline
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Post: #1919
RE: The Bitcoin thread
JJG, I just read this bearish analysis on Bitcoin - "Free Banking on a Bitcoin Standard–The State Prepares its Death Blow" :

http://www.philosophicaleconomics.com/2014/10/btc/

It would be interesting to hear what your thoughts are on the analysis.
(This post was last modified: 10-09-2014 09:56 AM by Steve9.)
10-09-2014 09:39 AM
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JayJuanGee Offline
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Post: #1920
RE: The Bitcoin thread
(10-09-2014 09:39 AM)Steve9 Wrote:  JJG, I just read this bearish analysis on Bitcoin - "Free Banking on a Bitcoin Standard–The State Prepares its Death Blow" :

http://www.philosophicaleconomics.com/2014/10/btc/

It would be interesting to hear what your thoughts are on the analysis.


The article seems to juxtapose ideas, so I have my doubts whether the article has gotten anything correct regarding the long-term viability to bitcoin or the threats to bitcoin.

I do understand that one of the central values of bitcoin is its scarcity and the verifiability of its transactions on the blockchain remains an important aspect to ensure that the number of bitcoins remains at 21 million (currently 13.5 million). Accordingly, there would NOT be any fractional reserve banking with bitcoin if all transactions were taking place and verifiable on the blockchain.

However, since the inception of bitcoin, there have been various businesses building around the use of the blockchain and taking bitcoin transactions off of the blockchain and requiring clients to rely on trusting these third party businesses to have the bitcoins that they claim to have. this was one of the problems with the failings of GOX and has become the failings of some other businesses built upon bitcoins. They did NOT have the bitcoins that they claimed to have.

Accordingly, a threat to bitcoin becomes fractional reserve banking, in the sense that these 3rd parties may NOT have the bitcoins that they claim to have.

Threats to bitcoin would therefore allow fractional reserve banking, when bitcoin was NOT designed to allow for such (because of its scarcity of supply).

To the extent that the NY regulations disallows fractional reserve banking, then that seems to be in the spirit of bitcoin. However, I believe some of the problems with the NY legislation proposals is NOT that it disallows fractional reserves but instead that it attempts to cause a humungous amount of reporting requirements and a humongous amount of capitalization requirements and also attempts to categorize regular bitcoin users into these categories in which they have to report or if they engage in a business to prove their capital holdings (which would likely cause people and business to flee from establishing bitcoin businesses in NY state).

In any event, I am confused by the article because it seems to describe the issue of fractional reserves as if it were beneficial to the expansion of bitcoin, so the article seems to be a form of spreading of FUD, and does NOT describe the potential downfall of bitcoin.

If anything a downfall to bitcoin would be if companies would be allowed to establish fractional reserve practices with bitcoin, and then bitcoin would become like any devalued and manipulated currency. The article asserts that there is NO problems with the current fiat money system, but fails and/or refuses to account for the various tendencies that current money systems have to debase the value of their currencies by failing to limit the supply and to in fact proliferate the availability of fiat money (which has a lot of dire consequences for regular people within the system experiences the almost imperceptible debasement of the value of their currency).

There seems to be quite a bit of attention in various aspects of the bitcoin community to minimize the ability of entities to engage in fractional reserve banking and to be able to attempt to cause the ability to audit and/or to verify the bitcoin holdings of 3rd parties who are entrusted with the bitcoins of others. Some of these verification systems are still evolving, so quite a few aspects of bitcoin are still in their early adoption (development) stages.
10-09-2014 11:04 AM
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Post: #1921
RE: The Bitcoin thread
Several active posters in this thread received PMs concerning the documentary: The Rise and Rise of Bitcoin. There were some early showings a week ago, and then some additional releases of the documentary coming out this week.

Here is a link that you can download through a torrent client.

http://thepiratebay.se/torrent/11183060/...tcoin_-_HD

Overall the documentary presents a good overview of bitcoin history... but surely seems to emphasize that bitcoin remains far from being out of the woods in its development forward.. with the sad aspects of the business failures of Gox, Trading Hill and BitInstant.

Further, the guy that was narrating within the documentary seemed as if he was in real positive spirits in the beginning of the movie which started in mid 2012 and his enthusiasm turned somewhat downward towards the end (which seemed to be early 2014) as if he was losing good money on various BTC mining set-ups and seemed a bit stressed by the direction of bitcoin (and the stresses of it).

I liked that they juxtaposed scenes within the documentary, yet they kept the presentation in chronological order.

NONETHELESS, it felt to me almost as if the title of the documentary was wrong because even though there was good news contained throughout, the end (and even the current state of bitcoin) does NOT seem like a "rise and rise of bitcoin" - in spite of Bitcoin prices still being more than 3x last year's prices.. but with BTC business failings, there seemed to have been some negative emphases in the end of the film.

I believe that they could have improved the ending by balancing some of the negative BTC developments and putting together a few of the positive stories and some of the great ongoing developments in the bitcoin space.

Overall the whole thing was put together very well with several stimulating images and fairly important and relevant materials.
10-10-2014 07:46 AM
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Post: #1922
RE: The Bitcoin thread
(10-10-2014 07:46 AM)JayJuanGee Wrote:  Several active posters in this thread received PMs concerning the documentary: The Rise and Rise of Bitcoin. There were some early showings a week ago, and then some additional releases of the documentary coming out this week.

Here is a link that you can download through a torrent client.

http://thepiratebay.se/torrent/11183060/...tcoin_-_HD

Overall the documentary presents a good overview of bitcoin history... but surely seems to emphasize that bitcoin remains far from being out of the woods in its development forward.. with the sad aspects of the business failures of Gox, Trading Hill and BitInstant.

Further, the guy that was narrating within the documentary seemed as if he was in real positive spirits in the beginning of the movie which started in mid 2012 and his enthusiasm turned somewhat downward towards the end (which seemed to be early 2014) as if he was losing good money on various BTC mining set-ups and seemed a bit stressed by the direction of bitcoin (and the stresses of it).

I liked that they juxtaposed scenes within the documentary, yet they kept the presentation in chronological order.

NONETHELESS, it felt to me almost as if the title of the documentary was wrong because even though there was good news contained throughout, the end (and even the current state of bitcoin) does NOT seem like a "rise and rise of bitcoin" - in spite of Bitcoin prices still being more than 3x last year's prices.. but with BTC business failings, there seemed to have been some negative emphases in the end of the film.

I believe that they could have improved the ending by balancing some of the negative BTC developments and putting together a few of the positive stories and some of the great ongoing developments in the bitcoin space.

Overall the whole thing was put together very well with several stimulating images and fairly important and relevant materials.


For those of you who may be nervous about Torrent, here's a link on YouTube, that appears to be the full version of the documentary.

https://www.youtube.com/watch?v=Igg0BCF_JcM

Happy viewing!!!
10-11-2014 02:19 PM
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Emancipator Offline
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Post: #1923
RE: The Bitcoin thread
I've just liquidated my alt coins holdings.

I'll take the small 25% gain for the mean time.

Should have hopped out of LTC during the 50$ bubble lol

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demographics is destiny
10-12-2014 04:35 PM
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JayJuanGee Offline
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Post: #1924
RE: The Bitcoin thread
(10-12-2014 04:35 PM)Emancipator Wrote:  I've just liquidated my alt coins holdings.

I'll take the small 25% gain for the mean time.

Should have hopped out of LTC during the 50$ bubble lol

You may be all the wiser for getting out of the various alt coins.

Mostly in late 2013, I invested the equivalent of about 2.5 BTC into various alt coins, including Litecoin, namecoin, peercoin, feathercoin, terracoin, novacoin and primecoin.

As we know BTC has lost value during this time, and yet as a whole these various alt coin investments have lost quite a bit more of their value, and maybe at this time I could recoup about .7BTC out of them. Which may NOT be a bad idea?

I had been figuring that the various altcoins would shoot up in value with BTC during the next exponential growth phase of BTC... but that may be deluded thinking... Maybe it would be better to get out of them, while there still remains some value contained therein?
10-12-2014 10:29 PM
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Satoshi Offline
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Post: #1925
RE: The Bitcoin thread
(10-12-2014 10:29 PM)JayJuanGee Wrote:  I had been figuring that the various altcoins would shoot up in value with BTC during the next exponential growth phase of BTC... but that may be deluded thinking... Maybe it would be better to get out of them, while there still remains some value contained therein?

I think many altcoin will rise during the next bitcoin bubble, in the same way the did in the last one. Many people find themselfs with more money than they ever had before and starts to look for whatever to put it in. However it might not me the same alt-coins as last time.
10-13-2014 11:54 AM
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