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Bitcoin -- for interested beginners & critics/skeptics
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pants Offline
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RE: Bitcoin -- for interested beginners & critics/skeptics
11-18-2013 03:47 PM
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el mechanico Offline
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Post: #102
RE: Bitcoin -- for interested beginners & critics/skeptics
(11-18-2013 03:47 PM)pants Wrote:  http://www.c-span.org/Live-Video/C-SPAN3/
What does all that mean?
11-18-2013 03:57 PM
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pants Offline
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RE: Bitcoin -- for interested beginners & critics/skeptics
Homeland Security Hearing.

They discuss crypto currencies like bitcoin.
11-18-2013 04:17 PM
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pants Offline
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Post: #104
RE: Bitcoin -- for interested beginners & critics/skeptics
This is like watching a sports event with a major bet!

Stay ready for the second half of the meeting =)
11-18-2013 04:33 PM
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GameTheory Offline
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Post: #105
RE: Bitcoin -- for interested beginners & critics/skeptics
what if The Man clamps down on businesses who accept Bits or other Cryptos ??? would we be stuck if very few poeple accept them IRL ???
11-20-2013 05:15 PM
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Maciano Offline
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Post: #106
RE: Bitcoin -- for interested beginners & critics/skeptics
(11-08-2013 02:09 PM)Laser Wrote:  I bought some yesterday and plan to just throw them in storage, not trade or use them for purchases. Any suggestion on the best wallet to store them in? I've heard good things about armory, but haven't investigated setting it up.

Armory.

Check on YT for good tutorial how to work w/ it.
11-21-2013 11:07 AM
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Acute Angle Offline
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Post: #107
RE: Bitcoin -- for interested beginners & critics/skeptics
(11-20-2013 05:15 PM)GameTheory Wrote:  what if The Man clamps down on businesses who accept Bits or other Cryptos ??? would we be stuck if very few poeple accept them IRL ???

Yes, IMHO. The great weaknesses of any cryptocurrency are the gateways and merchants - getting fiat money in and out of the system, and points of exchange for goods and services. That's where governments will attack.

But it would take a very concerted and co-ordinated campaign by most of the major powers of the world to kill BTC. The value could plummet in the face of such an attack, though.
11-21-2013 03:55 PM
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GameTheory
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Post: #108
RE: Bitcoin -- for interested beginners & critics/skeptics
(11-21-2013 03:55 PM)Acute Angle Wrote:  
(11-20-2013 05:15 PM)GameTheory Wrote:  what if The Man clamps down on businesses who accept Bits or other Cryptos ??? would we be stuck if very few poeple accept them IRL ???

Yes, IMHO. The great weaknesses of any cryptocurrency are the gateways and merchants - getting fiat money in and out of the system, and points of exchange for goods and services. That's where governments will attack.

But it would take a very concerted and co-ordinated campaign by most of the major powers of the world to kill BTC. The value could plummet in the face of such an attack, though.

that's what i was thinking too...for example, The Man arrests the CEO of Walmart, or Kroegers, or any Fortune 500 retailer and "makes an example of him" for accepting Cryptos... all other CEO's will "fall in line " and drop the Cryptos altogether to avoid getting butt-raped in prison:

[Image: bring_out_the_gimp_by_the_russian.jpg]
[Image: tumblr_lc30jvzzBK1qe0eclo1_500.gif]
[Image: pulp-fiction.jpg]
(This post was last modified: 11-21-2013 04:58 PM by GameTheory.)
11-21-2013 04:53 PM
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el mechanico Offline
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Post: #109
RE: Bitcoin -- for interested beginners & critics/skeptics
Looks like lots of people buying in?
11-21-2013 05:57 PM
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Bricks Offline
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Post: #110
RE: Bitcoin -- for interested beginners & critics/skeptics
(11-21-2013 05:57 PM)el mechanico Wrote:  Looks like lots of people buying in?

I reckon this next boom is going to be a long lived one. Untill the huge crash.

Everyone is trying to get their hands on them to straight hoard, Which is my plan. Long term view.
11-21-2013 07:07 PM
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el mechanico Offline
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Post: #111
RE: Bitcoin -- for interested beginners & critics/skeptics
(11-21-2013 07:07 PM)Bricks Wrote:  
(11-21-2013 05:57 PM)el mechanico Wrote:  Looks like lots of people buying in?

I reckon this next boom is going to be a long lived one. Untill the huge crash.

Everyone is trying to get their hands on them to straight hoard, Which is my plan. Long term view.
I don't think so. I'm going to sell today
11-21-2013 07:25 PM
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Maciano Offline
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Post: #112
RE: Bitcoin -- for interested beginners & critics/skeptics
(11-21-2013 07:25 PM)el mechanico Wrote:  
(11-21-2013 07:07 PM)Bricks Wrote:  
(11-21-2013 05:57 PM)el mechanico Wrote:  Looks like lots of people buying in?

I reckon this next boom is going to be a long lived one. Untill the huge crash.

Everyone is trying to get their hands on them to straight hoard, Which is my plan. Long term view.
I don't think so. I'm going to sell today

To buy back in later or take your profits?

PS How long have you been in the game?
11-22-2013 05:36 AM
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Acute Angle Offline
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Post: #113
RE: Bitcoin -- for interested beginners & critics/skeptics
(11-22-2013 05:36 AM)Maciano Wrote:  
(11-21-2013 07:25 PM)el mechanico Wrote:  I don't think so. I'm going to sell today

To buy back in later or take your profits?

PS How long have you been in the game?

Or maybe he's telling you he's going to sell, to encourage you to sell so that he can buy cheaper?
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11-22-2013 06:47 AM
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michelin Offline
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Post: #114
RE: Bitcoin -- for interested beginners & critics/skeptics
(11-21-2013 07:25 PM)el mechanico Wrote:  
(11-21-2013 07:07 PM)Bricks Wrote:  
(11-21-2013 05:57 PM)el mechanico Wrote:  Looks like lots of people buying in?

I reckon this next boom is going to be a long lived one. Untill the huge crash.

Everyone is trying to get their hands on them to straight hoard, Which is my plan. Long term view.
I don't think so. I'm going to sell today

Sounds like Bitcoin is not the way to go to make BIG money, more to get a little bonus if lucky. Sort of like once-a-month-jackpot...

"Fart, and if you must, fart often. But always fart without apology. Fart for freedom, fart for liberty, and fart proudly" (Ben Franklin)
11-22-2013 08:03 AM
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Emancipator Offline
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Post: #115
RE: Bitcoin -- for interested beginners & critics/skeptics
(11-22-2013 08:03 AM)michelin Wrote:  
(11-21-2013 07:25 PM)el mechanico Wrote:  
(11-21-2013 07:07 PM)Bricks Wrote:  
(11-21-2013 05:57 PM)el mechanico Wrote:  Looks like lots of people buying in?

I reckon this next boom is going to be a long lived one. Untill the huge crash.

Everyone is trying to get their hands on them to straight hoard, Which is my plan. Long term view.
I don't think so. I'm going to sell today

Sounds like Bitcoin is not the way to go to make BIG money, more to get a little bonus if lucky. Sort of like once-a-month-jackpot...

I've already made more than my monthly income on btc in a week.

Mother Nature is a bitch & Father Time has an undefeated record
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11-22-2013 02:06 PM
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el mechanico Offline
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Post: #116
RE: Bitcoin -- for interested beginners & critics/skeptics
(11-22-2013 02:06 PM)Emancipator Wrote:  
(11-22-2013 08:03 AM)michelin Wrote:  
(11-21-2013 07:25 PM)el mechanico Wrote:  
(11-21-2013 07:07 PM)Bricks Wrote:  
(11-21-2013 05:57 PM)el mechanico Wrote:  Looks like lots of people buying in?

I reckon this next boom is going to be a long lived one. Untill the huge crash.

Everyone is trying to get their hands on them to straight hoard, Which is my plan. Long term view.
I don't think so. I'm going to sell today
How so?

Sounds like Bitcoin is not the way to go to make BIG money, more to get a little bonus if lucky. Sort of like once-a-month-jackpot...

I've already made more than my monthly income on btc in a week.
How so?
(This post was last modified: 11-22-2013 02:10 PM by el mechanico.)
11-22-2013 02:10 PM
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JayJuanGee Offline
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Post: #117
RE: Bitcoin -- for interested beginners & critics/skeptics
(11-22-2013 02:06 PM)Emancipator Wrote:  I've already made more than my monthly income on btc in a week.

It seems that this claim could ONLY be true if you actually cashed out - b/c profits on paper is just that - on paper.

I may as well state my implied question. Did you cash out? Smile
11-22-2013 06:12 PM
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el mechanico Offline
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RE: Bitcoin -- for interested beginners & critics/skeptics
I'm going to put a mini wall up on BTC-e. Who's in?
11-22-2013 08:51 PM
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el mechanico Offline
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RE: Bitcoin -- for interested beginners & critics/skeptics
(11-22-2013 08:51 PM)el mechanico Wrote:  I'm going to put a mini wall up on BTC-e. Who's in?
And..Crash you guys need to respond faster. I'll buy back in a few
11-22-2013 09:11 PM
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samsamsam Offline
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RE: Bitcoin -- for interested beginners & critics/skeptics
Coinbase will waive all fees on Friday, November 29th.

http://blog.coinbase.com/

As a proud sponsor of Bitcoin Black Friday, we’re happy to announce that Coinbase will waive all fees on Friday, November 29th. Coinbase users can buy, sell, send and receive bitcoins for free, all day long.

If you’re interested in learning more about Bitcoin Black Friday, check it out here. It’s a great event that brings the entire bitcoin community one step closer to main stream merchant adoption!

I posted this on the other thread also. I myself am learning still, but maybe it helps others.

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11-26-2013 11:31 AM
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Tex Pro Offline
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Post: #121
RE: Bitcoin -- for interested beginners & critics/skeptics
Tip to newbies, you don't need to pay for a wallet service to store bitcoins or litecoins.

There exists bitcoin-qt and litecoin-qt that are put out by the orgs running bitcoin and litecoin. These wallets are free and can be encrypted and store your crypto-currency on you computer. Bitcoin-qt takes about a day to download the entire blockchain and litecoin-qt takes a few hours to download the entire blockchain.

http://bitcoin.org/en/download

https://litecoin.org/
11-26-2013 12:43 PM
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Maciano Offline
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RE: Bitcoin -- for interested beginners & critics/skeptics
I'd like to discourage people from buying litecoin -- or altcoins -- if they believe it's the same or better than bitcoin. It isn't. Litecoins have jumped from 8$ or so to 40$ today. The market cap is now 1 BILLION dollars. It's all piggybackin on bitcoin's success by lemmings who felt they missed out on bitcoin. (They didn't ofcourse, just buy a little less...)

I'll be selling at 50-60$ for sure.

Only those who speculate with litecoin will make money. Litecoin hasn't got the developers, network effect, support, merchants or even good wallets yet. Everything that can be done with altcoins can be done with bitcoin through metacoins, to just add a layer on BTC. Anyone claiming anything else is lying.

The only real use seems you can donate with LTC (WikiLeaks, PirateBay, Stephan Molyneux & bitcoinnotbombs.com), but bitcoin's got all that already. There is no real extra value in LTC. I'd say, LTC, is at best a nice real life laboratorium, and, at worst, bitcoin counterfeit.
11-28-2013 03:07 AM
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Post: #123
RE: Bitcoin -- for interested beginners & critics/skeptics
The 10 Commandments For Trading On BTC-E

Musical and advisory accompaniment: 10 Crack Commandments
This post does not constitute financial advice.

Commandment #1: You have already won
Congratulations, you are in the first 1% of people to hear about Bitcoin, let alone buy any. If you own more than 0 at this stage you’re pretty much guaranteed to make a positive return, provided you don’t screw it up thinking you’re the world’s best daytrader. In addition, cryptocurrency is deflationary, there’s plenty of idiots like this making you rich. When in doubt, hold and wait for it to rise.

Commandment #2: Do not type in all caps
You’ll get banned.

Commandment #3: Understand what you’re looking at
Read this: Explanation of candle graphs

Commandment #4: Green candles operate on a Gandalf-esque schedule, so to be a beneficiary be early rather than on time
If the trollbox is going crazy about ‘green candles’ and <Insert coin code> unless you already own your position in that coin you’re too late. Trying to buy as the rocket takes off just means YOU get left at the top while the people who bought in long before the candle started sell to you. Price drops, they buy back in, and wealth has just been transferred, with you on the wrong end.

Commandment #5: Take profit in increments
If you see the opportunity to be the one doing the selling (refer to Commandment #4), DON’T sell 100% of your coin and then frantically try and buy it all back (see Commandment #7) as you realize the correction was shorter than you thought. Put 20% on the line if you’re confident, stay calm, and collect. If not confident, refer to Commandment #1. It’s like surfing, there will always be another wave.

Commandment #6: Understand that fees matter
The fees on BTC-E are wholly percentage based (no flat fee). This means there is no penalty for selling a large quantity in several small increments instead of together. This is why Commandment #5 is advisable, there is no upside in terms of saving on transaction costs to dump everything at once, and it’s much riskier. On the other hand, every millibit you pay in fees is Bitcoin you have sacrificed to the system, so try to pick strong positions and stick to them. Also note that the requirement to transact “through” BTC means that swapping a strong LTC position to a strong FTC position is going to cost you double the fees.

Commandment #7: Buy high, sell low
No, really. Overestimate the price you can purchase at, and underestimate the price you can sell at.

Keep in mind that the orderbooks are fluid, and the price changes every millisecond. If the price indicator reads 0.0012, then submit your buy order for 0.0015. Submit your sell order for 0.009. Buy orders indicate the maximum you will buy for (not the price that your coins are guaranteed to be purchased for) and sell orders the minimum (same). It’s a good idea to give yourself a little leeway, as it ensures your purchase is completed in its entirety as fast as possible, and that half your order doesn’t get left behind never to be filled because the swell of buy orders (including yours) pushed the price up 0.0001.

You shouldn’t be trading every little nook and cranny with your 0.1 LTC remember (see Commandment #5). If that extra 0.001 is going to kill your profit, you need to be making smarter purchases less frequently.

Commandment #8: Nothing matters except the price
Ignore any bullshit about The Keiser Report, Fontas, The Bitcoin Foundation, Coindesk or plutonium1977. Watch the price, not some irrelevant predictions from an “expert”. It seriously doesn’t matter that much if Keiser says “Litecoin” or not on his show, the market is well past that. At the end of the day only you are held accountable by your bank balance.

Commandment #9: Ignore the trollbox
You can safely ignore the following:

Anybody trying to incite or publicize a “pump”.
There are no pumps organized in the trollbox, and anyone trying (and failing) to start one is revealing an obvious bias at already having bought in. If any organized collectives do exist, they are not organized publicly you can rest assured. This includes links to obviously sham Twitter accounts.

Anybody else using the word “pump”.
Everybody and their dog thinks they know when a “pump” has ended, and they prove it by randomly shouting about it. It correlates to the actual end of a pump less often than if they were rolling dice, so you know they’re not even guessing, they’re actively wrong.

Anybody that says LTC is on Gox, China is crashing or ‘Arize chickun’.
All trollbox memes. Oh, and ‘XXX to the moon!’.

Anybody that tries to facilitate serious discussion / analysis
For example: “Here’s the price chart for XPM for the last three months. <link> Take a look at this and let me know what you think.” Look, it’s called the trollbox for a reason, anyone trying to be intellectual over the clamor needs to learn the concept of ‘fighting a losing battle’.

Anybody making a price prediction, especially with a short timeframe
I don’t even understand why people say things like ‘LTC to 40.3 in 5 minutes’. Do they actually think anyone pays attention if they were right or not? This category includes people that claim to have some history of communally recognized prediction success, eg. ‘NMC on the rise. Anyone who was on last week/last night/last 10 minutes knows I’m correct.’

Right, so if 95%+ of the trollbox is stupid, how do you figure out who’s actually making money? People actually banking do one of two things:

Stay silent
They’re making money, what more needs to be done? Unlike the horrible ‘daytraders’, they don’t need to compensate for their frequent losses by feebly pretending they have an impact on the market through hyperbolic / overly meme-ified statements in trollbox.

Troll like crazy, without any of the listed indicators
Some of the real traders / whales just enjoy the mayhem. I haven’t been able to pick el mech yet, but I think there’s a good chance he’s in the mix. Their contributions revolve around trash talking coins they don’t hold, sarcastic comments (occasional wordplay) and baiting all of the people listed above. If you notice someone doing this consistently, in the unlikely event they make a serious call you should probably pay attention. Or maybe PM them and ask what their portfolio distribution is.

Commandment #10: Hold some coin offline
BTC-E is pretty major, and so has the resources and experience to make sure their security is tight. That said, a Bitcoin site is hacked and emptied every week, so siphon your winnings offline. It’s like eggs and baskets.

My picks:
Short term: LTC and NMC
Mid term: XPM
Long term: BTC

Improve yourself, improve the world.
Datasheets: Chinese Dating. Bitcoin and trading on BTC-E.
11-28-2013 08:01 AM
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Neo Offline
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Post: #124
RE: Bitcoin -- for interested beginners & critics/skeptics
I've been reading about bitcoins all day, and I'm still unsure about whether to invest. Price is above $1100 today, I can buy a piece and worst case I lose the initial investment. I wouldn't be using it as cash, just hoping the price skyrockets.

My question is about the bank account closures regarding this. Are banks actually closing accounts if people transfer funds to a bitcoin wallet such as coinbase? The only articles I could find where about companies who dealt with the currency, not individual investors. Not a huge deal if it happens, but just a pain in the ass.
11-29-2013 09:34 PM
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Tex Pro Offline
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RE: Bitcoin -- for interested beginners & critics/skeptics
(11-29-2013 09:34 PM)Neo Wrote:  I've been reading about bitcoins all day, and I'm still unsure about whether to invest. Price is above $1100 today, I can buy a piece and worst case I lose the initial investment. I wouldn't be using it as cash, just hoping the price skyrockets.

My question is about the bank account closures regarding this. Are banks actually closing accounts if people transfer funds to a bitcoin wallet such as coinbase? The only articles I could find where about companies who dealt with the currency, not individual investors. Not a huge deal if it happens, but just a pain in the ass.

I've bought bitcoins through Coinbase and I used my bank account and had no problems. Of course, that could change in the future if the feds go after bitcoin, but for now I have had no problems.
11-29-2013 09:38 PM
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