• Hey, guest user. Hope you're enjoying NeoGAF! Have you considered registering for an account? Come join us and add your take to the daily discourse.

Bitcoin price skyrockets, crashes, rinse, repeat, internet starts investing in tulips

B

brain_stew

Member
Just checked bitbargain.co.uk and Litecoins have literally doubled in value from when I checked yesterday. Bloody work getting in the way.
 
Z

Zeus Molecules

illegal immigrants are stealing our air
D

Deleted member 1235

Unconfirmed Member
ok, this is making my hands sweaty, transfered my coins across to kraken.com. apparently they don't show your balance until 12 confirmations received.

it's not a good feeling knowing that 6 of your suddenly valuable litecoins are 'somewhere on the internets' and 0 balances in all exchanges. what a shitty 30 mins this is gonna be.
EDIT: any dutchies that want to get in without all this verfication nonsense

bitonic.nl can get you both in and out via ideal payments (or deposit to your bank for cashing out). prices are a bit higher, but it's instant. I got my bitcoins there.

edit2: aaaahhhhhh money arrived.
 
N

Nemo

Will Eat Your Children
catfish said:
ok, this is making my hands sweaty, transfered my coins across to kraken.com. apparently they don't show your balance until 12 confirmations received.

it's not a good feeling knowing that 6 of your suddenly valuable litecoins are 'somewhere on the internets' and 0 balances in all exchanges. what a shitty 30 mins this is gonna be.
EDIT: any dutchies that want to get in without all this verfication nonsense

bitonic.nl can get you both in and out via ideal payments (or deposit to your bank for cashing out). prices are a bit higher, but it's instant. I got my bitcoins there.
Click to expand...
Man, I need a site like this for litecoins, only one I could find doesn't sell atm
 
S

Suen

Member
So since vault of satoshi is based in Toronto then does it only deal with members in Canada ( and the states I guess) or do they sell to people outside?
 
C

criesofthepast

Member
Suen said:
So since vault of satoshi is based in Toronto then does it only deal with members in Canada ( and the states I guess) or do they sell to people outside?
Click to expand...
Everyone but for canadians its easier to get money in and out. I think the rest of the world is bank wires and stuff like that? Takes days to process whereas cash deposits take a few hours max for canadians.

Also if your ever sending money to wallets try sending 1 coin first to make sure it works. Imagine sending $200,000 of coins to a wallet and somehow a digit was off or it didn't go through properly? Yah...always do a test transfer first.

I have exams soon I can't let this shit is affect my sleep and school!
 
K

Kill Your Masters

Member
Hazaro said:
It's a pump and dump, know what you are getting into.
Click to expand...

I'm aware of it. Have been researching everything around this, but never got around to open an account anywhere until now, and looking at the price for NMC having doubled in a short time (and falling now) makes me angry at myself that I'm so lazy to buy any coin, just to at least get the feels for it...

Those huge spikes especially for LTC are ridiculous.
 
D

Deleted member 1235

Unconfirmed Member
Nemo said:
Man, I need a site like this for litecoins, only one I could find doesn't sell atm
Click to expand...

just use one for bitcoin and use bitcoin to buy litecoin immediately. you'll get roughly the same.
 
J

Javaman

Member
Just remember, when it starts dropping it's going to be almost impossible to sell. I'm sitting all these out but it's going to be fun to watch.
 
D

Deleted member 1235

Unconfirmed Member
Javaman said:
Just remember, when it starts dropping it's going to be almost impossible to sell. I'm sitting all these out but it's going to be fun to watch.
Click to expand...

going to sell my seed money shortly. I think I'll snatch more if it drops. I don't think litecoin is done. seems to be a community building up around it, it's making some news (mainly about the climb) but people want it to be accepted as well, technically 'slightly better' than bitcoin.

If I get out damage free then can hoard some coins hooray! there is something attractive about this digital currency as well. I'm actively looking for oppurunities to make payments in bitcoin. common amazon. alternatively, somebody in europe just rip off www.gyft.com

I want some euro amazon giftcards for cheap.

Edit: sold half my stock. now trading on profit :D
 
P

Poetic.Injustice

Member
Read this interesting article earlier.

FOR the obsessive followers of the volatile virtual currency bitcoin, the price of a single bitcoin at the time their fixation began holds undue significance. I know one bitcoin cost around $9 when I first stumbled on it in the summer of 2011. That was before I single-handedly sent the price of bitcoin soaring.

I wasn’t trying to manipulate an underground economy. I was just doing my job as a blogger for the website Gawker when I broke the story of the online underground illegal drug market Silk Road, on which bitcoin was the only accepted currency because of its relative anonymity. The article went viral and introduced hundreds of thousands to bitcoin.
Click to expand...

Bitcoin is most interesting on an emotional level. Its sheen of technomagic has let uber-rational geeks treat the casino-floor frenzy as a serious technological story. Tech blogs breathlessly track the price of bitcoin. Each new business that accepts bitcoin is heralded with the fanfare of a despot opening his country’s borders to a new, previously outlawed luxury. The drumbeat suggests that getting rich is as simple as being an early adopter.

So many have bought in because the Internet is very good at stoking the fear of missing out. There’s even a trendy acronym, FOMO, to describe the anxiety inspired by scrolling through the social media accounts of people having more fun than you. Bitcoin fosters a particularly potent brand of FOMO. Recently there was the story of the Norwegian 20-something who discovered that his long-forgotten bitcoin, bought for basically nothing, was worth so much that he traded some of it to buy an apartment. Bitcoin holders have taken to posting screenshots of their swollen accounts. I know a guy who bought a few hundred dollars’ worth of bitcoin as a sort of joke years ago. Now he’s made enough to buy a nice car.

All I can say is that the crash is going to be great. Bitcoin is too dependent on speculative mania to be of practical use as a currency. But as a symbol of the misguided dream that one can tap into the global data stream and download riches like a pop song, it’s gold.
Click to expand...

http://www.nytimes.com/2013/11/27/opinion/much-ado-about-bitcoin.html?_r=0
 
D

DerZuhälter

Member
So I just bought 0.3 bitcoins to get them eventually transfered to BTC-e to get them into litecoins. All in the last 2 hours:

Of course this is how I feel about all of this:

i-have-no-idea-what-im-doing-dog.jpg


This is like gambling to me right now. Installed Multibit as wallet to get the Bitcoins I get eventually into ... there? On my desktop? I got no idea you guys.
I just heard GAF screaming: "GOLDRUSH" and went head on into it.

So does Multibit only work for Bitcoins? Because I can't really find a Litecoin offline wallet.
 
V

velociraptor

Junior Member
guys

i'm in the uk

where is the cheapest place to buy bitcoins or litecoins

prices seem so much more expensive in GBP than the USD equal for some odd reason.
 
F

Falch

Member
DerZuhälter;91613272 said:
So I just bought 0.3 bitcoins to get them eventually transfered to BTC-e to get them into litecoins. All in the last 2 hours:

Of course this is how I feel about all of this:

i-have-no-idea-what-im-doing-dog.jpg


This is like gambling to me right now. Installed Multibit as wallet to get the Bitcoins I get eventually into ... there? On my desktop? I got no idea you guys.
I just heard GAF screaming: "GOLDRUSH" and went head on into it.

So does Multibit only work for Bitcoins? Because I can't really find a Litecoin offline wallet.
Click to expand...

https://litecoin.org/ for an offline wallet.
 
D

Deleted member 1235

Unconfirmed Member
so I just did an experiment.

experiment

1. sell 3 litcoin and get 113 euro on kraken.com
2. look at mtgox price of bitcoin, to sell 794 euro. to BUY on kraken, 729 euro.
3. spend 113 euro on bitcoin on kraken.com
4. initiate immediate transfer to mtgox and wait for approx 45 minutes for transfer to complete
5. immediately sell on mtgox for the now inflated price of 808 euro per bitcoin.

that was VERY EXCITING. knowing that the currency can drop to zero while your blockchain thing is sitting there getting worked on by strange computers on the net.

I'm just going to continue to do this process with my profits forever now I think until the profits go away and I finish up either rich or older/wiser.
 
C

criesofthepast

Member
catfish said:
so I just did an experiment.

experiment

1. sell 3 litcoin and get 113 euro on kraken.com
2. look at mtgox price of bitcoin, to sell 794 euro. to BUY on kraken, 729 euro.
3. spend 113 euro on bitcoin on kraken.com
4. initiate immediate transfer to mtgox and wait for approx 45 minutes for transfer to complete
5. immediately sell on mtgox for the now inflated price of 808 euro per bitcoin.

that was VERY EXCITING. knowing that the currency can drop to zero while your blockchain thing is sitting there getting worked on by strange computers on the net.

I'm just going to continue to do this process with my profits forever now I think until the profits go away and I finish up either rich or older/wiser.
Click to expand...
The potential for doing this is huge for canadians or anyone set up on CaVirtex or BTCE and Vault of Satoshi. Vault of Satoshi prices are way higher than anywhere else. Its a dangerous game but can be quite profitable.
 
D

Dascu

Member
Probably been asked before and apologies, but what's on my mind and I imagine many others:

How do I get in on this?

Absolute beginner guide to how this entire deal works would be very much appreciated. Is there a dedicated thread on GAF? Can these bitcoins and litecoins actually be transferred back into "real" currency like euros in my bank account?
 
Coreda

Coreda

Member
Dascu said:
Probably been asked before and apologies, but what's on my mind and I imagine many others:

How do I get in on this?

Absolute beginner guide to how this entire deal works would be very much appreciated. Is there a dedicated thread on GAF? Can these bitcoins and litecoins actually be transferred back into "real" currency like euros in my bank account?
Click to expand...

You plant magic beans and wait for a stalk to grow.
 
C

criesofthepast

Member
shagg_187 said:
What are you personally using? I signed up for all 3, and im waiting approval from Satoshi.
Click to expand...
All 3 as well but I have 0 coins and dollars in any of them atm. Offline coins for now. I will be cashing out only my initial investment probably soon though to remove any risk of losing money on this. I'll play around with the rest of the profit after that.

I have never funded money to BTC-E as its very difficult. Just have made a few quick transactions and removed quickly from there.

I do believe litecoins will drop soon. But I also believe they will skyrocket larger than we have yet to see sometime in the early new year. Which is why I'm probably going to sell to get my investment back today (sending few coins to satoshi or btce now) then buy more with the profit I've made once the coins drop a bit more. I'm hoping for sub $15 again but I dunno. I want just a bit more (greed I know) and then lock them up and forget about all this crap till the new year.
 
D

Deleted member 1235

Unconfirmed Member
Dascu said:
Probably been asked before and apologies, but what's on my mind and I imagine many others:

How do I get in on this?

Absolute beginner guide to how this entire deal works would be very much appreciated. Is there a dedicated thread on GAF? Can these bitcoins and litecoins actually be transferred back into "real" currency like euros in my bank account?
Click to expand...

www.reddit.com/r/bitcoin
www.reddit.com/r/litecoin

read up on the getting started stuff
which country are you? you mention euro so

mtgox.com (waiting on verification, will be 10 days if your utility bill not in english)
kraken.com (quickest to verify, I'm verified in 2 days or something)
btc-e.com (no verification, but high minimum of 2000 euro if you wanna do sepa transfer o_O)
bitstamp.com (i'm waiting on verification still)

bitonic.nl can bypass all of that (but only if you're dutch)

can all pay out or in via sepa transfers. there is verification processes for each of those, you'll need to verify your address and identity before you can do 'real money' stuff on those sites (bte-c less so).
 
R

rossonero

Member
DerZuhälter;91613272 said:
So I just bought 0.3 bitcoins to get them eventually transfered to BTC-e to get them into litecoins. All in the last 2 hours:

Of course this is how I feel about all of this:

i-have-no-idea-what-im-doing-dog.jpg
Click to expand...

Same here. Just bought some bitcoins, transferred them to a bitcoin wallet and now I'm waiting for the coins to arrive to BTC-E so I can trade them for litecoins.

After that? I have no idea.
 
D

Dascu

Member
catfish said:
www.reddit.com/r/bitcoin
www.reddit.com/r/litecoin

read up on the getting started stuff
which country are you? you mention euro so

mtgox.com (waiting on verification, will be 10 days if your utility bill not in english)
kraken.com (quickest to verify, I'm verified in 2 days or something)
btc-e.com (no verification, but high minimum of 2000 euro if you wanna do sepa transfer o_O)
bitstamp.com (i'm waiting on verification still)

bitonic.nl can bypass all of that (but only if you're dutch)

can all pay out or in via sepa transfers. there is verification processes for each of those, you'll need to verify your address and identity before you can do 'real money' stuff on those sites (bte-c less so).
Click to expand...

Thanks. So it's basically a verification process, and then I can simply deposit funds, trade as with any other market currency, and withdraw? I was getting confused on the entire mining aspect.
 
D

Deleted member 1235

Unconfirmed Member
Dascu said:
Thanks. So it's basically a verification process, and then I can simply deposit funds, trade as with any other market currency, and withdraw? I was getting confused on the entire mining aspect.
Click to expand...

mining is entirely optional. If you're going to do it, you need a machine with good gpu. also forget bitcoin mining, litecoin mining MIGHT still be profitable. but it's not yay free money. People much more skilled at it than us are on that thing and ferociously doing it with massive rigs. Litecoin is supposed to be easier to mine with less specialised hardware.
 
D

DerZuhälter

Member
catfish said:
so I just did an experiment.

experiment

1. sell 3 litcoin and get 113 euro on kraken.com
2. look at mtgox price of bitcoin, to sell 794 euro. to BUY on kraken, 729 euro.
3. spend 113 euro on bitcoin on kraken.com
4. initiate immediate transfer to mtgox and wait for approx 45 minutes for transfer to complete
5. immediately sell on mtgox for the now inflated price of 808 euro per bitcoin.

that was VERY EXCITING. knowing that the currency can drop to zero while your blockchain thing is sitting there getting worked on by strange computers on the net.

I'm just going to continue to do this process with my profits forever now I think until the profits go away and I finish up either rich or older/wiser.
Click to expand...

Aaaand signed up for Kraken.
I think I will try to go for the same immediate arbitrage trading. Transaction fees are basically zero, the only problem is SEPA-transactions taking an entire day to go through. Any way to get the arbitrage profits without loosing too much time?
 
N

Naked Snake

Member
Am I right in thinking this is the easiest and quickest way to make lots of money legally that we've seen in our lifetime?

I seriously feel like missing out. Thinking of convincing someone who couldn't jump on this by themselves (think non internet savvy family/friend) to give me some of their money to play with.
 
S

SquiddyCracker

Banned
Naked Snake said:
Am I right in thinking this is the easiest and quickest way to make lots of money legally that we've seen in our lifetime?

I seriously feel like missing out. Thinking of convincing someone who couldn't jump on this by themselves (think non internet savvy family/friend) to give me some of their money to play with.
Click to expand...

Don't.

It might all crash, and then you've ruined your relationship with that family member or friend.
This is still gambling on the price not crashing just as you're about to cash in, and if you don't have the expendable income to gamble with then you shouldn't dip your toes into these risky waters.

I'm tempted, but I think I'll abstain.
EDIT: At least until it crashes down, and then I'll jump on the lite coins or whatever the latest e-coin is.
 
K

kurtrussell

Banned
catfish said:
mining is entirely optional. If you're going to do it, you need a machine with good gpu. also forget bitcoin mining, litecoin mining MIGHT still be profitable. but it's not yay free money. People much more skilled at it than us are on that thing and ferociously doing it with massive rigs. Litecoin is supposed to be easier to mine with less specialised hardware.
Click to expand...

GPU mining hasn't been profitable for over a year now.

My current mining rig has eight of these babies in it, a rack of 30 of these and 2 of these for good measure and I'm barely making enough btc to keep up. In fact, most of the profits I made from buying bitcoins at 80 cents back in the day went back into my mining hardware.

Litecoin mining is an even worse proposition - factor in the cost of electrcity and hardware (constant between btc and ltc) and you're looking at relatively less return for your hashrate than you would if mining btc. Not to mention that IMHO investing in Litecoin is a pretty foolish thing to do - ltc is definitely the tulips to btc's gold.

If anyone really wants to get into mining, the best low-cost route in is to pick up a handful of these and a decent powered USB hub. With that hashrate, you could expect to pull in around 0.10 btc per month at current difficulty levels, so even with the assumption that difficulty levels remains static (it won't - the current price variations are sending difficulty rocketing), you'd probably have to run the rig for at least 4 months to break even on your hardware investment. That's why mining for profit is kind of out of the question at the moment until things settle down a little bit.
 
K

Kill Your Masters

Member
blastprocessor said:
What goes up must come down

http://www.zerohedge.com/news/2013-11-27/spot-difference
Click to expand...

Difference being the others are on a year basis. Bitcoin is on it's third bubble right now, and the Chinese might play a significant role.

http://www.reddit.com/r/Bitcoin/comments/1rn16u/why_1000_is_irrelevant/

Am I right in thinking this is the easiest and quickest way to make lots of money legally that we've seen in our lifetime?
Click to expand...
Depends. Bitcoin right now is way too high to make any decent money it seems. But there are new coins on the horizon. It's a freaking crazy "market".
 
R

Ripclawe

Banned
I am looking at all of these trading sites and everyone has funding requirements I am wary of. others like Btc-e, I seriously can't figure out how lol.
 
K

kurtrussell

Banned
Hellraizer said:
Depends. Bitcoin right now is way too high to make any decent money it seems. But there are new coins on the horizon. It's a freaking crazy "market".
Click to expand...

I would dissuade GAFfers from investing in any of the alt currencies, even litecoin at this point.

In my opinion, whilst those who want a quick in and out profit have probably missed the Bitcoin train, Bitcoin is still a reasonably sound investment in the medium term and I'd suggest tiering investments over a month if you're interested in doing this.

For example: Investing $400? Buy $100 of btc every week. Then, if the price rises over the weeks, the initial $100 of bitcoins you've purchased is worth more, and if the price falls over the weeks, you're getting more btc for your dough. Simples! :p
 
You must log in or register to reply here.

Similar threads

Japan Travel |OT| starting out a new journey
Community
12
625
Robot Carnival replied
[GI.biz] Cheap money and bad bets: How the games industry turned pandemic success into disaster
2
75
4K
sharp weiner replied
  • Poll
GTA6: Beginning Of The Next Gaming Crash?
Opinion Business Analysis 2
83
5K
thicc_girls_are_teh_best replied
GAFStreetBets | Collecting/Investing games for fun & profit
Business
3
1K
U n i o n 0015 replied
[Verge] Google canceled its next Pixelbook and shut down the team building it
News Business
48
3K
01011001 replied
Top Bottom