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[Ether_Snake]

In the time it's taken to approve my purchases , LTC has risen from $17 to $50.

Fuck me.

Its market cap is 1/12 Bitcoin's. I expect that to narrow to 1/6th.

What? That's crazy talk. I personally expect it to hit $1300 by NYE. 4K is too much for my taste.

(I hope you're right).

edit: 1300 by NYE?? It's going to get there probably by tomorrow or saturday. Average joes are just starting to get in (meaning, people who have trouble figuring out how to buy the coins).

I say 4k because the "public" is barely in yet, methods to purchase bitcoins are still too complex, and adoption rate is still in its very infancy and I think that will change quickly.

 

[Shao Kahn Brewing a Stew]

In the time it's taken to approve my purchases , LTC has risen from $17 to $50.

Fuck me.

LOL. Yep. Same shit.

Still waiting for verification!

 

[Deleted member 1235]

Its market cap is 1/12 Bitcoin's. I expect that to narrow to 1/6th.



edit: 1300 by NYE?? It's going to get there probably by tomorrow or saturday. Average joes are just starting to get in (meaning, people who have trouble figuring out how to buy the coins).

I say 4k because the "public" is barely in yet, methods to purchase bitcoins are still too complex, and adoption rate is still in its very infancy and I think that will change quickly.

you can see this from this thread alone yeah. someone needs to make a real easy way to buy these things, then it should get a bit nutty.

 

[TakeItSlowDude]

edit: Is there any how-to for Canadians somewhere? I'm seeing Canadian VirtEx.

Vault of Satoshi is the other option for Canadians and is much faster.

You will need a government issued photo ID and proof of residency that matches the photo ID. Fastest way currently to buy coins is to make cash deposit order, then deposit cash into Vault of Satoshi account at a BMO. They are supposed to have direct deposit soon. Had my account set up in about 2 hours and money deposited into my account in another 3 hours.

 

[Shao Kahn Brewing a Stew]

Vault of Satoshi is the other option for Canadians and is much faster.

You will need a government issued photo ID and proof of residency that matches the photo ID. Fastest way currently to buy coins is to make cash deposit order, then deposit cash into Vault of Satoshi account at a BMO. They are supposed to have direct deposit soon. Had my account set up in about 2 hours and money deposited into my account in another 3 hours.

How long is their verification process? I've ready started the process as of last night and I'm still not verified.

How long did it take you?

 

[toxicgonzo]

I just thought of a scheme: Bitcoin has no central authority for its price. Bitcoin on one website has a different exchange rate than on others. For example, one site I looked at today still had sub-1000 prices for bitcoin.

Why not just buy all the cheap bitcoin and resell them on other exchanges with higher rates? If the difference in exchange rates is greater than any transaction fees, it could be immediately profitable.

This isn't like the stock market where the bid and ask prices are such that you couldn't do that.

 

[Deleted member 1235]

I just thought of a scheme: Bitcoin has no central authority for its price. Bitcoin on one website has a different exchange rate than on others. For example, one site I looked at today still had sub-1000 prices for bitcoin.

Why not just buy all the cheap bitcoin and resell them on other exchanges with higher rates? If the difference in exchange rates is greater than any transaction fees, it could be immediately profitable.

This isn't like the stock market where the bid and ask prices are such that you couldn't do that.

I've done exactly that twice today.
EDIT: it's called arbitrage and stock people do it all the time. HOWEVER

1. bitcoin/litecoin is mad volatile I took my last bit of bitcoin out of kraken before I left home, sent it to mtgox which is trading 100 euro higher that kraken
2. transfer requires 6 confirmations to get it out of kraken.com. that is around 60minutes wait time. See number 1. the currency could have tanked by the time my now worthless bitcoin lands at mtgox.

EDIT: another barrier to doing this, is that I've sold all my coin on mtgox now, and I have euro sitting there, but now what? Has to go out via the bank proceedure, which takes a few days. which means I need enough capital to feed in at the other side and that isn't instant either.

 

[TakeItSlowDude]

How long is their verification process? I've ready started the process as of last night and I'm still not verified.

How long did it take you?

I did mine on Tuesday night got verified the next morning (~10am EST). Deposit took 3 hours (included picture of deposit slip). I am sure they are getting slammed with new accounts though.

 

[DerZuhälter]

How long does MtGox take to verify? Or even send an email out?

 

[Horse Armour]

Bitcoin or litecoin. Which is the better investment?

 

[Deleted member 13876]

Bitcoin or litecoin. Which is the better investment?

Your username.

 

[TakeItSlowDude]

Bitcoin or litecoin. Which is the better investment?

I think you should treat it as a gamble right now. With that being said I think Litecoin could become the de facto arbitrage currency for Bitcoin. Mtgox and other exchanges are supposed to be adding it soon. So short term I would say Litecoin.

 

[Ripclawe]

well I joined coinbase and bought .029 of a bitcoin!

bad news is I have to wait 4 days because I can't remember what fricking month I got my car 3 years ago on an instant verification question.

 

[Horse Armour]

I think you should treat it as a gamble right now. With that being said I think Litecoin could become the de facto arbitrage currency for Bitcoin. Mtgox and other exchanges are supposed to be adding it soon. So short term I would say Litecoin.

Alright, Litecoin it is. What is a good litecoin exchange that can be used from the UK? I've signed up for BTC-E, is that good/reliable?

 

[Tenrius]

Alright, Litecoin it is. What is a good litecoin exchange that can be used from the UK? I've signed up for BTC-E, is that good/reliable?

Also wondering about this.

 

[Darklord]

Where are people buying litecoins from exactly?

 

[SquiddyCracker]

I really want to create a -coin now, get myself a headstart before it explodes & implodes.

 

[Baraka in the White House]

I really want to create a -coin now, get myself a headstart before it explodes & implodes.

How would you like to get on the ground floor of Shitcoin? Sky's the limit, here.

 

[whitehawk]

Where are people buying litecoins from exactly?

A few pages back we were talking about https://www.vaultofsatoshi.com. That's where I plan to.

 

[Malleymal]

Im getting started on this. anyone on BTC-e that can tell me how long that process takes to get started.

 

[Darklord]

I feel kind of weird giving such personal information like ID, tax return info, ect to some of these sites. BTC-e just seems dodgy. so do some of the smaller ones. I might stick to MT.Gox. It might not use all the lesser -coin currencies but it seems big enough to not be a scam or risky.

 

[whitehawk]

I feel kind of weird giving such personal information like ID, tax return info, ect to some of these sites. BTC-e just seems dodgy. so do some of the smaller ones. I might stick to MT.Gox. It might not use all the lesser -coin currencies but it seems big enough to not be a scam or risky.

It was mentioned that you can blur out some of the important personal info and they should be okay with it.

In canada and if u want to get in tomorrow. Send the verification documents right now and you may end up lucky and get approved within 20-30 mins like I did even this late at night. Tomorrow morn be at BMO when they open and make a cash deposit, email them to tell them to check for the cash deposit to expedite things and you should be buying coins at 10am provided it all goes to plan.

I used www.vaultofsatoshi.com. It's based in Toronto.

I dunno man good luck though. That is the quickest option although a tad bit more expensive because vault of satoshi prices are a bit higher than BTCE. Although the low fees help. Cavirtex.com is the most popular coin site but they don't deal in litecoins and they have outrageous fees.

Also vault of satoshi have very lax verification u can even take a picture with your phone of your documents they don't care and half my bill was cut off (I edited out the account number and shit) and they didn't care.

 

[kick51]

Im getting started on this. anyone on BTC-e that can tell me how long that process takes to get started.

I think it was pretty fast.


BUT, you guys who are going to BTC-E, be. fucking. careful. if you're gonna try day trading on the smaller coins. The safest way to go right now is to buy LTC and hold right now.

the chat is also incredibly distracting when you're new. if you find yourself running to some coin because everyone's saying "Buy now!!" or "Sell now!!!" you're probably already late to do either.

I feel kind of weird giving such personal information like ID, tax return info, ect to some of these sites. BTC-e just seems dodgy. so do some of the smaller ones. I might stick to MT.Gox. It might not use all the lesser -coin currencies but it seems big enough to not be a scam or risky.

actually, they'd prefer not to do that at all. I think they do it to comply with u.s. regulations or something. your personal info is absolutely nothing compared to the money they make daily on fees!

LTC will be on Gox eventually though. it's just gonna be way expensive as soon as that's announced.

 

[Darklord]

It was mentioned that you can blur out some of the important personal info and they should be okay with it.

Ah ok. mt.gox makes you show everything. I might try it then. Does it matter if I'm from Australia? Like does it restrict countries or certain currencies?

 

[yultang]

can someone explain to me how transferring bitcoins from one site to another i.e. vault of satoshi to btc-e works? I don't want to deposit money into my btc-e account as the verification process and wire transfers seem to take forever.

i'm specifically interested in this post

Vault of Satoshi prices are a like 10% higher. CaVirtex is Canadian and more in line with BTC-E prices. My opinion if your buying litecoins? Or just an opinion to think about. CAVIRTEX Buy bitcoins>>>Send to BTCE>>>>Buy litecoins with bitcoins on btce>>>>>eventually sell on satoshi.

For example if I wanted to buy some bitcoins on vault then send it to btc-e and then buy litecoins then move it back to vault. how would this work and how long would it take?

and what online wallet would people recommend/and do you only need one wallet for all the trading websites?

Thanks.

 

[SquiddyCracker]

I wonder if sociologists and economists are taking notice of this whole e-coin thing right now.
Now's their chance of a real-time analysis of bubble creation (and popping) along with the associated human behaviour.

 

[Darklord]

Send my info to verify my account but holy fuck is international stuff annoying. Gotta do a wire transfer, e-mail them, and wait up to a week just to put money in to start buying.

 

[kick51]

all this cheap LTC on btc-e

thank you based whale

 

[mattx5]

Waiting for Vault of Satoshi to approve my ID.

What's the consensus with Bitcoin? Still worth going in on? This train's going to a million! The bubble won't burst because there is no bubble!

Gonna buy some Litecoin at the very least. It's almost doubled in value since yesterday??

I know it's the same sob story across the internet, but really kicking myself for not buying Bitcoin last year. As a Canadian I just found the process too complex (I wasn't as well read on it at the time).

 

[NoLootBoxDev]

I am opening an account on satoshi, I notice there is one call peercoin, should I invest on it?

 

[MikeHattsu]

So what's the deal with BTC-E? They require no verification at all? And they got no limits on trades or anything?

 

[Tenrius]

I don't want to be rude, or to single you out in particular, because there are a lot of people in this thread now desperately trying to get in on this. But you guys are falling into the classic bubble behavior. We've reached the stage where early buyers are making tons of money, which means everyone is now looking to get in on the action. If you're old enough, you might remember this happening with tech stocks in the late 90s or real estate investing in the early 00s. Bitcoins aren't notably different.

If you really want to do this, I probably can't discourage you, so I'll say this: buy in with money you can afford to lose, and know that you might lose a decent chunk of it. Bitcoin prices are being driven right now by speculators more than anything, and that's very dangerous. Buying in now is essentially gambling. And I will rarely say that about any kind of investment.

Does anyone really not see this as a gamble? It's not necessarily a bad thing though, you just don't need to treat this as an investment. I've just bought a couple of LTCs and I'm fully prepared to lose that money.

 

[kick51]

I'll happily admit I'm a little crypto-euphoric at the moment.

that said, there are lots of positive wild cards at play for BTC to ensure its future. The big one being that a major retailer starts accepting it. If that happens, you're gonna be in this thread proselytizing to anyone who told you to get in

I have a feeling the next "crash" is not gonna look like much of a crash at all. It always recovers. People have seen how high it *can* go and how it has recovered every time, even under much worse circumstances.

basically, buy and hold. better yet, buy and forget!

and litecoin goes where its big brother BTC goes. The litecoin boosts will be insane when either (or both!) Gox + btcchina add it. Gox has already stated their intent to add it. btcchina is owned by the litecoin creator's brother (who now works for coinbase), so it's pretty much a lock there too.

 

[Deleted member 1235]

In standard markets, arbitrage is a low risk (usually...) way of making money, and it helps keep markets efficient and liquid.

In a highly volatile market like bitcoin, with some liquidity limitations due to wait times and without a big wallet to back up your trades, it's much riskier and it's possible to lose money quickly.

Best of luck to anyone engaging in arbitrage, and be careful how much of your stake you're risking at any given time.

this probably could use a quote. I got in with 'would have spent it at the pub' money. I managed to make my stake back. I then did that procedure in 2 moves. If the first one had have failed.... bail out. If the second one had have failed also bail out.

I'm now going to repeat the process with the same amounts forever until I get slapped in the face by it not working anymore If I make 10,000 doing this, I am entirely prepared to lose that 10,000. This stuff is amazingly fun while it's working, but LTC dropped around 10 euro in value today after its quick ride up. DONT DO THIS WITH YOUR SAVINGS. etc etc.

 

[Deleted member 13876]

If cryptocurrency were a comic character it would be the Shiar's Gladiator.

 

[kick51]

this probably could use a quote. I got in with 'would have spent it at the pub' money. I managed to make my stake back. I then did that procedure in 2 moves. If the first one had have failed.... bail out. If the second one had have failed also bail out.

I'm now going to repeat the process with the same amounts forever until I get slapped in the face by it not working anymore If I make 10,000 doing this, I am entirely prepared to lose that 10,000. This stuff is amazingly fun while it's working, but LTC dropped around 10 euro in value today after its quick ride up. DONT DO THIS WITH YOUR SAVINGS. etc etc.

the LTC drop is idiots misinterpreting a lack of buy activity. it's thanksgiving, lots of people are off. This is why bad dips happen on the weekend too. also, lots of fickle hands bought in recently.

did i say idiots? i meant, my best buddies.

 

[Deleted member 1235]

the LTC drop is idiots misinterpreting a lack of buy activity. it's thanksgiving, lots of people are off. This is why bad dips happen on the weekend too. also, lots of fickle hands bought in recently.

did i say idiots? i meant, my best buddies.

fair enough, but if an idiot bought in with money he needed at 40 and now its 30 and then panic sell..

I just mean know what you're getting into a variation of the above will probably happen to pretty much all of us giving this a good go. The more I've done this over the last 2 days, the more I've enjoyed it but the more I've realised this is about as safe as sports betting (which I also love).

 

[Relix]

Should I keep mining LTC or buy/trade? 180khash right now...

 

[kick51]

fair enough, but if an idiot bought in with money he needed at 40 and now its 30 and then panic sell..

I just mean know what you're getting into a variation of the above will probably happen to pretty much all of us giving this a good go. The more I've done this over the last 2 days, the more I've enjoyed it but the more I've realised this is about as safe as sports betting (which I also love).

True, true.

But i think it's the kind of thing where you can explain people over and over what happens and they won't understand until they hit F5 and a couple hundred/thou are just gone.

I wouldn't discourage anyone though. Newbies are right to flock towards it right now, as LTC is probably gonna explode in the coming weeks. A couple will try to day trade on their life savings and get screwed, oh well. They should buy just to get in there, then start doing their research.

and i agree it's tons of fun. i'd love to just do this all day.

 

[Smelly Tramp]

so i just signed up to kraken, buying bitcoins is difficult in the uk, but I understand kraken do sepa payments. so i'm waiting for my kraken account to verify, i've downloaded both litecoin and bitcoin wallet programs, so after it verifies, do i just buy bitcoins on kraken > convert them to litecoins, put them in my wallet, and thats it?

i just wanna get like 2 or 3 litecoins in case they blow up, i'm prepared to lose my money as well, as i'm not putting in big cash either.

 

[Ether_Snake]

Remember this chart guys, it usually works very well. Don't think so much about the shape of the chart, think more about the phases. And no, one article on the subject or your uncle purchasing the stock is not enough to determine where it stands. Also, how quickly it can transition to one phase to another is relative. Again, it's not so much a chart pattern as a state pattern.

We are somewhere in the Public slice IMO, probably not yet at greed but maybe soon.

Doesn't mean that once it crashes/if it crashes it will stay down, bubble popping don't always lead to death.

Put the bitcoin chart at 6 months, behold

But like I said, don't consider the chart shape itself, I posted it just for fun. Think of the "state of mind" of the market.

 

[kick51]

I don't think we're in the public slice yet-- everyone has tons of trouble just getting started, even technologically competent people find it convoluted. probably only a couple million people in this, at best, worldwide. maybe not even a million.

Going by general market mood, I should be scared shitless. but going by the facts in support of growing vs. crashing, they seem far in favor of growth. So many things haven't happened yet that could boost it majorly.

but i'm only out $175 if it dies before I put anymore money in it...and I'll put a hell of a lot more than that in on crash day if/when it happens. Now that I think about it, a huge dip to like $200-$300 would be wonderful. but you'd have about 2 seconds to hit it if your buy orders aren't triggered.

 

[Deleted member 1235]

so i just signed up to kraken, buying bitcoins is difficult in the uk, but I understand kraken do sepa payments. so i'm waiting for my kraken account to verify, i've downloaded both litecoin and bitcoin wallet programs, so after it verifies, do i just buy bitcoins on kraken > convert them to litecoins, put them in my wallet, and thats it?

i just wanna get like 2 or 3 litecoins in case they blow up, i'm prepared to lose my money as well, as i'm not putting in big cash either.

kraken you can buy ltc directly. also namecoin and I think feathercoin if it floats yer boat.

you should be good to go quite quick, they verify fast and apparently payments are next business day with no fees if you put in before 2pm. withdrawal is only 10 cents as well for sepa. it's a really good service actually.

 

[Ether_Snake]

I don't think we're in the public slice yet-- everyone has tons of trouble just getting started, even technologically competent people find it convoluted. probably only a couple million people in this, at best, worldwide. maybe not even a million.

Going by general market mood, I should be scared shitless. but going by the facts in support of growing vs. crashing, they seem far in favor of growth. So many things haven't happened yet that could boost it majorly.

but i'm only out $175 if it dies before I put anymore money in it...and I'll put a hell of a lot more than that in on crash day if/when it happens. Now that I think about it, a huge dip to like $200-$300 would be wonderful. but you'd have about 2 seconds to hit it if your buy orders aren't triggered.

We are past the institutional investor phase, they have been getting in already for some time (lots of Bloomberg articles reported so). I think we definitely are in the public phase since it begins with mass media attention and it has gotten a lot. It's not going to be on the front page of every news paper before it/if it crashes

I agree that there is a lot of room for growth, but I think it will happen after a crash. Stabilization won't come before then IMO. It's difficult to say how easier it can get to buy the coins, I expect "internet-savvy" folks to be the ones still getting in when it reaches peak, not average joes, they would come after stabilization, which would come after a long steady growth period which I don't believe can happen until a crash (shaking out speculoltors), which would then lead to higher adoption rate and new purchase/exchange methods.

But hey I could be wrong, and for disclosure purposes; I do not own any virtual currency and have no intention of getting in until it becomes normal But don't take my word for anything, I don't want to get in the way of anyone's potential fortune!

 

[kurtrussell]

If anybody here is absolutely desperate to purchase Litecoin, I have a quantity that I am happy to sell.

Because I'm awesome and nice, I'll even do Paypal and slightly below the market rate.

Edit: All sold, I'll post tomorrow if I find more

 

[ucdawg12]

what do you guys do about security? im trying to read some guides on it but atm its very overwhelming in terms of risk and what to trust

 

[velociraptor]

If anybody here is absolutely desperate to purchase Litecoin, I have a quantity that I am happy to sell.

Because I'm awesome and nice, I'll even do Paypal and slightly below the market rate.

PM me if interested.

PM sent. Plz.

 

[Deleted member 1235]

what do you guys do about security? im trying to read some guides on it but atm its very overwhelming in terms of risk and what to trust

most of the sites allow 2 factor authentication (1 time phone generated passwords)

If you are going to do this ENSURE YOU SET IT UP BEFORE MONEY IS IN THE ACCOUNT.

log in 10 times. log out, delete all your cookies/cache. do you know how the web browser works with 2 factor, did you back up the key? What happens if you forget the password?

it's all very secure if you want it to be. it can be so secure that you accidently lock yourself out of a wallet as well. don't be that guy. like the rubbish tip guy.

http://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site

edit: I feel like there is a weird amount of money to be made between sites.

right now (and over the day it's been like this)

1btc in USD

kraken - 1012
bitstamp - 1004
mtgox - 1169 (!)
btc-e - 945

 

[Ashodin]

Thinking about pouring some of the BTC money back into LTC, considering it is becoming more widely accepted by the day. Should make a tidy profit.

 

[diamount]

I've no clue why the other alternate currencies are rising in value when you aren't even able to exchange/buy them.