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[MikeHattsu]

I can see it now.

"It hit $50,000? why didn't I invest when it was $1,000!"

Or he could laugh at us if this becomes the OT version of the Brera thread.

 

[studyguy]

I got my account approved.

I got my money ready.

I just cant push myself into supporting this. Its too volatile and too crazy.

I'm happy for every gaffer who made hundreds or thousands or *gasp* millions on this but I have too much going on my life to invest in this.

With Satoshi being all picky, I can't be all political about it and have to make a decision. When this becomes a true currency, I will gladly own a few of it.

Thanks again for the great tips, everyone (incl. my fellow NYC backpacker, criesofthepast!).

The point is to not run in throwing money around you can't afford to lose.
The biggest joke with bitcoins is always how much should I invest with the answer always being SELL YOUR CAR AND TAKE OUT A LOAN/MORTGAGE YOUR HOME!

But I mean tossing in a few chips you don't mind losing is always better than coming away burned for more than you'd care for.

 

[Deleted member 1235]

I just cant push myself into supporting this. Its too volatile and too crazy.

don't support it, just GAMBLE it's awesome.

 

[Einbroch]

My friend just spent $2000 on a mining machine.

Sigh.

 

[Deleted member 1235]

a crash is starting to happen I think. value just dropped 70 or 80 euro in the last half hour.

 

[Coreda]

a crash is starting to happen I think. value just dropped 70 or 80 euro in the last half hour.

Holy shit, you're right.

 

[Shao Kahn Brewing a Stew]

My friend just spent $2000 on a mining machine.

Sigh.

We may have the same friend. I told him that invest that $2000 on bitcoins instead of getting a mining machine.

 

[Deleted member 1235]

Holy shit, you're right.

exactly what happened last time. within a day it was back to max, people see the price go lower, immediately grab up the coins. last time I think I made 20% in like an hour.

 

[Coreda]

exactly what happened last time. within a day it was back to max, people see the price go lower, immediately grab up the coins. last time I think I made 20% in like an hour.

Seems to be caused by the news of China banning financial institutions from using BTC, link.

 

[Fury Sense]

exactly what happened last time. within a day it was back to max, people see the price go lower, immediately grab up the coins. last time I think I made 20% in like an hour.

http://i.imgur.com/x2HCsOE.jpg

Are there broker fees with bitcoin?

 

[Deleted member 1235]

Are there broker fees with bitcoin?

yeah there are, at mtgox it's 0.6% on a trade. at kraken it's 0.2%

kraken seems to be the best service I've come across. fast money in etc.

Seems to be caused by the news of China banning financial institutions from using BTC, link.

interesting. people are not banned though, so that should not upset them that badly. provided they can still trade should rebound I would think.

 

[Deleted member 1235]

wtf MtGox allows you to deposit bitcoin, but if you try to remove it to another wallet, they don't allow you! you must also wait for verification. that's fucking stupid.

their fees are also pretty high. suck it mt gox. never again (once I get my money out).

 

[Hazaro]

Easiest 12% in the world

 

[Deleted member 1235]

Easiest 12% in the world

oof me not. tried to buy in at the 'bottom' but it had another 50 to drop. I'm about 'break even' with money still in btc. Was a massive sell off.

 

[kick51]

*wakes up*


lol bitcoin

ltc went up $3 since I woke up...arise chickun

All the blogs have "CHINA BANS BITCOIN" headlines, but the actual document is stating the obvious, that banks can't get around shit by using bitcoin. It's actually the best reaction one could expect of the Chinese gov't.

I love that it just bounces right back every time

but the big crash is prob still looming. maybe, who knows, I'm holding and buying through it anyway

 

[criesofthepast]

Thanks again for the great tips, everyone (incl. my fellow NYC backpacker, criesofthepast!).

I still have nightmares about being lost and venturing into the shady side streets of New York at 3AM. Lol

Litecoin still needs to experience a major crash in my opinion. We are close to it hitting prime time on a lot of the big exchanges but not quite yet.

I knew cash deposits would end at Satoshi before long. There was a reason they ended at CAVirtex as well this summer. Everyone should wait for bill deposits and Canadian funds to be available it will be easier & cheaper for a lot of us Canadians.

 

[ComputerMKII]

France's central bank on Thursday warned against the use of the virtual currency bitcoin, noting that it is not only highly volatile but also unregulated by authorities.

http://www.thelocal.fr/20131205/bank-of-france-issues-warning-over-bitcoin


Lol, that's the point.

 

[toxicgonzo]

wtf MtGox allows you to deposit bitcoin, but if you try to remove it to another wallet, they don't allow you! you must also wait for verification. that's fucking stupid.

their fees are also pretty high. suck it mt gox. never again (once I get my money out).

Exactly. I can't wait 10 business days, I'm losing out.

 

[empty vessel]

http://www.thelocal.fr/20131205/bank-of-france-issues-warning-over-bitcoin


Lol, that's the point.

Which many people will learn the hard way isn't a good thing...

 

[kick51]

I still have nightmares about being lost and venturing into the shady side streets of New York at 3AM. Lol

Litecoin still needs to experience a major crash in my opinion. We are close to it hitting prime time on a lot of the big exchanges but not quite yet.

I knew cash deposits would end at Satoshi before long. There was a reason they ended at CAVirtex as well this summer. Everyone should wait for bill deposits and Canadian funds to be available it will be easier & cheaper for a lot of us Canadians.

it'll crash after it jumps much higher and it won't crash if BTC doesn't. I don't think it can crash purely on its own while BTC is still up.

Which many people will learn the hard way isn't a good thing...

still can't hear you over all this money

 

[empty vessel]

still can't hear you over all this money

By which I presume you don't mean bitcoin...

 

[wonzo]

China Bans Financial Companies From Bitcoin Transactions

China’s central bank barred financial institutions from handling Bitcoin transactions, moving to regulate the virtual currency after an 89-fold jump in its value sparked a surge of investor interest in the country.

Bitcoin plunged more than 20 percent to below $1,000 on the BitStamp Internet exchange after the People’s Bank of China said it isn’t a currency with “real meaning” and doesn’t have the same legal status. The public is free to participate in Internet transactions provided they take on the risk themselves, it said.

owned

 

[studyguy]

China Bans Financial Companies From Bitcoin Transactions


owned

The thing is the daily trade immediately bounced right back. People who panic sold were immediately bought up. Bitstamp is back at 1031 as of around 2pm PST. Moreover it's hard to consider being owned when anyone who bought in the last 2 weeks is still rolling high. Hell week of Nov. 17 was when I last bought and I'm still at double what I made then even losing 20% if it goes.

 

[MikeHattsu]

That's the same article that Coreda linked to ealier on the page too.

 

[empty vessel]

The thing is the daily trade immediately bounced right back. People who panic sold were immediately bought up. Bitstamp is back at 1031 as of around 2pm PST. Moreover it's hard to consider being owned when anyone who bought in the last 2 weeks is still rolling high. Hell week of Nov. 17 was when I last bought and I'm still at double what I made then even losing 20% if it goes.

The problem is that when the whole thing has its final crash, it will be impossible for those who are in to get out, because nobody will be buying. I have no idea when that final crash will happen (days, months or years), but I do know it will happen. So being "up" at any given time isn't evidence of success. You have to be out with real money first.

 

[toxicgonzo]

China’s central bank barred financial institutions from handling Bitcoin transactions, moving to regulate the virtual currency after an 89-fold jump in its value sparked a surge of investor interest in the country.

Bitcoin plunged more than 20 percent to below $1,000 on the BitStamp Internet exchange after the People’s Bank of China said it isn’t a currency with “real meaning” and doesn’t have the same legal status. The public is free to participate in Internet transactions provided they take on the risk themselves, it said.

And that's the way it should be. I know what I'm getting into and I don't mind taking on the risk.

 

[Fusebox]

still can't hear you over all this money

Lol, nice.

 

[Mr. Helios]

So is Coinbase -> BTC-e stil the recommended way to purchase LTC?

 

[Sun Drugs]

So is Coinbase -> BTC-e stil the recommended way to purchase LTC?

Some people are recommending other places such as Kraken rather than BTC-e, due to shadiness.

 

[Mr. Helios]

Some people are recommending other places such as Kraken rather than BTC-e, due to shadiness.

Thanks. Kraken certainly at least has a much more professional looking site.

 

[Ripclawe]

woo, proud owner of .0312 of bitcoins on coinbase, i await the crash before buying more.

 

[DownLikeBCPowder]

Oh wow, so GAF finally got on the BTC train? Is that what I can derive from this thread? ;-) Keep holding. (I should clarify, I mean long. If you're speculating, you might enjoy some profit taking. I would be surprised (but not too much, so much time in BTC has taught me nothing is out of reach) if it maintained this sustained price point before dipping substantially for a period of time.)

Tulips, quite not in my opinion. The tulips are the greenbacks.

 

[Deleted member 1235]

So is Coinbase -> BTC-e stil the recommended way to purchase LTC?

people are wary of btc-e, but there is no story as far as I'm aware of them ripping anyone off yet.

I wouldn't try and get real money either in or out there, but using them to get LTC from BTC I do do.

I do prefer kraken though. they are fast with everything and if you do a volume of trades their fees decrease as well. So far it's by far the best of all the sites.

MTGox is god damned horrible and I hope they die in a fire. I have money trapped there as they won't verify me. They allow you to move bitcoin over there and trade it between real money and btc, but when you try and transfer anything OUT that you transferred in successfully, they're all WOOAAAH MAN YOU'RE NOT VERIFIED.

fucking shady business practice. if you allow bitcoin IN, without verfication you should allow it out without verification. otherwise don't show me the fucking wallet code for deposits until I'm verified.

 

[DownLikeBCPowder]

I second BTC-E - over a year or so of use and no issues. Slow confirmation times (ie no tx fee on outbound withdrawal), but that's about all they are guilty of. I wouldn't advise direct fiat to or from BTC-e either, just coin action with BTC and alts. And never click on anything sent in a PM, further ignore the bleating of the chatbox.

 

[Deleted member 1235]

https://www.documentcloud.org/documents/885843-banks-research-report-on-bitcoin.html

Merrill Lynch initial report on bitcoin.

Bitcoin: a first assessment
David Woo
.....
may emerge as a serious competitor to traditional money transfer providers. As a
medium of exchange, Bitcoin has clear potential for growth, in our view.

there's even a bit in here for empty vessel!

Volatility
Bitcoin’s role as a store of value can compromise its viability as a medium of
exchange. Its high volatility, a result of speculative activities, is hindering its general
acceptance as a means of payments for on-line commerce.

interesting article

 

[Mr. Helios]

I can't believe Coinbase takes four days to process your purchases. Does anyone do Instant Buy? I'm kind of weirded out about the personal info they ask for.

 

[kurtrussell]

people are wary of btc-e, but there is no story as far as I'm aware of them ripping anyone off yet.

A little bit before your time, but I remember at the time a LOT of people vowing never to use btc-e again: btc-e hacked

 

[Deleted member 1235]

A little bit before your time, but I remember at the time a LOT of people vowing never to use btc-e again: btc-e hacked

On July 31, 2012, the BTC-E Liberty Reserve API secret key was broken. This key was shorter than it needed to be at only 16 characters long. The attacker initiated many Liberty Reserve deposits and injected large amounts of USD into the system, which were quickly sold for BTC. Not all BTC was withdrawn; official estimates state that the scope was limited to 4500 BTC. Similar to the June 2011 Mt. Gox Incident, the BTC-E market was disturbed during the duration of the hack. The handling of this hack was widely applauded after BTC-E revealed they would cover the losses and revert to a backup made just before the hack.

point in their favour IMO.

 

[kick51]

it's the russian confirmation message and broken english...makes people think any time any little thing goes wrong, it's a "scam"

even though they're prob filthy rich off of one day's transaction fees

 

[Deleted member 1235]

it's the russian confirmation message and broken english...makes people think any time any little thing goes wrong, it's a "scam"

even though they're prob filthy rich off of one day's transaction fees

exactly, they'd be screwing themselves by screwing everyone. been around a while and honorably survived a hack. that would be quite the long game if it turned out to be a real scam site. they should fix up the russian messages though. shit's terrifying when you're new at it and you make your first wallet transfer.

which are the best on fees? Mtgox is robbery 0.6% Kraken is 0.2 and it shrinks as you do more volume. has a progress bar where you'll drop to 1.9 after a few thousand in trades etc.

 

[Shake Appeal]

exactly, they'd be screwing themselves by screwing everyone. been around a while and honorably survived a hack. that would be quite the long game if it turned out to be a real scam site. they should fix up the russian messages though. shit's terrifying when you're new at it and you make your first wallet transfer.

which are the best on fees? Mtgox is robbery 0.6% Kraken is 0.2 and it shrinks as you do more volume. has a progress bar where you'll drop to 1.9 after a few thousand in trades etc.

Coinbase seems by far the most professional, and I'd take that over any deal on fees.

 

[Deleted member 1235]

Coinbase seems by far the most professional, and I'd take that over any deal on fees.

also seems US centric. I have euro so it's kind of out for me, don't want to convert first to USD to trade.

For Euro best i've found is kraken. would love to know how to get on intersango because their bitcoin is hilariously cheap. their registrations are closed though.

 

[Mr. Helios]

Coinbase seems by far the most professional, and I'd take that over any deal on fees.

I'm using Coinbase as well. That's the only one where I will have anything to do with USD/banking info.

I want to use Kraken, but I also want to limit the amount of personal information I have to dish out. BTC-e doesn't ask you for any it seems.

 

[whitehawk]

Everything has dropped quite a bit. Dammit, why did Satoshi have to stop taking cash deposits. Will have to wait for bill payments now.

 

[Jacobi]

also seems US centric. I have euro so it's kind of out for me, don't want to convert first to USD to trade.

For Euro best i've found is kraken. would love to know how to get on intersango because their bitcoin is hilariously cheap. their registrations are closed though.

You're NL I think, did you try bitcoin.de?

 

[DownLikeBCPowder]

Architect of financial bubbles and backer of backless paper claims BTC is a bubble and has no intrinsic value:

http://www.bloomberg.com/news/2013-...-bubble-without-intrinsic-currency-value.html

Comical at best coming from a man who presided over such times as he has, a man who also claims that metal isn't "money", but inflating (by design) paper backed by debt is.

 

[criesofthepast]

Everything has dropped quite a bit. Dammit, why did Satoshi have to stop taking cash deposits. Will have to wait for bill payments now.

Patience my friend. Them not taking cash may be the best thing to happen. They should have bill payments up soon and Canadian funds as well. They said 2 weeks for this and that was a week ago. Don't buy in over $20. I'm not buying in again till sub $15 cause I know its inevitable.

Edit: Ltc dropped $2.50 in the time it took to make this post. Sub $30 here we go again.

 

[DownLikeBCPowder]

Patience my friend. Them not taking cash may be the best thing to happen. They should have bill payments up soon and Canadian funds as well. They said 2 weeks for this and that was a week ago. Don't buy in over $20. I'm not buying in again till sub $15 cause I know its inevitable.

Edit: Ltc dropped $2.50 in the time it took to make this post. Sub $30 here we go again.

Still working on wrapping my head around these numbers. When I used to trade a lot of LTC it was a 7 cents coin. I never expected such a meteoric rise for LTC so quickly. 10, maybe 20 USD bubble, but the morning I saw 50 my jaw dropped.

 

[Liberty4all]

BTC crashing? It's down to 823 at BTC-E (down almost 50 dollars in the last 30 minutes)

LTC falling too.

 

[criesofthepast]

Still working on wrapping my head around these numbers. When I used to trade a lot of LTC it was a 7 cents coin. I never expected such a meteoric rise for LTC so quickly. 10, maybe 20 USD bubble, but the morning I saw 50 my jaw dropped.

I know what you mean. I was trading LTC at $1.80 just a few months ago. If only I bought more I would be posting this from a private island.

LTC sell wall bigger than buy wall on BTCE. Something we haven't seen for a while.