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

Coreda

Coreda

Member
Interesting tidbit: MtGox hacked? One user has had his email changed without his knowledge, and a friend of his had 1500 BTC emptied.

Either some weird MtGox bug/anomaly, fake, or potentially very interesting news.
 
T

toxicgonzo

Taxes?! Isn't this the line for Metallica?
There's a big resistance level near $600 on MtGox.

Of course, what's on the books now can change fairly quickly.

Edit: I take back what I said as it did drop sub 600
 
Fury Sense

Fury Sense

Member
whitehawk said:
It feels pretty bad right now to not be able to buy bitcoins.
Click to expand...
Oh yeah it does.

>Volatility becomes widely known
>Swarms of people sign up on trading sites
>Stuff happening right now continues to happen (right now)
>People get approved next week and everyone buys and prices rise again
>Another crash after the surge of new traders loses hype
>Future stuff happens (balance?)

Watching the value change so rapidly is fascinating indeed... but it's also pretty fun to watch everyone on the internet take turns saying "I told you so!"
 
C

criesofthepast

Member
The sell walk is still double what the buy wall is for LTC. It should drop more. I just woke up and see it went down to $16. Sub $10 let's go!
whitehawk said:
It feels pretty bad right now to not be able to buy bitcoins.
Click to expand...
Maybe try www.quickbt.com if you want. You can only buy 0.05 bitcoins right now (about $30 worth) and they take $5 for the transaction but its something. I heard you can email them to buy higher quantities up to 0.5-1 bitcoin and the URL for that would be www.quickbt.com/pro

It is the most convenient way by far since it uses interact online. Never used them myself but just throwing it out there.
 
L

LeeRoyBrown

Banned
Sold LTC at $34, made a profit.

Sold BTC at $1100 made a profit.

Lol at the fucking idiots buying in trying to catch a falling knife.

Back to earth we go.
 
Fury Sense

Fury Sense

Member
LeeRoyBrown said:
Sold LTC at $34, made a profit.

Sold BTC at $1100 made a profit.

Lol at the fucking idiots buying in trying to catch a falling knife.

Back to earth we go.
Click to expand...
lol... this is the kind of spectacle I mentioned in my last post ;)

TfDHpL5.png


This just amazes me. More than a 10% difference between platforms
 
L

LeeRoyBrown

Banned
I simply don't get why people are buying in?

Ok fine, you trying to get in early because it will go up in the long run...but in the mean time, what do you honestly think it will bounce up to?

It has no major backers so it isn't worth shit, speculate all you fucking want, but if it Raises to $800, $800 for what? speculation.

I predict a dead cat bounce and then a fall again.

Also please note, I have no fucking idea what I'm talking about.

If logic applied to Bitcoins, I'd be a millionaire.
 
Z

Zaptruder

Banned
LeeRoyBrown said:
I simply don't get why people are buying in?

Ok fine, you trying to get in early because it will go up in the long run...but in the mean time, what do you honestly think it will bounce up to?

It has no major backers so it isn't worth shit, speculate all you fucking want, but if it Raises to $800, $800 for what? speculation.

I predict a dead cat bounce and then a fall again.

Also please note, I have no fucking idea what I'm talking about.

If logic applied to Bitcoins, I'd be a millionaire.
Click to expand...

What we know about Bitcoin: It's high volatility.

It's highest is $1200. Many are watching. It hasn't gone back down past $500 since the start of this madness.

Make best guesses with available information, hope you roll the dice right.
 
L

LeeRoyBrown

Banned
Zaptruder said:
What we know about Bitcoin: It's high volatility.

It's highest is $1200. Many are watching. It hasn't gone back down past $500 since the start of this madness.

Make best guesses with available information, hope you roll the dice right.
Click to expand...

Yes but what started the madness was chinas version of google getting on board, now they have abandoned ship, so it should at least go back to $500, the thing is, I won't even consider a buy in until it hits $500.

People are buying in and selling out just a little faster right now.

I think the mean is around $350, getting in at that price would be amazing, if people are smart enough to let it fall that low.
 
D

Deleted member 1235

Unconfirmed Member
LeeRoyBrown said:
Yes but what started the madness was chinas version of google getting on board, now they have abandoned ship,
Click to expand...

that isn't true. the banks are not allowed to trade in it. this is GOOD news. but the news did start the initial panic.

Chinese haven't given up buying it htough.
http://fiatleak.com/
 
M

mattx5

Member
Pretty sure it's going to hold strong above 700, but of course I have no idea.

In any case, whatever it drops to will set the new parameters I think. Don't see it going anywhere near as low as it did last time, the bottom will just get higher as the months go by.
 
M

mattx5

Member
Want to leave positive feedback for kurtrussel, bought some LTC from him, super smooth transaction, great user - thanks so much!
 
K

kurtrussell

Banned
I found my spare litecoin wallet and have a few more litecoin than I anticipated. I've sold a few on, but I still have around 5 - 6 left for sale at btc-e prices if anyone wants in.

PM me if you're interested!

mattx5 said:
Want to leave positive feedback for kurtrussel, bought some LTC from him, super smooth transaction, great user - thanks so much!
Click to expand...

LIkewise. Easy transaction and thanks for being patient :)
 
H

Husker86

Member
Decided to try out mining Litecoin for shits. Really wishing I would have gone with ATI video card now haha. Even at my 170-180 khash/s, I'll be far above electricity prices so we'll see. ATI equivalent of my GTX 760 can do somewhere around 500-600 khash/s though.
 
D

Deleted member 1235

Unconfirmed Member
HyperionX said:
"Normal" on that chart is still run for the hills territory.
Click to expand...

probably, but bitcoin has had like.... 5 of these now. Infact in the early days, 90% swings were the norm for this stuff.
 
P

perfectchaos007

Member
Saw on Ron Paul's Facebook that he was going to discuss bitcoin on Fox News today. I missed it but I'm assuming he talked about Americans lack of faith and distrust in the greenback as reason for bitcoins success. Hopefully the interview shows up online later
 
D

Deleted member 1235

Unconfirmed Member
RunWhiteBoyRun said:
New to the whole BitCoin thing. Just amazed people need to buy drugs on the internet. Poor local distribution is to blame.
Click to expand...

it's not just drugs anymore, bitpay mitigates the risk entirely for sellers on the internet, they can sell something for 100bucks and somebody can pay in bitcoin, the seller will receive 100bucks. it's extremely low cost for them to implement and because of the savings they make on the fees (it's roughly 3% cheaper) they can pass that on to the consumer.

Now the consumer still has to take risk, but it's not that crazy. The biggest barrier to bitcoin doing 'better' currently is how hard it is to actually get them. If services like bitpay could also make it easier to get in on the ground floor for joe average, then the bitcoin price would probably go batshit higher again for a while.

there's continuous serious articles coming out from organisations like Merrill lynch

http://dealbook.nytimes.com/2013/12...china-and-an-endorsement-on-wall-street/?_r=0

the verge just ran a front page thing on it yesterday as well. Most of the news reports are semi positive and the only glaring negative they all mention is the volatility remaining a barrier from wide acceptance due to people wanting to hold for the value to increase.

“We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers,” said the report by Bank of America currency strategists led by David Woo. “As a medium of exchange, Bitcoin has clear potential for growth, in our view.”
Click to expand...

I suppose it's easy to just disregard it all and call it tulips though. although tulips had a lot less demonstratable uses than bitcoin does.
 
F

fallagin

Member
catfish said:
it's not just drugs anymore, bitpay mitigates the risk entirely for sellers on the internet, they can sell something for 100bucks and somebody can pay in bitcoin, the seller will receive 100bucks. it's extremely low cost for them to implement and because of the savings they make on the fees (it's roughly 3% cheaper) they can pass that on to the consumer.

Now the consumer still has to take risk, but it's not that crazy. The biggest barrier to bitcoin doing 'better' currently is how hard it is to actually get them. If services like bitpay could also make it easier to get in on the ground floor for joe average, then the bitcoin price would probably go batshit higher again for a while.

there's continuous serious articles coming out from organisations like Merrill lynch

http://dealbook.nytimes.com/2013/12...china-and-an-endorsement-on-wall-street/?_r=0

the verge just ran a front page thing on it yesterday as well. Most of the news reports are semi positive and the only glaring negative they all mention is the volatility remaining a barrier from wide acceptance due to people wanting to hold for the value to increase.



I suppose it's easy to just disregard it all and call it tulips though. although tulips had a lot less demonstratable uses than bitcoin does.
Click to expand...

Very interesting stuff. I still doubt whether this will go much further than speculation though.
 
D

Deleted member 1235

Unconfirmed Member
fallagin said:
Very interesting stuff. I still doubt whether this will go much further than speculation though.
Click to expand...

it already has... it's been around since 200...8 or 9 I think? the current bitcoin market is stable compared to the old days of 90% swings in one day, it's been a functioning 'currency' on blackmarkets for ages and has proved it's technical viability/security/hackproofishness over and over again.

it's only the last month ridiculous boom since china made things crazy that massive rampant speculation began on it. There is a fairly strong community of people behind it that want to see it as a functioning currency, it's getting a lot of mainstream notice/coverage and positive reviews as a viable payment method internationally.

Even if regular society rejects it, it's already a functioning and easy way to move currency between 2 people without the bullshit fees.

I'd already use it to send some cash to a buddy overseas. the exchanges have to be more accessible though or more services like bitonic.nl need to start springing up for their own countries.
 
Z

Zaraki_Kenpachi

Member
Fury Sense said:
lol... this is the kind of spectacle I mentioned in my last post ;)

TfDHpL5.png


This just amazes me. More than a 10% difference between platforms
Click to expand...

Even 10% is bullshit, it shows you how illiquid and just awful the trading system it has is. Could you imagine that big of a difference between exchanges for apple stock?
 
DownLikeBCPowder

DownLikeBCPowder

Member
fallagin said:
Very interesting stuff. I still doubt whether this will go much further than speculation though.
Click to expand...

BTC is already on the way past speculation as far as I'm concerned. As an early adopter, the level of acceptance I'm seeing already is far more than I would have expected by now.. It may not be in every shop, but it will (should) rise in adoption faster than you'd think I expect.

Zaraki_Kenpachi said:
Even 10% is bullshit, it shows you how illiquid and just awful the trading system it has is. Could you imagine that big of a difference between exchanges for apple stock?
Click to expand...



There are actual reasons for the disparity, or at least have been very prominent in the past. Most of which had to do with liquidity or ease of access of fiat from the exchange in question (ie regulatory hurdles, extraction hurdles..). Let the market do its work.

Just because BTC-e is cheaper doesn't mean you're going to make money easily off the exchange rate at Gox. There are reasons behind this.. Eventually they will reach a sort of parity, but it is not being issued from a central bank and isn't (thank god) regulated or controlled. The disparity has nothing to do with BTC not being liquid in and of itself and everything to do with traditional fiat systems, an AML regulations, etc that it is, for the moment, tied to. Bitcoin is not a paper stock.
 
P

pestul

Member
Goddamn miners have caused the prices on AMD GPUs to go way up.. 280x series is nearly $100 over MSRP now. I'm waiting for a reasonably priced AIB 290. Don't mess this up for me!
 
T

tokkun

Member
catfish said:
it's not just drugs anymore, bitpay mitigates the risk entirely for sellers on the internet, they can sell something for 100bucks and somebody can pay in bitcoin, the seller will receive 100bucks. it's extremely low cost for them to implement and because of the savings they make on the fees (it's roughly 3% cheaper) they can pass that on to the consumer.

Now the consumer still has to take risk, but it's not that crazy. The biggest barrier to bitcoin doing 'better' currently is how hard it is to actually get them. If services like bitpay could also make it easier to get in on the ground floor for joe average, then the bitcoin price would probably go batshit higher again for a while.

there's continuous serious articles coming out from organisations like Merrill lynch

http://dealbook.nytimes.com/2013/12...china-and-an-endorsement-on-wall-street/?_r=0

the verge just ran a front page thing on it yesterday as well. Most of the news reports are semi positive and the only glaring negative they all mention is the volatility remaining a barrier from wide acceptance due to people wanting to hold for the value to increase.



I suppose it's easy to just disregard it all and call it tulips though. although tulips had a lot less demonstratable uses than bitcoin does.
Click to expand...

Exchange fees are usually 3%+ though, so savings in transaction fees only occur with multiple consecutive transactions in btc. This only works if sellers can buy raw materials or wholesale in btc. Does that happen anywhere outside of drugs?

There is also a tax evasion argument of course...
 
K

KHarvey16

Member
Husker86 said:
Decided to try out mining Litecoin for shits. Really wishing I would have gone with ATI video card now haha. Even at my 170-180 khash/s, I'll be far above electricity prices so we'll see. ATI equivalent of my GTX 760 can do somewhere around 500-600 khash/s though.
Click to expand...

I decided to give this a shot just out of curiosity as well. My GTX 570 gets ~250 khash/s. It's actually pretty interesting stuff!
 
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