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

Bamelin said:
Toronto gets it's first Bitcoin ATM at Spadina and King.

http://torontoist.com/2014/01/toronto-welcomes-a-bitcoin-atm/

You can deposit cash and get bitcoin into a wallet address back so no more having to mess around trying to get money on to the exchanges the hard way.

Basically you install a bitcoin app to your phone, deposit cash, it gives you a Q code you scan to your phone and presto bitcoin in wallet.
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Yah but whats the rate? Where are they getting the rate from and fees etc? Still really good for people here.
 
criesofthepast said:
Yah but whats the rate? Where are they getting the rate from and fees etc? Still really good for people here.
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I think the ATM machine in Vancouver is 7 percent on the dollar so I'd imagine it will be 7 - 10 percent on the dollar at the Toronto machine. It still beats what Cavirtex charges to get money in and out of their exchange when done on small quantities of money (hundreds rather than thousands).

For me personally it's the ease of getting money in that makes it appealing. I used to use Cavirtex but now they require verified accounts which entails way more personal information than I am willing to trust them with. The ATM machine is easy for me especially since I live 2 minutes down the street at CityPlace.
 
SmokeMaxX said:
The collapse will be just that- a collapse. It wouldn't even make sense for BTC to slowly decline in value. There may be a mini collapse (let's say value drops to 500 and holds steady) before a main one, but once its value starts crashing, I'd get out fast.
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Then buy in at the bottom again because it's going back up!


If it doesn't become a currency, it'll survive as a weird pseudo-gambling thing, like it is right now.
 
Bamelin said:
I think the ATM machine in Vancouver is 7 percent on the dollar so I'd imagine it will be 7 - 10 percent on the dollar at the Toronto machine. It still beats what Cavirtex charges to get money in and out of their exchange when done on small quantities of money (hundreds rather than thousands).

For me personally it's the ease of getting money in that makes it appealing. I used to use Cavirtex but now they require verified accounts which entails way more personal information than I am willing to trust them with. The ATM machine is easy for me especially since I live 2 minutes down the street at CityPlace.
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That is not bad. This is only good news for bitcoin. I may actually check out the machine tomorrow after school.
 
putting aside the money/currency talk a little for a second,

bitcoin has started a new way of thinking about the internet in general. And that is very very interesting.

People now want to do it with bandwidth/hosting.

https://github.com/wetube/bitcloud/blob/master/Bitcloud Nontechnical White Paper.md

Decentralized Personal Cloud Storage

Another app that can be built on top of Bitcloud would deal with personal cloud storage. Using an unmoderated form of cloud storage would be possible through relayed, Tor-like connections. This means the user wouldn't know where their files were stored and the nodes wouldn't know who sent them the files. The files would also be encrypted, so the nodes won't know what they are storing either. There could also be moderated forms of cloud storage where different types of files are allowed to be stored at different rates.
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yaaay bitcoin.
 
Wuala used to have online storage that used other user's drives as a form of peer-to-peer backup. It was encrypted and the data randomly placed, so you never knew what data your drive was storing.

Kind of amazing, kind of creepy.
 
catfish said:
putting aside the money/currency talk a little for a second,

bitcoin has started a new way of thinking about the internet in general. And that is very very interesting.

People now want to do it with bandwidth/hosting.

https://github.com/wetube/bitcloud/blob/master/Bitcloud Nontechnical White Paper.md



yaaay bitcoin.
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Proof of Bandwidth seems fundamentally impossible to me. You can 'prove' that some number of nodes said you transmitted data, but you can't really prove that they did. This leaves you open to all sorts of kinds of collusion, even if you can somehow enforce effectively distributed connections. It's basically in everyone's individual best interests to lie.

Unlike proof of work, where I can go and look at every single block in the bitcoin block chain and say "yep, someone did that work and they got to assign its output to themselves (or in the case of a pool, to their pool operator)."
 
maharg said:
Proof of Bandwidth seems fundamentally impossible to me. You can 'prove' that some number of nodes said you transmitted data, but you can't really prove that they did. This leaves you open to all sorts of kinds of collusion, even if you can somehow enforce effectively distributed connections. It's basically in everyone's individual best interests to lie.

Unlike proof of work, where I can go and look at every single block in the bitcoin block chain and say "yep, someone did that work and they got to assign its output to themselves (or in the case of a pool, to their pool operator)."
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bah :( saw it on reddit when it was newer....

now seeing comments like this all over the place

Man as I read the title I was really excited about possibly joining this project as a developer.
As I read the details I realized this is just a pipe dream by someone without a technical background who hasn't thought it through at all.
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catfish said:
putting aside the money/currency talk a little for a second,

bitcoin has started a new way of thinking about the internet in general. And that is very very interesting.

People now want to do it with bandwidth/hosting.

https://github.com/wetube/bitcloud/blob/master/Bitcloud Nontechnical White Paper.md



yaaay bitcoin.
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I think that the most important impacts of Bitcoin will be the slow paradigm shift of people's understanding of money. Since the advent of money in the ancient world, the value of money was always uncertain at the time of its acquisition. You always hoped that the money you received - whether that was tulips, real estate, or gold - would be worth the things that you eventually needed - like food and security. Bitcoin accelerates what Forex started - almost instantaneous valuations of money. Knowing precisely what your currency is worth redefines monetary transactions by removing a substantial element of ambiguity in its present worth. What any currency will be worth in the future still remains shrouded in uncertainties, but people will increasingly have the tools to predict value thanks to increased access to information.
 
Nils said:
Cool Runnings 2 at last.
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The Story of the Jamaican bobsleigh team that was held down by the corporate overlords and Putin. But thanks to the internet and Dogecoin, their dreams became reality. And they won the gold medal.

Btw. Dogecoin is at $1,2/1000 Doge. To the moon.
 
Lilalaunebaer said:
The Story of the Jamaican bobsleigh team that was held down by the corporate overlords and Putin. But thanks to the internet and Dogecoin, their dreams became reality. And they won the gold medal.

Btw. Dogecoin is at $1,2/1000 Doge. To the moon.
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I want the guy from the last movie to buy Buckingham Palace with his DOGEcoin earnings.
 
NXT saw a massive rise too.

I bought some near its low last week and it's now trading 300%+ since.

Very interesting that NXT and Doge are the only 'big' alts that are up in value right now.
 
So that price is going down again. my LTC/BTC trade is hurting on this. I probably should get more LTC while its cheaper though. Hm.
 
sca2511 said:
So that price is going down again. my LTC/BTC trade is hurting on this. I probably should get more LTC while its cheaper though. Hm.
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If it drops down below 10 again I'll do this. didn't do it last time, missed out pretty bad.
 
Urge people not to panic. Things may get ugly the next two weeks because we are dealing with a lot of people who have no idea what they're doing and panic selling because of Chinese new year and overall stupidity. Remember, you don't lose any money until you sell at a loss. I don't think anyone doubt's it will go over $1000 again within months if not soon as this Chinese new year hype dies down.

Things have been pretty boring and stable past few weeks but we are probably starting to see this get a bit wacky right now for a bit. I guess a good buy in point for some.
 
The ratio I traded my BTC for LTC was around 0.297 and I haven't seen it get to that ratio for maybe a month and a half. Now that it's 0.25... hmm
 
Also, potentially big news tomorrow with hearings at the New York stock exchange on bitcoin. Potentially big positive or negative news of course depending on how things go :p

Sub 20 ltc here we are...
 
Orlandu84 said:
I think that the most important impacts of Bitcoin will be the slow paradigm shift of people's understanding of money. Since the advent of money in the ancient world, the value of money was always uncertain at the time of its acquisition. You always hoped that the money you received - whether that was tulips, real estate, or gold - would be worth the things that you eventually needed - like food and security. Bitcoin accelerates what Forex started - almost instantaneous valuations of money. Knowing precisely what your currency is worth redefines monetary transactions by removing a substantial element of ambiguity in its present worth. What any currency will be worth in the future still remains shrouded in uncertainties, but people will increasingly have the tools to predict value thanks to increased access to information.
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The problem that remains with BitCoin is that its worth is only expressed in other currency, which I think somewhat undermines your point. Yes I'm aware of the worth of my BitCoins in US dollars, but that's not really direct value. US dollars have direct value because of their ubiquity for actual transactions (in the US at least). I can express the worth of any amount of dollars I have in terms of purchasing power without an intermediary.
 
The Technomancer said:
The problem that remains with BitCoin is that its worth is only expressed in other currency, which I think somewhat undermines your point. Yes I'm aware of the worth of my BitCoins in US dollars, but that's not really direct value. US dollars have direct value because of their ubiquity for actual transactions (in the US at least). I can express the worth of any amount of dollars I have in terms of purchasing power without an intermediary.
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Yours is a a fair point. I suppose I should have stated that crypto currencies in general will enable people to rethink how much things are valued. I expect this process to take a while if not an entire generation. I myself now count my wealth in ounces of gold so that I have an alternate view of how much I actually have. Likewise, all I am trying to claim is that an alternate view - whether that is counted in Bitcoin, gold, or Euro's - is slowly asserting itself again into people's understanding of money.
 
The Technomancer said:
The problem that remains with BitCoin is that its worth is only expressed in other currency, which I think somewhat undermines your point. Yes I'm aware of the worth of my BitCoins in US dollars, but that's not really direct value. US dollars have direct value because of their ubiquity for actual transactions (in the US at least). I can express the worth of any amount of dollars I have in terms of purchasing power without an intermediary.
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US dollars also have value because the US government requires tax payments to be made in USD. If you want to participate in the world's single largest economy, at some point you need dollars.

That's going to keep speculative commodities like bitcoin end gold tied to a dollar valuation. That said, I don't think it's a bad thing to have an alternate view of money, so if people want to value things in terms of bitcoin, gold, or tulips it's not necessarily a bad thing. It may highlight some of the destructive effects that the Fed is having on Main Street.
 
I know almost nothing about Bitcoin, just enough to ask this question:

Is the money you generate through this stuff really greater than what is being spent on electricity to run GPUs at full capacity all the time???

I have a 7970, should I get in on this just for shit and giggles?
 
I think we could see a decent drop over the next week, there seems to be panic brewing based on what's going to happen in China. I think nothing will really happen but manipulators are going to use this to their advantage to score some cheaper coins. I will definitely be buying more if it drops to around the $600 range.
 
My work went from ignoring Bitcoin to extreme hardcore obsessed with it in the last month or so... it's really crazy here how everyone has gone nuts over it. They went and assembled all these machines and are now trying to sell them at discounted prices because apparently the bottleneck for preassembled machines is over and now it looks like that one company who was charging quite a bit is finally shipping them?

The whole thing is crazy... I've felt like mining a few dogecoins at home to just mess with a coworker who's rabidly obsessed with the whole thing. (Anytime I point out something on buttcoin.org about people having trouble converting bitcoins to actual cash he gets offended.)
 
zephervack said:
I know almost nothing about Bitcoin, just enough to ask this question:

Is the money you generate through this stuff really greater than what is being spent on electricity to run GPUs at full capacity all the time???

I have a 7970, should I get in on this just for shit and giggles?
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With a card like that, you will earn a lot more than you will spend on electricity. Use a website such as www.dustcoin.com or the calculators on www.coinwarz.com. If i recall, your card should get a hashrate of around 650 kH/s. Bitcoin mining is not profitable for you, but look into mining scrypt coins. Dogecoin has been generally the most profitable coin to mine recently.
 
Any dutch people read this thread? Clevercoin.net Will be à marketplace with iDeal deposits, so no more separate deposit lag times and one more arbitrage option. I signed up and got verified immediately.
 
Sir Richard Branson says there will be a global currency—whether its bitcoin or something else—that will "take on Jamie Dimon and the other banks."

"The idea is very exciting. I think having a global currency where you don't have to spend all the money changing your currencies is admirable and whoever is behind bitcoin was brilliant," the Virgin Group founder told "Squawk Box" in Davos, Switzerland. "It was a brilliant first step."

While investing in bitcoin himself, Branson said he's "not the great advocate of bitcoin."

Back in November, he announced on CNBC that his Virgin Galactic commercial space flight venture would accept bitcoin as payment. The cost in U.S. dollars to book a seat is $250,000.

Branson told CNBC Friday, "We've had six or seven tickets already from bitcoin."
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well now....
 
I feel bad for people who have coins or fiat in mtgox. Something fishy is going on there. Get out of there while you still can. I think they may be imploding. No one can get money out. Seems everyone are buying coins and trying to withdrawal that way, hence the $200 price difference between them and other exchanges. Mtgox is a cancer to bitcoin I hope they go away sooner than later, not before they list litecoin though for a nice bubble I can capatalize on lol.
 
criesofthepast said:
I feel bad for people who have coins or fiat in mtgox. Something fishy is going on there. Get out of there while you still can. I think they may be imploding. No one can get money out. Seems everyone are buying coins and trying to withdrawal that way, hence the $200 price difference between them and other exchanges. Mtgox is a cancer to bitcoin I hope they go away sooner than later, not before they list litecoin though for a nice bubble I can capatalize on lol.
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I don't follow the news about the exchanges that much, but I have been wondering about the price difference. First it was $100. Now it's $200! Does anyone have any links to testimonials about mtgox?
 
criesofthepast said:
I feel bad for people who have coins or fiat in mtgox. Something fishy is going on there. Get out of there while you still can. I think they may be imploding. No one can get money out. Seems everyone are buying coins and trying to withdrawal that way, hence the $200 price difference between them and other exchanges. Mtgox is a cancer to bitcoin I hope they go away sooner than later, not before they list litecoin though for a nice bubble I can capatalize on lol.
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my buddy just took money out there the other day. took 5 days, he has to wait 20 days to make another transfer though.

you can get max 1000 per 20 days (to euro bank accounts). They are shit though I think.
 
FYI, Bitcoin in the news today.

Bitcoin exchange CEO arrested for money laundering

U.S. government agents have arrested Charlie Shrem, the CEO of Bitcoin exchange BitInstant, charging him with laundering money for customers of online drug bazaar Silk Road.

The U.S. attorney in the Southern District of New York said Shrem helped someone he hadn't met in person, Robert Faiella, sell more than $1 million worth of bitcoins to Silk Road customers. Faiella, a 52-year-old Florida man, allegedly ran an underground Bitcoin exchange using the alias BTCKing.
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bloody monday!


took a small loss after buying right after I woke up. common mistake for me lol

now lets see how low she can go
 
kick51 said:
bloody monday!


took a small loss after buying right after I woke up. common mistake for me lol

now lets see how low she can go
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You don't lose unless you sell.

Also not so shocking news at the bitinstant CEO...too many criminal scumbags and general shady people attached to bitcoin. Sad they ruin it for the lot of us who want it to succeed for honest reasons.
 
I got a wicked setup now with Linux (persistent) on a USB stick with the blockchain downloaded and saved on there along with my wallet (also backed up elsewhere) all encrypted within Linux and the litecoin app. Plug and go boot into it anywhere I want with it (trusted PC's only still of course) Super fast. I can send and receive to any exchange very fast. No reason to keep anything on any exchange as I fear especially BTCE anytime I use them and keep coins on there that they will up and disappear one day. If BTCE dissapeared tomorrow things would fall 99%. They have become the biggest exchange no doubt.

Very easy to do with just an 8GB USB drive. Don't even have to connect Linux to the internet if you want to be even safer. No reason to use windows at all.
 
criesofthepast said:
I got a wicked setup now with Linux (persistent) on a USB stick with the blockchain downloaded and saved on there along with my wallet (also backed up elsewhere) all encrypted within Linux and the litecoin app. Plug and go boot into it anywhere I want with it (trusted PC's only still of course) Super fast. I can send and receive to any exchange very fast. No reason to keep anything on any exchange as I fear especially BTCE anytime I use them and keep coins on there that they will up and disappear one day. If BTCE dissapeared tomorrow things would fall 99%. They have become the biggest exchange no doubt.

Very easy to do with just an 8GB USB drive. Don't even have to connect Linux to the internet if you want to be even safer. No reason to use windows at all.
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unless you want to update the blockchain or send/receive funds right?

I need to look into this more. I only trade ~500 euro at the moment so I have it stored at one of the exchanges with 2FA protection which is currently enough, but as a negative, I've never looked closely at software wallets on my own PC (past the setup) but I didn't play around much with backing up the private keys, viewing said keys or running through recovery if you have a copy of the private key but lose everything else...

I'd be terrified of the 'I forgot my password' as well although I take measures against that as well, but I feel like enthusiastic users could manage to lock themselves out of their own wallets in the interests of making it 'super secure' and accidently make it so secure that it's too secure to get into themselves.

The solution of course is a couple of guides and some run throughs of situations with empty wallets and testing, but to do this properly this would take me a couple hours I don't have at the moment.

As an aside, Multibit bitcoin wallet doesn't seem to have to download the whole blockchain like the LTC wallet does. why not?
 
What are peoples thoughts about LTC prospects in 2014? It's interesting watching the currency hold firmish amidst the swirling chaos of altcoins (looking at you Doge).
 
catfish said:
unless you want to update the blockchain or send/receive funds right?

I need to look into this more. I only trade ~500 euro at the moment so I have it stored at one of the exchanges with 2FA protection which is currently enough, but as a negative, I've never looked closely at software wallets on my own PC (past the setup) but I didn't play around much with backing up the private keys, viewing said keys or running through recovery if you have a copy of the private key but lose everything else...

I'd be terrified of the 'I forgot my password' as well although I take measures against that as well, but I feel like enthusiastic users could manage to lock themselves out of their own wallets in the interests of making it 'super secure' and accidently make it so secure that it's too secure to get into themselves.

The solution of course is a couple of guides and some run throughs of situations with empty wallets and testing, but to do this properly this would take me a couple hours I don't have at the moment.

As an aside, Multibit bitcoin wallet doesn't seem to have to download the whole blockchain like the LTC wallet does. why not?
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You can send from your exchange to cold storage without needing to be online with litecoin qt. Just generate a wallet address with litecoin qt and send it there. No need to connect to the net until you want to send back to an exchange from cold storage. I did the exact tests you speak of and it did take an evening to figure it all out and it was nerve wracking but I did use only 0.5 coins at first going back and forth from btce to cold storage and back again. Then I tossed that wallet and did the same again just this time offline in linux to a new address.

Multibit and electrum store the blockchain, or at least big parts of it I think on their servers so it doesn't need to be downloaded. I don't exactly know the ins and outs of how it works but unfortunately the litecoin community hasn't created anything similar. Not sure if multibit or electrum plan on doing anything for litecoin.

However, you can download and save the blockchain on a USB and at least have it fairly ready and up to date for when you do want to get out of cold storage to an exchange in a realitve hurry. This is good as obviously we see a lot of these highs and lows in prices and they are very time sensitive to take advantage of.

You can keep backing it up easily every few weeks (this can be done on any computer not even associated with your wallet) to stay up to date. You'd be out of cold storage and into an exchange in 20 minutes easily doing this depending on how recent your backup is. Blockchain is only about 2GB's. You can fit Linux, the blockchain, your wallet, all on a 8GB USB with almost half the space still left over. All encrypted of course and the wallet backed up elsewhere for sake keeping.
 
The Insane Dufresne said:
Is it pointless to start mining litecoins now?

If not what is the best way to get started?
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It is not the most profitable coin to mine right now, there are other coins you can mine though. Dogecoin is doing well right now. I would recommend downloading the program GUIMiner-scrypt. After that, you must join a pool. Reddit is good source of information for all of this, if you go to the subreddit of your desired coin you will usually find a whole list of pools to join in the sidebar. Once you join a pool, set your miner to the pool's server and configure the settings for your card.

Hope that answers some of your questions.
 
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