I would've lost a lot more if I didn't sell!
you're damned if you do/don't, so stay in glorious fiat and help bring it to the earth's core
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Bitcoin price skyrockets, crashes, rinse, repeat, internet starts investing in tulips
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I would've lost a lot more if I didn't sell!
you're damned if you do/don't, so stay in glorious fiat and help bring it to the earth's core
criesofthepast
Member
How would you have lost more if tomorrow it goes to $1000, or to $10,000 in a year? I don't get it. I will never ever sell at a loss. Were you just impatient and saw it going down and thought it'd never go back up or something?
Happy Chinese new year! Soon we will see the fear mongering was for not. Price actually going up a bit now. Everyone waiting for this day thinking it'd tank are probably going to be disapointed.
Someone tipped me some doge on reddit lol apparently it is worth a buck. Also some dude was making it rain LTC giving out full coins in the litecoin subreddit. I think he gave over $500 worth.
If I sold every investment whenever it goes down, I would be ruined simply by broker fees! For most of my investments, I have stop points -usually a 20% drop within a one month time frame - that cause me to sell. I strongly suggest that anyone involved in crypto currencies know how much pain they are willing to take before getting out. For my Bitcoin, I won't get out unless it drops more than 10% below its exponential growth curve. As of this post that would be $300.
Dorimukyasuto
Member
Is doge worth the time and effort?
Will it ever reach $1 per coin?
Will it ever reach $1 per coin?
nobody knows. it could be on a downturn it never recovers from. memes and crypto...the two most ephemeral things, wrapped into a coin lol
MikeHattsu
Member
Doubt it will ever reach $1 a coin. That would make it's total market cap higher than bitcoin.
But then again, who knows.
But then again, who knows.
Dorimukyasuto
Member
Well, I just bought roughly $5 in doge from a guy on reddit. I have about 3k coins now.
If anything, I guess it'll be fun following the whole thing. And, well, worst case-scenario is that I lose $5.
criesofthepast
Member
It is at roughly 0.0015 right now per Doge coin. It has a LOONNNGGGG way to go to even reach one cent let alone a dollar.
If you invested let's say $7.50 now to get 5000 coins and it did one day reach a cent your looking at $50 worth or $42.50 profit. If it ever reached a dollar your looking at $5000 or $4992.50 profit. (All minus fees which are fairly negligible)
So is it worth the small risk? Sure, why not? Even though it started as a meme and I initially discredited it and do still believe it will probably fade away soon like many other altcoins, what's $7.50 or even $10-$20 if it could end up being worth so much more one day? That day could be not too far away either since next year these coins will all be mined up I believe.
exactly. no harm in throwing a few bucks at the super cheap ones. not a bad gambit to put even a $100 on some crap coins if you can afford it. You can't really predict them or evaluate them on their merits though...just buy and pray.
Ether_Snake
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Am I reading this right? Volume has fallen lower than it has been in years?
criesofthepast
Member
This stability scares me. I should say that I'm saying that aa someone looking to purely profit as an investment and not someone who really cares about the longterm usage of crypto as a currency. I was making money off the volatility.
The past few weeks despite some good news I've been leaning now towards more doom and gloom in the future of crypto, especially litecoin which I see a serious dwindling of attention on. As someone who's holding litecoin I'm thinking of getting out with a healthy profit now while I still can.
The past few weeks despite some good news I've been leaning now towards more doom and gloom in the future of crypto, especially litecoin which I see a serious dwindling of attention on. As someone who's holding litecoin I'm thinking of getting out with a healthy profit now while I still can.
criesofthepast
Member
Something is happening that as far as I know has never happened before. MtGox is almost trading at the same price as BTCE. For as long as I can remember MTGox has always been $100+ more expensive than BTCE. Right now they are $40 apart. Lowest spread I've ever seen between the two. Honestly if you have money or coins in MTGox get out if they let you. MtGox won't last the year.
I also have been wondering about price stability of late, and I've been looking over the charts at http://bitcoincharts.com. What I noticed is that every few months the market cycles from super high volume to low volume. Back in September through October, not a whole lot happened. Volume in trades ramped up during November through December but has decreed and flat lined recently. This current lower volume environment, however, still has more volume than in any time before November. Consequently, I expect even more extreme volatility in a few months.
D
Deleted member 1235
Unconfirmed Member
I'm scared for litecoin as well. I've got 26 of em, but if I sold now, I think this entire bitcoin ride would get me out roughly even. I don't want to do that. I told myself to see the ride through. Might sell for fiat and just get in on bitcoins again and wait.
CheDominik
Member
OK I am totally clueless when it comes to coin mining, but I figured I'd buy 10.000 dogecoins just for the heck of it. Any way of doing it for cash? Or let me put it this way. Would a fellow gaffer sell me 10k for $16(or for whatever they are going now?)
criesofthepast
Member
Vault of Satoshi sells Doge and is pretty popular.
I don't have that much or I'd sell to you. Try Reddit and join threads and make comments to get tips. I've got all my Doge that way. I put them in a wallet and I'm just forgetting about them in the .00000001% chance they actually turn into something one day lol. Also there are well trusted people on reddit who will sell you some through PayPal or whatever. Use discretion of course with who your buying from.
http://www.reddit.com/r/dogemarket/
I think you're looking at 0.0013 per coin or $13 for 10k.
CRASH!!!!!!!! actually at $659.00 on coinmarket cap
http://www.bloomberg.com/news/2014-02-07/bitcoin-price-falls-as-mt-gox-exchange-halts-activity.html
http://www.bloomberg.com/news/2014-02-07/bitcoin-price-falls-as-mt-gox-exchange-halts-activity.html
CaptainZombie
Member
I have about 3.5 coins invested right now as I'm considering cashing out till we see what happens. I fear that come tomorrow when they meet in Tokyo that there might be another drop due to Gox. What you guys thinking? I saw it today drop $50-100 in matter of minutes and bounce back up.
Depends what price you got in at. Might not be a bad idea to cash out 1 while it's still $700. But if you'd just be breaking even or making a small profit I don't think it's worth it.
Once Gox is out of the picture or they manage to fix their site (unlikely considering the track record so far), price will go up. But it's not clear how long Gox will drag down the price. Honestly, I think it would be better for Bitcoin if Gox goes away completely.
CaptainZombie
Member
Yeah, I'd be about breaking even at this point. I worry that with Gox and whatever is coming down tomorrow from Tokyo on speculation could drive this price down lower. Some are thinking a $400-$500 price range is coming in the next week or so as I read around. So I was thinking of maybe cashing out and waiting it out, see what happens and if it falls lower to just buy back in then at that point.
The price you bought it for is a sunk cost. The investments you hold only have one value: the price you could sell them for today. If you think the price is going to drop tomorrow, you should sell today. Basing future decisions on sunk costs is a strategy motivated by emotion rather than rationality.
criesofthepast
Member
Well hope you sold because shit just tanked with the GOX press release. It literally just dropped $100 before my eyes now.
LTC good time to buy more. Under $15 now.
BTC is dropping $50 in a second at times. Almost sub $500!
LTC to $13 now...
Wow. Fuck MTGOX. Pieces of shit just die already.
Someone will make millions on this swing when it rebounds. Wish I had more money to invest.
...And its back to normal again. Almost exactly where it was pre-crash. Someone actually sold Bitcoins for $100 on BTCE at the lowest. What a moron. lol Lucky person who had that buy order.
CaptainZombie
Member
I'm about to sell right now, gonna lose about $200 in the process which sucks, but rather get out now and wait if another drop comes and buy in.
About that MtGox statement...
So basically MtGox was depending on transaction IDs to do their internal bookkeeping. Problem is, transaction IDs (but not the actual transaction) can be modified by a third party under some conditions.
This has been a known issue since May 2011 at the very least.
So the scammer(s) managed to switch a transaction ID. Then the scammer claims the transaction didn't go through. When Gox checks this, they can't find their transaction ID in the blockchain, even though the bitcoins were transacted, just under another ID!
So Gox is tricked into doing the same transaction again. Rinse, repeat.
It's definitely an ugly vulnerability, but it's not critical and there's really no excuse for MtGox. This was well known and there are several workarounds available. In any case the error should have been easy to spot on their balance after the first few scams took place. The bug itself has been mostly fixed already, but the changes would constitute a fork (I think), so the developers are hesitant to push it all the way to Release.
The MtGox statement makes it looks like the bitcoin protocol is broken, while in fact it is working just fine for everybody but them. They are trying to shift the blame but they were warned about this and did nothing. This is also independent from their fiat problems, they can't give anyone their bitcoins or dollars back. At this point it should be obvious, stay away from MtGox.
The bitcoin price plummeted, but it's mostly restored by now. Some people did a panic sell, some people bought cheap coins. That's life.
So basically MtGox was depending on transaction IDs to do their internal bookkeeping. Problem is, transaction IDs (but not the actual transaction) can be modified by a third party under some conditions.
This has been a known issue since May 2011 at the very least.
So the scammer(s) managed to switch a transaction ID. Then the scammer claims the transaction didn't go through. When Gox checks this, they can't find their transaction ID in the blockchain, even though the bitcoins were transacted, just under another ID!
So Gox is tricked into doing the same transaction again. Rinse, repeat.
It's definitely an ugly vulnerability, but it's not critical and there's really no excuse for MtGox. This was well known and there are several workarounds available. In any case the error should have been easy to spot on their balance after the first few scams took place. The bug itself has been mostly fixed already, but the changes would constitute a fork (I think), so the developers are hesitant to push it all the way to Release.
The MtGox statement makes it looks like the bitcoin protocol is broken, while in fact it is working just fine for everybody but them. They are trying to shift the blame but they were warned about this and did nothing. This is also independent from their fiat problems, they can't give anyone their bitcoins or dollars back. At this point it should be obvious, stay away from MtGox.
The bitcoin price plummeted, but it's mostly restored by now. Some people did a panic sell, some people bought cheap coins. That's life.
criesofthepast
Member
I still have LTC I got at sub $15 a while back and I didn't panic sell. You asked a question last night wether to sell or not before this crash and I guess you didn't sell. Now your going to sell for a $200 loss the day of the crash. Dude you're panicking. I don't know how people throw away money so easily like that on bad decisions.
Its like no one has been watching bicoin the last year and seen these swings in every direction. Your almost guaranteed it swings back up and that $200 loss today is even tomorrow or plus $50 the next day.
Just don't get it.
Wonder what Evilore is doing with his few thousand dollars worth of coins he bought in the $600's. I'm guessing he didn't panic sell when it dipped below $500. Gotta be patient.
Having said all this, I'm growing tired of the bullshit with this stuff and although I'm all profit no matter what I do now, there are too many shady bullshit people behind this crypto movement pulling the strings.
agreed. Most of all, that max keiser dude seems super shady to me, particularly after that whole quarkcoin thing. Talking about when he tweeted, "if jesus came back today with 3 gifts, they'd be bitcoin, litecoin, and quark" for absolutely no reason. The jesus talk combined with the absolute foul mouthing of other people just leaves a really strange impression. also, he looks like a real life moe syzlack.
I love the ideas, concepts, I think it's a good training tool for future investing, and have a lot of hope, but not without some more brutal growth periods. The idiots who thought they could get away with really shady silk-road type stuff are just starting to get busted. From then on, things will be a lot more gray. Apologies to anyone I may have argued about this with in the past, but I can't really say I objectively dig what's happening with crypto at the moment. aside from crashes and taking advantage of them, of course...but that makes me part of the problem, i know.
Well, I hope he didn't sell any in the $500s. I have a significant amount of BTC and haven't sold any recently. I don't bother trying playing these swings even though they can be very profitable, it's just too stressful and with the manipulation going on you can easily get burned.
If BTC value goes up enough that it is life changing for me, I'll cash out some... otherwise I'll just hold on no matter how low it goes. The price is showing more signs of stability anyway despite this drop, the rebound from $500s to high $600s happened way faster than other crashes in the past. And that was with Gox trying to spin this issue into even worse news.
CaptainZombie
Member
I sold in at $655 when it went back up again later this morning. I was gonna cash out soon anyways since I needed the money for a few things here at home. I did get a bit scared yesterday with this whole Gox fiasco and then to see BTC dip to $100 for a few minutes this morning is crazy. I had my fun with bitcoin, but there are way too many pulling strings and playing games with this VC that is a shame.
j_k_redtail
Member
That's not an exchange, it's a money prison.
criesofthepast
Member
Almost every major bitcoin news website has removed mtgox on their price trackers. A lot of the big sites like blockchain.info and coinbase have come out and said mtgox is basically full of shit and this is not a flaw with bitcoin but with mtgox and their custom wallets.
Good to see people speaking up about this and calling out mtfox for spreading their FUD. Mtgox basically is going down and they tried to take the entire bitcoin network with them today with that press release. Fuck them and I hope some Yakuza pay their Japan offices a visit sometime soon and make them disappear.
Good to see people speaking up about this and calling out mtfox for spreading their FUD. Mtgox basically is going down and they tried to take the entire bitcoin network with them today with that press release. Fuck them and I hope some Yakuza pay their Japan offices a visit sometime soon and make them disappear.
CaptainZombie
Member
Prices back in the $660 range after yesterday it had reached about $710. I wouldn't be surprised if we get another drop in the $400-500 range this week and it goes back up again.
I was in Vegas this past weekend and noticed this huge billboard for Bitcoin at a Casino. I thought i was drunk so I googled it when I got home.
http://goldengatecasino.com/bitcoin/
http://goldengatecasino.com/bitcoin/
j_k_redtail
Member
Gox is at 478 and falling.
Bitstamp and Bitfinix are around 630.
Btc-E is around 600.
Bitstamp and Bitfinix are around 630.
Btc-E is around 600.
CaptainZombie
Member
I was just looking at coinbase and they are at $648 as an hr ago.
Liberty4all
Banned
Looks that way.
Liberty4all
Banned
good to see you back up and running man.
Silk Road was hacked, and BTC was stolen. So the price is dropping right now. The main issue is the double spending blockchain problem. Once this is fixed the price should rebound.
Not sure were the bottom will be, but there is alot of volatility right now and a good chances to make profit buying and selling on the pumps.
Also, glad you see that you are okay EvilLore. Was a big fan of your Traveling Europe thread.
Not sure were the bottom will be, but there is alot of volatility right now and a good chances to make profit buying and selling on the pumps.
Also, glad you see that you are okay EvilLore. Was a big fan of your Traveling Europe thread.
That chat on the side is hilarious to read from time to time.
Shake Appeal
Member
Depending how low it gets, I might buy back in.
criesofthepast
Member
Yeah..."hacked."
@_@
Bunch of wankers. Don't mess with drug dealers and their money. Guessing a few bodies going to drop because of this.
If I had more fiat on an exchange I'd buy more but nope holding & really not checking exchanges at all. I just subscribe to this thread and some reddit sub's and that's it. I have an app that has a price alarm set and if it ever reaches that then I'll be cashing out. If not, whatever. Too annoying watching this stuff 24/7 with all the bullshit.
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