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[CrunchyB]

Yah mtgox and timely fashion go together real well. Today is Thursday and they just updated and guess what? Another press release and still no withdraw which followed by another drop in the market.

The price dropped before the news officially broke, early Thursday in Japan. It dropped more just before the actual release. Smells like insider trading to me.

It actually stabilized shortly after the news was out. This will not kill bitcoin.

MtGox made millions on transaction fees these past weeks and you can still send them money/bitcoins, you just can't take them out of that black hole. They, however, can play arbitrage all day long. Maybe they're just stalling while they're trying to replenish their bitcoin supply?

Also, they're moving to another building due to "security issues", lulz.

 

[kick51]

this thread should go pretty well:
http://www.neogaf.com/forum/showthread.php?t=772472


haha, bitcoin is down, nobody will ever make money off it, it's so dumb, i can just copy paste them and get rich blawhlkhaiowoiauerrrg

 

[Sun Drugs]

this thread should go pretty well:
http://www.neogaf.com/forum/showthread.php?t=772472


haha, bitcoin is down, nobody will ever make money off it, it's so dumb, i can just copy paste them and get rich blawhlkhaiowoiauerrrg

I was scratching my head reading that thread. Most of people bashing cryptocurrencies in that thread seem to know nothing about them except the fact that they exist.

 

[CrunchyB]

I mentioned this earlier, insider trading at MtGox:

 

[kick51]

got out at 13.70 on ltc. $0.20 profit yhey


now drop to your knees market

gox is circling $100, the drop after that should be steeeep

 

[Deleted member 22576]

So could I put like, 200$ into bit coin and just let it sit forever and then maybe in like 6 years there will be an 18 hour window I could make insane profit?

 

[kick51]

So could I put like, 200$ into bit coin and just let it sit forever and then maybe in like 6 years there will be an 18 hour window I could make insane profit?

it's way more volatile than that. whether you day trade it or hold on to it should depend on how low you got in. It used to be much easier, when every news story made it go nuts. nowadays it's like "meh, new york times article"

but yes, the best buy in point since the December crash appears to be coming up. Who knows though, could sit at the bottom for 8 months, but that's not likely.

I was scratching my head reading that thread. Most of people bashing cryptocurrencies in that thread seem to know nothing about them except the fact that they exist.

some pretty expensive willful ignorance!

I mean, they don't have to like it...I am skeptical myself of the long term market. but the putrid hate train is too strong

 

[CrunchyB]

So could I put like, 200$ into bit coin and just let it sit forever and then maybe in like 6 years there will be an 18 hour window I could make insane profit?

The period after a big drop is usually a good time to buy.

I think bitcoin still has a bright future, maybe sooner than you'd think.

Don't interpret this as investment advice though, anything could happen. There's also a reasonable chance it will crash and burn completely. If I was 100% sure it would appreciate by a large factor I'd take out a big fat loan right now and buy all the bitcoin I could get my hands on.

 

[Deleted member 22576]

Yeah, that's why I'm curious to try a relatively disposable amount like 200$
100$ doesn't seem like enough to be worth my time, but any more than that starts getting into real money territory.

 

[Dorimukyasuto]

Can we talk doge coin for a minute?
I have 6k coins. How can I use that to get more? People say they day trade. How would I go about that?

 

[j_k_redtail]

GOX: $96/BTC.

(

Spoiler

Still too high.

)

 

[tokkun]

The period after a big drop is usually a good time to buy.

In the larger world of investing, that is known as trying to catch a falling knife.

 

[Sun Drugs]

Can we talk doge coin for a minute?
I have 6k coins. How can I use that to get more? People say they day trade. How would I go about that?

You can invest your doge in a gambling site such as doge-dice.com. Over time, you'll make profit. Not much though, and it fluctuates in the short term. I have 20k invested and have made about 200 doge in a few weeks time.

 

[CrunchyB]

Yeah, that's why I'm curious to try a relatively disposable amount like 200$
100$ doesn't seem like enough to be worth my time, but any more than that starts getting into real money territory.

Don't put in anything you cannot afford to lose. You might want to familiarize yourself with the software and exchanges first before you spend much money. Bitcoin can be tricky to use.

Useful links:

Wallets:
https://bitcoinarmory.com/
http://mycelium.com/

Exchanges:
https://www.bitstamp.net/
https://www.kraken.com/‎

If you feel like throwing your money in a bottomless pit:
https://www.mtgox.com/

Can we talk doge coin for a minute?
I have 6k coins. How can I use that to get more? People say they day trade. How would I go about that?

Sell high, buy back low. Rinse, repeat. Start with small amounts to get a feel for it. Keep up with all the news, any big announcement (dodge or bitcoin) will affect the market.

I tried day trading bitcoin for a while. I found it to be very time-consuming and nerve-wracking. Not really worth the effort with small volumes, too risky with large volumes. But if you've got the time, knock yourself out.

In the larger world of investing, that is known as trying to catch a falling knife.

The operative word is after a big drop, not during And yes I realize the tricky part is trying to determine when a drop has actually reached it's lowest point. But prices tend to fall faster than they rise, so there's a grace period.

 

[kick51]

In the larger world of investing, that is known as trying to catch a falling knife.

I thought trying to buy at the very bottom is trying to catch a falling knife. this is just buying low.

also CrunchyB, that gox chart is mighty suspect, I agree. to be a fly on the wall around whoever is calling the shots there right this minute....

 

[tokkun]

The operative word is after a big drop, not during And yes I realize the tricky part is trying to determine when a drop has actually reached it's lowest point. But prices tend to fall faster than they rise, so there's a grace period.

Everyone who has ever tried to catch a falling knife has thought they were doing so at the bottom of the drop.

Sure, catching a falling knife is good, if you happen to be correct. I don't think anyone disputes that.

 

[criesofthepast]

Made $300 in the last 24 hours. Thank you panic sellers. Paid for my vacation this summer & more with profit from selling monopoly money! Crazy world.

The biggest exchange in Canada CaVirtex added litecoin yesterday too which is nice if your into that.

 

[DrEvil]

Been mining for the last week on a single r9 290 cuz my original power supply wasn't strong enough... new one arrived today and I've got dual 290s running, feelsgoodman. 1.6mh/s gooooo!

Depending on how far BTC crashes, should recoup my investment in about 3 months or so.

 

[paile]

I got caught out in that Gox drop. Bought in at $162 thinking that was the floor and have been trying to ride out the crash waiting for the bounce back. Nearly there. I timed a few other trades to perfection though and it feels great to buy in right at the floor and cash out right at the top with technical precision

The question now is how low Gox BTC will fall and if we can cash it out. If it plummets right down, could be an opportune time to buy in and make a lot of money off of this.

I tried day trading bitcoin for a while. I found it to be very time-consuming and nerve-wracking. Not really worth the effort with small volumes, too risky with large volumes. But if you've got the time, knock yourself out.

A successful trader takes emotion out of the game and looks for patterns in charts. i.e. what are the support levels, what are the resistance levels. What is the overall trend etc. To hell with overall market sentiment, the news etc. You just go by the technicals. I bought in at 162, the price crashes to 91 and I don't panic sell, why? Because I look at charts and similar crashes/recoveries have shown in the past and know that the chances of a rebound to certain levels of support/resistance are good and I should just wait it out if I get caught. Gox is a little different because it is crashing and hard. Other BTC markets are much more stable and should be easier to trade.

This is the best charting site I've found - http://bitcoinwisdom.com/markets/mtgox/btcusd

Helps execute precision trades. Going to put in a sell order just below 200 off a 160 buy in. I expect the price will rebound higher than that over the next day or two assuming Gox doesn't try and fuck their own market anymore. Longer term trend is heading way down though.

 

[criesofthepast]

I got caught out in that Gox drop. Bought in at $162 thinking that was the floor and have been trying to ride out the crash waiting for the bounce back. Nearly there. I timed a few other trades to perfection though and it feels great to buy in right at the floor and cash out right at the top with technical precision

The question now is how low Gox BTC will fall and if we can cash it out. If it plummets right down, could be an opportune time to buy in and make a lot of money off of this.

The 100 million dollar question.

 

[paile]

Price spikes back to $276. More than doubled my money in Gox in the space of a week.

 

[kick51]

Price spikes back to $276. More than doubled my money in Gox in the space of a week.

just an unintended side effect of the gox-spiracy

they're trying to close the place because they are sick of making money and just want to steal the rest

(i am jk)

edit: hey, we're a community OT now!

Bitcoin |OT| We Don't Need NASA To Get To The Moon

 

[criesofthepast]

Price spikes back to $276. More than doubled my money in Gox in the space of a week.

Yeah, about that...

Time of posting this it is back under $200 and it will continue to drop, although bobbing back and forth a bit above and below. There was no reason for the spike it was pure manipulation. You haven't doubled any money unless it is back in your bank account. That money is still being held hostage. I don't blame you for being optimistic though as I'd probably be holding onto any hope of seeing my money again as well if I had things locked up on Gox.

Have you looked into bitcoinbuilder? Check reddit for more info because I'm not entirely sure how it works but a lot of people are using it and talking about it to get funds out of Gox. Unless you know something everyone else doesn't and can be sure Gox will turn everything around after being so incredibly shady and a bunch of liars. Worth looking into.

http://www.coindesk.com/has-company-found-workaround-mt-gox-withdrawals/

 

[criesofthepast]

Wall Street Journal just broke news that Mark Karpeles, CEO of MTGox, has resigned from the bitcoin foundation.

Yeah, that can't be a good indicator of things to come out of MTGox...

Watching a whale with 10k bitcoin sell on Bitstamp for $580 per. He's already sold 2000 and dropping. Doesn't look like a fake wall. Think someone just wants to get out. Oh my this is entertaining to watch lol. Maybe it is Mark from Gox...

Don't want to bump this again but word is Huobi out of China is doing upgrades in another 6 hours to prepare for a new "product" which many think is litecoin. If you have litecoin you may want to hold for the next 12-72 hours to see what comes out of this. Could see a decent spike here.

 

[CrunchyB]

A successful trader takes emotion out of the game and looks for patterns in charts. i.e. what are the support levels, what are the resistance levels. What is the overall trend etc. To hell with overall market sentiment, the news etc. You just go by the technicals.

So called "technical analysis" is a pseudo science. You can't reliably predict the market like this. Ignoring breaking news completely is just silly. But by all means, have fun playing around. It still has way better odds than playing the lottery, you can make a living, many people do...as long as you can actually get any out of that black hole named MtGox.

Wall Street Journal just broke news that Mark Karpeles, CEO of MTGox, has resigned from the bitcoin foundation.

Yeah, that can't be a good indicator of things to come out of MTGox...

All this indicates is that the MtGox problems won't be resolved anytime soon, or he would have held on to his seat. But we pretty much knew this already. At this point, he is probably plugging the hole caused by incompetence with fraud.

But I don't feel sorry for people still stuck in Gox limbo. There have been plenty of warnings and chances to get out over the past year(s). Apparently some people are even now sending MtGox fiat, which they have no problems accepting, funny how that works. Those people are practically practically begging to being robbed.

 

[criesofthepast]

Rumors and un-confirmed news flying everywhere at the moment!

If this document is real shit will be the apocalypse like never seen before. Says Gox lost over 700,000 coins etc etc. NOT CONFIRMED REAL. Gox trading just went offline though and blockchain is down or having errors. Not looking good lol. Glad I've already cashed out at profit. I still have some house money in coins and I just moved them to an exchange from my cold wallet so I can play around with them while this shit show continues to evolve. Even if they become worthless I don't really lose. Fun times!

http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft

 

[CrunchyB]

Rumors and un-confirmed news flying everywhere at the moment!

If this document is real shit will be the apocalypse like never seen before.

Yeah, I don't know...seems suspect as hell, but it's awfully elaborate for a falsification.

In any case, the price is dropping like a rock across (working) exchanges.

 

[criesofthepast]

Yeah, I don't know...seems suspect as hell, but it's awfully elaborate for a falsification.

In any case, the price is dropping like a rock across (working) exchanges.

Yeah it is quite elaborate for a fake but there are no limits some will go to isntil fear and tank the markets. I know its risky but I'm playing these 30 cent swings back and forth on BTC-e right now with litecoin lol. Pretty fun.

Statement released by coinbase signed by all the big major exchanges and throwing MTGox under the bus basically claiming insolvency. Good on them.

http://blog.coinbase.com/post/77766809700/joint-statement-regarding-the-insolvency-of-mtgox

 

[j_k_redtail]

www.mtgox.com no longer loads, and has halted all trades.

Statement released by coinbase signed by all the big major exchanges and throwing MTGox under the bus basically claiming insolvency. Good on them.

No kidding. If they were solvent, they would've set the record straight a week ago.

Who needs House of Cards, man? We have bitcoin drama.

 

[criesofthepast]

Yup. This drama is amazing. I was so nervous waiting for my sell to fill to get back to fiat and it only partially filled! Took another 20 mins to fully fill. I'm back in fiat and loving it. Was worried Gox would update the site with the inevitable "lol all your coins are belong to us" message while waiting for my order to fill.

Only a matter of time now. The site is completely blank not loading anything.

Trading on these ups and downs is such an adrenaline rush though. Not for the weak at heart.

 

[CrunchyB]

So it finally happened? Well, good riddance.

I bought some cheap bitcoins. Prices seems to be stabilizing. But who really knows? Hundreds of coins are bought and sold every minute.

 

[criesofthepast]

So it finally happened? Well, good riddance.

I bought some cheap bitcoins. Prices seems to be stabilizing. But who really knows? Hundreds of coins are bought and sold every minute.

The worst is yet to come. No doubt anyone buying now shouldn't feel bad if the price drops even further because a few weeks or months from now these prices will look insanely cheap. But Gox has gone AWOL at the moment. The site just vanished and every other exchange released a statement which to me suggests they know something we don't and maybe Mark called them up to give them the heads up that Gox will be no more. Either way we are waiting now for some kind of announcement but I can't imagine it is good news, he has to just fess up and let this die. So much lower prices are probably coming but then a huge surge should happen hopefully after that.

 

[CrunchyB]

The worst is yet to come. No doubt anyone buying now shouldn't feel bad if the price drops even further because a few weeks or months from now these prices will look insanely cheap.

Yeah, it's impossible to tell the absolute low point (it's already $50 lower than half an hour ago) but I feel pretty good about what I paid.

I spent most of my monthly allowance of bitcoin-playmoney and I have a little cash on Kraken in case the price drops to insane levels, but that's it for now.

I also did some arbitrage, I sold at Kraken @ €385 and bought at Bitmymoney.nl @ €360. Made €25 on every coin, easy money.

I'm sure there will be a lot of fallout the following weeks, and I wouldn't be surprised if prices dropped further, but I can't be watching bitcoinwisdom all day this week

fake edit: oh look, someone just bought 1000 coins. As if it's nothing, lol

 

[Jaladinozozo]

How easy is it to have your bitcoins converted to USD? Lets say I buy today at 300 and sell tomorrow at 600, whats my time frame of of having the 300 USD minus any fees in my bank account? I am assuming this varies from exchange to exchange but is there an average/standard process.

 

[x3sphere]

How easy is it to have your bitcoins converted to USD? Lets say I buy today at 300 and sell tomorrow at 600, whats my time frame of of having the 300 USD minus any fees in my bank account? I am assuming this varies from exchange to exchange but is there an average/standard process.

With Coinbase... 3-4 business days. If an exchange is not US based it may take longer, as that would be an international transfer. I've only used Coinbase though, which is based in the US.

 

[kick51]

I'm back in fiat and loving it.

ahhh, hence the "bitcoin is in panic!" thread in OT, despite this not even causing any major crash or anything.


trollbox is everywhere lol

 

[Deleted member 1235]

Rumors and un-confirmed news flying everywhere at the moment!

If this document is real shit will be the apocalypse like never seen before. Says Gox lost over 700,000 coins etc etc. NOT CONFIRMED REAL. Gox trading just went offline though and blockchain is down or having errors. Not looking good lol. Glad I've already cashed out at profit. I still have some house money in coins and I just moved them to an exchange from my cold wallet so I can play around with them while this shit show continues to evolve. Even if they become worthless I don't really lose. Fun times!

http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft

i read all of that. fucking . hoollyy shit.

A friend of mine lost 8BTC in the gox disappear. god damn, cant imagine how people that made an absolute killing during the boom feel about losing hundreds of thousands.

doesn't the nature of bitcoin just make it entirely visable what happened to all stolen bitcoins?

 

[criesofthepast]

i read all of that. fucking . hoollyy shit.

A friend of mine lost 8BTC in the gox disappear. god damn, cant imagine how people that made an absolute killing during the boom feel about losing hundreds of thousands.

doesn't the nature of bitcoin just make it entirely visable what happened to all stolen bitcoins?

A thread on reddit actually claims to have found a wallet that has close to the exact same amount of coins that that document says they lost. Around 700,000 coins. The ledger is public but I think people can use tumblers to spread things around and make it harder to trade or something but I don't know much about how that works. 8 BTC is killer man, sorry to hear.

ahhh, hence the "bitcoin is in panic!" thread in OT, despite this not even causing any major crash or anything.


trollbox is everywhere lol

lol you should have seen the trollbox last night. The past 12 hours has been the most funny shit I've experienced watching that box. I actually bought in at $440 I think and it went down to $400. Everyone was going crazy saying here we go sub-400 it will plummet and I'm there sweating and then BAM it goes up to $440-$460 in an instant lol. Everyone starts freaking out and my sell for $480 fills a few minutes later. I'm sure you could imagine how funny it was. And dude I'm not trolling. If you have something against me using the word panic then I don't know what to say. Not like I'm trying to spread fud here to drive the price lower lol. 99% of GAF think bitcoin is a joke anyways so I don't think that would have any impact on the price.

And no we've seen worse crashes but I never said this is the worst...yet. Has potential to be but not yet at all.

 

[kick51]

i just bought in and moved my money to coinbase from btc-e...decided I need my exchange/online wallet service prone to lawsuits. plus, I've been getting more and more impatient and need to chill on trying to play swings for a good long while.

"Заявка успешно подтверждена."

uhh...yeah, thanks to you to btc-e, i guess? lol

lol you should have seen the trollbox last night. The past 12 hours has been the most funny shit I've experienced watching that box. I actually bought in at $440 I think and it went down to $400. Everyone was going crazy saying here we go sub-400 it will plummet and I'm there sweating and then BAM it goes up to $440-$460 in an instant lol. Everyone starts freaking out and my sell for $480 fills a few minutes later. I'm sure you could imagine how funny it was. And dude I'm not trolling. If you have something against me using the word panic then I don't know what to say. Not like I'm trying to spread fud here to drive the price lower lol. 99% of GAF think bitcoin is a joke anyways so I don't think that would have any impact on the price.

And no we've seen worse crashes but I never said this is the worst...yet. Has potential to be but not yet at all.

it's cool, i always make my worst, most judgmental posts in the morning, sorry bout that.

and yeah, i tell people trollbox is the best chat room on the internet. everybody fucking with each other as usual, but with money at stake.

 

[criesofthepast]

i just bought in and moved my money to coinbase from btc-e...decided I need my exchange/online wallet service prone to lawsuits. plus, I've been getting more and more impatient and need to chill on trying to play swings for a good long while.

"Заявка успешно подтверждена."

uhh...yeah, thanks to you to btc-e, i guess? lol

it's cool, i always make my worst, most judgmental posts in the morning, sorry bout that.

and yeah, i tell people trollbox is the best chat room on the internet. everybody fucking with each other as usual, but with money at stake.

Not a bad decision moving to coinbase. BTCE was getting DDOS'd yesterday evening I think. It went down for a few mins and I got worried because I had some money in there. Bought some litecoins at $13.80 just now and sent them over to Vault of Satoshi because I still get a bit nervous when dealing with BTCE. I think offline is best if you haven't looked into it and your just holding. I was offline and only brought them back online during the drama yesterday. I'll probably go back offline soon with them depending on how the market plays out the next week. Huobi is said to offer litecoin so it should give it a bit of a bump which is why I went back into litecoins. I could see litecoins diving well below $13.80 but I have no doubt it goes above that eventually. Most people are impatient though lol.

That other thread turned into a shit show unfortunately. :/

 

[kick51]

I probably should do an offline wallet, but I'm not too concerned and if coinbase wants to mess around, I wouldn't mind being part of an interesting lawsuit like that lol


yeah that thread is textbook stuff. I wish I could say it's GAF endemic or even internet endemic, but this is just how arguing against a crowd that has already made up its mind goes, on any subject. at this point, i suspect i'm just getting baited to say something bannable because the discussion is in the sewers.

 

[kick51]

and we're back.

jumped from $550 yesterday and punched at $700 all day. Started around $700 today and hopefully shoot up again.

in a perfect world, it'll shoot up to $1000 again, then I would cash out and be done with it until the next actual crash!

 

[criesofthepast]

I had a sell order of LTC for the past two days at vault of satoshi and only 10% of my order was eaten through (volume is slow and low over there.)

Last night I read about some big news blockchain was announcing today and decided to pull the rest of my sell order. Good thing I did! Wake up this morning and litecoin is on BTCChina and just now seeing that big green candle to $22 on BTCE at its highest and now settled around $17.50-$18. My sell order was at $15.55.

I'm just going to hold till Huobi adds it now which this should put pressure on them to do so. LTC has looked very bad lately so this is a much needed boost. I'm out of it after this round though. Going back to bitcoin. But I'm with you kick, after this I'm gonna sit back a bit and watch things then maybe re-invest later.

Good news in the markets though. Everything looks healthy.

 

[kick51]

damn, go litecoin! I thought it was dying out a bit too.

btc has been at 666.66 on coinbase for a couple hours-ish- DUH NUH NUH

things have just been bouncing back and forth between 680+ and the high 650s. The shut down of that exchange that I haven't heard of before seems to have had little effect.

 

[Chris R]

Just commenting on how easy my Overstock.com purchase with bitcoins was. I'd buy more things if the shipping wasn't crazy, but they do have a few things that Amazon won't ship to me so it was a win win.

 

[LaneDS]

Glad I didn't cancel my R9 290 orders- mining LTC/Doge seems like it'll be easy to at least break even in a few months.

 

[x-Lundz-x]

Without me going through the entire thread is there any links someone can provide that can give me some insight into how exactly Bitcoin works in laymans terms and if there is any money to be made for people like myself, people with little money to invest into actually buying bitcoin.

From what I understand about Bitcoin mining it's almost fruitless at this point because the ROI is so small compared to the cost of running machines to do the mining. Just curious if any Gaffers are actually making a profit doing anything or if it's a lost cause at this point.

 

[DownLikeBCPowder]

Anyone want to sell a small bit of BTC for PP? Need around .05-.1. Tons of feedback can be found in the BST thread.

Equivalent in major alts are fine as well (LTC, NMC, etc even Doge for the time being).

 

[criesofthepast]

Glad I'm in LTC and own 0 bitcoin. LTC booming and Bitcoin falling. Depending on how the next 24 hours goes for LTC, I'm probably selling all and cashing out everything and going yacht shopping tomorrow. Sure I could probably buy ten yachts if I hold for a year, or zero, but I'll sleep well with one. Not that greedy.

Wish everyone else much profit.

 

[LaneDS]

Glad I'm in LTC and own 0 bitcoin. LTC booming and Bitcoin falling. Depending on how the next 24 hours goes for LTC, I'm probably selling all and cashing out everything and going yacht shopping tomorrow. Sure I could probably buy ten yachts if I hold for a year, or zero, but I'll sleep well with one. Not that greedy.

Wish everyone else much profit.

Do you still see LTC mining as viable for the forseeable future then? Finally have all the hardware I need to do mine, and am getting a feel for things still.

Either way, congrats on what appears to be a good day coming your way.