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[studyguy]

wtf is this shit.

How you tip someone some bitcoins if you felt generous.

 

[diamount]

Is it even worth buying at such an insane price right now? I only just applied to verify my account on bitstamp now. :\

You can buy denominations of Bitcoin.

 

[Lasthope106]

It's fun to watch from the sidelines how fast the price of these things is rising. But I'm sitting this one out. Too much of a gamble.

 

[kick51]

How you tip someone some bitcoins if you felt generous.

oh i thought it was begging lol

 

[criesofthepast]

I made $2000 in 12 hours. Facepalm I know right?

 

[Fenderputty]

and the problem with those is that the money collects all in one place-- some asshole that nobody likes. If the money spreads around and gets used for purchases and trading, that's just another economy.

What % of people / bit coins are actually being used as a medium for transaction? Most everyone I see talking about them are doing so in a speculative way.

 

[Deleted member 1235]

http://fiatleak.com/

interesting to see

 

[Darklord]

You can buy denominations of Bitcoin.

I might buy $100 then. If I lose that it's no big deal.

 

[Chichikov]

Long post incoming -- gotta set some shit straight.

Man, some people have the most woefully incorrect preconceived notions about the word "currency." Even more frustrating are the people who do not seem to grasp the differences between fiat currency and Bitcoin. Money is absolutely anything that can be used as a trading medium, assuming that the parties transacting believe in the value of the medium. This medium can be cash, pelts, crops, cigarettes, or even Bitcoin. Forget about Bitcoin speculation, or its inherent "worthlessness" (which I will dispute further down). If people use it as medium for purchasing goods and services, IT IS A CURRENCY.

Despite what the armchair economists may be claiming in this thread, PEOPLE TRANSACT IN BITCOIN. How do I know this? I am a business owner who receives a consistent stream of Bitcoin payments. Many stores in Kreuzberg, Berlin have adopted Bitcoin as a currency of transaction -- to great success (http://www.theguardian.com/technology/video/2013/apr/26/bitcoin-currency-moves-offline-berlin-video). Silk Road (and its successor) have seen BILLIONS OF DOLLARS worth of transactions. Many popular VPNs and hosting companies have been transacting in Bitcoin for months (or even years). Do people use it as a medium for exchange? Yes? It's a currency, plain and simple.

I also don't understand the point of comparing fiat money disappearing from the economy to missing Bitcoins. The function of modern currency is conditional upon the function of the fractional reserve banking system, whose existence is predicated upon debt. Deflation (the phenomenon that occurs when the supply of money decreases) within the fractional reserve banking system will increase the real money value of debt, in effect decreasing production of goods, demand, and spending. While this is bad, bad, BAD for fractional reserve banking, it does NOT apply to Bitcoin. Deflation can be quite problematic for economic systems which rely on centralized authorities to verify the movement of money (or more accurately, debt) on behalf of the economy. BTC is not created by a centralized authority, much less a fractional reserve bank. It is a decentralized currency brought into existence by miners, whose only purpose is the objective verification of transactions through means of cryptography. In fact, deflation is a BUILT-IN FEATURE of Bitcoin, and the deflation caused by a few wallets going dark is NOTHING compared to the deflation we are experiencing due to the increasing demand of Bitcoin. In fractional reserve banking, deflation may be a sign of a slowing economy (or people's unwillingness to spend), but with Bitcoin, deflation ONLY occurs when the economy is GROWING.

Another ridiculous oft-repeated claim is that the instability of Bitcoin categorically prevents it from being accepted by vendors. Using a payment processing service like BitPay (which charges MUCH smaller transaction fees than credit card companies), vendors can accept payments in Bitcoin and have the exact dollar value transferred into their bank accounts same-day if they don't want to speculate on the value of BTC. The only obstacles to vendor adoption is ignorance and politics. While it is true that Bitcoin speculators (read: hoarders) may be less likely to transact in Bitcoin, there are still a lot of people who see the benefit of transacting in Bitcoin, and do so on a regular basis.

Oh, and if I'm still debunking ridiculous claims, let's talk about this whole idea of BTC being a pyramid scheme. The misguided notion that a pyramid scheme is defined as something that's beneficial to early adopters and painful for late comers is wrong. Although that may be a SINGLE feature of a pyramid scheme, one similarity does not make two things equal. To claim otherwise would be to commit the fallacy of a false analogy. A private company going IPO is not a pyramid scheme, even though it's incredibly fruitful for early investors and much riskier for late investors. Gold mining was not a pyramid scheme, despite being incredibly profitable for early adopters, yet very problematic for late comers.

A pyramid scheme is a planned conspiracy in which a conman (or conmen) convince unsuspecting idiots to invest into a fake and incredibly vague service/product, with promises of great riches. Recruited idiots are then sent out to recruit more idiots to invest into the same fake promise. These new idiots go out and recruit even more idiots. At the end of the day, the conmen run off with the investment of said idiots, never actually having provided any product or service. Bitcoin CANNOT be a pyramid scheme because it is a real commodity. It is trading medium that allows people to transact without fees or scrutiny from financial institutions. It allows people to send money anywhere in the world for free. It is an infinitely more secure way of transacting online than the traditional methods (like credit cards, Pay Pal, Western Union, T/T, etc). And finally, it is a sound investment into the future of online payment systems.

It's understandable if you're angry that early Bitcoin adopters are millionaires, poised to become even richer, when you're stuck pondering an investment you consider to be risky. I'm pretty angry that I didn't invest in Tesla when it went IPO. But I'm not going on about how the Tesla stock is some pyramid scheme.

Even IF we were to accept that ridiculous definition of a pyramid scheme, it still wouldn't apply to Bitcoin. The claim that late users of Bitcoin would somehow be hurt or swindled by early adopters is nonsensical. Even if Bitcoin is worth $10,000,000, and all the early investors are fat cats living off of a sound investment, Grandma Edith can still use it to send 0.1 BTC ($10,000) to her sister in Poland without any fees or financial scrutiny. Even IF all the fat cats bought out and crashed the price of BTC to $0.1, cousin Rick could still sell wood-carved Elvis heads online for 1000s of BTC without the transaction fees of credit card processors. How exactly are these later adopters left holding the bag?

Anyways, there's a fuckload more I wanted to say, but I'm tired as hell. I'll leave it at that for now.

A few things -
I don't want to get into the semantics of what is and isn't money, but bitcion is a different beast than something like the US dollar due to three main reasons -
The US collect taxes in USD (i.e. there is always demand to USD).
The US pay it bills in USD.
The US, under the threat of jail and using its extensive law enforcement apparatus, protect the USD.
All 3 things are very important when you consider a trade medium, that is not to say that they invalidate something like bitcoin but it's important to understand that when you trust the USD, you effectively trust the US, when you trust bitcoin, you trust that it won't get hacked (seem reasonable to me) and that it won't get replaced by another crypto-currency (I have no idea how likely that is).

Next, the problem with deflationary currency is that it disincentive consumption and incentivize speculation, neither are great traits for a currency, and while auto-conversion services can take care of (most of) this uncertainty, surely you see that when you do this you effectively trading with USD.

Finally, I don't think it's fair to compare people who made money buying bitcoins early (or low) to people who invested in Tesla, when you invest in a company you can grow the economy, every dollar anyone ever made in bitcoin speculation is a dollar someone else lost.

http://fiatleak.com/

interesting to see

Ummmm, maybe I'm missing something, but currency don't "flow into bitcoin" anymore than dollars "flow into apples" when I buy some at the supermarket.

 

[studyguy]

I might buy $100 then. If I lose that it's no big deal.

Invest whatever you don't mind losing is my general plan.
Granted I haven't lost a dime, but still, if I didn't I wouldn't be miffed in the slightest.

 

[Aesius]

I want this to crash so I can stop feeling like such a jackass for not buying in when I had a chance.

 

[ProfessorLobo]

I want this to crash so I can stop feeling like such a jackass for not buying in when I had a chance.

I was thinking we'd see a little crash when it hits a thousand... maybe not.

 

[empty vessel]

Despite what the armchair economists may be claiming in this thread, PEOPLE TRANSACT IN BITCOIN. How do I know this? I am a business owner who receives a consistent stream of Bitcoin payments. Many stores in Kreuzberg, Berlin have adopted Bitcoin as a currency of transaction -- to great success (http://www.theguardian.com/technology/video/2013/apr/26/bitcoin-currency-moves-offline-berlin-video). Silk Road (and its successor) have seen BILLIONS OF DOLLARS worth of transactions. Many popular VPNs and hosting companies have been transacting in Bitcoin for months (or even years). Do people use it as a medium for exchange? Yes? It's a currency, plain and simple.

That may have been true when it wasn't appreciating. In fact, most of those people are now regretting their decisions to spend their bitcoins on goods and services. For example, the guy who apparently purchased a NES for $220,000. That will kill anybody's desire to spend bitcoins on goods and services. Read through this thread, and you will see that almost all of the interest in bitcoin is as an appreciable asset. Legal bitcoin transactions were small to begin with, and as bitcoin appreciates relative to currencies, those transactions will only decrease.

I don't have a problem with anybody who wants to needlessly barter in bitcoin, even though I think it just increases risk by increasing the number of transactions beyond what is necessary. My biggest beef is with those who believe that as a private currency it is superior to the public currency of national governments or should replace it. But if somebody wants to use bitcoins to make transactions (and get needlessly hit with fees every time they want to withdraw real money from the bitcoin), by all means have fun. At least until the number of bitcoins remaining reaches 0.

I also don't understand the point of comparing fiat money disappearing from the economy to missing Bitcoins. The function of modern currency is conditional upon the function of the fractional reserve banking system, whose existence is predicated upon debt.

Nope. I'm not sure what the relevance is, but this is a misunderstanding of fiat monetary systems. The function of modern currency is conditional upon national governments imposing tax obligations on its citizens and accepting payment in its currency. Fractional reserve banking (1) doesn't exist; and (2) has nothing to do with national currencies.

Deflation (the phenomenon that occurs when the supply of money decreases) within the fractional reserve banking system will increase the real money value of debt, in effect decreasing production of goods, demand, and spending. While this is bad, bad, BAD for fractional reserve banking, it does NOT apply to Bitcoin. . . . In fact, deflation is a BUILT-IN FEATURE of Bitcoin, and the deflation caused by a few wallets going dark is NOTHING compared to the deflation we are experiencing due to the increasing demand of Bitcoin. In fractional reserve banking, deflation may be a sign of a slowing economy (or people's unwillingness to spend), but with Bitcoin, deflation ONLY occurs when the economy is GROWING.

Sorry, but to say that with bitcoin, deflation only occurs when the economy is growing is incoherent. I think you mean to say that deflation occurs when people are buying into bitcoin? But bitcoin is not "the economy." Deflation is precisely people buying into a currency at the expense of the real economy (real goods and services). It works the same way with bitcoin as it does with real currency. I certainly understand that deflation was a built-in feature of bitcoin. Unfortunately, it's a "feature" that is attributable to its designer's economic ignorance, at least if the purpose was to create a currency.

Another ridiculous oft-repeated claim is that the instability of Bitcoin categorically prevents it from being accepted by vendors. Using a payment processing service like BitPay (which charges MUCH smaller transaction fees than credit card companies), vendors can accept payments in Bitcoin and have the exact dollar value transferred into their bank accounts same-day if they don't want to speculate on the value of BTC. The only obstacles to vendor adoption is ignorance and politics. While it is true that Bitcoin speculators (read: hoarders) may be less likely to transact in Bitcoin, there are still a lot of people who see the benefit of transacting in Bitcoin, and do so on a regular basis.

I see a possible application of bitcoin in this regard (like a digital envelope within which to send money), although as you admit its deflationary bias will ultimately be its undoing. Moreover, the problem as I see it is twofold:

(1) Transacting in bitcoin is riskier than in a real currency. Anything that multiplies the number of transactions is going to carry more risk for the parties doing the transacting. Not only does transacting in bitcoin increase the number of transactions, it also interposes another market within the transaction, making the transaction even riskier.

(2) That bitcoin is (arguably) cheaper than credit card processing for a merchant is likely a temporal phenomenon that will not last, because if bitcoin transactions were to grow, the "free market" would likely ensure eventual parity with banks in that regard. In both cases, you're just dealing with a third party intermediary who has an incentive to squeeze out as much for itself from the transaction. It also is not cheaper for the purchaser, who using services like coinbase has to pay money (1%) to convert his dollars or other currency into bitcoin before the transaction can occur. I personally have no desire to needlessly increase the cost of all of my purchases by 1%. Needlessly complicating transactions usually does not render them cheaper, so I do not see any ultimate value in bitcoin in this regard.

Oh, and if I'm still debunking ridiculous claims, let's talk about this whole idea of BTC being a pyramid scheme. The misguided notion that a pyramid scheme is defined as something that's beneficial to early adopters and painful for late comers is wrong. Although that may be a SINGLE feature of a pyramid scheme, one similarity does not make two things equal. To claim otherwise would be to commit the fallacy of a false analogy. A private company going IPO is not a pyramid scheme, even though it's incredibly fruitful for early investors and much riskier for late investors. Gold mining was not a pyramid scheme, despite being incredibly profitable for early adopters, yet very problematic for late comers.

A private company has real assets and creates a product or service and is therefore not inherently worthless. Gold is a physical good that has actual utility and is not inherently worthless. Bitcoin is a social construct and is inherently worthless. If it does not have utility (and I would argue we will come to find out that it doesn't), then it is valueless.

A pyramid scheme is a planned conspiracy in which a conman (or conmen) convince unsuspecting idiots to invest into a fake and incredibly vague service/product, with promises of great riches. Recruited idiots are then sent out to recruit more idiots to invest into the same fake promise. These new idiots go out and recruit even more idiots. At the end of the day, the conmen run off with the investment of said idiots, never actually having provided any product or service. Bitcoin CANNOT be a pyramid scheme because it is a real commodity.

I can write an X on a piece of paper and call it a "real commodity." And, sadly, that may still have more utility than bitcoins at the end of the day. It is not that I think a digital envelope for sending currency can't work or provide some utility, but when it has been designed in such a manner as to encourage hoarding of the envelopes rather than sending of the envelopes, then it loses all of its possible utility. And if it has no possible utility, then it is "a fake and incredibly vague service/product."

It is trading medium that allows people to transact without fees or scrutiny from financial institutions. It allows people to send money anywhere in the world for free. It is an infinitely more secure way of transacting online than the traditional methods (like credit cards, Pay Pal, Western Union, T/T, etc). And finally, it is a sound investment into the future of online payment systems.

It's understandable if you're angry that early Bitcoin adopters are millionaires, poised to become even richer, when you're stuck pondering an investment you consider to be risky. I'm pretty angry that I didn't invest in Tesla when it went IPO. But I'm not going on about how the Tesla stock is some pyramid scheme.

Bitcoin is the product that its purchasers are supposed to use. But you are writing about it now as though early bitcoin adopters are investors. This is the very problem with bitcoin. It cannot be both a currency and a capital asset. And everybody is treating it like a capital asset. Which makes it nothing. I'm not calling Tesla a pyramid scheme either. Tesla builds cars, and knows the difference between the consumers of its product and its investors. Tesla was not designed so as to have its own investors hoard its own product. You see how such a business is designed to fail, right, eventually leaving the investors with loss?

Even IF we were to accept that ridiculous definition of a pyramid scheme, it still wouldn't apply to Bitcoin. The claim that late users of Bitcoin would somehow be hurt or swindled by early adopters is nonsensical. Even if Bitcoin is worth $10,000,000, and all the early investors are fat cats living off of a sound investment, Grandma Edith can still use it to send 0.1 BTC ($10,000) to her sister in Poland without any fees or financial scrutiny. Even IF all the fat cats bought out and crashed the price of BTC to $0.1, cousin Rick could still sell wood-carved Elvis heads online for 1000s of BTC without the transaction fees of credit card processors. How exactly are these later adopters left holding the bag?

Because at some point bitcoin won't be worth $10,000,000, but $0. In fact, that is entirely knowable right now; it is just the point at which it reaches $0 is unknowable. Again, it is not that an electronic envelope in which to send money could not be a viable product. But when the envelope itself is treated like a capital investment, that is what renders it a pyramid scheme.

 

[StopMakingSense]

Well, btc 1000 lasted all of three hours.

 

[velociraptor]

How do I buy a bitcoin? I want to buy one but only once the price settles down. It's shot up by £200 in the past 24 hours. Argh.

 

[Nemo]

My friend built a 3x (with a fourth to be added soon) 7950 setup today, dunno if it'll go anywhere but he's damn into this stuff from what I can see.

I wouldn't mind buying 100 coins now and see what I can get out of it myself

 

[Drazgul]

How do I buy a bitcoin? I want to buy one but only once the price settles down. It's shot up by £200 in the past 24 hours. Argh.

You can buy fractions of a bitcoin too, you know.

 

[Kevtones]

Okay I feel very stupid but I've never used a QR code before. Btc-e generates one for my depositing followed by a line of text but when I scan it with my phone I don't get linked anywhere?

Please help kind souls???

 

[ProfessorLobo]

Well, btc 1000 lasted all of three hours.

And here comes a little crash, almost down to 900 now. How low will it go?

 

[Furyous]

You can buy fractions of a bitcoin too, you know.

What reputable vendors sell fractions of bitcoins?

 

[Ether_Snake]

Won't the energy costs of mining bitcoins eventually be higher than the value of the coins?

edit: I guess you can use idle PCs through peer-to-peer, in which case it would be cheap.

 

[StopMakingSense]

My friend built a 3x (with a fourth to be added soon) 7950 setup today, dunno if it'll go anywhere but he's damn into this stuff from what I can see.

GPU setups will never make back their investment/energy cost these days.

And here comes a little crash, almost down to 900 now. How low will it go?

It's all over the place! lol.

 

[toxicgonzo]

My friend built a 3x (with a fourth to be added soon) 7950 setup today, dunno if it'll go anywhere but he's damn into this stuff from what I can see.

I wouldn't mind buying 100 coins now and see what I can get out of it myself

Your friend should reconsider, because a x4 7950 setup is not cost efficient. Instead, he could have bought specialized USB hardware for bitmining. A $15 USB miner could produce 75% the output of a 7950.

But at the very least he can play PC games at 1080p60fps

 

[StopMakingSense]

Your friend should reconsider, because a x4 7950 setup is not cost efficient. Instead, he could have bought specialized USB hardware for bitmining. A $15 USB miner could produce 75% the output of a 7950.

At a tiny fraction of the energy cost, as well.

 

[criesofthepast]

BTC-E and MTGOX I think being DDOS'd for a second both were down. lol love this.

If a serious attack happens like it did earlier this year this shit will free fall.

 

[studyguy]

BTC-E and MTGOX I think being DDOS'd for a second both were down. lol love this.

If a serious attack happens like it did earlier this year this shit will free fall.

Then they lock mtgox again and people panic sell/buy and shit goes up again.
This is the same thing that happened months ago when someone DDOS'd the market.
Whoever did, made off with a pretty penny I'd imagine.

 

[Nemo]

Your friend should reconsider, because a x4 7950 setup is not cost efficient. Instead, he could have bought specialized USB hardware for bitmining. A $15 USB miner could produce 75% the output of a 7950.

But at the very least he can play PC games at 1080p60fps

GPU setups will never make back their investment/energy cost these days.



It's all over the place! lol.

I forgot to mention it was litecoins, dunno if that factors in much but I know it's much cheaper at 6 euros

 

[StopMakingSense]

I forgot to mention it was litecoins, dunno if that factors in much but I know it's much cheaper at 6 euros

Oh, that I don't know about, then. For bitcoins it is a huge waste of money.

 

[Darklord]

Is BitStamp or Mt.Gox better to buy from?

 

[Ether_Snake]

Let's see if the Bubbles and Mania chart applies.

We should currently be in the enthusiasm/public part or so. I think for the public aspect to take place we need a simpler way to buy bitcoins.

But personally I actually think bitcoins could keep going up for a while.

 

[DerZuhälter]

I need to get in into this! I wanna let my money work for me too and be a fat cat with a top hat and monocle smoking a cigar!

 

[criesofthepast]

Then they lock mtgox again and people panic sell/buy and shit goes up again.
This is the same thing that happened months ago when someone DDOS'd the market.
Whoever did, made off with a pretty penny I'd imagine.

Yah it does seem like an endless cycle of the same shit. Those who feel they missed out on big money fret not. Don't panic buy.

 

[SpectreFire]

What % of people / bit coins are actually being used as a medium for transaction? Most everyone I see talking about them are doing so in a speculative way.

I'm assuming very little.

Look at the discussions online about bitcoins. It's not about "oh man, I'm gonna buy so much and use it online to buy stuff!"

No, it's about "oh man, I'm gonna buy it so much so I can sell it back for real money!"

The vast majority of the population has next to no practical use for bitcoins. It's just pointless. It's a novelty that's turned into a speculative trade.

 

[Skel1ingt0n]

Screw it! Just gave my friend $200 to buy me FIVE Litecoins, and told him he could keep the rest for making it easy on me.

Worst case scenario, I'm out $200 - it sucks, but that's life and it won't hurt me in the long run.

Best case, it hits half of what Bitcoin does and I sell at $500 or so, making a nice $2,300 profit in the next year or so.

At the end of the day, I'm just not willing to miss the boat twice.

 

[DrEvil]

Is there anyone here who'd be willing to sell me 5-10 litecoins via paypal? I just threw 100$ into bitcoins and found the process aggrivating at best, PM me if you would help a fellow gaffer out.

 

[TheExodu5]

I'm trying to setup an account for buying Litecoins, but yeah, it's a pain.

If anyone wants to sell me some here I'd appreciate it.

 

[criesofthepast]

I'm trying to setup an account for buying Litecoins, but yeah, it's a pain.

If anyone wants to sell me some here I'd appreciate it.

Canadian right?

Easiest way to buy litecoins is www.vaultofsatoshi.com

They verified me in 10 minutes. You could get verified and make a cash deposit at a Bank of Montreal and have access to your funds to buy coins literally in 2 hours if all goes smoothly. Beware two things though: for the time being they are dealing in US currency so you'll be dinged for the conversion at BMO, AND the prices of coins (more so for bitcoin than litecoin) can be more expensive than other exchanges. For litecoins though the sell wall I see one selling for $31 which compared to BTC-E.com is around the same price. It is a new website but based in the toronto area and the founders are well known in the business community. I do not vouge for them so use at own discretion but so far everything seems legit with them.

CAVirtex is too slow with verification and honestly their fees are ridiculous. Good we got some competition in Canada now.

Also PayPal is reversable so not many people are going to want to sell coins through PayPal. It is a pain to set this up through many exchanges but spend the week and do so now before things really blow up down the road and you wish you would have gotten in.

Someone one BTCE selling 4 million dollars worth of litecoins at $30 a pop. Dear god.

Even though its probably a fake sell to get people stirred up but still.

 

[kick51]

What % of people / bit coins are actually being used as a medium for transaction? Most everyone I see talking about them are doing so in a speculative way.

because that's how it is right now. these things take time to develop.

kinda like how the internet today is not the same as AOL in 1994. this is cryptocurrency just starting out. and before the internet blew up, it was like "that's for nerds and weirdos." then bam, we can't live without it.

On that note, Bitcoin is not even the one we'll be using casually in the future since transactions are so slow. Right now, it looks like Litecoin might be the one, but we'll have to see what other developers come up with.

Someone one BTCE selling 4 million dollars worth of litecoins at $30 a pop. Dear god.

Even though its probably a fake sell to get people stirred up but still.

that kind of shit is always fake. probably has a buy order on the low end. this is how manipulators shake pennies out of fickle hands. No whale would sell off all their LTC right now, it'd be financial suicide.

 

[CaptainZombie]

A month or so ago I had $1200 in bitcoins in my wallet, equating to around 10 coins at the market value then. I pulled the money out because I was concerned another drop was coming. I could of made $10K at these prices today. ARGH!!!!!

 

[EloquentM]

A month or so ago I had $1200 in bitcoins in my wallet, equating to around 10 coins at the market value then. I pulled the money out because I was concerned another drop was coming. I could of made $10K at these prices today. ARGH!!!!!

Damn!

 

[TheExodu5]

This is so frustrating. I left work early so I could deposit money to the exchange. I'm snowed in and it will take me well over an hour to plow the driveway enough for me to be able to leave, at which point the banks will be closed.

 

[bonercop]

that kind of shit is always fake. probably has a buy order on the low end. this is how manipulators shake pennies out of fickle hands. No whale would sell off all their LTC right now, it'd be financial suicide.

lost something like half my litecoins this way I cashed out when I saw a huge sell wall coming up, and by the time I realized it was fake, the price had gone up by quite a bit so converting my dollars back to litecoin resulted in a much lower litecoin supply for me.

 

[CaptainZombie]

Damn!

Yeah, I'm kicking myself too because it's not like I even needed the money either at that moment. I'm gonna keep an eye on it now and see where it goes. I'm thinking of maybe looking into Litecoin to buy some coins and let it sit there for a bit just in case.

 

[criesofthepast]

A month or so ago I had $1200 in bitcoins in my wallet, equating to around 10 coins at the market value then. I pulled the money out because I was concerned another drop was coming. I could of made $10K at these prices today. ARGH!!!!!

I had around 100 litecoins I had bought for around $200 earlier this year (under $2 a coin) and I ended up selling them for $400. 100 coins is worth about $3000 now. Sooooo yah. Lol. Hindsight and all that right? That's life.

Now I'm back in and already up a few grand in less than a day so it worked out. I really want to buy more though so I want it to tank a bit. I know longterm it will hit triple digits especially when it is listed on MTGOX.

 

[x3sphere]

A month or so ago I had $1200 in bitcoins in my wallet, equating to around 10 coins at the market value then. I pulled the money out because I was concerned another drop was coming. I could of made $10K at these prices today. ARGH!!!!!

I had 25BTC I sold when the SR bust news hit. I thought it'd go lower. Just kept going up and I kept waiting, now it's way too high for me to buy any back lol. I still have 6 BTC, but it's off-limits for selling - I've wanted to keep at least 5 coin at all times. Even if it hits $10K I'll be holding these.

Oh and I sold like 20 Litecoins a couple weeks ago, now they've tripled in value. Oh well... no losses and I've made several thousands already so can't be upset.

 

[Petrie]

Why does this have to be so difficult to buy into?

I'd like to drop my paypal funds into Litecoins just to see how it goes, but simply can't figure it out.

 

[tearsofash]

Are there any decent equivalents to Mt. Gox? I can't recover my password or make a new account it seems. I don't actually have any bitcoins yet (0.0001) but I'm working on it.

 

[criesofthepast]

We need an officil bitcoin/altcoin OT with some good info in the op for beginners. I would do it but I'm not even the most knowledgeable person there is with this stuff and I suck at making OT's.

 

[CaptainZombie]

I had around 100 litecoins I had bought for around $200 earlier this year (under $2 a coin) and I ended up selling them for $400. 100 coins is worth about $3000 now. Sooooo yah. Lol. Hindsight and all that right? That's life.

Now I'm back in and already up a few grand in less than a day so it worked out. I really want to buy more though so I want it to tank a bit. I know longterm it will hit triple digits especially when it is listed on MTGOX.

I had 25BTC I sold when the SR bust news hit. I thought it'd go lower. Just kept going up and I kept waiting, now it's way too high for me to buy any back lol. I still have 6 BTC, but it's off-limits for selling - I've wanted to keep at least 5 coin at all times. Even if it hits $10K I'll be holding these.

Oh and I sold like 20 Litecoins a couple weeks ago, now they've tripled in value. Oh well... no losses and I've made several thousands already so can't be upset.

Yeah good points from both you guys. It's the nature of the beast and how this market works.

Am I able to buy Litecoin's through Coinbase? I was thinking of buying some now and waiting to see if those happen to go up anymore in the future. Some are calling Litecoin a dead cryptocurrency.

 

[criesofthepast]

Yeah good points from both you guys. It's the nature of the beast and how this market works.

Am I able to buy Litecoin's through Coinbase? I was thinking of buying some now and waiting to see if those happen to go up anymore in the future. Some are calling Litecoin a dead cryptocurrency.

Don't think you can buy litecoins through coinbase. Best bet is to buy bitcoins from coinebase then buy litecoins from BTC-E then remove the coins from BTC-E and store offline.

Coinbase did hire the creator of litecoin not too long ago so I'm sure it is coming. Once coinbase and mtgox list litecoins things will get a bit crazy.