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The BITCOIN thread

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  1. #76
    looking at the 30 day chart, high of 1200 and low today of 455. That's definitely puke worthy!
  2. #77
    I bought some digital currency shortly after my last post and it has since halved in value lol
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  3. #78
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    Quote Originally Posted by eugmac View Post
    and on kornholio's chart, are we are fear, or at we at capitulation?
    I don't think we're anywhere near despair.
    I'm the king of bongo, baby I'm the king of bongo bong.
  4. #79
    ya if my chart reading voodoo is worth anything, i think the bottom is sub-100.
  5. #80
  6. #81
    I wonder how many Chinese officials sold their BTC accounts before the announcement
  7. #82
    Quote Originally Posted by rong View Post
    I don't think we're anywhere near despair.
    Agreed. The start of the Despair stage will be at $200. Bottom out around $100, or less as Eug mentioned.

    Despite the price drop, I still wouldn't touch bitcoin (or any other digital "currency") with a 10 foot pole. With flash in the pan price increases, there will be even harsher drops. There are no fundamentals with a completely new, untested, no intrinsic value product like bitcoin. It is almost 100% driven by market psychology.

    If one really wanted to try to make some money on bitcoin right now, it would be in shorting it. I wouldn't advise that though unless you are extremely risk tolerant.
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  8. #83
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    Don't like this as a gamble play as much anymore, now that we can't rely on chinese support. Damn commies. We're still somewhere close to media attention imo. Whether there will be a bubble remains to be seen.


  9. #84
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    Quote Originally Posted by eugmac View Post
    I wonder how many Chinese officials sold their BTC accounts before the announcement
    I bet they sold btc short somehow.


  10. #85
    I'll go on record saying that we are currently in the denial/bull trap. Might be a mini-peak back to $1k before the early/heavy holders all start selling out, crashing everything.

    Think of it. If you have been holding bitcoins since they were below $100, saw it peak at $1200, drop to $500ish, then back to $800-900... Wouldn't YOU start heading to the exit?

    And given that such a high percentage of bitcoins are in so few hands/accounts, it won't take many of those sellers to drastically drop the price.
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  11. #86
    I'm buying a bitcoin if it gets to $100
    Quote Originally Posted by wufwugy View Post
    ongies gonna ong
  12. #87
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    Quote Originally Posted by KoRnholio View Post
    And given that such a high percentage of bitcoins are in so few hands/accounts, it won't take many of those sellers to drastically drop the price.
    It won't take them long at all, which is why they can't all panic sell without totally crashing the market. I doubt anyone is willing to sell much below $400 so my guess is that btc will see saw between 400 and 1000 for a good while until most of the unloading to new entrants is complete. After that the future of bitcoin is completely up to the amount of new business being created around it.


  13. #88
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    Quote Originally Posted by OngBonga View Post
    I'm buying a bitcoin if it gets to $100
    My hunch is that if it goes to $100 it's pretty much game over.


  14. #89
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    Done for you, done for the media frenzy, but not done for the cryptocurrency. Everything under the hood is still as valuable as ever.
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  15. #90
    FTRcoins ftw.

    btw are my tulips still worth anything?

    Have there ever been any BitCoin scams or forgeries? If there haven't then it shows they haven't been seen as a serious currency.

    China has banned its banks from handling transactions involving the Bitcoin virtual currency because they had no legal status and should not be used as a currency. Individuals were still free to trade in bitcoins but should be aware of the risks involved, said the People's Bank of China (PBOC).

    Which doesn't really change anything as they always were only a virtual currency with no legal status and all transactions were unregulated anyway as Virtual currency exchanges in China are not licensed by the country's central bank.

    Strange how the market reacts to something that is essentially 'No News'.
  16. #91
    Quote Originally Posted by chemist View Post
    Which doesn't really change anything as they always were only a virtual currency with no legal status and all transactions were unregulated anyway as Virtual currency exchanges in China are not licensed by the country's central bank.

    Strange how the market reacts to something that is essentially 'No News'.
    it changes a lot. there were websites such as baidu (i think it's china's largest website?) that were accepting bitcoin as payment, and had to stop. but on a larger scale, it make it difficult (impossible?) to fund/withdrawal transactions involving bitcoin in china. you can own and trade bitcoin, but it places limitations on transactions with it to and from banks.
  17. #92
    RE: Forgeries

    Chemist, it means that it's not a serious currency, or forgery is exceedingly difficult. Just because something is true for traditional currency doesn't make it true for virtual currency.
  18. #93
    Dogecoin looking interesting right now
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  19. #94
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    Quote Originally Posted by Luco View Post
    Dogecoin looking interesting right now
    Why? Bitcoin has enough trouble justifying its intrinsic value. Dogecoin is entirely about pumping itself up to drive the price and to pay off early adopters. Bitcoin, at least, has believers.

    You buy into Bitcoin because you see a future for cryptocurrency. You buy into Dogecoin because you see how crazy fast cryptocurrency could appreciate in value.
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  20. #95
    I meant the latter
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  21. #96
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    That's why anyone is buying into dogecoin. And that's why you shouldn't.
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  22. #97
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    Dogecoin is hilarious
  23. #98
    Quote Originally Posted by a500lbgorilla View Post
    That's why anyone is buying into dogecoin. And that's why you shouldn't buy into any crypto currency.
    FYP

    Dogecoin's website is hilariously bad. However, dodecoin and bitcoin are FAR more alike than any bitcoin owner would like to believe.
    Last edited by KoRnholio; 01-23-2014 at 04:05 PM. Reason: spelling iz gut
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  24. #99
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    Quote Originally Posted by KoRnholio View Post
    FYP

    Sogecoin's website is hilariously bad. However, dodecoin and bitcoin are FAR more alike than any bitcoin owner would like to believe.
    The coins are the same, the owners are different was my point.
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  25. #100
    I still see <5% of bitcoin owners being in them to actually use/buy things. Maybe dogecoin is <1%. Not that much different, IMHO.
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  26. #101
    Quote Originally Posted by KoRnholio View Post
    I still see <5% of bitcoin owners being in them to actually use/buy things.
    pull the figure out of your behind, or have anything to back it up?
  27. #102
    100% out of my buhhole. It would be a very interesting stat to see what percentage of bitcoin/crypto currency trades are for physical goods or services rather than cash though.
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  28. #103
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    Well my butthole said 20/80 believers/speculators. I don't know what will be enough to succeed in the long run, but it's much better than dogecoin which I would firmly hold at 0/100.
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  29. #104
    1% and 5% isn't an awful out of the ass guess-- but I think your conclusion misses the possibility for exponential growth in utilization. If this happened across all digital currencies, dogecoin would still be a speculative hot potato long after bitcoin had reached utilization parity with traditional currencies.
  30. #105
    Dogecoin raised a lot of money for the Jamacian bobsleigh team was all over news etc so value shot through the roof, imagine it's back down by now or will be soon?
  31. #106
    Read this on tweakers yesterday, here's the english source: Google looking to integrate bitcoin. Crypto-currency really seems on the rise. I suppose the biggest weakness is that governments could so easily shut it down because it's starting to feel like it's here to stay.

    http://www.forbes.com/sites/andygree...gration-plans/
  32. #107
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    Anyone with financial market savvy want to tell me how much $120 mil in daily transactions is in terms of other markets?

    https://blockchain.info/charts/estim...ion-volume-usd
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  33. #108
    Bitcoin exchange CEO arrested for money laundering

    http://money.cnn.com/2014/01/27/technology/security/bitcoin-arrest/
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  34. #109
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  35. #110
    ya mtgox has been a fuckup for quite a while.
  36. #111
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    I still have no experience or direct contact with bitcoin but it is is now starting to crop up all over the place. It seems inevitable that it is going to take off big time and become something that we all have to come to terms with.
    Scottish Cowboy
  37. #112
    unless the gubmint shuts it down.
  38. #113
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  39. #114
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    #shitcoin
  40. #115
    Mt Gox is pretty much just a scam at this point. Their CEO resigned yesterday, they shut down their twitter, their office is set to a hotel room and they never even tried to lie that they're solvent. Bad for bitcoin as a whole but it's still this one company that messed up and not that indicative of bitcoin as a currency. Of course this is bad for the confidence.
  41. #116
    I would say a major exchange going bust is VERY relevant to the status of Bitcoin as a currency. They rely heavily on their encryption algorithms and exchanges for security and safe transactions. The fact that one can go pop with little to no warning will put a huge damper on the amount of potential speculators and buyers.

    Any idea or links to data on what Mt Gox's estimated market share or whatnot was?
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  42. #117
    Quote Originally Posted by KoRnholio View Post
    I would say a major exchange going bust is VERY relevant to the status of Bitcoin as a currency. They rely heavily on their encryption algorithms and exchanges for security and safe transactions. The fact that one can go pop with little to no warning will put a huge damper on the amount of potential speculators and buyers.

    Any idea or links to data on what Mt Gox's estimated market share or whatnot was?
    it was HUGE in 2012 and early 2013. but has been on a downward slope for many months as bitstamp, coinbase, and btce have risen.
  43. #118
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    http://video.foxbusiness.com/v/23593...#sp=show-clips

    Just like many other new ideas, I'm going to wait for the second big online currency and dump money into that. It'll be bigger and better than bitcoin.
  44. #119
    it already happened, DOGECOIN

    YOU MISSED OUT
  45. #120
    it's funny because as ridiculous as some of these alt coins are, like dogecoin, people are making millions. dogecoin is a fucking joke, yet the total market of doge is nearly $64 million. granted, it's out of 55 billion doge and if you had 1 billion coins, good luck selling it with disseminating the price.

    according to http://coinmarketcap.com/all.html there are 139 tracked crypto currencies.
  46. #121
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    I'll wait for the third.
  47. #122
    140th*
  48. #123
    Quote Originally Posted by givememyleg View Post
    it's funny because as ridiculous as some of these alt coins are, like dogecoin, people are making millions. dogecoin is a fucking joke, yet the total market of doge is nearly $64 million. granted, it's out of 55 billion doge and if you had 1 billion coins, good luck selling it with disseminating the price.

    according to http://coinmarketcap.com/all.html there are 139 tracked crypto currencies.
    Any interesting ones we can still mine?
  49. #124
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    #shitcoin
  50. #125
    Quote Originally Posted by jackvance View Post
    Any interesting ones we can still mine?
    no idea, never been into mining.
  51. #126
    I think if you're asking if there are mining opportunities then there aren't any mining opportunities for you.
  52. #127
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    Quote Originally Posted by spoonitnow View Post
    #shitcoin
    lol
  53. #128
    As Predicted, IRS Deems Bitcoin to be Property, Limiting Its Usefulness in Commercial Transactions

    http://www.nakedcapitalism.com/2014/03/predicted-irs-deems-bitcoin-property-limiting-usefulness-commercial-transcations.html


    cliffnotes: profits from the purchase/sale of Bitcoins will be taxed as capital gains.
    Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
  54. #129
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    I'm agnostic with bitcoin - there have been many transformational companies in recent history that were bad for investors. Take airline companies for example, they have changed the way we live dramatically but they have been lousy investments.
  55. #130
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    #shitcoin
  56. #131
    Quote Originally Posted by spoonitnow View Post
    #shitcoin
    It's not that shitcoin, paypal is starting to accept it as a payment method.
  57. #132
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    Quote Originally Posted by depatneg View Post
    It's not that shitcoin, paypal is starting to accept it as a payment method.
    PayPal is absolutely atrocious.

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