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      11-20-2013, 11:35 AM   #23
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That's a good point, the creators are "anonymous", and it does have some MLM elements to it.

Anyway let's be honest, the Chinese are laundering a lot of dirty money through BitCoin, and BitCoins popularity came up with the illicit online drug trade. That's why BitCoin is useful, especially with Chinese gov't control on capital transfers.
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      11-21-2013, 10:42 AM   #24
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Quote:
Originally Posted by Myrder View Post
I looked at it a few months ago...could have justified risking a couple hundred for some bitcoins, now at the near $600-700 level, its a lot harder to justify buying one bitcoin lol.

With such rapid and unrelenting growth it reminds me of this... but who knows if it will ever stop. Probably be kicking myself when its at $10,000 a coin.


This is apples to oranges. You're comparing an investment to currency. Yes currency can be viewed as a currency or hedge instrument but OP asking about bitcoins was coming down to who uses digital currency, as currency. As mysterious as it sounds, bitcoins are pretty big and you'd be surprised how many transactions are being done with them. The Chicago Fed even released a primer on them because of its growing popularity.

http://www.chicagofed.org/digital_as...er2013_317.pdf
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      11-21-2013, 11:22 AM   #25
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Quote:
Originally Posted by 3002 Tii View Post
This is apples to oranges. You're comparing an investment to currency. Yes currency can be viewed as a currency or hedge instrument but OP asking about bitcoins was coming down to who uses digital currency, as currency. As mysterious as it sounds, bitcoins are pretty big and you'd be surprised how many transactions are being done with them. The Chicago Fed even released a primer on them because of its growing popularity.

http://www.chicagofed.org/digital_as...er2013_317.pdf
I know what OP was asking about, you have to understand many people are not spending bitcoins, they are holding onto them, and if my memory serves right over 50% are holding (hoarding).

I think the example I posted is just fine, agree to disagree.

Bitcoins get around 30-60 transactions a minute, compared to Visa's 200,000. The article doesn't state what it count's as a transaction for bitcoin, is it simply getting that figure from mtgox volume? hmmmmm
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      11-21-2013, 11:27 AM   #26
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Quote:
Originally Posted by Myrder View Post
I know what OP was asking about, you have to understand many people are not spending bitcoins, they are holding onto them, and if my memory serves right over 50% are holding (hoarding).

I think the example I posted is just fine, agree to disagree.

Bitcoins get around 30-60 transactions a minute, compared to Visa's 200,000. The article doesn't state what it count's as a transaction for bitcoin, is it simply getting that figure from mtgox volume? hmmmmm
Agrees, it's like buying emerging market currency but this is more global and accessible in my opinion.
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      11-21-2013, 12:50 PM   #27
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http://www.coindesk.com/dutch-bank-r...locks-bitcoin/

Bye bye BitCoin.

CryptoCurrency will be the future, but it will be regulated and tied to national currency, and that is when it will have actual staying power.
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      11-22-2013, 07:58 PM   #28
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Man i wish i had invested what i have now 2 years ago...

Also if you want to trade it on the dumping and pumping that has been going on make sure to already get your money on an exchange. I wire transfered it willing to buy BTC at 260 but by the time the money was released it was at 600 :'( LTC 3 to 8.
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      12-02-2013, 04:56 PM   #29
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This guy summarized what I have been thinking about this whole thing. It looks like the Chinese are the ones driving this up.

http://seekingalpha.com/article/1871...dispatch&ifp=0
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      12-18-2013, 03:04 PM   #30
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And this is why you don't invest directly into volatility.

http://venturebeat.com/2013/12/18/bi...ackdown-china/

It's only been one month since this thread was posted when BitCoin was around $700 and spiking and the OP was "investing" into it to make money for mods.

Now it's down to $550 and spiraling because like I predicted here:]

Quote:
Originally Posted by MediaArtist View Post
Too much market volatility, and backed by... nothing. I wouldn't touch it with a 100 foot pole.
and here:

11-19-2013, 11:53 AM
http://www.e90post.com/forums/showpo...9&postcount=16

Quote:
Originally Posted by MediaArtist View Post

3) This has already happened before! I know people here are young but back in 2006, China had a wildely popular cryptoCurrency called Q-Coin which at one point had a trading volume of $60,000 a day. There's nothing stopping Chinese gov't officials from shutting down the exchanges, and guess what, your $200, $10,000, $100,000 in BitCoin? Vanishes, just like it did when the gov't in China stomped out Q-Coin.
... the Chinese Gov't has begun to clamp down on the usage of bitCoin and has begun asking third party payment processors to stop accepting it. Stupid money speculates, smart money invest in fundamentals and growth.

I hope no one took too hard of a bath, but if you did, remember, I told you so.
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      12-18-2013, 03:50 PM   #31
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      12-18-2013, 07:04 PM   #32
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Quote:
Originally Posted by MediaArtist
And this is why you don't invest directly into volatility.

http://venturebeat.com/2013/12/18/bi...ackdown-china/

It's only been one month since this thread was posted when BitCoin was around $700 and spiking and the OP was "investing" into it to make money for mods.

Now it's down to $550 and spiraling because like I predicted here:]

Quote:
Originally Posted by MediaArtist View Post
Too much market volatility, and backed by... nothing. I wouldn't touch it with a 100 foot pole.
and here:

11-19-2013, 11:53 AM
http://www.e90post.com/forums/showpo...9&postcount=16

Quote:
Originally Posted by MediaArtist View Post

3) This has already happened before! I know people here are young but back in 2006, China had a wildely popular cryptoCurrency called Q-Coin which at one point had a trading volume of $60,000 a day. There's nothing stopping Chinese gov't officials from shutting down the exchanges, and guess what, your $200, $10,000, $100,000 in BitCoin? Vanishes, just like it did when the gov't in China stomped out Q-Coin.
... the Chinese Gov't has begun to clamp down on the usage of bitCoin and has begun asking third party payment processors to stop accepting it. Stupid money speculates, smart money invest in fundamentals and growth.

I hope no one took too hard of a bath, but if you did, remember, I told you so.
Gonna come back up. If anything I invested even more :] it'll be back
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      12-18-2013, 07:44 PM   #33
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Just because china is clamping down on bitcoins, that doesn't make it a failure
You're forgetting India, brazil, the US, Europe etc
Price will go up

I'm about to buy some bitcoin mining hardware
Found a contact in china that can get me a 200GH/s miner for about $3500 including shipping
I'm getting 4 of them, so 800gh/s, that's 13.5 bitcoins in the first month
I expect mining will be easy till late march early April
When the tera hash machines come out and make everything else obsolete
At which point ill buy the used miners like mine and keep increasing my hashing power, 200gh/s at a time
I will cover my costs in the first 2 months
Anything after that is profit
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      12-19-2013, 01:15 PM   #34
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Quote:
Originally Posted by kmarei View Post
Just because china is clamping down on bitcoins, that doesn't make it a failure
You're forgetting India, brazil, the US, Europe etc
Price will go up

I'm about to buy some bitcoin mining hardware
Found a contact in china that can get me a 200GH/s miner for about $3500 including shipping
I'm getting 4 of them, so 800gh/s, that's 13.5 bitcoins in the first month
I expect mining will be easy till late march early April
When the tera hash machines come out and make everything else obsolete
At which point ill buy the used miners like mine and keep increasing my hashing power, 200gh/s at a time
I will cover my costs in the first 2 months
Anything after that is profit
I would recommend mining coins based on scrypt such as litecoins. BTC imo is too hard to mine right now. Mining the easier coins will yield more profit. For example, dogecoins came out weeks ago and people mined them like crazy. Im talking 50 million coins for some people who mined 24/7. Now that stuff is worth 1000s. I got lucky by investing in a cheap coin before it skyrocketed
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      12-19-2013, 01:17 PM   #35
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Quote:
Originally Posted by BMW.. View Post
Gonna come back up. If anything I invested even more :] it'll be back
If you say so.
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      12-19-2013, 01:20 PM   #36
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Quote:
Originally Posted by kmarei View Post
Just because china is clamping down on bitcoins, that doesn't make it a failure
You're forgetting India, brazil, the US, Europe etc
Price will go up

I'm about to buy some bitcoin mining hardware
Found a contact in china that can get me a 200GH/s miner for about $3500 including shipping
I'm getting 4 of them, so 800gh/s, that's 13.5 bitcoins in the first month
I expect mining will be easy till late march early April
When the tera hash machines come out and make everything else obsolete
At which point ill buy the used miners like mine and keep increasing my hashing power, 200gh/s at a time
I will cover my costs in the first 2 months
Anything after that is profit
*sigh*
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      12-19-2013, 01:28 PM   #37
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Quote:
Originally Posted by kmarei View Post
Just because china is clamping down on bitcoins, that doesn't make it a failure
You're forgetting India, brazil, the US, Europe etc
Price will go up

I'm about to buy some bitcoin mining hardware
Found a contact in china that can get me a 200GH/s miner for about $3500 including shipping
I'm getting 4 of them, so 800gh/s, that's 13.5 bitcoins in the first month
I expect mining will be easy till late march early April
When the tera hash machines come out and make everything else obsolete
At which point ill buy the used miners like mine and keep increasing my hashing power, 200gh/s at a time
I will cover my costs in the first 2 months
Anything after that is profit
Sounds like you're going to spend more in electricity running those things.
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      12-19-2013, 02:00 PM   #38
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Quote:
Originally Posted by BMW.. View Post
I would recommend mining coins based on scrypt such as litecoins. BTC imo is too hard to mine right now. Mining the easier coins will yield more profit. For example, dogecoins came out weeks ago and people mined them like crazy. Im talking 50 million coins for some people who mined 24/7. Now that stuff is worth 1000s. I got lucky by investing in a cheap coin before it skyrocketed
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      12-19-2013, 02:46 PM   #39
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Quote:
Originally Posted by BMW.. View Post
I would recommend mining coins based on scrypt such as litecoins. BTC imo is too hard to mine right now. Mining the easier coins will yield more profit. For example, dogecoins came out weeks ago and people mined them like crazy. Im talking 50 million coins for some people who mined 24/7. Now that stuff is worth 1000s. I got lucky by investing in a cheap coin before it skyrocketed
Quote:
Originally Posted by Myrder View Post
I laughed.

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      12-19-2013, 03:05 PM   #40
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Quote:
Originally Posted by Templar View Post
I laughed.

Laugh all you want, you could have become a millionare if you had a billion dogecoins
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      12-19-2013, 03:14 PM   #41
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Originally Posted by kyleb350 View Post
Sounds like you're going to spend more in electricity running those things.
I have access to free electricity and cooling at work
its part of our lease agreement
so the are no running costs for me
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      12-19-2013, 03:15 PM   #42
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Quote:
Originally Posted by MediaArtist View Post
And this is why you don't invest directly into volatility.

http://venturebeat.com/2013/12/18/bi...ackdown-china/

It's only been one month since this thread was posted when BitCoin was around $700 and spiking and the OP was "investing" into it to make money for mods.

Now it's down to $550 and spiraling because like I predicted here:]



and here:

11-19-2013, 11:53 AM
http://www.e90post.com/forums/showpo...9&postcount=16



... the Chinese Gov't has begun to clamp down on the usage of bitCoin and has begun asking third party payment processors to stop accepting it. Stupid money speculates, smart money invest in fundamentals and growth.

I hope no one took too hard of a bath, but if you did, remember, I told you so.
it's back up to 680 right now
so its not too late to retract this post
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      12-19-2013, 04:03 PM   #43
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Quote:
Originally Posted by kmarei View Post
it's back up to 680 right now
so its not too late to retract this post
Umm, so BitCoin is only down 40% from 2 days ago. Is that a victory for you?

Where in this trajectory do you see BitCoin ever spiking past its high again?
Seriously, look closely at this graph, does that evoke confidence?



kmarei, I hope you're not taking out a loan for the $14,000 to buy those mining machines. You will never see that money again.
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      12-19-2013, 04:23 PM   #44
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Quote:
Originally Posted by BMW.. View Post
Laugh all you want, you could have become a millionare if you had a billion dogecoins
that sentence is just hilarious. You know dogecoins is a joke right? It's mainly used on reddit for tips lol. It has no where near the support/vendors or uses bitcoin has.
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