Bitcoin

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  • katolotuskatolotus ✭✭✭
    edited December 2013

    Bitcoin in freefall: Value of virtual currency dropping after China questions its legal status 


    By MARC SHOFFMAN


     


    Read more: http://www.dailymail.co.uk/news/article-2519754/Bitcoin-freefall-Value-virtual-currency-dropping-China-questions-legal-status.html#ixzz2mpQGC5Wu 

     


    Katolotus

    MMA Fighter

     

    SUCCESS: A lot of little things done well

  • Joe E.Joe E.
    edited December 2013
    We always knew there was going to be a pullback. The news in China doesn't change anything. The banks never accepted bitcoin anyway. It's just a buying opportunity.
  • It's been an interesting weekend, for sure. I've bought a little during the dip and the price seems to be stabilized somewhat. I still believe in the long term concept so am happy to get in and hold. We'll see... 


     


    Good charts here, btw http://bitcoinwisdom.com/


     


    I did grab some LTC and PPC just to diversify a little. 


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  • There was a story a while back about bitcoin being "Antifragile." When attacked it just gets stronger. Throughout it's brief history, bitcoin has withstood many attacks only to come out more resilient. The resent news in China is no different.


    So what's up with all the spam? Just report it to the mods.
  • hey badasses,  this is my first post.  I need $80 in bitcoins for my new account.  should I buy from one of you or what?  please help! 


  • edited December 2013


    hey badasses,  this is my first post.  I need $80 in bitcoins for my new account.  should I buy from one of you or what?  please help! 




     


    I'll sell you mine. I have .092 BTC which right now = 80$.


     


    EDIT: Nevermind. Sold mine elsewhere. Sorry.


  • Once the mining stops, that is when we will really see how scarcity effects its price.


  • Joe E.Joe E.
    edited December 2013


    Once the mining stops, that is when we will really see how scarcity effects its price.




     


     


     


    Mining can never stop.  In the future all miners will do is verify transactions and get paid in transaction fees. 


  • right. I am referring to once the minting of new coins stops.


  • Here's a great talk by Bobby Lee, CEO of BitChina, given at Stanford on December 9th. He's a sharp guy and good presenter, very worth an hour if you're interested in bitcoin. It's a great overview of bitcoin as well as the Chinese take on it. 


     


    I've been getting more invested, both in coins and with some miners due to arrive in February/March. It's risky, for sure, but both fun and with an exciting upside potential. 


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  • Ron Paul just posted a podcast on bitcoin.


    http://podcastone.com/Ron-Pauls-Podcast
  • I've got some btc floating around from awhile back, and considering putting more money into it if pulls back further.  Or buying gold, silver or guns....yehaww


  • Don't forget the ammo!!! ;)
  • Anyone here purchase worldcoins before? Apparently it is 20x faster transacion times than btc. The developers are also buinding a whole system around the coin like a direct usd (sharmbeck) to worldcoin exchange as well as a shopping site much like Amazon that is worldcoin only. They're trying to develop a direct compition to paypal it seems. I've already seen them go from .11 to .92 usd. Sitting at around .41 right now. Anyone have any experience with them? Interested to hear. Its definitely not as easy to buy as BTC.  I would suspect volumes are quite small vs BTC as well.


  • It's so erratic it's hard to know where to start




  • Anyone here purchase worldcoins before? Apparently it is 20x faster transacion times than btc. The developers are also buinding a whole system around the coin like a direct usd (sharmbeck) to worldcoin exchange as well as a shopping site much like Amazon that is worldcoin only. They're trying to develop a direct compition to paypal it seems. I've already seen them go from .11 to .92 usd. Sitting at around .41 right now. Anyone have any experience with them? Interested to hear. Its definitely not as easy to buy as BTC.  I would suspect volumes are quite small vs BTC as well.




     


     


    I have BTC, LTC, NMC, TRC, FTC, PPC, MSC, and PTS.  Out of all of those, if you want to get in for cheap, get BTC, then trade for LTC and MSC if anything.  I may get a few WDC soon just because.  XPM and NVC are on my buy list too.

  • Thanks Joe. Wow.. I'm just gonna call you crypto man! haha. I exchanged some BTC for worldcoins today through crypto-trade. I think if any one has get adopted eventually in a bitcoin fashion it would be worldcoin. I will likely grab a few you have mentioned above as well. Thanks!


  • Got some NVC today.  XPM was pumped a little.  I have a liimit order set on btc-e.  I'll probably use vircurex to buy WDC.  Although I'm not too sure about it.  It just seems to me that WDC just has a fancy website.  Sure it has some nice properties like fast confirmations.  But no one knows what will be the killer app in a few years.  I'm thinking mastercoin or colored coins.  Litcoin will definitely be there with bitcoin as long as there's no 51% attack.


  • Oh, on another note.  I read somewhere that owning 30 bitcoin is the magic number that will make you rich in the future.  Some say 0.003 is the number to make you rich.  With that said, just buy 30 of each altcoin and 0.003 btc as insurance.  That shouldn't cost a lot.


  • Cyrptoman, do you store each of your cryptos in their own native wallets? Or do you store them with exchangers? You must be running a lot of wallets if storing locally? They should almost come out with a single walle that stores multi-cyptos for multiple crypto users like yourself. Would be tough to implement for sure.


     


    I think Worldcoin has just as much if not more potential than the others, especialy as the Sharmbeck platform is now up and running in beta and from what I have been reading appears to be working great. That aspect alone sets it aside from the others IMO.



  • Cyrptoman, do you store each of your cryptos in their own native wallets? Or do you store them with exchangers? You must be running a lot of wallets if storing locally? They should almost come out with a single walle that stores multi-cyptos for multiple crypto users like yourself. Would be tough to implement for sure.


     


    I think Worldcoin has just as much if not more potential than the others, especialy as the Sharmbeck platform is now up and running in beta and from what I have been reading appears to be working great. That aspect alone sets it aside from the others IMO.




     


     


    I store most in cold storage on paper wallets.  Some locally, some on line, some in usb sticks.  By the way, 1 worldcoin = ~$0.33 USD.  I bought some the other day.  All of my coins are encrypted with a passphrase, so even if they got stolen, they'd be worthless to the thief.  I love crytocurrencies.

  • The sites premise is pretty cool and pretty simple.  It is a "live" world map view where you can watch world fiat currencies flowing into Bitcoin - http://fiatleak.com/



  •  


    The sites premise is pretty cool and pretty simple.  It is a "live" world map view where you can watch world fiat currencies flowing into Bitcoin - http://fiatleak.com/

     




     


    This helped me immensely, can't believe fiatleak escaped my filters. Thanks DustyK.

  • I had diversified a lot into alt coins, but in the last couple weeks I've sold em all off for BTC. From listening to Andreas Antonopulous and others, it just seems like no alt really has much chance to become as big as Bitcoin unless Bitcoin fails. Part of the challenge for an alt is the Bitcoin protocol can be updated. If an alt actually makes a worthwhile change, it can be adopted back into Bitcoin. 


     


    However, there are a couple that may have some real advantages. The one I'm particularly interested in is Ethereum (ethereum.org). It has an impressive group of developers and looks to provide something substantial that would be unlikely to be backported into Bitcoin. It will still work with Bitcoin so it's unlikely to replace it, but it may be huge in helping to disrupt a lot of the financial services world. In short, it will have a more robust scripting language built-in, so substantially complex contracts can be pushed into the blockchain. 


     


    They're still trying to sort out how to do the initial fundraiser, so may still be able to get in early. There's a ton of attention on it though, so probably not super cheap in any case -- not like buying bitcoins for $.10 or something. [Standard disclaimer regarding risks of trading cryptocurrencies here...]

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  • And then there's this....

    http://www.reddit.com/r/Bitcoin/comments/1ylvcp/the_ethereum_scam/


    Thinking about selling everything!! Lol!
  • That article actually has a pretty nice discussion -- the original post is a little hasty and misinformed, but the comments are useful. Note that nullc (in the comments) is GMaxwell, a bitcoin dev.


     


    I'd heard similar arguments to what ferretinjapan states from Andreas Antonopolous -- in a nutshell, most every new feature that comes with an alt coin could be done in Bitcoin. Any feature that's truly useful could be assimilated back into Bitcoin and with it's first mover advantage, no alt is going to challenge it. That's really why I sold off my alts -- even LTC. I think they're possibly good for daytraders and if you get in early, you might get a good short term win, but in the long term, I don't tend to believe in them. (I could certainly be wrong though!) But for me, it made more sense to put everything I could afford into BTC long term. 


     


    I'll still probably try to buy into the Ethereum IPO/Fundraiser/Whatevertheycallit both as it will probably be a decent investment and because I think it may be an actual improvement to -- in addition to, not instead of Bitcoin.


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