The Bitcoin Insanity Continues — Prices Top $450

collegeboy69us said:
I'm still kicking myself because I remember I could mine 2000 Litecoins a month with my puny 6950 crossfire setup, I could easily be sitting on over $50k had I kept mining and made the right moves. Instead I only made ~1000
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That's not so bad. But sell those litecoins for BTC before they drop even more.
 
MaddBomber83 said:
Yes, but there are other ways. Example is https://coinbase.com/

I use them to transfer USD <-> BTC

The verification tiers can be a bit of a pain at the start, but after jumping through them you can instant buy / sell.
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heh - dunno if you saw in my original post but I use coinbase as well for my conversion of BTC to USD deposited straight into my bank acct. Good service and the verification is great, when it comes to crypto currency i don't mind a text message telling me to confirm this or that if it helps keep fraud down.
 
sfsuphysics said:
Just further proof of the social experiment called "the exchange" whether it's some make believe currency or some make believe idea that a company that makes no profit is profitable, people are going to buy when they see the price rising, and then when they start cashing out, people are going to panic and cash out while they still can and watch the house of cards further tumble.
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what you describe is pretty much exactly the same as our existing financial system. Our US dollar is backed by nothing anymore. It used to be, but it's not anymore.

The confidence and power of the US dollar was rooted in the economic strength of things we as a country were able to produce combined with an almost universal *belief* that the US dollar is solid. Times change, and one of the simple facts is we as a nation don't produce nearly as much as we used to (physical solid goods), combined with the governments ability to print money and NOT pay their bills, well you see where this is going. The value of the dollor and the bitcoin are more and more off base from any sort of commodity. Imagine dollars didn't exist: how many bitcoins would you pay for a gallon of gas? a movie? What would you request as a salary per year in bitcoins? If you make 70 bitcoins a year at your job, a more true value would be asserted. For now it's just a play market where every boom and bust, a group of people get left holding the bag.

At the end of the day, if everything implodes and the world goes to hell instead of talking about bitcoins we'd be talking about food/water/medicine/ammo.

The one good thing bitcoin has going for it is that it can't be controlled by uncle sam, you can't print more of them (there is a mathematical finite amount), it still has some faults, but it's a mini-revolution in terms of money.
 
Last night, I made an order for BTC 0.1 on Coinbase at $457.55/BTC. After making the order, they said it would be processed on Friday. Will my order not come through if the value of BTC remains over $457.55 by Friday? They haven't taken the funds out of my bank yet.
 
Joseph F said:
Last night, I made an order for BTC 0.1 on Coinbase at $457.55/BTC. After making the order, they said it would be processed on Friday. Will my order not come through if the value of BTC remains over $457.55 by Friday? They haven't taken the funds out of my bank yet.
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Ive never bought coins via coinbase (i only generate my own crypto) but logically they will put your order through at whatever the spot price is at the time of execution.

Seems odd that it takes THAT long to pull money out of your account and into coinbase. One feature I'd like to see them have is a holding system where you can pull X amount of dollars into their system and then spend it instantly as you see fit (similar to Mt Gox)
 
collegeboy69us said:
Times change, and one of the simple facts is we as a nation don't produce nearly as much as we used to (physical solid goods), combined with the governments ability to print money and NOT pay their bills, well you see where this is going.
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Exactly.
The dollar is probably going to get a thorough beating in the coming years, probably more so than other fiat currencies. You can already see how hard the Chinese are trying to get rid of it (hint: they're buying bitcoins and gold, and then there is http://www.bbc.co.uk/news/business-24486685).
 
Joseph F said:
Last night, I made an order for BTC 0.1 on Coinbase at $457.55/BTC. After making the order, they said it would be processed on Friday. Will my order not come through if the value of BTC remains over $457.55 by Friday? They haven't taken the funds out of my bank yet.
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My first coins had gone up at least a hundred bucks by the time they hit my account. The price was locked in at execution.
 
celeron300 said:
I agree with you that bitcoin (with a market cap of about 5 billion) is speculative... it will go to zero or it could go to 10000 plus... we will watch and see what 2014 brings

But do some math with me.... Gold topped out at 850 an ounce in 1980 when the debt was about 980 billion. The debt is now about 18 times that (not including the unfunded liabilities of social security and medicaid (not to mention obamacare).... and Gold is currently only about 1300 / oz.... overpriced??? Gold is not an investment it is a hedge against government stupidity.
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Gold goes up when people are scared. They see it as a hedge against inflation, but as a rule it appears it's not (which isn't what I expected when I went looking for graphs).

http://inflationdata.com/Inflation/Inflation_Rate/Gold_Inflation.asp

That's got a few graphs, as well as a lot of commentary. Bottom line is even if you look at it from an inflation play, the price of gold should probably be under a grand. It's a bubble. I'm not sure how silver is doing right now, but a year ago, if you had Sterling silverware, it was worth selling it for melt value. Nobody uses the stuff (my folks pull it out maybe once or twice a year...though generally not at all) and the price of Silver (and Gold) was ridiculously high.

Gold is still too high, but with gold, there's a possibility that you've got a sentimental attachment to it. Most don't have that much of an attachment to Silverware (not even my parents who've had it for decades).
 
Damn, I really need to get in on this... It may be late but I feel that there is still some room to make a bit of extra cash.

Though there is the risk that it crashes (which I'm sure it will) and never recovers. Crashes arn't that bad, it's crashes that don't recover that are. :D
 
Ah yes bitcoins. Nothing says solid investment vehicle like a "currency" with more volatility than a commodity and no underlying asset. Sign me up.
 
If government find a way to regulate it, things could collapse fast, they are attempting to find ways quickly.
Then again, if it gains legitimacy and loses its privacy aspect, it might become more popular.
But it wouldnt have the appeal it now has, so probably not. Why use it if it becomes no different to established currencies.
 
collegeboy69us said:
it's not new.... but a while back I also heard they stopped doing withdraws.

I've gotten money out of MtGox before (this was probably 6+ months ago) but I think things have changed. They have gone through a few scandles/fines recently.

Personally I don't have much confidence in Gox anymore. If I need to cash out I do it via coinbase.

litecoin Coinotron pool -> BTC-E -> Bitcoins -> Coinbase -> cash deposited into my bank.
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That's an interesting chain of transactions but if it works, more power to you. How long does it take to get from the LC pool to your bank?
 
maverikv said:
Ah yes bitcoins. Nothing says solid investment vehicle like a "currency" with more volatility than a commodity and no underlying asset. Sign me up.
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the protocol is the asset

its a pure speculation play undergoing a crazy price discovery process.
there are legitimate reasons to avoid it, and legitimate reasons to play it.

its easy to get burned speculating, which is natures way of weeding out bad speculators.

buyer beware.
 
Ill wait for it to crash again.I am pissed i didnt buy when it crashed earlier this year and BTC was at about $80. I should have bought a bunch back then.:mad:
 
jeez... it's a wild morning.

BTC up to $620 on gox, $540 on btc-e

LTC spiked overnight from $4.20 to $7.75 and is now at $6.70.

What a nice wild ride. It's an exciting time for us miners.
 
J Macker said:
jeez... it's a wild morning.

BTC up to $620 on gox, $540 on btc-e

LTC spiked overnight from $4.20 to $7.75 and is now at $6.70.

What a nice wild ride. It's an exciting time for us miners.
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Coinbase at $585. I literally make more money in a day watching BTC prices rise than I do going to work at $30/hr...go figure. Until the price comes crashing down anyway...lol.
 
Coinbase has shut down buying. You can order today, but your order won't be filled until 11/22 at market price on that day.
 
lol

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They will certainly give you an accurate price quote if you're selling ($50 below Gox levels).
 
I don't see how this is gonna escape the Governmental Ban-Hammer much longer.
 
TechLarry said:
I don't see how this is gonna escape the Governmental Ban-Hammer much longer.
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It won't. There are committees meeting today to discuss the future of Bitcoin in the US. The fervent buying right now is because (some of this is speculative) China is trying to take control of Bitcoin and gain a majority of the Bitcoins that have been generated. The Chinese interest is believed to be a play on gaining future inroads in mineral rich Africa as well as to try and get a jump on a world currency that is not dollars.

The US Government has the power to shut down Bitcoin at any time by declaring it a currency. Its use to purchase illegal drugs and for money laundering have likely all ready made it a target.

The FBI is in possession of something like 200,000 bitcoins as a result of the Silk Road bust, so perhaps tax dollars are being spent to surge the bitcoin price up so that these coins can be liquidated for a huge profit.
 
The congressional hearing just started at 3AM EST. It would be good to watch live with finger on the sell trigger.
 
I'm so sad that I sold out yet again at the wrong time. Wish I had never gotten rid of all those coins I bought at $5...
 
the first speaker at the hearing is positive so far, just expressing concern for illicit use and money laundering.
Jennifer Shasky Calvery
Director, Financial Crimes Enforcement Network
U.S. Department of the Treasury
 
J Macker said:
the first speaker at the hearing is positive so far, just expressing concern for illicit use and money laundering.
Jennifer Shasky Calvery
Director, Financial Crimes Enforcement Network
U.S. Department of the Treasury
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Can you keep us updated?

I am at work right now so I cannot watch.
 
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