Bitcoin Discussion Thread Part 2

"i don't plan on driving it much"

sounds like a wise investment
 
bigted said:
"i don't plan on driving it much"

sounds like a wise investment
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unless he plans on holding onto it for 50 years, cars are never a wise investment. Adding up the depreciation on the past 4 cars I've bought is just damn scary.

The gallardo was quite the mass produced Lambo, (in terms of the top tier models production numbers)

It's quite a nice car - I'd love to have one myself.

Just amazing to me to think how a few days of mining BTC in the early days could buy you a lambo these days.

Hope the guy has some (real) cash set aside when he goes to register and pay taxes on it. It was freaky cutting a check to the state for 5K when I bought a brand new 08 Z06 out of state. ~6% state tax (ballpark) means I hope he has an extra 13K sitting around just to get the thing legal on the road.
 
Goat is fucking LOADED these days, also bought his trophy wife a house in Thailand...$13K is a rounding error for him, lol
 
Lost all my day trade profits over the last month overnight with this crash. Would have been much worse but LTC did bounce back 50% from its low (dropped below $10 overnight), so I was able to minimize losses and break even back to where I started. Oh well, next time I won't even bother wasting time trying to trade on the way down because once it finally goes, it just goes.

Time to mine again at near zero profits until the next bubble! :eek:
 
blade52x said:
Lost all my day trade profits over the last month overnight with this crash. Would have been much worse but LTC did bounce back 50% from its low (dropped below $10 overnight), so I was able to minimize losses and break even back to where I started. Oh well, next time I won't even bother wasting time trying to trade on the way down because once it finally goes, it just goes.

Time to mine again at near zero profits until the next bubble! :eek:
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I would have held over selling off, with 7+ ph/s estimated to be added to BTC I'm sure it will come back.

Unless China is for real and other countries do the same =/
 
same as it ever was

clearly some here were not around for the crash from 32


business as usual...yawn
 
It'll recover as it has in the past, everyone should buy in while its low.
 
I'll buy back when there are signs it will actually go up. Right now it seems both BTC and LTC have not yet found a solid ground. They're dropping pennies all the time, but they're still going down.... I assume there to rest for a while before starting to rebound a bit. Probably slowly and more carefully this time.
 
Carbon_Rod said:
I'll buy back when there are signs it will actually go up. Right now it seems both BTC and LTC have not yet found a solid ground. They're dropping pennies all the time, but they're still going down.... I assume there to rest for a while before starting to rebound a bit. Probably slowly and more carefully this time.
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I'm just sitting here playing the bounces. sold at $600 with a buy order at $501 but not quite sure it'll fall that low on this round
 
eh, buy one and hold on to it for 10 years. You may find it turned into a million dollars. Or worthless. It is like a lottery ticket, but nobody really knows the odds
 
jiminator said:
eh, buy one and hold on to it for 10 years. You may find it turned into a million dollars. Or worthless. It is like a lottery ticket, but nobody really knows the odds
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it's what I did mining SXC and DOGE coins for a few days.

Cost me maybe $1 in electricity to mine 60K DOGE coins in 1/2 a day, chances are they won't be worth crap in a year, but who knows, even if it goes to 10 cents I'd be sitting pretty for doing what amounts to zero work.

Same thing with SXC - the "adult" coin, lol can mine something like 2K a day, even now it's twice as profitable than mining LTC direct (which is my coin of choice for holding)
 
 
What is the best exchange to convert BTC/LTC to USD with least fees and via paypal(rather not give out my bank account information) I am new to this and I don't want to screw up my first transaction. :)
 
Vengance_01 said:
What is the best exchange to convert BTC/LTC to USD with least fees and via paypal(rather not give out my bank account information) I am new to this and I don't want to screw up my first transaction. :)
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You do realize you could easily open up a free bank account just for the sole purpose for this. That way, your primary account remains untouched and unknown.
 
oblox said:
You do realize you could easily open up a free bank account just for the sole purpose for this. That way, your primary account remains untouched and unknown.
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What are good banks that to use for this that dont charge fees?
 
http://www.marketwatch.com/story/6-market-surprises-for-2014-2013-12-24
The article is just predictions, but I found this interesting.


Opec prices oil in bitcoin

There has been speculation for months about whether bitcoins might be accepted as legal tender by a major developed nation, whether the Chinese will accept them, or whether big web retailers will take then instead of conventional currencies. But the big breakthrough for digital money is more likely to come from the oil cartel, OPEC.
For decades, oil has been priced in dollars but key member states such as Iran, Algeria or Angola are not particularly friendly to the United States, even if they are not quite as hostile as they once were. They have been making noises about switching the price of oil out of the American currency for years, but have never quite managed to agree on alternative.

The euro was a runner for a while, until it started to implode. But what about bitcoins? It is a global currency, with no central bank trashing its value, and it might well prove a better store of value for countries that know their oil won’t last forever. If any single move establishes bitcoin as a serious monetary rival to the dollar, that will be it — and there will be more than a few wry smiles in Tehran over that.
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oblox said:
Do you not have a local credit union that offers free checking?
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I have decided to go this route

Mine Alt Coins
Use Coin-E to convert to BTC
Send BTC to coinbase(US based site with decent security)
Linked to my secondary checking and setup 2 factor authentication
Sell BTC
Send Profits directly to bank with low fees.

:D
 
Vengance_01 said:
I have decided to go this route

Mine Alt Coins
Use Coin-E to convert to BTC
Send BTC to coinbase(US based site with decent security)
Linked to my secondary checking and setup 2 factor authentication
Sell BTC
Send Profits directly to bank with low fees.

:D
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Also using this route. Works Great :D
 
jojo69 said:
you guys will come to regret every BTC you sell
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If I had a dollar for every person that issued a warning about not selling <insert crypto coin here> and/or to buy more of it now because it's going to the moon, I would already be a rich man.

That said though, I do think BTC will continue its slow climb during the week. It may dip on the weekend as it usually does but then recover late Sunday as it also usually does. Where it will find its ceiling is ultimately up to speculation.

Darksieg said:
... as of now trying to recoup some dollars for the mining cards I bought.
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I'm in the same boat sorta. I've been excitedly telling stories about the crypto market to my family members and they're pretty much saying "Ya, whatever... the money is not real until we see it in your bank account." So I'm also cashing out a few BTC to be able to prove that the process works and that this isn't just my imagination. This is all besides also wanting to pay for some of the upgrades that I ordered awhile ago... an order that I thought wouldn't fill until the new year.
 
I'm sitting on 32 LTC right now and still mining. Not sure if I should sell to recoup now or hold a bit longer. I'll probably hold for a while.
 
DooKey said:
I'm sitting on 32 LTC right now and still mining. Not sure if I should sell to recoup now or hold a bit longer. I'll probably hold for a while.
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If it were me, I would hold... it's been going up slowly ever since it rose $3 in 15 minutes over Christmas Eve. I have a gut feeling it's still going to continue rising at least until the weekend. But I'm not the most reliable when it comes to market predictions.

EDIT: On second thought, it's been holding steady at or just above $24 for a few hours now... maybe this is its resting place for awhile. Not sure.

EDIT#2: Ya, see... I said hold and it started dropping. So, how about just do the opposite of what I say and you'll be a millionaire in no time! :)
 
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When the BTCs fall to around 550-600$ I will buy, but not till then. I missed the boat. Gotta wait for the next fall to buy low.
 
Think it fell $450 when the Chinese gov't tighten it's hold for banks to accept BTC transactions in china.
 
Darksieg said:
Think it fell $450 when the Chinese gov't tighten it's hold for banks to accept BTC transactions in china.
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Yeah, that's the primary reason, that and the Chinese gov made it so citizens couldn't deposit new CNY into their exchanges. I keep hearing mixed news as to whether there is a means of getting CNY in. Regardless of whether or not the Chinese gov accepts it or allows its citizens the ability to buy it, they will buy it regardless. Maybe not directly, but they will find a way. Investment is hella limited over there as is.
 
Vengance_01 said:
When the BTCs fall to around 550-600$ I will buy, but not till then. I missed the boat. Gotta wait for the next fall to buy low.
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That would sure be nice, and would allow me to re-enter my "play money" position without loss. I am starting to doubt we will have this opportunity however.

BTC is a ratchet...and the log scale adoption curve is far from over.
 
jojo69 said:
That would sure be nice, and would allow me to re-enter my "play money" position without loss. I am starting to doubt we will have this opportunity however.

BTC is a ratchet...and the log scale adoption curve is far from over.
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I, personally, have no doubt it will reach those lows again at some point. BTC is not stable. It rides heavily on news... there will undoubtedly be some other piece of bad news from China or maybe the US or Europe this time that will drive the market into some freefall again. You'll have your chance. When that will happen is entirely another issue though.
 
Carbon_Rod said:
I, personally, have no doubt it will reach those lows again at some point. BTC is not stable. It rides heavily on news... there will undoubtedly be some other piece of bad news from China or maybe the US or Europe this time that will drive the market into some freefall again. You'll have your chance. When that will happen is entirely another issue though.
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I think the bad news is over from China... what else can they really say or do that would affect the price? Now, if the US steps in and shuts Coinbase down, well, it won't take long for BTC to crash. Coinbase seems to be the lifeblood of US citizens getting fiat out. Take that away and welp, look out below.
 
Well, once the deadline hits where all Chinese investors have to have their money withdrawn for fear of losing it forever, there may be a mass sell off by those who are waiting until the last minute which may trigger additional sales. I dunno... just speculation... I don't know how many Chinese investors still hold a good chunk of BTC.

But as for the U.S., I've heard rumors and read news stories that hinted at the U.S. government wanting to step in to regulate things or something. Again, just rumors so far. But there may be a hint of truth in it all. The same goes for Europe. I've heard rumors that certain countries would like to start regulating/taxing/etc. BTC (or cryptocurrencies in general for that matter). Any news on regulation or taxation or pretty much anything negative may cause an adverse reaction in the market.

However, even after the news from China, BTC has shown that it is here to stay and has rebounded quite well so far.
 
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