• BITCOIN: To the moon! Value breaks $500, expected to continue to rise!
    374 replies, posted
Its crashing... Its going to rebound though. Kinda interesting...
[QUOTE=Spirit_Breaker;42912834]I still can't take this online currency thing seriously. Are there actually any "legit" stores that accept bitcoins (apart from Humble Bundle and Silkroad)?[/QUOTE] Here's a dude buying stuff at a Subway with Bitcoins: [url]https://vine.co/v/hFZMnXOgVIe[/url] That legit enough for you?
[QUOTE=adnzzzzZ;42920679]And here I am reading up on some stuff so I can write a bot to do this shit. At least I won't be speculating on anything that has real correspondences and consequences (as important as oil) in the world. : p[/QUOTE] Do you mind linking to some of these resources? I'm starting up a bot project aswell but haven't been able to find much information about the actual trading part of it.
[QUOTE=Capsup;42923012]Do you mind linking to some of these resources? I'm starting up a bot project aswell but haven't been able to find much information about the actual trading part of it.[/QUOTE] [url]https://github.com/alanmcintyre/btce-api[/url] [url]https://github.com/jonny64/tAPIbot[/url]
So people are saying that while you can buy the Bitcoins and sell them, cashing out the stuff is hard, especially on MtGox, with cashing out being frozen or IPs locked out. Is that true?
[QUOTE=OrkO;42900460]over the past few years every single time i've seen bitcoins in SH it's always been because the price has risen to some new unprecedented extreme, at which point i thought "yeah i should have bought earlier, but now it's too late, it's going to crash soon" 3 or so years this has been happening and the price has increased by ~20 times and it still continues to rise and i'm [I]still[/I] convincing myself not to buy next thing you know i'll be browsing SH and i'll see a thread saying "bitcoins have broken $10,000 apiece!" and i'll be thinking wow i could've even bought at 500[/QUOTE] [url]http://bitcoinity.org/markets/mtgox/USD[/url] Recommand you take a look at the 2 year graph. And most interesting Sept2013 and nov2013 in relation to that. By the looks of it, the crash is going to come soon.
[QUOTE=acds;42923945]So people are saying that while you can buy the Bitcoins and sell them, cashing out the stuff is hard, especially on MtGox, with cashing out being frozen or IPs locked out. Is that true?[/QUOTE] Its not hard at all, except on Gox and depending on where you live. Its hard to cash out on gox which is why the price is always higher there. Coinbase for example literally connects to your US bank account and you can simply cash out there for a fee. In europe they have SEPA transfers which I'm not sure how they work but a lot of exchanges can easily get money in and out thanks to that, such as on BTC-e. There are more steps and research needed to figure out how to get in and out so its by no means very obvious at all, but its not nearly as hard as people say unless you are on Gox. Nobody deals with cashing out funds being frozen unless you cash out a shitload and the frozen funds are caused by your bank thinking you are doing money laundering before they unfreeze the account after an investigation. Occasionally you run into issues with places like Coinbase where the website is acting up or out of coins due to so much activity and you might not get things out or in in a timely manner. That's the worst of it (its something that is going to need to be improved in the future should this really gain mainstream adoption). [editline]20th November 2013[/editline] [QUOTE=wraithcat;42924566][url]http://bitcoinity.org/markets/mtgox/USD[/url] Recommand you take a look at the 2 year graph. And most interesting Sept2013 and nov2013 in relation to that. By the looks of it, the crash is going to come soon.[/QUOTE] I'm putting my money on this being the crash. Crashes are not overnight affairs, it takes one big pop to cause a downtrend over the next week or two until it reaches the price floor (I predict somewhere around $300/btc). Uptrends you are seeing now are simply apart of the crash phase, I'm willing to bet they won't hold for more than a day before the crash continues downward.
[QUOTE=nikomo;42922960]Here's a dude buying stuff at a Subway with Bitcoins: [URL]https://vine.co/v/hFZMnXOgVIe[/URL] That legit enough for you?[/QUOTE] Until more than 2% of Subways have that, it isn't anything more than that one obscure cafe you find in your town. Subway hires franchise managers who run stores above store managers. The franchise managers (or the store managers!) can choose what to have and what not to have in terms of payment options and deals. So Subway didn't choose to accept Bitcoin, but the franchise manager (or store manager) did. Only a handful of stores might have this.
[QUOTE=KorJax;42925971]Its not hard at all, except on Gox and depending on where you live. Its hard to cash out on gox which is why the price is always higher there. Coinbase for example literally connects to your US bank account and you can simply cash out there for a fee. In europe they have SEPA transfers which I'm not sure how they work but a lot of exchanges can easily get money in and out thanks to that, such as on BTC-e. There are more steps and research needed to figure out how to get in and out so its by no means very obvious at all, but its not nearly as hard as people say unless you are on Gox. Nobody deals with cashing out funds being frozen unless you cash out a shitload and the frozen funds are caused by your bank thinking you are doing money laundering before they unfreeze the account after an investigation. Occasionally you run into issues with places like Coinbase where the website is acting up or out of coins due to so much activity and you might not get things out or in in a timely manner. That's the worst of it (its something that is going to need to be improved in the future should this really gain mainstream adoption). [/QUOTE] How long did it take for you to cash out (for the money to appear in your bank account) and where did you do it? If you don't mind answering...
[QUOTE=adnzzzzZ;42926153]How long did it take for you to cash out (for the money to appear in your bank account) and where did you do it? If you don't mind answering...[/QUOTE] Took me two days at Coinbase, but that was after I was completely verified, so it might take longer.
What is the hard part in cashing out of Gox? Why is it known for it?
Because alot of the money/coins might not exist within the system anymore? It could be that previous "cashins" made by other people is used to pay the cashouts. Aslong as everyone does not cashout at the same time the fraud won't be revealed and someone with great cunning walks away with other peoples money. Smells like ponzi to me.
[QUOTE=adnzzzzZ;42926153]How long did it take for you to cash out (for the money to appear in your bank account) and where did you do it? If you don't mind answering...[/QUOTE] I use coinbase I cashed out last saturday, still haven't gotten my money on in my bank account which says "Pending" even though the thing said I'd get my money by today. Secretly hoping they cancel the transaction so I can re-sell at a much higher price :v: [editline]21st November 2013[/editline] [QUOTE=Tengil;42928686]Because alot of the money/coins might not exist within the system anymore? It could be that previous "cashins" made by other people is used to pay the cashouts. Aslong as everyone does not cashout at the same time the fraud won't be revealed and someone with great cunning walks away with other peoples money. Smells like ponzi to me.[/QUOTE] This isn't true at all The reason is because most of the people in charge of Gox are just computer nerds who set up an exchange and are stupid to money/etc laws so they lost a bunch of money and their US bank account access earlier this year to federal lawsuits n shit. So they limit withdraws to only $1k/day, and you can only do it via an international wire transfer from their japanese bank to whatever bank you use which can take anywhere from 3-8 weeks to process, on top of paying the huge wire transfer fees (which aren't so bad if you are high volume, but you can't be high volume since they limit you to $1k/day).
[QUOTE=Teddybeer;42928809]Oh hey sounds like every bank ever.[/QUOTE] And if you're in a developed country (probably excluding the US), the Government guarantees access to your funds up to a certain amount, even if the bank cannot supply it.
[QUOTE=DogGunn;42930437]And if you're in a developed country (probably excluding the US), the Government guarantees access to your funds up to a certain amount, even if the bank cannot supply it.[/QUOTE] The US insures you of $250,000.
[QUOTE=Starpluck;42931653]The US insures you of $250,000.[/QUOTE] True. The more you know. Good luck getting that with bitcoins.
[QUOTE=DogGunn;42932373]True. The more you know. Good luck getting that with bitcoins.[/QUOTE] This would be a problem with the exchange, not bitcoin :) [editline]20th November 2013[/editline] Besides MtGox is slowly losing its overly massive share of all bitcoin trade, thankfully. Now there are finally other, better options.
[QUOTE=mblunk;42932608]This would be a problem with the exchange, not bitcoin :) [editline]20th November 2013[/editline] Besides MtGox is slowly losing its overly massive share of all bitcoin trade, thankfully. Now there are finally other, better options.[/QUOTE] It's an inherent problem with bitcoins. No government is going to protect or guarantee the investment of bitcoins into a bitcoin bank.
I just ordered 3 t-shirts from mixedtees.com. They advertise their bitcoin shirt as 0,04 bitcoins (29 USD at the time) but you can pay the $20 price and checkout with Bitcoins so it's fine.
[QUOTE=Laserbeams;42901627]I'm not an economist, so can someone explain how can the bitcoins completely lose their value? People will still need them to buy drugs on Silk Road so they can't become completely worthless, right?[/QUOTE] Bitcoins will essentially keep their value as long as you have more people willing to buy them than people willing to sell them. The issue is that it's sort of bubbly. And right now it looks like we're in one of them. If suddenly a few bigger holders sell their BTCs it might end up in a landslide.
IM RICH!
I brought some litecoins maybe sometime in the future they will pickup like litecoins
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[QUOTE=DogGunn;42932664]It's an inherent problem with bitcoins. No government is going to protect or guarantee the investment of bitcoins into a bitcoin bank.[/QUOTE] If you want your bitcoins safe, there are dozens of ways to do it. Truecrypt, cold storage, paper wallets, etc. Since all bitcoin transactions are final, the second you hand them over to anyone else, or an exchange, or an online wallet company, you're trusting that entity to value their reputation enough to try to keep you on good terms with them. If you're worried about your traditional fiat as held by those parties, it's the same story, same as giving your money away to a company you may or may not trust. But you're right, the government isn't going to cover your back if you give your money to the wrong people, that's a price of having absolute regulatory freedom. There isn't really a way to reconcile that unless you want a government-run bitcoin exchange or wallet service or something, but then you've created a massive single point of failure, which is something that the entire protocol was designed to avoid in the first place.
Cannot wait for all the new blood joining the market in this upcoming week. Gladly grabbed a few btcs at 390! Any thoughts on 1,000+ (USD) next week?
Peaking again currently at $968
Oh, my God. I kept waiting for it to crash but it just never happened and I don't want to buy any for fear that it might still crash at some point.
I get this feeling that one of the reasons the price is going straight up is because it's nearly impossible to cash out to USD, so there's no point in selling. In my amateur, layman opinion, once an exchange opens up easy USD cash-out (Paypal, bank transfer, etc.) without a wait list, I bet the price will start to drop. Now I feel really stupid for buying at $200 and selling at $180 during the last bubble, though.
[QUOTE=Splash Attack;42991445]Oh, my God. I kept waiting for it to crash but it just never happened and I don't want to buy any for fear that it might still crash at some point.[/QUOTE] Last night at 9.30pm while it was till falling I was considering buying 1 bitcoin from localbitcoins and flipped a coin. I normally like to guess heads and it as you can probably guess it came up tails. I am really pist off at that coin now I could of made a little profit.
[QUOTE=Splash Attack;42991445]Oh, my God. I kept waiting for it to crash but it just never happened and I don't want to buy any for fear that it might still crash at some point.[/QUOTE] I'm not gonna bother until the dust settles no matter if it ends up going up to $6000 and settles at $1k Be fearful when others are greedy and be greedy when others are fearful. Buying in now is a huge risk even if it does hit $2k or so, simply because a crash could happen at any moment and if you buy in you'll be glued to the charts 24/7 waiting for it. Its better to buy when there is "blood on the streets" instead of buying in during the "THIS TIME IT'S DIFFERENT, TO THE MOOON!" mania, even if you technically could turn a better profit if you bought in now and sold near the peak.
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