BITCOIN: To the moon! Value breaks $500, expected to continue to rise!
374 replies, posted
[QUOTE=Snowmew;42992250]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]
There are already bank transfer exchanges (campbx, for example allows bank deposit) - PayPal will never happen though, as they've banned it.
$195 --> $4840 sounds good; I don't think I'll wait any longer. Hm, back when 4 BTC was nothing to anyone with a job.
So I'm hoping to grab a Prospero X-1 once I get the cash, sound investment?
Even though this bubble won't last, i'm hoping that by the time the X-1 comes out and I receive it, the value will be back up.
I'm kinda new to all of this (I tried to get into it over the summer unsuccessfully, I feel like i'm a little outdated on what I knew a few months ago already) and i'd like to get started with pool mining with a few (6) of the machines I have lying around the house - any tips?
I'd appreciate any feedback with anything
I am going to laugh my ass off when the value of these things drops like a fucking rock. It's the dotcom bubble all over again and it's only a matter of time.
[QUOTE=TestECull;42992996]I am going to laugh my ass off when the value of these things drops like a fucking rock. It's the dotcom bubble all over again and it's only a matter of time.[/QUOTE]
It's just like any bubble, except bitcoins have nothing backing them at all. It'll actually be much worse than the dotcom bubble when it bursts.
[QUOTE=deathmog;42992927]So I'm hoping to grab a Prospero X-1 once I get the cash, sound investment?
Even though this bubble won't last, i'm hoping that by the time the X-1 comes out and I receive it, the value will be back up.
I'm kinda new to all of this (I tried to get into it over the summer unsuccessfully, I feel like i'm a little outdated on what I knew a few months ago already) and i'd like to get started with pool mining with a few (6) of the machines I have lying around the house - any tips?
I'd appreciate any feedback with anything[/QUOTE]
I'm assuming that's some kind of miner. Don't do it. You'll spend more in electricity than you will gain in bitcoins. You need an ASIC to even break even and then it's still just a marginal profit. You're better off taking the same cash and just buying some coins.
If anybody would be as kind as to let me pick their brain about the subject of bitcoins, would they mind PMing me? I know barely anything about them.
[QUOTE=Splash Attack;42993083]I'm assuming that's some kind of minerals. Don't do it. You'll spend more in electricity than you will gain in bitcoins. You need an ASIC to even break even and then it's still just a marginal profit. You're better off taking the same cash and just buying some coins.[/QUOTE]
Yeah I figure the X-1 is the way to go but i'd hate to just sit here and not do anything to take advantage of the current bitcoin price/value.
[QUOTE=sloppy_joes;42993029]It's just like any bubble, except bitcoins have nothing backing them at all. It'll actually be much worse than the dotcom bubble when it bursts.[/QUOTE]
Except dollars/euros/gbps have nothing them backing them at all either, and haven't for decades. They only have value because your government expects you to use them to pay your taxes. Bitcoins have value because they can do things that no other "currency" can, namely be sent anywhere in the world instantly and freely with no middleman to add processing times or fees or the possibility of chargebacks. And as more people discover that and take interest in bitcoin, and since supply growth is constant, the dependant variable here becomes their price. Bitcoin has all the reason to grow, and it has little reason to crash other than fear mongering by people who don't understand basic econ principles and the people who see it as a get rich quick scheme rather than a real utility. That's about the biggest risk bitcoin faces right now, especially since it seems the US isn't going to go ballistic on them, which is what got us to $800 anyways.
[QUOTE=geogzm;42993119]If anybody would be as kind as to let me pick their brain about the subject of bitcoins, would they mind PMing me? I know barely anything about them.[/QUOTE]
Ask away, I'd rather answer in public where others with similar questions can also see answers.
Yep, still killing myself for selling my 10 btc when they were 10 dollars each 2 years ago.
mblunk I think a backing from the government and the entirety of economic activity in that government's respective borders kinda tips the scale in dollars/euros/pounds favour. Bitcoins don't have value because they do something better, they don't particularly do anything better at all.
also by instantly surely you mean 10+ minutes subject to the discretion of miners based on the fee you included in the transaction?
[QUOTE=Lonestriper;42995049]mblunk I think a backing from the government and the entirety of economic activity in that government's respective borders kinda tips the scale in dollars/euros/pounds favour. Bitcoins don't have value because they do something better, they don't particularly do anything better at all.
also by instantly surely you mean 10+ minutes subject to the discretion of miners based on the fee you included in the transaction?[/QUOTE]
I find it hard to believe you've ever had to send money anywhere if you say bitcoins don't do anything better than classic fiat and the groups that have come to control their use today. And yes, 10 minutes is much better than ~3 days for traditional bank transfers. 3 days worth of confirmations on a bitcoin transaction is about as close as you can get to 100% ensuring that the recipient has securely and permanently received the funds, and far more confident than you could ever be with western union and paypal and the likes. You can actually make transactions with truly zero fee attached (versus the 0.0005 standard which many are now pushing to further decrease), and while it will be a bit slower, there are still plenty of nodes out there (~tens of thousands/probably more) that will process it, especially during quiet blocks.
Please tell me you don't believe banking is somehow a massive conspiracy to make it difficult for you, the layman, to send money to people overseas. You must find it difficult to believe that they want to ensure all transactions are within the bounds of the law and protect their own business interests.
Damn, bitcoins have almost doubled in price since this thread was started.
[QUOTE=Lonestriper;42995273]Please tell me you don't believe banking is somehow a massive conspiracy to make it difficult for you, the layman, to send money to people overseas. You must find it difficult to believe that they want to ensure all transactions are within the bounds of the law and protect their own business interests.[/QUOTE]
Not necessarily making it difficult for the layman, more trying to invest the money they get for a few days and THEN sending it along. At least that's what I've been told?
Although this seems to be happening less and less I think, around here bank payments are usually quite instant, and at least not taking more than a day (excluding off days / holidays sometimes I suppose)
I think it's a US centric problem anyway since the bank I'm with has instant transfers between accounts of the same bank, overnight if its different bank which isn't really a hassle.
[editline]27th November 2013[/editline]
overseas naturally would take longer to account for the diff regulations and that.
I predict panic selling when it reaches 1k bucks.
I still don't understand the cashout, you guys actually made thousands of profit simply by selling the bitcoins on some bank and they transfer to your bank account? sounds like some people here made over 3k of cash that's a hella damn lot!
Just out of curiosity, does anyone have a guide on how to get in to the buying and selling of Bitcoins for profit?
Wanna make some dough.
Just hit 1000$ on here!
[url]http://bitcoinity.org/markets/mtgox/USD[/url]
Even though this is a bitcoin thread I have to say Litecoin has really been getting higher.
[QUOTE=Sethorion;42997739]Just out of curiosity, does anyone have a guide on how to get in to the buying and selling of Bitcoins for profit?
Wanna make some dough.[/QUOTE]
litecoin
Holy shit, I'm so happy I kept my LTC from the last BTC rise about half a year ago
[QUOTE=Lonestriper;42995273]Please tell me you don't believe banking is somehow a massive conspiracy to make it difficult for you, the layman, to send money to people overseas. You must find it difficult to believe that they want to ensure all transactions are within the bounds of the law and protect their own business interests.[/QUOTE]
I've had my paypal account frozen with a decent amount of funds in it, after they already froze it once before and I provided all the documentation they asked for immediately. There are no issues on my account and it's still frozen. You've probably also heard of all those charities and support groups that have managed to find success, only to have all of their collections seized as if paypal has made a business model out of it. There's no conspiracy, it's just a huge waste of time to deal with and makes no sense. We have the internet now, people should be able to send as much money as they want to anyone they want with no middleman other than lines of fiber and copper, no questions asked. I don't know why you'd want to try sending money any other way, assuming bitcoins are an easy enough option. Yes, there's no denying it's not easier right now for someone who doesn't already have some coin, but the startups popping up left and right are aiming to change that asap.
[QUOTE=Lonestriper;42996527]I think it's a US centric problem anyway since the bank I'm with has instant transfers between accounts of the same bank, overnight if its different bank which isn't really a hassle.
[editline]27th November 2013[/editline]
overseas naturally would take longer to account for the diff regulations and that.[/QUOTE]
That's exactly what I'm talking about, there's no reason for the ponds to make digitally sending money any more difficult these days.
Holy shit, it just reached $1000. I should have waited, god damnit.
But no way to tell if it's going up or down. This shit is nuts.
$1067.17
Christ almighty
[QUOTE=mblunk;42998150]
That's exactly what I'm talking about, there's no reason for the ponds to make digitally sending money any more difficult these days.[/QUOTE]
I could understand this sentiment if there was a regulatory body such as the EU except world-wide, but there isn't. It takes time because different countries have different systems, different currencies etc. Bitcoin is a solution insofar as it masquerades as a store of value but puts itself in a massive legal grey area. Also the no-chargebacks thing is an oversight.
litecoin is also on the rise if anybody thinks its too late to mine. its at 36 USD now, which is nothing compared to BTC of course, right [i]now[/i]. with the media coverage due to it breaking 1000, BTC sure to drag up other crypto-currencies, litecoin being the most popular alternative
Also I should add that LTC doesn't require you to have a beefy GPU to mine.
[QUOTE=mblunk;42998150]I've had my paypal account frozen with a decent amount of funds in it, after they already froze it once before and I provided all the documentation they asked for immediately. There are no issues on my account and it's still frozen. You've probably also heard of all those charities and support groups that have managed to find success, only to have all of their collections seized as if paypal has made a business model out of it. There's no conspiracy, it's just a huge waste of time to deal with and makes no sense. We have the internet now, people should be able to send as much money as they want to anyone they want with no middleman other than lines of fiber and copper, no questions asked. I don't know why you'd want to try sending money any other way, assuming bitcoins are an easy enough option. Yes, there's no denying it's not easier right now for someone who doesn't already have some coin, but the startups popping up left and right are aiming to change that asap.
That's exactly what I'm talking about, there's no reason for the ponds to make digitally sending money any more difficult these days.[/QUOTE]
OK, lets back up for a moment here. You are making comparisons to Paypal.
You may as well just bring Hitler and Satan into the equation.
[QUOTE=Fourm Shark;43003257]Cant find anyplace to purchase LTC.[/QUOTE]
BTC-E
[editline]28th November 2013[/editline]
BTC-E is also a great way to check out how BTC and LTC is doing complete with charts.
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