Deep Web/Bitcoin Mining

[Ocell]

Somebody care to explain to me what is exactly going on when mtgox is at $100 and btc-e is at $500+?

MTGox shut down bitcoin withdrawals when they realized they had built their transaction verification system around a flawed implementation. I believe it's also difficult to withdraw cash, at least in USD. So now, everyone has their money trapped in the exchange.

They keep pushing back the date on when they are going to re-enable withdrawals. In the meantime, there have been very suspicious trades, like a huge sell off right before they announced more stalling on fixing their system. (Insider trading?)

At this point, some people are selling their MTGox accounts to other people at discounted rates. The people buying the accounts are taking a chance that things will get fixed. The people selling are trying to cut their losses.


MTGox has been an insulated market for a while now. The price was inflated before when withdrawing fiat was difficult, and now it's crashing since withdrawing bitcoin is impossible. It doesn't reflect the bitcoin market as a whole.

[Ocell]

They just opened a BitCoin ATM in Boston. Thought the fed was trying to shut this down ?

So far the Fed has applied the same anti-money-laundering laws to bitcoin exchangers that it applies to other money services. I haven't seen any effort from the Fed to say bitcoin is banned in the US.

[gtdragon980]

MTGox shut down bitcoin withdrawals when they realized they had built their transaction verification system around a flawed implementation. I believe it's also difficult to withdraw cash, at least in USD. So now, everyone has their money trapped in the exchange.

They keep pushing back the date on when they are going to re-enable withdrawals. In the meantime, there have been very suspicious trades, like a huge sell off right before they announced more stalling on fixing their system. (Insider trading?)

At this point, some people are selling their MTGox accounts to other people at discounted rates. The people buying the accounts are taking a chance that things will get fixed. The people selling are trying to cut their losses.


MTGox has been an insulated market for a while now. The price was inflated before when withdrawing fiat was difficult, and now it's crashing since withdrawing bitcoin is impossible. It doesn't reflect the bitcoin market as a whole.

Okay, that makes much more sense to me. Good thing I never went through mtgox.

[VinniE30]

So did anyone get a buy in last night around 1AM EST when the price on bitstamp and bitfinex dropped down to 400? I got it at multiple points on the way down between 400 and 500.

[Ocell]

A little.

[nando]

is this an appropriate time to say, I told you so?

if you don't think the $400,000,000 collapse of MTGox is going to affect the bitcoin market as a whole... I think you should probably sell all of your positions and double your investments. ;)

So did anyone get a buy in last night around 1AM EST when the price on bitstamp and bitfinex dropped down to 400? I got it at multiple points on the way down between 400 and 500.

be careful with catching falling knives.

[VinniE30]

is this an appropriate time to say, I told you so?

if you don't think the $400,000,000 collapse of MTGox is going to affect the bitcoin market as a whole... I think you should probably sell all of your positions and double your investments. ;)



be careful with catching falling knives.

Well it already has affected the market with the people that panic sold when it dropped down to 400 after the news was announced. It spiked right back up though just like it always does after "bad news".. same thing happened with the silk market news and china outlawing it.
The bitcoin community has been well aware of mtgox's problems for many months, this was just the final nail in the coffin. So most people involved in bitcoin could say I told you so to the ones that continued to use mtgox despite all it's well know problems.

And buying on the way down works for me. Trying to "time the bottom" is a worse strategy to me, it's usually going to leave you buying too late once the price has already shot back up since you never know when that's going to happen.
I would say be careful buying bitcoin at all. It's high risk but potentially high payoff. Now, hindsight 20-20 the only thing I regret was not buying more that night.:)

[325Projectz]

great podcast with joe rogan for those of you who are interested. it's long but worth it - http://www.youtube.com/watch?v=1cexawnOlR8

[VinniE30]

This is a must watch. It starts at 46:55

[playdoh850]

I was one of those people who got lucky on the Bitcoin market. I had bought about 20 of them in around 2011 when they were maybe $1.50 each. I was going to use them on the silk road for a roommate I was living with at the time who was computer illiterate… Anyhow I never ended up using them since he never payed me and they just sat in my wallet. I completely forgot about them until I was reading a CNN article on them and it said they were at $1200 each. I almost shit a brick when I read this. I cashed out all 20 of them that night. I almost used Mt Gox until I read some reviews about people not getting their money. I looked around and the best alternative I found was Coinbase. I transferred them and they gave me less money than Mt Gox but all the money was in my bank account like 3 or 4 days later. I am super glad that I didn't use them now after all I have read and all the reviews I rad before cashing out. Anyone else here get lucky with Bitcoins?

[VinniE30]

I was one of those people who got lucky on the Bitcoin market. I had bought about 20 of them in around 2011 when they were maybe $1.50 each. I was going to use them on the silk road for a roommate I was living with at the time who was computer illiterate… Anyhow I never ended up using them since he never payed me and they just sat in my wallet. I completely forgot about them until I was reading a CNN article on them and it said they were at $1200 each. I almost shit a brick when I read this. I cashed out all 20 of them that night. I almost used Mt Gox until I read some reviews about people not getting their money. I looked around and the best alternative I found was Coinbase. I transferred them and they gave me less money than Mt Gox but all the money was in my bank account like 3 or 4 days later. I am super glad that I didn't use them now after all I have read and all the reviews I rad before cashing out. Anyone else here get lucky with Bitcoins?

That's awesome so you made over 20k? What did you do with it?

[playdoh850]

I used most of it to pay off old student loans :( Nothing wild unfortunately.

[nando]

that's pretty sweet! sometimes, you just get lucky. paying off student loans doesn't sound like much, but that probably put you 4-5 years ahead. :)

I had a few grand in tesla at $20. I doubled my money and sold. Durrr! I just don't look at it now..

[xAZxE30x]

that's pretty sweet! sometimes, you just get lucky. paying off student loans doesn't sound like much, but that probably put you 4-5 years ahead. :)

I had a few grand in tesla at $20. I doubled my money and sold. Durrr! I just don't look at it now..

I hear you on that :/ been there many times!!

What I'm still hurting about is not buying Sirius when It was at .13. My dad bought $10,000 worth on a big gamble and now sits pretty hefty. I will never forgive him for not sharing his tip on that move

[decay]

Bought one of these and just fired it up:

http://zoomhash.com/collections/top-sellers/products/batch-8-gridseed-300-400-kh-s-asic-scrypt-sha-miner-ships-from-los-angeles-ships-next-monday

It's not a super-fast device, but only drawing 7 watts, I can run it (and all my Bitcoin ASICs) without noticing a hit on PG&E. Planning on buying one per paycheck until I have an array of 12.

I have it pointed here: http://wafflepool.com/ - scrypt pool that watches the markets and mines whatever is most profitable, then cashes out to Bitcoin for you.