Deep Web/Bitcoin Mining

[nando]

MtGox released they will be handling LTC (litecoin) exchanges on April 10th. That morning it had DDoS attack after attack. Hackers infultrated, started selling bitcoins at ridiculous prices like $100-$150 while they were at $266. It scared the fuck out of uninformed investors, so they cashed out. I saw MULTIPLE six figure cash outs go through that morning. It'll go back up, don't you worry lol.

really? it's a fiat currency backed by nothing but confidence in the currency itself - which is riddled with security issues and is the constant target of hackers - and you don't think that's a good reason to sell?

I wish it were possible to short sell this thing. but since the market is completely non transparent..

[markt51]

How did i not know this thread existed? lol Ive been mining the shit out of bit coin for the last month or two. I sold 5bc that i mined when it was at $200 a few days ago. Made just over $1k after fees. But yea im not investing anything more until ASICs come out and the market shows any signs of longevity or "realness"

[ninjaotter]

When I bought my very first coin it was, get this, $.60. If I had invested a few hundred dollars...damn.

I got in big at $22 and out at $150. I sold some at $50, some at $75, and some at $100, then held the bulk until it hit $150.

I only invested a couple grand, and that money wasn't mine to begin with. I put it all in the bank for college.

But a lot of people lost their ass, which is too bad. Nature of the beast I suppose. Most of the time I dont sit on the coins. Bought the coins, paid for whatever I was buying within 30 minutes, and didn't worry about it fluctuating. For my investment account, I picked set values, and sold what I planned to when I hit the number, no matter what. I was tempted to sit on it when it hit $150 because it was climbing so much. Could have made more, but at least I got out before it started to drop.

[decay]

Sounds like he bought in late. Could have had them for $10 last December and still be 10x that value now. Uninformed speculators get what they deserve :)

[mitch500]

i don't think i would trust this bitcoin thing..... I have a friend thats hard into it.... He was trying to get me to put $500 on some litecoin shit.... I don't trust it... Needless to say he text me today and said he lost 20k from the bitcoins dropping to $100 a coin.

[pandaboo911]

I think the only people making money here are the ones running the actual bitcoin sites.
Don't want to be a negative nancy here but isn't anyone suspicious that this is brilliant ponzi scheme?

Especially with alternate currencies popping up. They are creating wealth from nothing, and such a thing does not exist.

This whole rise could be fake growth.. Regardless of whether this is a pyramid scheme of some sort, or the future of currency, I'm staying out. It's way too risky to lose my hard earned money on

[Rsully70sev]

MtGox released they will be handling LTC (litecoin) exchanges on April 10th. That morning it had DDoS attack after attack. Hackers infultrated, started selling bitcoins at ridiculous prices like $100-$150 while they were at $266. It scared the fuck out of uninformed investors, so they cashed out. I saw MULTIPLE six figure cash outs go through that morning. It'll go back up, don't you worry lol.

[decay]

Fun fact: At the current $120, bitcoin has retraced all the way back to... April 3, 2013
lol

do you mind? people are trying to feel superior for not throwing their hat in here.

[tjts1]

MtGox got DDOS again probably because of a combination of HFTs and their own incompetence. They then shut down the exchange for 12 hours until tonight. I'm guessing when it comes back up they'll have some kind of mechanism to prevent HFTs. I can't wait for the ensuing panic and fire sale. Would love to load up again under $20.

Bring it on


Fun fact: At the current $120, bitcoin has retraced all the way back to... April 3, 2013
lol

[nando]

it's crashing

SURPRISE! :p

[Thizzelle]

it's crashing

[Rsully70sev]

I went through Electrumx, paid a hefty $50.00 fee to have the currency sent to Liberty Reserve within an hour. Turns out a trusted website gets me for a grand. I'll have fun fighting that one with Visa.

[GaryE30]

Don't worry about me guys. I don't have much invested. I will say though as soon as I jumped in, the shit tanked!

Thanks to BitInstant and ZipZap, I had my funds deposited at a local CVS and tranfered into coins at record speeds of only 15 min. When I got back home (5 min drive) I waited about 10 min and they showed up. (current value 1 BTC = $260+)

According to some recent articles, it has taken BitInstant a good while (a few hrs, say 5-6) to get people their coins because they've been swamped with orders. Had it taken longer, I probably would have gotten in at around $100 or $150.

My lucky day right? lol :) Oh well I'm not bothered, just here for the ride!

[decay]

Gary, I feel bad for you for just buying in. Had a feeling that was a bad idea.

Interesting day in the BTC world. Being presented in the media as a bubble popping; seems more to me like the kind of correction that happens when speculators lose interest or waffleswaffleswaffleswaffleswaffles out (seeing as it only rose above the value it corrected to 2 weeks ago).

The mining pool I use is being ddos'd - apparently their architecture involves a single point of failure. Wish I had the time to bring my new hardware online, because I was going to point the new card at triplemining (link posted previously), but I'm working at another startup. That's life.

[GaryE30]

Yea I kept everything and didn't sell. This seems to be a regular occurrence for Mt Gox since they're the most popular trading site. It's just a game some people are playing to make some huge profits off the people who panic. They just kill the value when they all dump out at once.

Now the same people who caused the drop are buying in low and riding it back up again.