Deep Web/Bitcoin Mining

[phreshkid]

Where are you buying and selling? theres several bitcoin exchanges and I want to buy in and try it out.

If you want to keep it simple, check out coinbase.com. You can buy and sell there using cash/debit/credit and I believe you can sell there too.

I wire transferred a few grand directly into my Mt. Gox account early April before the massive crash. Mt. Gox has basically become a trap though. You can get money in, but because of issues with the US Government and current US Banking systems, you really can't get your money back out unless you convert to bitcoin (BTC), send to your wallet (or coinbase wallet) and then sell them via coinbase or other selling mediums.

I day trade via Mt. Gox. Buy when you think it's low, sell when you think it's high or about to drop.

Do as much research as you can on Bitcoin. Hot shot speculators are expecting over $500 before the year's end, and as high as $1500 by the end of February. I'm not fully convinced that this $430/BTC price will hold. I'm hoping for a correction of some kind, then buy back in when I'm good and ready.

The only real problem about my hoping for a "correction" is that back in April, there was only one real trade website where people were playing BTC and that was Mt. Gox. Now you have 5-7 high-volume trading sites like bitstamp, btc-e (mostly for european trading) and others alike. If there was some sort of market correction on Mt. Gox, it wouldn't wreak havoc of massive sell offs because BTC volume is diversely spread out through all the trade websites.


It's speculation that is driving up the price. Yes more businesses and countries are implementing BTC as a legitimate form of currency, but if they key whale-players (people who own thousands and thousands of BTC) wanted to shake the market up a bit and short BTC, all they have to do is sell bit. This will begin to drive the price down and small fish like you or me will freak out and sell in fear of losing money (or profits). This would create a spiral of selling and dropping prices.

If you have time, check out this video. I don't know the guys who made it personally, but it seems to make some kind of sense.

http://www.youtube.com/watch?v=qHUPPYzzZrI

To keep up on current market prices of BTC and a few of the different trade exchanges, check out this site:

http://bitcoinity.org/markets/mtgox/USD

[decay]

Yeah, I've been following it more recently. I have an app on my phone that I check once a day just to keep up with it. I finally made all my money back from when I bought in at the peak in April. I cashed out and now I'm using the profits I made off of that to trade with.

If only I had a larger quantity of BTCs though. I suppose mining at these current values would yield much better results than before.

not so much- difficulty has gone fucking insane because so many people have ASICs running now. it's much harder to be profitable at mining than it ever has been.

http://blockchain.info/charts/difficulty

i've made far more getting paid part of my salary in BTC, in a month, than i ever did mining. and given that when i started, BTC was at $125, yeah, i'm doing okay there, but i'm playing long- i'm not selling anything.

[Ocell]

+1 for Coinbase. Once you get verified and add a credit card backup, you can buy instantly.

Use Coinbase to buy, then use an exchange like Bitstamp to day trade, or if you need to cash out fast. Don't rely on Coinbase to cash out during an event, because they have a daily transaction limit for the whole company. If everyone's cashing/buying, the limit will be hit and you'll be stuck.

[Fusion]

[tjts1]

So now its over $900 in China.
5670 CNY
Anybody want to take bets on when the correction is going to happen?

[GaryE30]

So now its over $900 in China.
5670 CNY
Anybody want to take bets on when the correction is going to happen?

Correction? There will be no such thing!!! BTC TO THE MOON!!!! :) Lol JK

Honestly though, its just gaining traction and still well before becoming somewhat "popular" amongst the public. Just wait until it hits more news stations. Popularity will increase, demand will increase, price will increase just as we're seeing now.

I'm holding on to what I've got :) Really wishing I would have put more in early on, but hindsight is 20/20. I bet even putting in a good amount now will pay off in a mere month.

[Fusion]

Imagine what would happen if ebay started accepting btc... or Facebook (ads, games, etc.)

[Farbin Kaiber]

I'm kicking myself from when they were like $0.25/ea. Shit.

[325Projectz]

i was too late for btc, but i got in on ltc at a relatively low difficulty. bought more gpu's today.

[phreshkid]

This is absurd.

I'm calling it. $1500/btc by the end of the week.

UNLESS tomorrow's Senate meeting (discussing the future of btc) goes bad. Then you'll see another dip in prices, only to come right back up.

[decay]

This is absurd.

I'm calling it. $1500/btc by the end of the week.

UNLESS tomorrow's Senate meeting (discussing the future of btc) goes bad. Then you'll see another dip in prices, only to come right back up.

my boss (Anthony Gallippi) is speaking there. we'll see how it goes.

also, sorry about you selling @ 430. :P

my BFL 7GHash arrived today, just got it running. 6 months to the day after i paid for it. but with this massive increase in value, it might actually pay for itself.

[Dj Buttchug]

this is INSANE!!!!

[tjts1]

The Chinese are using bitcion to funnel money out of their country, hence the huge price diff between BTC China and all US and European exchanges. The Chinese gov has very strict currency controls to keep money in the country and people are using bitcoin to funnel money out. This would explain the huge price diff between Chinese and all other bitcoin exchanges.

$1100 (6745 CNY) on BTC China

$704 on Bitstamp. Somebody is taking a huge hit just to get money out.

[phreshkid]

my boss (Anthony Gallippi) is speaking there. we'll see how it goes.

also, sorry about you selling @ 430. :P

my BFL 7GHash arrived today, just got it running. 6 months to the day after i paid for it. but with this massive increase in value, it might actually pay for itself.

I bought right back in at $450, then again at $490.

Don't get mad, get glad!

[decay]

I bought right back in at $450, then again at $490.

Don't get mad, get glad!

haha good deal!

for anyone else who wants to watch the senate hearings, they're at 12:30pm PST here:

http://www.c-span.org/Live-Video/C-SPAN3/