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I don't know - mining might have been profitable - but it was taking too much time. Buying was more efficient way to gather BTC.
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This talk about millioners buying bitcoins always comes at the tops of the waves - a bearish sign.
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Hey - where are our Elliot Waves when we need them? My interpretation was that at BTCChina we had extension of extension of extension of the 5th wave - so at the first correction I decided it is time to fix the profits. Also BTCChina has now the biggest volume - so I think it is most useful to do the analysis on it instead of any other exchange.
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Besides, my midterm count 2 (posted half year ago) materialized in full (except 3 was a bit higher)  It was not 3 - it was just the first wave of 3  At this growth it really does not make sense to use linear scale. |
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whew, i thought this thread was going to be about bitstamp not paying out.
In the MtGox case that happened long time after 'goxing'. |
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Are we starting extension of extension of extension?
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3) When you think you're entering a bid, you're actually in the ASK tab (the pages look exactly the same).
I've done all of these...
Yeah I'm particularly addicted to #3. Oh well. Then use the old UI. |
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It's pretty obvious that the decision about Baidu accepting BTC was taken by the party and that means China is getting serious about bitcoins. The Chinese people can read this kind of messages - so they buy BTC. This is the start.
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Does anybody know of another exchange, apart from MtGox, where a trader can freely bounce between currencies ?
To me this is why tha banks sabotage their activities; they are a defacto money changer, usurping the busines from the banking cartel.
You got $US, $C, $A, Yen, Roubles, you name it, and no bank forex spread, just a minimal bitcoin trade commission.
Difficult for banks to play along with MtGox given that, me thinks.
People shifting money around freely and sharing none of it with them. Plain jealousy.
There used to be 2% commission by MtGox for this. |
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Head and shoulder:  target is above 200 Only volume is a bit low. |
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I thought you were using bitstamp?
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Only issue is that you have to use Wire and cannot send CAD directory to btc  bank charges 3%-5% on CAD -> USD conversion, maybe use a third party wire transfer which uses somethign closer to usdcad spot rate? yes CAD to USD is no fun, but at least there are no issues with someone holding onto your money for no reason. For conversions you can use something like http://www.ukforex.co.uk/ - worked well for converting my funds for my initial investment in 2011 |
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My original post was about Bitstam having problems with too many transactions during the recent crash - just like MtGox.
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My GPUs where still minig at lost when BTC where exchanged at 2$ .. I sold those BTC over 200$..
So, I dont plan to stop mining as I will sell those over 2000 $ ; P
Hmm - but instead of paying for your electricity you could buy BTC and you'd have them more than with mining. Then you could also sell them over 200$ and be better overall. There is no rational case for mining when you pay more for electricity than you'd pay for the BTC bought directly. Buy maybe your argument is that some people never get this idea that they could buy more BTC then they mine - so they will be mining BTC regardless of the economy of that. That's possible. |
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Difficulty-adjustments will ensure that in the event of miners shutting down the difficulty goes down as well and mining profitability will increase again.
Yes - but the adjustments don't happen immediately - and especially down adjustments will happen slowly. |
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I never followed mining too closely - but the difficulty grows like crazy  It is quite possible that at this rate it suddenly outgrows the profitability level for most miners and if they decide to switch off the mining rigs - then bitcoin transfers become slow. This can undermine the bitcoin system causing the price to drop and lowering the mining profitability even more forcing people to switch off further rigs. In 2011 the system proved to be quite robust against price drops - many miners did not switch off immediately after the price made mining unprofitable - and the system was maybe slow at some point but not catastrophically so - but this time it might be different with the difficulty explosion. |
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Today marks day 40 of Mt. Gox's withdraw freeze for all non-electronic currencies. We're way past day 40. The "hiatus on withdrawals" started on June 20, 2013. This is day 90. 90 days is an important milestone. As a rule of thumb, a business creditor that's 90 days behind will probably never pay without coercion. There are ways to apply pressure to Mt. Gox. If Mt. Gox owes you money, file complaints with the Japan Financial Services Agency, the US Securities and Exchange Commission, the small claims court in Delaware, and the Japan Payment Service Association (website for complaints: www.s-kessai.jp). Contact reporters at Forbes, Business Week, the Wall Street Journal, and Nikkei Sangyo Shimbun. If you're out of Mt. Gox but paid a premium to get out, a suit in Delaware Small Claims Court for any extra fees you paid might be useful. From the Delaware Small Claims Court page: "The most you can ask for in a small claims case is $15,000" - just noting. |
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