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981
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Other / Off-topic / Re: Have you quit your job yet?
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on: July 13, 2014, 12:27:56 AM
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Unfortunately, I didn't buy in when I heard about bitcoin in 2010. So, not yet.  But if we get past $10k at some point, I may be able to stop working for wages. Wouldn't that be nice....  |
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982
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Other / Off-topic / Re: Will downloading torrents give you spyware/malware?
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on: July 13, 2014, 12:21:11 AM
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If you're careful, you will probably be fine, but as a general rule, anything bitcoin-related (including hot wallets) are on a separate computer. I just don't need those sorts of worries. But if you are careful about file types, and download only from trusted uploaders, you should be fine.
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983
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Other / Beginners & Help / Re: Orphaned block?
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on: July 12, 2014, 11:48:08 PM
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This block was timestamped 13 hours ago, and there have been 88 blocks found since. I suspect it won't be confirmed.... I suspect you are right.  I wonder how often blocks are orphaned, can anyone point to any data? They must be rare enough that Bitpay can justify doing zero-confirmation invoicing. BAM: https://blockchain.info/charts/n-orphaned-blocksWhy does it look like orphaned blocks are only a phenomenon that began happening in the past few months? I guess they don't have much historical data. But as I suspected, the numbers are low.  |
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984
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Bitcoin / Bitcoin Discussion / Re: Can Bitcoin wallets be trusted?
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on: July 12, 2014, 11:45:10 PM
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Most bitcoin wallets are open source. This means that anyone is able to inspect the code of the wallet to ensure that these types of attacks could not happen.
Even if the code itself is open source, what guarantees me that the build I'm getting was not compiled from a modified source which will take coins away? Especially on phone apps. I have no way to prove that the source code matches the app I see on Google Play or App Store? This is why I would rely only on a PGP signature. In theory, it can only be generated by the owner of the corresponding private key. So if you trust the developer (of say, Multibit or Electrum), the signature verifies the integrity of the file and shows that the key owner vouches for the file contents. That's pretty much as good as it gets. |
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985
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Bitcoin / Bitcoin Discussion / Re: 40 minute BTC block time - No big deal
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on: July 12, 2014, 11:36:06 PM
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35 minutes and counting now.  I swear, it seem like every time I send a bitcoin payment, I'm one of the people stuck waiting an hour for a single confirmation. C'est la vie.... 48 minute block time there, I was waiting for that one too. THEN the next block contains only ~500 transactions, not including mine. Now another 26 minutes and counting. Damn you, bitcorn! Yep, mine missed that block as well. Now waiting 35 minutes. Just need one confirmation for my payment to Foodler, been waiting over an hour now. Like I said, every time, I'm one of these unlucky people. |
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986
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Other / Beginners & Help / Re: Orphaned block?
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on: July 12, 2014, 11:03:43 PM
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This block was timestamped 13 hours ago, and there have been 88 blocks found since. I suspect it won't be confirmed.... I suspect you are right. I wonder how often blocks are orphaned, can anyone point to any data? They must be rare enough that Bitpay can justify doing zero-confirmation invoicing. |
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987
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Other / Beginners & Help / Re: Getting paid for signature space?
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on: July 12, 2014, 10:50:50 PM
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If you are looking to make money with BTC than i have to say that Getting paid for signature space is not enough. You can earn a little amount through signature space. I think mining is a better option.
Not true, mining have much much more risk than signature payment. For example, difficulty suddenly increases a lot, electrical cost suddenly increase, ASICs not getting delivered. It is possible you might never make ROI. Signature campaigns however only require you to post in this forum, there isn't much risk. AFAIK, Stunna 's primedice campaign pays 0.48 max, that is already quite some money. With mining you have to put some kind of capital to risk. You either need to pay for the miner in fiat or use bitcoin to purchase the miner. You would then need to hope that the difficulty does not rise fast enough so that you will not reach ROI (more likely then not it will). With signature space all you are risking is the time that you are spending on these forums, which is time that you should be spending here regardless. In short, mining and joining a sig campaign are two completely different things. Buying cloud hashrate or ASIC is an investment, while joining a sig campaign is like a part-time job. Bingo. We're talking about a high-risk/speculative investment (that IMO is quite risky considering difficulty trends), versus what amounts to a low level part time job. Totally different ballparks. |
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989
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Bitcoin / Bitcoin Discussion / Re: Can Bitcoin wallets be trusted?
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on: July 12, 2014, 10:44:03 PM
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It is probably a good idea to check the md5 hash for wallets. Even then if the site itself were to be compromised the attacker could just change that as well. I think it is a serious concern though. hilariousandco suggestion might be the safest bet. I started off dealing with extremely small amounts so it wasn't a huge concern at the time for me.
Checking the MD5 really just ensures that the file is the right size (data has not been lost/corrupted) and integrity maintained after download. Potentially, an attacker who hacks the site or executes a MITM attack could change the MD5 checksum to match the compromised file. I prefer a PGP signature. MultiBit provides this, for instance. |
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990
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Other / Beginners & Help / Re: where should i invest 1 btc ?
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on: July 12, 2014, 10:37:57 PM
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It sounds like you haven't done a whole lot of research into trading strategy and technical analysis, so I wouldn't jump into it quite yet. At the very least, do some research into common charting patterns and how to properly use indicators. The TradingView.com bitcoin chat has been a great resource to me as well. where should i invest 1 btc?
how to trade?
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991
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Other / Beginners & Help / Re: day trading - what's the catch?
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on: July 12, 2014, 10:35:37 PM
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Well other things may have been happening in crypto around that time to cause a price drop, but it could be down to manipulation.
I think that a lot of people have it in their minds that a piece of news should have a massive, positive impact on the price whereas actually it can see the coins overbought and then dumped.
Look at when Litecoin landed on Huobi, people were talking of a $50 Litecoin, it hit $22 then tanked hard - it was overbought and whales dumped their coins on all the people rushing to buy thinking that it was going to make them filthy rich.
But I believe ltc has been oversold, and it has already reached the low at ~0.01 btc last week. Yup, it's surprising how much Litecoin has dropped over the past few months. There was a time not that long ago where 0.035 BTC was the supported rate for 1 LTC. Then it dropped to around 0.025, and now it has nose-dived massively. It was believed that Litecoin would follow Bitcoin, both up and down, but that has definitely not been the case of late. Bitcoin has been very strong - a lot of funds have moved from classic coins like PPC, NMC, LTC to newer coins like DRK and beyond. Daytrading is very risky, mostly when buying into rising prices. There are very few uses for LTC other then speculation. If people have no way to use LTC then they have no reason to purchase LTC. This is true only to an extent. This was true for bitcoin as well, at some point. I'm not going to speculate on how much infrastructure development we'll see in LTC, but for merchants and payment processors that are entering the bitcoin realm, LTC becomes quite accessible with little additional development needed. |
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993
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: July 12, 2014, 07:44:38 AM
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Nice panic buy from a large investor.
Hehe, yeah that's a nice long shadow on that candle. There's definitely some buying pressure here, we're just at a resistance level. This looks like a pretty natural pullback, haven't even made it to the .382 on any of the exchanges. No panic selling here. Not panic selling indeed. Just people taking every little profit they can. We go up 8 bucks and everybody dumps straight into it. It really shows that a big rally up is not something they are expecting anytime soon. We've had some large buys the last few days and instead of it motivating people to buy it motivates them to dump. People started trading more and more and now they want to profit all the time. I seem to think they aren't in BTC for the long run anymore. That's just traders. I think that's partly a reflection of the current market -- retail may be waiting to jump in, but they're still on the sidelines. All recent movements are mostly short term speculators/traders, not the bubble-driving average joes. |
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994
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Other / Beginners & Help / Re: I like doing bitcoin trading to earn money
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on: July 12, 2014, 12:11:20 AM
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it's easier said than done. i suggest doing some research into different forms of TA, charting patterns, commonly used indicators before jumping into the fray.
TA only works if the masses buy/sell BTC based on those trends. If you try to do trend analysis on the path of chickens in a chicken coop you get nowhere. Most of the small traders probably aren't looking at the charts that closely to even know what a MACD is. People say TA is a "self-fulfilling prophecy", but I tend to disagree. And obviously, this could not be proven in any way. To me, patterns and indicators are more so a visual representation of the collective psychology among market participants. So, for example, a double top is very much a visual translation of buyers' hesitation to cross such resistance. Hence, a bearish sign. |
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995
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Other / Beginners & Help / Re: day trading - what's the catch?
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on: July 12, 2014, 12:08:46 AM
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People are describing at least 2 different types of trades here. Trading crypto pairs can be risky because you can end up getting stuck in a worthless coin like XPM.
Trading BTC/fiat pair is only as risky as BTC itself. Your should really lose money except for trading fees, but you might miss out on a run if you're in fiat.
The trouble comes when you are trying to profit both in BTC and in dollars. Making $$ by trading BTC is very easy -- at least it has been historically. Trying to make $$ without losing coins? That takes skill. |
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996
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Other / Off-topic / Re: Recent payments!
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on: July 11, 2014, 11:45:32 PM
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I wish I were better at hoarding. I spend a good deal on Amazon (and will spend a good deal on Newegg as well). I spend WAY too much bitcoin on Foodler, ordering takeout/delivery. It's just too damn easy... |
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999
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Economy / Speculation / Re: This Bitfinex Credit Bubble cannot end well
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on: July 11, 2014, 05:44:55 AM
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This isn't FUD, I'm an old customer of Bitfinex and want to keep using them. I think any accusation of scam or similar against Bitfinex have no foundation whatsoever. But I'm also apprehensive with present levels of swaps taking in account the thin orderbook.
I'm in the exact same position. Longtime customer. Don't love them, but they've been good enough to keep my business. For now. But I've been watching this situation gradually spiral out of control and it really worries me. We can't assume that little/no swaps are being used to margin buy; that would be counter-intuitive. Swaps can't simply grow forever while the order book remains paper thin. That's just a liquidation cascade waiting to happen. I wouldn't mind as much if BFX honored lowball bids that execute, but they don't. I'd like to know the details behind their decision to remove Bitstamp liquidity when they did. As long as the average leverage ratio stays steady then there would not be a credit bubble growing. Any successful exchange that offers leverage would be expected to have credit balances grow as more customers deposit funds into the exchange looking to trade. I think the main point is the ratio Volume of Swaps vs orderbook. If the first increases steadily at three times (just an example, I didn't do the math) the increase of the volume of the orderbook, that is a reason for concern and for the adoption of measures by Bitfinex to limit its grow. On an healthy exchange both should increase at similar rates, as the number of customers grow. If most of the customers are bullish, that should have a similar impact on the swap volume and on the bids in the orderbook. This isn't happening. Exactly -- you can't simply point to "increased growth" because it's simply not reflected by the order book. Clearly, USD swaps taken (at very high interest rates) are growing at a much fast pace than order book liquidity. |
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1000
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Other / Off-topic / Re: How do you earn money online?
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on: July 11, 2014, 05:41:11 AM
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Aside from my day job, my primary side income is from swing trading BTC. My bigger positions are usually on a 1-2 month basis, but I do sometimes day trade a bit in between. In a strong BTCUSD bull market, I play alts as well. Right now, very risky.
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). Love me some Electrum. I just don't really want to have to worry about the blockchain...
