The timing of this thread is what makes it exceptional. It's been quite a drop since then. Hard to say when or if a bottom's been reached. There's been a nice bounce at around 600 and it almost looks safe to buy back in (If you hadn't been buying the slide already) but then again, it could just be another bump on a slow, agonizing, downslope the likes of which we have not seen since the first time from 30 down to 2.

I don't even try to time this kind of crap. I'll leave that to the mentats like Edward50 

Don't listen to the non-believers MindGrenade. Listen to your heart.

Right now my heart is telling me a similar story. If it doesn't crash down to at least $700 before Monday, and if the price can form solid support above $1000, I think the trip to $2000 will be very quick indeed.

My heart also weeps for those that will inevitably flood in and buy at 5000, 8000, maybe 10,000 or more    and then discover the joys of latency while they try to sell as we crash back down to the 900 range or lower, taking devastating losses along the way.

I can't shake the feeling that many pigs will be slaughtered this holiday season.

And here I thought this was all some kind of weird deja-vu. 

Guess I'm not prescient after all. I Better go adjust my bids and asks, lol.

You're gonna sell everything?

Just curious, how long does it take to get the fiat out of gox? and to which country if you don't mind? I'd love to have an account there but I just can't figure out a decent way to get the fiat out.

1255 on christmas day, just a hunch

agreed on the orderbooks part, I prefer to just watch the price action and see if it matches or defies my expectations. Right now price on gox has been just bashing it's head against a roughly 1090 resistance. Someone once told me the more times you test resistance, the more likely that you will break through.

On the flipside are the stamp and -e prices, -e is at 907 right now! with gox at 1078! It appears we have some non-believers. (or the gox peeps just can't get their fiat out so they are transferring into btc just to get out.) <-*I can't speak from experience, it's just something I heard.

I can't try to make sense of it, but I can tell you my personal thoughts.

If bitcoin is the only payment method, how are you gonna pay for your coffee? a couple satoshis? what about the change? the transaction fee?

As far as I know, dust transactions are already a problem and we're only like what? 4-5 years into this beta project? I'm not so sure the bitcoin network can handle billions of micro-transactions of 2 or 3 satoshis every few seconds around the globe.

I think bitcoin will be the money of nations (like gold) and litecoin will be the money of gentlemen (like silver)

*edit* - also, I don't think 1 monetary system to rule them all is very healthy, kinda goes away from the decentralized idea for me philosophically. I think I would prefer a world with many competing currencies.

Same. ever since it finally got back up to $10 people been telling me "Just cash out man, that's like X dollars dude!" And although I have cashed out a lot along the way, for a very low average price, that X just keeps on growing.

I've now stopped selling bitcoin for fiat. I will now only exchange bitcoin for goods, services, someday taxes? and other crypto-currencies if I think they have merit. (very happy that litecoin was able to gain against bitcoin while bitcoin has been gaining against the dollar.)

no worries! and cheers dude! hold on to your crypto! 

You sold bitcoin for fiat. I think the OP wants to sell his bitcoin for litecoin. Completely different scenario.

checked it earlier tonight, was given a price of 11.something... seems like an awesome deal, but then I think that I paid 70 btc for the jupiter and it's only gotten like half of that back and will not ever break even and then I pause and reconsider.

Incredible thread, thank you lightfoot for your insight and a question if I may.

Little singles out in the open with a big fan blowing at them should be fine, right?

my temps are also reporting around 70 degrees (which happens to be the ideal temp for my jupiter, so I thought those temps were ok.

ambient is 90 f   poor AC is going full bore just to keep the room at that temp.

The thing is, when I finally got these little singles, I took one look and stripped the cases and threw them and the power supplies away. they didn't even include a fan for the heat sink! one fan only and that is the intake fan, which is terribly constricted by that ridiculous face plate and I thought "I can do better"

So I stripped them down, set the intake fan on top of the heat sink blowing down, and that blower fan blowing across them.



And a question for the OP please. How long was it running before it blew?

It sounds like your primary goal is to increase your litecoin holdings. btc-e is a very volatile place and very fun for gambling, I sold 2 btc for somewhere around 250-300 ltc a few weeks ago, but I just went straight from btc -> ltc.

What it sounds like you want to try to do is call a top in usd/btc, then wait and try to find a bottom in usd/ltc. I think that's incredibly risky, especially on btc-e. That place is full of sharks, the btc price in dollars is notoriously low compared to other exchanges and I feel you would be hard pressed to get a good price on btc-e.

The most dangerous part is the waiting. I would suggest, actually I can't suggest you do anything, you have to do what you feel is right.

I can say that I think litecoin is pretty cool. Some people say that it's exactly like bitcoin, but because it's so similar is what will make it so easy for people to adopt. I think it can actually be silver to bitcoin's gold. I think the absolute bottom is around .01 btc - kinda like a bit-penny. The absolute top would be at .25 bitcoin - a bit-quarter if you like, as there will be 4 times as many created. A more realistic top could be .1 btc, the bit-dime.

I would avoid the transfer into fiat and just make the straight transaction though. The time of fiat is coming to an end.

(*edit, not trying to derail the thread, but I thought I should put up a disclaimer of some kind. I am very bullish on alt-coins. I'm not sure which ones are going to make it, but litecoin seems pretty solid. I hear a lot of people say that BTC won't have a problem with deflation because you can just keep splitting it up, but dust transactions are already a problem, and we haven't even reached the second halving of the block rewards yet... I think the inflation has to come from alt coins. Which ones are accepted and which ones are rejected is anyone's guess, but I think there will be a big place for them in a bitcoin future.

Just wondering how many think sideways motion is scary, as opposed to how many think it is comforting.

Thank you for your vote.
- and of course, your comments on why you feel this way are appreciated.

(*edit - just thought I should clarify, By "sideways motion" I mean when the exchange price remains within a certain range for a certain amount of time.*)
get your mind out of the gutter

I also look forward to buying a home and skipping that whole mortgage thing, but I will need a much higher price than $5000, maybe $50,000?


btw, even typing the word "mortgage" makes my skin crawl.

Hah! what roller coaster would be complete without a rocket ride at the end?

How about 1k -> 10k  -> 6k  -> 25k -> 50k -> 100k -> 200k ...   

epic

honestly the thing about crypto-locker type viruses demanding bitcoin instead of dollars is the part that scares me the most.

Punishing the currency instead of the criminals is just plain stupid. And the blacklisting is dumb too. As someone already mentioned, it is trivial to track coins and I'm sure the enforcement agencies already have their own blacklists. all that crap is so ridiculous that I do not see it as a threat because I think the chance of it even happening is so remote.

But that crypto-locker virus is a bitch. I've seen it now at 2 different companies, one of them was on a terminal server. If that thing (or something like it) starts demanding bitcoin, I think that would have a very negative effect on the popularity of bitcoin.

I hate that cryptolocker thing. I blame microsoft. Users that have no admin rights should not be able to launch that menace. I haven't spent too much time on it (we just wipe the infected box and restore the backups) but my hunch is that they are exploiting the bitlocker "feature" they introduced in windows 7... but that's just a hunch.

The only thing that comes immediately to mind would be a hologram. Apparently you can cut a hologram in half and it will still project the full image.. though you may lose some resolution. So even in this case it's not entirely true. Even though one tiny part of the whole would technically perform the same function, (showing the image) the image would not retain the same quality.