1204
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: February 06, 2014, 04:32:01 AM
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Altcoins are much better way to increase number of BTC than btc vs fiat trading.
When we talk about unrealized gains, yesterday was a third month when I cashed out like 5 BTC. That's how I decided to hedge and gain some realized profits - selling for 4-5k$ per month. It's quite enough to live more than comfortably and to spare at least half of that where I live.
Alt speculation is easier said than done. There are like 5-10 new altcoins per day so it's like watching a spinning roulette wheel. I have a little 3Mh/s scrypt rig (also serves as my office space heater) so I've been mining and playing with alts... between the greed, FUD, and pump & dumps I can't tell what's what. Everyone wants to be the next Satoshi.
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1207
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Economy / Speculation / Re: Are there any other Optimistic Bears?
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on: February 05, 2014, 06:26:49 AM
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The arrogance of billyjoeallen really puts all other perma bulls to shame.
I think the arrogance is simply human emotion translated to forum posts. Nothing wrong with being excited about crypto. The stance I take is that I'm invested in the technology, bulls and bears are simply definitions from the legacy banking system applied to a technology that has not existed before, though the labels are apt and create a lot of fun if nothing else. If Bitcoin drops a few hundred dollars, I'll buy some more. If it goes up I'll watch my account grow. It's a win-win. Bears and bulls, join hands.
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1208
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Economy / Speculation / Re: Stealth transfer of bicoins from day tarders to hodlers
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on: February 05, 2014, 06:09:40 AM
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I agree with you. These newfangled digital currencies are so new and mysterious (cue grandpa Simpson), it's difficult to comprehend what their greater impact will be, years from now. Our brains are not programmed to predict the future. They are throwbacks to an earlier kind of life, and here they are trying to wrap themselves around a bunch of numbers on a blockchain in a digital realm. We are flinging value across the internet, from wallet to wallet, in minutes. Nothing like this has existed before. Blockchain technology can solve so many problems it's not even funny; currency is just one application, and a profitable one at that.
We must consider the daily sentiment compared to the larger picture. Many altcoin miners are selling their freshly minted coins on the market as they mine them. Nothing wrong with that (gots to pay the billz) but I see the same thing happening now as in 2012 and 2013: Shortsightedness leads to greed and fear, leading to selling. I don't mean this to demean those who are speculating on digital currencies' existence, or to question miners' reasons for selling (or holding), I'm just trying to use history as a way to predict the future.
Blah blah blah, adoption goes up, supply and demand blah blah, price goes UP and the world continues to turn. Maybe I haven't been around long enough, but the question is when and not if. Those who believe in the long-term success will have more coins, that is for sure, and those who understand the underlying technology of cryptocurrencies will be ahead of the game.
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1212
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Bitcoin / Bitcoin Discussion / Re: How many bitcoins do you have (poll)?
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on: February 01, 2014, 11:43:27 PM
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I have 7592.39477210. Proof: $ bitcoind getbalance 7592.39477210 Wow. I don't suppose you'd be willing to donate a small tip to a small-time guy like me How long have you been in the bitcoin game? Any advice for those of us who are just starting off? 1. We are still early adopters. I tell people this when they say, "Whoa, $800 for a coin is too expensive!" Price is simply a number that reflects supply and demand. 2. I have regretted mining purchases but never bitcoin purchases. Case in point I bought 65 coins back when the price was sub $100 to buy ASIC chips for a DIY mining project. The project fell through but I was able to get a refund, thank god. That was a stressful time--I should have held onto them in the first place. Also think how many people bought now-obsolete mining gear for hundreds of bitcoins before the price shot up to $1000. It's almost too painful to think about.
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1213
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Economy / Speculation / Re: When will bitcoin reach 1,000, 2,000, 5,000, 10,000, 40,000, 50,000, 100,000
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on: February 01, 2014, 11:01:49 PM
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Come on, I want to get rich too... but 100k...? Not going to happen. Where is the money going to come from to support such a huge valuation? The days of enormous gains are behind us. Next rally might bring us to 2 or 3 grand, followed by maybe 5k by end of year. That's a bullish scenario. Really bullish. We might just end up oscillating around $800 for the whole year.
I hear you, but people used this argument when bitcoins were $100-200. "A thousand? Not for years, if ever. Where will the money come from? We'd need x amount every day for the price to stay stable." And here we are at $800 not even 6 months later.
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1216
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Other / CPU/GPU Bitcoin mining hardware / Re: PS3 miner?
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on: January 30, 2014, 06:10:26 AM
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The more interesting question is, what hash wouldget the ps4 Just about to ask that - I've got a PS4 idle most of the time. What graphic card does it have in? Might mine fairly well? A quick search indicates it's basically a Radeon 7850/CPU integrated chip. Not sure how that would affect its mining potential, or how hot it would get given the PS4 wasn't designed to be pushed that hard.
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1217
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: January 29, 2014, 04:55:37 PM
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Uh oh, a bunch more merchants "of similar statute" (as Overstock) about to sign up with Coinbase.
This is not confirmed, but even if it is, it's bad news as these merchants will cash out all their bitcoin and will further crash the market. I have confirmed the last part where I just wrote "even if it is, it's bad news as these merchants will cash out all their bitcoin and will further crash the market". I've further confirmed this by quoting your confirmation. Confirmed.
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1220
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Economy / Speculation / Re: $10 straight clean arbitrage to be had going from Stamp to BTC-E....
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on: January 21, 2014, 06:44:58 PM
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2 * .2% = .4%
1.2% - (2* .2% ) = 0.8%. And actually it is a bit better than that..... .....furthermore, any higher than decimal figures volume of BTC on Stamp is going for $3-5 less than the micro-transaction determined spot price on Stamp....so even more margin still, at least until you get your coins onto BTC-E and learn the hard way about trying to take small margins in bot controlled electronic markets. Moral of the story is that there is no arbitrage and prices on all USD exchanges are being artificially held up for some reason. I never seen such blatantly mechanical trading across the respectable exchanges as I have witnessed today. Certainly this morning, on Bistamp, there was 1000 BTC of Asks standing between spot price and my Stop Loss buy orders. Now there is almost 2000. Bots are people too, trying to make a profit. If you are sure of this, use cryptotrader to program one yourself to outwit the "evil" bots.
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