Bitcoins (and other crypto currencies)

[Chip-mk1]

Market correction after the huge and unnatural rise (unnatural in crypto?! Hah, I know.).

We'll see it steady out, then no doubt rise again (I predict higher than we saw it previously).

The whole "correction" thing is a bit weird to get your head around for me in the context of a currency that isnt really used for buying and selling things and has no underlying value.

Correct relative to what?

It makes no more sense at 1000 than it did at 100 or at 10, or at a cent, and no more or less sense than it does at 10,000 or 100,000

 

[Addicted]

The whole "correction" thing is a bit weird to get your head around for me in the context of a currency that isnt really used for buying and selling things and has no underlying value.

Correct relative to what?

It makes no more sense at 1000 than it did at 100 or at 10, or at a cent, and no more or less sense than it does at 10,000 or 100,000

Correction to the huge rise that we saw (from imo a Bull Market), or a dead cat bounce its probably more commonly known!

Still learning myself, but it looks like it to me, and outside of people trolling to try and gain your coins they've said the same thing.

 

[Chip-mk1]

Correction to the huge rise that we saw (from imo a Bull Market), or a dead cat bounce its probably more commonly known!

Still learning myself, but it looks like it to me, and outside of people trolling to try and gain your coins they've said the same thing.

What I mean is mate that a correction in terms of share prices, means corrected back to a value that is backed up by a combination of the share earnings and the underlying assets etc to give them that worth, where as in this case, there really is NO reason at all for them to be at 1000 not 10000 or for that matter to be at 1000 not 10.

 

[.Simon]

Where do you guys buy from?

 

[Dunc.]

I think this will succeed, the reason I say this is because let's face it....there is so much dodgy money in the world and this has uses in that area.
In the UK alone drugs are worth £10 Billion at least.

It may drop to $1 but it will be around aslong as it has uses, which it does such as on the deep web etc.

 

[riz]

What I mean is mate that a correction in terms of share prices, means corrected back to a value that is backed up by a combination of the share earnings and the underlying assets etc to give them that worth, where as in this case, there really is NO reason at all for them to be at 1000 not 10000 or for that matter to be at 1000 not 10.

Thats my worry about all of this. Gold/Silver etc has a market price and a tangible asset. Im not sure these coins have this....

 

[kpowell911]

http://mobile.bloomberg.com/news/20...cial-companies-from-bitcoin-transactions.html

Plunged 20%, but still above $1k as far as I can see?

 

[Addicted]

http://www.coined.com/

Best place to check prices, it's been an easy time to make money.

Tbh, regulation is a good thing, you'll get more adopters. The banks have only banned it while they put in place regulations, so we'll see what comes of it. You can still use/buy/sell bitcoin outside of your bank.

 

[Paul182]

Just found out about this Bit coin stuff recently and all sound very interesting. Now please don't shoot me down on my first question ... i don't have the funds to buy my own rig and research suggests using old computers/laptops is old hat and will be pointless. Now on eBay people are selling contracts to use their rigs for certain amounts of time at differing speeds is this something worth doing to build up funds or another worthless route to take? thanks

 

[mace¬]

Just found out about this Bit coin stuff recently and all sound very interesting. Now please don't shoot me down on my first question ... i don't have the funds to buy my own rig and research suggests using old computers/laptops is old hat and will be pointless. Now on eBay people are selling contracts to use their rigs for certain amounts of time at differing speeds is this something worth doing to build up funds or another worthless route to take? thanks

From what I understand from here. Forget about mining it, just trade it.

 

[Addicted]

Mining is entirely worth it, but whatever you do, do not buy the mining contracts on eBay - they are so overpriced you would not believe!

My friend actually sells contracts on eBay as he has ~35 or so GPUs, and he makes a fortune off of it because theyre unaware of how little coin they'll make for the cost of the contract!

At this point i'd probably suggest against buying hardware for mining now as the difficulty is rising very quickly so your ROI is getting further and further away (a week ago I'd of said it's worth it).

In terms of investing, I'd read the market before making a move, but imo I think we'll see another big rise pretty soon, but how high it goes and how long it stays there is anybodies guess!

If you can trade already, then there is EASY money to be made. I'll admit I'm pretty bad, but on 2 trades I got 10% profit - if you use the website I showed above (coined.com), you can view the live charts for MtGox etc, and if you trade on BTC-E there's usually a 1-2s delay. So if it goes up on Gox, it will generally follow on BTC-E as well, and the same with when it drops too. There are so many bear traps all the time if you can predict them you can probably make 10% each trap.

 

[Paul182]

So to start off in the trading game would it be ok to start at a low amount of bitcoin (0.05) even just to see how it goes as a low risk amount ?

 

[Addicted]

Yeah that sounds reasonable, I think most people recommend you only trade with like 5% of your holdings at any given time anyway (not that I listen) - so you won't make mega money from it, but it'll be a good starting place!

 

[Paul182]

So i just set up an account/wallet buy the 0.05 or whatever and wait and see what happens ?

 

[Paul182]

Where are the best places to get the above in motion?

 

[BatFastard]

I'm not an economist but I have been following a guy on BitcoinTalk since early this year. I have done everything this bloke has said and he has ALWAYS come out right for me, I made about a grand in the last bubble just following this blokes advice.

I unfortunately missed this last rise after not having the funds at this moment in time but I take whatever this guy says as Gospel. His name is MasterLuc/Lucif on the forums and here is his speculation thread -

https://bitcointalk.org/index.php?topic=274613.580

He says the bullish period is over. If anyone has any sizeable amounts of Bitcoin here I'd sell them (short term anyway). The boat has sailed. Do not get involved now.

 

[Wasswole]

^^ Makes sense... mainstream media coverage has peaked I reckon! But I thought that a few months ago with the first few BBC articles.

 

[Addicted]

^^ Makes sense... mainstream media coverage has peaked I reckon! But I thought that a few months ago with the first few BBC articles.

Far from it (imo)!

I'd say make an informed decision on your own, be swayed by whatever you are swayed by, but we have a lot more to go yet.

Tesla have just announced they are accepting bitcoins, there will be many others follow suite and then the real interesting thing happens.

 

[Chip-mk1]

I dont think anyone can possibly make accurate predictions of where it will go next, as there is nothing to base those predictions on, no one knows if its going to be the future of currency or not, and until you know that you cant tell if its heading upwards another hundred fold, or back down to next to nothing.

 

[Addicted]

I dont think anyone can possibly make accurate predictions of where it will go next, as there is nothing to base those predictions on, no one knows if its going to be the future of currency or not, and until you know that you cant tell if its heading upwards another hundred fold, or back down to next to nothing.

Pretty much nail on the head - and with that - only invest what you can afford to lose.

 

[BatFastard]

Its going to bottom at $400 thats when to get back in.

 

[Addicted]

Lol, we'll see.

 

[BatFastard]

Lol, we'll see.

Already dropped to $750 from over a $1000 24 hours ago.

 

[Chip-mk1]

Under 700 now. 400 not a ridiculous prediction, but tbh neither is 100 or goin straight up again. Depends what announcement gets made. It's the Chinese bank ruling that smashed it so low now.

 

[.Simon]

Yep - my value has halved to around $20!

Tempted to buy some more if they do hit a low though.

 

[Dink]

Mining is entirely worth it, but whatever you do, do not buy the mining contracts on eBay - they are so overpriced you would not believe!

My friend actually sells contracts on eBay as he has ~35 or so GPUs, and he makes a fortune off of it because theyre unaware of how little coin they'll make for the cost of the contract!

i didn't realise people still used GPU's for mining due to their crap hash per watt ratio

 

[ThomasBrentnall]

i didn't realise people still used GPU's for mining due to their crap hash per watt ratio

Really? I'm assuming he is on about LTC not BTC.

 

[Dink]

Really? I'm assuming he is on about LTC not BTC.

who knows he doesn't say

are there any asic based LTC mining rigs out? so yeah mining for LTC might be worth it on some gpu's but not mining for BTC.

 

[ThomasBrentnall]

who knows he doesn't say

are there any asic based LTC mining rigs out? so yeah mining for LTC might be worth it on some gpu's but not mining for BTC.

Guess so no not yet mate only graphics for ltc!

 

[Addicted]

Of course I'm on about scrypt mining with GPUs, you'd be positively insane (or have free power) to mine BTC on gpus

There's no asics no, and likely won't be any for at least a year. It's much harder to develop the cost effective as they require high speed (and large amounts of) RAM.

 

[Chip-mk1]

I'm not an economist but I have been following a guy on BitcoinTalk since early this year. I have done everything this bloke has said and he has ALWAYS come out right for me, I made about a grand in the last bubble just following this blokes advice.

I unfortunately missed this last rise after not having the funds at this moment in time but I take whatever this guy says as Gospel. His name is MasterLuc/Lucif on the forums and here is his speculation thread -

https://bitcointalk.org/index.php?topic=274613.580

He says the bullish period is over. If anyone has any sizeable amounts of Bitcoin here I'd sell them (short term anyway). The boat has sailed. Do not get involved now.

Its going to bottom at $400 thats when to get back in.

Looks like he isnt always right anymore mate, as instead of going to 400 like you said, its gone back over 1000 now?

Just goes to show no-ones lucky guesses can stay lucky forever, and with predicting bitcoin price it really is about luck, as there is no historical data comparable to work anything out from.

 

[Addicted]

Pretty much.

It was clearly going to go back up imo - ok there's been SOME chinese support loss, but the whole idea of Bitcoin is that it wasn't dealt with by Financial Institutions, so in that sense it makes 0 difference (the news articles that originally caused the drop) - it's just people trolling others to sell so people can buy low (imo). If you look at the "chatbox" on btc-e (known as the trollbox), it was full of people spreading all sorts of lies, but that's just what happens there.

So much market manipulation you wouldn't believe, but there's too many big players in the game now to let it drop too far.

 

[BatFastard]

Looks like he isnt always right anymore mate, as instead of going to 400 like you said, its gone back over 1000 now?

Just goes to show no-ones lucky guesses can stay lucky forever, and with predicting bitcoin price it really is about luck, as there is no historical data comparable to work anything out from.

I'm just going to get my popcorn and see how it plays out. That guy has said he expects to long and painful decline and there will be price fluctuations in the short term. We could also be in the Bull trap part of this stock bubble graph -

 

[Chip-mk1]

Pretty much.

It was clearly going to go back up imo - ok there's been SOME chinese support loss, but the whole idea of Bitcoin is that it wasn't dealt with by Financial Institutions, so in that sense it makes 0 difference (the news articles that originally caused the drop) - it's just people trolling others to sell so people can buy low (imo). If you look at the "chatbox" on btc-e (known as the trollbox), it was full of people spreading all sorts of lies, but that's just what happens there.

So much market manipulation you wouldn't believe, but there's too many big players in the game now to let it drop too far.

Its fluctuating like mad at the moment, swinging above 1000 by 100 dollars to below by the same amount in a couple of minutes.

Which implies that most people must be "holding" them, as if there were lots of them being traded the price would fluctuate less for each trade. Where as at the moment each large trade that happens is swinging the price quite a lot.

 

[Wilkeh]

Ok, so I've ordered a mining rig. Going to be mining Litecoins. Tell me if I'm missing anything, I've done the majority of my research from OCuk forums.

4 x AMD R9 280x
AMD FX 4300
Asus M5A97 R2.0
4 GB Corsair RAM
2 x 750w Corsair PSU's
Wifi network adapter
350gb HDD
Milk crate to mount
4 x 1x to 16x PCI extension cables
Massive fan
4 plug extension lead

Total has come to about £1600 so I initially feel a bit sick. If I get f**k all within the first few months I'll just sell everything and make a few hundred quid loss.

 

[Wilkeh]

Well I've now cancelled my order due to some dedicated serious mining hardware is due to be released in a month or two and apparently it will make the AMD cards redundant.

 

[Jay.S]

Ive been reading about this lately but i dont truly understand it.

what are bitcoins? is it virtual money?

How do you go about making it, buying stuff etc etc

 

[Chip-mk1]

Read the whole thread, all been covered before.

 

[Addicted]

Well I've now cancelled my order due to some dedicated serious mining hardware is due to be released in a month or two and apparently it will make the AMD cards redundant.

Hardware for what? There are plenty of BTC asics but no LTC asics, and won't be for a good while yet.

But you'd be mad to mine BTC on a gpu anyway.

 

[Jay.S]

Read the whole thread, all been covered before.

Been reading alittle bit of the thread and some articles from google/wiki. Its still alot to get my head around.

Bescially is it worth buying a litecoin now? Can you see them going in value?