Cryptocurrency Experience

[JayKim]

☆★Bitlite★☆ ‏@bitlitejp3h
Looks like February will be a wild month for altcoins. #maxcoin #ultracoin #Ethereum #kittehcoin #scharmbeck #worldcoin


http://www.coindesk.com/btc-china-accepting-bank-deposits/

"Prominent Chinese bitcoin exchangeBTC China is now accepting customer deposits via its corporate bank account, plus offering small prizes to its customers."


http://venturebeat.com/2014/01/29/m...track-bitcoin-with-the-rest-of-your-finances/

"The wild ride of Bitcoin’s value is slowing down, and we are beginning to see the effects of that stability.

Personal finance app Mint is integrating with Bitcoin wallet service Coinbase, so Bitcoin owners can quickly track how much their stash is worth and compare this value to their other financial accounts.

“There are now 12 million Bitcoin in circulation and 60,000 merchants accepting it via Coinbase,” Mint product manager Vince Maniago said in an interview. “We felt like it was something we couldn’t ignore anymore, and this is a good time to go out and support the currency as it becomes more legitimate.”"

 

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[mememan]

When's my crash coming?

How does a pump & dump even last 4 mins? I get that you buy the coins ahead of time, but what makes people want to go crazy for a 4 min window and overpay massively for coins? You put the sell wall up and then they don't have a problem saying, wow, the coin was x10 less like an hour or two ago?

 

[CryptO]

How does a pump & dump even last 4 mins? I get that you buy the coins ahead of time, but what makes people want to go crazy for a 4 min window and overpay massively for coins? You put the sell wall up and then they don't have a problem saying, wow, the coin was x10 less like an hour or two ago?

Social media channels.

There is obviously successful and failed PnD's some stretching out over several hours, 4 mins is probably a failed one or somebody with low funds.

The scammers who organise the big pumps have busy networks in social media channels etc and without doubt they'll buy up the coins long before they announce it, without disturbing the price perhaps weeks in advance. I truly believe that Max Keiser was guilty of a pump and dump with MEOW not so long ago. He put a cat video on his twitter and I believe that was his signal to dump or that he'd just dumped.

When they announce the pump to their followers they'll put down a few medium sized orders as BTC buy walls, and people will see that there is buy support and the pump is on. Because of this even people who didn't see the announcement get excited and start buying on top. As the coin rises the person or group who initiated the pump will sell into the rising demand and move the fake buy walls up accordingly artificially inflating the price as people are forced to buy ahead of them.

If the pump is gaining momentum and lots of external buy support comes in (above their own fake buy support) they'll pull their initial buy walls and literally dump everything they have on the people that we're buying the rise upwards. Quite a nasty business and people are able to get away with it on a daily basis in the crypto world.

 

[exige]

Yep, and it is getting more, I don't know what to call it "professional"? I've had so many offers come in to my coins from these professionally organized P&D groups. I just ignore them. I mean what is the point. The harder nut to crack is how to defend against them, if you are trying to build long term value in a coin, sometimes the coins can't recover from the P&D cycle and there's really nothing you can do about it. I might ignore the offers, but some whale in the coin might just pay them the 10BTC for a quick cash out (assuming they don't run with your money). Lots of risk in cryptos.

On another note, this article sums it up:
http://www.businessinsider.com/bitcoins-new-civil-war-2014-1

I don't know what the outcome is going to be. For now I'm still feeling Bitcoin will become largely irrelevant and something will supplant it. Mainly because of the folks who have infiltrated Bitcoin and attached themselves at the top and are pushing their own agendas.

 

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[mememan]

After poking around a little trying to discern people's investment strategy on other sites, I can tell that at least on places like bitcointalk, they don't have one If anyone has a strategy, they're not talking about it; so my method is either a terrible idea or may work out since so few people are willing to do it.

 

[biggeemac]

Well wouldn't that put everyone on this thread at a pretty great risk....since BTC holds the exit door?

 

[mememan]

Well wouldn't that put everyone on this thread at a pretty great risk....since BTC holds the exit door?

Honestly, if they just setup 1099-MISC forms at the BTC to USD exit, I'm fine with that. While it's a shame that BTC is quickly losing its anonymous/crypto edge, it's not like I was going to try to get away with free money here.

 

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[mememan]

Okay, I'm almost embarrassed to ask, but in trade history on these exchanges, what makes the order "buy" or "sell?" Are these just the orders that have been made that may or may not have been completed yet? Otherwise, if there is a trade, there is a simultaneous buy and sell, which is not what I'm seeing based on this data.

 

[PSK]

Okay, I'm almost embarrassed to ask, but in trade history on these exchanges, what makes the order "buy" or "sell?" Are these just the orders that have been made that may or may not have been completed yet? Otherwise, if there is a trade, there is a simultaneous buy and sell, which is not what I'm seeing based on this data.

Buy - Order placed by a buyer. This can specify the amount of 'coins' and the amount the buyer is prepared to pay.
Sell - The quantity of 'coins' a coin holder wishes to sell. Again the coin holder can specify the price.

When you go on exchanges and click on the sell tab, the price will auotmatically default to the highest 'buy' which is logged into the system. You can specify a different (higher) price which won't be 'bought' until a buyer comes along and accepts the sell order you have placed.

E.g.

Let's say there are 3 sell orders for ABC coin. 1st sell order is 100 coins @ $1, 2nd order is 100 coins @$2 and 3rd order is 100 coins @ $3.

A buyer comes along and only wishes to buy 100 @ $0.50. Because no-one is selling at this price, the buyer's order gets logged into the system and remains unfilled until either one of the three sellers reduce their price or a new seller comes in at $0.50.

Hope that makes sense.

 

[PSK]

Buy - Order placed by a buyer. This can specify the amount of 'coins' and the amount the buyer is prepared to pay.
Sell - The quantity of 'coins' a coin holder wishes to sell. Again the coin holder can specify the price.

When you go on exchanges and click on the sell tab, the price will auotmatically default to the highest 'buy' which is logged into the system. You can specify a different (higher) price which won't be 'bought' until a buyer comes along and accepts the sell order you have placed.

E.g.

Let's say there are 3 sell orders for ABC coin. 1st sell order is 100 coins @ $1, 2nd order is 100 coins @$2 and 3rd order is 100 coins @ $3.

A buyer comes along and only wishes to buy 100 @ $0.50. Because no-one is selling at this price, the buyer's order gets logged into the system and remains unfilled until either one of the three sellers reduce their price or a new seller comes in at $0.50.

Hope that makes sense.

Ooops, sorry, didn't read the question close enough. I believe trade history is just that, the last trades which have occurred.

 

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[mememan]

Yeah, that's what I thought. There is the buy and sell books (sort of like Level 2 in stocks). The market history is just people putting in their orders for the books, not necessarily what's been traded yet. I was confused why some said buy and some said sell since I thought they were actual transactions, which would have a simultaneous buyer and seller. Thanks

 

[mememan]

Ooops, sorry, didn't read the question close enough. I believe trade history is just that, the last trades which have occurred.

If that's the case, then buy/sell designations are confusing, since they aren't matched up.

 

[21elnegocio]

Max Keiser ‏@maxkeiser4h
Cheap way to mine BTC; mine alts and convert to BTC. Cheap way to buy BTC; buy out-favor-alts and convert to BTC on alt price spikes.

 

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[exige]

Max Keiser ‏@maxkeiser4h
Cheap way to mine BTC; mine alts and convert to BTC. Cheap way to buy BTC; buy out-favor-alts and convert to BTC on alt price spikes.

Obvious Max Keiser is Obvious.

 

[CryptO]

Obvious Max Keiser is Obvious.

He's basically saying, buy Max to make more Bitcoins.

 

[PSK]

Max Keiser ‏@maxkeiser4h
Cheap way to mine BTC; mine alts and convert to BTC. Cheap way to buy BTC; buy out-favor-alts and convert to BTC on alt price spikes.

Basically like saying eat food to stop going hungry, drink water to stop going thirsty. Lol.

 

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[PSK]

Obvious Max Keiser is Obvious.

His coin may actually prove to be quite popular irrespective of whether he is a tool or not.

 

[exige]

His coin may actually prove to be quite popular irrespective of whether he is a tool or not.

I can almost guarantee it will. I have released a number of CPU coins and I can say the Chinese will go absolutely nuts over it. Unless they've done something creative, I predict the difficulty will spike massively after release. Only viable way to mine it is going to be to spin up a whole bunch of cloud instances, like 80 Amazon large instances. The Chinese are organized. What we should do is setup a private Fastlane mining sub pool, to pool all of our collective hashpower, and point it at one of the larger pools. But this is a little involved to setup in just a week.

 

[CryptO]

I can almost guarantee it will. I have released a number of CPU coins and I can say the Chinese will go absolutely nuts over it. Unless they've done something creative, I predict the difficulty will spike massively after release. Only viable way to mine it is going to be to spin up a whole bunch of cloud instances, like 80 Amazon large instances. The Chinese are organized. What we should do is setup a private Fastlane mining sub pool, to pool all of our collective hashpower, and point it at one of the larger pools. But this is a little involved to setup in just a week.

I'm in, I got 3 computers I can contribute too!

 

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[CryptO]

Would anybody else like to mine in a Fastlane pool?

I'll get one set up if there is a few miners interested.

We can have an IRC chanel etc and vote on which coins to mine.

 

[21elnegocio]

His coin may actually prove to be quite popular irrespective of whether he is a tool or not.

Remember guys

http://altcoincentral.blogspot.it/2014/01/how-to-trade-maxcoin.html

 

[mememan]

Remember guys

http://altcoincentral.blogspot.it/2014/01/how-to-trade-maxcoin.html

Yeah, this guy has my sort of thinking in mind. When people in my podunk area start talking about coins aside from BTC, then I'll sell. Especially if all the know-nothing academics I know start wanting to buy

 

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[CryptO]

Miners will be pricing this at insane amounts.

It'll probably fall rapidly after the initial rush, just the same as when a new coin hits Cryptsy although it should recover far quicker than most.

If you are able to catch this coin the second it hits an exchange, you really have got no reference point as to its value, that could be dangerous.

One thing is for sure, Maxcoin is going to be one hell of a ride!

 

[CryptO]

Bittylicious now selling WDC and PPC.

Meaning fiat can be used to purchase WDC and PPC for UK residents.

https://bittylicious.com/

On the Worldcoin forum they said:

Both Worldcoin and Peercoin were chosen for their innovations when compared to a number of other altcoins, and also because of the ability to obtain enough sellers on the Bittylicious system to generate suitable competition.

Worldcoin was chosen primarily because of its community and efforts in creating an economy, including attempts at a merchant network and an admirable charity effort.

Peercoin is the first coin to utilise a proof-of-stake system in its protocol, ultimately resulting in a network being maintained by users that hold large amounts of coins, rather than this being based on who can expend enough energy to generate blocks.

 

[PSK]

Would anybody else like to mine in a Fastlane pool?

I'll get one set up if there is a few miners interested.

We can have an IRC chanel etc and vote on which coins to mine.

You had me at 'Would...'

 

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[PSK]

Bittylicious now selling WDC and PPC.

Meaning fiat can be used to purchase WDC and PPC for UK residents.

https://bittylicious.com/

On the Worldcoin forum they said:

Both Worldcoin and Peercoin were chosen for their innovations when compared to a number of other altcoins, and also because of the ability to obtain enough sellers on the Bittylicious system to generate suitable competition.

Worldcoin was chosen primarily because of its community and efforts in creating an economy, including attempts at a merchant network and an admirable charity effort.

Peercoin is the first coin to utilise a proof-of-stake system in its protocol, ultimately resulting in a network being maintained by users that hold large amounts of coins, rather than this being based on who can expend enough energy to generate blocks.

I actually bought some WDC shares tonight, lol. Only for the dividend payment tomorrow.

 

[mememan]

I actually bought some WDC shares tonight, lol. Only for the dividend payment tomorrow.

Got my share of SBFS for the drawing too

Against any level of logic or reason, I've got a decent amount of LTC going to Freshmarket to "invest" in some of the craziest coins out there.

 

[CryptO]

Battlecoin pump in full motion.

Watch the dump happen any minute now.

https://www.cryptsy.com/markets/view/142

 

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[PSK]

Battlecoin pump in full motion.

Watch the dump happen any minute now.

https://www.cryptsy.com/markets/view/142

Starcoin and Battlecoin were pumped at the same time by two different bodies, lol.

 

[rexxkai]

Would anybody else like to mine in a Fastlane pool?

I'll get one set up if there is a few miners interested.

We can have an IRC chanel etc and vote on which coins to mine.

Need more info on this!!
I will have at least one computer mining.