Cryptocurrency Experience

[CryptO]

At the beginning of October I jumped into Bitcoin with an investment of $3000

6 weeks later of ups and downs, wondering whether to sell or hold, staring at my phone every 2 minutes (on my construction site) to check latest prices my $3000 was now worth $15000.

Then with natural progression and being a latecomer to Bitcoin, I started to get interested in other Alt currencies in hope of repeating success enjoyed by early adopters of Bitcoin (when it was cheap). After research and listening to people on Cryptsy.com and Btctalk.org I then took a calculated risk and dumped all my BTC (which was earning money every day) for uptrending and early cryptos;

That's where you can make big profits right now. Not BTC.

This is my current spread

DigitalCoin x 10000 (price goes up 1 cent = portfolio increase of $100)
MegaCoin x 40000 (price goes up 1 cent = portfolio increase of $400)
GoldCoin x 600000 (price goes up 1 cent = portfolio increase of $6000)

Some days there is greater movement than others but the trend is mostly positive.

The idea is that when you get in from ground floor (before the coin demand goes up too high), this is where you can see explosive return on investment. You should not be looking at Bitcoin or Litecoin (soon your mother will be talking about them).

Allot of Alts (alts are any other digital currency that is not Bitcoin) are providing a 50% return every single day!

At current market cap and 2 months later my $3000 is now valued at $30000 and increasing every hour.

www.coinmarketcap.com

If anybody wants any advice about how to start investing in cryptos, I'll do my best to share what I've learned so far.

A small amount now (just for fun and something that you can afford to lose) could go a very long way.

In terms of regulation (which is had/has to happen) and legality; there were 2 congressional hearings about digital currencies at the US Senate on the 18th and 19th November 2013.

Here is part 1 :

[video=youtube;CSTo9XgOgtY]http://www.youtube.com/watch?v=CSTo9XgOgtY[/video]

Here is part 2 :

[video=youtube;JzpRsUYxuaU]http://www.youtube.com/watch?v=JzpRsUYxuaU[/video]

 

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[CryptO]

Wow... been a few years since my last visit here... but tbh if you can get past all the hype / trading talk... there were many things said here that are still as relevant as ever: Cryptocurrency, blockchain and/or distributed ledger technology is here to stay and will only get stronger.

So, after the following post in the thread... are you profiting off the bitcoin wave? I've had a number of people wanting to know what gen 3 cryptos I'm investing in and a number of people asking about Steem and Bitshares.

I tried to make it clear... I believe they are pre-cursors to a true gen 3 crypto and I am not investing in either Steem nor Bitshares. If you do some research and look at who the creator of those two projects is and what he is doing now... that is all you need to know in terms of where I am mainly investing outside of my own project. Doesn't mean that is where you should invest at all, in fact please don't unless you come to the same conclusion... It's where I feel right putting my money and I could be totally wrong.

There is another project but it's higher risk as class action lawsuits are being filed against that team due to SEC regulations.

Everything I wanted to mention is in that post I linked above and it all relates to where myself many others feel we are headed inevitably... mass scaleability. You want mass adoption the platform needs to be able to handle it. In my team we are looking at gen 3's for inspiration on how to scale and improve DPOS in a more decentralized manor. At the moment it's a case of lower transactions per second provided by higher number of nodes = more decentralized vs higher transactions per second accompanied by lower number of nodes = less decentralized... if somebody can crack that so it's massively scalable and massively decentralized... it's game over as you won't need anything else... imo.

Before trusting a post on a forum to the point you are going to invest a ton of money... be sure to do your own research and come to your own conclusion... once you believe in that investment and you understand it yourself... then by all means back it... so many people just throwing money at things because one day it was popular. They get recked then blame the scene. The game changes so fast here my strategy has evolved into investing into long terms hodls with promising developments... that I believe in... as opposed to trying to catch daily waves... Admittedly that becomes easier once you have accumulated decent capital to sit back on and ride out the highs and lows... but seriously, my best trades took well over a year, sitting through hard times before I cashed out, moved on and reinvested... So I would say from what I've been seeing and hearing how certain people invest in something... then come back and complain once it hasn't worked out... take advice by all means but I'm sure investing in things you have done your own research in and come to your own conclusion will be far more effective than blindly jumping on the bandwagon.

#whatever

 

[CryptO]

Big corrections in the market today. Very volatile and many coins reflecting the descent of bitcoin and panic sellers.

Things were looking way too good over the past 7 days.

Some coins were witnessing 100% to 200% returns every single day last week.

Between Thursday and Friday my portfolio increased from $40,000 to $100,000 in 24hrs! WTF!

That's $60,000 in 24hrs.

Crazy stuff and my head was spinning all day.

Last Friday I cashed out 300000 Goldcoins for $11000

That recuperated my initial investment of 2500 euros plus a nice little profit (that will be eaten up by my construction company overheads).

Now it's all play money. The markets can crash and bounce as much as they like, I got a big stash for the long term and looking to do some arbitrage between the Chinese and US markets for some extra spending money.

Things are going to get very interesting next week as the markets (should) recover from todays correction.....

 

[Chris_Willow]

not sure if this has been posted earlier, but here's an infographic on the history of bitcoin that I came accross today.

 

[CryptO]

Just to let you know, there is a chance that this thread will get locked.

I'd like to stay in contact with everybody that posts here, so I'm going to set up a seperate forum called CryptoRefuge or CryptoIsland (something like that). The forum will be a place for us to keep in touch in the event of a lock down.

 

[Jake]

Goldman released a report on bitcoin

http://www.scribd.com/doc/212058352/Bit-Coin

A few notes

"In terms of Bitcoin, I believe this is where the meat of the wholes story resides. Similar to the silver ETF, for bitcoin there are increasingly new constituents as more individuals and businesses adopt its usage. This is where the numbers get really scary, and one runs the risk of sounding like an old-time rabid gold-bug or bitcoin zealot - I’ll try to avoid that! But in my view there is voracious demand for new bitcoin and, similar to silver, prices will have to rise dramatically to meet it. Specifically, I think the call on bitcoin could very reasonably be $150 billion, which places it,ironically, in the same ballpark as the valuation of Amazon and of Greece’s M1 money supply. Essentially, if the average person carries around $100 in their wallet - which is a reasonable amount of walk-around money if you want to buy a coffee and a train ticket and a bunch of flowers to take home - and all of the 1.5 billion Facebook users acquire a virtual currency wallet of that size because they realize that the use of virtual currency is more convenient than using cash or credits cards, then that alone would get you there. But, again like silver, that $150 billion worth of bitcoin is not necessarily readily available. Assuming that 50% of bitcoin is put away in cold storage (stored offline so less readily accessible) or tucked away in an investment fund, then you are potentially looking at much more appreciation, and so on"

"In the context of Bitcoin, this type of opportunity lies in the outlook for different forms of adoption. I think that there is a meaningful probability that credit cards will go the same way as type writers and that wire transfer systems will be replaced in the same way that email replaced the postal service – that is the power of Bitcoin"

Bitcoin could save consumers in excess of $210 Billion annually. Not bad for a sub $8 billion technology

and that's not even including a myriad of other ways bitcoin can save people money..here's a nice list of industries it's set to disrupt.

http://ledracapital.com/blog/2014/3/11/bitcoin-series-24-the-mega-master-blockchain-list

Middlemen offering "trust" are no longer needed.

 

[CryptO]

Bookmark this site to track news related Bitcoin and Alt tweets:

http://www.cryptocompass.com/industry

 

[Jake]

Overstock is the 27th largest online retailer in the US and they now accept Bitcoin.

http://www.top500guide.com/top-500/the-top-500-list/

Companies are going to be forced to accept to remain competitive.

Here's a quick analysis by Trace Mayer

"In 2012, Zynga had $1.2B of gross revenue. We do not know what percentage of revenue will have the Bitcoin payment method as an option so we will just assume all of it. The credit card or PayPal fee for a $5 sale would be about $0.445 or 8.9%. Assuming Zynga has the same payment method breakdown as Reddit then we can expect this effect.

Approximately $30m of annual revenue being processed by credit cards or PayPal would cost about $2.7m. Bitpay will process this amount for a flat fee of $300/month or $3,600 per year which is a cost savings of approximately 99.87%. Not bad for a few hours of a developer who is likely already on salary!"

http://seekingalpha.com/article/192...ings-may-be-material-to-earnings?source=yahoo

shareholders are going to begin demanding bitcoin acceptance imo

 

[JayKim]

http://www.forbes.com/sites/andygre...exploring-possible-bitcoin-integration-plans/
Google Lets Slip That It's Exploring Possible Bitcoin Integration Plans

http://blogs.wsj.com/venturecapital...nsation-for-open-source-software-development/

"Another application of Bitcoin that’s gaining traction is as a means of rewarding programmers in open-source software projects.

“The real potential [of Bitcoin], the mass-market potential, is the stuff we are working on with these new projects,” said David Johnston, executive director of BitAngels, a loose network of angel investors that back Bitcoin startups. “It’s where we replace more consumer-facing things, like eTrade or Dropbox ,” he said. “In the next couple of years this next wave of applications will be built on top of Bitcoin.”

Open-source software is often developed by many programmers who volunteer their skills. Some developers have found ways of getting compensation for their work viacrowdfunding on Kickstarter or on BountySource.com, a platform specifically for funding open-source software development.

Mr. Johnston believes that Bitcoin may be another and, possibly, better way of sponsoring open-source development. “It’s a new way to monetize open-source,” he said."

 

[rexxkai]

Anyone want to learn how to get deposits into Cryptsy before the coin is released on Cryptsy, PM me

 

[CryptO]

There's a £60m Bitcoin heist going down right now, and you can watch in real-time

http://www.newstatesman.com/future-proof/2013/12/theres-£60m-bitcoin-heist-going-down-right-now-and-you-can-watch-real-time

This kind of thing is keeping me out

By that logic you should also be avoiding the US dollar because it used as a vehicle to finance criminal activity that totals trillions (not millions).

 

[Shuffle]

Wait what, dogecoin is real?

I'm not sure what to do with this information. Baffled almost.

Wow.
Such surprise.
Much confuse.

 

[Jake]

I hope you guys make it, but if you keep losing 50% of your investment in 3 hours, that's going to be a pretty small island and some pretty virgin drinks.

Yup. At the rate that I've been losing money I won't just live on the island; I'll own it.

 

[Rem]

What do you consider a little initial investment?

Well right now we have about $23k in equipment. I don't think you need all that to get started. The more money you sink in the more money you make. or at least that's what I am finding in my case here. Just the profits begin to dwindle over time due to the difficulty factored into it.

 

[gelsicapital]

site i use convert to bitcoins everday i get around .02 bitcoins with 2 graphic cards a day

http://middlecoin2.s3-website-us-west-2.amazonaws.com/

 

[CryptO]

You are the textbook definition of what diversification is. LOLLL

I talk with JayKim on skype and we started calling this diversification technique "doing the dodder" lol

 

[JayKim]

Did anyone get kitteh/meow when it was at 1 -10 satochi? I had a bunch at 8 but sold early, its not even on cryptsy yet and has got to 128 satochi at one point, right now at 50. People made a killing. Lot, Moon, Tips, and Col all went up.


From twitter:

"I'm out of MEOW for now. 2500% profit is enough. Thanks"

"18 months ago I had no money at all. Virtually zero. And in January 2014 made 75,000$."


The Schmo ‏@iamslush1 34m
MEOW and MAXCOIN the two things to watch in the coming week


[PRE-ANN][MAX] MaxCoin https://bitcointalk.org/index.php?topic=438150.0
MaxCoin (MAX)
Quick Technical Specifications

BTCScrypt or SHA-256? Keccak (SHA-3)
BTCHow many coins? 250,000,000
BTCBlock reward? 96 MaxCoin per block, halving every ~12 months
BTCDifficulty? Retargeting using Kimoto Gravity Well algorithm.
BTCBlock time? 30 seconds

 

[JayKim]

 

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[CryptO]

is this alty?
http://www.zazzle.com/antimatter_tshirt-235178278058453567

and this alty's wife?
http://www.zazzle.com/antimatter_tee_shirt-235671936953442243

just trying to give it some branding!

 

[rexxkai]

somebody likes feathercoin

 

[exige]

And Gox. is. gone. Literally gone... site is no more.

 

[CryptO]

Markets have all been fantastic today.

Everything green >>>> check this out http://coinmarketcap.com/

Quark has been smashing itself up the list at Coinmarketcap, just as predicted.

All through the night (no sleep again) I sold off my Megacoins and dumped into Quark.

It's been a VERY good day and I just transferred another $5K into my bank account and acquired a boatload of Zetacoins off extra profits made from MEC.

So my portfolio is looking like this

250,000 QRK
200,000 GLD
180,000 Zeta EDIT : Bought at 10 Bitcoin and dumped 4 hours later for 12 Bitcoins. $1800 in 4 hrs trading. (I did this because I just get the feeling that it may fall flat on it's face tomorrow as it has done on the previous pump).
1000 Mega
250 Digi
12BTC

This all came from an original purchase of 21 Bitcoins in October of 2500 euros! Good times indeed!

 

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[CryptO]

First of all , thanks for starting this thread Alty!

I am currently in Quarkcoin. I was in bitcoin after a friend gave me some and I make about 4k from it but sold way to early (i could have been a lot more rich off it.)

My BIGGEST question is HOW did you buy it. Did you use MtGox, and if so did you give a photocopy of your passport to comply with some rules? I was so afraid of identity fraud that I never got any coins by any means where I had to ID myself to buy them.

Also will you sell an of your coins? PM me if you are willing to do a person-to-person transaction via paypal or something. This topic fascinates me!

I sent passport ID to Bitstamp.

As 'money transmitting' services it's in their interest to comply with FED regulations or risk getting their accounts frozen coupled with a seize and desist order. This means enforcing KYC (know your customer) and AML (anti money laundering) in order to comply. The Chinese government have just asked Digital currency exchanges to do the same thing.

In other news:

Bitcoin is the Future, Not NFC, Says PayPal President David Marcus

Swiss Lawmakers Propose Treating Bitcoin as Foreign Currency

 

[DeletedUser12]

I speculated with just a little bit of money (Coinbase let's you buy in at 0.1 Bitcoin, so about $90 today). So I've been buying a few tenths here and there, starting at when BTC was at $350. Total amount in was only $325. I bought and hold mainly GoldCoins.

My logic was simple, to buy an altcoin that seemed like it had potential and was at a few cents a coin. If this coin goes up to a few dollars in value, then the upside potential is huge. If it all goes down to zero, get's hacked and stolen, whatever, total loss is $325.

Plus trading is fun I might add, if you enjoy that type of stuff. Sometimes there's differences for the buy and sell price between the markets (Cryptsy vs Coinex.pw) and you transfer coins between the two and try and make some more coins.

Current value of what I hold is around $2,225, not bad for a few weeks of time.

 

[MJ DeMarco]

http://en.wikipedia.org/wiki/Greater_fool_theory

 

[Jake]

Is this a bull trap?

Testicular fortitude check lol

"Bubbles" burst, coins get distributed to more hands, new comers increase their holdings, bitcoin continues to grow.

That's the way I see it playing out at least. Who knows..I'm just along for the ride on what I believe to be a world changing technology.

 

[CryptO]

THIS IS THE FUNNIEST VIDEO - IN THE CRYPTO WORLD - IT'S GOING VIRAL

IT IS A MUST WATCH TO SEE THE JOKES THAT CAN BE HAD IN THE ALT COIN COMMUNITIES

DOGECOIN MILLIONAIRE - ENJOY

BTW : (PLEASE DON'T INVEST IN DOGE LONGTERM)

sorry about all the caps

But these guys behind dogecoin, which everybody calls a joke (because it is), are actually taking this pretty seriously.

Check out the site they've created for dogecoin. Internet Marketing : To the MAX

http://www.millionaires-club-international.com/

 

[JayKim]

Does anyone care to make predictions on what we will see in 3 years?

a bitcoin will be 40k lol.

 

[Jake]

1 day = 50% ...


please think about that. AND be CAREFUL!! lol

And we had a 500+% month in November.. It comes with the territory.

Sure it sucks but no flaws were found in the protocol and bitcoin continues to gain new users. Rapid uptake of a technology is still taking place.

 

[JayKim]

Not jealous, I just think its dumb to parade around giving people 'advice' when every single coin has gone up.

If everythings going up why don't you buy some. If you have tell us which and why? Help out instead. Tell us who the experts are to listen to then. He knows a lot more then you about it. Sound jealous to me.