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Cryptocurrency Experience

Anything related to bitcoin, crypto, blockchain

Jake

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I think if you just want to make a small profit over a long period of time buy bitcoins and hold, but if you're interested in making more money and taking a bit of a risk alt coins are the way to go. Would you agree with this?
Imo bitcoin will give you a massive profit while alt-coins crash and burn. They may spike in the short-term though. We're dealing with a protocol here, not simply a digital token used for trade.

think TCP/IP, think SMTP.

Bitcoin (the payment network, the distributed ledger) is the protocol, bitcoin(the currency) is an application running on the protocol. It's one use, out of many.
 
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exige

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Was looking at some charts earlier where someone plotted a logarithmic trendline of bitcoin pricing since the beginning... Its a little ahead of the trend right now so maybe there will be a nice dip and buying opportunity, but it would certainly look like the guys talking about $10k and $100k price targets a couple years out might not be so crazy - at least going by the chart.

The mania around these alt coins is insane. The results of that Quark coin audit were posted showing pretty sizable holdings by a relative few, but not as bad as the 90% some people were making it out to be. I guess it comes down to riding the marketing/publicity wave and get in and out of these with the right timing, the technical features of the various alt-coins seem largely irrelevant. Its kinda fun to mine them though.
 

CryptO

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Bitcoin markets undergoing major stress testing today; everything going haywire and prices across all exchanges have been crashing hard.

Time to make some quick money in the midst of all the panic and chaos.

People everywhere screaming "the sky is falling" "it's the end of Bitcoin" only means one thing to me. Time to buy low.

Check this chart to see some crazy movement in action.

http://bitcoin.clarkmoody.com/

Big dumps forcing price down rapidly.

Serious traders are making money riding the waves up and down while most people are panic selling.

Not wanting to miss out on all the fun I obtained 4.5 Bitcoin from trading in some Goldcoins at Cryptsy.

I sold these Bitcoins at Bitstamp for $930 (worth $4185) and when price dropped to $850 I purchased 5 (just made half a bitcoin).

I then made a sell order that will be triggered when the price returns back up to $1080.

$4185 will become $5400.

It may take a while before it returns to that level, but, I can wait, relax and enjoy the exciting chaos of the digital fireworks! :)

IF YOU ARE GOING TO TRADE, PLEASE CONSIDER THAT YOU MAY LOSE REAL MONEY.
 
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Mbc

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Just got some Quarks, feather, peer, and terra yesterday.
Quark is fast and very cheap right now. Low risk investment.
And not vulnerable to a 51% attack like Bitcoin.
Don't know why people keep calling this a ponzi scheme. Regular banks are ponzi schemes.
Ponzi scheme is where you take people's money and lend it out or use to pay "interest" to investors, it works as long as everybody doesn't take their money back at the same time. You deposit 1000$ in a bank, they lend out 10K at interest, sound like a ponzi scheme?
There is no credit in digital currency, therefore it's the opposite of a ponzi scheme.
You hear about the US needing to raise the debt ceiling because they need to borrow more or they go bankrupt? That's a ponzi scheme!

Be careful, don't keep your currencies on websites too long since they can be hacked.
Day trading may be profitable if you have accounts set up on different websites, but it takes time to get verified by all of them and you often need to be a resident of that country to take money out.

I think these are better to just buy and hold.
Could be a huge thing, or could be another part of the internet.
Is it revolutionary? Future will tell.
Most of the alt coins will probably disappear, but a few are likely to stay.
Mark Cuban said to invest in alt coins, for what that's worth.
 
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RBefort

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A lot of poker players jumped on the bitcoin train. Hell, even one poker site uses bitcoins to play. This is basically a decent gamble, as the future is uncertain. It could go way north, or way south. I am not too knowledgeable on it, but I would just invest to have fun with it while it lasts. Maybe throw some money in and get out quickly over and over. I did see a map from another source that shows places near where you live that uses Bitcoins for purchases and the like. http://www.zerohedge.com/news/2013-12-03/google-maps-bitcoin-has-arrived
 

exige

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Quark is fast and very cheap right now. Low risk investment.
And not vulnerable to a 51% attack like Bitcoin.
Don't know why people keep calling this a ponzi scheme.
Don't get emotionally attached to it and buy into the story. QRK is NOT low risk. Their main guy was putting out PR's that were made up - see the big long drama on their message boards from last night. Also, it is vulnerable to other attack vectors.

There are a lot of bagholders trying to become activist investors and turn it around. I think what they are doing is great, but IMHO the problem is that the nature of its "economy" and all the coins already out there can't support pushing the price up much. They've got folks running around using clever turns of phrases and talking about the "distribution phase". Replace that with "dilution phase" in a penny stock scheme. The people going around posting that folks are just mad because they didn't get in on the instamine are missing it - there's plenty of coins you can get in on and mine right now, so nobody cares about that.

I saw something in the QRK thread earlier about Max Keiser coming out and saying he doesn't hold any positions in any alt coins and won't pump any of them. So not sure what that means for QRK, since they had that pump on his show planned for the 19th. I mined a bunch anyway to play with, who knows.

These things are not investments. I guess that is where I will differ with Mark Cuban's opinion. Caveat Emptor, be careful, do due diligence and don't get attached. BTC and LTC are the only ones I'd be comfortable with for the long haul. These alt coins keep popping up every day. You can either mine some early and dump them or they are just trades. Or create your own alt coin...
 

CryptO

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Dip was much much deeper that I imagined, holy cr*p!!

Cashed out 5 bitcoins at $650, forget waiting til it goes back to $1K. My sons 4th birthday today we are taking him shopping so I'd rather have money in the bank right now.

What a night and still not finished crashing.

I think it will bounce back as it always has done in the past, but how long will that take.

My strategy now is to draw down $200 per day as the markets slowly recover.

Ouch! At least no real money lost.
 
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G

Guest3722A

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Dip was much much deeper that I imagined, holy cr*p!!
Can cryptos be hedged with anything? And what things do cryptos trend with? (gold, silver, copper, euro, yen, certain stocks maybe???) What things trend opposite to cryptos? (gold, silver, copper, euro, yen, certain stocks???) I ask because, as an example, many times with currencies there are pairs that trade opposite of each other, and many times in these pairs, one side of the two will "lead". An example here would be the euro/USdollar pair. From my experience, the dollar tend to move first, and then the euro reacts and moves opposite. Some people actually build successful strategies off of this.

I mention hedging because with the massive volatile fluctuations, bitcoin is obviously very thin to trade and it seems that to capture large chunks of these moves, and more important, protect from downside, a hedge strategy would probably fit nice with something like this.
 

CryptO

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These are still very early days but in terms of hedging, there are certain services in the pipeline that should bring stability to an otherwise completely open market.

The Wiklevii proposed ETF is an example of a solid structure that will inject big money and help maintain the prices at less volatile levels but this is still months away.

Last 24 hrs has been crazy, people losing so much and others winning.

Positive note.

Merill Lynch have taken Bitcoin seriously.

Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets, it is the world's largest brokerage.

Here is a link to a full blown report conducted by Merill Lynch, it's an interesting read!

https://s3.amazonaws.com/s3.documentcloud.org/documents/885843/banks-research-report-on-bitcoin.pdf
 
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CryptO

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Bought back another 6 Btc at $750, couldn't resist.

Aim to sell at $950 - $1000.

Looks like we're on another upward trend.
 

Oven

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My prediction, Bitcoin will stabilize somewhere around 800-900. Not sure how long it'll stay there, wouldn't be surprised if it was for a few months. By this time next year it will definitely be worth much more then now.

I personally never sell when it's crashing. Why would I bother selling when it's the perfect time to buy? I just wish I had the money to buy more.. In my opinion now is a good time to get in for anyone planning on holding.

I wonder if Bitcoin will see another drop closer to Christmas with everyone cashing out to buy presents.
 

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The more I read about it, the more interesting it is. BTC took a hugeee dip and that's what swing traders like to see :) Ill probably stay out of it but that Meryll Lynch article is definitely interesting. I wonder if people cahsed out during that last dip. It's been doing that for a while now. Maybe scaring the small retail traders out? Is anyone in this for the long run? I'd be weary...
 
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Shuffle

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Just curious, is there a website with a chart I can see of BTC (or other coins) like the MT4 platform with volume? There are websites that I can see general charts and I don't know of any brokers in the US that offer BTC. Any adive would be grateful :)
 

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I bought into Bitcoin at 200 but was watching it since it was around 30. Don't plan on selling for a while... Probably a few years, I think it has a lot of potential and I only spent as much as I was willing to lose so not too worried about losing it all.


http://bitcoin.clarkmoody.com/

$200? Jesus hahaha. Nice nice.

This is a beautiful chart thanks :) Does anyone have a specific website they'd recommend in purchasing BTC? I signed up for a couple to look at the websites but they all seem to quote different prices. Mt.Gox seems to be the most reliable for both data and service.

Sorry it's just getting real confusing with all the other coins floating around. Can't quite get a grasp as to how it'll play out in the long run.

Looking at the chart, 11/19/13 had a real beautiful opportunity for a long!
 
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Jake

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$200? Jesus hahaha. Nice nice.

This is a beautiful chart thanks :) Does anyone have a specific website they'd recommend in purchasing BTC? I signed up for a couple to look at the websites but they all seem to quote different prices. Mt.Gox seems to be the most reliable for both data and service.

Sorry it's just getting real confusing with all the other coins floating around. Can't quite get a grasp as to how it'll play out in the long run.

Looking at the chart, 11/19/13 had a real beautiful opportunity for a long!
www.coinbase.com is nice if you're not looking to trade. It links up to your bank and initiates a transfer when you buy / sell. If you need an exchange then Bitstamp may be your best bet.
 

Oven

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Really interesting article http://www.forbes.com/sites/timworstall/2011/06/20/so-thats-the-end-of-bitcoin-then/

$200? Jesus hahaha. Nice nice.

This is a beautiful chart thanks :) Does anyone have a specific website they'd recommend in purchasing BTC? I signed up for a couple to look at the websites but they all seem to quote different prices. Mt.Gox seems to be the most reliable for both data and service.

Sorry it's just getting real confusing with all the other coins floating around. Can't quite get a grasp as to how it'll play out in the long run.

Looking at the chart, 11/19/13 had a real beautiful opportunity for a long!
I've heard good things about btc-e for buying and it has cheap prices too. I think most miners sell on there and that's why the price is lower, but I've heard of a few people having trouble getting cash out, so good for buying not sure about selling. If you don't want to buy online localbitcoins is always a nice alternative.
 

CryptO

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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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-L-

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Thanks for all the valuable info. I just bought a couple of bitcoins on localbitcoins. Once I have them, I'll invest in QRK.

This will be my first time with a crypto currency. Not sure about the buying strategy yet, any advice?
 

CryptO

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You need to keep up to date constantly.

One day it is one coin, then all of a sudden another coin or a new comer is all the rage.

Go to the site forums for the individual coins, check out their news and press sections.

Keep up to date with events and everything you possibly can in the Bitcoin universe.... Alt coins are VERY dependant on Bitcoins success.

For latest headlines check >>>>> http://www.coindesk.com/ <<<<<< Be sure to bookmark this page.

Big stories can have major impact on trade volumes and valuations for the day. Things can change in a matter of seconds due to a headline being positive or negative. Never be complacent or get too comfortable. Do not have a 'favourite coin that you can't let go of'. If you get wind that it's going down or something will perform better, sell that old coin fast and move on ASAP!
 

21elnegocio

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I want to buy a few digitalcoins, but how where do I get started ? I also want to get a few quarks anyone want to help me out with a quick guide ? Say I want to buy quarks. What must I do ?
 
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CryptO

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I want to buy a few digitalcoins, but how where do I get started ? I also want to get a few quarks anyone want to help me out with a quick guide ? Say I want to buy quarks. What must I do ?


These are the steps to get into Alt coins.

You need to purchase Bitcoin to obtain Alt coins.

www.bitstamp.net is a reputed site, here you can deposit fiat currency and obtain your first Bitcoins. You will need to register which can take a few days.

Then, you will want to open an account a cryptsy.com, this way you can access a wide variety of Alt coins including Quark.

Good luck!
 

21elnegocio

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These are the steps to get into Alt coins.

You need to purchase Bitcoin to obtain Alt coins.

www.bitstamp.net is a reputed site, here you can deposit fiat currency and obtain your first Bitcoins. You will need to register which can take a few days.

Then, you will want to open an account a cryptsy.com, this way you can access a wide variety of Alt coins including Quark.

Good luck!


Ok so I signed up on coinbase now I have to wait a few days to get verified since they ask how much cents they credited, how much de debited etc. Then I will buy bitcoins on Coinbase, maybe 1 BTC to start off. Then I will go to Cryptsy, and buy a few ALT coins, am I on the same page ? Is this how to do it ?
 

Jake

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I wish all Alt-coiners the best of luck but I'd like to inject a bit of sobriety (even though I just had a few beers) into this thread.

You're buying bitcoin so you're able to invest in alt-coins
You're banking on bitcoins success for alt-coins to succeed
Alt-coins are therefore dependent on bitcoins success
if bitcoin succeeds there is no reason for alt-coins to exits

The only benefit I see in alt-coins is if a hard-fork occurs in bitcoin that for some reason cannot be resolved and everyone switches over to litecoin. Everything else doesn't matter and any awesome benefits that alt-coins come up with can be rolled into bitcoin as it is software..programmable software.

I realize people think they missed the boat on bitcoin and therefore want to try their luck with another crypto..but bitcoin has been growing at nearly 10,000% a year..I don't see why you would need to chase more :rockon:

Good luck. See you at bitcoin $10,000 :D

Side note: Alty is up more than me percentage wise
 
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CryptO

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signed up on coin
I wish all Alt-coiners the best of luck but I'd like to inject a bit of sobriety (even though I just had a few beers) into this thread.

You're buying bitcoin so you're able to invest in alt-coins
You're banking on bitcoins success for alt-coins to succeed
Alt-coins are therefore dependent on bitcoins success
if bitcoin succeeds there is no reason for alt-coins to exits

The only benefit I see in alt-coins is if a hard-fork occurs in bitcoin that for some reason cannot be resolved and everyone switches over to litecoin. Everything else doesn't matter and any awesome benefits that alt-coins come up with can be rolled into bitcoin as it is software..programmable software.

I realize people think they missed the boat on bitcoin and therefore want to try their luck with another crypto..but bitcoin has been growing at nearly 10,000% a year..I don't see why you would need to chase more :rockon:

Good luck. See you at bitcoin $10,000 :D

Side note: Alty is up more than me percentage wise

I totally agree that Bitcoin has what it takes to stay market leader for some time to come providing the developers update the protocol, which requires hard forks, to keep it interesting; but like I said, if you want to make explosive profits in the short term.... It's alt coins all the way.

I just cashed out another $3000 ($4000 yesterday :)) on top of my portfolio increasing 25% in 24hrs. Try doing that with Bitcoin.
 

Jake

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I totally agree that Bitcoin has what it takes to stay market leader for some time to come providing the developers update the protocol, which requires hard forks, to keep it interesting; but like I said, if you want to make explosive profits in the short term.... It's alt coins all the way.

I just cashed out another $3000 ($4000 yesterday :)) on top of my portfolio increasing 25% in 24hrs. Try doing that with Bitcoin.
Good on you. You're killing it..literally. I see some risk in bitcoin..and 100x other risks involved with alts. I'm up over 2000% from my first purchase so I don't see the need to take on additional risk
 

Jake

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Found this funny. I guess I'll share it here

"Bitcoin currency may be a threat to the financial system of Kazakhstan, Vice-Minister of Finance of Kazakhstan Ruslan Dalenov said in an interview to Tengrinews.

Bitcoin is digital money that use peer-to-peer technology to operate with no central authority or banks. It is not controlled by any official authorities, completely anonymous and can exchanged to conventional payment means.

The Vice-Minister believes the threat comes from the fact that Kazakhstan is part of the global financial system. "People transfer this digital money to each other by just clicking a button -- without having to use any bank services or pay remunerations for the transactions. The transfers are instant and almost completely free of charge. Imagine large corporations switching to cheap digital transactions, this would leave the bankers seeking another job," the Vice-Minister said."


lol..scary efficient low-cost transactions
 
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CryptO

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lol..scary efficient low-cost transactions

Digital currencies including Bitcoin are just like email and the internet in early 90's, to begin with only a very small percentage (less than 1%) of the population understands the advantage.

The 99% are saying things like "what's the point, things are fine just the way they are etc etc".

Then several years later........ BOOOOOM!

Suddenly it's everywhere and integrated into everyday society.
 

Jake

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Digital currencies including Bitcoin are just like email and the internet in early 90's, to begin with only a very small percentage (less than 1%) of the population understands the advantage.

The 99% are saying things like "what's the point, things are fine just the way they are etc etc".

Then several years later........ BOOOOOM!

Suddenly it's everywhere and integrated into everyday society.
Fred Wilson (Union Square Ventures..Twitter, Tumbler, Foursquare, Kickstarter..etc) calls it a mega trend

http://techcrunch.com/2013/12/10/fred-wilson-on-bitcoin-unbundling-data-leakage-and-health-care/
 

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