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Cryptocurrency Experience

Anything related to bitcoin, crypto, blockchain

ScottyMoll

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When you trade Bitcoins or any other Alt currency, are you trading the currency alone or the pair of currencies to eachother like in Forex? For example, when you buy EUR/USD, you are buying the EUR (or selling USD). That means when the EUR is strong in comparison to the dollar, EURUSD goes up. I see Alt coins quoted like forex pairs (QRK/BTC), but they don't seem inversely correlated. Both QRK and Bitcoins are up for the day. I understand that the quote just means that X amount of QRK's equals X amount of Bitcoins. Is there any correlation, or is it every Alt coin for itself?
 
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PopEmersen

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Does the identification process worry you at all? I mean, my first thought is do I really want to give my passport photo to some offshore bank that may disappear sometime in the future ... Or , will you take a local trade (in person) or use bank gift cards or paypal to get into the market?

For me , the barrier to entry is what is keeping bitcoin so low. If the average person could buy a bitcoin it would be 10,000 dollars per cpin by now because with all the media coverage, everybody would buy one or two.

I just used coinbase which had me create a password, verify my identity using the credit report questions banks ask, and a verification code. I thought that was pretty damn cool. The more time goes on, the easier its going to get. Coinbase was easy too, just have to wait 4 days.
 

CryptO

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All markets down today.*

http://coinmarketcap.com/

This is probably a result of JP Morgan renewing a patent for something that looks similar to Bitcoin.

Panic was in the air as news spread, people fearing for the worse.

http://www.telegraph.co.uk/technolo...files-patent-for-bitcoin-killer-currency.html

However another article has surfaced that contradicts the otherwise bearish news.

http://www.businessinsider.com/debunking-jp-morgan-bitcoin-2013-12

*good time to buy in.
 
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CryptO

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Another flat day in the Crypto markets, which is a good thing, but it feels like the calm before a big storm.

My coins have been holding out ok: Quark and Goldcoin

http://coinmarketcap.com/

Something big is brewing and I can't put my finger on it, usually there is plenty of movement at the weekend and often it's a downwards trend but this time I'm not so sure.

I get the feeling we're going to see a big rally soon (which will break the normal pattern) but again, it's very difficult to tell which way we're headed.

Here's some snippets from todays Cryptocurrency action!:


Coinbase Raises $25m in Bitcoin’s Biggest Ever Funding Deal

BTC China Reports 10x Volume Increase From $5m to $50m at Inside Bitcoins

Next News Network: Bill Still on Bernanke’s Bitcoin Surprise and Quark
 

21elnegocio

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Thanks for reply Alty I will be getting my first Bitcoin this week, as soon as I get rid of some things not making me money. I want to invest in ALT Coins quark is in my list as i see its second most funded, but why isnt it going up at the moment, it did go up a few cents. I also just bought some goldcoins with a .25 of a bitcoin I had. What would you suggest me to do to resell them and make some profit ? As soon as I get this 1 bitcoin it will go most to alt coins, which one should I look at ? How does one predict they will go up ?
 
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CryptO

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Quark is something that looks set to blow up.

  • It's going to be introduced to the Chinese markets.
  • The way Bitcoin is at the moment Quark is 20 times faster in terms of confirmation times, meaning it'll be much easier to pay for goods in a supermarket without having to wait 10 minutes for your transaction to clear.
  • Six more layers of security built on top of the protocol making it future proof from unknown advances in tech power.
  • There are people in the media spotlight that will be backing Quark.
  • It's in the top 4 on coinmarketcap.
  • Being talked about on national television the 19th December.


Goldcoin looks like a safe long term placement, but if you want quick profits, unless the chinese suddenly adopt GLD (which is possible) it will rise but not in an explosive manner. I could be wrong but there are other coins that'll take off faster but beware, they carry slightly higher risk and risk dropping off fast.

There is a new player on the scene, it's called SEXCOIN: The first industry specific digicurrency.

High risk with massive upside if the adult industry grabs hold of it, this is very possible!

At the moment Sexcoin can only be bought with litecoin (just to complicate things) :)
 
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Jake

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Coinbase has been kicking a$$. 10,000 + signups a day..they can really use the money. Excited to see how they spend it.

"Chris Dixon, a partner at Andreessen Horowitz who will join Coinbase’s board, said on Thursday that “it’s hard to overstate the excitement of a certain segment of the technology community.”

“Every day somebody comes in and says, ‘Bitcoin is going to be as big as the Internet,’ “ Mr. Dixon said."

http://dealbook.nytimes.com/2013/12...ets-big-on-bitcoin/?hpw&rref=technology&_r=1&

Silicon Valley and Wall Street seem to be racing towards Bitcoin now.
 

exige

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Yeah, it is going to be big. The alt coins will be too. I've gone down the crypto rat hole now :)

How hard is it to convert back into fiat in the US? Do you run into withdrawal limits or is it not a big deal if you wanted to exchange larger amounts of bitcoins? I thought I read about a $10k account cap at campbx. How do you exchange something like 1500-5000 bitcoins (made up number)? I don't think localbitcoins is an option in that scenario...
 
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Jake

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Yeah, it is going to be big. The alt coins will be too. I've gone down the crypto rat hole now :)

How hard is it to convert back into fiat in the US? Do you run into withdrawal limits or is it not a big deal if you wanted to exchange larger amounts of bitcoins? I thought I read about a $10k account cap at campbx. How do you exchange something like 1500-5000 bitcoins (made up number)? I don't think localbitcoins is an option in that scenario...
With coinbase you can sell up to 50btc a day. I'm not very familiar with campbx policies but I know their volume is pretty non-existent.

Large amounts can be cashed out on the exchanges bitstamp, mtGox(may have withdrawal issues) but it will make an impact so may be wise to look for big buyers off the exchanges.
 

CryptO

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Guys,

I know some of you were following my recent Quark tip.

Do not panic by the sudden dip this morning.

It happened because allot of speculators were counting on BTC38.com introducing Quark at 2pm EST

Instead they opened order books for two different coins and this created a panic sell off of WEAK hands.

You'll notice we are already bouncing back fast after an initial loss of 50% - TALK ABOUT VOLATILITY!!!

Expect prices to come back up to normal levels and above during the week.

It is still going on television and it is still listed on the Chinese exchange but for info purposes only atm.

http://www.btc38.com/altcoin/qrk/

As difficult as it is, never panic sell when the price is falling, you'll just get burned.

Be strong, hold out and watch as the price recovers.
 

21elnegocio

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I know it went from .25 or so to .15. Now back at .22 again. What are your guys bets ? How much will a QRK be by mid week ?
 
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CryptO

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QUARK UPDATE

A rep from BTC38.com has just tweeted that Quark was not introduced today because without new servers they would not be able to handle spike in volume.

https://twitter.com/zubinezu/status/411749289010790401

Quark is the most traded Alt coin and it would crush their servers! lol

Expected to be coming to BTC38 in the next week or so and the price to rise steadily during the build up to the television show on the 19th.
 
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Jake

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QUARK UPDATE

A rep from BTC38.com has just tweeted that Quark was not introduced today because without new servers they would not be able to handle spike in volume.

https://twitter.com/zubinezu/status/411749289010790401

Quark is the most traded Alt coin and it would crush their servers! lol

Expected to be coming to BTC38 in the next week or so and the price to rise steadily during the build up to the television show on the 19th.
I hope you guys make a killing on Quark....I won't touch it with a 50,000 foot pole
 

21elnegocio

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As far as banks say you cash out $250k in cash transfer it to coinbase, then to your bank account. Wont the damn bank seize our accounts ? Thats the only thing im scared of
 
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CryptO

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A few weeks ago there were good arbitrage opportunities to be had between the Chinese and English based exchanges. Looks less interesting now.

@Jake I think they are all high risk because this is an unregulated and completely free market, we are all at the mercy of headlines, events and trust in people we don't know.

After selling off some other coins I'm now sitting on 325,000 Quarks and 200,000 GLD. I'd be lying if I said my nerves weren't feeling the pressure today. My state of well being has for a while been directly linked to coinmarketcap.com. :)

With the events that will unfold next week I'm looking at coming out on top with over $100K profit or if they edit out Quark on the television program (which cannot be ruled out) I can watch my QRK investment free fall like it did earlier today, only next time I don't see it recovering as fast.

The fact QRK did not get included on a Chinese exchange clearly had instant and destructive effects. The news came out and within minutes people were panic selling. That was one hell of a stress test and it seems like it will be recuperating this week. The 19th December is the next crucial timeline, it really is make or break for the short term at least.

When you have interests in altcoins and they are rising fast, you feel on top of the world. When they take big hits, it can make your stomach churn!

Look at Megacoin, about ten days ago it had hit an all time high of $2.50, I felt ecstatic! It was number 4 or 5 in the coinmarketcap.com charts. Something was wrong and I felt that Mega was loosing ground and it was starting to weaken. I was able to get out just in time and it made me a 300 to 400% profit. Enough to purchase a massive amount of QRK and transfer a nice amount of $ to the bank.

That was a good move because it has been falling ever since.

Hopefully I can continue this success in-spite of all the fear, uncertainty and disaster! :)
 

21elnegocio

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DVC Till I die !!! LOL sorry just had to share, hey that coin does have potential though its increasing every day keep an eye on it, good to make a few bucks if you through like $10 into it what do you guys think ? only at .0013 its market cap doubled in 2 days. Check out the girl's devcoin video on youtube
 
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JayKim

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http://gizmodo.com/a-quick-and-comp...source=gizmodo_facebook&utm_medium=socialflow

ku-xlarge.jpg
 
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CryptO

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Here is a link to a chart that clearly shows the downtrends experienced over the past 4 weekends.

https://www.tradingview.com/v/ZyVxjSSo/

Was thinking last week. "Should I liquidise everything and buy back in Sunday?". But then I thought, there's no way this pattern will continue.

But it is; atm price goes down at the weekend.
 
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JayKim

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DVC Till I die !!! LOL sorry just had to share, hey that coin does have potential though its increasing every day keep an eye on it, good to make a few bucks if you through like $10 into it what do you guys think ? only at .0013 its market cap doubled in 2 days. Check out the girl's devcoin video on youtube


NOOOO!!!!! DOGECOIN AND BBQCOIN FTW!!!!!

xo4S9Qs.png



ZGfmM4N.jpg
 
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CryptO

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AltyWoof much Doge, SO 1000000 in Wallet

Crash no care, Rise to the Sky; WOW! :)

Seriously guys Doge looks like a flash in the pan, based on a meme.

Big community support at the moment, but when the humour wears off, goodbye doggy.

I'm in Doge VERY SHORT TERM.

The crypto currency world is absolutely CRAZY!!!!

You just never know what they'll come up with next.

Woof woof! :)
 

mememan

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Really interesting thread. I'm considering buying a little of every cryptocoin and holding the basket for the long-term. However, it looks like a PITA to setup 50 separate wallets securely. Do you have anything you'd recommend to accomplish this? Additionally, is Coinbase good to go from USD to BTC and Cryptsy safe to go from BTC to the altcoins? Thanks :)
 
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JayKim

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Additionally, is Coinbase good to go from USD to BTC and Cryptsy safe to go from BTC to the altcoins?

Yeah it takes coinbase 4 days unless you have a credit card you can set it up for insta buy. Ive been using cryptsy and havent had a problem with them but Ive heard a lot of complaints.
 

CryptO

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Crashes today as the Chinese get whacked with transaction fees of 0.3%, before they could transact BTC for free.

This means their trading bots that take advantage of the markets become more risky, and they do not like that at all.

Plus rumours: That have not been confirmed about the Peoples Bank of China banning third party payment systems that allow people to send money into Chinese exchanges. As china makes up two thirds of the Crypto market it is not surprising these rumours scared many people into panic sales.

Big negative headlines = big crashes
 

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