Bitcoin is on fire again

[KlokWyze]

I'm heating a 1600 sq ft house with 6 cards blowing directly into the air intake. I have to hit the heater occasionally, but it keeps it comfortable in here. I'm in the south though.

Interesting........... I've got a 7950 & a 7790. I KNOW they couldn't do shit to my place. It's 30 out right now. I've got a 7970 on the way though.... So do you have some sort of hood/vent over all the cards/miners that funnels into the ventilation system?

allahcoin

lol

http://www.allahcoin.org/index.php/en/

That is awesome. You know it's made by some some nerdy white middle class American. It will probably catch and he WILL get his own island in the UAE.

 

[ussfletcher]

I'm running 2x 7970 1x7850 1x6870 1x5850 (had some parts on hand) and its keeping my place right around 70, even when it drops below freezing, plus they are making be a couple ltc a day.

 

[AnonymouseUser]

Looking at the LTC chart, it's forming a pennant much like BTC did @ $448, though it's not quite as perfect as BTC's pennant. If that's the case, after the breakout @ $48.50 (the moon), short-term target is $86-$90 (Mars).

These prices are truly crazy, and anyone that's been in cryptocoins for a while knows that. Thankfully, the masses (especially China) don't know this, and they are the ones pushing it up.

 

[halik]

LOL at technical analysis people coming out of woodwork. Clearly, the appreciation path of a substitute for something that all of china has now bought must have some deeper meaning if you can transcribe an arbitrary object over its chart.


Also how many of you have actually been able to cash out, ie get dollars back out of one of the exchanges?

 

[AnonymouseUser]

Also how many of you have actually been able to cash out, ie get dollars back out of one of the exchanges?

I've withdrawn some Bitcoin from BTC-e, and sold it on Coinbase. Easy as pie.

 

[halik]

I've withdrawn some Bitcoin from BTC-e, and sold it on Coinbase. Easy as pie.

You were able to sell bitcoins to dollars and then deposit said dollars back into your checking account (NOT the account at whatever exchange you do your buying/selling)? In what time frame?

Last I looked at the implied currency crosses (esp dollar yuan) the spread was enormous, which made me believe that cash out is nearly impossible.

 

[AnonymouseUser]

You were able to sell bitcoins to dollars and then deposit said dollars back into your checking account (NOT the account at whatever exchange you do your buying/selling)? In what time frame?

Last I looked at the implied currency crosses (esp dollar yuan) the spread was enormous, which made me believe that cash out is nearly impossible.

Yes, cash directly into my bank account. Time frame was one week from sale to deposit.

There are no problems withdrawing coins from any exchange that I know of. After that, there are a number of ways to convert to cash.

 

[AnonymouseUser]

LOL at technical analysis people coming out of woodwork. Clearly, the appreciation path of a substitute for something that all of china has now bought must have some deeper meaning if you can transcribe an arbitrary object over its chart.

Re-examining the chart, I apparently missed the Cup w/Handle that formed. :\

 

[AnonymouseUser]

Link to original prediction on Bitcoin Pennant:

http://forums.anandtech.com/showpost.php?p=35737497&postcount=143

 

[halik]

Re-examining the chart, I apparently missed the Cup w/Handle that formed. :\

You clearly missed the sitting camel:

Technical analysis is euphemism for confirmation bias. Ex-post prediction are ex-post. Take a guess at what i do for living.

 

[AnonymouseUser]

You clearly missed the sitting camel:

Technical analysis is euphemism for confirmation bias. Ex-post prediction are ex-post. Take a guess at what i do for living.

 

[Crusty]

You clearly missed the sitting camel:

Technical analysis is euphemism for confirmation bias. Ex-post prediction are ex-post. Take a guess at what i do for living.

Yeah, I'm having a good chuckle at these charts.

Technical analysis is a good litmus test for your bullshit meter.

 

[halik]

Haah, funny. Early close today and dick for volume = our whole desk is out.

I would bet you do some sort of IT though, given the interest in random crypto currencies and enthusiasm for empirically-false trading signals

 

[AnonymouseUser]

LTC just took a dump, and the chart is broken now, so the prediction is null.

 

[AnonymouseUser]

Haah, funny. Early close today and dick for volume = our whole desk is out.

I would bet you do some sort of IT though, given the interest in random crypto currencies and enthusiasm for empirically-false trading signals

I bet you were too smart to buy Bitcoin @ $3, weren't you?

 

[halik]

I bet you were too smart to buy Bitcoin @ $3, weren't you?

Yeah, I stayed out of crude in 2007, gold in the last 5 years, CROX and TSLA also. If I can't see the fundamental economics behind the price appreciation, I don't touch it.

There were people that made a fortune on Tulips in the Netherlands, cotton in the late 1800s, stocks in the 1920s etc. The problem with manias is that you start attributing the return to your trading acumen, rather than the frenzy and end up getting run over when it all ends. Even brilliant economists have that issue.

Great reading:
http://www.amazon.com/Manias-Panics-.../dp/0471389455


On the BT sidenote, I worry how that will end up - over-levered Chinese consumers plowing their liquid capital into high volatile, illiquid and speculative asset like bitcoin, hoping for capital appreciation to a point where the implied yuan cross is 5% higher on the short side than the long.

 

[AnonymouseUser]

Yeah, I stayed out of crude in 2007, gold in the last 5 years, CROX and TSLA also. If I can't see the fundamental economics behind the price appreciation, I don't touch it.

I'll ride the wave (buying after breakouts from proper bases), economics be damned, and get out when the chart tells me to. CROX was a great stock to buy and hold for a while, and had sell signals before it tanked. Smart money got out before it was too late, and it showed in the charts. There were also several gas/oil stocks that were the same. Hell, even AMD was a great buy at one point.

I recommended to people here who sold BTC @ $400 to get back in after $448, but only after it broke out over $448, and hold until $400 (minimize losses) or $660+. That was a damn good strategy, and I hope some people took my advice.

The advice today was to buy LTC after $48.5, and was not saying to get in at the prices today. In fact just yesterday said I didn't like the action and was out. Today's action broke the base (I even said it wasn't a great base, didn't I?), and nullifies the prediction. We'll see if it can recover over the next few days or weeks, and if it does break $48.5 it may still be a buy.

 

[halik]

I'll ride the wave (buying after breakouts from proper bases), economics be damned, and get out when the chart tells me to. CROX was a great stock to buy and hold for a while, and had sell signals before it tanked. Smart money got out before it was too late, and it showed in the charts. There were also several gas/oil stocks that were the same. Hell, even AMD was a great buy at one point.

I recommended to people here who sold BTC @ $400 to get back in after $448, but only after it broke out over $448, and hold until $400 (minimize losses) or $660+. That was a damn good strategy, and I hope some people took my advice.

The advice today was to buy LTC after $48.5, and was not saying to get in at the prices today. In fact just yesterday said I didn't like the action and was out. Today's action broke the base (I even said it wasn't a great base, didn't I?), and nullifies the prediction. We'll see if it can recover over the next few days or weeks, and if it does break $48.5 it may still be a buy.

CROX was largely retail, hardly "smart" money. I have no insight why or what retail people do, but it generally ends up being momentum/idiosynchratic along with publicity from idiot pushers like the likes of Cramer. It's not hard to be up on something that's monotonic and then attribute it to coffee mug or whatever you see in a price chart.

People that sold at 400 would've made money money if they went back in at 420. Or 410. Or 380. Or 600. There is nothing magical about calling a price level to get back in when the underlying is at $1K

 

[Cattlegod]

You clearly missed the sitting camel:

Technical analysis is euphemism for confirmation bias. Ex-post prediction are ex-post. Take a guess at what i do for living.

hahaha! lost it when i saw this! well done!

 

[AnonymouseUser]

There is nothing magical about calling a price level to get back in when the underlying is at $1K

You said don't buy @ $3, or any other price. I said buy @ $448. I hope you don't manage anyone's money but your own.

 

[KlokWyze]

You said don't buy @ $3, or any other price. I said buy @ $448. I hope you don't manage anyone's money but your own.

He sounds a little bitter so he needs to take the piss and make himself feel better for missing the boat. I find it pretty funny that he couldn't fathom that we can actually get REAL MONEY for BTC. :biggrin:

I had a feeling last night that LTC was going to plummet so I cashed out to BTC and sold some on Ebay. but what's really strange is that it only plummeted on btc-e. So it was like $25-$30 for hours while in all Chinese exchanges it was $40-$45. Even right now @ BTC-E it's @ $33, but it's $40 @ okcoin. Cheap LTC is still on there.

PPC/USD was added to BTC-E. It's value spiked, but evened back out.

Good times! :biggrin:

 

[AnonymouseUser]

LTC has had it's 50% correction ($48.48 to $23.51), just like BTC did ($901 to $453). I do believe BTC and LTC will see new highs soon, though I don't expect BTC to go much higher than $1242.

 

[Arcadio]

Let me try the "random guessing" game: I think BTC will reach $1800 by the end of the year. LTC will reach $85. The beginning of next year doesn't look so good for cryptocurrencies, though.

 

[AnonymouseUser]

Let me try the "random guessing" game: I think BTC will reach $1800 by the end of the year. LTC will reach $85. The beginning of next year doesn't look so good for cryptocurrencies, though.

This isn't "random guessing", though, it's Tea Leaf Reading, an ancient practice with years of confirmed results.

Tea leaf reading has always been popular amongst the mining communities as they drank so much tea. At one time miners also practiced their technique by reading the froth on the top of a pint of beer.

Dots

Can mean that money is coming or a windfall. The more dots the greater the windfall.

 

[mizzou]

Bitcoin has more in common with Beanie Babies then it does with currency.


My thoughts here:

#1: We know there are only so many bitcoins...so people are hoarding them and driving up the imaginary price.
#2: People with deep pockets (china) are investing into the program, driving the price up even further.
#3: It's getting harder and harder to mine bitcoins, many people probably spending $1,000's of dollars and may mine a few coins in a years time.
#4: There is no safety net. You toss a hard drive into the trash, you have a power surge, your account gets hacked...nobody.will.back.you.up. There is no FDIC, there is no police report that can be taken. The value of the bitcoin is purely a value to those who want to collect bitcoins. Bitcoin could be priceless, but only to the enthusiast I suppose.

Will people take them? Eventually yes...I mean on paper it looks like it's valued immensely.

But could it ever be a real currency??? Hardly.

If there is a finite amount of currency...well who has it and how did they get it? Are we going to have a bunch of nerds who already mined it all and valued it amongst themselves?

A bitcoin is worth $1,000,000! .....I don't care! You can trade it with your other nerdy friends and maybe you can find someone dumb enough to pay you real $$$ or real services in trade.

Then you will have an extremely few amount of nerds who have ALL the bitcoins. And how were these earned?

Think about it...what is the intrinsic value of a bitcoin? It's the same as collecting limited edition products....NOT the same as "currency"

Valued work (labor) can be reflected in Currency
Valued commodities (gold) can be reflected in Currency
Valued services (singing) can be reflected in Currency

Sure, a Bitcoin could just as well be Currency...as much as a coffee bean could. If the world says "what used to be $1.00 now is $0.01 bitcoin", then a bitcoin is Currency.

The problem is that...there is no logic or reason to the distribution of it. I mean, how and WHY would I value something that someone spent zero time on obtaining or effort? I don't care if you have $1billion bitcoins, if it's not universally accepted you can't buy car or house.

Now...I could gamble and say "sure, I'll take bitcoins!", but it will be with the mindset that I could lose it all.

And that's all this is....a gamble. And many people are throwing alot of $ at it. We will have some winners, but there are going to be a whole lot of losers coming up.
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This is what this does confirm to me though, we need some sort of global centralized currency, a'la Euro.

Stuff is just way too interconnected to keep having all these fluctuating $'s.