Cryptocoin Mining?

[chimaxi83]

Looks like it's time to bail, guys... the price of Bitcoin just slipped below $600 and Litecoin just went below $20. The ride has been fun while it lasted...

Lol, mmhmm :sneaky:

 

[blackened23]

Chase bank (USA) has banned bitcoin related purchases and transfers:

http://www.reddit.com/r/Bitcoin/comments/1t0yk5/final_word_from_my_rep_at_chase_all/

I think this is a large part of why BTC value dipped so much today.

 

[Shmee]

Chase bank (USA) has banned bitcoin related purchases and transfers:

http://www.reddit.com/r/Bitcoin/comments/1t0yk5/final_word_from_my_rep_at_chase_all/

I think this is a large part of why BTC value dipped so much today.

That is super lame. I hope Wells Fargo doesn't do that lol.

 

[ComplexEntity]

Chase bank (USA) has banned bitcoin related purchases and transfers:

http://www.reddit.com/r/Bitcoin/comments/1t0yk5/final_word_from_my_rep_at_chase_all/

I think this is a large part of why BTC value dipped so much today.

Plus the Chinese central bank started to wield the ban hammer on bitcoin/litecoin/etccoin (about 50% of bitcoin market is currently in China) by prohibiting 3rd party transaction platforms (like Alipay) to provide any kind of service to bitcoin/litecoin or other similar products. News just starting to roll out.

 

[Zstream]

Chase bank (USA) has banned bitcoin related purchases and transfers:

http://www.reddit.com/r/Bitcoin/comments/1t0yk5/final_word_from_my_rep_at_chase_all/

I think this is a large part of why BTC value dipped so much today.

Would people stop using reddit as a news source?

 

[Silverforce11]

The Doge has reached the center of the Universe and beamed back a piece of the future!!

Much amaze coin!! Very profit!

 

[blastingcap]

Plus the Chinese central bank started to wield the ban hammer on bitcoin/litecoin/etccoin (about 50% of bitcoin market is currently in China) by prohibiting 3rd party transaction platforms (like Alipay) to provide any kind of service to bitcoin/litecoin or other similar products. News just starting to roll out.

http://www.businessinsider.com/china-bitcoin-crackdown-intensifies-2013-12

China's crackdown on Bitcoin has begun in earnest, according to Bill Bishop, the editor of the Sinocism newsletter and a New York Times contributor. Bishop is confirming this evening an earlier report from Coindesk.com's Emily Spaven that the People's Bank of China has issued a new ban on third-party payment processors from doing business with Bitcoin exchanges.
It's a sign, he Tweeted, that China is "now cracking down harder" not just on Bitcoin but most other digital currencies, including Litecoin. "PBOC does not like it, does not want it to become another speculative bubble here. Tough to fight the PBOC," Bishop wrote.
Bitcoin prices on the yuan-traded BTC China exchange are down 34% on the news, and prices on the USD-traded Mt. Gox exchange have been flirting with crossing below $700 for the past hour or so. Mt. Gox prices are off 16% on the day.
The latest ban is a a separate regulation from the People's Bank of China's Dec. 5 ruling barring formal financial institutions from processing Bitcoin. Rui Ma, a China-based angel investor, commented that if the crackdown continues, Chinese may only be able to purchase Bitcoins via miners or other traders.
Hardcore Bitcoin evangelists maintain that these are all expected bumps in the road. But restricting commerce in China would be a huge blow — it was Chinese demand, after all, that helped Bitcoin prices more than triple in the past few months.

When bitcoin suffers, every coin suffers. There is no island of safety if bitcoin goes down... litecoin got hit too, every coin will go down with bitcoin just as they went up with bitcoin.

 

[thilanliyan]

Dogecoin has a higher market cap than Bitcoin? Wtf??

Is that real? Lol

 

[Silverforce11]

http://www.businessinsider.com/china-bitcoin-crackdown-intensifies-2013-12

China's crackdown on Bitcoin has begun in earnest

A communist regime that exhibit centralization tendencies and cruel anti-humanism and anti-freedom bans a currency that promotes freedom and de-centralization?

Color me surprised!!

 

[Kosmic1]

We need to bear in mind that alt-coins are still very much in the early days. BTC is turning into an asset, and the other coins will end up being used for commerce...one day.

As much as I DON'T like alt-coins, I'm not a fan of debt-based fiat, either, and alt-coins are going to be here to stay. Prices will rise and fall FAST, so plan accordingly.

 

[blastingcap]

A communist regime that exhibit centralization tendencies and cruel anti-humanism and anti-freedom bans a currency that promotes freedom and de-centralization?

Color me surprised!!

For those who don't care about politics, the translation is: easy come, easy go: bitcoin prices skyrocketed from $100 because Chinese money entered, and bitcoin prices are plunging because Chinese money is leaving, since it's mostly a one-way-road now in China: you can withdraw but can't deposit money to buy bitcoins. This means we'll see a LOT of selling pressure really soon. We could very well see $100 bitcoin or lower. https://bitcointalk.org/index.php?topic=373851.0

And no, alt-coins won't save you. Like precious metals the lead commodity whipsaws every other commodity. If gold surges, it drags silver with it sooner or later. If bitcoin surges, its halo effect drags all the other alt-coins with it, sooner or later. But if bitcoin drops, it takes everything else down with it, too, as we're seeing before our very eyes. For instance, litecoin has crashed even harder than bitcoin today, as a percentage of value. It's comically naive to think that you can dodge a bitcoin crash simply by moving to an alt-coin. We see the pump-and-dump schemers emerge out of the woodwork now, claiming that their junkcoins and pre-mined scamcoins are somehow different. Um, no. They aren't.

 

[jimhsu]

For those who don't care about politics, the translation is: easy come, easy go: bitcoin prices skyrocketed from $100 because Chinese money entered, and bitcoin prices are plunging because Chinese money is leaving, since it's mostly a one-way-road now in China: you can withdraw but can't deposit money to buy bitcoins. This means we'll see a LOT of selling pressure really soon. We could very well see $100 bitcoin or lower. https://bitcointalk.org/index.php?topic=373851.0

And no, alt-coins won't save you. Like precious metals the lead commodity whipsaws every other commodity. If gold surges, it drags silver with it sooner or later. If bitcoin surges, its halo effect drags all the other alt-coins with it, sooner or later. But if bitcoin drops, it takes everything else down with it, too, as we're seeing before our very eyes. For instance, litecoin has crashed even harder than bitcoin today, as a percentage of value. It's comically naive to think that you can dodge a bitcoin crash simply by moving to an alt-coin. We see the pump-and-dump schemers emerge out of the woodwork now, claiming that their junkcoins and pre-mined scamcoins are somehow different. Um, no. They aren't.

Bitcoins are to "blue chip stocks" as altcoins are to "small caps". During each recession/bear market, there is a flight to safety. During each bull market, there is a flight to risk. Has been this way for hundreds of years.

 

[IEC]

That's nice. I made enough profit that I'll hold onto the rest for "free"

 

[blastingcap]

Bitcoins are to "blue chip stocks" as altcoins are to "small caps". During each recession/bear market, there is a flight to safety. During each bull market, there is a flight to risk. Has been this way for hundreds of years.

No. Coins are not shares of businesses with revenue, expenses, incomes, etc. Coins are NOT STOCKS.

And if you look at the ups and downs of cryptocurrencies over the 4 years that they have been around, bitcoin is by far the biggest market and whatever happens there affects everyone else, whereas the reverse is not true. Where bitcoin goes, all other coins follow. This halo effect is well-documented among precious metals though they can become de-sync'd for some time, especially since gold has fewer industrial uses than, say, nickel and silver and platinum. But the halo effect is very much real in commodities like bitcoin. And it is a commodity, not a currency, given high volatility and rampant speculation.

There may be a slight effect as you suggest where people become emboldened if bitcoin is surging, to spread money around the trashcoins hoping one of them will become the next bitcoin. It's low cost insurance and even I recommended doing a little bit of that. But overall, if bitcoin goes up or down, everything else follows proportionately.

 

[KlokWyze]

No. Coins are not shares of businesses with revenue, expenses, incomes, etc. Coins are NOT STOCKS.

And if you look at the ups and downs of cryptocurrencies over the 4 years that they have been around, bitcoin is by far the biggest market and whatever happens there affects everyone else, whereas the reverse is not true. Where bitcoin goes, all other coins follow. This halo effect is well-documented among precious metals though they can become de-sync'd for some time, especially since gold has fewer industrial uses than, say, nickel and silver and platinum. But the halo effect is very much real in commodities like bitcoin. And it is a commodity, not a currency, given high volatility and rampant speculation.

There may be a slight effect as you suggest where people become emboldened if bitcoin is surging, to spread money around the trashcoins hoping one of them will become the next bitcoin. It's low cost insurance and even I recommended doing a little bit of that. But overall, if bitcoin goes up or down, everything else follows proportionately.

Agreed. Including the last post about the Yuan contributing the VAST majority of the drive in the past couple months.

TBH though, BTC prices that low people will definitely just start buying. I think the lowest it will go is $350 - $400 depending on how effective China is on controlling it's populace.

 

[Grooveriding]

This thread is near three years old and if you look through it you see the same doom & gloom posts about cryptocurrencies dying, as well as over zealous hopes on its proliferation. Plenty of ups and plenty of downs.

Here we are three years later and the one thing that is clear is that these currencies are going nowhere.

 

[KlokWyze]

This thread is near three years old and if you look through it you see the same doom & gloom posts about cryptocurrencies dying, as well as over zealous hopes on its proliferation. Plenty of ups and plenty of downs.

Here we are three years later and the one thing that is clear is that these currencies are going nowhere.

With every dip in the charts there are cries of doom and an open door for the hopeful. I just don't know if I should sell a portion of my BTC now, in order to buy back in later or just hold.

I'm certain it will drop more, at least to 500-ish because btcchina is already in the 500's, but not sure how much further....

Your name doesn't have anything to do with Grooverider does it?

 

[Grooveriding]

With every dip in the charts there are cries of doom and an open door for the hopeful. I just don't know if I should sell a portion of my BTC now, in order to buy back in later or just hold.

I'm certain it will drop more, at least to 500-ish because btcchina is already in the 500's, but not sure how much further....

Your name doesn't have anything to do with Grooverider does it?

It does! Not that I am him though, just a fan from my youth.

 

[geokilla]

Luckyminers is back!!!! luckyminers.com

 

[Torn Mind]

Humans always meddle with the study of what actually goes on with foolish idealism. It was prevalent in alchemy, and quite prevalent within discussions about economics, especially the amateurs. Although experts do show their colors too, they are far more comprehensive in their analysis and sometimes provide arguments that actually are sound.


Anyway, all verbal fluff aside, Bitcoin is just another currency. It has some properties atypical of "normal currencies", but that doesn't make it immune to "real world" effects. Examining its exchange rate behavior is no different from examining something like the Euro

Some of those atypical economic properties for an currency are:
1. The money supply, in the long run, is fixed.
2. The percent growth the money supply and the corresponding inflation rate dwindles at a predictable pace until the final coin is mind.


While there some buyers of Bitcoins who use it to conduct business and use them as regular currency for Silk Road, et al, for many, it is an speculating and investing intermediary, one which the speculator or investor wants Bitcoins to appreciate relative to their "home currency", such as the USD, Euro, etc so they can get more of their home currency.

The true test of the Bitcoin fan is to adopt it wholesale into his life as the currency, and not just some ticket to getting a ton of USD, accepting all flaws in addition to all benefits of the configuration Bitcoin has.

 

[Quantumn]

{yawn}

Oh, and luckyminers is gone.

 

[suklee]

Luckyminers is back!!!! luckyminers.com

Website still down for me, is stratum back up?

 

[geokilla]

Website still down for me, is stratum back up?

Yup. Just use that website. Stratum is different.

 

[suklee]

Hmm, still can't connect to http://doge.luckyminers.com/

 

[taq8ojh]

Hmm, still can't connect to http://doge.luckyminers.com/

That's what I was trying to open as well. Just use www instead of doge. It seems to work. And my coins are there, fortunately.

Question: is it wise to grab my litecoins (only have two) and turn them into dogtags now?