Bitcoins/Litecoins/Virtual Currencies

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Tripamang

Tripamang

Naxxramas 1.0 Raider
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nate_sl said:
You're telling me it's difficult to get hard dollars exchanged for bitcoins from the largest bitcoin exchange on net? And people are seemingly unconcerned that bitcoins aren't in bubble territory? Lol.
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It's no longer the largest.. mtgox is the second largest USD exchange, and floats around third place overall. The biggest market right now for coins is China, their main exchange is doing nearly 2x the volume of the nearest competitor.

It became hard to get USD out of mtgox after the US government labelled it as a money transmitter without a license, then prevented US banks from doing direct business with it. I think they have it cleared up now but the damage was done and a lot of other exchanges started to fill the void. Mtgox still has the price advantage though.
 
Falstaff

Falstaff

Ahn'Qiraj Raider
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bitcoin going parabolic

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Mist

Mist

REEEEeyore
<Gold Donor>
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This seriously defies all logic. Do we have any bitcoin millionaires on this forum now?

Everything I know about markets says to sell them all within the next 2 days.
 
Mist

Mist

REEEEeyore
<Gold Donor>
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Solariss_sl said:
Ask the people who sold at $160 what they think about that.
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Depends if they rebought after it crashed back down. ALWAYS sell into hype so long as the transaction costs are low. There will always be a correction before it starts growing again.
 
Arative

Arative

Ahn'Qiraj Raider
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I sold a couple of coins last week at $350. Sure wish I would have waited but I figured the bubble would pop well before $400. Who knew.
 
Eidal

Eidal

Molten Core Raider
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2x 7950s mining LTC = .85 LTC/day. LTC are trading at $8.35.

Remember; when you calculate "is it worth it", factor in the chance of a staggering price increase and the resulting depression that you stopped mining because your short-term calculations didn't consider a rising price. It is a given that MANY MANY miners have periodically dropped out over the last few years and they're either supremely dissipointed in themselves or downright nauseous.

Also; you can convert LTC --> BTC at a 1:.013

EDIT: I don't understand people selling coins without a pre-made plan on when they'll re-enter the market. Is it just a "ehh fuck it that was fun" type of walk out? True story: when I got into BTC back in April, eventually my BTC-crazed rants made my brother bring it up in conversation with one of his friends. His friend, lo and behold, knew what BTC were and actually mined quite seriously back in the day. Friend goes and digs out old computer, finds 350 BTC. At the time, this was worth around $45k. Dood ends up panic-selling at $85, cashed out for $28k, paid off his car. Had he bought back in @ 100, his BTC stash would be worth $225k right now.
 
Tripamang

Tripamang

Naxxramas 1.0 Raider
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rinthe_sl said:
it's only a matter of time before bitcoins are made illegal, i'd be careful
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The senate committee setup to discuss virtual currencies with Bitcoins being the focus was overwhelming positive in supporting them in anyway they could, primarily because they represent the future. They specifically stated stifling them would hurt American interests and harm future innovations in the field that for a lot reasons they'd like to see happen in America. So no, I don't see them becoming illegal any time soon, and all things point to Bitcoins or something like them really upending things like credit cards, bank cards and western union.

Not to mention that blocking them would require something akin to blocking all P2P traffic, how has that turned out for the music and movie industry?
 
R

rinthe_sl

shitlord
102
2
Senators aren't very smart.
I think of it the following way.

Every large country has a government that is a large net debtor in it's own currency. Each country devalues (inflation) it's own currency yearly. Take the US governmental debt at 5 trillion. If inflation is 3%, then that's $150 billion dollars per year (trillions and trillions of $ over decades with compound interest and much, much more worldwide) of money the government stands to gain having their own currency to devalue. If bitcoins every become more than a novelty niche, they become a trillion dollar threat to debtors. What happens to trillion dollar threats? They get killed. Fast.

Secondly, bitcoins offer privacy. Privacy on transactions is bad for governments who want tax and power.

Now whether or not governments have the power to make using bitcoins unusable? I wouldn't underestimate them for 99% of the population. Sure, they may always be accessible to the technically savvy. But I have confidence governments can make using them scary enough to make using them not worth it for the vast majority. Consigning bitcoins to a tiny illegal niche market.
 
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