Official CryptoCurrency Thread (Bitcoin, Litecoin, Ethereum & More)

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88m3 said:
So you could have lost it all in theory in that "waiting" period? I'm guessing it was on an upswing when you put your money in or it was relatively stable at the time? I basically see at knock off forex that is driven by news at this point and that has no other grounding. You also get to deal with a host of hackers, the government banning it at any moment, and completely unscrupulous businesses and people with no accountability.
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No, it was a sheer gamble based upon my experience with technical analysis. I knew it wasn't the end of the road while studying bubble patterns.

It dropped from about $1200 to $700 in a matter of hours. I bought when I saw some upward movement to $750. It dumped to around $500ish while I slept. The 24/7 nature is scary. A few days later, it was back above $1000. It creeped back down towards $900 after a few days and when my money cleared, I immediately sold. Big gamble, but like I said, I wasn't one of these people who threw their life savings into it. Seeing the progression of Bitcoin, I wouldn't invest the same amount now. Rather throw it into a penny stock.
 
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Domingo Halliburton said:
@whenisbradyhoke_gettingfired

if I bought a bitcoin tomorrow could I cash it out the same day?
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I've only purchased from Coinbase, as I only trusted a US company with VC money from reputable investors behind it.

Last time on Coinbase, I locked in a buy price, then waited several days for money to clear via ACH. After 30 days, I was cleared to buy up to $1000 instantly per week. Was previously 1 BTC per week, I think. They keep changing the instant buys.

I believe your daily sell limit is $50,000 per day, or maybe week. Regardless, if you had an instant buy account, you could buy and sell the same day.

Not sure if the transfer to your bank would be instant though.

I took comfort, however, knowing I could travel to SF and beat the dog shyt out of someone, if necessary.

:lolbron:
 
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Brady Hoke's Artery said:
I've only purchased from Coinbase, as I only trusted a US company with VC money from reputable investors behind it.

Last time on Coinbase, I locked in a buy price, then waited several days for money to clear via ACH. After 30 days, I was cleared to buy up to $1000 instantly per week. Was previously 1 BTC per week, I think. They keep changing the instant buys.

I believe your daily sell limit is $50,000 per day, or maybe week. Regardless, if you had an instant buy account, you could buy and sell the same day.

Not sure if the transfer to your bank would be instant though.

I took comfort, however, knowing I could travel to SF and beat the dog shyt out of someone, if necessary.

:lolbron:
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what's the story behind your name?... I went to a big ten school believe me I hate michigan
 
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Bitcoin: Has the Federal Reserve Met Its Match?
The Chicago branch of the Federal Reserve has addressed the great monetary question of our day. A researcher has taken a detailed look at the prospects for market-based crypto-currency, with a special focus on Bitcoin. It concludes that Bitcoin is not a viable replacement for the dollar. The report includes some dark hints that should it ever become so, it should probably be crushed.

What’s funny and fascinating is to follow the thinking here. What you discover is the greatest act of Freudian projection I’ve ever seen in a Federal Reserve study.

‘It is hard to imagine a world,‘ says the unimaginative study, ‘where the main currency is based on an extremely complex code understood only by a few and controlled by even fewer, without accountability, arbitration, or recourse.‘
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http://www.dailyreckoning.com.au/bitcoin-has-the-federal-reserve-met-its-match/2013/11/16/


jay-z-kanye-laughing.png
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Letter from Fred Wilson, head of Union Square Ventures, best known for its early investments in companies including Zynga, Twitter and Tumblr. In response to Senator Manchin public letter asking for a ban of Bitcoin. Powerful stuff

Bitcoin is a powerful new technology platform that, like the Internet itself, is not controlled by anyone or any company. It is a globally distributed network of computers that allow financial transactions to flow seamlessly and at a much greater efficiency than current methods. A bitcoin is the store of value in the system and it acts a bit like a currency or a commodity. This store of value is actively traded for fiat currency at a number of exchanges around the world.

Bitcoin is already regulated in the US and it is becoming more regulated every day. And the regulatory environment in the US has dampened the amount of innovation around Bitcoin that has developed here in the US. All the major Bitcoin exchanges have been built outside of the US and a significant amount of the venture capital investment in the Bitcoin ecosystem is happening outside of the US. This is a direct response to the stricter regulatory oversight and requirements here in the US versus other countries.

The volatility of Bitcoin relative to fiat currencies should be expected in a nascent and emerging technology. What is amazing, however, is its resiliency in the face of massive scrutiny, company failures, fraud, theft, and a host of other challenges it faces as it becomes mainstream and mature. The value of a Bitcoin at this stage of its development should move up and down more like a hot technology stock than a stable currency. In time, as Bitcoin’s market value grows and transactional activity and liquidity develops, the value will stabilize and act more like a traditional currency.

When something as new and as different as Bitcoin emerges, it is tempting to want to “put the Genie back into the bottle” and protect ourselves from it. But thankfully the US did not do that with the Internet. The impact of the commercial Internet on the US economy and our society as a whole has been massive and overwhelmingly positive over the past twenty years. We should approach Bitcoin in exactly the same way and if we do, I expect the benefits we will see will be equally important, impactful, and beneficial to our economy and our society.
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heisenburrr

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Mephistopheles said:
Janet Yellen shytted on y'all. :russ:
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:what:

Nothing she said was negative. what the hell are you yapping about

"Bitcoin is a payment innovation that's taking place outside the banking industry. To the best of my knowledge there's no intersection at all, in any way, between Bitcoin and banks that the Federal Reserve has the ability to supervise and regulate.So the fed doesn't have authority to supervise or regulate Bitcoin in anyway."
....

"It's not so easy to regulate Bitcoin because there's no central issuer or network operator. This is a decentralized, global [entity]."
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heisenburrr said:
another powerful letter from the Bitcoin Foundation of Senator Manchin

https://bitcoinfoundation.org/blog/...4/02/2014-02-27-Letter-to-Senator-Manchin.pdf

Open your eyes and try to expand your mind people, this is a technological revolution brewing and those of you dismissing it because of a lack of understanding will be left behind.
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So that small business they mentioned, wouldn't they have to resell the bitcoin they made selling pizza? What if the price dropped 3 hours later and all of a sudden the bitcoin is worth nothing and they just gave away a bunch of free pizza? Would they wait until the price went up again and sell it?
 
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