I'm starting to agree with luke that the alts are pretty useless. If you just look at btc-e charts for any time period it's obvious that their price at any point in time is a direct factor of bitcoin's price - bitcoin goes up a few dollars, litecoin goes up a few cents a few minutes later; someone panic sells bitcoin, people panic sell litecoin a few minutes later. For those of you who like to throw around the word "bubble," THIS is something indicative of a bubble and something that's purely speculation.
Where are my bitcoins CoinBase? SHAPOW!
- Thread starter mGrunin
- Start date
If you want to make an investment in a new and promising AltCoin check out: ProtoShares
They were released early November and went from nothing up to $45 per coin. Right now they are trading at around $20. In the upcoming weeks the company behind it (Invictus Innovation) will go to a few more conferences in China and they will release Keyhotee (basically an ID system for BTC, so you can send money directly to "grunin" instead of your bitcoin address).
And in addition to that, what most people anticipate, is the release of BitShares (early 2014). Which is basically a virtual-asset (BitBTC, BitGold, BitUSD etc.) and not supposed to be used to pay merchants (the same way that Bitcoin is), and most importantly: they pay DIVIDENDS. Read the white paper seriously: https://docs.google.com/document/d/1RLcjSXWuU9vBJzzqLEXVACSCdn8zXKTTJRN_LfoCjNY/edit
And check out this article: BitShares P2P trading platform to offer "dividends on bitcoins".
So if you guys buy Protoshares now, the coin will not only rise to new heights around New Year, but it will also be a 1:1 trade (Protoshares to Bitshares, for every Protoshare, you get 1 Bitshare, so double win).
They were released early November and went from nothing up to $45 per coin. Right now they are trading at around $20. In the upcoming weeks the company behind it (Invictus Innovation) will go to a few more conferences in China and they will release Keyhotee (basically an ID system for BTC, so you can send money directly to "grunin" instead of your bitcoin address).
And in addition to that, what most people anticipate, is the release of BitShares (early 2014). Which is basically a virtual-asset (BitBTC, BitGold, BitUSD etc.) and not supposed to be used to pay merchants (the same way that Bitcoin is), and most importantly: they pay DIVIDENDS. Read the white paper seriously: https://docs.google.com/document/d/1RLcjSXWuU9vBJzzqLEXVACSCdn8zXKTTJRN_LfoCjNY/edit
And check out this article: BitShares P2P trading platform to offer "dividends on bitcoins".
So if you guys buy Protoshares now, the coin will not only rise to new heights around New Year, but it will also be a 1:1 trade (Protoshares to Bitshares, for every Protoshare, you get 1 Bitshare, so double win).
No he's right. Not only are you blind and emotionally attached; you're also a huge apologist for these shitty miserable situations that people like mGrunin experience. You're blaming FinCEN when all of these exchanges are shady as hell and are seriously dropping the ball on support.
By the way, how's the recovery of your business coming along? Hopefully you've been making good progress there instead of betting the farm on bitcoin.
I wouldn't call Lukep an apologist.. I think all he was saying was that Coinbase is legit and they'll come through.. and it appears he was correct.
Also, he's passionate about the cause... the real potential behind Bitcoin is enormous and not even Luke has contemplated all of it's uses... but I bet he has a better grasp on what the future holds than most.
Passion is a good thing and there's a shortage of it - I don't really get why Luke gets so much shit lol.. Yeah okay.. so his adsense model wasn't exactly "bullet proof" or "long term" but for fucks sake.. you guys never sensationalized a headline in sts? Not mention, the guy made some bank off his biz model.. and then presumably used that money to be an early investor in one of the best performing asset classes on earth for like 4 years running.. He's obviously doing something right.
And yeah.. I think he should step back from btc to see that it's a real possibility that some alts succeed. Still.. like I said - it seems like the guy is doing pretty well for himself.
I use to own part of an ACH processing company and it doesn't take 5 days to do an ACH transaction!
This transaction takes place after your micro deposits are verified. The transaction itself, doesn't take anytime. It's the verification of funds that takes a day or two at the max.
Five days it utterly ridiculous!
I've probably read every post you've made about btc on this forum. I do believe your emotional attachment is fully backed by logic and great research.. but bro.. you morally support Bitcoin.. and I respect that... but go ahead and admit to yourself that your emotions may play more of a factor in your conclusions than you realize. Either way.. do your thing.. just trying to provide some perspective in a genuine effort to help a brotha out, nah mean?
Of course.. I do realize that you could be right about alts not lasting.. I just think that you're a bit too sure of that.
Obviously, they have nothing in common.. my point was simply that things that do not make sense and are not only not needed but are actually detrimental to the initial goal can become foundational elements.
Things don't have to make sense, bro. I wish they did.
I understand your technical point completely.. Really. I get what your saying and initially I agreed with it.. but I think it's going to more a matter of perception than anything, and that's the wild card you completely refuse to factor in: public perception.
Exactly. And there are multiple shiny rocks used for a store of value.
This reaks of emotional attachment. Just sayin.
No doubt... there's going to be a huge ltc crash... multiple, I'm sure (I hope) but that doesn't mean the whole network will disappear.
Yes, and Litecoin (and maybe others) will be right there riding on it's coat tails being integrated all along the way to appease public perception and demand, regardless of how redundant reality thinks it is.
(O_o)
H̨̼̩͐̑͆̀̚&
Hey LukeP, how did you get word on dark wallet coming out in a month or so? Looks like a great team of developers. Looking forward to seeing what they come up with.
I stand corrected. I guess I was thinking of the verification period that the banks would place on my funds whenever I'd send $ from my acct in one bank to my acct in a diff bank. (A 5 day wait for a free transfer, or $20 charge for a same day transfer.)
I will reply to all the other posts in the thread later tonight.
I'll leave some analysis here before I go. On the 15 min chart, if BTC can get above $916, that should give us a move to $949. Any drops down to $838 should be a great buying opportunity.
My last analysis was right on point.
I'll leave some analysis here before I go. On the 15 min chart, if BTC can get above $916, that should give us a move to $949. Any drops down to $838 should be a great buying opportunity.
My last analysis was right on point.
Sorry for the lack of update. I've actually been out celebrating my birthday - I turned 22 today.
Now, I did receive a response from CoinBase's support team with the following:
As of this moment, the coins are still not in my account.
Bitcoin shortage!! BUY!!
Seems to me Coinbase's model is to arbi the rise and fall on BTC, playing the long and short delivery game along the way.
If you want to trade in BTC, it seems like suicide to use someone who can't deliver or sell on demand. The price locking in doesn't feel very good if you buy at $900 and BTC falls to $700 and you would have sold at $800 but you couldn't get delivery.
If you want to trade in BTC, it seems like suicide to use someone who can't deliver or sell on demand. The price locking in doesn't feel very good if you buy at $900 and BTC falls to $700 and you would have sold at $800 but you couldn't get delivery.
I completely agree with you on this. Their model seems very sketchy to me. What happens if they are on the wrong side of a swing? Who is going to bail them out? Their angels? Lol
Edit. Or what happens when they get a billion $ in new coin requests? What if it coincides with a major swing? With all the new money flowing in, it's pretty obvious they are going to run into some real supply and demand issues. Their whole model seems like it's built on a house of cards
It won't be the USG. We can complain about the US banking system all day, but when a bank fails, you don't lose your money. Maybe that's not right, or that's not fair, but if you're the depositor, it's pretty sweet.
That said, their business model seems to always keep them on the right side of the swing, it's just that as other competitors crop up who can shorten delivery times, their business is going to dry up. They are exploiting an inefficiency in the market without introducing any efficiency of their own.
Ya the us .gov will protect your money. No worries there. They have your best interests at heart
Agreed. which is why i'm looking into other places to do more of my BTC buying and selling from here on (maybe exchanges like bitstamp. I think they're based in the UK.)
There is deposit insurance in the US. It's a socialist scheme, it's anti-free market, but if you're a depositor, it's a nice benefit to have.
In the BTC realm, if Coinbase goes out of business tomorrow, everyone holding a balance with them in dollars, and possibly BTC, loses everything.
The way the free market is supposed to work, is that people should be imposing discipline and transparency on Coinbase, but as we've seen, people are more interested in the mania than being prudent, and I would guess some folks are going to get burned sooner than later, if not by Coinbase, then by someone similar.
How many times does it have to be said that it works both fucking ways? If you buy lower and the price goes up, your order is filled at the lower market price. It's like this little fact is being completely ignored. They may indeed come into some supply issues as dmnEPC pointed out, but their model is not BTC arbi. How the fuck anyone could come to that conclusion is beyond me.
One more time.. It works both ways, regardless of whether it's in your favor or Coinbases's. If the price of BTC goes to $1500 tomorrow, then mGrunin's order will be filled at $850 or whatever. This is real simple.