BITCON... WHY its totally FLAWED

pro$pector said:
Phiber said:
Just looking at funding options on BTC-E - has anyone tried OKPay?
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Nope - but if you try let me know how it goes...

Hard to take advantage of the arb unless you can deposit cash to BTC-E (or transfer LTC in).
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Yep, precisely.
I'll look a bit more about OKPay, see what options are out there.

Maybe RM has had a look at it when exploring fees and such?
 
I have seen the oppertunity but I always thought the fees would ruin it and that's why btc-e is cheaper. Go low ltc I'm buying SNF mining. I think the other Cryptos will ride initally then fall back.
 
This trading all seems really interesting to me, and I might give it a go with some smaller amounts, but ultimately, I am taking the "be right and sit tight" approach on this one.

t was the change in my own attitude toward the game that was of supreme importance to me. It taught me, little by little, the essential difference between betting on fluctuations and anticipating inevitable advances and declines, between gambling and speculating. I think it was a long step forward in my trading education when I realized at last that when old Mr. Partridge kept on telling the other customers, "Well, you know this is a bull market!" he really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend.
And right here let me say one thing: After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market.
You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine that is, they made no real money out of it.
Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.
Jesse Livermore
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Anyone want to have 64.995 litecoins?

Will accept bitcoin equivalent and we can both escape the lower broker offer prices/fees.
 
Okay I have a mining rig setup now, running windows 8 90 day eval just to see how I go, lots of heat problems, these aren't particularly hot cards but the small space between GPU's on the motherboard is a huge issue (bottom gpu 10% OC 50% fan top GPU -50% oc 70% fan) I'm thinking an open no case option would be best. the basket someone put up earlier seems a particularly promising option, would work very well with only a few cable ties...

I'll put some power monitoring on it later on tonight and see how it looks
 
I thought I'd give ppcoin a go. Using a 7970, get a constant hashrate of around 610, temp sitting around 90c.

[youtube]http://www.youtube.com/watch?v=GeZZr_p6vB8[/youtube]

Started doing solo mining, but not sure how long after starting I should 'expect' to see coins hitting the wallet. So joined a pool, and it all seems to be working.

Free power thanks to solar panel credits, so no harm in trying it.
 
rbaggio said:
I thought I'd give ppcoin a go. Using a 7970, get a constant hashrate of around 610, temp sitting around 90c.

[youtube]http://www.youtube.com/watch?v=GeZZr_p6vB8[/youtube]

Started doing solo mining, but not sure how long after starting I should 'expect' to see coins hitting the wallet. So joined a pool, and it all seems to be working.

Free power thanks to solar panel credits, so no harm in trying it.
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90 degrees?

That's getting to the 'dangerously' hot level, haha.

And solo mining should be avoided if you don't have a massive setup. You're basically playing with luck.
 
gcsun said:
Anyone want to have 64.995 litecoins?

Will accept bitcoin equivalent and we can both escape the lower broker offer prices/fees.
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Im still looking for a trustworthy source for LTC if anyone can help, also some PPC, maybe TRC also.

1for1
 
Listen To The Sounds Of The Bitcoin Bubble - Before It Pops

The question now being asked isn't if the bubble will burst but when. I can't answer that question. But I can tell you what it will sound like. It will sound like a piano solo.

At least that's how it will sound at Listen To Bitcoin. Go to the website and you'll find a multitude of opaque bubbles, each appearing with a random note from a celesta--a keyboard instrument that sounds a bit like a vibraphone. Every 10 minutes or so there's an orchestral swell made from double basses along with a large square bubble, signifying a "Bitcoin block" (basically a set of transactions performed to synchronize the network). At slow times, the site sounds a bit like Brian Eno's Music for Airports. But when there is a flurry of transactions, the screen goes almost white with intersecting bubbles, and it sounds like there's a cat on the keyboard.
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Okay, pulled my miner out of its case and put it on a rack, significant temp improvement, next stuck a 200mm fan over the two gpu's moderate temp improvement.

it's now running at 98% of stock clock speed at 60% fan (must better on the ears)

consistently drawing ~370w which is a bit less than i expected, my power requirements estimates appear to be overly cautious (not a horrible thing)

currently getting slightly north of 700MH/s for 370w 1.89MH/w seems okay an okay ratio...
 
1for1> Re: Buying LTC - I trolled various forums (including this one) today and managed to buy a decent number of LTC for anywhere from just under, to well under current BTC-E sell rate, some people are in a hurry to get rid of it for cash, and its hard (impossible?) to cash LTC out in Australia without a Mt Gox verfied account to send BTC to so they lap up a bank transfer offer. Everyone transferred the LTC to me straight away, even though my bank deposits probably won't show till Tuesday.

Sent them all to my BTC-E account then sold and bought BTC on BTC-E, sent them to Mt Gox and sold there and due to the $10 (varies) higher price per coin on Mt Gox (plus the profit from selling the LTC at market rates) made quite a few hundred $ in a few hours.

I've said it before, but I am loving Crytocurrencies!

The lack of huge price rises in any of the currencies over the past 24-48 hours could mean trouble though - I probably won't be holding anything overnight for a while to protect my profits.
 
That's nuts - wasn't it $132 earlier today?

Oh wait, that was BTC-e - so different exchanges have different "spot" prices... that's not a good sign if such huge arbitrage opportunities exist.

I'm considering putting some money into bitcoins - but only if there is a huge crash and they are cheap again. Basically put them away and wait for the next bubble. They feel really overvalued right now.
 
I thinks its summed up perfectly by Jeremy Irons' character in this scene from the movie "Margin Call"

It's just money, made-up peices of paper with pictures on them to stop us killing each other for something to eat..."
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[youtube]http://www.youtube.com/watch?v=L5gZrgGXOco[/youtube]
 
goldpelican said:
Oh wait, that was BTC-e - so different exchanges have different "spot" prices... that's not a good sign if such huge arbitrage opportunities exist.
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The arb is hard to profit from though as you can't deposit AUD to BTC-e...

I managed to make a bit off the arb today as per my post above though, so it is possible.

BTC-e is hard to get cash into, I think that is the reason for the lower prices.
 
BTCe - Cash may be difficult to get in, but Bitcoins are very easy.

GP - I would suggest you dip your toes in now just to get a feel for how things work. I'm not suggesting you splash out. Whatever happens, these are historic groundbreaking times for currency.
 
pro$pector said:
But depositing BTC to BTC-E means you can't profit from the arb!!! :lol:
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Obviously :rolleyes:

My comment related to the context of GP whom is yet to even own Bitcoins and move them about. Not how to best work the arbitrary prices. Maybe I should have made that clear.
 
pro$pector said:
BTC-e is hard to get cash into, I think that is the reason for the lower prices.
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I have looked into the topic and this is what came out of it for me also. Sticking with MxGox for now.

Has anyone tried setting their MtGox account in USD to benefit from the volume on there? Don't know how that would work when send AUD though.
 
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