BITCON... WHY its totally FLAWED

[RetardedMonkey]

I do think that LTC is primed for a huge pump and dump like BTC had, as there are so many people pissed they missed the BTC ride and are looking for the next "big thing".

When I first got into cryptos, LTC was being pumped and dumped at the same time as BTC.

I think I cashed out a lot of my early LTC @ $4.50, after buying them at $0.80. Granted it wasn't many, I was new to the whole thing and didn't want to put up the risk.

But LTC did peak at around $6!

 

[Yippe-Ki-Ya]

Had a good laugh the other day where on Today Tonight government goons were scaring people who use bitcoins into believing that they're "not really anonymous" and that the government thugs will still steal "their share" of your money - so no use trying to hide it in bitcoins...

I guess it's alright to hate them and laugh at them at the same time.... :lol:

 

[pro$pector]

When I first got into cryptos, LTC was being pumped and dumped at the same time as BTC.

I think I cashed out a lot of my early LTC @ $4.50, after buying them at $0.80. Granted it wasn't many, I was new to the whole thing and didn't want to put up the risk.

But LTC did peak at around $6!

That was just the warm up, like when Bitcoin peaked at $30 in 2011. :lol:

If the Mt Gox thing comes to fruition LTC will see more money in a few hours than it usually sees in week on BTC-E.

 

[2ds]

When I first got into cryptos, LTC was being pumped and dumped at the same time as BTC.

I think I cashed out a lot of my early LTC @ $4.50, after buying them at $0.80. Granted it wasn't many, I was new to the whole thing and didn't want to put up the risk.

But LTC did peak at around $6!

That was just the warm up, like when Bitcoin peaked at $30 in 2011. :lol:

If the Mt Gox thing comes to fruition LTC will see more money in a few hours than it usually sees in week on BTC-E.

So I'm trying to figure out if I hold or swap into bitcoin when that happens?

what are your strategies?

I'm thinking I'll try to swap to bitcoin and then swap back afterwards and wait for a second peak?

 

[pro$pector]

Personally I would like to get out before it actually starts trading on Mt Gox, it will be too unpredictable there.

It seems this fontas guy can play LTC pretty well, he just posted a Mt Gox Litecoin API link on his twitter and the price goes straight into two big green candles which quickly got sold into.

Mt Gox even has a fake twitter that appears legit, whoever owns it posts fake stuff then seems to profit off spikes - it's such a lawless world of trading haha.

 

[RetardedMonkey]

I'm leaving my LTC in BTC-e.com

My thoughts is that MtGox will be flooded and laggy whilst the arbitrage traders move the price up on BTC-e where I will cash out (probably into BTC).

I'm expecting massive price spikes in LTC come MtGox integration.

 

[RetardedMonkey]

LTC and BTC can be fast if you pay a higher txfee. I put 0.5 txfee in once. I didn't time the 6 confirmations but I'm sure it was less than 45 seconds.

One thing I really want to know, is that it's all good and well having quicker confirmations that will allow it to be adapted to real life transactions, however this system requires miners who process the transactions. It means we require an endless supply of miners. Surely this problem has to be overcome before we can adopt this more thoroughly?

 

[pro$pector]

One thing I really want to know, is that it's all good and well having quicker confirmations that will allow it to be adapted to real life transactions, however this system requires miners who process the transactions. It means we require an endless supply of miners. Surely this problem has to be overcome before we can adopt this more thoroughly?

Solidcoin is migrating into Microcash, I believe the purpose of Microcash is to address this issue.

Mt Gox is supposedly re-doing their entire trading system, so it might trade a bit better during peak loads. Part of the Litecoin/fontas "IPO" is supposed to be getting big miners to shut down during the Mt Gox open, which should slow down people trying to transfer in to sell. :lol:

 

[2ds]

LTC and BTC can be fast if you pay a higher txfee. I put 0.5 txfee in once. I didn't time the 6 confirmations but I'm sure it was less than 45 seconds.

One thing I really want to know, is that it's all good and well having quicker confirmations that will allow it to be adapted to real life transactions, however this system requires miners who process the transactions. It means we require an endless supply of miners. Surely this problem has to be overcome before we can adopt this more thoroughly?

I don't think you can really get rid of the miners, they are what provides the reliability.

 

[RetardedMonkey]

I don't think you can really get rid of the miners, they are what provides the reliability.

But miners are just people, like you and me.

If we all decide that we turn off our miners at once, the whole system will be totally paralyzed.

 

[2ds]

I don't think you can really get rid of the miners, they are what provides the reliability.

But miners are just people, like you and me.

If we all decide that we turn off our miners at once, the whole system will be totally paralyzed.

Exactly,

If you build a system without the miners... you have a bank...

 

[whitty]

Target confirmation times look good on paper but with all the alt-coins being mined at the moment (see http://www.coinchoose.com/ for a list of those on exchanges) there is a lot of jumping from one coin to another as profitability changes (difficulty changes, price changes etc). One example of this is feathercoin which is mined the same as litecoin (scrypt algorithm, the same instance of cgminer can be setup with a pool for ltc and another for ftc so switching is quick and easy) but when the diff jumps up it becomes more profitable to mine litecoin and the network hashrate drops about 2/3rds meaning confirmations now take 3x longer. This also means the next difficulty target will take longer to get to before diff drops and miners jump on board again.

Once the difficulty gets higher it might flatten out a bit but someone will just pump out another coin making the list even longer.

 

[RetardedMonkey]

Bitcoin has really taken a hammering.

Seems like when Silver rises, Bitcoin drops :lol:

 

[pro$pector]

Target confirmation times look good on paper but with all the alt-coins being mined at the moment (see http://www.coinchoose.com/ for a list of those on exchanges) there is a lot of jumping from one coin to another as profitability changes (difficulty changes, price changes etc). One example of this is feathercoin which is mined the same as litecoin (scrypt algorithm, the same instance of cgminer can be setup with a pool for ltc and another for ftc so switching is quick and easy) but when the diff jumps up it becomes more profitable to mine litecoin and the network hashrate drops about 2/3rds meaning confirmations now take 3x longer. This also means the next difficulty target will take longer to get to before diff drops and miners jump on board again.

Once the difficulty gets higher it might flatten out a bit but someone will just pump out another coin making the list even longer.

Coinchoose doesn't even show all the alts on exchanges, the list is massive now.

With multipool.in it has a connection port that auto switches your mining to the most profitable based on their list, pretty cool.

Any posters releasing new alts on bitcointalk.org these days get abused pretty heavily, I think the days of short term pump and dump new release coins are over.

Bitcoin has really taken a hammering.

Seems like when Silver rises, Bitcoin drops :lol:

Perhaps Bitcoin might do a 2011 repeat? Spike up then slowly drift back to where it started over many months.

I bet there is some recent ASIC buyers wondering if they will ever see a ROI now.

Interestingly ASICMiner shares are over $5 now, and the weekly dividends are massive.

 

[RetardedMonkey]

I bet there is some recent ASIC buyers wondering if they will ever see a ROI now.

Damn straight.

People were working off $100 BTC and still looking at 200+ days to get any ROI from their ASICs.

That will obviously blow out now!

 

[hawkeye]

Broken parabola. Stay away from them. Damn I wish I'd sold all my coins rather than just the 2/3 I sold around the 125 mark. I was telling myself just to drop out completely.

 

[pro$pector]

Broken parabola. Stay away from them. Damn I wish I'd sold all my coins rather than just the 2/3 I sold around the 125 mark. I was telling myself just to drop out completely.

I'd be surprised if they don't flatten out at $30 - $50.

At the end of the day most of us took profit along the way and made decent money, no complaints here.

 

[hawkeye]

Broken parabola. Stay away from them. Damn I wish I'd sold all my coins rather than just the 2/3 I sold around the 125 mark. I was telling myself just to drop out completely.

I'd be surprised if they don't flatten out at $30 - $50.

At the end of the day most of us took profit along the way and made decent money, no complaints here.

No, me neither, I made big profits on them. I'm just wondering if it might be best just to sell the rest off now.

Your price range seems about right to me.

 

[RetardedMonkey]

Yeah I am tempted, though I am just going to ride this out now, see how it goes.

 

[2ds]

The more I think about this the more I think getting into bitcoin now is a mistake.

e.g. I think it would be a mistake to swap from LTC to BTC when it opens on mt gox, better off swapping into USD.

BTC will keep falling with the fall in the cost of production for a while I believe. e.g I was happy to make $10 a day of 1000 investment, the price of BTC needed to be ~200 for that to happen. At 100 I am still making $5 not super happy but it is okay.

$1000 will get your 3 jalapenos I'd be making $26 a day off my $1000 investment with them at the moment..... I'm going to keep selling to make ROI and that profit is good so I'll take what ever the market will give me...

obviously I think you should swap back into BTC when it comes down to around $25 ? based on my dodge math =)