Currency conversion into bitcoins in real time

derryb · November 11, 2013 10:52PM

Kinda cool

jmski52 · November 11, 2013 11:21PM

The site doesn't finish loading for me. Does it work for you?

mhammerman · November 12, 2013 1:13AM

Works for me but I don't get it.

ricko · November 12, 2013 3:47AM

Amazing.... somehow I just cannot get excited about bitcoins... Cheers, RickO

derryb · November 12, 2013 6:33AM

<< Amazing.... somehow I just cannot get excited about bitcoins... Cheers, RickO >>

Me neither, just thought the data display was unique.

vpr · November 12, 2013 9:32AM

I'm still pissed about this! I was about to pull the trigger on $1000 worth of BTCs when they were selling for $5 a piece. I thought it was such a cool idea. I downloaded the wallet and I was waiting for it to sync up. The GF was pissed because I was supposed to go grocery shopping. I shut down the wallet application thinking I would do it later in the week. And, I forgot. And when I remembered again, the price was up to $15. Waited for it to get back down and it never did.

She owes me over $50K.

carew4me · November 12, 2013 10:36AM

a fool and his money...

jmski52 · November 12, 2013 11:24PM

I'm still pissed about this! I was about to pull the trigger on $1000 worth of BTCs when they were selling for $5 a piece. I thought it was such a cool idea. I downloaded the wallet and I was waiting for it to sync up. The GF was pissed because I was supposed to go grocery shopping. I shut down the wallet application thinking I would do it later in the week. And, I forgot. And when I remembered again, the price was up to $15. Waited for it to get back down and it never did.

Don't worry, it crashed before and it will crash many more times. Buy some then.

I don't own any, but I may at some point. Kinda like PayPal, only unregulated. There is very little difference between fiat and Bitcoins other than government sanction. They are both vaporware, and both have about the same amount of rational logic to support their pricing.

I'm from the government, and I'm here to help you. Not.

I'm from bitcoin, and I'm not. Here.

LukeMarshall · November 13, 2013 2:19AM

<< a fool and his money... >>

Remind me how well Ag is doing this year??

Bitcoin has gone from $10 to $400 this year, and rather that put a cliche remark on an entire system/group of people, which is growing everyday, I choose to delve deeper into the interworkings/mechanics of the system to learn from it.

You don't have to be excited about it, but the fact that we are discussing it tells me that the word is out and now we have to deal with it accordingly.

It really is quite fascinating and rather deep of a rabit hole IMO, but who can argue with 5000 years of monatary tradition ie silver and gold....

Afterall they have intrinsic value right? Its just history has shown us that us humans can place intrinsic value on a number of things. (Que cliche tulip example)

Disclaimer: I have a couple blocks of AG mostly because I like them....and that whole long term investment thingy... but mainly #1

mhammerman · November 13, 2013 2:44AM

"...vaporware..."

Very nice term Mr. jmski, thanks.

Baley · November 13, 2013 3:33AM

I only believe in things I can hold in my own two hands. Therefore, I'm confident that I have a pair, but I doubt anyone else here does.

derryb · November 13, 2013 4:13AM

<< I only believe in things I can hold in my own two hands. Therefore, I'm confident that I have a pair, but I doubt anyone else here does. >>

Become a believer, hold mine.

johnny9434 · November 13, 2013 4:38AM

<< Works for me but I don't get it. >>

i dont get it either.

derryb · November 13, 2013 4:40AM

<< 

<< Works for me but I don't get it. >>

i dont get it either. >>

It's showing in real time the different currencies being converted to bitcoins.

Baley · November 13, 2013 4:56AM

<< 

<< I only believe in things I can hold in my own two hands. Therefore, I'm confident that I have a pair, but I doubt anyone else here does. >>

Become a believer, hold mine. >>

it's up to each American to hold their own

derryb · November 13, 2013 7:19AM

<< I only believe in things I can hold in my own two hands. Therefore, I'm confident that I have a pair, but I doubt anyone else here does. >>

<< Become a believer, hold mine. >>

<< it's up to each American to hold their own >>

the offer stands

LukeMarshall · November 13, 2013 7:27AM

<< I only believe in things I can hold in my own two hands. Therefore, I'm confident that I have a pair, but I doubt anyone else here does. >>

Well someone else apparently does....

Can we get back on topic now?

Baley · November 13, 2013 8:12AM

<< 

<< I only believe in things I can hold in my own two hands. Therefore, I'm confident that I have a pair, but I doubt anyone else here does. >>

<< Become a believer, hold mine. >>

<< it's up to each American to hold their own >>

the offer stands

>>

you aren't one of those "Tea-baggers", are you??

condorcollectibles · November 13, 2013 8:46AM

BTC Market(s) Trading

LukeMarshall · November 13, 2013 11:24AM

<< BTC Market(s) Trading >>

IMHO

Wild/crazy doesn't begin to describe the chat Bot/box there...

Edit: Found this link, Apparently this isn't the first shady episode with BTC-e

Caveat emptor

JohnnyCache · November 13, 2013 11:44AM

For Informational Use Only

Here is Peter's thoughts on Bit Coin = Gold 2.0

**** I found the entire exchange interesting enough to listen to the whole thing but if you just want the Bit Coin segment skip to 5:37 *****

Peter Schiff and The fantasy "Recovery" here in the U.S.

JC

Overdate · November 17, 2013 3:52AM

Bitcoin is now at $515!

If I bite a coin, will it become a bitcoin?

EagleEye · November 17, 2013 9:26AM

Bitcoins were conceived as ultimately being the universal electronic currency with rigid rules on creation of extra bitcoins, thus eliminating the perceived problem of inflating a currency's value through printing. Instead it has become an untraceable commodity than can be transferred over the internet. With all commodities, the value is determined by demand and supply. The supply is limited and the demand has grown. The illicit benefits that have been shown with the recent silk road arrests show what the "killer app" is for the bit coin.

Since it is a commodity and not a true currency, it will fluctuate in value based on demand.

There are web sites that sell gold and silver for bitcoins, but they are asking a hefty charge for conversion to dollars. And these sites have to convert to dollars to get their supplies of bullion. The only reason to use bitcoins now is to evade the government (not just ours). I bet the Government (not just ours) is watching web sites that accept bitcoins like a hawk!

Higashiyama · November 17, 2013 11:07AM

Bitcoins were conceived as ultimately being the universal electronic currency with rigid rules on creation of extra bitcoins, thus eliminating the perceived problem of inflating a currency's value through printing.

One fascinating aspect of the Bitcoin saga is that the money creation rules for Bitcoin are almost certainly too rigid to allow it to become a global standard.

If there were currently a global currency, the appropriate money creation rule would be fairly simple describe (though somewhat harder to actually implement). The rule would be to allow the money supply to grow essentially in line with global real GDP. (this isn't quite right, but it's the right idea) If money supply growth equaled real GDP growth, there would be no inflation over the long term, and real GDP growth would equal nominal GDP growth when measured in terms of the global currency.

The challenge with Bitcoin or any other new "emerging" currency is that the growth in the number of units outstanding should be proportional to the growth in the use of the currency in commerce (broadly defined). So, while the emerging currency is gaining acceptance (and is replacing other currencies as a standard), it is OK for the number of units to grow much faster than global GDP grows. The actual growth algorithm will be non-trivial to come up with and implement.

One could say "don't worry about growing the currency and allow deflation", but this would lead to hoarding and speculation, as we are seeing with Bitcoin.

roadrunner · November 17, 2013 11:31AM

Classic 5 wave pattern in play since Bitcoin was established. Now in the straight up/exponential wave 5. Anytime a currency/currency alternative (ie gold or silver) has doubled in 6 months or less....it wasn't long before
a crash occurred. Ponzi would be proud that his work continues even today. Anything that goes up 55X in one year is far from a true currency alternative. You'd think the world was deep into hyperinflation. Imo it's
behavior is no different than a pink sheet penny stock.

gdavis70 · November 17, 2013 12:35PM

Very cool...

Seeing the inflow like this makes me want to buy more. I bought 5 coins on Thurs for 370. I am quoted $510.00 if I wanted to sell them.

Overdate · November 17, 2013 12:46PM

<< Imo it's behavior is no different than a pink sheet penny stock. >>

Except that it's going up instead of down.

$570 at the moment.

**Update: $610.

cohodk · November 17, 2013 11:49PM

Gotta agree with Roadrunner, although I think the " value" could go a lot higher. Never underestimate the power of a mania.

Overdate · November 18, 2013 3:49AM

$670!

Forget the trillion dollar platinum coin, soon the government might be able to pay off the national debt with a single bitcoin!

**Update: 3 hours later and it's $750.

I should have put my money in bitcoins instead of state quarter spoons!

Kip · November 18, 2013 6:51AM

<< Amazing.... somehow I just cannot get excited about bitcoins... Cheers, RickO >>

These buyers liked Tulips also......................

gdavis70 · November 18, 2013 8:10AM

<< Amazing.... somehow I just cannot get excited about bitcoins... Cheers, RickO >>

These buyers liked Tulips also......................

If you try hard you will see some differences...

Start with the fact that right now the major inflows are from China... Why do you think that would be?

Kip · November 18, 2013 8:16AM

<< << Amazing.... somehow I just cannot get excited about bitcoins... Cheers, RickO >>

These buyers liked Tulips also......................

If you try hard you will see some differences...

Start with the fact that right now the major inflows are from China... Why do you think that would be? >>

I wish you the best my friend..cheers
Kip

Pokermandude · November 18, 2013 9:41AM

Bitcoin $645? Yeah, That's totally reasonable..

Weekly price chart July 2010 to November 2013

Baley · November 18, 2013 9:49AM

classic bubble chart; I don't care what it is, if the price changes like that, it's gonna crash someday... but the price on that day can still be a lot higher than it is today.

myself wouldn't touch bitcoin with a ten foot pole, even with OPM. Doesn't matter that "it's easy money, only a moron would pass up this opportunity", have heard that before

LukeMarshall · November 18, 2013 10:13AM

homeland security discusses bitcoin

gdavis70 · November 18, 2013 11:15AM

I think todays discussion alleviated some fears about whether the US was worried about Bitcoins.

If the treasury isn't seeking to get involved and seems to think that existing money laundering laws are sufficient then it takes a major concern our of the space.

It's the only reason I can see that today went ballistic.

JohnnyCache · November 18, 2013 12:27PM

<< ....... right now the major inflows are from China... Why do you think that would be? >>

Though I believe I understand the basic principals of Bit. Coin, I admit I remain somewhat ignorant about the whole thing.
I know that anonymity is often touted as one of bit coins greatest strengths but couldn't its use of technology also make it vulnerable at some point.

I don't believe it's for me, but I would still like to understand it a little better, particularly to how it relates to the Chinese inflows you mentioned.
Are you saying Chinese citizens are purchasing bit coins or Chinese Officials or both? Why so do you think?

Overdate · November 18, 2013 12:55PM

$812.

I think I'll buy one tonight and retire tomorrow.

cohodk · November 18, 2013 3:20PM

That chart above is what silver is going to look like.

gdavis70 · November 18, 2013 4:50PM

Are you saying Chinese citizens are purchasing bit coins or Chinese Officials or both? Why so do you think?

The Chinese people are buying up tons of Bitcoins and I am sure there is a lot of speculation going on. But I think Bitcoins also satisfy a need for them.

You have a store of value with known limitations on quantity that can be used in a Peer to peer manner in complete anonymity. It seems like a nice way to get some cash offshore.

derryb · November 18, 2013 8:00PM

Flash trading. Skynet has arrived.

gdavis70 · November 18, 2013 8:11PM

And I am out... sold for a $201 profit per coin... I should have loaded the truck.

Higashiyama · November 19, 2013 12:23AM

That chart above is what silver is going to look like.

Cohodk --I know that's a pretty transparent statement, but please elaborate! (where on the chart are we today?)

Pokermandude · November 19, 2013 2:10AM

Bitcoin dives 30% after touching record $900

I think we might see another crazy move to $2k+ for bitcoin before the final nails are in the coffin. But I am certainly not going to wager my money on that bet! Way too volatile for me. You'd have to be glued to the charts to even have a chance at getting out at the right time.

jmski52 · November 19, 2013 2:12AM

Nice chart.

cohodk · November 19, 2013 11:54AM

<< That chart above is what silver is going to look like.

Cohodk --I know that's a pretty transparent statement, but please elaborate! (where on the chart are we today?) >>

23rd bar from the right.

Zubie · November 19, 2013 3:01PM

How do I "short" bitcoin? Is there an ETF? Not sure how this can continue...

jmski52 · November 19, 2013 10:06PM

How do I "short" bitcoin? Is there an ETF? Not sure how this can continue...

It can continue. It will also make lots of money for some and lose a lot of money for others, just like any other form of pure speculation. If the government wanted bitcoin to go away, it could just start attacking all of the servers that host it. I suspect that they'd much rather co-opt it for their own purposes just like they do with everything else.

It might look high right now, but the comparative size of the user base has still got to be very small. I'm guessing that the price goes higher but I wouldn't touch it even if I were rebalancing between different asset classes with Baley's money.

TwoSides2aCoin · November 20, 2013 3:59AM

Oh man

CaptHenway · November 20, 2013 5:20AM

Any pool as to when they suddenly become worth $0.00?

derryb · November 20, 2013 6:21AM

Just a tad of very anonymous counterparty risk with an investment backed only by a computer entry, wouldn't you say?

Currency conversion into bitcoins in real time

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