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Bitcoin goes up $10 in just one hour

bitcoinity.org

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Re: Bitcoin goes up $10 in just one hour

#41

Post by ok_craig »

aneth4 wrote: post #29

For a bitcoin newbie, what are the credible platforms to buy and trade bitcoins? For those that follow bitcoin news, I'm sure there is a plethora of "don't do this," "those guys did this," etc., but what do I do as someone who knows nothing about bitcoins and how to keep them safe?

I have found Coinbase to be pretty convenient for buying and selling bitcoins.

For how to keep them secure once you have them, I recommend simply doing some research. Coinbase provides a basic wallet and if I remember correctly, they cold store most of their coins offline.

Blockchain.info is another good option for a basic wallet. It's simple with a good amount of features. Your wallet is also decrypted in-browser and not on their server so they don't store compromising information.

There are also concepts such as a paper wallet [1] and a brainwallet [2] for extreme security. A brainwallet is basically what it sounds like - a way of storing your wallet in your head.

[1] https://en.bitcoin.it/wiki/Paper_wallet [2] https://en.bitcoin.it/wiki/Brainwallet

Re: Bitcoin goes up $10 in just one hour

#42

Post by rishimoko »

bluedanieru wrote: post #19
ricardobeat wrote: post #11

Earlier quoted context omitted.

More adoption means it can only go up. Maybe too optimistic, but read http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin... edit: yeah, brainfart. I meant to say that "people buying a bunch of it" can only make it go up, not that it can't (or won't) go down again.

More adoption doesn't necessarily mean that. Of players who hold on to Bitcoin for longer than a few minutes, virtually all of them are speculators. If you accept Bitcoin as payment for services, your biggest technical challenge is converting them back into dollars/euros/whatever as quickly as possible. No one is accepting Bitcoin as payment and then holding on to them in order to buy something else or pay their work…

> No one is accepting Bitcoin as payment and then holding on to them in order to buy something else or pay their workers.

Brewster Kahle at archive.org gives his employees the option to be paid in bitcoin received by the site.

> As a long term (or medium-term anyway) store of value, Bitcoin is really quite useless for the time being.

That's quite incorrect. Bitcoin has proven to be an excellent tool for buying low, waiting for a price rise, trading some of the bitcoin for gold, selling some of the gold and buying more bitcoin with the proceeds.

It's a great tool if you're willing to learn how to use it.

Re: Bitcoin goes up $10 in just one hour

#43

Post by aneth4 »

ok_craig wrote: post #41
aneth4 wrote: post #29

For a bitcoin newbie, what are the credible platforms to buy and trade bitcoins? For those that follow bitcoin news, I'm sure there is a plethora of "don't do this," "those guys did this," etc., but what do I do as someone who knows nothing about bitcoins and how to keep them safe?

I have found Coinbase to be pretty convenient for buying and selling bitcoins. For how to keep them secure once you have them, I recommend simply doing some research. Coinbase provides a basic wallet and if I remember correctly, they cold store most of their coins offline. Blockchain.info is another good option for a basic wallet. It's simple with a good amount of features. Your wallet is also decrypted in-browser an…

Tried them. It says:

"Sorry, the maximum number of purchases on Coinbase has been reached for today. Please try again in 24 hours. We'll continue raising this limit over time."

These sort of security and reliability concerns are certain to hold bitcoin back. Granted they also represent the opportunity, as surely they will be resolved.

Re: Bitcoin goes up $10 in just one hour

#44

Post by bluedanieru »

rishimoko wrote: post #42
bluedanieru wrote: post #19

Earlier quoted context omitted.

More adoption doesn't necessarily mean that. Of players who hold on to Bitcoin for longer than a few minutes, virtually all of them are speculators. If you accept Bitcoin as payment for services, your biggest technical challenge is converting them back into dollars/euros/whatever as quickly as possible. No one is accepting Bitcoin as payment and then holding on to them in order to buy something else or pay their work…

> No one is accepting Bitcoin as payment and then holding on to them in order to buy something else or pay their workers. Brewster Kahle at archive.org gives his employees the option to be paid in bitcoin received by the site. > As a long term (or medium-term anyway) store of value, Bitcoin is really quite useless for the time being. That's quite incorrect. Bitcoin has proven to be an excellent tool for buying low, w…

>Brewster Kahle at archive.org gives his employees the option to be paid in bitcoin received by the site.

That's pretty cool actually, although personally I wouldn't do it. Hope to see more of that.

>Bitcoin has proven to be an excellent tool for buying low, waiting for a price rise, trading some of the bitcoin for gold, selling some of the gold and buying more bitcoin with the proceeds.

This speaks to Bitcoin's utility as an instrument for speculation, not for storing value. If it was a good store of value you would print out your private key and put it in a safety deposit box, confident that whenever you returned to retrieve it, it would represent approximately the same amount of wealth that it did when you left it.

This is most definitely not the case with Bitcoin at all.

Re: Bitcoin goes up $10 in just one hour

#46

Post by wulfen »

bluedanieru wrote: post #3
Amarandei wrote: post #2

I posted this just because I found it very funny that the price went down and then up and people started already writing about it. Maybe I'm the only one seeing the humor in it.

It shed 25% of its worth just as quickly. "This time it's different."

I'm pretty sure that's the point ...

Re: Bitcoin goes up $10 in just one hour

#47

Post by rishimoko »

bluedanieru wrote: post #44
rishimoko wrote: post #42

Earlier quoted context omitted.

> No one is accepting Bitcoin as payment and then holding on to them in order to buy something else or pay their workers. Brewster Kahle at archive.org gives his employees the option to be paid in bitcoin received by the site. > As a long term (or medium-term anyway) store of value, Bitcoin is really quite useless for the time being. That's quite incorrect. Bitcoin has proven to be an excellent tool for buying low, w…

>Brewster Kahle at archive.org gives his employees the option to be paid in bitcoin received by the site. That's pretty cool actually, although personally I wouldn't do it. Hope to see more of that. >Bitcoin has proven to be an excellent tool for buying low, waiting for a price rise, trading some of the bitcoin for gold, selling some of the gold and buying more bitcoin with the proceeds. This speaks to Bitcoin's util…

> If it was a good store of value you would print out your private key and put it in a safety deposit box

I have quite a number of btc stored in cold wallets.

My point is that because of Bitcoin, I actually have fluid wealth to move around and store, be it with metals or cryptocurrency. I didn't have that freedom with US cash, an instrument whose value is rapidly decreasing and has been for a long time.

Re: Bitcoin goes up $10 in just one hour

#48

Post by ok_craig »

aneth4 wrote: post #43
ok_craig wrote: post #41

Earlier quoted context omitted.

I have found Coinbase to be pretty convenient for buying and selling bitcoins. For how to keep them secure once you have them, I recommend simply doing some research. Coinbase provides a basic wallet and if I remember correctly, they cold store most of their coins offline. Blockchain.info is another good option for a basic wallet. It's simple with a good amount of features. Your wallet is also decrypted in-browser an…

Tried them. It says: "Sorry, the maximum number of purchases on Coinbase has been reached for today. Please try again in 24 hours. We'll continue raising this limit over time." These sort of security and reliability concerns are certain to hold bitcoin back. Granted they also represent the opportunity, as surely they will be resolved.

Well there's always MtGox, which I don't think has any limits, but you have to give them an absurd amount of identity verification to be able to place orders, which scared me away.

There are multiple services, Coinbase is just one of them. This particular instance of you not being able to place an order through them is not indicative of a wider tendency to not be able to place orders.

Coinbase has a 24-hour rolling limit for how many coins can be sold through them. This is reliably the case every day.

Also, not being able to buy coins doesn't seem to be a "security" issue.

Re: Bitcoin goes up $10 in just one hour

#49

Post by dj2stein9 »

redegg wrote: post #23
OGinparadise wrote: post #22

Pardon my Bitcoin ignorance, but you can sell, say $1 million worth of coins and not crash the price? How thinly is this traded? 20%+ or - in hours can't be good

No, you would bring it down maybe $10-20.

Any idea what the total volume (in $) traded per day is?
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