compoundinglife Posted December 31, 2013 Share Posted December 31, 2013 Good luck. Which exchanges are you using to buy the non-btc currencies? I guess Cryptsy. I don't see many other options with as many options. At least they're in the US and could potentially be sued via class action if there is some really bad tomfoolery. I am also looking at getting a little in each cryptostock, but have to find a place I feel at least semi-OK with. FWIW, I am much happier with coins-e but they don't have as many coins as cryptsy. Trade execution on cryptsy is generally pretty good but getting coins in and out has a tendency to take a long time because their engine gets fairly backed up. I would not be surprised if your BTC deposit into Cryptsy takes up to 24hrs to show up. There is always some delay as the network verifies the transactions but cryptsy deposits take much longer than coins-e in my experience. That being said they do always go through and their support usually replies to my requests within 24 hours. I am mining and then trading for BTC so the delay matters to me because I generally trying to mine the most profitable coin at any given moment and quickly convert to btc then cash. Link to comment Share on other sites More sharing options...
DoddDisciple Posted December 31, 2013 Share Posted December 31, 2013 Yeah I've read that. Honestly, I just want to buy and hold for 1-2 years. I don't really care to read the "trollboxes" on the exchanges and look for short-term, daily gains. If this is going to big or a bubble at least, it should raise in aggregate from here. Link to comment Share on other sites More sharing options...
compoundinglife Posted January 1, 2014 Share Posted January 1, 2014 Yeah I've read that. Honestly, I just want to buy and hold for 1-2 years. I don't really care to read the "trollboxes" on the exchanges and look for short-term, daily gains. If this is going to big or a bubble at least, it should raise in aggregate from here. Makes sense. Just figured I would let you know so your not surprised. The only reason I care is because I am generally trying to mine the most profitable coin at the moment given the capabilities of my hardware so the faster I can to get to USD the more certain I am to capture the amount I am expecting before price changes. I did not know the chat boxes were called trollboxes, lol :) Link to comment Share on other sites More sharing options...
DoddDisciple Posted January 1, 2014 Share Posted January 1, 2014 Haha, I've seen them called such everywhere that I read. I don't have the setup for mining, though I do have a nice GPU on a desktop that I don't use all the time. Rather than fool with the hassle though, I'm just looking to toss a little money in an see what happens. I don't know if $50-$100 in each coin is enough to move the needle, but overall it's a decently-sizable amount ($5k-$10k). Actually, I'm really surprised people are having such issues with Crypsty. It's clear that they have to transact through their own wallets in each of those currencies so it's pretty amazing they can get it done with a day or two delay at all among so many transactions. It's not like I can go right now and instantaneously buy stocks of similar market caps as these coins with at least a slight delay if I'm not making a market order. Link to comment Share on other sites More sharing options...
compoundinglife Posted January 1, 2014 Share Posted January 1, 2014 Haha, I've seen them called such everywhere that I read. I don't have the setup for mining, though I do have a nice GPU on a desktop that I don't use all the time. Rather than fool with the hassle though, I'm just looking to toss a little money in an see what happens. I don't know if $50-$100 in each coin is enough to move the needle, but overall it's a decently-sizable amount ($5k-$10k). Actually, I'm really surprised people are having such issues with Crypsty. It's clear that they have to transact through their own wallets in each of those currencies so it's pretty amazing they can get it done with a day or two delay at all among so many transactions. It's not like I can go right now and instantaneously buy stocks of similar market caps as these coins with at least a slight delay if I'm not making a market order. 1 GPU probably isn't worth the trouble, also there are only certain make/models that get decent enough hash rates to make worth while. The big issue with cryptsy is the deposit time. For example I currently have close to 20 doge deposits from my miners that are in "pending" even though some of them have close to 500 confirmations and are 12 hours old. Other exchanges process them much faster, I have been using Cryptsy though because they have an auto sell on deposit feature that allows me to run the operation with little manual intervention. Sometimes they go through much faster but the current situation is not uncommon. These transactions if done from one wallet to another (or to coin-e) would have been done in 20 minutes or so. Your approach reminds me of a little of Templeton's buy $100 of every stock under $1 approach :) Link to comment Share on other sites More sharing options...
DoddDisciple Posted January 1, 2014 Share Posted January 1, 2014 Your approach reminds me of a little of Templeton's buy $100 of every stock under $1 approach :) That thought crossed my mind. In an area of no experience or with no real clue of what is going to happen, try to follow a basket approach. I'm trying to go the same thing with a global net-net basket. However, I keep looking at the data discrepancies between this and that database and my own calculations. At this point, I just need to light a fire under my ass and do it. I don't think my GPU is powerful enough (AMD Radeon HD 7870 2 GB GDDR5). I got irritated with a semi-nice Dell laptop I had and said never again to an expensive laptop. I watched some Youtube videos and built it with my wife. Course, it's just sitting there now for the most part since the most technical game I've played on it from start to finish was Portal 2, and I know it's overkill for that. Only thing I'm worried about with altcoins is that I've missed the big ramp up. You know, 10,000BTC for a pizza, $15 making you a millionaire. I was aware of BTC years ago, but thought they were goofy and never invested. I don't know what's going to happen in the future with them, and hearing stories like a guy putting $3K in BTC and some altcoins in October and then 2 months later being worth $100k-$300k doesn't do much to help me think this is anything more than a bubble. Link to comment Share on other sites More sharing options...
Otsog Posted January 5, 2014 Share Posted January 5, 2014 Forget Bitcoin, forget Dogecoin COINYE WEST IS HERE http://www.washingtonpost.com/blogs/style-blog/files/2014/01/coinye.jpg http://www.washingtonpost.com/blogs/style-blog/wp/2014/01/02/coinye-west-is-your-newest-bitcoin-inspired-cryptocurrency/ Link to comment Share on other sites More sharing options...
DoddDisciple Posted January 5, 2014 Share Posted January 5, 2014 I love it :) I don't know what the hell to make of these, but I've got money going to Coinbase and then will be distributing equally on Crypsty. Just need my $25 share of AndroidTokens to go to a buck a piece and I'll have it made; all the other coins will just be gravy then. Of course, then that'd make them a $66B market cap, but hey, it's the future and everything, right! Right? :D Link to comment Share on other sites More sharing options...
wachtwoord Posted January 5, 2014 Share Posted January 5, 2014 I love it :) I don't know what the hell to make of these, but I've got money going to Coinbase and then will be distributing equally on Crypsty. Just need my $25 share of AndroidTokens to go to a buck a piece and I'll have it made; all the other coins will just be gravy then. Of course, then that'd make them a $66B market cap, but hey, it's the future and everything, right! Right? :D The only altcoins I owned some of were LTC and PPC (the only 2 legitimate ones in my opinion) and I sold it all for Bitcoin after the recent run-up. LTC and PPC are overvalued and most others don't have a value north of zero. Link to comment Share on other sites More sharing options...
DoddDisciple Posted January 5, 2014 Share Posted January 5, 2014 Yeah, most of these seem like scam coins to be honest. However, if I'm going to gamble, I only need 1-2 coins out of the 95 I'm investing to take off to keep my original investment in check or at least not lose too much. I just don't see Bitcoin pulling another 100x, but hopefully this is a tide that raises all ships sort of thing. Volatility is funny on these. I bought BTC 2 days ago and the price already rocketed up $100 a coin. I say let the market, goofy though it may be, decide on which coins should live. I feel a little dirty every time I go on 4Chan or Bitcointalk looking up info on these, so the more I can avoid doing "research," (I put it in quotes cause almost every coin thread is a massive group pump and dump) the better. Link to comment Share on other sites More sharing options...
wachtwoord Posted January 5, 2014 Share Posted January 5, 2014 I just don't see Bitcoin pulling another 100x, but hopefully this is a tide that raises all ships sort of thing. You don't see Bitcoin go up a 100x from here so you prefer the casino? I'd say investing in Bitcoin is a (very) profitable decision EV-wise while investing in a basket of altcoins is negative EV. I'm not saying it's impossible, but neither is 31 black ;) Link to comment Share on other sites More sharing options...
eclecticvalue Posted January 5, 2014 Share Posted January 5, 2014 Coinye idea is hilarious ;D. I think Kanye would love to have a currency named after him and it fits with make everything simple philosophy he follows. I hope I could use it to buy tickets for a Kanye show. Haha! Nonetheless, I think crypto-currencies will become the new internet bubble. Link to comment Share on other sites More sharing options...
DoddDisciple Posted January 5, 2014 Share Posted January 5, 2014 Nonetheless, I think crypto-currencies will become the new internet bubble. What I want to see is Whoopi Goldberg bring back the Flooz coin from the last tech bubble :) I agree, but I think this is at a very early stage bubble-wise. I'm doing half my max investment before January 31st and half after (since the Chinese are supposed to drop them post new year, but again, that's just trollboxtalk). Afterwards, if there is a precipitous drop, I will make one final basket purchase and then hold. Right now it will be divided between 95 cryptos, and I will add from my BTC pool every time Crypsty adds a new coin to the exchange. I'll keep my 1+ BTC as well, but that's my only non-equal weighting at this point. Link to comment Share on other sites More sharing options...
yadayada Posted January 5, 2014 Share Posted January 5, 2014 seems like bitcoins are perfect for the porn industry tho. That could possibly be v large. Any ideas what caused current rally? Thought it would crash with china out, instead it goes up lol. Crazy markets. Link to comment Share on other sites More sharing options...
Guest 50centdollars Posted January 5, 2014 Share Posted January 5, 2014 seems like bitcoins are perfect for the porn industry tho. That could possibly be v large. Any ideas what caused current rally? Thought it would crash with china out, instead it goes up lol. Crazy markets. I think it rallied because zynga adopted it. Link to comment Share on other sites More sharing options...
DoddDisciple Posted January 5, 2014 Share Posted January 5, 2014 I think it rallied because zynga adopted it. Yeah, so now people can use BTC to spend hundreds on games rather than just playing Bejeweled for cheap :) seems like bitcoins are perfect for the porn industry tho. We already have SexCoin for that. I actually see specialization in poker and gambling as a possibility. Satoshi Dice seems popular. I actually wouldn't mind playing some poker since I'm interested in employing a simple quantitative strategy based solely on hole cards and bet as a % of bankroll. Link to comment Share on other sites More sharing options...
yadayada Posted January 5, 2014 Share Posted January 5, 2014 You have any experience playing poker at all? Seems like an awefull idea unless you have experience and at least 6 figures earned on your name. Link to comment Share on other sites More sharing options...
DoddDisciple Posted January 5, 2014 Share Posted January 5, 2014 I wouldn't do it professionally or anything, just curious since I've been reading a few books where you just make decisions based purely on the hole cards along with the current bet, irrespective of what everyone else is doing. On forums, some have mentioned that it's a horrifically boring way to play, but if you're willing to let your butt get numb at a real casino, it can work decently well since most people aren't employing a semi-statistical strategy. I will say that the ability to take out BTC balances nightly on these poker sites seems safer versus having all your money disappear for some other reason. Link to comment Share on other sites More sharing options...
wachtwoord Posted January 6, 2014 Share Posted January 6, 2014 seems like bitcoins are perfect for the porn industry tho. That could possibly be v large. Any ideas what caused current rally? Thought it would crash with china out, instead it goes up lol. Crazy markets. Porn.com and their franchise accepts Bitcoin payments Link to comment Share on other sites More sharing options...
DoddDisciple Posted January 6, 2014 Share Posted January 6, 2014 Porn.com and their franchise accepts Bitcoin payments I see a massive hole in the plan though: who on earth pays for porn? Link to comment Share on other sites More sharing options...
yadayada Posted January 6, 2014 Share Posted January 6, 2014 apparantly alot of people pay for HD porn. Or for those webcam sites. It is still tens of billions of $ large. Link to comment Share on other sites More sharing options...
constructive Posted January 6, 2014 Share Posted January 6, 2014 Matt Levine's blog from a few days ago is a must read. http://www.bloomberg.com/news/2014-01-02/bitcoin-is-an-expensive-way-to-pay-for-stuff.html http://www.bloomberg.com/image/iUy1FKJZ7.xQ.png Cost per transaction (taking the indirect cost of mining into account) is obviously high and on this basis it looks like a bubble. BTC has advantages over other payment systems but it also has disadvantages (acceptance, volatility, immature systems, potentially shifting legality). There is not that big a niche market for $100 transactions. And without enough underlying demand for BTC as a payment service, the speculation built on top of that will eventually collapse. Link to comment Share on other sites More sharing options...
wachtwoord Posted January 6, 2014 Share Posted January 6, 2014 Yes, it's called bootstrapping. The above blogger clearly missed the point. Transactions are way cheaper. Link to comment Share on other sites More sharing options...
constructive Posted January 6, 2014 Share Posted January 6, 2014 Yes, it's called bootstrapping. The above blogger clearly missed the point. Transactions are way cheaper. How do you figure transactions are way cheaper? They're not when you take the indirect cost of mining into account. Link to comment Share on other sites More sharing options...
wachtwoord Posted January 6, 2014 Share Posted January 6, 2014 Yes, it's called bootstrapping. The above blogger clearly missed the point. Transactions are way cheaper. How do you figure transactions are way cheaper? They're not when you take the indirect cost of mining into account. Transaction cost what is needed for miners to include it into blocks. For non-spammy transaction (small or non-recently moved inputs and/or small transaction size) this is free. Otherwise it will usually cost 0.000 BTC What this author has used in his calculations is the block subsidy. This is the main incentive to mine while Bitcoin becomes mainstream and sufficient transactions are processed to support the mining network. This subsidy was 50BTC for the first 4 years and is halved every 4 years until it reaches zero. In meanwhile the market will discover what transaction fees are required for an efficient mining market (which will become a marginal business). Using the block subsidy to estimate this during the bootstrap of the Bitcoin economy is just silly. For the first 4 years this was Link to comment Share on other sites More sharing options...
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