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Bitcoins price dropping! I just bought 3.81 follow my journey

Discussion in 'BlackHat Lounge' started by IAMAZEME, Apr 19, 2013.

  1. IAMAZEME

    IAMAZEME Jr. VIP Jr. VIP Premium Member

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    Thats right I just bought 3.81 bitcoins. Saw a big dip and I thought it was a good time to buy.But now its dropping more. but i think im good with my plan of attack

    My goal is to wait for a slight increase in my BTC then dump all into litecoins I feel the market is switching and LTC should get a good boost

    total investment so far

    448.95

    I bought at 110$ per BTC

    Minus fees for BTC exchange and moneygram

    Im left with 3.8123 BTC at the current rate equals 396.47$ which leaves me

    negative 52.47
     
  2. daserpent

    daserpent Power Member

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    How did you buy it ? Through mtgox?
     
  3. Furious George

    Furious George Supreme Member Premium Member

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    No offense intended....

    that sounds like a terrible plan.

    You can't speculate on one product fluctuating with the outcome of another. It's like trading verizon stock based on the financials of google. Doesn't make a whole lot of sense. Bitcoin was first, and litcoin is a copycat. It's not the same. I don't think litcoin will ever exceed the value of bitcoin. It's not like litcoin is actually better. It's basically identical.

    Just hang on to the bitcoin. If you really want to invest, forget about, check back in 2015 and update the thread then. Let the market do it's thing.
     
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  4. daserpent

    daserpent Power Member

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    I wanna invest in Litecoins. I know it will never be as costly as bitcoin unless a huge store like ebay or amazon or something similar starts accepting them. but investing in them right now and selling off later in a year is definitely gonna be profitable. But getting hacked and getting everything stolen is a definite worry.
     
  5. MTUser2010

    MTUser2010 Jr. VIP Jr. VIP Premium Member

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    The price of Bitcoins is a lot like the price of share in a public traded company like Apple or Google. These share prices fluctuate and periodically sell off dramatically, see Apple, down from a high of 700 to under 400 now. If it means more to you, you could also think of trading another currency. The term for what you are trying to do, the first part, is called "catching a falling knife." I think the metaphor is apt, you are going to get hurt (financially). It is very tough to pick the bottoms in a market. Many people have lost of money trying.
     
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  6. W9go

    W9go Jr. VIP Jr. VIP Premium Member

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    i am not sure if investing in a falling computercurrency and waiting to make 10% there and then switching to another ???

    but litecoin immedeately. i dont check because i think this is all complete crap but this hae probably more chance for a increase right now because some traders will buy because they where to late an bitcoin.

    but be realistig infest in good beer there you have something ... not computergenerated numbers.
     
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  7. IAMAZEME

    IAMAZEME Jr. VIP Jr. VIP Premium Member

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    my speculation isnt based on the outcome of one another. Im simply saying I will dump BTC and buy LTC when I get more value from my BTC. My goal was to buy straight LTC but had to fund it and they gave me BTC. So now Im waiting to get the most value hoping the BTC doesnt continue to drop so I can trade over to LTC

     
  8. Furious George

    Furious George Supreme Member Premium Member

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    bitcoin is up from where it was 4 days ago... it's going to fluctuate, wildly, for a while

    I think the number one thing driving the price of bitcoin is the publicity

    litcoin doesn't have that
     
  9. IAMAZEME

    IAMAZEME Jr. VIP Jr. VIP Premium Member

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    I used another site. btc-e via bitinstant

     
  10. IAMAZEME

    IAMAZEME Jr. VIP Jr. VIP Premium Member

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    not yet! but they will! And i love how every one is comparing BTC = GOLD while LTC = SILVER. Look for LTC to be picked up by major exchanges in the next week or two. This alone will cause a huge spike. Not to mention the fact that the whole BTC craze has ppl asking wtf is a BTC. While most can no longer afford to mine BTC where do you think the overflow will go?

    Thats right LTC
     
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  11. Nigel Farage

    Nigel Farage BANNED BANNED

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    The math that creates Litecoins will create more of them. They will be more common, like $20.00 bills are compared to BitCoins $100 bills. The value may be less, but they will be used more frequently.

    Facebook "copied" MySpace.

    The point is not the relationship between Litecoin and BitCoin, it's the difference between LiteCoin's value today vs. what it will be 1 year from now. If you missed getting in early on BitCoin, now is your chance with LiteCoin. Eventually, EVERYONE is going to think this way, and get on board, driving the price up. Yes, it will peak, and then fall, and if you Sell at the right time, you could make a lot of money.
     
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  12. Furious George

    Furious George Supreme Member Premium Member

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    You could also say the incentive isn't there to mine litcoin, because the reward is much higher to mine bitcoin. I haven't seen one major news article mention litcoin, but several talking about bitcoin, in addition to countless internet people wanting to get into the game, where very few even mention litcoin. That's why the gold/silver comparison is there. You might be right, that's the hard part about speculation... but you have to look at the facts. Litcoin doesn't have the exposure, and its looked at as a copy cat by most.

    The perceived value of bitcoin isn't what is driving the price up..... what it represents is what is making it soar. Unregulated, untraceable, and universal currency.... sure, litcoin is that, too, but it's a copy cat. It doesn't have the 10,000 BTC for a pizza story.
     
  13. IAMAZEME

    IAMAZEME Jr. VIP Jr. VIP Premium Member

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    Exactly! Well put Nigel

     
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  14. Furious George

    Furious George Supreme Member Premium Member

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    ehhhh........ yeah, sort of.

    It's just, I can't let go of the fact that ltc doesn't have the same news media coverage. Bitcoin's dance is not over, by any means. Facebook was a little different, because everyone in college at the time had a facebook, and a myspace. The majority of people trading bitcoin now are those who are using it for what it is, (trading in markets where no one can touch them) and litcoin is like the investor version. I don't see people who have bitcoin also having litecoin... it could be the xanga of digital currency, it's hard to tell.

    The value is being drive by the media coverage right now, and I don't see the media going crazy over something that is spelled a little differently with a slight different formula.
     
  15. IAMAZEME

    IAMAZEME Jr. VIP Jr. VIP Premium Member

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    Not yet George! Thats the whole point of this IM game catching the wave. By no means do I think it will reach BTC level but for sure there is good money to be made! No doubt. Ima play with this but Im definitely dump some serious dough into LTC. Hopefully I can trade on the market and buy and sell at the right time between currencies and turn this into alot more. Either way its sure is fun. And more importantly its the cheap alternative for ppl who can afford BTC

    On another note any one see colbert tonight. He bashed the btc. best believe that will drive it up. *waiting for that wave

     
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  16. Jonny Quick

    Jonny Quick BANNED BANNED

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    I would think that's an argument to buy.

    Btw, I have a question. Can purchases be made with "partial" BitCoin? Like, if I have 1 BitCoin, can I spend only .35 of it? Leaving me with .65 BitCoin? Or does the currency only work in whole numbers?

    If case "B", then BitCoin is destined to be the vehicle for large currency movements, like that $100,000 Gold Certificate we read about in a thread here last week. It won't be used for buying anything, unless you think people will go to the Quickie Mart, by a slurpie and a snickers bar, pay with 1 BitCoin and get $9,996.37 in change.
     
  17. IAMAZEME

    IAMAZEME Jr. VIP Jr. VIP Premium Member

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    Yes purchases can be made with "partial" BitCoin. Down to the decimal

     
  18. virtualc08

    virtualc08 Supreme Member

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    Hey,

    I am going to follow you on this thread. I just bought 0.58 BTC just to see what can be done. Bought it for about $50. I am already in profit at the current price. I will try to update this thread as often as possible.

    I got a lot of info about trading form this thread :

    Code:
    https://bitcointalk.org/index.php?topic=60501.0
    Its a very nice journal and he teaches people how to spot a trend which is very important in trading.

    All the best with trading!
     
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  19. Furious George

    Furious George Supreme Member Premium Member

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    Haha.... he makes fun of many things he admires. :)
     
  20. AR!ZONA

    AR!ZONA Regular Member

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    I think LTC will get the trickle down from BTC thereby increasing it's value...

    OP, I want to see where this goes! I wanted in on BTC and was about to buy in at $150 last week

    Let's follow your journey, and hope you make it!