[hinkel]

I had no real clue about Bitcoin, didn`t want to use it, but 5 Dimes are currently only offering BTC as payment method.

Exchange Rate (Dollar - BTC) raised within 2 weeks from $421 to $450 = 1 BTC?

1.)Is it correct, that i would lose Money in comparison to 2 weeks ago, when i woul withdrawal now?

2.)If i would withdrawal by Neteller (i it would be still possble), i would get more Euros in comparison to two weeks ago, cause "" Dollar to Euro"" changed in a positiv way for me in the last 2 week.

So BTC withdrawal is anything else than good for us, if i am not wrong!?

[Ghenghis Kahn]

i'm new to bitcoin too but loving it. i cashed out couple weeks ago and made $100 by just letting it sit in my wallet. i could've also lost too but i'm bullish about bitcoin. cashout and let it sit there. it'll get to $600 per in a few months.

[ace7550]

Hi Hinkel,
BTC fluctuates a lot. It doesn't usually go up or down $40 per btc within a few days though. Unlike Ghenghis I cashed out a couple weeks ago but transferred my btc to usd. Dammit.
If you want to avoid the fluctuations just keep it in usd at itbit. When you are ready to deposit at a book buy btc with your usd in itbit. Transfer the btc to blockchain and then transfer it from blockchain to the book. Trust me it's very easy. There are a lot of options other than itbit too.
I also agree that in the long run btc will probably keep rising. It has been on a bullish trend for months now.

[dpeti]

Only 3 months left until bitcoin halvening .

At that time bitcoin price will be much higher than now (It could be $600)

if the halvening is still not priced in than if you do the math then the price will be doubled. (from the time XYZ)
Supply will be halved (from miners part) but demand will stay the same.

[hinkel]

Hi Hinkel,
BTC fluctuates a lot. It doesn't usually go up or down $40 per btc within a few days though. Unlike Ghenghis I cashed out a couple weeks ago but transferred my btc to usd. Dammit.
If you want to avoid the fluctuations just keep it in usd at itbit. When you are ready to deposit at a book buy btc with your usd in itbit. Transfer the btc to blockchain and then transfer it from blockchain to the book. Trust me it's very easy. There are a lot of options other than itbit too.
I also agree that in the long run btc will probably keep rising. It has been on a bullish trend for months now.

Nomally, i hav to cashout now, if it goes further like this,we will have $600 in a few weeks. i don`t believe ist going down again. Burning Money without betting

[Optional]

Only 3 months left until bitcoin halvening .

At that time bitcoin price will be much higher than now (It could be $600)

if the halvening is still not priced in than if you do the math then the price will be doubled. (from the time XYZ)
Supply will be halved (from miners part) but demand will stay the same.

Good point. This needs a thread.

[hinkel]

Good point. This needs a thread.

what does it means "halvening"?

[Optional]

I had no real clue about Bitcoin, didn`t want to use it, but 5 Dimes are currently only offering BTC as payment method.

Exchange Rate (Dollar - BTC) raised within 2 weeks from $421 to $450 = 1 BTC?

1.)Is it correct, that i would lose Money in comparison to 2 weeks ago, when i woul withdrawal now?

2.)If i would withdrawal by Neteller (i it would be still possble), i would get more Euros in comparison to two weeks ago, cause "" Dollar to Euro"" changed in a positiv way for me in the last 2 week.

So BTC withdrawal is anything else than good for us, if i am not wrong!?

You don't lose or gain dollars whilst your money is sitting in 5Dimes.

When you deposit your bitcoins are converted to US$ at the exchange rate that day.

Two weeks later when you withdraw your $US are converted back to bitcoin at the new exchange rate.

You might get more or less Bitcoins compared to the old rate but unless you are spending them as bitcoin, rather than immediately converting them to $US, that makes zero difference.

The Neteller example you have where Euro is the base currency is a slightly different situation as in doing that you ARE exposing yourself to the fluctuating rate between $US/EUR whilst you hold money in the book. It's exactly the same when using bitcoin as the 'middle man' currency in that situation btw. If you want to convert your winnings into euros at the end, if you time it for when the Euro is down versus the $US you will get more money.

The only time you can lose/gain on the btc exchange rate is during the period 5D pay the bitcoin and when you convert it back to a fiat currency. So if you do this fast there is rarely enough movement to make much difference.

[Optional]

what does it means "halvening"?

There are limits built into the bitcoin software architecture and one of them is that, originally, for every block of transactions created (every 10 mins) another 50 bitcoins are created that are paid to the miners who verify the transactions.

In 2012, about 4 years after Bitcoin was launched, the software automatically halved that to 25 bitcoins per block processed.

In June or July this year it's coming up to the point where that happens again and the rate will go to 12.5 bitcoins per block created for miner payments.


When this happens it is theorized that some miners will drop out of the market and those that remain will stop verifying transactions unless users pay them a higher fee per transaction (over and above the 12.5 new bitcoins they share in every 10 mins).

It is also theorized that as demand will stay about the same but availability of coins will drop then the price will rise.

I don't really see this automatic association myself. but media noise and hype around it will probably create that effect anyway.


The question on everyone's lips is what should we as users/traders/investors in Bitcoin do about this. Which would make a good new thread I think.

[raiders72001]

A speculation thread would be fun. For those with a high risk tolerance, look into trading alt. coins. Some wild rides occur with the alt coins.

[bigtymer56]

You don't lose or gain dollars whilst your money is sitting in 5Dimes.

When you deposit your bitcoins are converted to US$ at the exchange rate that day.

Two weeks later when you withdraw your $US are converted back to bitcoin at the new exchange rate.

You might get more or less Bitcoins compared to the old rate but unless you are spending them as bitcoin, rather than immediately converting them to $US, that makes zero difference.

The Neteller example you have where Euro is the base currency is a slightly different situation as in doing that you ARE exposing yourself to the fluctuating rate between $US/EUR whilst you hold money in the book. It's exactly the same when using bitcoin as the 'middle man' currency in that situation btw. If you want to convert your winnings into euros at the end, if you time it for when the Euro is down versus the $US you will get more money.

The only time you can lose/gain on the btc exchange rate is during the period 5D pay the bitcoin and when you convert it back to a fiat currency. So if you do this fast there is rarely enough movement to make much difference.

So for lets do an example, and tell me if this is sounds correct:

Lets say I deposited 1 Bitcoin into a sportsbook when Bitcoin was valued at $450. A month later Bitcoin value jumps to $500. I decide to withdraw the original amount I deposited into the sportsbook at that time. Instead of getting back 1 Bitcoin, im going to get back .9 Bitcoin, correct?

So in reality, while I technically didn't lose money because I got back my $450 of bitcoin, I did actually lose money because if I would have kept it as bitcoin the entire time I would've made an extra $50. Basically lost .1 bitcoin by having it locked up in a sportsbook for a month.

[Optional]

That's pretty much correct bigtymer56.

If bitcoin is your base currency you could call that a loss.

But it's not applicable to sports bettors as we only use bitcoin as a transfer mechanism in between and not as a base currency.

In this case from $US to Euros, with the price of bitcoin having almost no effect on the math.

[bigtymer56]

That's pretty much correct bigtymer56.

If bitcoin is your base currency you could call that a loss.

But it's not applicable to sports bettors as we only use bitcoin as a transfer mechanism in between and not as a base currency.

In this case from $US to Euros, with the price of bitcoin having almost no effect on the math.

Thanks for the clarification. Like you implied, I guess this becomes more of an issue if you plan on having your bitcoins locked away in sportsbooks for long periods of time (months or years).

[thordin86]

Well, everyone knows mining reward will half, so it built in the market price since long time now.
If it continues to rise, which i believe it will, it will be for reasons other than the halving.

[ace7550]

A speculation thread would be fun. For those with a high risk tolerance, look into trading alt. coins. Some wild rides occur with the alt coins.

Man you said it. I trade crypto on Poloniex and there sure are some wild rides. I've watched currencies fall 50% and jump 200% in one day! Talk about gambling...
Do you own any other cryptos Raiders?

[ace7550]

So for lets do an example, and tell me if this is sounds correct:

Lets say I deposited 1 Bitcoin into a sportsbook when Bitcoin was valued at $450. A month later Bitcoin value jumps to $500. I decide to withdraw the original amount I deposited into the sportsbook at that time. Instead of getting back 1 Bitcoin, im going to get back .9 Bitcoin, correct?

So in reality, while I technically didn't lose money because I got back my $450 of bitcoin, I did actually lose money because if I would have kept it as bitcoin the entire time I would've made an extra $50. Basically lost .1 bitcoin by having it locked up in a sportsbook for a month.

You lost money only in the sense that you didn't keep your money in the currency that did better. It would be like saying you lost money a couple months ago because you had your money in dollars instead of Ethereum. If USD is the base currency you are working from then no matter what you invest in if at the end of the day you have more USD then you made money and if you have less USD then you lost money. In your example you broke even.
As an interesting aside, I actually do use BTC as my base currency. When I deposit my BTC into books and they transfer it into USD I may lose money if when I take the money back out the BTC rate has gone up significantly. I could also make money if the BTC rate went down.
It all seems to be a gamble doesn't it?

[raiders72001]

Man you said it. I trade crypto on Poloniex and there sure are some wild rides. I've watched currencies fall 50% and jump 200% in one day! Talk about gambling...
Do you own any other cryptos Raiders?

I'm holding ethereum right now. Took a big hit this week dropping 6.81% but as you posted ethereum was a big winner for those buying in a few months ago.

If bitcoin goes up, ethereum goes down and vice versa.

I day traded many of the cryptos at one time but I'm not doing it right now.

[Unwritten Law]

A buddy of mine was talking up Ethereum the past year, but I never bought into it. What wallet you use for it? I'm into BTC and HYP.

[raiders72001]

A buddy of mine was talking up Ethereum the past year, but I never bought into it. What wallet you use for it? I'm into BTC and HYP.

Here's a list. http://coinmarketcap.com/currencies/ethereum/#markets

Ethereum has been a big loser as of late. When bitcoin starts to slide is when it's nice to purchase ethereum.

[Ghenghis Kahn]

I'm holding ethereum right now. Took a big hit this week dropping 6.81% but as you posted ethereum was a big winner for those buying in a few months ago.

If bitcoin goes up, ethereum goes down and vice versa.

I day traded many of the cryptos at one time but I'm not doing it right now.

that is strange that ethereum goes down when bitcoin goes up. if bitcoin were to disappear, ethereum wouldn't even exist.

one question though, why are some banks afraid of bitcoin?

[ace7550]

I'm holding ethereum right now. Took a big hit this week dropping 6.81% but as you posted ethereum was a big winner for those buying in a few months ago.

If bitcoin goes up, ethereum goes down and vice versa.

I day traded many of the cryptos at one time but I'm not doing it right now.

I also own some ETH. I own some Factom and Siacoin too. They have not done well as of late but BTC surging makes up for it.
You can buy ETH at Poloniex along with just about any other crypto you might be interested in.
Banks are afraid of BTC because it's a currency they have little control over. And it's a currency that we can send back and forth to each other for little to no fees. Banks like their huge profits from atm fees, wire transfer fees etc...

[raiders72001]

that is strange that ethereum goes down when bitcoin goes up. if bitcoin were to disappear, ethereum wouldn't even exist.

one question though, why are some banks afraid of bitcoin?

I'd assume banks want to stay away from gambling and everyone knows why we use bitcoin.

If bitcoin were to go under, ethereum could replace it.

There's a current block size problem with bitcoin that ethereum solves.

[raiders72001]

I also own some ETH. I own some Factom and Siacoin too. They have not done well as of late but BTC surging makes up for it.
You can buy ETH at Poloniex along with just about any other crypto you might be interested in.
Banks are afraid of BTC because it's a currency they have little control over. And it's a currency that we can send back and forth to each other for little to no fees. Banks like their huge profits from atm fees, wire transfer fees etc...

I had factom at one time too when the trading volume was around $1m/day. I was watching BTS but missed the boat.

[raiders72001]

ETH down 7% the last 24h.

[raiders72001]

Market cap top 20. Some decent sized winners and losers past 24h.

• Next 100 →
• View All

#	Name	Market Cap	Price	Available Supply	Volume (24h)	% Change (24h)	Price Graph (7d)
1	Bitcoin	$ 7,166,153,746	$ 463.14	15,472,875 BTC	$ 85,623,700	1.02 %
2	Ethereum	$ 589,695,740	$ 7.42	79,427,255 ETH	$ 17,914,900	-7.16 %
3	Ripple	$ 254,120,146	$ 0.007288	34,868,679,462 XRP *	$ 600,517	0.47 %
4	Litecoin	$ 173,728,374	$ 3.82	45,514,376 LTC	$ 6,584,340	5.22 %
5	Dash	$ 39,750,972	$ 6.21	6,400,391 DASH	$ 276,854	-3.50 %
6	MaidSafeCoin	$ 26,687,106	$ 0.058970	452,552,412 MAID *	$ 531,023	-16.90 %
7	Dogecoin	$ 23,702,200	$ 0.000228	104,071,587,601 DOGE	$ 183,750	0.32 %
8	NEM	$ 13,521,150	$ 0.001502	8,999,999,999 XEM *	$ 40,799	-2.39 %
9	Monero	$ 11,274,905	$ 0.963581	11,701,045 XMR	$ 207,540	-5.79 %
10	Peercoin	$ 10,812,833	$ 0.467555	23,126,333 PPC	$ 131,664	6.50 %
11	Factom	$ 10,507,802	$ 1.20	8,753,219 FCT *	$ 183,243	-7.24 %
12	Stellar	$ 10,251,638	$ 0.001869	5,485,679,598 XLM *	$ 53,050	-2.25 %
13	Feathercoin	$ 9,634,093	$ 0.064917	148,407,000 FTC	$ 177,001	0.38 %
14	BitShares	$ 9,378,774	$ 0.003673	2,553,590,000 BTS *	$ 426,159	-10.74 %
15	Emercoin	$ 8,440,142	$ 0.224543	37,588,087 EMC	$ 11,743	2.85 %
16	Synereo	$ 8,115,658	$ 0.043916	184,800,000 AMP *	$ 41,760	-20.30 %
17	FedoraCoin	$ 7,650,115	$ 0.000018	420,176,664,813 TIPS	$ 5,918	2.84 %
18	Nxt	$ 7,169,009	$ 0.007169	999,997,096 NXT *	$ 19,679	1.50 %
19	Namecoin	$ 6,696,004	$ 0.473057	14,154,750 NMC	$ 57,731	4.99 %
20	Bytecoin	$ 5,949,677	$ 0.000033	179,942,619,627 BCN	$ 1,622	-9.08 %

[Ghenghis Kahn]

hmmmm... interesting. thoughts on litecoin? is that like poorman's bitcoin?

[raiders72001]

hmmmm... interesting. thoughts on litecoin? is that like poorman's bitcoin?

poor man's bitcoin is a good way to put it. The price of bitcoin and litecoin seem to move together. You can use litecoins to bet at betcoinsports.

[3runhomer]

Good point. This needs a thread.

Optional...let's get a thread going with the "Bitcoin Halving" topic!

I need more education there...and would be a great place to post and collect articles and others opinions on the topic...

[ace7550]

Agreed. A crypto thread would be great for tips or investment opinions.

[Optional]

Optional...let's get a thread going with the "Bitcoin Halving" topic!

I need more education there...and would be a great place to post and collect articles and others opinions on the topic...

Ok, I'll try to read up a bit more on what possible strategies people are thinking about and start a thread.

[raiders72001]

Ethereum making a little comeback. The graph shows how ETH and BTC almost always move in the opposite direction.

1	Bitcoin	$ 7,027,647,600	$ 454.00	15,479,400 BTC	$ 82,817,600	-2.69 %
2	Ethereum	$ 610,642,332	$ 7.68	79,485,053 ETH	$ 18,771,900	3.89 %

http://coinmarketcap.com/

[ace7550]

Ethereum making a little comeback. The graph shows how ETH and BTC almost always move in the opposite direction.

1	Bitcoin	$ 7,027,647,600	$ 454.00	15,479,400 BTC	$ 82,817,600	-2.69 %
2	Ethereum	$ 610,642,332	$ 7.68	79,485,053 ETH	$ 18,771,900	3.89 %

http://coinmarketcap.com/

Why do you think they move in unison? Because people move money from one to the other based on recent news? It's striking how closely those graphs mirror each other. All cryptos I'm invested in moved up today while btc moved sharply down.

[Optional]

Why do you think they move in unison? Because people move money from one to the other based on recent news? It's striking how closely those graphs mirror each other. All cryptos I'm invested in moved up today while btc moved sharply down.

That graph does not look too closely anti-corralated. I see periods there where they moved in the same direction.

But I think that's what most people are looking for. An alt-coin that will drop to almost nothing if Bitcoin explodes upwards and is still strong enough to bounce back well when bitcoin recedes.

What do you know about Dash Raiders?

[raiders72001]

That graph does not look too closely anti-corralated. I see periods there where they moved in the same direction.

But I think that's what most people are looking for. An alt-coin that will drop to almost nothing if Bitcoin explodes upwards and is still strong enough to bounce back well when bitcoin recedes.

What do you know about Dash Raiders?

Two years ago, I thought that Dash, known as Darkcoin at that time, would replace bitcoin. Max Keiser did a great jump of pumping Darkcoin and I jumped in.

Dash is the totally anonymous version of Bitcoin. It would be great for us if Dash replaced bitcoin.

[Optional]

Two years ago, I thought that Dash, known as Darkcoin at that time, would replace bitcoin. Max Keiser did a great jump of pumping Darkcoin and I jumped in.

Dash is the totally anonymous version of Bitcoin. It would be great for us if Dash replaced bitcoin.

Thanks Raiders. Was reading a blog article by a guy who thinks it's could go under 10 cents if bitcoin balloons to $1000 fast. Does that sound at all believable to you? Sounds like a fairly well established and supported coin at over $6, surely traders would support and keep it well over 10 cents? Or is this market really that volatile? Wish I had more time to get into this.

How easy is it for Americans to cash it out for dollars? Any exchanges like Circle where bettors could have it stored as fiat vlaue?