Bitcoin going ballistic.

[ronpaulfollower999]

Unbelievable. Bids are up to $16 million.

 

[newbitech]

So I decided to run $20 thru the system to get an idea of the experience.

I started out with my Mt. Gox acct.

From there, I was led to bitinstant.

I created the transaction slip only providing email, first and last name, and telephone (all can be fake).

Total cost 23.95.

Went to CVS to use the moneygram red phone.

They wanted all my details, I gave them all fake info.

The first time the transaction failed.

Second time, I gave them only first and last name. Success.

The guy at the counter was a little confused.

His system wanted the amount to pay WITHOUT the transaction fee.

I kept wanting to put in $20.

I made sure he put in $23.95.

The amount I am supposed to receive in my Mt. Gox acct. is USD 19.202

I also added .01 BTC from my wallet that I have been using to accumulate to the Mt. Gox acct. Using bitcoin-qt with armory on top, I was forced to pay .001 transaction fee. 10% of what I wanted to move.

So far, not too thrilled with all the scraping off the top that is going on. Just gives me a feeling that people are trying to turn a quick buck. But, whatever, don't mind the fees for a service.

Mt. Gox is USD 0.006 per trade. Not bad.

Edit, Oh, and no idea if what will show up in my mt. gox will be USD or BTC. I guess we'll find out here shortly.

 

[amonasro]

Is this a worldwide vote of no confidence against central bank deception and theft?

Are we finally waking up to their funding of wars and stealing people's savings?

Hear that Bernanke? That's the sound of inevitability.

 

[newbitech]

quick update, so the cash made it to the account, I'll be poised to buy the retest of the $200 level that is coming later this afternoon and tonight.

Still waiting for my BTC to hit my mt gox acct. I'd like to be able to sell it at this high point right here

 

[kpitcher]

So I decided to run $20 thru the system to get an idea of the experience.

I started out with my Mt. Gox acct.

From there, I was led to bitinstant.

I created the transaction slip only providing email, first and last name, and telephone (all can be fake).

Total cost 23.95.

Went to CVS to use the moneygram red phone.

They wanted all my details, I gave them all fake info.

The first time the transaction failed.

Second time, I gave them only first and last name. Success.

The guy at the counter was a little confused.

His system wanted the amount to pay WITHOUT the transaction fee.

I kept wanting to put in $20.

I made sure he put in $23.95.

The amount I am supposed to receive in my Mt. Gox acct. is USD 19.202

I also added .01 BTC from my wallet that I have been using to accumulate to the Mt. Gox acct. Using bitcoin-qt with armory on top, I was forced to pay .001 transaction fee. 10% of what I wanted to move.

So far, not too thrilled with all the scraping off the top that is going on. Just gives me a feeling that people are trying to turn a quick buck. But, whatever, don't mind the fees for a service.

Mt. Gox is USD 0.006 per trade. Not bad.

Edit, Oh, and no idea if what will show up in my mt. gox will be USD or BTC. I guess we'll find out here shortly.

Sorry to hear you had some annoyances. Right now the near instant change from USD to BTC is a pain. You can run it through dwolla or other ACH draw locations but that takes a few days. I've never used the CVS option of funding mtgox but I have used western union and any instant send money has a high overhead. It's one of the reasons bitcoin is so nice to stop that sort of thing. I know some people have created USD / BTC ATMs. There are services to match up local people willing to trade cash for bitcoin. I've never used that but somehow meeting at a public place, pulling out smartphones and exchanging cash seems rather amusing.

That said the switching MtGox to a US company for US/CA customers may speed up processing and convenience once that is finalized in a few months.

More people are leaving bitcoins in the system after they buy something in bitcoins. One tech company is even paying employees in bitcoins and they use it to buy beer and sushi.

http://blog.archive.org/2013/04/03/how-the-internet-archive-is-having-great-time-with-bitcoin/

 

[newbitech]

Sorry to hear you had some annoyances. Right now the near instant change from USD to BTC is a pain. You can run it through dwolla or other ACH draw locations but that takes a few days. I've never used the CVS option of funding mtgox but I have used western union and any instant send money has a high overhead. It's one of the reasons bitcoin is so nice to stop that sort of thing. I know some people have created USD / BTC ATMs. There are services to match up local people willing to trade cash for bitcoin. I've never used that but somehow meeting at a public place, pulling out smartphones and exchanging cash seems rather amusing.

That said the switching MtGox to a US company for US/CA customers may speed up processing and convenience once that is finalized in a few months.

More people are leaving bitcoins in the system after they buy something in bitcoins. One tech company is even paying employees in bitcoins and they use it to buy beer and sushi.

http://blog.archive.org/2013/04/03/how-the-internet-archive-is-having-great-time-with-bitcoin/

yeah, now Mt. Gox with db access error, and not confirming my open orders. eesshh.. I wonder if they have a trade api somewhere..


ahh yess

https://en.bitcoin.it/wiki/MtGox/API/HTTP

 

[Keith and stuff]

If you don't understand Bitcoins, the leading people talking about it and helping people in the Northeast are the Free State Bitcoin Consortium people. They created an ATM that they are bringing to events from the ISFLC in DC to Liberty Forum in Nashua. They also had meet ups in Boston (many), NYC, Philly (twice), Manchester, Keene and so on. They own several bitcoin companies. Many of them have been in the bitcoin world since 2011. https://www.facebook.com/groups/freestatebitcoin

 

[newbitech]

If you don't understand Bitcoins, the leading people talking about it and helping people in the Northeast are the Free State Bitcoin Consortium people. They created an ATM that they are bringing to events from the ISFLC in DC to Liberty Forum in Nashua. They also had meet ups in Boston (many), NYC, Philly (twice), Manchester, Keene and so on. They own several bitcoin companies. Many of them have been in the bitcoin world since 2011. https://www.facebook.com/groups/freestatebitcoin

i was wondering who the pushers and junkies were

 

[newbitech]

yeah, look at that inverted bid ask spread. Mt. Gox is under attack right now,

the exchange is under some severe manipulation to say the least!

 

[muh_roads]

Gox previously allowed people to put in orders without having the funds yet. They have since changed this silly ability. So now there is more bandwidth room for their system to work faster. I think we're seeing that reflected today.

 

[amonasro]

yeah, look at that inverted bid ask spread. Mt. Gox is under attack right now,

the exchange is under some severe manipulation to say the least!

Welcome to the crazy world of bitcoin trading, lol!!

 

[newbitech]

The connection to wss://socketio.mtgox.com/socket.io/1/websocket/2K71kdq-I2-mb1Fzky7J?blabblablab was interrupted while the page was loading.

 

[anaconda]

Latest trade per Mt.Gox = $237.99 at 11:32 A.M. PST

Well, at least the 200 mark is no longer a psychological barrier. Which will make 300 a subsequently lesser barrier I would think, as it would represent a smaller percentage increase and also a less novel experience.

 

[newbitech]

sell off coming up. bout time. I've got some lower trendline and support buy orders in, buy the dip baby! yeah!

 

[jtap]

So I decided to run $20 thru the system to get an idea of the experience.

I started out with my Mt. Gox acct.

From there, I was led to bitinstant.

I created the transaction slip only providing email, first and last name, and telephone (all can be fake).

Total cost 23.95.

Went to CVS to use the moneygram red phone.

They wanted all my details, I gave them all fake info.

The first time the transaction failed.

Second time, I gave them only first and last name. Success.

The guy at the counter was a little confused.

His system wanted the amount to pay WITHOUT the transaction fee.

I kept wanting to put in $20.

I made sure he put in $23.95.

The amount I am supposed to receive in my Mt. Gox acct. is USD 19.202

...

Edit, Oh, and no idea if what will show up in my mt. gox will be USD or BTC. I guess we'll find out here shortly.

omg. Just had a similar experience. I don't even want to relive it and try to type it all up.

TIP: IGNORE the cashier when they ask for the amount without the fee. Make them pull it up some other way. They don't need to know that number and there is a very high chance that will show up as the total then it won't work. Twice this chick messed it all up as the customers piled up. I went to another CVS.


End result: Money is sitting in my Mt. Gox acct as USD and it seems I have to decide when to execute a buy to get BTC. Now seems like a good time.

Your order has been queued for execution

 

[Seraphim]

239$.

To be honest this could be a canary in the coal mine sort of event. baed on policy for the last 5 years, this was more expected in PM's. But the blatant control over PM's by big banks and govt's is pretty intense. Bitcoin has no such pressure.

 

[anaconda]

Do the math and see if the BTC you own x the purchase price you paid match the actual $ value at time of transaction.

Well, that's part of my confusion. I was assuming that the price per BTC was the amount I paid less fees divided by # BTC. And, as I mentioned, this is not equal to the Blockchain "Value at time of transaction." It has been my understanding that if we're using Bitinstant that we don't get an actual buy or sell quote. I dunno. I'm a newbie and have too much on my plate right now to really dig deep.

Also, what about the other issue of not knowing which transaction is which?

Thanks by the way.

 

[John F Kennedy III]

The bitcoin system is designed to reward people handling transactions with new coins via mining. The system has 11 million coins right now, the rest will be passed out over the next century. But the system goes to 8 decimal places and could even be expanded further so it has room for small transaction if the value grows too high.

There are many bitcoin mining calculators. If you plug in the cost of the current equipment, electricity, and payback based on overall network processing power, it's not profitable. If you want to buy new equipment and high end graphics cards to bitcoin mine it won't break even. Further the next generation of specially designed equipment made solely for mining is starting to hit. This will make graphic cards unattractive to mine as they'll be far too slow. That said if you have some very high end AMD graphics cards put them to use and grab some coins. It's worthwhile if you already have equipment costs paid for.

Why is equipment cost so important? Are you saying you can't make more than a few thousand dollars mining? How many can you mine in a day? What if your energy cost to mine is zero?

 

[newbitech]

omg. Just had a similar experience. I don't even want to relive it and try to type it all up.

TIP: IGNORE the cashier when they ask for the amount without the fee. Make them pull it up some other way. They don't need to know that number and there is a very high chance that will show up as the total then it won't work. Twice this chick messed it all up as the customers piled up. I went to another CVS.


End result: Money is sitting in my Mt. Gox acct as USD and it seems I have to decide when to execute a buy to get BTC. Now seems like a good time.

yeah. I did everything I could to not share my information with the money gram people. "charm" I believe her name was second guessed me when I told her my address was P.O. Box 12345, st pete, FL.

She's like, is that the number on your ID? I was like sure, want to see it? Same thing with my phone number. First I was like, do you want to ask the clerk? He looks busy? I don't know the phone number at CVS....

Only think that needed to match up was the name I used tied to the bitinstant account number.

Not bad at all.

I am watching the volume on the bounce off this dip. I sold my scant at 237.00 got a buy back in at 227, seems to be a strong support there, but if there is crap volume on any bounce back or if selling picks up here in the next few, I'll pull that back to 217 or so.

My 20 is sitting on 212 for the time being. We'll se.

 

[jtap]

yeah. I did everything I could to not share my information with the money gram people. "charm" I believe her name was second guessed me when I told her my address was P.O. Box 12345, st pete, FL.

She's like, is that the number on your ID? I was like sure, want to see it? Same thing with my phone number. First I was like, do you want to ask the clerk? He looks busy? I don't know the phone number at CVS....

Only think that needed to match up was the name I used tied to the bitinstant account number.

Not bad at all.

I am watching the volume on the bounce off this dip. I sold my scant at 237.00 got a buy back in at 227, seems to be a strong support there, but if there is crap volume on any bounce back or if selling picks up here in the next few, I'll pull that back to 217 or so.

My 20 is sitting on 212 for the time being. We'll se.

haha. what are the chances. I talked to Charm also. As well as Peter, Janelle and someone whose name I couldn't make out (sounded like Stowie). I was kind of sad I didn't get the same person twice.