The Litepresence Report on Cryptocurrency

SomewhereInOz said:
http://www.coindesk.com/massive-concerted-attack-launched-bitcoin-exchanges/

Bot Net DDoS attacks right now are a major hassle, and a growing concern going forward.
Click to expand...

I don't foresee this being a major problem going forward. Rather, it's apparently a hassle to implement as Mt. Gox and other exchanges did not implement the correct measures to prevent DDoS attacks. In the Andreas M. Antonopolous article, he acknowledges that he thinks all of the exchanges will implement their wallets correctly in a week, and the exchange market will grow more robust as a result of that.

http://www.coinspectator.com/andreas-m-antonopoulos-gives-insight-into-the-current-bitcoin-chaos/

This is what I have been saying. It's a good thing that this happened now because I think it will ultimately have a positive effect that the system was stress-tested. If this was really caused by the banks, you'd think they would recognize that pointing out a problem doesn't hinder BTC, it actually makes it better. Although it may seem like a problem at the moment, it doesn't take much to see that all of the exchanges are going to learn a lesson from Mt. Gox's mistake and fix it before it becomes a major problem. After that is done, it will be a thing of the past.

Mt. Gox is suffering the most right now because of the way it handled the situation. First, it blamed the problem on the BTC software, which is incorrect and very irresponsible on their part. Secondly, they let everyone panic by waiting until a problem was already apparent before explaining what was going on. Now they are suffering the consequences and will hopefully continue to suffer the consequences so people can see that they are untrustworthy and incompetent. They have already been relegated to minor exchange status, and now the major exchanges can focus on mitigating the problem before it becomes a problem.

At first, I was worried about this, but I really don't think it's going to be a problem for long. Going forward, it's going to be a good thing that this happened now and we got it out of the way so that the BTC network can be strengthened and grow as a result.
 
PaulConventionWV said:
At first, I was worried about this, but I really don't think it's going to be a problem for long.
Click to expand...

Not a problem? Try to get your DOGE out of Craptsy right now, if you did buy some yesterday, and see what you get . . . a big fat nadda, no coins, along with no feedback, no website response, no ticket response, nothing.

From 4-6 PM local time here (about 7 hours ago) while you guys were probably sleeping, both DOGE and then EAC disappeared from the tradeable list. No explanation nothing, just vanished as did my coin balances for both. Just how many other coins were affected I can't say, I only noticed these two. And now that its working hours again not a peep from Crapsty.

Over in a few of the troll boxes, people have been waiting 4+ days to get coins out of Crapsty, and nothing in terms of a response to Ticket/Email requests. Most likely they've been eyeing down this opportunity with the DOGE to do a runner with the coins is my best guess, and I sure as Fuck hope that I am wrong, but if they do this it will totally shatter any and all confidence in these newer Altcoins because basically there is no safe place remaining to trade them. Some on CoinEx commenting that similar things going on over there in terms of exiting the joint, so trader beware . . . its basically a one way trip in and no way out. Indeed if they don't do this now, just when will they actually do it, knowing the temptation will always be there. Or when will their incompetence in setting up a secure server situation find your coins stolen by a hacker or wiped by some Cyber Attack? This will be a lingering doubt on your mind forever more, after reading this, when trading through these sites.

Will NEVER trade at Craptsy ever again!!! From here on in its Mine and Purchase Shit with the coins, or Mine and Hold. Confidence is in this thing now ZERO!
 
SomewhereInOz said:
Yep, and its probably worse than I had estimated. Probably a 2-3 day average will be more appropriate, but looking like 35,000 a day now.
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I understand what Doge can accomplish now. Alts are all about hype & meme. It is basically a complete opposite of Bitcoin in supply. But a Doge is far more enjoyable and funny to send than a satoshi when tipping someone for a comment they made. It is the charity coin. Its value is derived from the meme brand. The Jamaican Bob Sled thing was a great story about charity. More charities are going to open.

I'm glad to hear mining is getting difficult. Has it halved yet?

Grabbed 11.2m Doge's. I hope it drops as I'll need more to keep up with unit inflation. Don't be down on your 5.1m. Companies will start forming to sell these like raffle tickets... they could meet parity with a US penny. Out of the existing 48b, you own 1 piece out of 10,000 pieces in the global Doge economy.

Somebody needs to make a meme as powerful as Doge but with Scrypt Nfactor
.
 
SomewhereInOz said:
Not a problem? Try to get your DOGE out of Craptsy right now, if you did buy some yesterday, and see what you get . . . a big fat nadda, no coins, along with no feedback, no website response, no ticket response, nothing.

From 4-6 PM local time here (about 7 hours ago) while you guys were probably sleeping, both DOGE and then EAC disappeared from the tradeable list. No explanation nothing, just vanished as did my coin balances for both. Just how many other coins were affected I can't say, I only noticed these two. And now that its working hours again not a peep from Crapsty.

Over in a few of the troll boxes, people have been waiting 4+ days to get coins out of Crapsty, and nothing in terms of a response to Ticket/Email requests. Most likely they've been eyeing down this opportunity with the DOGE to do a runner with the coins is my best guess, and I sure as Fuck hope that I am wrong, but if they do this it will totally shatter any and all confidence in these newer Altcoins because basically there is no safe place remaining to trade them. Some on CoinEx commenting that similar things going on over there in terms of exiting the joint, so trader beware . . . its basically a one way trip in and no way out. Indeed if they don't do this now, just when will they actually do it, knowing the temptation will always be there. Or when will their incompetence in setting up a secure server situation find your coins stolen by a hacker or wiped by some Cyber Attack? This will be a lingering doubt on your mind forever more, after reading this, when trading through these sites.

Will NEVER trade at Craptsy ever again!!! From here on in its Mine and Purchase Shit with the coins, or Mine and Hold. Confidence is in this thing now ZERO!
Click to expand...

Can you sell for BTC and withdraw that? Go rebuy on a different exchange.
 
People panic too much. It'll work itself out. I'm gonna dollar cost average and take advantage of the panic dip going on.
 
I was actually talking about BTC. I didn't even know this was a problem with Cryptsy, but I did successfully convert to BTC and withdraw my coins after reading your post. Is this the same problem that Mt. Gox had and what makes you think that it won't be fixed?

How is it different for the altcoins than it is for BTC?

I like to keep in mind, as I think others should:

One of the hallmarks of a successful investor is to learn to be hopeful when others are fearful, and to be fearful when others are hopeful.

In any case, I feel pretty safe right now considering my coins are currently not on any of the exchanges affected by this. I deal solely with Coinbase for buying and selling BTC and transfer from there for altcoins. I may have to consider staying away from altcoins, however, considering what SomewhereInOz just alerted me to. I had actually witnessed the DOGE being taken off of Cryptsy last night, but was in a rush and didn't have time to investigate. I have my BTC now plus a small profit, so I'm hoping to wait out this whole transaction malleability hysteria going on.
 
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Dogecoin is going to be a real test of the strength of the Blockchain. It will grow in size much faster due to how many units and fractions of those units it has to keep track of.
 
PaulConventionWV said:
I was actually talking about BTC. I didn't even know this was a problem with Cryptsy, but I did successfully convert to BTC and withdraw my coins after reading your post. Is this the same problem that Mt. Gox had and what makes you think that it won't be fixed?

How is it different for the altcoins than it is for BTC?

I like to keep in mind, as I think others should:

One of the hallmarks of a successful investor is to learn to be hopeful when others are fearful, and to be fearful when others are hopeful.
Click to expand...

Gonna test withdraws in small increments soon. Curious if they are only allowing withdraws if it is within a certain percent of your total.

Also, are you guys behind a VPN?

I'm willing to bet they just need to upgrade their servers.

Yes be greedy when others are fearful.
 
Paladin69 said:
Gonna test withdraws in small increments soon. Curious if they are only allowing withdraws if it is within a certain percent of your total.

Also, are you guys behind a VPN?

I'm willing to bet they just need to upgrade their servers.

Yes be greedy when others are fearful.
Click to expand...

Yes, that is what I meant to say. Same concept, though.

FWIW, I withdrew all of my BTC, leaving only some quark that my father insisted on buying for him. I had no faith in that investment anyway.

I don't see why Cryptsy can't just do like the other BTC exchanges anyway and just freeze withdrawals for a few days while they sort everything out and implement the correct security measures to prevent DDoS attacks, if indeed, that is what's going on over there.
 
Paladin69 said:
I understand what Doge can accomplish now. Alts are all about hype & meme. It is basically a complete opposite of Bitcoin in supply. But a Doge is far more enjoyable and funny to send than a satoshi when tipping someone for a comment they made. It is the charity coin. Its value is derived from the meme brand. The Jamaican Bob Sled thing was a great story about charity. More charities are going to open.

I'm glad to hear mining is getting difficult. Has it halved yet?

Grabbed 11.2m Doge's. I hope it drops as I'll need more to keep up with unit inflation. Don't be down on your 5.1m. Companies will start forming to sell these like raffle tickets... they could meet parity with a US penny. Out of the existing 48b, you own 1 piece out of 10,000 pieces in the global Doge economy.

Somebody needs to make a meme as powerful as Doge but with Scrypt Nfactor
.
Click to expand...

I think you have made a good move with 11.2M Doge's. I think you can see now the community building nature of the coin and the charity effect that certain Doge owners are doing with the coin. I think none of these coins are worthwhile unless there is a growing network of people actually putting them to good use. To be honest Doge is the first one where we are seeing real tangible impact. The others have good intentions but have not created comparable tangible results yet.

Yes Doge is slipping a bit and 300 was always going to be a point of resistance, particularly since it represents the point at which Doge becomes the 3rd place coin. I saw a news alert earlier pointing out this very fact (the 3rd place thing), and its this increased visibility which will drive the price higher.

I hope you have been able to setup the Google News Alerts for your mobile phone, because it allows one to stay very closely in touch with what is happening with a given coin on a daily basis. Its great for all kinds of other research topics as well.

As a point of example, when I do a Google News Search on Dogecoin right now I get 8780 news results, when I do the same thing with Namecoin I get 1830 news results, so moving away from Namecoin and into Dogecoin will in the end prove much more profitable I think.

Anyway, my Doge are now all parked here away from Cryptsy (finally they have responded), and as I have no intentions on trying to find a peak and buy back in on a dip, I will next take them offline and secure them away, and try to grow them through mining.

As one news alert just then indicates (from a fellow on Overclock.net) - "I'm personally in it for the long run. Although I'm thinking about selling some to buy more after the dump. Kinda risky though". I agree, it might be risky.

Could it be we have just seen the Doge Dump and now at 271 its headed higher?

As I need more Bitcoin to buy more and this will take a few days to organise, I kinda wish it would dump a bit harder right now and not run away on us too fast.

Also agree on the mining thing. When miners are pulling in millions of anything in a given day, it very much casts a dim light on any coins value. Now that I am only getting 35,000 a day and potentially one day (2020???) it will be worth $1 per coin, so I will just have to think of it in those terms. Its very much like the 2009 Bitcoin miner who was told one day this thing will be worth $1000, to which he must have thought "yeah right sure".
 
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Paladin69 said:
Gonna test withdraws in small increments soon. Curious if they are only allowing withdraws if it is within a certain percent of your total.

Also, are you guys behind a VPN?

I'm willing to bet they just need to upgrade their servers.

Yes be greedy when others are fearful.
Click to expand...

I saw earlier that Cryptsy wanted people to take out the Doge in particular in the largest amounts possible, as this only made things more difficult when people withdrew a few thousand coins at a time. You might wish to check the blog on their website, because that is where it was discussed. Apparently it slows things down - technical reason given there.

Apparently it was only a few days ago that they did upgrade their servers. This is what had me so concerned when everything had been knocked off trading and then I read all this DDoS attack news hitting Bitstamp and BTC-e and all the rest of them.
 
SomewhereInOz said:
I saw earlier that Cryptsy wanted people to take out the Doge in particular in the largest amounts possible, as this only made things more difficult when people withdrew a few thousand coins at a time. You might wish to check the blog on their website, because that is where it was discussed. Apparently it slows things down - technical reason given there.

Apparently it was only a few days ago that they did upgrade their servers. This is what had me so concerned when everything had been knocked off trading and then I read all this DDoS attack news hitting Bitstamp and BTC-e and all the rest of them.
Click to expand...

Oh, I assumed you already knew about the others. That's why I was confused by your response. In the end, though, I think it's going to be a good thing.
 
Litepresence, are you here? Would love to hear your current opinions on the market. I kinda miss that ms paint TA magic:)
 
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Seeing as Doge might stick around longer than I thought I'll probably save a larger percentage of mined coins. I get ~20,000/day on my 3.1mh rig. I'm also looking at other coins with potential staying power... This silly MEOW coin might be a good match for DOGE. They have an active dev team who are planning a change in the mining algo so pools can't take advantage. My wife is a VP in digital marketing at a huge PR firm and will be contributing some ideas that (hopefully) will give it a much needed boost.
 
amonasro said:
Seeing as Doge might stick around longer than I thought I'll probably save a larger percentage of mined coins. I get ~20,000/day on my 3.1mh rig. I'm also looking at other coins with potential staying power... This silly MEOW coin might be a good match for DOGE. They have an active dev team who are planning a change in the mining algo so pools can't take advantage. My wife is a VP in digital marketing at a huge PR firm and will be contributing some ideas that (hopefully) will give it a much needed boost.
Click to expand...

You know you raise a good point. Quite literally by association and nothing else, MEOW could well move along nicely too along with DOGE. Just watching it on the charts and last night the 1 Million MEOW's I had, I thought hmmm, I think I will hang onto those just in case, and today they are moving a bit. Yes their Dev team seems quite coordinated, at least from the Project Management brief I saw a few weeks back it seems they are working a plan. Agree this Kimoto Gravity Well implementation as discovered by Megacoin, and implemented last Saturday quite effectively by Reddcoin certainly seemed to do the trick at boosting my mined numbers, so I'm sure the more clued in Dev's will be trying it, particularly when mining pools attack them. Kitteh is a really new coin, so it too is one you have to have a bit of patience with, at least a month from when it turned up on the charts - with Kitteh I think thats around 24 January, so 24 February. Given BTC should be nearing its bottom just shortly thereafter, a case could be made for patience on into early March for MEOW.

I need to check more closely because my 8.6 MHash/sec capability should be doing much better.

Again, an excellent read on the Kimoto Gravity Well found here:

http://www.reddit.com/r/dogecoin/comments/1wc0sr/why_arent_we_discussing_implementing_kimotos/
 
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What is the smallest doge miners fee?

Would someone mind lending me some doge? I'm testing my local wallet encryption before I transfer out of Cryptsy.
 
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amonasro said:
...They have an active dev team who are planning a change in the mining algo so pools can't take advantage. My wife is a VP in digital marketing at a huge PR firm and will be contributing some ideas that (hopefully) will give it a much needed boost.
Click to expand...

Kitteh is going to switch to Scrypt Nfactor?

Cat people versus dog people. It's like Microsoft fanboys versus Sony fanboys.
 
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