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Old 11-29-2013, 11:12 AM   #301
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over 60k worth of NMC -.- and FTC is not worth much so that's okay... 1200 LTC is 45,6 as well... damn.
30000 FTC bought at $0.09, now worth what? Like $1.20? That's HUGE.
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Old 11-29-2013, 11:49 AM   #302
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so are people here mining.. or just buying and selling?
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Old 11-29-2013, 12:06 PM   #303
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PPC/USD just got on BTC-E time to get on it?
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Old 11-29-2013, 12:13 PM   #304
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I think it's overpriced, but I bought in anyways. PPC going USD may cause a frenzy.
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Old 11-29-2013, 01:11 PM   #305
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thanks for the explanations. I'm not saying that it's not a worthwhile investment, I just don't get exactly how it works, that's why I'm asking you experts

So the simple version is:

A person has a code stored on their computer or printed on paper. they say they want $10 for that code, for example. some one gives them $10 for it. Then that person goes to the next person and say they want $20 for that same code. Am I on the right track?

What I don't get is how do the retailers who accept these "codes" know that they will be able to get their money out? Say they have an item that they normally sell for $100. They took payment in 5 "codes" worth $20 each. Next day, the "codes" are only worth $10 each, seems to me that these "codes" fluctuate a lot. So essentially, the retailer takes a loss because they chose to accept "codes" for payment instead of actual currency. I think that maybe why only a handful of retailers are accepting these "codes" as form of payment. Regular currency doesn't fluctuate a whole lot, because governments do their best to make sure their money doesn't drop in value overnight.
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Old 11-29-2013, 01:27 PM   #306
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Gonna drop buy waves to buy some BTC today. Buying online seems to take a while. =/

What do you guys use to buy BTC online.
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Old 11-29-2013, 02:17 PM   #307
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Quote:
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thanks for the explanations. I'm not saying that it's not a worthwhile investment, I just don't get exactly how it works, that's why I'm asking you experts

So the simple version is:

A person has a code stored on their computer or printed on paper. they say they want $10 for that code, for example. some one gives them $10 for it. Then that person goes to the next person and say they want $20 for that same code. Am I on the right track?

What I don't get is how do the retailers who accept these "codes" know that they will be able to get their money out? Say they have an item that they normally sell for $100. They took payment in 5 "codes" worth $20 each. Next day, the "codes" are only worth $10 each, seems to me that these "codes" fluctuate a lot. So essentially, the retailer takes a loss because they chose to accept "codes" for payment instead of actual currency. I think that maybe why only a handful of retailers are accepting these "codes" as form of payment. Regular currency doesn't fluctuate a whole lot, because governments do their best to make sure their money doesn't drop in value overnight.
Your describing a double spend attack. Once you trade a bitcoin it asks miners to process the transaction and to check if this particular bitcoin transaction has not already been sent. This is known as confirmations. 6 confirmations is legit, 3 is 99% legit. However, a successful attack on bitcoins will fork the network and the attackers bitcoins will be legit and all others will be considered illegitimate. Known as double spending.
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Old 11-29-2013, 03:26 PM   #308
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Your describing a double spend attack. Once you trade a bitcoin it asks miners to process the transaction and to check if this particular bitcoin transaction has not already been sent. This is known as confirmations. 6 confirmations is legit, 3 is 99% legit. However, a successful attack on bitcoins will fork the network and the attackers bitcoins will be legit and all others will be considered illegitimate. Known as double spending.
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You seem to be pretty well in the know lol have you sold any in China and how did it go?

Was it easy to convert the RMB back to CAD?
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Old 11-29-2013, 04:12 PM   #309
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Curious to know if anyone has successfully deposited to a bank from btcchina.com.. how smooth was the process, etc

Because if I ever do sell any, it'll be through there.
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Old 11-29-2013, 04:19 PM   #310
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Why not OKCoin? They typically have a price premium for BTC. We are doing a test with OKCoin and BTCChina early next week, Bitstamp verification just finished today so we sent off a wire.
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Old 11-29-2013, 04:22 PM   #311
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because btcchina is in english

It's only a 100 RMB difference anyway
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Old 11-29-2013, 07:10 PM   #312
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Hmm...
Reading and alot of people think China has already begun stockpiling Bitcoins.

interesting.
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Old 11-29-2013, 09:39 PM   #313
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Hmm...
Reading and alot of people think China has already begun stockpiling Bitcoins.

interesting.
There are constantly rumors like that, people pumping and dumping. It's even more hilarious when they do it with altcoins.. go watch the trollbox on BTC-E it's actually pretty funny sometimes
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Old 11-29-2013, 10:11 PM   #314
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Its been over a week since I tried to get verification for level 2 and nothing has happened... Has anyone had any luck recently?
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Old 11-29-2013, 10:42 PM   #315
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Pretty sure it took me over a week with cavirtex, I guess it's understandable that their process is taking longer because a lot of people are probably interested in it
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Old 11-29-2013, 11:32 PM   #316
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There are constantly rumors like that, people pumping and dumping. It's even more hilarious when they do it with altcoins.. go watch the trollbox on BTC-E it's actually pretty funny sometimes
The trollbox on BTC-E is hilarious.

I watched them egg people on for days to dump coins hahahaha.
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Old 11-30-2013, 01:15 AM   #317
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This is a big deal. If you have LTC, hang onto it. This should drive the price back up to $50 or more

Technically, LTC has the potential to be 25% the price of BTC, since there is 4X as much of it out there... If it's traded on the big exchanges, who knows!
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Old 11-30-2013, 12:50 PM   #318
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Anyone selling bitcoin locally?
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Old 11-30-2013, 02:44 PM   #319
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Anyone following or mining Quarkcoin? It's raised from $0.02 to $0.30 very quickly. Talk of it being added to BTC-e and one of the China exchanges.
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Old 11-30-2013, 03:08 PM   #320
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lol e-currency now looking like the Wild West of penny stocks with dedicated pumping/dumping (more so for the Bitcoin spin offs)
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Old 11-30-2013, 03:15 PM   #321
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Anyone following or mining Quarkcoin? It's raised from $0.02 to $0.30 very quickly. Talk of it being added to BTC-e and one of the China exchanges.
Where can you buy Quarkcoins?
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Old 11-30-2013, 04:18 PM   #322
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How do you get into to this bitcoin thing? But it sure looks like an easy way to retire.
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Old 11-30-2013, 04:59 PM   #323
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BTC being used to sell dope etc...lolol
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Old 11-30-2013, 05:02 PM   #324
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16x9 on Global is doing a story about bitcoins tonight or you can watch it now with this link
16x9 | Global News
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Old 11-30-2013, 05:03 PM   #325
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https://twitter.com/coinbase/statuse...79640341917696

This is a big deal. If you have LTC, hang onto it. This should drive the price back up to $50 or more

Technically, LTC has the potential to be 25% the price of BTC, since there is 4X as much of it out there... If it's traded on the big exchanges, who knows!
What was the tweet about? I just get an error when I try to load it. Roommates and I all decided to get in on LTC last week, what else is a university student to do while trying to study?
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