Let's say you have 30 LTC and want to trade to BTC

Going direct, it gets you 0.01184

Selling to USD, you get 247.50 USD, then you can buy 0.3491319662407022 BTC

So it looks like it!

I am selling half my LTC and will buy BTC when it goes down a bit

Any idea why? Don't make much sense?
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when it goes up like this it's purely speculation. I have a feeling a lot of the money coming out will make it's way into precious metals - gold and silver.

No idea, I have never seen it like this

Maybe MtGox is finally going to carry LTC. When that happens LTC<>BTC will see a boom

LTC is probably up due to interest from China. Apparently, at least 3 major exchanges in China are now trading LTC:
https://forum.litecoin.net/index.php?topic=6625.0

That makes sense

What's interesting is that the guy who created LTC is the brother of the CEO of BTC China

So you're working on the net doing what? nobody is paying you to sit at home and mine bitcoins. my guess is that they're using your computers for storage, creating a server, bouncing peoples IP addresses around or hacking.

then translating your work so they can make a profit and pay you.

does anyone know how the creators are using bitminors computers to turn a profit?

Not sure if you're trolling but I'll answer this in case someone else is wondering.

Mining is what runs the network itself. They made the network very difficult to run, so you can't just run it with a server and let the currency get really big. As the currency grows, so does the task of running it. And as the task grows harder, it gets harder to get anything from mining.

Let's look at it again, 2 hours later

Selling 30 LTC for USD gets you $282 USD, which gets you 0.4020355 BTC

Selling LTC direct for BTC would get you 0.3987 BTC

So it caught up. Since I didn't include the 0.02% fee, it's probably better to sell direct now since you only have to pay one fee.

the only answers i've see are

"well mining creates more coins and that's what you're doing to help bitcoin"

that's stupid and makes no economic sense

if No money was pumped into bitcoin the bit coin is worth $0 so mining bitcoins which create bit coins, those new coins are worth $0.

so the code is duplicating and creating no real world profit. so how then can bitcoin actually afford to pay you out in real world money?

The only way this works is if when One mines they are actually working on task for the owner.

the owner makes $90 and pays you $30 worth of bitcoins.



on the shady side this might be an attempt to crash a market and profit from a massive sell off.

the owner pays holds more bitcoins then is possible to mine before they cash out. they take a risk and payout people mining coins placing the owner in the negative profit margin as they pay every person who mines. the owner then waits for or creates inflation so that the bitcoin is worth more then they've paid out. the owner then cashs out the stashed coins for real money which causes a market crash and people who have converted real world currency to bitcoins loose thousands.

but that still doesn't account for why it takes so much processing power to do so, if the whole isea was based ff crashing the market then the owner could have just created a low power mining game or code.

Does anyone know what % the ATM takes to trade from BTC>Cash?

sold a good chunk of my LTC tonight, i'm at about 5 times my initial investment from back when this thread started!

from my limited knowledge its like this:
every transaction needs to be verified with a complex calculation. that is what takes place on these computers "mining".

and there is money being put into it. think of the electricity being consumed. electricity = money

you can start drawing parallels between these virtual currencies and "real" paper currencies. at the end of the day, it is just a piece of paper. it holds a value because other people tell you it does. and in order for you to pay someone say half way across the world, you would use a service like say a bank.

this bank of course takes its fees and its fair share for doing such a transaction. except they dont have to "mine it", but they have other over head to pay for (large corporations have payroll, capital expenses etc)

and boom we have virtual currencies. looking to disrupt all that which is already in place.
of course banks will not be happy. those who hold power currently of course do not want to relinquish it. a smart owner would embrace rather than fight it. you cant squash an societal advancing idea forever

well you do bring up a good point. the "mining" taking place on the computer could also well be used to do some distributed computations of some other hacking. perhaps, we are using these machines to brute force crack passwords (just using every combination possible). BUT, this software is open source ( i havnt looked at it personally) so it should not be the case

Any ideas where I can buy lite coins? Or is the best method to first buy btc then sell it for ltc?

you should try trading other markets. you never know, you might be able to do it.

BTC dropping.. get ready to buy some and do this shit again! :awwyeah:

Yea fuck missed the $500 mark this morning..you guys think $500 is a good point to get back in?

Edit, damnnnnn..didn't see that $375 low :(

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I bought BTC @$190 a few weeks ago. Feeling pretty good right now.

Should be some easy arbitrage if you have a bank account in China you can withdraw to

Buy 8.88 of BTC downtown @ $450 per ($4000 CAD)

Transfer to an account at btcchina.com

Sell 8.88 for $4000 RMB each (35520 RMB)

Transfer back to CAD ($6096.37)

Boom, $2000 profit in 10 minutes, minus some fees (probably 0.02% when you sell and buy)

If these arbitrage opportunities are so prevalent, why not borrow some money and do this in a big way? Is there enough liquidity you could do that with say $50k per transaction?

They moved 3,452,231,319.64 CNY in the last 30 days, so I'd say there is quite a bit of volume

Is there any way to see the ATM rate at any given time? Also, does anybody know if there is a limit to how much can be deposited or withdrawn from it?

https://github.com/maxme/bitcoin-arbitrage

most popular repo i found so far. no chinese xchanges tho

This is pretty interesting! Have you tried it Skinny?

Can't you just find a friend from China and do it? Lol
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Just to clarify... I've run the numbers as of this morning and this is what you can expect.

From the ATM's website, it appears their rate as of a few minutes ago is $652CDN (!!!) per Bitcoin (as compared to $545usd on BTC-E).

If you invested $500 CDN, it would look like this:

$500 CDN = 0.77BC
0.77BC = 3931.90Yuan
3931.90Yuan = $562CDN (At XE's exchange rate, expect to get at least 2% less than that).

However, it's not that easy to get Yuan back to Canadian funds in Canada...

Mark