Silk Road forums

Discussion => Silk Road discussion => Topic started by: UANDiR1 on April 11, 2013, 08:18 pm

Title: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: UANDiR1 on April 11, 2013, 08:18 pm
I hope you are all heading to the classical Warren Buffett advise and buying/going long while others are fearful.

The rule of great traders is:

Buy when others are fearful. Sell when others are joyous.

BTC's were going at 55 for a half hour, now at 67, at Bitfloor. I loaded the boat That's what they call BTFD, BUYING THE FUCKING DIP (edit: excuse my language).

People are fearful currently due to market uncertainty and due to MtGox being down to let the market cooldown, as they stated in their blog. Take advantage of this fear.

(+1 for karma please, just trying to help people at SR become educated about trading to beat the market and beat the haters. )




Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: UANDiR1 on April 11, 2013, 08:57 pm
Minutes after I posted this, the BitFloor website went offline, FYI.

I guess the BitFloor operators wanted all the discounted BTC's all for themselves, since it is speculated that once Mt.Gox reopens at 11am Japanese time aka 11 pm EST, the value of those same BTC's dip buyers were able to score for 55-80 today will go up 50-100% almost instantly.

Just keeping you all updated on the situation.


(+1 for Karma if you appreciate this please)
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: Hash on April 11, 2013, 09:22 pm
Bitfloor on Twitter says that they have been under DDOS.


 bitfloor ‏@bitfloor 9m

@xxxxx Speaking with the data center.
View conversation
bitfloor bitfloor ‏@bitfloor 21m

@xxxxx yes
View conversation
bitfloor bitfloor ‏@bitfloor 25m

@xxxxx ddos recovery
View conversation
bitfloor bitfloor ‏@bitfloor 30m

We are working to resolve a recent DDoS attack.
Expand
bitfloor bitfloor ‏@bitfloor 56m

@xxxxx appears to be ddos. Checking into it tho.
View conversation
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: xpsbud on April 11, 2013, 09:38 pm
This will be very interesting to watch play out in the next few months. You just have to keep reminding yourself that you still have the same amount of coins as the currency value goes all over the place.
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: astor on April 11, 2013, 09:46 pm
Trading on MtGox opens in about 4 hours. I am itching with anticipation. TBH, this has all been very entertaining and educational to me.

Time to make myself a drink.
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: tabun on April 11, 2013, 09:56 pm
And now this when you try to log on to bitfloor....

Bitfloor

The servers are misbehaving.

Our engineers are looking into it.

support@bitfloor.com

Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: blacky646 on April 11, 2013, 10:39 pm
I hope you are all heading to the classical Warren Buffett advise and buying/going long while others are fearful.

The rule of great traders is:

Buy when others are fearful. Sell when others are joyous.

BTC's were going at 55 for a half hour, now at 67, at Bitfloor. I loaded the boat That's what they call BTFD, BUYING THE FUCKING DIP (edit: excuse my language).

People are fearful currently due to market uncertainty and due to MtGox being down to let the market cooldown, as they stated in their blog. Take advantage of this fear.

(+1 for karma please, just trying to help people at SR become educated about trading to beat the market and beat the haters. )

For eveyones notice most of the exchanbges will be down today due to the current chaos. mt.gox  (the biggest exchange) has frozen the BTC rate and will begin operation tomorrow.  And to UANDiR1 credit i really do think the smart pay is snagging up some cheap bitcoin while the fear has the price down. Besides the volatility to the long term bitcoins value is definitely on an upward trend
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: UANDiR1 on April 11, 2013, 10:49 pm
Bitfloor on Twitter says that they have been under DDOS.


 bitfloor ‏@bitfloor 9m

@xxxxx Speaking with the data center.
View conversation
bitfloor bitfloor ‏@bitfloor 21m

@xxxxx yes
View conversation
bitfloor bitfloor ‏@bitfloor 25m

@xxxxx ddos recovery
View conversation
bitfloor bitfloor ‏@bitfloor 30m

We are working to resolve a recent DDoS attack.
Expand
bitfloor bitfloor ‏@bitfloor 56m

@xxxxx appears to be ddos. Checking into it tho.
View conversation

Nice work Hash, you were the first one on top of this DDOS update hours ago. Despite being a bit too geeky, I've never been much of a social networker, so I didn't even think to check their twitter, haha, silly me.
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: Mike Hunt on April 11, 2013, 11:45 pm
+1 UANDiR1

yes the bit coin is still in it's upward swing still being in it's infant years. We have experienced a halfing in the block chain reward which drove the value up dramatically to a spike and it was expected to spike then fall back but not back down to below it's value before the halfing.

It was expected to drop back down to around the $50 dollar mark and then to plateau around the $60 to $75 dollar mark. It halfs every 2 years so I hope you guys will be ready for it again in 2015 or 2016. I have talked about this under my other forum names and I wish I could have warned more vendors because they are the ones who are taking the biggest loss. I wish I had held on to every coin I bought since I started buying them when they were $5 per coin.

Anyway I am in the learning process as well. Good luck to everyone
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: Funbagz on April 12, 2013, 04:34 am
+1 UANDiR1

yes the bit coin is still in it's upward swing still being in it's infant years. We have experienced a halfing in the block chain reward which drove the value up dramatically to a spike and it was expected to spike then fall back but not back down to below it's value before the halfing.

It was expected to drop back down to around the $50 dollar mark and then to plateau around the $60 to $75 dollar mark. It halfs every 2 years so I hope you guys will be ready for it again in 2015 or 2016. I have talked about this under my other forum names and I wish I could have warned more vendors because they are the ones who are taking the biggest loss. I wish I had held on to every coin I bought since I started buying them when they were $5 per coin.

Anyway I am in the learning process as well. Good luck to everyone


not 100% on this but I believe the "halving" happened once all the 50BTC blocks were solved.
They automatically drop to 25.
Once all the 25BTC blocks are solved it will drop to 12.5
I think the 2 year thing is just an estimate and is completely dependent on the Difficulty and also the Popularity of mining.
.... When I read about it, that was the idea I got from it anyway.
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: colorblack on April 12, 2013, 05:36 am
Right before Gox went offline, trades were going back up over the $100 mark. It will bounce back over the next few days, take my word on it. Infact I detect a pulse.. the ticker is moving and I'm seeing trades fly by right now somehow at 103ish. Although their site is down. So who knows what the fuck. Guess their engine started back up, site should be back up soon. Going to be an interesting night/nextfewdays. I am holding my coins. You should do. Or even buy. Do not sell in this artificial panic.
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: colorblack on April 12, 2013, 05:38 am
Just saw MTGox tweet theyll be live in a few mins. Seeing trades happen around $104ish. People underestimated the resilience of the Bitcoin! Fuck those nonbelievers and fear mongers (and speculators for that matter). In the words of that dude from Sopranos - "we're gonna win this thing!"
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: UANDiR1 on April 12, 2013, 05:55 am
Just saw MTGox tweet theyll be live in a few mins. Seeing trades happen around $104ish. People underestimated the resilience of the Bitcoin! Fuck those nonbelievers and fear mongers (and speculators for that matter). In the words of that dude from Sopranos - "we're gonna win this thing!"

I sure hope so.

And sure, screw the nonbelievers and fear mongers, but let the speculators alone, they helped create liquidity for BTC, and they see its full potential over the next few years, hence their eagerness to price BTC according to its future potential, versus solely based off just current economic standing/fair value. Without the speculators, there would never have been this huge BTC rally. Many of us here are speculators.

Anyhow, as for bitfloor, here's a quote of their status update:

/start of quote/"Our servers are experiencing intermittent DDoS attacks. We are trying to resolve the situation for all of our users.

If you are coordinating a DDoS attack, please remember that bitcoin companies are not giant multinationals with huge support staff and computers. We are all involved because we want to see bitcoin succeed."/end of quote/


This makes me wonder, why the hell are the hackers attacking BTC exchanges when there are thousands of "better" targets. That's like robbing a mom and pop shop when there's a Walmart right around the corner, am I right? Sheesh.
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: colorblack on April 12, 2013, 06:22 am
Ah, I stand corrected. I guess was just letting out a little steam at the "speculators" who I think drove up the prices and then bailed. But thats misplaced. Hell, I appreciate the speculators for pouring money into the BTC world. In some ways I converted to a speculators as well as even though I had a large amount of coins, when BTC values were skyrocketing I bought up more as an "investment". So I take that back. Long live the speculators :) In fact, I look forward to more coming in so the prices go back up ;)

But yes, fuck these non believers and naysayers. I notice lots of them tend to be the ones who are bitter that OTHERS are holding onto significant coins. I think you might agree. And they only hate because the prices are on the rise and they didn't get in on the action at lower prices.

Anyways, I think the reasons for attacking the exchanges are multifold. I also have conspiracy theories as to WHO is behind the attacks. But the bottom line is to spook the confidence of people on the exchange, create panic, drive down prices (so they can pick up coin) etc etc as has been happening last couple days. It pisses me off too man. Then the rest of the world sees BTC as unstable and the infrastructure around it as weak and thinks twice before buying in. Just my opinion though..
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: UANDiR1 on April 12, 2013, 06:38 am
Anyways, I think the reasons for attacking the exchanges are multifold. I also have conspiracy theories as to WHO is behind the attacks. But the bottom line is to spook the confidence of people on the exchange, create panic, drive down prices (so they can pick up coin) etc etc as has been happening last couple days. It pisses me off too man. Then the rest of the world sees BTC as unstable and the infrastructure around it as weak and thinks twice before buying in. Just my opinion though..

I agree, though I believe you meant WTO (WHO is evil too though, as they peddle their big pharma poisons and malicious western medical practices for unethical motives). Considering the organization Anonymous (a group many here would consider to be super HEROIC) is behind many of the DDOS attacks on the big multinational, and considering Anonymous supports anarchism, one can clearly eliminate them and all other underground hacking groups affiliated with their ideology as possible suspects. Hence, I agree these DDOS attacks on these poor little BTC exchanges definitely seems to be an act committed by bureaucracies supported by large multinational corporations. 

The big boys don't like what the big boy's can't control. BTC is one currency the Rothschilds and their fellow elite cannot print on a whim, so inevitably this must be angering them immensely.
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: colorblack on April 12, 2013, 06:48 am
[/quote

The big boys don't like what the big boy's can't control. BTC is one currency the Rothschilds and their fellow elite cannot print on a whim, so inevitably this must be angering them immensely.
This. But fuck them. Bitcoins are here to stay. Over on reditt people crying to the heavens about how once MT Gox opens up, BTCs will collapse to $5 per. I'm watching it slowly crawl its way back up over $100 (105 a few seconds ago) and I'm confident it will be in the $120 range by morning. And continue to.
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: sharonneedles on April 12, 2013, 07:10 am
I take it you're eating tins of beans again Black?
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: PizzaBrain on April 12, 2013, 07:21 am
ok, its still dropping through..
have there been any coverage on the major news sites about this? "Massive drop in BTC value! Sell yours quickly!"
"Thousands panic-sell their BTC's"

I really need to buy something today, its an emergency for the weekend..  Since i don't want to spend the coins i bought when they was $12 each, should i go buy twice the amount of BTC as i want to spend (as investment) and then just pay the regular rate for what im buying from now on? (instead of gradually spending my hard earned coins?)

no offence on this last comment but on another note, I got a feeling that UANDiR1 ****MIGHT***!!(impossible, no?) be very wrong[or mistaken], or just trying to stop SR users panic selling in order to help him get a chance to spend his coins quicker.

what do others reading this thing think?
the direction of the DDoS is alarming, couldnt anyone go after them and counterattack? you'd never get anything like this with the world banking system. which i know isnt all its cracked out to be but.. if a "little" DDoS attack can throw off BTC value so much, are they doing it themselves to benefit? (maybe the eur and us banks, to free up some 'more' bailout money for themself by the attacks alone, or shaking down the market to buy up all the coins? - this could backfire hideously if left to go on too long)
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: colorblack on April 12, 2013, 07:28 am
I take it you're eating tins of beans again Black?

Sorry I missed your comment.. I had you on ignore, I had to unignore your comment. Why would I be eating tins of bean "again"? I've never eaten "tins of beans". Don't know where that came from.
The reason I had you on ignore was because you kept PMing me begging me to send you a bitcoin to first start up your bitcoin investment fund, and 2nd because it was your girlfriends birthday and you wanted to buy her MDMA... both things I have zero interest in financing. Although... objective #2 might be open to negotiation depending on a few graphic conditions.

Now, regarding your comment on eating "beans".. I take you mean have I felt the hit on my 160+ bitcoins or so? Not at all. Theyre still right where they belong. And until I cash them out for USD, I haven't lost a thing. BUT, when BTC hit $225ish or so I cashed out 10 or so to buy some shiny new things.

Will have to go back to ignoring you if the begging messages start up again my friend. Good luck.
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: commodore64 on April 12, 2013, 07:37 am
[/quote

The big boys don't like what the big boy's can't control. BTC is one currency the Rothschilds and their fellow elite cannot print on a whim, so inevitably this must be angering them immensely.
This. But fuck them. Bitcoins are here to stay. Over on reditt people crying to the heavens about how once MT Gox opens up, BTCs will collapse to $5 per. I'm watching it slowly crawl its way back up over $100 (105 a few seconds ago) and I'm confident it will be in the $120 range by morning. And continue to.

you are either trolling or very very stupid
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: commodore64 on April 12, 2013, 07:39 am
I take it you're eating tins of beans again Black?

Sorry I missed your comment.. I had you on ignore, I had to unignore your comment. Why would I be eating tins of bean "again"? I've never eaten "tins of beans". Don't know where that came from.
The reason I had you on ignore was because you kept PMing me begging me to send you a bitcoin to first start up your bitcoin investment fund, and 2nd because it was your girlfriends birthday and you wanted to buy her MDMA... both things I have zero interest in financing. Although... objective #2 might be open to negotiation depending on a few graphic conditions.

Now, regarding your comment on eating "beans".. I take you mean have I felt the hit on my 160+ bitcoins or so? Not at all. Theyre still right where they belong. And until I cash them out for USD, I haven't lost a thing. BUT, when BTC hit $225ish or so I cashed out 10 or so to buy some shiny new things.

Will have to go back to ignoring you if the begging messages start up again my friend. Good luck.

keep eating those beans kiddo
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: commodore64 on April 12, 2013, 07:48 am
hold tight everyone this is going to drop like a bomb
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: colorblack on April 12, 2013, 07:56 am

[/quote]

you are either trolling or very very stupid
[/quote]

How am I trolling or stupid? Because I don't think BTC will fall, rather, that they will climb back up and stabilize? You are aware that confidence in fiat is fast vanishing and bitcoins solve the most fundamental problems government backed currency.. right? You also know what the word "panic" means.. correct?
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: commodore64 on April 12, 2013, 08:02 am


you are either trolling or very very stupid
[/quote]

How am I trolling or stupid? Because I don't think BTC will fall, rather, that they will climb back up and stabilize? You are aware that confidence in fiat is fast vanishing and bitcoins solve the most fundamental problems government backed currency.. right? You also know what the word "panic" means.. correct?
[/quote]

haha you really are that stupid
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: commodore64 on April 12, 2013, 10:13 am
[/quote

The big boys don't like what the big boy's can't control. BTC is one currency the Rothschilds and their fellow elite cannot print on a whim, so inevitably this must be angering them immensely.
This. But fuck them. Bitcoins are here to stay. Over on reditt people crying to the heavens about how once MT Gox opens up, BTCs will collapse to $5 per. I'm watching it slowly crawl its way back up over $100 (105 a few seconds ago) and I'm confident it will be in the $120 range by morning. And continue to.

define confident
define morning

I looked at charts and all I could see was down, do you have your charts the right way up?
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: StickAFinger on April 12, 2013, 01:05 pm
everyone thinks they know where they are talking about. enough already


with that said.


drop will be at $50 lowest. fluctuate between 60 to 80.  correction will be at 105-115


tits
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: Cynosure on April 12, 2013, 01:16 pm
everyone thinks they know where they are talking about. enough already


with that said.


drop will be at $50 lowest. fluctuate between 60 to 80.  correction will be at 105-115


tits

This is what I'm *hoping*.

I've been watching and averaging the values over time since the first drop.  They were at around $66ish when I went to bed last night and are back to $73ish as of now.  They did this sort of "small raise" damn near 20 times yesterday, so I feel they'll drop back again.  I can't see them stabilizing themselves until after the weekend.
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: StickAFinger on April 12, 2013, 01:22 pm
i agree. i am not saying this is going to be a today type of thing like the dowjones....with 24hour trading and crazy volitility i see the same thing..maybe even a week from now.

dont lost hope
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: colorblack on April 12, 2013, 08:42 pm
everyone thinks they know where they are talking about. enough already


with that said.


drop will be at $50 lowest. fluctuate between 60 to 80.  correction will be at 105-115


tits

That sounds about right. But bear in mind as more and more attention comes on BTC now that its mainstream, it will (slowly) increase in price from the corrected range. Although much slower then last time. One thing is that the sharks will have their eye on gaming/pump&dumping again. :-\
Title: Re: BTC Rate Was in the 50's/60's Just Now At BitFloor
Post by: StickAFinger on April 12, 2013, 08:46 pm
and thaats why i have extra cash in my bit trading account

i lovesss ittt