LebGeeks

A community for technology geeks in Lebanon.

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#26 March 21 2013

MrClass
Member

Re: Bitcoin in Lebanon

What the heck! It's for $64.992 now!

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#27 March 21 2013

MrClass
Member

Re: Bitcoin in Lebanon

Guys why does each bitcoin market have the same High price but various Low price? Do they all have the same buying rate but sell in different rates?

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#28 March 21 2013

arithma
Member

Re: Bitcoin in Lebanon

High and Low price are the lowest and highest prices for a transaction in a given period of time.
Last price is more indicative of current status.

http://mtgoxlive.com/orders
This graph shows how much BTC you need to buy or sell to raise or decrease, respectively, the BTC price.

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#29 March 21 2013

samer
Administrator

Re: Bitcoin in Lebanon

Bitcoinity provides a nicer way to visualize things on Mt. Gox if you are new to trading.

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#30 March 27 2013

MrClass
Member

Re: Bitcoin in Lebanon

I monitored the rate for the past week. 20$ increase in just a week. Went to the bank and finally made the transfer; will wait till it goes down a little to do the bitcoin purchase, but I dont think it will go down anymore :(

I think it will go beyond 100$ soon.

Check out the date of my last 2 posts, the rate was 65$ back then. Now 86$.

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#31 March 27 2013

Joe
Member

Re: Bitcoin in Lebanon

I'm not cashing out, probably ever (I don't have that big amount invested anyway).

I didn't "invest" in Bitcoin so I could cash out. I "bought" Bitcoins because this currency makes more sense to me, and I want to progressively transfer all my cash into this. As more merchants accept it as a way of payment, I will gladly use it as my only currency.

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#32 March 27 2013

MrClass
Member

Re: Bitcoin in Lebanon

How much do you think sounds as a good investment? 3-figure number or a 4-figure number?

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#33 March 27 2013

xterm
Moderator

Re: Bitcoin in Lebanon

@rahmu You're such a hippy.

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#34 March 27 2013

arithma
Member

Re: Bitcoin in Lebanon

Bitcoins are in a deflationary mode. They are not nearly saturated, and they are just getting introduced into the mainstream.
Some people have predicted it should become a "x 10 000" over a 10 year period investment.

Risky strategy
If you have balls of steel, I suggest you borrow some money, buy some bitcoins, then only cash out to return the borrowed dollars.

I made my first purchase on Feb 21, 13. By March 10, I sold my 9.5 BTC for $444, which I bought in three installments for $315. On March 15, I bought 10 BTC for $476. I can sell them for $845 on Coinbase.

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#35 March 28 2013

mezin
Member

Re: Bitcoin in Lebanon

This is crazy ... it doubled in less than 9 days

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#36 March 28 2013

arithma
Member

Re: Bitcoin in Lebanon

Indeed it's crazy.
http://www.google.com/trends/explore#q=bitcoin
It seems to be directly related to people's interest: this spells bubble.
Nevertheless I am enjoying the ride. I don't know how to estimate bitcoin's unhyped value.

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#37 March 28 2013

mezin
Member

Re: Bitcoin in Lebanon

Definite bubble. I think what's happening here is demand is rising exponentially while supply is not keeping up. I can't really think of much use for bitcoins at this point except in the blackmarket trades (drugs, stolen goods, guns, etc...) . I remember reading an article a while back dooming bitcoins when they reached the 4 dollar exchange threshold.

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#38 April 3 2013

MrClass
Member

Re: Bitcoin in Lebanon

mtgox.com is down! BTC value got down from 147$ to 115$ (so far). DDOS?

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#39 April 4 2013

samer
Administrator

Re: Bitcoin in Lebanon

I think it might have been a combination of mtgox getting DDoS'd and instawallet being hacked. Remember to keep your wallets safe.

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#40 April 4 2013

MrClass
Member

Re: Bitcoin in Lebanon

Turned out to be a DDoS. Link: https://mtgox.com/press_release_20130404.html

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#41 April 8 2013

mezin
Member

Re: Bitcoin in Lebanon

just hit 190 ... this is beyond insane now

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#42 April 8 2013

Raficoo
Member

Re: Bitcoin in Lebanon

I've always seen this "Bitcoins" things for more than a year over many sites, but I was never interested in it. Can anyone briefly explain to me how this system works and how it differs from a typical "investing cash online and watching a market rise or drop" thing?

also I hear many of you posting about using GPUs and overclocking to "mine" this currency.. what is that about exactly?

Last edited by Raficoo (April 8 2013)

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#43 April 9 2013

arithma
Member

Re: Bitcoin in Lebanon

Bitcoin is a crypto-non-centralised unbacked currency.

GPU's do computations in parallel, and thus can (were able to) find answers to made up "hashing" problems agreed on by the network faster than CPUs. They have grown mostly irrelevant, and FPGA's have taken their place. Soon ASICs will take FPGA's place.

Last edited by arithma (April 9 2013)

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#44 April 9 2013

MrClass
Member

Re: Bitcoin in Lebanon

225 right now

40$ increase in just 24 hours

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#45 April 9 2013

arithma
Member

Re: Bitcoin in Lebanon

I sold 10BTC for $1800 fearing that it will crash hard. Bad mistake.

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#46 April 10 2013

MrClass
Member

Re: Bitcoin in Lebanon

WTF happened? Down to 105$. That is 155$ decrease in just 2 hours

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#47 April 10 2013

samer
Administrator

Re: Bitcoin in Lebanon

There was a one hour lag on mtgox. Someone with a big botnet is onto bitcoin. They are DDoS'ing all popular bitcoin sites.

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#48 April 12 2013

MrClass
Member

Re: Bitcoin in Lebanon

Mtgox claims that they can't catch up with the huge number of new accounts created. I don't seem to understand this kind of bullcrap. They handle over 80% of the bitcoin market so they are supposed to foresee this growth. Their web portal nowadays is just down most of the time. What a disaster.

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#49 April 12 2013

samer
Administrator

Re: Bitcoin in Lebanon

Mtgox has sadly become bitcoin's single point of failure.

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#50 April 12 2013

MrClass
Member

Re: Bitcoin in Lebanon

Still holding up over here. Won't sell till the price goes up to over 200$. The way I see it, if 20K accounts are created everyday, it is either real people or botnets. If it is botnets, Mtgox should be aware of it and patch up their server security to stop the attack. If it is real people who really want to be a part of the bitcoin craze, then eventually they will also send money to fund their accounts and begin trading. We have to wait for a week or two to see which one is true. High demand on bitcoin should make the price go up (waaay up), not drastically down.

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