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In Bitcoin We Trust


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In Bitcoin We Trust

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  #11 (permalink)
Portland, OR
 
Experience: Beginner
Platform: Sierra Chart
Trading: Bitcoin
 
Posts: 57 since May 2013
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Sorry of this is spammy, but it's a complex subject and want to precede my journal with applicable resources.

I follow the reporting on Bitcoin very closely, to date this is the most objective and informed reporting I have seen:


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  #12 (permalink)
Portland, OR
 
Experience: Beginner
Platform: Sierra Chart
Trading: Bitcoin
 
Posts: 57 since May 2013
Thanks: 30 given, 42 received

If your reading this thread and you feel compelled to create a Bitcoin wallet, I caution you to research proper data security.

While I am not going to detail my personal security process, I will do my best to direct you to knowledgeable resources. I am not a security expert by any means, but feel compelled to take appropriate precautions. A irreversible currency has proven to be a major target for criminals, every day I see reports of people getting fleeced, don't be one.

Here are a few pointers.
  • If your a person that routinely is infected with Malware, you ought to wait this one out until BTC security companies and hardware wallets crop up.
  • 2-factor authentication is a requirement, Yubikey or Google Authenticator are common options. Both Iphone and Android support the Google Authenticator app.
  • Disable Java in your browser! This has been the #1 route of wallet compromises I have seen.
  • Do not accept Skype contacts you do not know. Another one going around.
  • Your wallet should be memorable with maximum entropy, here is a great tutorial YSK how to create a memorable yet powerful password for your Bitcoin Wallet : Bitcoin. You don't want to create something super obscure and put your fortune in cold storage (Bitcoin wallet taken off network with QR code on paper, brainwallet, USB key) and forget your private key years later. You should generate offline, I saw a user used a Bitcoin brainwallet service to generate his passphrase. It was a malicious site that was storing the passphrases on the server, he lost all his funds.

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  #13 (permalink)
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BTW, I created a poll about Bitcoin, here it is:

Do you trade in the Bitcoin markets?

Total votes: 166
 


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  #14 (permalink)
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Can you talk about commission, spreads and slippage?

Can you trade 24/7?

Sent from my Nexus 4

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  #15 (permalink)
Portland, OR
 
Experience: Beginner
Platform: Sierra Chart
Trading: Bitcoin
 
Posts: 57 since May 2013
Thanks: 30 given, 42 received


Big Mike View Post
Can you talk about commission, spreads and slippage?

Can you trade 24/7?

Sent from my Nexus 4

Comission:
It's pretty straightforward, around 0.5% is the current standard I think. See Gox fee schedule for reference.

Spreads:
Can be pretty crazy depending on how much volume and what exchange you are on, but relative to the current volatility I think it's not too bad. Right now at 12:22AM PST on a Sunday there is a 0.5 spread on Mt.Gox, but depending on what kind of lag Gox is seeing that could increase.

Can you trade 24/7?:
Yes, I am actually waiting on my confirmations from blockchain right now, as I am probably going to sell my coins before going to bed. It broke out of my channnel, kind of bad timing on my part to move exchanges =0.

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  #16 (permalink)
Portland, OR
 
Experience: Beginner
Platform: Sierra Chart
Trading: Bitcoin
 
Posts: 57 since May 2013
Thanks: 30 given, 42 received


Arkiteq View Post
Comission:
It's pretty straightforward, around 0.5% is the current standard I think. See Gox fee schedule for reference.

Spreads:
Can be pretty crazy depending on how much volume and what exchange you are on, but relative to the current volatility I think it's not too bad. Right now at 12:22AM PST on a Sunday there is a 0.5 spread on Mt.Gox, but depending on what kind of lag Gox is seeing that could increase.

Can you trade 24/7?:
Yes, I am actually waiting on my confirmations from blockchain right now, as I am probably going to sell my coins before going to bed. It broke out of my channnel, kind of bad timing on my part to move exchanges =0.

Sorry, I forgot slippage...im a little drunk atm . You would have to be nutty to go market on Gox or any other exchange with sizeable volume. The major issue here is that I have to be prepared for Gox to get hit with heavy latency at any point, and going market into 1min+ lag is just asking for trouble. They added new hardware a week or so ago, so this is now a fairly rare event. Everyone despises Gox, but we are biding our time for the new exchanges.

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  #17 (permalink)
Portland, OR
 
Experience: Beginner
Platform: Sierra Chart
Trading: Bitcoin
 
Posts: 57 since May 2013
Thanks: 30 given, 42 received


Arkiteq View Post
Sorry, I forgot slippage...im a little drunk atm . You would have to be nutty to go market on Gox or any other exchange with sizeable volume. The major issue here is that I have to be prepared for Gox to get hit with heavy latency at any point, and going market into 1min+ lag is just asking for trouble. They added new hardware a week or so ago, so this is now a fairly rare event. Everyone despises Gox, but we are biding our time for the new exchanges.

Speak of the devil, Gox has 27 sec latency atm. It's pretty low volume, I wouldn't be surprised if it's another DDOS. Although their effect has diminished in the last two weeks from my observations.

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  #18 (permalink)
Portland, OR
 
Experience: Beginner
Platform: Sierra Chart
Trading: Bitcoin
 
Posts: 57 since May 2013
Thanks: 30 given, 42 received

We broke out of the Channel, what are those Brits up to



Unfortunately I can't sell any coins right now, I was assuming it'd be pretty quiet so am in the middle of moving my BTC to another exchange (it is far easier to move BTC than USD). I guess I'll wait for calmer waters before acting.

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  #19 (permalink)
Portland, OR
 
Experience: Beginner
Platform: Sierra Chart
Trading: Bitcoin
 
Posts: 57 since May 2013
Thanks: 30 given, 42 received

I guess I was right, Mt. Gox currently being DDOSed. Getting the Cloudflare screen.


I'm going to bed, will let the kiddies have their fun. The market is learning not to overreact to these skiddies.

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  #20 (permalink)
Portland, OR
 
Experience: Beginner
Platform: Sierra Chart
Trading: Bitcoin
 
Posts: 57 since May 2013
Thanks: 30 given, 42 received


Got out at 110, i'll be back once the reindeer games are over.

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