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The Bitcoin (BTC) thread
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JayJuanGee Offline
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Post: #2351
RE: The Bitcoin thread
(11-05-2015 01:31 PM)The Beast1 Wrote:  I have a few bitcoins that I am planning on using for... other things. It's the only reason I realized there was a bitcoin rally. However I don't have enough free cash to play with to capture any swings through the exchanges and quite honestly I don't really trust the major exchanges especially with what happened to Mt. Gox and the like of those companies even though I get the impression Coinbase isn't going anywhere.

I had some free cash in my IRA and decided to play this swing trade. I wouldn't call my stake an "investment" in any sense of the word. I'd call it a speculation. I definitely can see the value of this sky rocketing during some sort of market collapse or a sovereign currency crisis (Greece, China, etc) which would make for a ripe profit taking opportunity. Over the long term, I'd keep my cash and investments in USD or GBP .


I can definitely relate to anyone who says that they only have so much capital to invest in any one asset; however, with bitcoin, you create an account, and invest as little as $1.

Regarding exchanges, there is considerable consensus that MT GOX was a fiasco and a really crazy and out of control exchange. And, really, you should not compare a lot of the contemporary exchanges to MT GOX, because there are a whole hell-of-a lot of credible exchanges that have been entering the bitcoin scene... including Coinbase and Circle and Gemini. Even Bitstamp seems to have quite a bit of credibility.

Yes, there may be additional instances of exchange failures and fraud, but those potential instances should not stop guys from taking some steps towards investing what they can and how they see probabilities and expected value (EV).

For example, if you believe that there is a 1% chance that Bitcoin can reach $4000 or more in the future (such as the next 2-4 years) (that is a 10X return), then you should consider putting some proportional amount of your investment into bitcoin - even if you are dollar cost averaging $1 per week into it.... or some other amount that makes you more comfortable.
11-05-2015 01:55 PM
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Satoshi Offline
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Post: #2352
RE: The Bitcoin thread
(11-05-2015 01:09 PM)JayJuanGee Wrote:  Now, you are really talking like a novice.

I understand that you are a bit disgruntled about Bitcoin and the nearly two year long bear market that appears to have concluded, and possibly even a bit butt hurt regarding your own situation to sell at a pretty low point where you should have either been holding or buying; however, you should realize that Bitcoin is not litecoin, and you are in almost pure denial when you attempt to make such analogies.

The whole situation of the past week is not only entertaining, it is considerably enticing... and a guy does not have to play balls to the walls investing to take part in a situation that has considerable upside potential.

You can invest $100, $500, $1000 or $10,000 and see what happens. You do not have to mortgage your house in order to participate in this bitcoin situation... especially if you already have the knowledge and the various accounts set up. Furthermore, if you invest at reasonable levels and keep your total investment portfolio diversified, then you will not become too attached to the success or failure of one particular asset.

The different between litecoin and bitcoin is not big, basically they are almost identical. I think you should know this. $360 now. Do you regret not selling at $500 or are you hoping for another jump up?

I have no intention to buy back into bitcoin for reasons I've already explained in this thread.
11-06-2015 01:06 AM
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JayJuanGee Offline
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Post: #2353
RE: The Bitcoin thread
(11-06-2015 01:06 AM)Satoshi Wrote:  The different between litecoin and bitcoin is not big, basically they are almost identical. I think you should know this.

Yes, litecoin does not add anything to bitcoin, it is very much an imitation; however, bitcoin came first and has the first comer advantage and the network advantage. lite coin is not really going to take any market share from bitcoin; however, it can more easily be used as a pump and dump because its marketcap is about 3% of bitcoin's. Mere size alone make a considerable difference, in terms of a lot of things, including development around the platform, acceptance and liquidity, etc.


(11-06-2015 01:06 AM)Satoshi Wrote:  $360 now. Do you regret not selling at $500 or are you hoping for another jump up?

Now, you seem to be converting into one of those disgruntled naysayers... suggesting that a person is worse off for not having had traded the market at certain peaks. If you have read even a fraction of my posts, you should realize that I do not roll with balls to the walls style trading.... and I only recently started trading and only a portion of my total holdings.

Accordingly I am currently able to make money no matter the direction of the market. No I do not make as much as someone who can time the market and trade his whole holdings, but I am really not attempting to time in any large sort of way. I am attempting to stic with a fairly conservative approach.

I have allocated sell amounts up the price line and I have preallocated buy amounts down into the $200s. At this point, I do have to continuously make adjustments with my plan and frequently reassess the plan and situation, and I anticipate it will become easier when my portfolio gets into the black - which currently seems like it could occur either from BTC prices rising or by my trading efforts sufficiently bringing down my average cost per BTC. Prices going up would be the quickest way to bring my portfolio into the black, and i have the sense that bitcoin will be going back into the $500s and quite beyond in the near future.... the nearly $200 move up in 24 hours and the extensive price battle that seems to be ongoing in recent days, seem to be very good signs that prices will be moving above $500 soon... but my continued stay in bitcoin does not require BTC prices to go above $500 any time soon. I can keep up my current strategy, too, which seems to be working fairly well for me in the past 4 weeks when the price returned above $250



(11-06-2015 01:06 AM)Satoshi Wrote:  I have no intention to buy back into bitcoin for reasons I've already explained in this thread.

O.k. That's fine. I thought that you said that you had regrets about selling your BTC in the mid-$200s, but if you do not have regrets, then you can stick with your plan to stay out of bitcoin. Surely, that's your choice, and you shouldn't invest in anything that you do not feel optimistic about its prospects - whether short-term or long-term.
11-06-2015 04:09 AM
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The Beast1 Offline
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Post: #2354
RE: The Bitcoin thread
Dang looks like I got burned for my GBTC purchase. Very clearly a pump and dump with what happened recently.
11-06-2015 09:03 AM
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DamienCasanova Offline
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Post: #2355
RE: The Bitcoin thread
(11-06-2015 09:03 AM)The Beast1 Wrote:  Dang looks like I got burned for my GBTC purchase. Very clearly a pump and dump with what happened recently.

Yeah i'm glad I didn't jump in right away, after I saw it fly up $100 in a night I knew the crash was coming soon. If it goes back down to $250 or $300 i'd probably jump in though
11-06-2015 10:44 AM
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JayJuanGee Offline
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Post: #2356
RE: The Bitcoin thread
(11-06-2015 09:03 AM)The Beast1 Wrote:  Dang looks like I got burned for my GBTC purchase. Very clearly a pump and dump with what happened recently.


If GBTC largely follows BTC prices, then I would hardly characterize recent events as a "pump and dump."

Surely there is considerable volatility in recent times, and each of us needs to determine the extent to which we are investing long term or short term. In recent days, hundreds of millions of dollars of value (and even into the billions if you credit some of the Chinese trading) has been trading on a daily basis. It's well over ten times, but if you look at the weekly graphs, this week is approaching 30 x normal volume. The trading activity is a bit parabolic, and really it does NOT appear to be done soon, accordingly, a lot of money is likely to be made during these times of volatility, and especially the ones who are purely guessing and acting on short term emotions are likely to get burned first and worst.
11-06-2015 10:57 AM
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Post: #2357
RE: The Bitcoin thread
(11-06-2015 10:44 AM)DamienCasanova Wrote:  
(11-06-2015 09:03 AM)The Beast1 Wrote:  Dang looks like I got burned for my GBTC purchase. Very clearly a pump and dump with what happened recently.

Yeah i'm glad I didn't jump in right away, after I saw it fly up $100 in a night I knew the crash was coming soon. If it goes back down to $250 or $300 i'd probably jump in though

You do not have to jump into BTC full bore in order to participate in this volatility, and after a $150 downward correction in the past couple of days, if you are anticipating another $50 or $100 downward correction, you are not really dealing with realistic probabilities.

Sure it is possible to go down to $300 or even $250 in the near future, but it is not so probable - with the current direction, it is much more likely that we are going to see $500 or $600 soon, before we see $300 or $250 - but each of us is free to predict as he sees fit. In this regard, if anyone is wanting to participate in BTC currently, they should be jumping in soon, at least a small position, and surely you can adjust your position if the price goes up or down... for example, if you have $1,000 to invest but you are waiting for $300 or $250, you may be more wise to invest $200 now, and then wait and see if it really does head in the lower price direction. If it does, you still may have $800 to invest.......
11-06-2015 11:04 AM
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Post: #2358
RE: The Bitcoin thread
I wouldn't call it a pump and dump, whether were talking stocks, silver, bitcoin, anytime there's a surge some people are going to take profits and drive price down. I dumped some at around $420 and actually held on to more than I should have thinking it may continue to go up. I'm kind of wishing I would have dumped it all and then waited for the fall and bought back in. It will go back up I think in a couple weeks. I think we probably have a new base level of say $360 or so for the next few months.
11-06-2015 11:05 AM
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Post: #2359
RE: The Bitcoin thread
(11-06-2015 11:05 AM)jamaicabound Wrote:  I wouldn't call it a pump and dump, whether were talking stocks, silver, bitcoin, anytime there's a surge some people are going to take profits and drive price down. I dumped some at around $420 and actually held on to more than I should have thinking it may continue to go up. I'm kind of wishing I would have dumped it all and then waited for the fall and bought back in. It will go back up I think in a couple weeks. I think we probably have a new base level of say $360 or so for the next few months.

Yep... exactly!!!!!!


It is good not to get too greedy, and you explain exactly regarding how difficult it is to know for sure about how low or how high it is going to go at any particular phase when the price is moving with so many unknown actors, including some likely new (and returning) entrants into the BTC space.
11-06-2015 11:08 AM
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Post: #2360
RE: The Bitcoin thread
(11-04-2015 07:31 PM)SunW Wrote:  I want to bookmark this post in this thread. Very interesting. I'll have to think more about this - he's right, though. The paper is very similar, and yet was written by none other than the NSA.

I'll be curious to see on November 6th if his other theory turns out to be true.

So according to the data, it looks like bitcoin hit a peak on November 4th and averaged about $53 higher of a price, which doesn't line up with Mr. Skeptic's theory. Also, I think it's interesting that the auction was held on November 5th - Vendetta, much?

Anyway, I used the opportunity to grab some Dash at great prices. Dash is my "anti-alimony" money, if I ever get married, as it's completely untraceable. Imagine if other Red Pill writers and men with assets discover this one? Holy shit. I still remember when one of the Red Pillers, and I'm pretty sure it was RooshV, first accepted bitcoin for anonymous donations. Some idiotic feminist writer blasted Red Pill men for using "bitcoin" sarcastically stating that "Oh my gosh, that's a legit currency" when it was $13 a bitcoin.

Feminists couldn't recognize innovation if it was right in front of them - literally.

Whoops - I might be wrong. It was around this time that she wrote it, if I recall. Bitcoin was $46, not $13. This guy was sarcastic too about bitcoin:
Quote:Did I mention that you can donate using BITCOIN? In case you were worried that this thing wasn’t Reddity enough.

Fucktards.
(This post was last modified: 11-06-2015 06:14 PM by SunW.)
11-06-2015 06:11 PM
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JayJuanGee Offline
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Post: #2361
RE: The Bitcoin thread
Interesting times in Bitcoinlandia.

Almost always prices seem to shoot beyond where any particular guy (including yours truly) expects them to go.
11-09-2015 02:43 AM
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Post: #2362
RE: The Bitcoin thread
The below-linked article is much more bearish than me regarding the potential price direction of BTC - suggesting that the correction is not over, and it is even feasible to go to $310 or into the $200s. My investment plan is prepared for either direction, but certainly, like many bitcoin holders, I would feel a lot better (and my pocket book too) if the price would continue (or resume) in the upwardly direction. Laugh


http://www.newsbtc.com/2015/11/09/bitcoi...-aint-yet/
(This post was last modified: 11-09-2015 02:51 AM by JayJuanGee.)
11-09-2015 02:51 AM
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Post: #2363
RE: The Bitcoin thread
(11-09-2015 02:51 AM)JayJuanGee Wrote:  The below-linked article is much more bearish than me regarding the potential price direction of BTC - suggesting that the correction is not over, and it is even feasible to go to $310 or into the $200s. My investment plan is prepared for either direction, but certainly, like many bitcoin holders, I would feel a lot better (and my pocket book too) if the price would continue (or resume) in the upwardly direction. Laugh


http://www.newsbtc.com/2015/11/09/bitcoi...-aint-yet/

What's your total profit/loss from your speculating?
(This post was last modified: 11-09-2015 03:03 AM by The Beast1.)
11-09-2015 03:03 AM
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Post: #2364
RE: The Bitcoin thread
(11-09-2015 03:03 AM)The Beast1 Wrote:  
(11-09-2015 02:51 AM)JayJuanGee Wrote:  The below-linked article is much more bearish than me regarding the potential price direction of BTC - suggesting that the correction is not over, and it is even feasible to go to $310 or into the $200s. My investment plan is prepared for either direction, but certainly, like many bitcoin holders, I would feel a lot better (and my pocket book too) if the price would continue (or resume) in the upwardly direction. Laugh


http://www.newsbtc.com/2015/11/09/bitcoi...-aint-yet/

What's your total profit/loss from your speculating?


It seems like you may have asked me this question before, no?

Anyhow, a lot of my history is throughout this thread, and I am not going to get into too many details regarding the specifics of my finances because I have already described my bitcoin investment to be a hedge of my other various investments, and it remains a hedge, so the profit loss of this particular investment is not centrally motivating to my short term decisions regarding bitcoin.

In essence I had been buying and holding and accumulating BTC since November 2013.

I had some cashflow problems in early 2015 based on some kinds of unexpected business difficulties (mostly unrelated to my bitcoin activities), which caused me several months (between late January and until about mid-April) of not being able to continue to buy/accumulate BTC.

Between April 2015 and present, I have been increasingly enabled to continue to buy/accumulate BTC, which made it feasible for me to begin trading BTC in October after the price rose above $250.

Therefore, in about the past 3 weeks I have been trading BTC, which has been a very interesting and informative activity, and I have been learning a lot about trading through practicing such.

In October, I started trading with small amounts, and I expect my trading allocations to continue to increase no matter the BTC price direction because so far I am only trading at a profit which overall has been bringing down my dollar cost averages (or at least causing increased hedging in the event of price movements in either direction), so I will be able to continue to trade down into the $100s, if BTC prices were to return to such a low level, which remains difficult to imagine given recent price movements and record-levels of trade volume.

I have conceptually divided my BTC portfolio into 4 categories in order to better assess progress and to justify my various trading activities; however, my total average price per BTC for my overall BTC portfolio (including various fees and BTC related expenses) is currently around $500.


How about you?
11-09-2015 03:33 AM
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JayJuanGee Offline
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Post: #2365
RE: The Bitcoin thread
(11-09-2015 03:33 AM)JayJuanGee Wrote:  
(11-09-2015 03:03 AM)The Beast1 Wrote:  
(11-09-2015 02:51 AM)JayJuanGee Wrote:  The below-linked article is much more bearish than me regarding the potential price direction of BTC - suggesting that the correction is not over, and it is even feasible to go to $310 or into the $200s. My investment plan is prepared for either direction, but certainly, like many bitcoin holders, I would feel a lot better (and my pocket book too) if the price would continue (or resume) in the upwardly direction. Laugh


http://www.newsbtc.com/2015/11/09/bitcoi...-aint-yet/

What's your total profit/loss from your speculating?


It seems like you may have asked me this question before, no?

Anyhow, a lot of my history is throughout this thread, and I am not going to get into too many details regarding the specifics of my finances because I have already described my bitcoin investment to be a hedge of my other various investments, and it remains a hedge, so the profit loss of this particular investment is not centrally motivating to my short term decisions regarding bitcoin.

In essence I had been buying and holding and accumulating BTC since November 2013.

I had some cashflow problems in early 2015 based on some kinds of unexpected business difficulties (mostly unrelated to my bitcoin activities), which caused me several months (between late January and until about mid-April) of not being able to continue to buy/accumulate BTC.

Between April 2015 and present, I have been increasingly enabled to continue to buy/accumulate BTC, which made it feasible for me to begin trading BTC in October after the price rose above $250.

Therefore, in about the past 3 weeks I have been trading BTC, which has been a very interesting and informative activity, and I have been learning a lot about trading through practicing such.

In October, I started trading with small amounts, and I expect my trading allocations to continue to increase no matter the BTC price direction because so far I am only trading at a profit which overall has been bringing down my dollar cost averages (or at least causing increased hedging in the event of price movements in either direction), so I will be able to continue to trade down into the $100s, if BTC prices were to return to such a low level, which remains difficult to imagine given recent price movements and record-levels of trade volume.

I have conceptually divided my BTC portfolio into 4 categories in order to better assess progress and to justify my various trading activities; however, my total average price per BTC for my overall BTC portfolio (including various fees and BTC related expenses) is currently around $500.


How about you?


Actually, Beast1, one more point regarding your earlier question concerning profits/losses.

As you may know, in any investment, the position is open until it is closed. Therefore, a guy could take a snapshot at any given time to analyze the place of his portfolio at any given point, and that assessment is on paper because profits and/or losses are not realized until the position is closed.

I am finding the same is true with trading (whether with bitcoin or any other asset), but specifically, regarding bitcoin trading, I am finding that as the price rose from $250 to $500, I opened various short positions, and then as the price came down I opened various long positions. Some of those position closed (or I closed them), yet even after only a few weeks of trading i recognize that several of my earlier positions remain open. Some guys have strict and/or experienced trading regarding when to close a position or whether to close a position at a loss, and my view is still evolving on questions regarding whether or when to close positions.... also, since bitcoin has historically been very volatile, for me, it has seemed to make more sense to keep positions open for a considerable time (because also, I am only trading with a portion of my portfolio, and therefore, even if the position does NOT get closed, I have ways that I can account for the money that is tied up in the position and to free it up to some extent in order to still attempt to profit from the money in the position without closing it, if that makes any sense).
11-09-2015 05:12 AM
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Post: #2366
RE: The Bitcoin thread
(11-09-2015 03:33 AM)JayJuanGee Wrote:  
(11-09-2015 03:03 AM)The Beast1 Wrote:  
(11-09-2015 02:51 AM)JayJuanGee Wrote:  The below-linked article is much more bearish than me regarding the potential price direction of BTC - suggesting that the correction is not over, and it is even feasible to go to $310 or into the $200s. My investment plan is prepared for either direction, but certainly, like many bitcoin holders, I would feel a lot better (and my pocket book too) if the price would continue (or resume) in the upwardly direction. Laugh


http://www.newsbtc.com/2015/11/09/bitcoi...-aint-yet/

What's your total profit/loss from your speculating?


It seems like you may have asked me this question before, no?

Anyhow, a lot of my history is throughout this thread, and I am not going to get into too many details regarding the specifics of my finances because I have already described my bitcoin investment to be a hedge of my other various investments, and it remains a hedge, so the profit loss of this particular investment is not centrally motivating to my short term decisions regarding bitcoin.

In essence I had been buying and holding and accumulating BTC since November 2013.

I had some cashflow problems in early 2015 based on some kinds of unexpected business difficulties (mostly unrelated to my bitcoin activities), which caused me several months (between late January and until about mid-April) of not being able to continue to buy/accumulate BTC.

Between April 2015 and present, I have been increasingly enabled to continue to buy/accumulate BTC, which made it feasible for me to begin trading BTC in October after the price rose above $250.

Therefore, in about the past 3 weeks I have been trading BTC, which has been a very interesting and informative activity, and I have been learning a lot about trading through practicing such.

In October, I started trading with small amounts, and I expect my trading allocations to continue to increase no matter the BTC price direction because so far I am only trading at a profit which overall has been bringing down my dollar cost averages (or at least causing increased hedging in the event of price movements in either direction), so I will be able to continue to trade down into the $100s, if BTC prices were to return to such a low level, which remains difficult to imagine given recent price movements and record-levels of trade volume.

I have conceptually divided my BTC portfolio into 4 categories in order to better assess progress and to justify my various trading activities; however, my total average price per BTC for my overall BTC portfolio (including various fees and BTC related expenses) is currently around $500.


How about you?

I don't think so. I checked my past two pages and i'm not about to re-read 95 pages worth of discussion.

Let me explain my question: over the past few months or however long you've been trading bitcoins how much USD have you put down in total?

Now, depending on how many bitcoins you have what is the total value of that position in USD (minus of course any selling activity that netted a profit or loss). Even as a hedge, i'm curious what your position's value is. If you're comfortable divulging this information let me know, otherwise no need to.

For me, i'm down 750$ from my trade from the past week. I'm going to exit out of it fully today.
11-09-2015 06:45 AM
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Post: #2367
RE: The Bitcoin thread
(11-09-2015 06:45 AM)The Beast1 Wrote:  
(11-09-2015 02:51 AM)JayJuanGee Wrote:  [snip]

I don't think so. I checked my past two pages and i'm not about to re-read 95 pages worth of discussion.

Let me explain my question: over the past few months or however long you've been trading bitcoins how much USD have you put down in total?

Now, depending on how many bitcoins you have what is the total value of that position in USD (minus of course any selling activity that netted a profit or loss). Even as a hedge, i'm curious what your position's value is. If you're comfortable divulging this information let me know, otherwise no need to.

For me, i'm down 750$ from my trade from the past week. I'm going to exit out of it fully today.

I kind of concluded earlier that your above rephrasing of the question was what you were getting at earlier, but that is an almost too personal of a question (and seemingly unnecessary).

Early in my investing and in my forum discussions, I used to suggest that my goal was to invest $30k over 6 months and to get at least 30 BTC, and then at some point, I had disclosed that I had gotten over 100BTC. Thereafter, I discontinued with providing those kinds of details, because really those kinds of details do not seem necessary to reveal in order to attempt to have meaningful discussions about BTC, and its price direction or its technological or political direction.

Surely, some RVF members might assert, "oh, you are saying X because you are "overinvested in BTC,"" without really knowing details about my level of investment.

Anyhow, sometimes details can be distracting and invite a certain level of criticism and accusations of bias, that may not be warranted.

Each of us are likely somewhat biased based on positions that we take and investments that we make. I certainly attempt to make my comments with a fair level of disclosure and without attempting to unfairly influence the investment decisions of others, and the level of my investment does describe something about my bullish outlook towards BTC.

Regarding your considering to pull out of BTC, that is your personal decision, because really none of us have crystal balls regarding price direction. Based on recent price performance and trade volume, I personally believe in the coming weeks, if not sooner, we are going to be well established in the $400s and potentially making another go at the $500 levels.

The bear market over the past nearly 2 years has likely jaded a lot of folks regarding BTC's upward price potentials, but the various BTC fundamentals seem to be getting stronger and stronger with the passage of time, including infrastructure developments, news, acceptance, regulation, entrance and liquidity avenues and adoption.
11-09-2015 10:08 AM
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RE: The Bitcoin thread
(11-09-2015 10:08 AM)JayJuanGee Wrote:  
(11-09-2015 06:45 AM)The Beast1 Wrote:  
(11-09-2015 02:51 AM)JayJuanGee Wrote:  [snip]

I don't think so. I checked my past two pages and i'm not about to re-read 95 pages worth of discussion.

Let me explain my question: over the past few months or however long you've been trading bitcoins how much USD have you put down in total?

Now, depending on how many bitcoins you have what is the total value of that position in USD (minus of course any selling activity that netted a profit or loss). Even as a hedge, i'm curious what your position's value is. If you're comfortable divulging this information let me know, otherwise no need to.

For me, i'm down 750$ from my trade from the past week. I'm going to exit out of it fully today.

I kind of concluded earlier that your above rephrasing of the question was what you were getting at earlier, but that is an almost too personal of a question (and seemingly unnecessary).

Early in my investing and in my forum discussions, I used to suggest that my goal was to invest $30k over 6 months and to get at least 30 BTC, and then at some point, I had disclosed that I had gotten over 100BTC. Thereafter, I discontinued with providing those kinds of details, because really those kinds of details do not seem necessary to reveal in order to attempt to have meaningful discussions about BTC, and its price direction or its technological or political direction.

Surely, some RVF members might assert, "oh, you are saying X because you are "overinvested in BTC,"" without really knowing details about my level of investment.

Anyhow, sometimes details can be distracting and invite a certain level of criticism and accusations of bias, that may not be warranted.

Each of us are likely somewhat biased based on positions that we take and investments that we make. I certainly attempt to make my comments with a fair level of disclosure and without attempting to unfairly influence the investment decisions of others, and the level of my investment does describe something about my bullish outlook towards BTC.

Regarding your considering to pull out of BTC, that is your personal decision, because really none of us have crystal balls regarding price direction. Based on recent price performance and trade volume, I personally believe in the coming weeks, if not sooner, we are going to be well established in the $400s and potentially making another go at the $500 levels.

The bear market over the past nearly 2 years has likely jaded a lot of folks regarding BTC's upward price potentials, but the various BTC fundamentals seem to be getting stronger and stronger with the passage of time, including infrastructure developments, news, acceptance, regulation, entrance and liquidity avenues and adoption.

JJG,

I very much agree with you on the future of Bitcoin and its flexibility to do all sorts of things in the future. Don't worry, I believe!

However, when it comes to a currency, I expect things to remain somewhat stabile in value. If I want a highly volatile currency, I'll go to Zimbabwe Angel

I hope your bullish positions on bitcoin pays off in the future.

Happy trading!
(This post was last modified: 11-09-2015 10:56 AM by The Beast1.)
11-09-2015 10:56 AM
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JayJuanGee Offline
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Post: #2369
RE: The Bitcoin thread
(11-09-2015 10:56 AM)The Beast1 Wrote:  
(11-09-2015 10:08 AM)JayJuanGee Wrote:  
(11-09-2015 02:51 AM)JayJuanGee Wrote:  [snip]

JJG,

I very much agree with you on the future of Bitcoin and its flexibility to do all sorts of things in the future. Don't worry, I believe!

However, when it comes to a currency, I expect things to remain somewhat stabile in value. If I want a highly volatile currency, I'll go to Zimbabwe Angel

I hope your bullish positions on bitcoin pays off in the future.

Happy trading!

Actually, Bitcoin can already do a lot of things, and the things that bitcoin will be able to do will mostly be expanding with the passage of time.

Regarding the denomination of bitcoin as a currency and its volatility, we have to expect that this asset is going to have a very large amount of volatility into the near future and while it has a market cap of less than $100Billion, and really, I expect considerable volatility to exist with bitcoin well past its valuation of $100billion and maybe even until past the time that it could be reaching a market cap of $1trillion or more, but one thing that distinguishes bitcoin's volatility and potential volatility from other currencies such as the Zimbabwe dollar, is that Bitcoin's volatility has been and is likely going to continue to be in the upward direction (if you play it correctly), and no centralized authority can manipulate the supply of bitcoin (at least so far).

Expecting bitcoin to act and even to serve the same as a kind of reserve currency is expecting way too much and is way too premature. Even though we get considerable value fluctuations with core reserve currencies, such as the euro, yen and dollar, bitcoin remains much smaller than even those currencies that are not completely stable, either.

Lot's of interesting times remain in bitcoin's near future, and I would not suggest anyone gets out of bitcoin completely (especially if they have previously invested and they know how to get started);however, if anyone is worried about short term or even long term volatility and instability of bitcoin's prices and they are very emotionally attached to their bitcoin related investments, then that likely signifies that the person has overinvested for his/her own situation and accordingly, should lighten up his/her stake in bitcoin, even if that results in only investing between $10 and $100 dollars in total or for example some kind of dollar cost averaging of $5 per month or some other comfortable amount for him/her.
11-09-2015 12:33 PM
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EuroSlumming Offline
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Post: #2370
RE: The Bitcoin thread
Outside of crime and speculation it's very difficult to see why the average person would use bitcoin. There is no way I could use it while travelling around; virtually nowhere accepts it and I don't want to see my travelling budget rise and fall by 30% in the space of a week.
11-10-2015 07:05 AM
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JayJuanGee Offline
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Post: #2371
RE: The Bitcoin thread
(11-10-2015 07:05 AM)EuroSlumming Wrote:  Outside of crime and speculation it's very difficult to see why the average person would use bitcoin. There is no way I could use it while travelling around; virtually nowhere accepts it and I don't want to see my travelling budget rise and fall by 30% in the space of a week.

As time passes, there are more and more ways to use BTC, when traveling or merely to store it in various places as an emergency fund (and of course hedge, as I have mentioned several times).

If you do a little research, you may find a lot more uses for bitcoin than your limited experience and research seems to be exposing you to.

In this regard, if you cannot imagine reasons or ways to carry or use BTC for regular people, then either you are lacking some knowledge about various avenues or you are failing/refusing to use your imagination regarding how to fit it into your finances or how it may fit into someone else's finances.

Ultimately, it is up to you regarding whether and how to carry and/or to use any financial asset to your advantage or whether you believe that you can be advantage by such usage.

Merely because you are having difficulties imagining a use for yourself or for "the average person" does not signify that bitcoin lacks in utility for a large number of people of people beyond "criminals" and "speculators."

Your lack of knowledge (and specification) does not provide very convincing proof regarding any lack of utility for bitcoin.
11-10-2015 02:16 PM
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SunW Offline
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Post: #2372
RE: The Bitcoin thread
(11-10-2015 07:05 AM)EuroSlumming Wrote:  Outside of crime and speculation it's very difficult to see why the average person would use bitcoin.

Hello, Mr. I-Only-Believe-What-The-News-Tells-Me. Actually, you might be a journalist, so ...

In JJG's case, I think he's made it clear he's using bitcoin similar to what most of us traders would call a hedge, or an insurance premium. Since the average person in the United States is a complete idiot (see our educated people), I agree with you - not much use for the average American. However, other "average" people from other countries might see value in using bitcoin for insurance.

Now I am different and I use bitcoin like traditional banking, with BitLendingClub and BitBank, where I earn interest in savings and earn interest in lending. I am in the black on every bitcoin I own and since I'm earning more bitcoins, the overall cost basis of my bitcoins is even lower, and will continue to get lower in time. Also, I tend to think that bitcoin will decline in value if the Fed raises interest rates. I may be wrong, but the USD is nearing 100 and most of this is on the expectation that the Fed raises rates. I will buy a lot more bitcoin if it drops due to a Fed interest rate increase because the yield on bitcoin is 7% higher - and that's a minimum - than anything the USD offers.

Forgot to add, when someone says "You only make money when you've sold" they are mistakenly thinking that what they sell to will hold its value better than what they sold. Translation: you buy a stock that triples, sell it and hold USD. Then the USD drops 50%, while the stock rises another 20% from when you sold. Who's the sucker now? So "making money" is irrelevant in the grand scheme of things and those of us who are traders know this. What we focus on instead is buying something that's cheap, and something is always cheap when something else is expensive.

Since you think that bitcoin is used by "criminals" as if the USD isn't (lol), you should probably stick to using something that's more on your level of thinking, like a VISA card or your bank's direct deposit advance.
(This post was last modified: 11-10-2015 05:56 PM by SunW.)
11-10-2015 05:52 PM
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Post: #2373
RE: The Bitcoin thread
(11-10-2015 05:52 PM)SunW Wrote:  
(11-10-2015 07:05 AM)EuroSlumming Wrote:  Outside of crime and speculation it's very difficult to see why the average person would use bitcoin.

Hello, Mr. I-Only-Believe-What-The-News-Tells-Me. Actually, you might be a journalist, so ...

In JJG's case, I think he's made it clear he's using bitcoin similar to what most of us traders would call a hedge, or an insurance premium. Since the average person in the United States is a complete idiot (see our educated people), I agree with you - not much use for the average American. However, other "average" people from other countries might see value in using bitcoin for insurance.

Now I am different and I use bitcoin like traditional banking, with BitLendingClub and BitBank, where I earn interest in savings and earn interest in lending. I am in the black on every bitcoin I own and since I'm earning more bitcoins, the overall cost basis of my bitcoins is even lower, and will continue to get lower in time. Also, I tend to think that bitcoin will decline in value if the Fed raises interest rates. I may be wrong, but the USD is nearing 100 and most of this is on the expectation that the Fed raises rates. I will buy a lot more bitcoin if it drops due to a Fed interest rate increase because the yield on bitcoin is 7% higher - and that's a minimum - than anything the USD offers.

Forgot to add, when someone says "You only make money when you've sold" they are mistakenly thinking that what they sell to will hold its value better than what they sold. Translation: you buy a stock that triples, sell it and hold USD. Then the USD drops 50%, while the stock rises another 20% from when you sold. Who's the sucker now? So "making money" is irrelevant in the grand scheme of things and those of us who are traders know this. What we focus on instead is buying something that's cheap, and something is always cheap when something else is expensive.

Since you think that bitcoin is used by "criminals" as if the USD isn't (lol), you should probably stick to using something that's more on your level of thinking, like a VISA card or your bank's direct deposit advance.


Hahahaha.... and I thought that I was mad at you, SunW, for some of the content of your earlier posts, but this time you are making some decent sense.
11-10-2015 06:57 PM
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Post: #2374
RE: The Bitcoin thread
Well that was quick.. Wonder where we will level off now. Going to be buying on the way down.

$300.30 for a low today @ bitstamp prices

Conceived to beat all odds like Las Vegas
(This post was last modified: 11-11-2015 02:32 AM by rdvirus.)
11-11-2015 02:31 AM
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SunW Offline
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RE: The Bitcoin thread
(11-11-2015 02:31 AM)rdvirus Wrote:  Well that was quick.. Wonder where we will level off now. Going to be buying on the way down.

$300.30 for a low today @ bitstamp prices

I'll buy a bunch if it goes below $250 again. I need to find a trading platform where I can place a good-til-canceled buy, just in case it drops below $200, like it this year.

Meanwhile, gold and silver are still too high for me. I'm also watching platinum; if it drops below $800, I'll get a bunch of it.
11-11-2015 07:02 AM
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