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The Bitcoin (BTC) thread
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Satoshi Offline
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Post: #326
RE: Bitcoins up 60% in less than a month
(11-18-2013 03:19 PM)pants Wrote:  I've got a job for real sharks.

1) Buy bitcoin on bitstamp.com at 545USD/BTC

2) Send them to BTCchina.com

3)Sell them in china for 800USD/BTC

4) Send your chinese yuan to Hong Kong

5) Find a Lawyer working in the gray area to help you send them to USA

6) Profit!

Repeat!!
Or just save the money in BTC and make better profit. Don't think a bank transfer china - us goes over a day.
(11-18-2013 10:25 PM)babelfish669 Wrote:  How many hours do you think it would take to sell $25,000 of bitcoins on localbitcoin at the mtgrox ask rate?
I have no idea, depends on where you live. If your add is the cheapest and you are in a major city I guess it could go over a day or two. But I think the bitstamp rate is what the most people on localbitcoins follows. It's not that many Bitcoins.
11-19-2013 01:25 AM
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Frost Offline
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Post: #327
RE: Bitcoins up 60% in less than a month
For anyone thinking that they have "missed the boat" on Bitcoin, the situation is almost exactly the same today as it was one year ago.

In ten years, one BC will either be worth seven figures, or it will be worth nothing.

Personally, I think there is a very high chance that the USG will destroy or criminalize bitcoin soon. Probably by linking it to human trafficking, messed up porn, or terrorism. But it's still well worth the risk.

Also, for any readers thinking about getting married, a portfolio of cryptocurrencies will be much harder to extract than fiat money.

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(This post was last modified: 11-19-2013 09:48 AM by Frost.)
11-19-2013 09:46 AM
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Menace Offline
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Post: #328
RE: Bitcoins up 60% in less than a month
How liquid are they in reality? Say you have $1M of bit coins...how quickly can you get that in USD, if at all?
11-19-2013 09:53 AM
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Tex Pro Offline
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Post: #329
RE: Bitcoins up 60% in less than a month
(11-19-2013 09:53 AM)Menace Wrote:  How liquid are they in reality? Say you have $1M of bit coins...how quickly can you get that in USD, if at all?

First off, when you talk about BTC, talk about them in volume because the price for BTC swings a lot and can be exchanged in numerous currencies.

$1M USD is about 1,770 BTC (as I type this) which is a huge amount. So much so, that you would probably tank the market if you sold them all at once. The best way to unload bitcoins is in small batches of 5-10 BTC so as not to panic the market.

So, you are right...there is a liquidity problem with bitcoins, but it can be mitigated.
11-19-2013 10:19 AM
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artur jedi Offline
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Post: #330
RE: Bitcoins up 60% in less than a month
BTCchina.com has been down for (at least) an hour already. Any idea what's going on there?


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(This post was last modified: 11-19-2013 10:24 AM by artur jedi.)
11-19-2013 10:23 AM
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el mechanico Offline
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Post: #331
RE: Bitcoins up 60% in less than a month
^ Time to panic. Sell now!!!
11-19-2013 10:32 AM
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Tex Pro Offline
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Post: #332
RE: Bitcoins up 60% in less than a month
"BTCchina.com has been down for (at least) an hour already. Any idea what's going on there?"

Probably too much server demand. People have been buying BTC on American exchanges and selling on BTC China to try and exploit an arbitrage opportunity since the prices on BTC China are inflated.
(This post was last modified: 11-19-2013 10:43 AM by Tex Pro.)
11-19-2013 10:41 AM
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Tex Pro Offline
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Post: #333
RE: Bitcoins up 60% in less than a month
I was right. BTCchina.com is back up. Too much server demand.
11-19-2013 10:42 AM
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el mechanico Offline
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Post: #334
RE: Bitcoins up 60% in less than a month
Quote:Too much server demand.

MindblownMindblown
11-19-2013 11:16 AM
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void Offline
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Post: #335
RE: Bitcoins up 60% in less than a month
I ve already installed the standard bitcoin client.

a) Is it worth mining coins in the background with a personal computer?
b) The potential for profit with bitcoins is huge, because there is practically a declining inflation approaching almost 0 in a few years due mining.

Brought to you by Carl's Jr.
(This post was last modified: 11-19-2013 12:39 PM by void.)
11-19-2013 12:27 PM
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Tex Pro Offline
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Post: #336
RE: Bitcoins up 60% in less than a month
(11-19-2013 12:27 PM)void Wrote:  I ve already installed the standard bitcoin client.

a) Is it worth mining coins in the background with a personal computer?
b) Insane price fluctuations, could you cash out 100 000 USD if you had them in BTC?

a) No, that time passed long ago. With a standard PC, it could take years to mine just one bitcoin. You would need to design or buy an ASIC Bitcoin miner to do real mining.

b) Of course, but you need to be careful how much you cash out a time. If you try and cash out too many bitcoins, you will drive the price down as you are selling them.
11-19-2013 12:36 PM
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Menace Offline
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Post: #337
RE: Bitcoins up 60% in less than a month
If you had bought BTC at the time this thread started when they were at $45 USD/BTC, you could have made like $70,000 as of today. Crazy. el mech is rich. Party at his place.
11-19-2013 12:55 PM
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el mechanico Offline
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Post: #338
RE: Bitcoins up 60% in less than a month
I do whatever the forum tells me to do. ACV, yep Coconut oil, yep. Bitcoin yep.
11-19-2013 01:03 PM
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void Offline
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Post: #339
RE: Bitcoins up 60% in less than a month
(11-19-2013 01:03 PM)el mechanico Wrote:  I do whatever the forum tells me to do. ACV, yep Coconut oil, yep. Bitcoin yep.
The forum is literally a gold mine. My investment funds are currently frozen. It feels like the first years of the internet now, so much oppurtunity but too dumb and/or young to exploit it.

Anybody knows something of new and upcoming other digital currencies to make a early investment? By the time I have cash, its a bigger risk to invest. Because the prices might be way too high then.

Brought to you by Carl's Jr.
(This post was last modified: 11-19-2013 01:35 PM by void.)
11-19-2013 01:32 PM
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Acute Angle Offline
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Post: #340
RE: Bitcoins up 60% in less than a month
(11-19-2013 01:32 PM)void Wrote:  Anybody knows something of new and upcoming other digital currencies to make a early investment? By the time I have cash, its a bigger risk to invest. Because the prices might be way too high then.

Ripple.com
11-19-2013 01:53 PM
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Bricks Offline
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Post: #341
RE: Bitcoins up 60% in less than a month
Im meeting a guy in two hours to pick up 100 bucks worth. Just dipping the toe in the water, looking to hold long term.

Any advice from you guys on not getting scammed?

Im not in the states so cant purchase online with ease.
11-19-2013 02:48 PM
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LowerCaseG Offline
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Post: #342
RE: Bitcoins up 60% in less than a month
Can you sell bitcoin short?
11-19-2013 04:29 PM
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Tex Pro Offline
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Post: #343
RE: Bitcoins up 60% in less than a month
(11-19-2013 04:29 PM)LowerCaseG Wrote:  Can you sell bitcoin short?

No. There doesn't exist a options/derivatives market for bitcoins yet.
(This post was last modified: 11-19-2013 04:57 PM by Tex Pro.)
11-19-2013 04:56 PM
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LowerCaseG Offline
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Post: #344
RE: Bitcoins up 60% in less than a month
You may be correct but short selling is neither options nor derivatives.
11-19-2013 04:58 PM
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Tex Pro Offline
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Post: #345
RE: Bitcoins up 60% in less than a month
(11-19-2013 04:58 PM)LowerCaseG Wrote:  You may be correct but short selling is neither options nor derivatives.

Bitcoin is a currency, not a stock. Thus, there is no broker-dealer inventory of people holding them "long" to borrow them from.

When you said "short," I thought you meant take a position against bitcoin (betting that it goes down). The way to bet against a currency is in the options/derivatives market.
(This post was last modified: 11-19-2013 05:07 PM by Tex Pro.)
11-19-2013 05:03 PM
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LowerCaseG Offline
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Post: #346
RE: Bitcoins up 60% in less than a month
Can you borrow/lend bitcoins?
11-19-2013 05:13 PM
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el mechanico Offline
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Post: #347
RE: Bitcoins up 60% in less than a month
What if I get a bot? Anyone?
11-19-2013 05:14 PM
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void Offline
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Post: #348
RE: Bitcoins up 60% in less than a month
(11-19-2013 01:53 PM)Acute Angle Wrote:  
(11-19-2013 01:32 PM)void Wrote:  Anybody knows something of new and upcoming other digital currencies to make a early investment? By the time I have cash, its a bigger risk to invest. Because the prices might be way too high then.

Ripple.com

I looked it up, there is no possibility to mine that stuff. Just trading? The transaction fee gets brought back in the system and there are like 100 Billion of XRP for disposal at the moment? Idk, doesn't sound like instant profit. More like a long term investment.

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11-19-2013 05:17 PM
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Tex Pro Offline
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Post: #349
RE: Bitcoins up 60% in less than a month
(11-19-2013 05:13 PM)LowerCaseG Wrote:  Can you borrow/lend bitcoins?

I would NOT recommend it. Bitcoins are yours only because you know the private key. If you tell someone your private key or send your bitcoins to their wallet, they can spend your bitcoins at a store, bitcoin exchange, etc. and you will never be able to ever get them back.

https://en.bitcoin.it/wiki/Private_key

(11-19-2013 05:14 PM)el mechanico Wrote:  What if I get a bot? Anyone?

Bots make a lot of sense in currency trading, but I have not used them.

All of the banks who trade in the FOREX market use bots because FOREX trading is 24 hrs a day, 7 days a week, 365 days a year, and so using a bot to trade allows you to trade continuously.

The same applies to BTC. BTC trading is exactly like FOREX trading, so bots may give you a competitive edge in the market.

http://finance.yahoo.com/news/automatic-...00129.html

That said, YMMV.

Note: I am not a financial adviser and am not giving financial advice. All statements made on this website are only my opinions. Remember, BTC trading is exactly like FOREX trading, so there is a lot of risk involved. You need to assess all the risks and rewards associated with automated trading and decide for yourself if you are comfortable with the risk. You have been warned.
(This post was last modified: 11-19-2013 06:18 PM by Tex Pro.)
11-19-2013 05:46 PM
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void Offline
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Post: #350
RE: Bitcoins up 60% in less than a month
How fast are BTC-Transactions executed, seconds or milli-seconds range? Are there currency exchange fees from USD <> BTC?

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11-19-2013 06:01 PM
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