Read The Forum Rules: We have a clear set of rules to keep the forum running smoothly. Click here to review them.

Post Reply 
The Bitcoin (BTC) thread
Author Message
Maciano Offline
Kingfisher
***

Posts: 674
Joined: Feb 2012
Reputation: 10
Post: #651
RE: Bitcoins up 60% in less than a month
[Image: a4ab4504fa23626f6cefe5eff0f61375076c9405...5a598b.jpg]
12-13-2013 07:37 AM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes Maciano's post:
Randy
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,221
Joined: Aug 2013
Reputation: 80
Post: #652
RE: Bitcoins up 60% in less than a month
(12-13-2013 07:02 AM)fortyfor Wrote:  Price being heavily manipulated on Pump and Dump classic scheme:

http://www.businessinsider.com/927-peopl...ns-2013-12


Euforia is now for all bitcoin owners because they think they are rich without any work.
truth is: too few will manage to sell at $ 1000 per BTC, until the price crashes down back to 1 $ - $ 9

http://www.coinion.com/2013/12/11/child-...s-exposed/


Bitcoin euforic fans: “You can send large sums of money across the world almost for free, that’s real value”

Don’t fool yourself. If you find Bitcoin useful because it allows you to make cheap long distance payments, or conduct business anonymously (given the extra precautions), you are not being a Consumer of bitcoin, but a Trader, if in a roundabout way. You will not be trading with any Consumers, but other Greater Fool Traders.

Also remember that you are being charged heavily when you exchange bitcoins for real money,
so the total costs commissions and fees are actually very high.

And also, a cashless society would certainly give governments unprecedented access to information and power over citizens.

http://www.cnbc.com/id/101266173

FortyFor:

Even though I don't agree with your prediction and I find it a bit extreme for you to be characterizing current investors as "fools," I do appreciate you providing articles (sources) to back up your various claims.

(Edit: After writing my comment, i looked at your three articles. The first is pretty good, and provides useful information to bolster your assertions. It does show distribution that is fairly centralized for a currency, though it is NOT really very centralized if it were considered to be the value of a major company.. but your point is fairly well expressed in that article. Your second article is a joke piece, and should NOT be cited for serious reference unless you are commenting about some humorous aspect of BTC. Your third article is a bit of a fear mongering article, and the title of it gives that away... referring to BTC taking away our freedoms - run of the mill fear tactic).



Still, with your various criticisms and sources for such criticisms, you have NOT informed us, more or less, when BTC is going to crash b/c I get the sense that guys would like to know that, in order that they would be able to get out, prior to such crashing event.

In the meantime, some guys have 4-5 times the amount of value that they had a few months ago. Some of these guys have cashed out to get back their initial investment, but several remain fairly bullish in their thinking about BTC (fools?). Actually just in the Month of November we had more than a 5 times upward adjustment of BTC that readjusted downward a little bit. Others such as me, are only recently getting into BTC, so I have been buying during the recent highs.

In any event, can you provide some rationale concerning when we should get out? Maybe you are suggesting, now? or should we try to milk BTC a little more?
(This post was last modified: 12-13-2013 01:00 PM by JayJuanGee.)
12-13-2013 12:34 PM
Find all posts by this user Like Post Quote this message in a reply
samsamsam Offline
Peacock
******
Gold Member

Posts: 9,157
Joined: Feb 2013
Reputation: 94
Post: #653
RE: Bitcoins up 60% in less than a month
JJG, to me it seems you are one of the most read/most researched people on this board when it comes to bitcoins. There are others obviously, like el mech and others. I admire the degree of depth you go to find information and quiz people about claims. Any chance you would consolidate your tons of knowledge into a thought piece about your outlook on bitcoins? I promise to stop asking about your car and where you live Biggrin

Fate whispers to the warrior, "You cannot withstand the storm." And the warrior whispers back, "I am the storm."

Women and children can be careless, but not men - Don Corleone

Great RVF Comments | Where Evil Resides | How to upload, etc. | New Members Read This 1 | New Members Read This 2
12-13-2013 01:39 PM
Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,221
Joined: Aug 2013
Reputation: 80
Post: #654
RE: Bitcoins up 60% in less than a month
(12-13-2013 01:39 PM)samsamsam Wrote:  JJG, to me it seems you are one of the most read/most researched people on this board when it comes to bitcoins. There are others obviously, like el mech and others. I admire the degree of depth you go to find information and quiz people about claims. Any chance you would consolidate your tons of knowledge into a thought piece about your outlook on bitcoins? I promise to stop asking about your car and where you live Biggrin

Sam (x3) You are too funny.

I am only recently (in about the past month) studying this BTC matter in a fairly highly-focused way, and I have been using this thread as a springboard to disclose my developing thoughts on BTC. Accordingly, the information provided in the thread has been very useful to such.

In line with what you are suggesting, in the last couple of days, I have been working on understanding my own stake in BTC and my short-term and possibly long-term investment plan, and I was preparing to disclose an outline of that information for guys here to be able to use, if they want - and of course, to provide feedback in the event that they tend to believe that my plan is looney or whatever.

Of course, none of us really know where BTC is going, exactly, and we are trying to grasp its many technicalities, complications and seemingly extra price gouging that we are receiving when we convert BTC to fiat - or vice versa. Also, we cannot be sure whether the BTC BAN hammer is going to come down.

On the other topic, it's all good fun.. to share car pictures.. And, in that regard, I may have to change my car b/c in recent days, I have noticed a few possible BTC orbiters staking out potential value therein.
12-13-2013 01:55 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes JayJuanGee's post:
samsamsam
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,221
Joined: Aug 2013
Reputation: 80
Post: #655
RE: Bitcoins up 60% in less than a month
Here it is. I drafted this up in the last 10 minutes. Just kidding. Smile

I have been reviewing my current Bitcoin (BTC) investment strategy, and I decided to tweak such investment plan, and to share my current thoughts.

Guys could apply a scalable variation my investment plan to fit his own budgetary considerations, especially if he is long-term bullish on BTC. Currently, I am predicting BTC prices to be more than $1,350 by the end of 2015, which would represent at least a 6% return per annum in respect to its $1,200 peak). If it goes up less than that, then I may be o.k. too, and that depends upon the value of my average investment at the time of cashing out (if i were to cash out), as you will see below, I am buying on a regular basis, and therefore, so far my average investment is lower than $1200, even though my first 1.2BTC was purchased at $1200 per BTC. Currently my average is at $924 per BTC. And, note the market price of BTC in the last 24 hours as I write this has fluctuated between $850 and $920 per BTC.

Also, feel free to critique, comment or ask questions about my investment plan/scenario.

Here goes:
I am going to continue to invest in BTC in a form of dollar cost averaging and slightly front load the investment .. in order to continue to get some stake in the game (within my budget).

To date my BTC Investment
I only started my BTC investment in late November 2013 (which may have been bad timing), and accordingly, up until now I have invested about $5,567 over that 15 day period, which resulted in 6.0248 BTC… (about 1BTC of my total BTC got transferred into alternative crypto currencies). In essence, my investment in BTC /alt currencies to date, is about an average of $371 per day. And an average of about $924 per BTC.

My short term front loading of the investment until the end of December and possibly into the beginning of January
I will continue to invest about $200 per day, unless price drops dramatically which will cause me to invest up to $1,000 per day… in this regard, my increases in investing will will occur as prices are dropping.. if prices are going up, then I will just stick with my minimum of $200 per day.

Medium term investing from January 2014 through June 2014
I will continue with a similar pattern as December 2013 with a lower investment amount of about $100 per day, unless price drops dramatically which will cause me to invest up to $500 per day (max of $1500 per week) … in this regard, my increases in investing will will occur as prices are dropping.. if prices are going up, then I will just stick with my minimum $100 per day (which would be $3k to $5k per month)

Longer term investing from July 2014 to the end:
I figure that by the time July comes, I will have invested about $30K into BTC. I will likely be less inclined to watch BTC on a daily basis, yet I will continue to invest about $700 on a weekly basis, unless price drops dramatically which will cause me to invest up to $1,500 per week… in this regard, my increases in investing will will occur as prices are dropping.. if prices are going up, then I will just stick with my minimum $700 per week (which would be $3k to $5k per month)

Four overall points:
First point: In practice, so far, monitoring and deciding when to buy BTC has been difficult, given the volatility. It has been difficult to determine whether the BTC market is moving down or up – the green / red light problem. Accordingly, my parameters for calculating daily/weekly BTC investment limits will be based on the following investment triggers:

1) invest if the BTC price is down more than 10% in the day;
2) invest if # 1 does NOT apply; however, the BTC price is down more than 5% in a three-day period;
3) invest if # 1 or 2 does NOT apply; however, if the BTC price is down more than 2% in a week or
4) invest if # 1, 2 or 3 does NOT apply; however, if the BTC price is down more than 1% in a month.

Of course, the more of these investment triggers that seem to fit the situation, will cause me to increase the additional amount that I invest. I may need to tweak my application of these investment triggers, depending how they play out and how frequently I am employing them.

Second Point: Initially, I am front loading my investment on a daily basis because this particular market has been very volatile and I have been trying to get the best price for the buck, given the circumstances and hoping for a little luck. As time passes, and I will have more stake in the BTC game, and therefore, there will likely be less need for daily monitoring and certainly, less need for front loading.

Third Point: I may also have to change my investment strategy based on new information in the event that my presumptions about long-term bullish changes. The three likely triggers for changing me from bullish to bearish on BTC would be: 1) successful govt intervention in regulating BTC, 2) some kind of major BTC sabatoge virus or corruption issue that will NOT resolve itself or 3) some other crypto currency or alternative seems to be beating out or replacing BTC and seems to be a better investment (accordingly to transfer funds into that other investment)

Fourth Point: The more I acquire BTC, the more I will likely find opportunities to spend BTC or to receive BTC through other means. Overall, I consider BTC as a future potential for storing and/preserving wealth.… and diversifying wealth holdings away from the dollar. In the event that I find that I am spending BTC on a regular basis, then I plan to purchase additional BTC to make up for the BTC that I am spending in order to maintain an investment pool (stake in the BTC game).
(This post was last modified: 12-13-2013 02:14 PM by JayJuanGee.)
12-13-2013 02:12 PM
Find all posts by this user Like Post Quote this message in a reply
el mechanico Offline
Owl
******
Gold Member

Posts: 11,055
Joined: Mar 2011
Reputation: 153
Post: #656
RE: Bitcoins up 60% in less than a month
^ Why are you investing per day? You have some coins so why don't you chill and wait for crashes even if it takes a couple weeks?

Is there a way to put USD into BTC-E without converting to BTC first? If so I would do that, wait and pull the trigger.
(This post was last modified: 12-13-2013 02:19 PM by el mechanico.)
12-13-2013 02:18 PM
Find all posts by this user Like Post Quote this message in a reply
samsamsam Offline
Peacock
******
Gold Member

Posts: 9,157
Joined: Feb 2013
Reputation: 94
Post: #657
RE: Bitcoins up 60% in less than a month
JJG thanks for the post! May I ask what drives your belief that it will be at 1,350 at the end of 2015? Thanks!

Fate whispers to the warrior, "You cannot withstand the storm." And the warrior whispers back, "I am the storm."

Women and children can be careless, but not men - Don Corleone

Great RVF Comments | Where Evil Resides | How to upload, etc. | New Members Read This 1 | New Members Read This 2
12-13-2013 02:58 PM
Find all posts by this user Like Post Quote this message in a reply
pants Offline
Banned

Posts: 681
Joined: Nov 2012
Post: #658
RE: Bitcoins up 60% in less than a month
Good stuff JJG! I like your plan especially as it works stabilizing on the swings, with steady growth, something that would really be health for the ecosystem of Bitcoin. Hope many will follow this strategy.

My thoughts of why I stay in it from a statistical perspective are as following. Don´t pay to much attention to the numbers as they are for the most part pulled out of my ass. (Except for tax heaven and 5% of gold)
What I want to communicate is, it´s a risky bet with the possibility of a really good pay off. And taking bets like these one will pay off in the long run, even if this one might drop dead. These are the opportunities to look ofter.

40% Chance value falls to zero. A better crypto currency comes a long, technical weakness in the protocol, politics might trigger such a scenario.

30% Chance value stays around 1000

20% chance it grows to 5000 (Media hype along with some large companies starting accepting bitcoin)

4% Chance for 20 000

3% Chance of 40 000 (Bitcoin takes 5% of golds value)

2% Chance 100 000 (Gold, western union, Widely used as a store of value)

1% (Tax heaven for bank accounts 30Trillion$ market) would result in 1.428.571,43USD/BTC

This is the game you want to be playing. If you could have a roulette table with these odds, I would go there playing every night.
On average one would be to earn 40%*0+30%*1000+20%*5000*4%*20000+3%*40000+2%*100000+1%1.400.500 = 19305USD/BTC. Again, don´t pay to much attention to the numbers, I just want to communicate even though the chance of total losses are huge, the high end makes up for it.

Just want to add I have to financial background or want to take credit for any losses or winnings on bitcoin. Don´t bet more than you can afford to lose.
(This post was last modified: 12-13-2013 04:42 PM by pants.)
12-13-2013 04:29 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 2 users Like pants's post:
JayJuanGee, CaptainChardonnay
el mechanico Offline
Owl
******
Gold Member

Posts: 11,055
Joined: Mar 2011
Reputation: 153
Post: #659
RE: Bitcoins up 60% in less than a month
^Nice, I kinda agree with Pants. I could cash out right now but wouldn't be upset if it crashed or went to 10k so I don't care because I'm entertained.

I do feel a big sell from me coming tonight though.
12-13-2013 04:45 PM
Find all posts by this user Like Post Quote this message in a reply
Shotgun Styles Offline
Banned

Posts: 351
Joined: Oct 2013
Post: #660
RE: Bitcoins up 60% in less than a month
I've tried to read this thread several times.

Every time I do I feel just a little bit more stupid.

I understand about 10% of what you're on about, the rest is over my head.
12-13-2013 04:51 PM
Find all posts by this user Like Post Quote this message in a reply
Tex Pro Offline
Ostrich
****
Gold Member

Posts: 2,131
Joined: Jun 2012
Reputation: 17
Post: #661
RE: Bitcoins up 60% in less than a month
BTC is probably not going to trade above $1,000/BTC for the rest of December. Anytime it even approaches $1,000/BTC there is significant profit taking.

The only way BTC stays above $1,000/BTC for a long period of time is if it begins being traded by major investment banks in the USA or Switzerland or some other financial hub.

Keep your ears to the ground. The price could escalate quickly if the major investment banks ever get involved.
(This post was last modified: 12-13-2013 05:09 PM by Tex Pro.)
12-13-2013 05:07 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes Tex Pro's post:
JayJuanGee
samsamsam Offline
Peacock
******
Gold Member

Posts: 9,157
Joined: Feb 2013
Reputation: 94
Post: #662
RE: Bitcoins up 60% in less than a month
(12-13-2013 04:45 PM)el mechanico Wrote:  ^Nice, I kinda agree with Pants. I could cash out right now but wouldn't be upset if it crashed or went to 10k so I don't care because I'm entertained.

I do feel a big sell from me coming tonight though.

Muwahahaha, I secretly have amassed 25 Million Bitcoins and will dump them tonight. There will be blood on the street. That and only 21M will ever be made but I don't care about facts!TrollBadgerDancingmanOhshit

Fate whispers to the warrior, "You cannot withstand the storm." And the warrior whispers back, "I am the storm."

Women and children can be careless, but not men - Don Corleone

Great RVF Comments | Where Evil Resides | How to upload, etc. | New Members Read This 1 | New Members Read This 2
(This post was last modified: 12-13-2013 05:41 PM by samsamsam.)
12-13-2013 05:40 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes samsamsam's post:
Tex Pro
cardguy Offline
Banned

Posts: 4,481
Joined: Nov 2012
Post: #663
RE: Bitcoins up 60% in less than a month
I think Bitcoins are a bubble.

I am no expert - but just want to say that.

Anyone else think so as well?

I hope you guys make alot of money - so I hope I am wrong. But my gut is telling me it is a bubble. It will just be one of those fads that we look back on and laugh about in the future. Once it starts crashing - everyone will head for the exit at the same time. Unlike with Gold where there is enough history surrounding its status, that people feel comfortable holding it even during plunges in its price.

I am no expert. So don't expect me to back up any of this with some clever argument. Except to say that I am a member of 'the herd' - and as such my gut feelings are probably similar to alot of others as well. And once the herd starts moving in the same direction - it don't matter how smart you are. You better get out of the way.
(This post was last modified: 12-13-2013 06:49 PM by cardguy.)
12-13-2013 06:48 PM
Find all posts by this user Like Post Quote this message in a reply
Tex Pro Offline
Ostrich
****
Gold Member

Posts: 2,131
Joined: Jun 2012
Reputation: 17
Post: #664
RE: Bitcoins up 60% in less than a month
(12-13-2013 06:48 PM)cardguy Wrote:  I think Bitcoins are a bubble.

I am no expert - but just want to say that.

Anyone else think so as well?

I hope you guys make alot of money - so I hope I am wrong. But my gut is telling me it is a bubble. It will just be one of those fads that we look back on and laugh about in the future. Once it starts crashing - everyone will head for the exit at the same time. Unlike with Gold where there is enough history surrounding its status, that people feel comfortable holding it even during plunges in its price.

I am no expert. So don't expect me to back up any of this with some clever argument. Except to say that I am a member of 'the herd' - and as such my gut feelings are probably similar to alot of others as well. And once the herd starts moving in the same direction - it don't matter how smart you are. You better get out of the way.

Bitcoin may or may not be a bubble. Only time will tell.

However, crypto-currencies (of which bitcoin is but just one example) are here to stay. They simply have too many benefits to go away into the Sun. They are akin to the invention of the internet. The idea will not go away regardless of what happens to bitcoin's price.
12-13-2013 06:56 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes Tex Pro's post:
JayJuanGee
el mechanico Offline
Owl
******
Gold Member

Posts: 11,055
Joined: Mar 2011
Reputation: 153
Post: #665
RE: Bitcoins up 60% in less than a month
I'll pm anyone my sell point tonight on btc-e
12-13-2013 07:05 PM
Find all posts by this user Like Post Quote this message in a reply
cardguy Offline
Banned

Posts: 4,481
Joined: Nov 2012
Post: #666
RE: Bitcoins up 60% in less than a month
Yeah - I think crypto-currencies are her to stay as well.

Anyone see that JP Morgan has patented their own crypto-currency?

http://www.bbc.co.uk/news/business-25326289

Makes you wonder. The early movers in technology are rarely the ones that stay around and become a big success. Compare IBM to Microsoft, Netscape to Internet Explorer, AOL to Google, MySpace to Facebook.

So - I wonder if the JP Morgan currency (or a different one?) will come along and beat out Bitcoins?
(This post was last modified: 12-13-2013 07:13 PM by cardguy.)
12-13-2013 07:13 PM
Find all posts by this user Like Post Quote this message in a reply
Neo Offline
Pelican
****
Gold Member

Posts: 1,214
Joined: Nov 2010
Reputation: 16
Post: #667
RE: Bitcoins up 60% in less than a month
This looks like a positive sign:

http://www.entrepreneur.com/article/230346

I like the idea of bitcoin, it could be revolutionary if it becomes widely accepted. Worst case I lose some cash if it comes crashing down. Thanks to game, not getting married, and refusing to be a mindless consumer, I can take risks like this.
(This post was last modified: 12-13-2013 08:44 PM by Neo.)
12-13-2013 08:39 PM
Find all posts by this user Like Post Quote this message in a reply
fortyfor Offline
Banned

Posts: 15
Joined: Dec 2013
Post: #668
RE: Bitcoins up 60% in less than a month
(12-13-2013 06:48 PM)cardguy Wrote:  I think Bitcoins are a bubble.

Anyone else think so as well?

as such my gut feelings are probably similar to alot of others as well. And once the herd starts moving in the same direction - it don't matter how smart you are. You better get out of the way.

About everyone else thinks as well, except for the dreamers
who bought a lot of Bitcoins and they are totally blinded by the
adrenaline ride, the greed is high and they fail to
see the hundreds of downsides of a virtual fiat currency
backed by nothing, which is highly unsafe and almost every economist
out there labeled it as unsafe and very risky:

This is how the bubble graphic looks like:

[Image: _71650444_bitcoin_daily_price_2013_464gr.gif]
(This post was last modified: 12-13-2013 08:42 PM by fortyfor.)
12-13-2013 08:42 PM
Find all posts by this user Like Post Quote this message in a reply
fortyfor Offline
Banned

Posts: 15
Joined: Dec 2013
Post: #669
RE: Bitcoins up 60% in less than a month
more Bitcoin warnings news, in all the big media outlets:

http://blogs.marketwatch.com/thetell/201...-bitcoins/

http://www.theguardian.com/technology/20...ed-says-eu

http://business.time.com/2013/12/13/euro...n-dangers/

This is heavily being promoted by early Angel Investors who bought the bitcoin when it was about 5 or 6 cents. These early investors lobbied,bribed and influenced the media and internet forums to make this bitcoin popular and grow. This type of Ponzi is seeing its rise because of these early angel investors, the result of cartels laundering their proceeds from drugs,extortion and illegal gambling and people who are just basic suckers and gullible. Look at the Chinese government, they said it is not a currency and told their banks not to deal in bitcoins.
12-13-2013 08:45 PM
Find all posts by this user Like Post Quote this message in a reply
Tex Pro Offline
Ostrich
****
Gold Member

Posts: 2,131
Joined: Jun 2012
Reputation: 17
Post: #670
RE: Bitcoins up 60% in less than a month
@fortyfor

Speaking of bubbles...If you want to see a bubble popping as we speak, just look at the Argentinian Peso vs the US Dollar:

[Image: chart?client=firefox-a&hs=vB1&am...amp;chsc=1]
(This post was last modified: 12-13-2013 09:29 PM by Tex Pro.)
12-13-2013 09:28 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes Tex Pro's post:
Maciano
zarzuelazen Offline
Banned

Posts: 80
Joined: Apr 2012
Post: #671
RE: Bitcoins up 60% in less than a month
Paradoxically, the fact there is still such a great difference of opinion about Bitcoin is actually good news - that means there is still lots of potential for growth! The nobs haven't cottoned on yet! It's only when every man and his dog wants to get in that it would be time to sell.

Weighing up all the arguments, count me in. Best summary I saw was an article on CNN and a comment in the comment-section:

http://edition.cnn.com/2013/12/10/busine...ce-paypal/

"People make a mistake when attempting to comment on or understand the value of Bitcoin. The value is actually in the network, for which you need bitcoins to participate. As a result, the price of Bitcoin, driven by supply and demand, is very much like the share price of a technology start-up company. Except there is no company. So owning bitcoins is like having shares in the Bitcoin network. That's where the value is, in the revolutionary nature and utility of the payment and record-keeping system - the distributed global ledger - and the fact that no company, no bank, and certainly no government, is involved. It's a world-first and it's deeply disruptive of existing payment technologies."

I'd be willing to take a punt on Bitcoins becoming a spectacular success - IF (and that's a big IF of course) they do achieve wild success, you could see another 100x price increase over the next few years, topping out at US $100 000 per bit coin. Mind you, with all the current hype it's likely over-valued at the moment, so I wouldn't be surprised to see the price fall back somewhat over the next few months, possibly even crashing to below $US 100 again. But over the long-term I guess it's going only one way...up.
(This post was last modified: 12-13-2013 11:23 PM by zarzuelazen.)
12-13-2013 11:21 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes zarzuelazen's post:
Maciano
Maciano Offline
Kingfisher
***

Posts: 674
Joined: Feb 2012
Reputation: 10
Post: #672
RE: Bitcoins up 60% in less than a month
"People make a mistake when attempting to comment on or understand the value of Bitcoin. The value is actually in the network, for which you need bitcoins to participate. As a result, the price of Bitcoin, driven by supply and demand, is very much like the share price of a technology start-up company. Except there is no company. So owning bitcoins is like having shares in the Bitcoin network. That's where the value is, in the revolutionary nature and utility of the payment and record-keeping system - the distributed global ledger - and the fact that no company, no bank, and certainly no government, is involved. It's a world-first and it's deeply disruptive of existing payment technologies."

^ This

It seems that people just can't wrap their heads around bitcoin. The only thing they see is the price/dollar exchange rate. It's the network that's got the intrinsic value.

I'd lie if I'd say that I'm not interested in the rise of the price, but I know that it's not the exchange rate what gives bitcoins its value: it's the network. If I'd see decreasing users, transactions, merchants, I'd sell my BTC. But I see exponential adoption in users, transactions & merchants, so I know the network grows in value.
(This post was last modified: 12-14-2013 07:43 AM by Maciano.)
12-14-2013 07:28 AM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 3 users Like Maciano's post:
pants, JayJuanGee, CaptainChardonnay
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,221
Joined: Aug 2013
Reputation: 80
Post: #673
RE: Bitcoins up 60% in less than a month
I went to carry out my daily Bitcoin purchase on Coinbase, and I got the below message: I find this very frustrating.

Coinbase message at 9am on 12/14/13
Quote:“How much bitcoin will I receive?
Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.
Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Friday Dec 20, 2013 at 09:00AM PST.
Note that you can cancel your order at any time up until your bitcoin arrive from the transfer history page.
The market price of bitcoin changes frequently. Below are some recent prices to give you an idea. These do not guarantee what the price will be in a few days.”

From the above message, I have concluded that I need to find another reliable method to get into BTC with my daily basis plan because this is really inconvenient to have to wait for a week and then to be able to cancel up untilthe transaction time. This option to cancel could protect a guy, if the price drops, but it does NOT protect a guy to lock into the current price, and the purchase is really just being put off for 6 calendar days (5 business days?).

Any recommendations for other ways to get into BTC? The only other way that I have tried so far is LocalBitcoins, and that is inconvenient and with about 7-16% higher price. Current price on Coinbase is $860 and Localbitcoins varies between $920 and $997 to do in person or cash deposit at a bank.

I am thinking about just waiting until midnight, and to see if I get the same message on Coinbase, and in the meantime to consider some other possible options to protect for this kind of inability to buy at current market rates eventuality…. If it truly is merely a daily limit that has been reached on Coinbase, and the daily limit clears up at midnight, then maybe this will NOT be a major inconvenience, but it will cause me to buy more when I am able to buy in order to hedge against being unable to lock in the price in the future, as I previously had been able to do.
12-14-2013 01:00 PM
Find all posts by this user Like Post Quote this message in a reply
el mechanico Offline
Owl
******
Gold Member

Posts: 11,055
Joined: Mar 2011
Reputation: 153
Post: #674
RE: Bitcoins up 60% in less than a month
If there's a wait to buy them on coinbase wouldnt that mean the price is going up?
12-14-2013 02:23 PM
Find all posts by this user Like Post Quote this message in a reply
Satoshi Offline
Banned

Posts: 885
Joined: Nov 2013
Post: #675
RE: Bitcoins up 60% in less than a month
I found out about bitcoins in November last year and thought it was a smart idea. Used it a couple of times on silk road and started following the price. As the price was increasing daily I decided to put 1000$ into it in the end of January, the price was then ~20$ and I got about 52BTC. I followed the bubble closely. But I was stupied and the day I woke up and the price was down like half the price I sold 15. But soon realized by mistake and bought back in. Lost 7BTC on that. But decided to put some more fiat in to cower it up. I did see this last bubble going of and posted about it here, http://www.blockedurl.com/forum/showthre...&pid=18248 on the 4th of November when they were 224$. Okay the bubble started earlier but I know it was going to explode when it passed the last ATH. I was a believer when I first entered and I am even more today. With all this new media attention the number of people who knows about it is huge.

So much is going on now.

The goverments are putting their stand point out, with the US and Germany and maybe soon Swiz giving positive statements. The last China news was not that bad as some try to make it. However Bitcoins is already illegal in Thailand. But really its hard for them to stop it. Unless all country's in the world goes together against it it will live. That the goverments are making statements about it, even bad, is still good for the community. What that US bank is doing is funny. Don't think their currency will fail. Decentralization is the biggest advantage of bitcoins. Buying for a smaller amount everyday as you do JJG is smart since you are spreading the risk. Right now they are shipping bitcoins ATMs around the world. Check https://robocoinkiosk.com/. Bitcoins are here to stay. They can't stop it.
Of the 52BTC I bought I've got at the moment 27.5 in my wallet. 8.5 invested in KnC miner group buy. 7 invested in mining contracts. 2 invested in mastercoins. 1.2 invested in alt-coins. The 5.8 that is left I've cashed out. Might have to sell another 0.5 to make the budget for this month. Not because I'm tight with money but with this much in BTC saving I see no problem spending whatever makes me happy. fortyfor, I'm not going to argue with you, but in my head you are lost in this discussion and don't know what you are talking about.

I believe nothing else that the price will continue to rise. Most people who are in it believe in it and to sell right now would be stupid.
(This post was last modified: 12-14-2013 03:46 PM by Satoshi.)
12-14-2013 03:43 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 4 users Like Satoshi's post:
Maciano, JayJuanGee, Generation21stCentury, CaptainChardonnay
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  IRS: Bitcoin is not currency assman 23 7,861 07-06-2019 08:37 PM
Last Post: Deepdiver
  Bitcoin & Cryptocurrency Profit & Loss Trackers & Capital Gains Calculators jamaicabound 2 4,865 06-01-2019 09:03 AM
Last Post: Dr. Howard
  DACing for Cryptodummies: Hassle-Free and Easy Bitcoin Investing SamuelBRoberts 108 33,773 12-26-2018 08:27 PM
Last Post: redbeard

Forum Jump:


User(s) browsing this thread: 1 Guest(s)

Contact Us | RooshV.com | Return to Top | Return to Content | Mobile Version | RSS Syndication