I'm Touring The United States! Starting in June, I'm conducting private events in 23 American cities. Click here for full details.

Post Reply 
The Bitcoin (BTC) thread
Author Message
Tex Pro Offline
Ostrich
****
Gold Member

Posts: 2,131
Joined: Jun 2012
Reputation: 17
Post: #376
RE: Bitcoins up 60% in less than a month
(11-21-2013 11:18 AM)yolo Wrote:  How I guard against downside risk by putting in low ball orders, and if the market swings down, I scoop it up low right before it goes back up again. Need to see the order book to catch/predict the low points.

This is decent strategy, but it still doesn't solve the problem since a lot of people already do this with their bots (in fact, the bots have even more complicated trading strategies).

With a bitcoin derivatives market (that clears), you could temper the entire market by having a way to easily hedge against risk.

For bitcoin to get wide acceptance, it needs to have much less volatility. If you look at the FOREX market, the volatility there is much less then on the bitcoin exchanges, and the reason for that is the fact that there are several ways to hedge risk using FX derivatives:

http://en.wikipedia.org/wiki/Foreign_exc...derivative
11-21-2013 11:33 AM
Find all posts by this user Like Post Quote this message in a reply
Pyre Offline
Banned

Posts: 492
Joined: Aug 2013
Post: #377
RE: Bitcoins up 60% in less than a month
(11-21-2013 11:22 AM)yolo Wrote:  Now that the volatility subdued from the senate hearing, I see it hitting 900-1000 (Bitstamp price) in a week or two. I am currently long 60% (in Bitcoins), and short 40% (in dollars). The dollars are there to scoop them up low if the price drops.

Yes, I'm riding the momentum, gonna sell at 900-1000 and pick em back up when they go back to 600-700
11-21-2013 12:00 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: #378
RE: Bitcoins up 60% in less than a month
This is interesting:

‘Assassination market’: Bernanke tops ‘kill-list’ in crowd-sourced bitcoin fundraiser for wannabe hitmen

http://rt.com/news/bitcoin-assassination...chist-983/

My guess is it is a scam to steal bitcoins or a honeytrap operation run by the NSA to discredit bitcoin.
(This post was last modified: 11-21-2013 01:42 PM by Tex Pro.)
11-21-2013 01:11 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
Acute Angle Offline
Woodpecker
**

Posts: 484
Joined: Sep 2012
Reputation: 3
Post: #379
RE: Bitcoins up 60% in less than a month
(11-19-2013 05:17 PM)void Wrote:  
(11-19-2013 01:53 PM)Acute Angle Wrote:  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.

No, you can't mine XRP (the native currency of Ripple) exactly, but there is a giveaway going on based upon donating your spare CPU capacity to the World Community Grid, which does research for worthy scientific causes. Search on Ripple WCG giveaway.

Ripple is not intended to be a speculative vehicle, unlike Bitcoin. It's more a protocol for very very cheap, instantaneous international money transfers.

But, as the founding company is intending to hold on to 25% of the issue, it's in their interests to let XRP rise gently. So, a long-term investment. But you may as well get some for nearly free while you can, right?
11-21-2013 03:38 PM
Find all posts by this user Like Post Quote this message in a reply
Satoshi Offline
Banned

Posts: 885
Joined: Nov 2013
Post: #380
RE: Bitcoins up 60% in less than a month
You guys who made some profit already from Bitcoins did you put it into new investments? I bought some Mastercoins and mining contracts. The first one since it seems like a valuble idea, the second because I will problabe profit from it, the contracts is one year and according to the mining profit calculator I will get my money back in 71 days.
11-21-2013 03:41 PM
Find all posts by this user Like Post Quote this message in a reply
Acute Angle Offline
Woodpecker
**

Posts: 484
Joined: Sep 2012
Reputation: 3
Post: #381
RE: Bitcoins up 60% in less than a month
(11-19-2013 09:21 PM)JackDavey Wrote:  Opened a Ripple account today; it looks like a good service. Got a couple thousand XRP from a giveaway; can't figure out how to convert these into anything at all.

I've been trying all week to find a way to aquire bitcoin. Everywhere I turn, it seems, some kind of validation is required, and I haven't had any luck with that yet. OKPay tells me that they can't even validate anyone in the U.S. I'd like to get some, but just can't seem to figure out how.

You can convert XRP into BTC via a 'bitcoin bridge'. There's one in Israel of all places. You can find it by digging around in the Ripple forums. It's not straightforward as validation will be required, and the exchange rate is not good at the moment, but it's one way to acquire BTC.
11-21-2013 03:44 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes Acute Angle's post:
JackDavey
pants Offline
Banned

Posts: 681
Joined: Nov 2012
Post: #382
RE: Bitcoins up 60% in less than a month
(11-21-2013 03:41 PM)friheten Wrote:  You guys who made some profit already from Bitcoins did you put it into new investments? I bought some Mastercoins and mining contracts. The first one since it seems like a valuble idea, the second because I will problabe profit from it, the contracts is one year and according to the mining profit calculator I will get my money back in 71 days.

Friheten, can you elaborate on these Mastercoins, or point me in a good direction?

I found some stuff, but its a bit to code-techy for a mechanical engineer.
11-21-2013 03:50 PM
Find all posts by this user Like Post Quote this message in a reply
Jeans Offline
Sparrow

Posts: 96
Joined: Apr 2012
Reputation: 1
Post: #383
RE: Bitcoins up 60% in less than a month
(11-21-2013 03:50 PM)pants Wrote:  
(11-21-2013 03:41 PM)friheten Wrote:  You guys who made some profit already from Bitcoins did you put it into new investments? I bought some Mastercoins and mining contracts. The first one since it seems like a valuble idea, the second because I will problabe profit from it, the contracts is one year and according to the mining profit calculator I will get my money back in 71 days.

Friheten, can you elaborate on these Mastercoins, or point me in a good direction?

I found some stuff, but its a bit to code-techy for a mechanical engineer.

Can you also elaborate on the mining contracts? On the face of it they look like a safe, if not wildly profitable investment.

Where are you buying these contracts from, and what is a good deal on one more or less. How many bitcoins can you expect to be mined into your wallet and over how long a period of time?
11-21-2013 07:51 PM
Find all posts by this user Like Post Quote this message in a reply
JackDavey Offline
Robin
*

Posts: 156
Joined: Aug 2013
Reputation: 5
Post: #384
RE: Bitcoins up 60% in less than a month
Quote:You can convert XRP into BTC via a 'bitcoin bridge'.

Today I discovered Kraken, an exchange with differing levels of verification. Very easy to set up. The same services are unavailable to me as an American as with the other exchanges, except that I can transfer XRP from Ripple to my Kraken account. Already bought a small amount of Bitcoin this way.

Ripple, I'm hoping, can successfully be funded through SnapSwap (which is what they recommend for USD). SnapSwap site is terrible, but I deposited a small amount of cash to their account yesterday, and am waiting to see if it gets credited to me. I think there is an XRP giveaway associated with this process, but the site is unclear on this.
11-21-2013 08:37 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes JackDavey's post:
Acute Angle
yolo Offline
Sparrow

Posts: 62
Joined: Sep 2013
Reputation: 1
Post: #385
RE: Bitcoins up 60% in less than a month
I think Bitcoin's volatility comes mostly from it still being a new, small, and illiquid market, with a shallow market order depth. Compared to the foreign exchange market, which handles $5.3 trillion dollars in transactions daily, Bitcoin has yet to reach $100 million daily trading volume. If someone were to come in and drop $10 million into Bitcoin, or sell $10 million of Bitcoin, that's gonna move the market like crazy. On the other hand, take $10 million to a Forex market, and that's just a drop. I think that's a major cause of the volatility today.

http://en.wikipedia.org/wiki/Foreign_exchange_market
https://blockchain.info/charts/trade-volume
11-21-2013 08:37 PM
Find all posts by this user Like Post Quote this message in a reply
yolo Offline
Sparrow

Posts: 62
Joined: Sep 2013
Reputation: 1
Post: #386
RE: Bitcoins up 60% in less than a month
Personally, I held on to 60-70% of my coins and sold about 30-40% of them just in case it's in a "bubble" and bursts back to a $200-300 level. If it bursts, I'm prepared to scoop them up low as weak hands sell. If it doesn't burst and continues to go up, then I'm still a happy camper. In the meantime, I employ various strategies with the 30-40% of USD to make a little extra side income trading on volatility swings on Bitstamp. So far so good, but maybe I've been just getting lucky this past month.

I do have some pre-orders in ASIC hardware from 3 mining companies. I like to spread my eggs in different baskets. So far, one of them (give you a hint, they're Swedish) has pulled through. The other two... not so much, still waiting. I would not sign in on any mining/group buy contracts - there is already too much risk in the mining game. I wouldn't trust anyone else except myself to do it right. That's just my style though - I'm sure there's legit gigs out there.
11-21-2013 08:51 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes yolo's post:
JayJuanGee
reaper23 Offline
Banned

Posts: 1,108
Joined: Feb 2012
Post: #387
RE: Bitcoins up 60% in less than a month
i bought 1 at $80.

am I a genius now?
11-21-2013 09:03 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes reaper23's post:
LeBeau
Steve9 Offline
Woodpecker
**

Posts: 282
Joined: Feb 2012
Reputation: 10
Post: #388
RE: Bitcoins up 60% in less than a month
11-21-2013 09:52 PM
Find all posts by this user Like Post Quote this message in a reply
Satoshi Offline
Banned

Posts: 885
Joined: Nov 2013
Post: #389
RE: Bitcoins up 60% in less than a month
(11-21-2013 03:50 PM)pants Wrote:  Friheten, can you elaborate on these Mastercoins, or point me in a good direction?

I found some stuff, but its a bit to code-techy for a mechanical engineer.

They are built on top of the bitcoin protocol opening up opportunity for a lot. Like the next layer. Really I'm not into all the detajles and it's can fail. However it could be a great success to. If you are interested in investing in it I advise you to do your own research.
(11-21-2013 07:51 PM)Jeans Wrote:  Can you also elaborate on the mining contracts? On the face of it they look like a safe, if not wildly profitable investment.

Where are you buying these contracts from, and what is a good deal on one more or less. How many bitcoins can you expect to be mined into your wallet and over how long a period of time?

I bought 33GH for one year for 1000$. According to the profit calculator I have used it will have my money back in two months. Will post the site when I got my first payout which will be today or next friday. I don't wanna post it if it's a scam, however from what I've read it's legit.
(This post was last modified: 11-22-2013 01:19 AM by Satoshi.)
11-22-2013 01:17 AM
Find all posts by this user Like Post Quote this message in a reply
Maciano Offline
Kingfisher
***

Posts: 674
Joined: Feb 2012
Reputation: 10
Post: #390
RE: Bitcoins up 60% in less than a month
(11-21-2013 09:52 PM)Steve9 Wrote:  The Great Rotation :

http://www.zerohedge.com/news/2013-11-18...on-bitcoin

Zero Hedge is now recommending Bitcoin? That's pretty good. Huge following. Their arrogance did annoy me for a while. Honest dissent is great, but no-think snobbery betrays close-mindedness.

In general I'm losing patience w/ anarcho-capitalists, hard money activists & Austrian economists who have been hammering everyone for years about hyperinflation & the decline of the US dollar, but now shrug at Bitcoin for being 'fiat', no intrinsic value, or bubble/Ponzi/whatever. They keep telling us Wall Street likes Fed funny-money to keep their profits and socialize the losses, then they claim bankers to be predators for supporting it. I charge them with the same thing: finance experts who have an uncontrollable hard-on for gold/silver are biased. They're not recommending it for ideological purposes, but because they've massively invested in these assets themselves. Pure self-interest. That's why they bash any alternative to precious money. They've been waiting for the bull-market in gold for years, but it hasn't come -- instead precious metals are going down, hard.

Re bitcoin they're as useless as Paul Krugman is for your personal finances.
(This post was last modified: 11-22-2013 05:26 AM by Maciano.)
11-22-2013 05:23 AM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 3 users Like Maciano's post:
Menace, svenski7, Emancipator
chyamor Offline
Pelican
****

Posts: 1,151
Joined: Nov 2011
Reputation: 6
Post: #391
RE: Bitcoins up 60% in less than a month
back to near $800
11-22-2013 10:10 AM
Find all posts by this user Like Post Quote this message in a reply
Jaylow Offline
Kingfisher
***

Posts: 748
Joined: Feb 2013
Reputation: 7
Post: #392
RE: Bitcoins up 60% in less than a month

The fuck do guys think "edge" means? A hair grooming product? -MikeCF
11-22-2013 12:24 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes Jaylow's post:
JackDavey
Tex Pro Offline
Ostrich
****
Gold Member

Posts: 2,131
Joined: Jun 2012
Reputation: 17
Post: #393
RE: Bitcoins up 60% in less than a month
(11-22-2013 12:24 PM)Jaylow Wrote:  This news is massive for bitcoins.

El Mech in space.
11-22-2013 01:05 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 2 users Like Tex Pro's post:
el mechanico, Emancipator
Satoshi Offline
Banned

Posts: 885
Joined: Nov 2013
Post: #394
RE: Bitcoins up 60% in less than a month
(11-22-2013 12:24 PM)Jaylow Wrote:  This news is massive for bitcoins.

Hold your coins!
The media attention is more important than you can buy a spacetrip.
However it's not a new currency its been around for three or four years now.
11-22-2013 01:08 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: #395
RE: Bitcoins up 60% in less than a month
(11-22-2013 01:05 PM)The Texas Prophet Wrote:  
(11-22-2013 12:24 PM)Jaylow Wrote:  This news is massive for bitcoins.

El Mech in space.
BTC to da moon!
11-22-2013 01:49 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes el mechanico's post:
Tex Pro
svenski7 Offline
Woodpecker
**

Posts: 425
Joined: Aug 2013
Reputation: 10
Post: #396
RE: Bitcoins up 60% in less than a month
You should only invest in BTC if you plan on using them. Anyone buying them as an investment hoping to make money on the exchange rate is going to lose. Most people will only be able to start by placing 10% of their disposable income into such an investment.
11-22-2013 01:53 PM
Find all posts by this user Like Post Quote this message in a reply
chyamor Offline
Pelican
****

Posts: 1,151
Joined: Nov 2011
Reputation: 6
Post: #397
RE: Bitcoins up 60% in less than a month
wouldnt the number of bitcoin in circulation need to increase, thus brining the price down in order for this to actually work in main stream . You hear how subway is now accepting bitcoins which makes no sense since 1 bitcoin is $700+
11-22-2013 03:35 PM
Find all posts by this user Like Post Quote this message in a reply
Satoshi Offline
Banned

Posts: 885
Joined: Nov 2013
Post: #398
RE: Bitcoins up 60% in less than a month
(11-22-2013 01:53 PM)svenski7 Wrote:  You should only invest in BTC if you plan on using them. Anyone buying them as an investment hoping to make money on the exchange rate is going to lose. Most people will only be able to start by placing 10% of their disposable income into such an investment.

Anyone who has bought at anytime, except maybe some
days last week have made a profit already. Do you think the price will drop say bellow the last all time high witch was broken 18 days ago at 266$? It's to many buyers. Some coins who been stored for a long time goes out in circulation now as the price goes up, spreading the wealth.


(11-22-2013 03:35 PM)chyamor Wrote:  wouldnt the number of bitcoin in circulation need to increase, thus brining the price down in order for this to actually work in main stream . You hear how subway is now accepting bitcoins which makes no sense since 1 bitcoin is $700+
They will increase. As of now about 12.000.000 or something is minted. The total will be 21.000.000 but that wont happen for a hundred year or something. The price of them don't need to go down. They work in the opposite way from for exempel the dollar, were the value of one $ goes down. Bitcoin is bade to increase in value. If you wanna buy a sandwich on subway the price will be 0.013 if the price of it is 10$. At one point it will be easier to calculate in micro bitcoins witch is 0.001 of a bitcoin. In this case your sub will be 13 mBTC. If the price keep rising micro bitcoins at 0.000001 is easier, or at the end in satoshi witch is the smallest part of a bitcoin today, 0.00000001. However if its ever a need for it it will be possible to add more zeros and break them down even more. My wallet is at the moment 0.41078174 BTC or 41078174 satoshi. Witch one do you prefer. This give the currency a better value than for example the dollar, in witch you will lose value by keeping it. A bitcoin is better to save since it will increase in value. Someone might say that it might lead to hording and all coins frozen to get higher value. What happens then is that the price will go up, and someone might consider selling since money is no fun if you don't use them right.

Hope this answers for your questions.
11-22-2013 04:05 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes Satoshi's post:
JayJuanGee
Tex Pro Offline
Ostrich
****
Gold Member

Posts: 2,131
Joined: Jun 2012
Reputation: 17
Post: #399
RE: Bitcoins up 60% in less than a month
There will be other cryptocurrencies needed to provide liquidity for its use as a currency in daily transactions.

I personally am accumulating a position in litecoin since it has the next largest network after bitcoin.

Fundamentally, the market will determine how many cryptocurrencies there can be due to the following:

Value of mining the currency > Cost of energy to mine the currency
(This post was last modified: 11-22-2013 04:21 PM by Tex Pro.)
11-22-2013 04:13 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: #400
RE: Bitcoins up 60% in less than a month
Also, other currencies besides bitcoin will be needed to punish people who just horde bitcoin and don't use it for transactions. In a sense, the other currencies will eat away at the monopoly power of bitcoin.

This is similar to the reason why there are multiple credit card networks instead of just one.
(This post was last modified: 11-22-2013 05:17 PM by Tex Pro.)
11-22-2013 04:33 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
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  IRS: Bitcoin is not currency assman 23 7,569 07-06-2019 08:37 PM
Last Post: Deepdiver
  Bitcoin & Cryptocurrency Profit & Loss Trackers & Capital Gains Calculators jamaicabound 2 4,716 06-01-2019 09:03 AM
Last Post: Dr. Howard
  DACing for Cryptodummies: Hassle-Free and Easy Bitcoin Investing SamuelBRoberts 108 32,901 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