Post: #526

(12-05-2013 01:02 PM)JayJuanGee Wrote:  

(12-05-2013 07:41 AM)Pyre Wrote:  

(12-05-2013 04:22 AM)JayJuanGee Wrote:  I DO NOT see any problems in the long term values of bitcoin system with China making statements about more regulations and protections.. etc etc. etc.... they have to say those kinds of things...b/c otherwise the USA and its banking systems are going to crack down hard on this whole Bitcoin system.

"I fought the law and the law won"

Governments are doing everything they can to end bitcoin.

At this point in the game, it's a losing proposition for the individual. The individual is no match for all the world governments no matter how much they want.

Maybe sometime in the future, but today's bitcoin system is not going to upend the world's currency situation.

Pyre:

Since Bitcoin is very much a moving target - that continues to be up and down more than 20% on nearly a daily basis, my thought on the topic are still moving around about Bitcoin b/c of these volatility influences and my learning about the Bitcoin system as I am investing into it.

Whether I am late to the game or early or middle, remains unclear, at this time.

At this time, I agree with you that there are a lot of government entities and finanicial institutions that are working to undermine Bitcoin. There is also some behind the scenes entities working to buttress the system - and yes, quite a few of those behind the scenes entities are recently rich rather than more established or longer rich institutions, such as governments. In this regard, we need to watch what China and it people are doing regarding this investment, rather than what they are saying.

In part for the reasons above, I am disinclined to agree with your current prognosis for Bitcoin.

At this point, are you IN Bitcoin at all? Are you playing Bitcoin at all for the short term? You are generally predicting NOT likely for the long-term - though possible. Accordingly, are you IN at all for the long term, and if so, how much and how?


Regarding the ATM discussion, it seems that someone who is already set up for trading, would be in a good position to set up a Bitcoin ATM - buying and selling at set rates that are profitable. He would set up a buying and sales algorithm that would protect his assets, and since one ATM could only process so many transactions - 30-50 per hour at the most. Just like banks tend to NOT have deposit limits, they have daily withdrawal limits.

Accordingly, if the guy already has 50 bit coins, then he would automatically set his sales rates, daily limits so that the price reflect that he would never fall below a certain balance of coins. In that regard, the rates and limits would be different, if his coin quantity were to go down to 20 coins or even 5 coins. No matter what, he sets the buy and the sell rates to maintain profits and to ensure protection of principle. Through the algorithm, the ATM could also be set up to automatically refill from purchases from outside instant pay entities, such as coinbase - which also would affect the buy/sell rate and daily limit at the ATM, but be set up to ensure profits.

Locating the Bitcoin ATM in an area of already existing ATMs is a good way to piggy back off of the security infrastructure already in place.

yes i got in at $300 and $950

Post: #527

wtf is this



source: http://techcrunch.com/2013/12/06/bitcoin...-exchange/

Post: #528

(12-06-2013 04:41 PM)LÉtranger Wrote:  wtf is this



source: http://techcrunch.com/2013/12/06/bitcoin...-exchange/

Mt. Gox is stuck in a trading loop. Their software is fucked up.

If you want to see the market for bitcoin, look at Bitstamp since it is the best exchange for BTC.

Post: #529

I sold my coins today. Waiting to see what China does but they're not buying so they may wake up and sell?? Anyway, I'll buy back in late tonight maybe

Post: #530

Oh yeah I'm not telling you guys to sell though I really have no clue what I'm doing.

Post: #531

(12-06-2013 04:41 PM)LÉtranger Wrote:  wtf is this

I won't touch bitcoin as I think in essence it's an elaborate ponzi with no determinable fair value. But watching the chart now and then is fascinating. It's exactly like a stock chart with typical patterns and formations, and supply/demand or support/resistance lines. People are probably trading in on this with algo programs. The late night of the China announcement bitcoin was already forming a bearish pattern for the hour or couple hours prior which was a funny coincidence.

Post: #532

Fun day in the trollbox. Baidu is no longer accepting BTC as a payment option, which is consistent with the China statement yesterday. This shouldn't much affect BTC's status in China, as they're buying it as a store of wealth, not as a currency, since their investment options are so limited.

Post: #533

(12-06-2013 06:13 PM)portofmanteau Wrote:  Fun day in the trollbox. Baidu is no longer accepting BTC as a payment option, which is consistent with the China statement yesterday. This shouldn't much affect BTC's status in China, as they're buying it as a store of wealth, not as a currency, since their investment options are so limited.

I don't understand how the Chinese think I'm using Greek village logic right now to understand how the Chinese think

Post: #534

China is buying/converting fast now.

Post: #535

(12-06-2013 06:35 PM)el mechanico Wrote:  China is buying/converting fast now.

how can you tell

Post: #536

(12-06-2013 06:37 PM)Pyre Wrote:  

(12-06-2013 06:35 PM)el mechanico Wrote:  China is buying/converting fast now.

how can you tell

Fiatleak.com

Post: #537

lol

will someone plz explain the chinese too me?

their govt bans bitcoin, says its speculative and essentially worthleses. Baidu bans it, and then they all start fucking buying them like lemmings.

who said people were rational economic entities?

Post: #538

is there an order book for bitcoin that you can use to read the tape?

Post: #539

(12-06-2013 06:41 PM)el mechanico Wrote:  

(12-06-2013 06:37 PM)Pyre Wrote:  

(12-06-2013 06:35 PM)el mechanico Wrote:  China is buying/converting fast now.

how can you tell

Fiatleak.com

this only represents half the equation - anyway to see who's selling?

Post: #540

(12-06-2013 06:45 PM)Pyre Wrote:  is there an order book for bitcoin that you can use to read the tape?

Bots are on I think.

Post: #541

damn coinbase crashed!

Post: #542

(12-06-2013 06:44 PM)Pyre Wrote:  lol

will someone plz explain the chinese too me?

their govt bans bitcoin, says its speculative and essentially worthless. Baidu bans it, and then they all start fucking buying them like lemming.

The ban is only on financial institutions. Private persons and businesses may still use Bitcoin. Some people will go as far as say this ban is a good thing, cause they want nothing to do with the financial institutions in the first place.

But if you view the ban on financial institution as something negative, it only sent the price 20% down. And that is from the largest Bitcoin economy in the world. Surprisingly steady.

Pyre, just forget you own these bitcoin. Worst case scenario you are out 1600USD, not exactly life changing, on the other hand you might have thousands.

Post: #543

(12-06-2013 07:40 PM)pants Wrote:  

(12-06-2013 06:44 PM)Pyre Wrote:  lol

will someone plz explain the chinese too me?

their govt bans bitcoin, says its speculative and essentially worthless. Baidu bans it, and then they all start fucking buying them like lemming.

The ban is only on financial institutions. Private persons and businesses may still use Bitcoin. Some people will go as far as say this ban is a good thing, cause they want nothing to do with the financial institutions in the first place.

But if you view the ban on financial institution as something negative, it only sent the price 20% down. And that is from the largest Bitcoin economy in the world. Surprisingly steady.

Pyre, just forget you own these bitcoin. Worst case scenario you are out 1600USD, not exactly life changing, on the other hand you might have thousands.

no i sold. gotta have a trading system with sell signals and buy signals. can always buy back again.

too much panic going on not to sell: coinbase crashes, China denounces it, etc.

Plus, I always hear you know you're at the top of a bubble when it's on every fucking news channel. case in point: yesterday someone bought a tesla and lambo with btc. and 2 months ago no one even heard of btc.

Post: #544

Today is the day the music died.

Oh, and the trollbox over at BTC-e is hilarious. Panic central.

Post: #545

my biggest disappointment right now is i have 1 btc in a wallet that i cant sell right now cause its stored on a computer away from me

Post: #546

haha shits crashing hard.
http://preev.com/

down to 670

if you are a instant trader right now..you can be making bank.

it hit 650.. withing and hour it went up to 8...then fell back down to 750

Post: #547

(12-06-2013 06:41 PM)el mechanico Wrote:  Fiatleak.com

Wow that is entertaining Pretty cool.

Post: #548

(12-06-2013 08:56 PM)The Texas Prophet Wrote:  Today is the day the music died.

Oh, and the trollbox over at BTC-e is hilarious. Panic central.

Quote:seren1ty: Guys I have been studying trollbox while banned for the last week and i have learned that you should always buy, hold, sell, panic, FTC sucks and is our savior, NMC always going to $10 and moon.

Quote:professo12: U guys can end this fire sale by just stop selling and no one can buy the orders then it will go up
bitcoinbjb: Just stop selling you n00bs
exium: here we goooooo
Dysphorya: oh boy , BTC going down again , buckle up
GustavGans_78: LTC to da mooooooon
gibzeez: it's gonna bleed until Monday
nomuppets: classic case of calm before the storm.

LOL.

Post: #549

The WNBA just announced they are accepting BTC for ticket purchases - that's what is driving the latest crash - look for BTC to be @10 by Monday.

http://www.nytimes.com/wnba-accepts-bitc...ks-omg-wtf

Post: #550

*Yawn*