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
el mechanico Offline
Owl
******
Gold Member

Posts: 11,055
Joined: Mar 2011
Reputation: 153
Post: #901
RE: Bitcoins up 60% in less than a month
(12-20-2013 06:07 PM)JayJuanGee Wrote:  
(12-20-2013 05:39 PM)el mechanico Wrote:  Christmas+New year+ Chinese new year+ BTC China fucked to me = Crash time.

I would trade, make a few bucks and hold USD


That give me CLEAR direction. Graci..... hehehehe Smile
How much more clear do you need? Watch the trollbox all these dudes are emotional and crazy.
12-20-2013 06:10 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: #902
RE: Bitcoins up 60% in less than a month
watch GOX for panic selling
12-20-2013 06:25 PM
Find all posts by this user Like Post Quote this message in a reply
zarzuelazen Offline
Banned

Posts: 80
Joined: Apr 2012
Post: #903
RE: Bitcoins up 60% in less than a month
Always keep an eye on the long-term trend as given by the charts of Bitcoin spot prices. This should be your guide as to what the 'fair price' should be at any given time. The long-term trend shows the 'extrapolated fair price' increasing by a factor 10 every year starting from Oct '11.

EXTRAPOLATED FAIR BITCOIN PRICE ($US)

Oct '11 : $1
Oct '12: $10
Oct '13: $100
Oct '14: $1000

The charts show that Bitcoins are still in a bubble (i.e current price is still far above 'fair price'), and will likely 'revert to the mean'...fair price right now (as at 'Dec 20th '13) should be less than $US 300. So expect it to crash. You should not expect the price to crack $US 1000 again until Oct '14.
(This post was last modified: 12-20-2013 11:46 PM by zarzuelazen.)
12-20-2013 11:38 PM
Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #904
RE: Bitcoins up 60% in less than a month
(12-20-2013 11:38 PM)zarzuelazen Wrote:  Always keep an eye on the long-term trend as given by the charts of Bitcoin spot prices. This should be your guide as to what the 'fair price' should be at any given time. The long-term trend shows the 'extrapolated fair price' increasing by a factor 10 every year starting from Oct '11.

EXTRAPOLATED FAIR BITCOIN PRICE ($US)

Oct '11 : $1
Oct '12: $10
Oct '13: $100
Oct '14: $1000

The charts show that Bitcoins are still in a bubble (i.e current price is still far above 'fair price'), and will likely 'revert to the mean'...fair price right now (as at 'Dec 20th '13) should be less than $US 300. So expect it to crash. You should not expect the price to crack $US 1000 again until Oct '14.

Zarzuelazen:

Surely, your theory is completely rationale - yet do you really believe that various assets are going to grow in such a straight linear manner b/c with your logic, Bitcoins will be 10,000 in 2015 and 100,000 in 2016 and 1million in 2017. I don't buy the straight linear growth theory. NO hating.

it is just that there are too many factors that are going to affect speed of growth for any asset or industry and NO guarantees that growth will be steady, if at all... Depending on level of success there are going to be periods of exponential growth and periods of maturity and slow growth and periods of decline... depending on a variety of internal and external factors.

Also, why did you start your measurement in October 2011? And, why NOT start the measurement in January 2009?

Does straight line growth theory apply in any particular industry? Maybe a coincidence? Maybe with smaller multiplier?

We could pick out any linear growth number that we want to come to the conclusion that we want to say the true value of BTC is X.

For example, we could say BTC is a 15x factor asset and therefore:

November 2011 = $1,
November 2112 = $15
November 2013 = $225
November 2014 = $3,375
November 2015 = $50,625

Or we could pick some other number to come to the conclusion that we wanted to reach. In sum, I do NOT really buy the straight linear growth theory, if that is what it is called b/c I would think that growth or decline of any asset or valued item is much more complicated than a straight line steady growth projection.
12-21-2013 04:26 AM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes JayJuanGee's post:
Cyclone
Cyclone Offline
Kingfisher
***
Gold Member

Posts: 690
Joined: Feb 2013
Reputation: 55
Post: #905
RE: Bitcoins up 60% in less than a month
No offense, but is it really even possible for BTC to hit the 10,000+ mark? That just seems a lil too crazy for me. I would miss having whole-number BTC in my wallet.
.

The only time success comes before work is in the dictionary.
DATASHEETS: Singapore (2014) | Vietnam (2015) | Cebu (2015) | Honolulu (2016) | Couchsurfing (2016) | KS, Taiwan (2018)
BTC: 1MoAetVtsmM48mkRx66Z9gYkBZGzqepGb5
12-21-2013 05:50 AM
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: #906
RE: Bitcoins up 60% in less than a month
Wow BTC down again! Lol I'm shocked! And still not buying.
12-21-2013 10:02 AM
Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #907
RE: Bitcoins up 60% in less than a month
(12-21-2013 05:50 AM)Cyclone Wrote:  No offense, but is it really even possible for BTC to hit the 10,000+ mark? That just seems a lil too crazy for me. I would miss having whole-number BTC in my wallet.
.

NO offense taken. I was just pointing out the logical extension of zarzuelazen's line of thinking.

Sure it is possible that BTC could be valued at more than $10,000 per BTC, and it is even possible for that to take place in the next couple of years; however, the odds of that are NOT very high.

For example, even though BTC is NOT a currency, if BTC were to take over various currency functions, then that market trades trillions of dollars per day, and it would be possible for BTC to hit $10,000 if it were to serve in only a small fraction of that currency function. It's possible for $10,000, but NOT very likely in the very near term without a few more battles and a few more bouts of negative news.

For example, the LA Times had an article yesterday discussing how Overstock.com is considering accepting BTC in 2014 - in 4 months or in the later part of 2014.

http://www.latimes.com/business/hiltzik/...z2o7Sr5jV5

Surely, Overstock is a pretty big business, yet it is hardly a mainstream institution. Even the article acknowledges tht Overstock is cutting edge... which accepting BTC could cause them to be a target for harassment.

Another area in which guys sometimes become confused is considering the need to trade or consider trade or value in whole BTCs.

There has already been some discussion in the Bitcoin community about labeling .001 BTC as millibits and .000001 as microbits. Maybe a little bit confusing, but possible ways for values of BTC to go way up, but to have trades communicated in these smaller units of millibits and microbits.

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


(12-21-2013 10:02 AM)el mechanico Wrote:  Wow BTC down again! Lol I'm shocked! And still not buying.

If currently you are all in dollars, then great opportunities to jump back into BTC and take some additional profits. How low are you expecting this BTC to go down? $200?
12-21-2013 10:11 AM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes JayJuanGee's post:
Cyclone
Duke Castile Offline
Crow
*****
Gold Member

Posts: 6,399
Joined: Nov 2010
Reputation: 209
Post: #908
RE: Bitcoins up 60% in less than a month
If a catchy name like Bitchange is used to describe fractions of a bitcoin, people will understand it easier.

We were meant for far more than to suffer in our self created prisons only to die alone. It doesn't have to be that way. It never did.
12-21-2013 02:50 PM
Find all posts by this user Like Post Quote this message in a reply
GameTheory Offline
Banned

Posts: 1,232
Joined: Nov 2012
Post: #909
RE: Bitcoins up 60% in less than a month
(12-20-2013 06:04 PM)el mechanico Wrote:  At some point the Chinese will panic and go "all in" that will be our main REAL crash the will climb back up slow until India gets on board the the real fun begins.. We here at the RVF have experience with IRT antics so we'll be fine.


[Image: attachment.php?aid=8708]

I am an Indian dude fron the deep South. How do I get Blonde White Girls to buy my BitCoins ???
12-21-2013 05:12 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 2 users Like GameTheory's post:
svenski7, Edmund Dantes
zarzuelazen Offline
Banned

Posts: 80
Joined: Apr 2012
Post: #910
RE: Bitcoins up 60% in less than a month
Quote:Zarzuelazen:

Surely, your theory is completely rationale - yet do you really believe that various assets are going to grow in such a straight linear manner b/c with your logic, Bitcoins will be 10,000 in 2015 and 100,000 in 2016 and 1million in 2017. I don't buy the straight linear growth theory. NO hating.

This is actually exponential growth, not linear!
Prices of $10 000 in 2015, $100,000 in 2016 and even $1 000 000 in 2017 are not impossible , that's what would happen if the current rate of growth continued under the most extreme optimistic scenario.

This would only be a rough 'ball-park' average, it's not intended to chart exact price changes, which of course is not possible. But as a very general scenario, its one possibility.



Quote:Also, why did you start your measurement in October 2011? And, why NOT start the measurement in January 2009?

Does straight line growth theory apply in any particular industry? Maybe a coincidence? Maybe with smaller multiplier?

It's based on the 2-year log chart of Bitcoin spot prices from Mt.Gox. Here:
http://siliconangle.com/blog/2013/12/18/...ast-night/




Quote:We could pick out any linear growth number that we want to come to the conclusion that we want to say the true value of BTC is X.

For example, we could say BTC is a 15x factor asset and therefore:

November 2011 = $1,
November 2112 = $15
November 2013 = $225
November 2014 = $3,375
November 2015 = $50,625

Or we could pick some other number to come to the conclusion that we wanted to reach. In sum, I do NOT really buy the straight linear growth theory, if that is what it is called b/c I would think that growth or decline of any asset or valued item is much more complicated than a straight line steady growth projection
.

That's exponential growth. Yes, you are of course correct, you can fit a wide range of possible growth factors, so take any such predictions with a grain of salt. But its still better than pure guesswork!

The point here is that the rate of increase in the price of Bitcoin has actually increased even faster than this, proving that its currently way over-valued, and cannot possibly be sustained.
(This post was last modified: 12-21-2013 05:25 PM by zarzuelazen.)
12-21-2013 05:20 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes zarzuelazen's post:
JayJuanGee
el mechanico Offline
Owl
******
Gold Member

Posts: 11,055
Joined: Mar 2011
Reputation: 153
Post: #911
RE: Bitcoins up 60% in less than a month
Btc china is deadsville
12-21-2013 06:14 PM
Find all posts by this user Like Post Quote this message in a reply
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #912
RE: Bitcoins up 60% in less than a month
(12-21-2013 06:14 PM)el mechanico Wrote:  Btc china is deadsville

Maybe they are in church, praying?
12-21-2013 07:15 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: #913
RE: Bitcoins up 60% in less than a month
(12-21-2013 07:15 PM)JayJuanGee Wrote:  
(12-21-2013 06:14 PM)el mechanico Wrote:  Btc china is deadsville

Maybe they are in church, praying?
Maybe you should listen to me and pull into USD for a few
12-21-2013 08:17 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes el mechanico's post:
Cattle Rustler
pants Offline
Banned

Posts: 681
Joined: Nov 2012
Post: #914
RE: Bitcoins up 60% in less than a month
(12-21-2013 07:15 PM)JayJuanGee Wrote:  
(12-21-2013 06:14 PM)el mechanico Wrote:  Btc china is deadsville

Maybe they are in church, praying?

1.5Billions and God actually listens
12-22-2013 05:41 AM
Find all posts by this user Like Post Quote this message in a reply
svenski7 Offline
Woodpecker
**

Posts: 425
Joined: Aug 2013
Reputation: 10
Post: #915
RE: Bitcoins up 60% in less than a month
pants, what do you think about Norway's decision to tax BTC capital gains like a commodity/stock?
12-24-2013 10:47 AM
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: #916
RE: Bitcoins up 60% in less than a month
(This post was last modified: 12-24-2013 01:57 PM by el mechanico.)
12-24-2013 01:57 PM
Find all posts by this user Like Post Quote this message in a reply
pants Offline
Banned

Posts: 681
Joined: Nov 2012
Post: #917
RE: Bitcoins up 60% in less than a month
(12-24-2013 10:47 AM)svenski7 Wrote:  pants, what do you think about Norway's decision to tax BTC capital gains like a commodity/stock?

I think it´s absolutely bs to tax it as a commodity. After all you can´t do anything with a bitcoin besides to trade it. The capital gain tax is okay, but 25% VAT on a bitcoin? I don´t get it.
12-24-2013 02:21 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes pants's post:
svenski7
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #918
RE: Bitcoins up 60% in less than a month
(12-24-2013 01:57 PM)el mechanico Wrote:  Check this out.. http://www.cryptocoinsnews.com/2013/12/2...ell-going/


El Mech:

The above cited article is very short and simplified, and appears to be a form of Bitcoin (BTC) fear mongering. It tells one side of the BTC story... fear that BTC price is going to fall. Even looking at the graph that was provided in the article: I had to work pretty hard to replicate the graph by looking at charts to show the “decline” that the article was attempting to portray, and in that regard, it seems that the article is taking a selective snapshot to spin its story of BTC "decline."

In essence, at $650-ish BTC is in a very good position... and surely, a readjustment may bring BTC prices into the $400s or possibly into the $300s for a period?

Surely, at this point, NONE of us know whether BTC is going to go UP or DOWN, and that cited article is surely insufficient to formulate any kind of intelligent basis for WHAT guys should do regarding their investment into BTC. YES, if we keep saying the BTC market is going DOWN, sooner or later we are going to be correct about it going DOWN.. b/c this BTC market continues to be volatile.... and in that regard, maybe a natural comfort point at this time is lower than its current market price?

El Mech: Let's take your posting #913 from 3 days ago. If a guy would have cashed out his BTC into dollars at that point, he could have locked in a loss b/c that then $580 BTC price point was about the bottom for the week. Surely, BTC prices lingered around that $580 point for several hours on 12/21, then SHOT BACK UP to mid $600s within an hour or so, and thereafter, has been in the mid $600s for the next three days -- would have been a very bad time to get out of BTC, unless a guy had been fortunate enough to buy at some much lower price point.. but even then if a guy would have gotten out at around $580, he potentially would have locked in 12% losses over a very short period of time.

Again, NONE OF US knows which way BTC is going to go... but if we keep saying it is going to go DOWN, then it seems that we are BOUND TO BE CORRECT sooner or later. We all know that this BTC market is volatile, and likely to remain volatile. And, in that regard, it may go down to $200 or $300 and stay there for several months before adjusting back upward... Or it MAY never return to a lower price, may never see $560 again (at least not longer than a few hours). WE DO NOT KNOW.

Personally, I do NOT think any downward adjustment is going to take us to $200 or even to the lower $300s, NOT based on the current overall news, but there are a lot of unknowns in the coming months.

Additionally, since I am generally bullish on BTC, I expect prices that at some point in the next six months for BTC to go up passed its previous $1,200 high – however, since I have been dollar cost averaging (more or less), I do NOT need BTC to reach $1,200 in the next year in order to get my money back (b/c I am planning on a couple years investment), and BTC's overall bearish period in the last three weeks has allowed me to buy in at lower prices and a much lower average price points than I had originally expected and even to break even or to make a profit at a lower price point – also a lower-level of losses, if the market were to crash to some point near zero.

Nonetheless, the fear rumor theme of the CASHING OUT of early adopters has been ongoing in mainstream media for at least a year, but had been stronger in November and December while the BTC market prices had been going up, and that fear mongering is NOTHING new to recent BTC news. I anticipated that even if BTC were $200, similar stories of its bubble would continue.

There are a lot of BTC doubters who are QUITE RESENTFUL (the Peter Schiff types), about the exorbitant profits of the many "undeserving" early adopters. Part of the resentment is that these peter schiff types have been predicting the downfall of BTC for several months, and they have been wrong… (so far) and ultimately BTC has been doing the opposite of their predictions, generally trending upward, with some recent downward adjustment... but they remain quite miffed by BTC while it remains anywhere above $20-ish.

YES, there are quite a few anarchist who got lucky with bitcoin and had been recently converted into being very "well to do" - on paper. And surely some of them have cashed out in part...

Actually, since the cited article has NO IDEA about what specific BTC holders are doing, and is speculating that early adopters MAY BE cashing out ALL of their BTC holdings, which I would speculate is likely NOT the case.

There may be many early adopters who got in BTC with mining or trading at 1,000 to 100,000 BTC when BTC was less than a $1, and if they KNOW about BTC, they are NOT going to cash in all of their holdings at this $640 point. For example, an earlier adopter guy working at McDonalds holding 1,000 BTC, may chose to cash out 100 BTC $640... ($64,000) and still be sitting pretty with 900BTC (and probably he is NOT going to cash ALL of them out, but he may look for something other than McDonalds for work). More likely the early adopter McD guys who wanted to cash out the 100BTC would NOT have waited until this week to cash out (especially, if his intent were to pump and dump – late November would have been better for some of that). BUT, there are all types of early adopters, and the cited article is pure speculation about what is going on regarding owners of BTC and their apparent conduct and their motives.

I get the sense that a lot of early adopters, even if they have become recently rich are working towards means to make his BTC wealth long term and working towards a long-term BTC success.

REGARDING the statement in the article about the “fear” of what the US legislators are going to do in January, there is NO basis for early BTC adopters to have such fears about any pending legislation because US legislators have NOT been taking any strong stances or making any strong statements against BTC. At this point, there is NO real clear indication that any of the US legislators are planning on taking any clear regulatory stance against BTC, NOT in the short-term and NOT in any kind of outward manner.



(12-24-2013 02:21 PM)pants Wrote:  
(12-24-2013 10:47 AM)svenski7 Wrote:  pants, what do you think about Norway's decision to tax BTC capital gains like a commodity/stock?

I think it´s absolutely bs to tax it as a commodity. After all you can´t do anything with a bitcoin besides to trade it. The capital gain tax is okay, but 25% VAT on a bitcoin? I don´t get it.

Each country seems to be coming at bitcoin (BTC) from its own variant definition of what is BTC. And, maybe the variation of how they define BTC will DEPEND UPON what they are trying to accomplish with such definition(s). It seems that overall various legislators DO NOT want to define BTC as a currency, even though sometimes BTC is referred to having currency attributes. Nonetheless, if legislators were to define BTC as a currency, then they may be forced to KNOCK it down and to NOT recognized BTC as being legit.

It seems that BTC has a better chance of long-term survival if it is described and defined as a commodity rather than a currency b/c then it is allowed to stay in use and to be speculated upon and to be used to transfer value... In this regards, if the various laws merely restrict BTC rather than outright forbidding it, then the BTC community will continue to find niches for BTC….. and in the end, whatever allows BTC to stay afloat will allow for the potential that BTC is going to have future upward movement in value.

I think that for example in the USA if legislators were to outwardly define BTC as a currency, then that may be reason and cause to attempt to regulate BTC out of existence (b/c then it would be recognized as direct competition with the dollar). Accordingly, defining BTC as a commodity seems safer for the long-term survival of BTC, even though that definition may screw with a guy's tax expectations.

Personally, I believe that maybe we can attempt to use BTC to dodge taxes for a while, but in one way or another regulations are going to evolve in which various govts are going to work on taking various cuts into trade and/or profits (and may even attempt to use various tax laws to weaken the power of BTC – to tax BTC higher than other kinds of trades – which will thereby cause the selective ability to go after various recently well-to-do BTC evangelists). In other words, in my estimation, Govts are going to find ways to tax BTC one way or another, and if they cannot, then they will work against it.
12-25-2013 12:52 AM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 2 users Like JayJuanGee's post:
Satoshi, Nemencine
Duke Castile Offline
Crow
*****
Gold Member

Posts: 6,399
Joined: Nov 2010
Reputation: 209
Post: #919
RE: Bitcoins up 60% in less than a month
Just sold one btc for 716.

We were meant for far more than to suffer in our self created prisons only to die alone. It doesn't have to be that way. It never did.
12-26-2013 06:09 AM
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: #920
RE: Bitcoins up 60% in less than a month
What the fuck is going on in China???

BTC is over $700 on BTC China.

http://bitcoinwisdom.com/markets/btcchina/btccny
12-26-2013 10:49 AM
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: #921
RE: Bitcoins up 60% in less than a month
(12-26-2013 10:49 AM)The Texas Prophet Wrote:  What the fuck is going on in China???

BTC is over $700 on BTC China.

http://bitcoinwisdom.com/markets/btcchina/btccny
I bought back in when I noticed the volume was rising yesterday in China.
12-26-2013 10:52 AM
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
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #922
RE: Bitcoins up 60% in less than a month
(12-26-2013 10:49 AM)The Texas Prophet Wrote:  What the fuck is going on in China???

BTC is over $700 on BTC China.

http://bitcoinwisdom.com/markets/btcchina/btccny

Below is a current snapshot of BTC prices on each of the exchanges. I cannot recall, but has BTC China always been that much cheaper than the rest - MTGox and BTC China ($792 vs $710)? I know that MtGox has always been significantly higher than the rest, but there is a $82 spread between MTGox and BTC China ($792 vs $710), which currently is nearly a 12% spread.

I suspect that the Chinese are going to find other ways (besides banks) to get their money into BTC. Additionally, announcements that the bans on banks doing BTC business is "temporary," whatever that means? I'm open to hearing further explanation, as well.


Attached File(s) Image(s)
   
(This post was last modified: 12-26-2013 12:50 PM by JayJuanGee.)
12-26-2013 12:47 PM
Find all posts by this user Like Post Quote this message in a reply
Satoshi Offline
Banned

Posts: 885
Joined: Nov 2013
Post: #923
RE: Bitcoins up 60% in less than a month
(12-26-2013 12:47 PM)JayJuanGee Wrote:  
(12-26-2013 10:49 AM)The Texas Prophet Wrote:  What the fuck is going on in China???

BTC is over $700 on BTC China.

http://bitcoinwisdom.com/markets/btcchina/btccny

Below is a current snapshot of BTC prices on each of the exchanges. I cannot recall, but has BTC China always been that much cheaper than the rest - MTGox and BTC China ($792 vs $710)? I know that MtGox has always been significantly higher than the rest, but there is a $82 spread between MTGox and BTC China ($792 vs $710), which currently is nearly a 12% spread.

I suspect that the Chinese are going to find other ways (besides banks) to get their money into BTC. Additionally, announcements that the bans on banks doing BTC business is "temporary," whatever that means? I'm open to hearing further explanation, as well.

Btcchina was leading the rally and did many all time highs before USD exchanges. They had zero fee for trading before. Now it's 0.3%
12-27-2013 12:15 AM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes Satoshi's post:
JayJuanGee
JayJuanGee Offline
Crow
*****
Gold Member

Posts: 6,205
Joined: Aug 2013
Reputation: 79
Post: #924
RE: Bitcoins up 60% in less than a month
(12-27-2013 12:15 AM)friheten Wrote:  Btcchina was leading the rally and did many all time highs before USD exchanges. They had zero fee for trading before. Now it's 0.3%

Thanks Friheten. I could NOT recall the BTC rates, previously.

ALSO, I had been meaning to ask you about how you use your BTC while you are traveling in Phils and in Thailand. Can you convert BTC directly into the Local currency (Phil Peso or Thai Baht), or do you first have to transfer BTC into another currency?

Maybe you can describe the process and availability for guys who may be considering traveling with BTC?

Also, are you able to save money on transfer fees (or conversion fees), if you are attempting to spend BTC while you are traveling.

I was thinking that when I start to travel to SEA (this coming year) (I have NOT yet purchased my ticket b/c of some business problems that I am currently having), to the extent possible, I will try to spend BTC while I am traveling, but to replace the BTC as I use it, so that I keep my same quantity of reserve/savings of BTC. But the only way that I can spend BTC is if there are Local places to be able to convert BTC or if any businesses directly accept BTC (which does NOT seem too likely in those places).

We all have heard that Thailand has additional restrictions in respect to BTC, so if possible, NO guy would want to have his dick cut off just b/c he was trying to convert some BTC into Baht, right? Anyway, if at some point, you could describe some of your experiences pertaining to ease and/or complications in converting or spending BTC in the phils and in thailand (or any other SEA places that you have traveled in the past months), that would be great.
12-27-2013 02:36 AM
Find all posts by this user Like Post Quote this message in a reply
rdvirus Offline
Woodpecker
**

Posts: 379
Joined: Feb 2013
Reputation: 6
Post: #925
RE: Bitcoins up 60% in less than a month
Me and a buddy of mine discussed BTC when it was in the $40-$60 range. Was on unemployment at the time but was considering dumping 4 to 6 hundred in it just for fun... didn't understand what the fuck a bitcoin was and still don't. Would have been nice to cash out when it got around the $1000 mark Tongue

Bit more money to play with now but I still don't know enough to make a serious move.. Watch it go to $10000 a coin now Tongue

Conceived to beat all odds like Las Vegas
12-27-2013 02:42 AM
Find all posts by this user Like Post Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  IRS: Bitcoin is not currency assman 23 7,775 07-06-2019 08:37 PM
Last Post: Deepdiver
  Bitcoin & Cryptocurrency Profit & Loss Trackers & Capital Gains Calculators jamaicabound 2 4,782 06-01-2019 09:03 AM
Last Post: Dr. Howard
  DACing for Cryptodummies: Hassle-Free and Easy Bitcoin Investing SamuelBRoberts 108 33,378 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