... but I couldn't find a fucking place to buy LTC in europe that didn't need for you to present bill proof evidence, and I cant do that because im a poor NEET failure that lives with its parents).
fuck my life
also don't worry too hard about that. I had around 4000 litecoin from back in the day, acquired at around $0.02 each. I traded em for a few BTC some months back. Would be worth over 100k today. Whoops. |
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I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate
Did anyone do this before? Would like some experience advice There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two. Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here. If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight. Ok lets say you do this. How do you cash out 900k? Who is going to have enough money to buy a 900K worth of bitcoins? and if someone buys you at 900K, how are you going to cash out? the bank is going to be tripping balls about all that money, what are you going to say? Also, think about exchange sites being seized and you lossing the money (Example : Bitcoin-24). And if you split it in groups of 10k, it will take you ages to cash out the entire thing and during that time, if bitcoin is still as insanely volatile, the price would from fluctuate a bit to crash. I still admire your balls (no homo). I want to jump off a bridge by missing on the bitcoin boat and then jump again at missing on the LTC board (it was 7.4 dollars when I learned about it, but I couldn't find a fucking place to buy LTC in europe that didn't need for you to present bill proof evidence, and I cant do that because im a poor NEET failure that lives with its parents). fuck my life Whilst I think wopwop is insane for considering it, I do still need to point out that cashing 900k at the moment isn't particularly hard - you see that spike down under 1000 on the hourly chart, check the volume during that hour... 15,000 BTC changed hands. Thats approx $15m. Selling $900k isn't as hard as you might think. Now getting that $900k out of an exchange and into a bank account? I'll admit I am very naive to how one goes about doing that. A regular SEPA transfer into your current account (or a 'wire into your checking account' in US terms I think?) well that is gonna raise some eyebrows at my bank I agree. |
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i dont trust the govt.
Me neither. Before Bitcoin I had no way of acting on that however and I had no choice. Now I'm pretty well hedged with my Bitcoin holdings. Then again, pretty soon I'm going to have to report my assets to the IRS. Paying tax isn't nice but okay. The worst part is that they know what I have. What if they pull on me what the US pulled on Gold owners in 1933? Maybe just cash out a small portion and tell them it's all you have? I'm not planning to cash out all (I have to report market value). Reporting less than I have would be tax evasion. Don't you think that's something I'll come to regret? I am not a tax lawyer, but if I were you, I would report everything I would ever consider to sell and thus move into the fiat money system, but claim to have lost the keys to the rest, assuming the taxmen are not silly enough to think that charging me something roughly equivalent to the market fiat value of those bitcoins would make sense. im not a tax lawyer either. However (in the UK) if i haven't "cashed out" BTC then there is no capital gain to be taxed. Unless I am hugely mistaken! Most assets are liable to Capital Gains Tax when you sell or dispose of them. |
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We have some good posts going here and it is nice to hear some posts from people who are not ridiculously bullish.
I believe part of the reason why the price is so high is that it is very difficult to cash out bitcoins. If someone wanted to cash out say $200,000 worth of bitcoins then he would have to do a lot of research and may have to do it very slowly. This is causing a lot less sell pressure. There is no way that the Chinese or the bitcoin bulls will spend that kind of fiat dollars buying all those expensive bitcoins from the people who want to cash out.
Once this price boom stalls and starts to creep lower, the mass cashing out will start. That is when a lot of hell will break loose. Anyone holding a large amount of bitcoins are hopefully cashing out at least a small percentage.
I think it will hit $1000 though.
This is one of the most difficult issues that I am finding. Whilst I am not nearly there yet, I can't help wondering what to do should that time arise. I was burned back in the day by bitcoinica for several hundred dollars, which was pretty painful. Time moves on though and coins I had left mitigate those losses - after all it was always the wild wild west of bitcoin so I had to expect collateral damage here and there. Fortunately I saw pirate a mile off  That memory makes me worry though, what if I want to cash out just 1 bitcoin right now? I have to put faith in another (as yet still unregulated) exchange to handle equiv. of a thousand dollars? What happens if/when we go up to the next order of magnitude? I really hope, by then, that the words we heard over in the US recently have had some impact on the state of play with legitimacy, accountability and regulation of exchanges. To date I have had no issues with bitstamp, but neither had I any issues with bitcoinica - until I did and then *poof* it all disappears! The pseudonymous nature was an interesting facet to launch with, but it looks to me that it is becoming clear that block chain accountability and auditability significantly undermines any pipe dream of 'anonymity' and really in my opinion those potential benefits are nothing compared to the core property of bitcoin being transparent insomuch as it prevents mismanagement by those in charge of the current monetary system(s) around the world. (Incompetence or intention aside!) What If I hold a bitcoin until it goes to a million (sounds stupid crazy I know!) how do I get that out, how many questions are gonna be asked by my bank about a $1m international transfer! Sure I'll (reluctantly) pay tax and all that, provided the govt has got its act together figuring out what that should be. I still think its gonna be hairy... not to mention having to transfer $1m through some random eastern european entity!!! Now is regulation and accountability a good thing? I think so. Real considerations, not quite crystal as of yet (for me at least), but given time who knows? |
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BFG only goes to 9000
BTC goes over 9000
hehe
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bonus question for 2 points:
How worthwhile in the long term is it trading bitcoin for fiat, when fiat is being devalued at an alarming rate?
(disclaimer: i've took a few dollars out here and there to pay a few bills, but long term I am holding as tight as I can)
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When the price is this high, part of me believes this is governments buying in or something ... thoughts?
Also why do you believe that governments buy now that the price is high? Do they like buying high?  What price would you consider to be high for an organisation that can print money? |
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The bear argument is just as well understood. There just isn't much of one, so however hard you look you are going to struggle to find some huge insight why you shouldn't buy other than "it could crash anytime". Same could be said about pretty much every financial instrument I can think of.
I'm far bigger bull now than the past few crashes, but of course its once you get complacent that you should worry.
Thats about as serious/bearish as you'll get me though.
Hold for the longest time. Skim a bit when shit gets cash. Don't trade. Works for bears and bulls alike.
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OP is right on the money. This morning I observed a burning bush on my way to the office. After removing my sandals, a booming voice said, "Bro, its gonna go BANANAS and YOLO's for bitcoin." Those exact words.
Then I heard the sound of a hot mic hitting the stage and the fire went out.
that burnin' bush be all kinds of right brother. |
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My anecdotal input is that amongst my friends there are now 2 people (that I know about) I know that have actually made a move (one around the $200 mark the other is just about to get in). This is despite me basically spamming my newsfeed on Facebook with bitcoin related propaganda. As well as mentioning it to several people who *should* have the cajones to take a punt on it (but haven't). So form my limited sample, I think we are just hitting early adopter phase |
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Ya, finding it *real* hard to get actual work done!
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Suspect anyone that wants to cash out on gox has done so by now (by btc transfer out to sell on stamp)? I know I did |
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...does anyone knows about an extreme fast peak that never went down?  ... Small Pharmaceuticals do it... sometimes.... |
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I've started solo mining on an old clunker PC with three RedFuries over the weekend.
As I figure it, mining is all about luck. The chance that I can solve a block with a red fury (or even a block erupter) is the same whether i am in a pool or solo.
The only difference is that if my miner solves a block whilst in a block, i get next to nothing for it. I keep earning a trickle of income regardless.
On the other hand, even if after six months I am able to get a single block in solo, I will be laughing all the way to the bank (my wallet, actually).
So here is to all those brave souls who are out there.
I promise to come back to this thread if I hit the jackpot. If someone else is successful before me, do post here.
OMG I FOUND A BLOCK! https://blockchain.info/block-height/270578alas, I was pool mining. |
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I agree
If btc go past 1000 I'll buy back what I sold at a 30% loss.
But unless btcchina starts pulling this market back up all I see is mt gox users buying because they don't know how to get there money back to the us
Once they feel safe I believe we will go back down
Then again I'm almost always wrong
When there was a $100+ gap I would have agreed - now that bitstamp is only $20 away, I think those times are over. I am thinking (perhaps) naively, that now the senate has approved, gox should have much better chance of getting a decent partnership(s?) with US banks. Then there is just SEPA to sort out. Not sure what the problem there is, as bitstamp seem to be just fine. |
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*snicker* *Pffft* heh *snort* heheh ha hahahahah hahahahaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaahahahahahah  I notice you are keen on posting crap like the above. I would just like to say that it reflects really badly on you and mock laughter or ridiculing of an argument comes usually from frail minds, that lack an ability to truly understand a phenomena and seek to align themselves with some dogmatic view, and are hyperphobic about having their fragile world view threatened. As for example, when in the UK, the liberal MP Vince Cable asked then PM Gordon Brown in 2005, if the economic boom wasn't infact a result of unsustainable borrowing and credit creation. He was laughed out of parliament by all the same clueless fucks who after the event claimed 'nobody could see it coming', and then proceeded to point fingers at individual banker scapegoats. I don't get it. The guy laughing here is the 'Vince Cable' in the room. The poster he is laughing at is the 'Gordon Brown'. Claiming that only central govt issued currency can possibly work deserves derision. *That* is the dogmatic view. |
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You guys realize you are just making everybody else jealous, right?  I'm sure in time there will be plenty who look at those that bought in the hundreds and wish they had that kind of opportunity |
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I dunno, silver chart looks like a run up and multi year correction to me on that scale.
I think BTC has several to 20 years of run up to come before the final big multi year correction, after which it will find its value and subsequently trade very much like a metal (i.e. subject to the whim of the market, and the pressure of devaluation of fiat through inflation)
Thats the 20-30 year outlook though!
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the spreadsheet part is easy. sticking to the plan is harder |
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All, (in since $1) and it always feels easier on the down leg than the up.
On the down the plan is simple - hold tight.
On the up the plan is less simple (sell tiny bits to lock in a bit of fiat gain in case it all goes wrong), but the excitement of a rising market creates emotions that make you question whether your plan is optimal because you know the correction is coming and you want to have taken advantage of the run up...
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