Correct me if I am wrong, but isn't Bitfinex one of the safest exchanges/lenders? You have to wait for a manual withdrawal which is done once daily. Also, on the USD side, I am pretty sure its more virtual than you would think. So the only downside I can think of is if they run with your money, a hack is unlikely.
As far as I know you are correct... However, as you state, the only downside is you have to trust them not to run off with your money.. I seem to remember this guy on the forums that went by the name "pirate" also was trusted by a lot of people not to run off with their money.... Would I trust them with $1k.. yeah.. I do.. Would I trust them with my life savings.. not bloody likely.. Would I trust the largest bank in Cyprus with my life savings.. Would I trust the largest bank in the US with my life savings... Anyways, you get the picture.. Sigg |
|
|
|
Does anyone see any downside to the 244% interest? I was going to tell my family (who I told about Bitcoin when it was at $11/BTC) that at the very least if they are not investing in Bitcoin they should get 244% interest on their savings.
Just keep in mind, in order to get this 244% interest, you need to give your money to what is essentially a fly-by-night organization that came into being using the same codebase as another organization that was repeatedly hacked and eventually went under losing a lot its users a lot of $$ and BTC. OK... so the above may be a bit over the top.. Bitfinex HAS done a lot to clean up their codebase, and I think they probably do not have any intentions of taking off with everyone's $$... The point remains.. this is not a risk free 244% return on investment.. you have to trust a very young company as a counterparty. As always, don't risk any more than you can afford to lose. Sigg |
|
|
|
|
ok.. so I'm laying in bed for the past hour ... staring at ceiling with insomnia.. finally think.. Hey, since I can't sleep, might as well check bitcoinity...
literally 10 seconds after I open it up.. I see a 322 BTC transaction at the 106 all time high.. followed almost immediately with another 282 BTC ..
just have to say:
1) way cool
2) wondering how much ya'll give me if I never go to sleep again?
Sigg
|
|
|
|
I'm splitting my cold storage up into several wallets now that it is worth 10x what it was 6 months ago. What a pain in the ass.
yeah.. just got done doing that myself.. over $25 in fees cleaning up all the dust  Sigg |
|
|
|
|
at work.. all streaming & video blocked.. can someone please post a synopsis or a blow by blow..
thanks,
Sigg
|
|
|
|
in the top 100,000? i'll take them odds
Yeah... Keep in mind that is the mathmatical absolute worse case scenario of all 21M BTC mined, and distributed evenly. In reality I'm thinking 210 will prolly get you in the top 10,000 ... I know there is a list of top 410 addresses floating around the forums someplace.. does anyone have an expanded list? Unfortnately, like many here, I just didn't fully grok bitcoin till it was to late. I get this sinking feeling every time I think about how many mined coins I sold between $2 and $20 Had I held, I could have been 1% of 1% (2100 BTC) .. I think this is called the Vladimer club.. Sigg |
|
|
|
One note on redemption rate though, we will have current rate displayed in header, no mtgox or any other exchange rate, it will be our exact rate so you dont have to calculate anything, no adding 10% on mtgox etc.
CYA .. put an * next to that rate and put _someplace_ on your site how that rate is derived.. even if it is in real tiny teeny small print.... Sigg |
|
|
|
What does that intersection mean? Might be a bubble & not a bubble & at peak of bubble = ?
It means Satoshi is the real life reincarnation of schrodinger's cat. Sigg |
|
|
|
One day I'll have enough cash to buy people  to be one of the 21 million...feels good. 210 BTC: .1% of 1% or in other words, one of the top 100,000 .. 210 BTC ... at the going rate, 666 x 210 = approx 139,000 .. I could have my own smallish country.. hrmm.. Siglantia.. has a nice ring to it  .. my subjects would be Siglantians ... I'm thinking smallish tropical island someplace .. Emperor Siggy .. has a nice ring to it  hold on.. some guys in white coats knocking at my door.. be right ba.... |
|
|
|
Are we talking how much money we put in, or how much money it's worth now?
Big difference there I think this poll refers to how much money everyone has put in But isn't the decision to not cash out at $88 the financial equivalent to buying at $88? I see no difference there Sigg |
|
|
|
Or might it be that since people are going to the bank or ATM anyway, they figure they may as well withdraw some extra just in case of banking shenanigans?
For exactly the above reason, most people will do 1 of 2 things: 1) empty their account 2) withdraw the max allowed Once they have cash, then they'll figure out what they will do with it.. I'm thinking the most likely scenario: 1) pay bills 2) put rest under matress a very few will actually look for banking alternatives... and a very few of those few will put some of their cash into bitcoin. Sigg |
|
|
|
my personal preference... mBTC to be refered to as "bit" or "bits" rolls off the tounge really easy if you say it.... "That'l be 2 bits please"
That's kinda cool and has an "Olde Tyme" ring to it because two bits used to mean a quarter. "Shave and a haircut......two bit!" It harks back to a time when currencies didn't get debased and may help draw in the older crown who are losing their retirement funds to inflation. The only drawback is that it doesn't have a unique meaning. "Bitcoin" can only refer to Bitcoin, but "bit" can refer to a lot of things. This is disadvantageous in terms of search engines, keyword analysis, and other things, as well as being ambiguous in some situations. Glad someone caught the 2 bits reference ... and I didn't even think about the apealing to the older crowd angle.. Not sure the ambiguity would be that big of an issue.. a lot of words have multiple meanings.. we seem to get along just fine. Sigg |
|
|
|
Ive always liked the idea of SI prefixes.
millibit, microbit, nanobit for short.
But that's not what this thread is aboot.
Oooh... I will scream like a teen-aged-girl the first time I see something <appropriately> priced in nanobits... Sigg |
|
|
|
After the previous all time high of 2011, $100 will be the biggest resistance point.
If we cross this, $100 will be a huge support.
I also hope we will make an global agreement of displaying Bitcoin not in BTC anymore but mBTC.
This will make it more attracting for new comers.
I don't like "mBTC" - too many letter smashed together, too nerdy-sounding. There's really no particular reason to hold on to the term BTC at all, in the long term; it's purely arbitrary. (True, in the short term it is useful to impress people with the growth.) I say we just switch to bitcents. One bitcent is almost a dollar now. Perhaps the currency code symbol could be "BCT." Does that open up more possibilities than BTC? my personal preference... mBTC to be refered to as "bit" or "bits" rolls off the tounge really easy if you say it.... "That'l be 2 bits please" Sigg |
|
|
|
I might sell in bitcoin.de once I have finished the most urgent purchases first Sell means "sell". Maybe I will start doing it in a distant future, after my core position is established. What's your core position? A bitcoin overlord? Take a close look at the screen name.. Its obvious this is just the online presence of the Reptilian Overlords that have been guiding humanity for the past 1000 years. They've just finally decided Bitcoin would be a nice tool to further enslave the majority of the human population that is still asleep/believing in FIAT. Sigg |
|
|
|
1% quite uninteresting for all the trouble and problems.
You constantly have to monitor the BTC price. Check for the low regular interest payments not to mention that 125% are qute low. Check out the price drop Mar 23rd: high $69.5 low $52.3 so the price droped from 125% down to 92% withing 1 day so the sell would have been executed!
Completely agree..which is why I said doing it as a one-off wouldn't be reasonable. You'd need to build out a completely automated process to do it. You'd want to do a real-time feed of the BTC/USD price and be constantly checking to see if any loans need to be liquidated. also.. good point on the 3/23 price drop.. you'd prolly want to up the initial margin requirements to something between 150 & 200%. Maybe even liquidate at 105% (returning any overage to the borrower) As to 1% being quite uninteresting.. I said 1% origination and 10% annual interest.. we've all been in BTC_land to long.. a 10% guaranteed return would be close to mana from heaven for most people out there. Siggy |
|
|
|
and the problem for any lender would be how to cover this in case the BTC price drops and siggy refuse to give back the money...
and this is just sooo true... it does however present a unique business oportunity for someone with excess FIAT laying around... 1) Make Fiat loans at reasonable interest rate (say 1% origination fee + 10% per year interest) 2) require initial 125% BTC collateral to open loan 3) if at any time BTC value falls below 100% remaining FIAT loan value, liquidate BTC to pay off loan. As a lender, you are pretty much set on the risk front.. you get paid back either way... and 10% is way more than you'll get from any other guaranteed investment like a CD.... As a borrower, you are also in a win-win .. if BTC goes up, you have a loan at a reasonable interest rate and you eventually get all your BTC back. If BTC goes down, you still have the loan proceeds, and you got liquidated at a break-even point. Doing this as a one-off wouldn't be reasonable, as the lender would have to constantly monitor BTC value vs Loan balance.. However if one were to build out an automated process to do this.. I can see where it would be quite nifty. Soo.. who's gonna do it? Siggy |
|
|
|
Ever heard about options? Sell your BTC and buy for a small fee an option to buy your BTC back at a fix exchange rate. Thats how you typical solve the above described problem.
Excelent solution.. now where can I trade in options for BTC? Just checked MTGOX & Bitfinex .. both a no-go for options... Siggy |
|
|
|
|
Are there any sites/banks that will take BTC as collateral for USD loans? (I'm thinking something like maybe Prosper, but accepting collateral?)
Basically, I've got a significant amount of BTC, but am wanting USD in the short term. With the way the exchange rate has been going, I'm loathe to sell BTC at the risk of having to buy it back at a 50% premium 3 months from now. I'd much rather just use it as collateral for a USD loan ( at a non-loan-shark interest rate ) and pay back the USD.
Siggy
|
|
|
|
twitter blocked from work.. please summarize... |
|
|
|
|
Show Posts
