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I've been playing with this idea in my head for quire a while now. I think this should be the future of virtual currencies. At a technical level it is not difficult to develop a wallet that connects to numerous virtual currencies. Then your wealth will be expressed in terms of the altcoin index. I think the rise of altcoins will (to some extent) dilute the value of bitcoin and solve its deflation problem. I think the next big move in the cryptocurrencies space is that the market will rebalance the value of bitcoin with respect to the altcoins.
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The amount of bullish circlejerk is reaching alarming levels, time to get out..
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The reason for the ETF, which you probably don't know is to make an income off bitcoin on a weekly basis. Ever hear of writing options!!!!!!!!! That's where the money on bitcoin will be made. 10$ price swing on a option you bought for 2$ at the current strike price 500% profit in minutes! Wake up and read some books on trading and the market!
Options on volatile products are priced higher, market makers are not stupid. That's exactly what people that are writing the option want!!!! Huge volatility premium. I mean if I can sell 100$ out of the money for a couple bucks on wed and it expires on Friday..... Pretty sure I just got paid without losing a thing! Just look at an option chain on appl or goog. Way out of the money is still great weekly gains! Your first post was confusing because you were arguing for both sides, selling and buying options, and of course it's impossible for both sides to make money at the same time. I'm an option seller and I can tell you it's not as obvious as you made it sound. I sold calls in GOOG before their last earnings report way out of the money and lost my shirt over it. In that particular case, the implied volatility in the options was simply too cheap. The marketplace as a whole decides on the volatility of options and it is not easy to outsmart the collective intelligence of the marketplace. Now, I believe that statistically option sellers have an advantage over options buyers (using certain strategies), because options are a form of insurance and insurance tends to be overpaid for. But again, I don't think it's obvious and easy at all to consistently make money trading options. |
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The reason for the ETF, which you probably don't know is to make an income off bitcoin on a weekly basis. Ever hear of writing options!!!!!!!!! That's where the money on bitcoin will be made. 10$ price swing on a option you bought for 2$ at the current strike price 500% profit in minutes! Wake up and read some books on trading and the market!
Options on volatile products are priced higher, market makers are not stupid. |
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Are you guys really retarded? It will never crash under 350 dollars.
Famous last words? |
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Bought a ticket with them, received it within an hour. Payment was really smooth.
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Man, we need a filter to hide all these random idiotic calls.
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What a lot of angry holders also seem to be missing is that traders provide liquidity to the market. Without traders / market makers placing their limit orders, the price could have collapsed completely.
I am not angry. And yes - this is true to some extent. It all depends on the proportion. I stated right here, few posts before that some amount of speculation can be healthy. The problem is that a/ it's too much of it it seems (judging on prices jumping from 600 up to 750 and back down to 380 again etc within an hour). Way too much panic reactions. b/ exchanges don't seem to be technically ready for this kind of activities c/ often times those rushes seem to be tied to some sort hacker attacks on exchanges. As a result you've got a super volatile commodity This is the way I see it - I can be wrong of course. I think it's the other way around, more traders are needed to even out these wild swings. A professional trader doesn't just dump all his coins in one swoop like we saw this morning, this is rookie behavior or a malfunctioning bot. |
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Wobber is quite a figure. I recall that in 2011 he came here bragging that he made $20k in a single trade with bitcoinica (showing a screenshot). He didn't close his position while he was talking about it here and got wiped out within an hour. I guess he grew back some balls in those 2 years..  |
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What a lot of angry holders also seem to be missing is that traders provide liquidity to the market. Without traders / market makers placing their limit orders, the price could have collapsed completely.
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zeroday has some misplaced optimism going on. Just keep your eyes shut, okay?
Edit// haha, double bear trap (do they exist) or genuine DOWNTREND? Just keep believing in your higher bullforce, don't worry be happy.
Trust me, I've been happy all the times since I started buying bitcoins in 2012. Since bitcoin is deflationary in nature, I never worried about these "downtrends". If you look at all-times bitcoin chart you will see that all "downtrends" became bear traps. And finally, you will not see even a single bull trap or real bubble. Dude, the more you talk the more bearish I get.. you're a scary representation of the bitcoin holders to me. |
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Yahoooo! This was EPIC trap! 600->378->600 in a hour!  Bulltrap right? |
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I tried opening an account on btcchina a while ago, but now I can't even connect to their site anymore. I get an error from their ddos protection, incapsula.
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Thank you bears!
Just eaten you loadout at bitstamp. Wanna more!
Let's see how this plays out before you declare victory, my friend.. |
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Me too. It was hard to pull the trigger but I had to.
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This is just the beginning.
Let's hope that the foundation intends "the government charged 2% per transaction" but the advantage is that bitcoin would be legal! let's foundation! Satoshi would be ashamed.
The funny part is that that is actually enforceable too, by redlisting people who don't pay "tax" to the government wallet on their business transactions. |
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I just witnessed on Gox a single massive 1.4 K sell at once at 430 dropping all the way down to 405. Damn. It's good to see how bitcoin isn't affected by this kind of things any more. and yet it bounced RIGHT back up to 430. I don't have the numbers off hand to back this up, but it seems like the April-May rise would have been seriously affected by such a sell even for a few hours. This time around it's almost like these dumps don't happen. Am I crazy for feeling this to be the case? no this is indeed the case. the "bubble pop" happened on very little volume, everyone let that knife fall. no one is letting the kinfe fall today... ( might be because the chinese promiss to buy ALL the bitcoin for mtgox price +10%  ) sheez where's that guy with the 700 dollar per coin contracts? he just simply just ignored me LOL!!!  /\500 will be the proving ground imho! Do I hear $500 tomorrow? It's quite possible given todays high was $70 higher than yesterday... I think the odds of seeing <350 tomorrow are higher.. |
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The domain name fiatleak.com probably scores points with a the zerohedge crowd. Other than that I don't see any novelty in this site apart from suggesting that fiat only flows into bitcoin, which is not true of course.
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when I try to create a key I get a message in Russian I can't read..
do you give up at that point, or do you copy and paste the russian text into google translate? I couldn't copy paste it, that's when I gave up. edit: It's a textbox message |
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