I had been considering a theory which seems to match some of what was posted in the OP. Lets start with a few axioms (open to debate, sure, but for now just roll with it) - BTC still has massive growth potential - There exist players with deep pockets who recognize this growth potential - These traders intend to profit from the next run up in price, as we have seen in the previous bubble/crash cycles Okay, so how to achieve profit from this? 1) Set up agreements with large mining operations (or any other players with large amounts of BTC, looking to liquidate) - Agree to buy x amount of coins per week at spot market rate. This works out well for the miners as they won't be subject to slippage as they try to cash out 2) Take a percentage of these newly aquired coins and sell on the exchanges in order to drive the price down 3) Next week, your OTC purchased coins are cheaper due to the lower market price  4) Continue until you have accumulated a nice sizeable position 5) Now flip the switch and employ tactics to drive the price back up. Miners will stop selling and start holding in anticipation of higher prices, thus lowering supply therefore price continues to rise exponentially 6) Dump into the hype for tidy gains. Precipitate a mass sell-off, shake out weak hands 7) Repeat steps 1 - 6 Would this work? |
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Will anybody here keep mining a $350 bitcoin? A $100 bitcoin? Thoughts?
The economics are clear. As long as there is someone, somewhere - anyone, anywhere - who wants to transact in Bitcoin, there will be a profit to be made in mining. Change in difficulty is designed to scale not only up, but down as well. I'm sure there are enough people here who between them would happily buy all of the coins at, say, $1 each. So I think its fair to say BTC will always have value (short of some event which renders the protocol insecure). If that were to happen, the price would increase once again as it gets bought back up, thus it would seem that BTC should prove incredibly resilient despite the volatility. I'm sure plenty of people realise this, hence the long term bullish outlook. But for any newbies who haven't considered this dynamic, have a think about the implications. |
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Well thats what I say , blocking bitcoin in russia is no diffrent then the dollar that is blocked .....
effectiveness 0.00000000000
Anyway... the heading says "they might ban the Bitcoin after one year" and not "they will ban the bitcoin in 2015". If they actually wanted to ban the Bitcoin, then they would have done that already (for example, the bans by China and Thailand). Russians are concerned that Bitcoins might be used to fund the Islamist insurgents in Daghetsan and Chechnya. Seems like they are overestimating the intelligence of these rebels.  Bitcoin is not banned in China. I can't believe you spend so much time on this forum and still post this. Its not banned in Thailand either |
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Yesterday, paypal posted a video to their youtube channel; "We can spend Bitcoin with a tap" And today, Satoshi's old email account was mysteriously hacked creating a lot of buzz in the media. I almost forgot that Apple were announcing their new mobile payments service today... Funny how that timing worked out, eh? Welcome to the 21st century currency wars  |
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Here's my advice.
Go ask your bank for a loan. Then open as many accounts as possible at various banks, and arrange as big an overdraft as they are willing to give you. Apply for as many credit cards as possible. Basically, borrow as much money as you possibly can. Then open an account with Bitfinex, and put all the money up as margin for a leveraged long position. Hopefully the price will go up and you'll make lots of money.
You're welcome.
Disclaimer: please don't actually do this.
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Now this deserves a bump.
USD is up to 2, and people are speculating a rally to 3 (and some, even further).
Myself, these are the last gasps of air before the lid is put strongly in place, and a descent towards 0.2-0.1 area resumes.
Bitcoin worth 20 cents a coin... LMAO so much no... just no.. if it goes to 20 cents now it goes to zero.. Also.. stop being a necromancer. Read the OP. Discussing price per USD (in mBTC). |
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Bitcoin is a vicious cycle.
It drops 20$, I panic and sell.
Then it goes up 20$, and I buy back.
Repeat.
Might want to revise your strategy there... |
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Market = boring at the moment...
Care to join me as I reminisce on some post from earlier days?
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Oh gawd, now this thread will be spammed to death. Can we have this thread locked and all posts on this page deleted? I'd rather have this thread preserved as a historical relic than see it get tainted with a bunch of new guys putting their gum on the wall.
I want to be in this thread too. *adds gum to the wall* |
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Preamble: you can't have a good 10-fold rally in bitcoin without first having a good fun panic to get everyone's adrenaline going. Now we've had it and it's over. Let the good times roll! So, this is my analysis in the immediate aftermath of the 80-point drop from 630 to 550 on stamp (a 12% drop), which at the time of this posting (a few hours after hitting 550) has rebounded to 585. I am calling this panic selling as an overreaction to news of the Silk Road selloff, announced immediately prior to the crash, here: http://www.usmarshals.gov/assets/2014/bitcoins/Here's why I calculate it to be panic selling: According to http://bitcoinwatch.com/, the volume of BTC traded over the past 24 hours on all exchanges is somewhere around 150,000 btc. (Someone pls verify I'm reading the chart correctly ... ) Compare that to 30,000 btc that the US Marshals Service is going to selloff. Are they going to dump it on a single exchange over the next 10 seconds? No. They are giving us a 19-day warning (payment is due July 1 - see ). If total trade volume between now and then is (let's say) $2mil btc, an extra 30k just increases the volume over that time period by 1.5% -- a drop in the bucket. Comments? I was thinking more or less the same. Lets just see if we rebound strongly from here. |
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Go to blockchain.info and enter the address which you sent coins to. You will see which address the transaction came from.
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These are now sold, thanks.
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how much each for GBP inc shipping in UK?
Convert $70 USD to GBP - going by bitstamp price (USD only) |
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Since you are in EU, does that mean that no additional VAT payment is needed?
Which country would you want shipping to? |
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Bump
Lowered the price to be more in line with the market.
Thanks.
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Then I started seeing suggestions that when you set it up one should test it to make sure all is good by spending a small amount.
This is what I have done for testing. 1. Create a paper wallet using bitaddress offline and print out the paper wallet. 2. Send a small amount (0.01 in my case) to the address. 3. Import the private key to send my 0.01 back to my other wallet. At that moment, I am sure both the creation and import of my paper wallet worked. So then I create a new paper wallet and send 95% of all my bitcoin to the new address. Make sure you have several backup copies! |
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