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In general, you cannot eat money. Still, it is useful for many purposes.
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Two words: low volume.
Now that might change but until it does it doesn't show any conviction in the reversal.
I don't quite buy the low volume argument (whatever it may indicate for future price movements). http://data.bitcoinity.org/#caaaaddgaaYesterday there was quite a bit of volume, in particular on btcchina. Not as much as in the last few days during the crash, but more than last month's average. |
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yea I need to know to . My maseratti and gold dig hoe is on the line
Nice one  |
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wow. 1.5k BTC is a lot of money. Or did you talk about that other, formerly important type of currency?  |
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You not only need to (1) be aware of an innovation, but also (2) be willing to risk your money and time at a moment when there is still huge risk and uncertainty.
Maybe for you (like most people) there has been a time when you fulfilled (1) but not yet (2).
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Thanks for switching to USD/mBTC. Makes a lot of sense!
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bump
anyone?
There was a big dip there last night and a chance to buy coins at about $200-300 below where gox has been. THose with USD in there could take advantage. Maybe the answer is to just wait out the long delay on a bank transfer (and maybe fees)
anyway, and thoughts?
Yes you can fund the account. But it will cost you precious percentage points in fees. That's why the price is lower there. No free lunch really. |
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All of the established exchanges allow this.
As proposed by others, it might even make sense to move away from referring to whole bitcoins when quoting prices, instead going to USD per MilliBitcoin.
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Yes, volume is driven to BTCChina because of this, but it is a reality that more BTC are traded there than at e.g. Bitstamp. I don't think so. Look: http://data.bitcoinity.org/#caaaadfiaaThat says volume is higher by a factor of 2.5M/1.5M=1.67 and I think it's easy for the volume to be inflated by at least a factor of two with zero fees. Your chart proves my original point that Bitstamp is not "the market", that BTCChina is larger in volume than Bitstamp and that volume discussions based solely upon Bitstamp volumes are not indicative of the BTC market as a whole. Do you have a reading impairment? No, thanks for asking. Feel free to state your point more clearly -- it obviously hasn't reached its audience. |
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Yes, volume is driven to BTCChina because of this, but it is a reality that more BTC are traded there than at e.g. Bitstamp. I don't think so. Look: http://data.bitcoinity.org/#caaaadfiaaThat says volume is higher by a factor of 2.5M/1.5M=1.67 and I think it's easy for the volume to be inflated by at least a factor of two with zero fees. Your chart proves my original point that Bitstamp is not "the market", that BTCChina is larger in volume than Bitstamp and that volume discussions based solely upon Bitstamp volumes are not indicative of the BTC market as a whole. |
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Yes, volume is driven to BTCChina because of this, but it is a reality that more BTC are traded there than at e.g. Bitstamp. |
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While Bitstamp is an important part of the BTC market, it is just that. To come to any conclusions here, we need to look at a bitter share of the total volume. Here is an indication of the current distribution of BTC trading volume: | BTCChina | 44% | | MtGox (USD only) | 16% | | Bitstamp | 14% | | Other exchanges | 26% | |
This is based on bitcoincharts.com data. Wow, thank you, I did not know it had become so lopsided. What is the date range for this? This is a snapshot of today's (last 24h) volumes. |
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While Bitstamp is an important part of the BTC market, it is just that. To come to any conclusions here, we need to look at a bitter share of the total volume. Here is an indication of the current distribution of BTC trading volume: | BTCChina | 44% | | MtGox (USD only) | 16% | | Bitstamp | 14% | | Other exchanges | 26% | |
This is based on bitcoincharts.com data. |
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I think now its hard to get fiat in & out.
They used to have more options for funding and withdrawal. Unfortunately those are gone, making Vircurex less useful.
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When asking for investing advice you need to give a bit more info for others to work with. What is 5 BTC as a % of your long term retirement savings?
Everybody is in a different situation and 5 BTC might mean borrowing $4000 from the bank to invest to one person (which would be stupidity) and to somebody else it might mean scraping up some loose change in their cupboard.
Bitcoin is a high risk move. If you have a portfolio built, I would say only dedicate 10% of it towards high risk opportunities and not all of it on Bitcoin. If you have $5000 saved and that took you a couple years to build up, the last thing I would do is dump it all in Bitcoin. If you have $500 in your bedroom and if you don't buy Bitcoin, it's going to end up in some strippers g-string this weekend, I would invest $400 in Bitcoin and keep and $100 for necessititties.
Investing is first and foremost about wealth preservation. I think the worst thing to come out of Bitcoin is the amateur approach to investing in it. Don't compare yourself to the next guy. Don't ask how much somebody owns to gauge how much you feel you should own, ask what % of their savings are dedicated to Bitcoin and what buying strategy is recommended at the current price levels.
My advice, if you determine you want to invest $2000 into Bitcoin, buy in tranches. Pick up $100 US worth every 3 days or so and be scheduled about it (unless you understand technical charting and can time entries a bit better than going blind) until you've invested $2000. Investing everything at once will just have you losing sleep at night. If you're jumping up in the morning to check prices or up late worried it's going to drop, you've over invested. Don't regret not going 100% in at once if it goes up 20% in the next few days, it could have gone down 20% just as fast.
Currently we are reaching for previous highs. Not exactly the best time to drop your whole load but at the same time not a bad time to move 5% of your investment into BTC.
This is good advice. |
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Spreads in absolute dollars are not really relevant.
Look at percentage spreads instead: MtGox vs. Bitstamp is around 15% currently, somewhat but not a lot higher than usual.
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-The main 'original' (see MtGox) exchanges were American
MtGox is Japanese, isn't it? It's based in Japan but it's founders and employees are American aren't they? You can only deposit and withdraw in USD You can deposit and withdraw not only in USD but also in EUR and JPY. |
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Yeah, 4 months for a 900€ SEPA, dated from july 19.
Gox is dead for me, i never will use their services again.
That is strange. I did a SEPA withdrawal of about 300€ from Mt.Gox about two weeks ago. It took less than 24 hours to appear on my bank account. There is a limit of one Mt.Gox SEPA withdrawal per 20 days (see their FAQs). So the first withdrawal will be fairly quick, with additional ones taking more time. I have a few in the queue myself. |
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sounds interesting. would love to test!
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