Yes, I do own some. I don't want to say how many.
LOL! HE BOUGHT!  Just a few days ago he said in chat that he didn't own any. |
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Quickly reposting this here, figured somebody might want it.  |
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So you're saying $170 should be the true valuation?
I'm saying that my technical analysis is telling me that ~$170 is likely to be the 'high' of this next week. And once it breaks, it is likely to bounce up to $200 (or some other resistance, I haven't determined the exact level) making that the new 'high' and then dropping back down and forming a new wedge with $170 being the initial 'low.' |
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* = Gox Shutdown I'm not saying that technical analysis is everything, but I still figured some people here would enjoy this. Sorry if the chart is a bit messy, I made it in paint (lol). The theory is that the gox shutdown time does not indicate a sideways trend and patterns would be more apparent if we didn't treat time gox is down as "time passed." Once one does so a "monster wedge" becomes apparent, which shares a "top" of a pre-gox-shutdown wedge. That wedge has a "tip" of about $170-ish, potentially indicating that the huge fall below this valuation was simply due to a panic. However, it also means that $170 is potentially a major resistance level. Thoughts? |
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Bitcoin
3.99% deposit fee + 0.6% gox fee = 4.6% fee to get bitcoins.
OR
~$45 (bank wire fee) + 0.6% gox fee
Fees associated with Debit/Credit:
~2.5% per transaction
Bank Wire:
~$45 per transaction
Thus we can see that Bitcoin only is cheaper than credit if transacted at least 2 times between every exchange (i.e, two of the transactions are "free)
Bitcoin is cheaper than Bank Wires assuming number of transactions between every exchange exceeds 0.6% of the amount of transaction / $45.
My point is that the advantage of cheap transactions doesn't happen unless there are at least a few transactions "between" the exchange. What I mean by between the exchange is that one person who received bitcoins, exchanges his bitcoins to another merchant, and this second merchant will not go to an exchange himself.
I don't think that merchants (or at least not all of them) are not accepting bitcoin because of inertia alone. I think that they know that these "between" transactions won't happen and thus bitcoins are actually much more expensive than credit. Thus, Bitcoin will not 'take off' truly until between transactions happen at least as much as exchange transactions, i.e, transactions to and from exchangers make up only 1/3rd of all bitcoin transactions.
When/How do you think this will happen?
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Has anything fundamentally changed with Bitcoin in the past 72 hours? The last time I checked, MTGox was signing up 20,000+ people a day, and our biggest problem is people can't get coins fast enough.
People are marginally more cautious now. Also we are getting a lot of "i told you it was a bubble." Growth will be a bit slower. But will happen. I know personally several people ill enjoy laughing at when bitcoin breaks $200 again. |
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It means having: - A brainwallet - An outstanding bet on BetsOfBitcoin - A BFL order - ASICMINER.PT shares - Some lending on BTCjam - A modest GPU mining rig >BFL order hahahaha good luck mate Diversification tho. |
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When it comes to shorting bitcoin pirateat40 immediately comes to mind. Things did not end up very well when this bear defaulted on his obligations.
I would be a bull not a bear, considering you'd be shorting with my money. |
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Bumping this again because of increased worry. As of posting I've lost over 10% :\
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I think you all are missing the point.
The point of Bitcoin isn't to undermine capitalism or stop the rich from being rich. If anything it has the opposite effect. What it IS supposed to do is prevent the rich (or more likely, powerful) from messing with the money that everyone else uses.
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On Gox if possible, using my Bitcoins.
In other words, you sell 1 of my bitcoins now, and in a day (or two? or week? or month?) are obligated to buy my coins back for me.
Just looking for further ways for me to possibly leverage my position in Bitcoin, and (mostly) just a way to troll bears.
MtGox rigs the price action so shorting isn't going to be effective there. Most other places are lower. Wouldn't you rather short at a place where you can get a better price? Unless you want to short at Bitcoin china, you're sort of out of luck. What with the crazy price fiddling, the lag and the shutdowns to protect the price; you'd have to be made to bother with them Yea, the lags protect the price alright |
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On Gox if possible, using my Bitcoins.
In other words, you sell 1 of my bitcoins now, and in a day (or two? or week? or month?) are obligated to buy my coins back for me.
Just looking for further ways for me to possibly leverage my position in Bitcoin, and (mostly) just a way to troll bears.
MtGox rigs the price action so shorting isn't going to be effective there. Most other places are lower. Wouldn't you rather short at a place where you can get a better price? Unless you want to short at Bitcoin china, you're sort of out of luck. |
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On Gox if possible, using my Bitcoins.
In other words, you sell 1 of my bitcoins now, and in a day (or two? or week? or month?) are obligated to buy my coins back for me.
Just looking for further ways for me to possibly leverage my position in Bitcoin, and (mostly) just a way to troll bears.
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Very well then, I guess I'll just have to become a short term bear :|  |
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I saw a big wall at $100 and did something really dumb, sold some Bitcoins at a couple of dollars below, because I thought gox was lagging, but it didn't, do you think I should cut my losses and buy at $102 or do you think it will go sub-$95 again?
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If you want to prove you have an account, just transfer all your coins out of it to a new address. The chances of a random guy doing that are pretty low so it will suffice.
That shouldn't be hard.
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They've probably made more on BTC at the current price than you had when the price was $266.
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Step 1: Buy bitcoins. Troll/11.77487461 Why is that a problem? Look, here is how the math works out. You pay $95 each for 10 bitcoin, 950 total You sell your 10 bitcoin, gain 950 dollars. When finished with your short, you buy those 10 bitcoin back. If you were a smart bear, you can buy the 10 bitcoin for less than $950, and see a net gain. Or if you were a smart bull, you could buy more than those 10 bitcoin back  |
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I just saw it on CNN money as well earlier today.It does seem the popularity is getting on the major financial news stations in the US.
Link? |
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