Quote from famous rpietilla: The wisest people buy bitcoins now. They are cheap, and survived two bubbles. You can buy with rather big money. Everybody knows, but very few are in yet. Viva Rpietilla forever! |
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I like my support/resistance lines on the body of the candles, not wicks. We are sitting below 2 resistance lines if that is the case. Interesting to think we might have broken out of a descending triangle, but down and now come back up to meet it.  Why use the body instead of the wick? The body just represents an arbitrary cutoff period, it's no more indicative of sentiment than any price along the wick. |
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" instantly purchase bitcoins from connected bank account for a 1% fee." Seems pretty high to me. Any currency exchange is going to charge a fee. Many charge more than 1%. |
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The market rate has been steadily narrowing between MtGox and BitStamp over the past few weeks.
The current difference is <1%.
This seems to indicate there's not much movement of capital between the two exchanges as it costs at least 2% to rotate capital between these two exchanges.
It takes time to rotate cash, Bitcoins on the other hand... One week ago the difference was >$4 for several hours. I bought ~50BTC $104 at Bitstamp when it was $108@Mtgox. But I guess these opportunities will get fewer as the arbitrators learns their lessons... Yes, it's free to transfer BTC from Bitstamp to MtGox and you can buy low and sell high, but that's just a one-time event unless you rotate fiat back to Bitstamp to purchase BTC again. That whole process incurs transaction fees and hence why there's a difference between MtGox and Bitstamp. When the difference is less than the transaction fees though it indicates people are not rotating capital. |
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The market rate has been steadily narrowing between MtGox and BitStamp over the past few weeks.
The current difference is <1%.
This seems to indicate there's not much movement of capital between the two exchanges as it costs at least 2% to rotate capital between these two exchanges.
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I say, now that we've broken through $111, it's $119 by Saturday.
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There is some small ideas and big ideas to enforce BTC, though. We already gave Bitcointip in Haikko, and I am likely extending it to Punavuori (an area in the center part of Helsinki where about 5000-10000 people live). We will dole out free millibitcoins as bills, and inform all the restaurants there that if they serve their clients well, they will receive tips (because tips are already there in the hands of their clientele - we have give them out for free to all the inhabitants  ) Then the restaurants can cash them in for euros, or redeem them for actual bitcoins. Or keep them in circulation as bitcoin-denominated change. My idea is to start with 5, 10, 20 so very small notes that we give out for free and prepare that many do not care. But some will, and that's going to be fun You gave away notes worth 5-20 Euro to 5,000-10,000 people? That's a 75,000 Euro giveaway, right? I don't see this helping Bitcoin as the notes can be readily converted into fiat. Only people already interested in Bitcoin will see the notes as BTC. |
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I told, I have three things I need to do in bitcoinworld to make it $300/m BTC this year. Then they took me to a mental institution, and what I wrote, could not be established without me. Even now, it is unlikely that I will be the sole contributor. But please take a look about one of the three pillars. When something is not good, comment to add. It is not ready, and I am under medication, for which reason I also cannot talk as sharply as I could normally. What happened to you? Don't make the poor guy rehash that history. A quick search of the forum will make it abundantly clear. |
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Well, that little trip below 129 broke the 10/21 EMA -0.25% threshold so I'm out for now. I'm guessing it's a whipsaw but I'm on the sidelines until it heads north of the 21 EMA +0.25% line again.
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A+C if I were you, given that: - There are orders on the closed list that will never be paid for;
- There are newcomers that want to place an order but it's closed already
...I would start a new GB instance (call it "batch 2" or whatever), where you would take new orders, and you could promote orders from list #2 to list #1 if you fail to reach the minimum 300 because of unpaid orders. Or that ^^^. Either way, we need to make a hard deadline for payments and get rid of the lookie-loos. |
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I know that the thread says "close" now, but are you still taking orders? I'd like to get 5 of these. . .
A+C I may buy more if needed
I'll take 5 units if you have some unpaid orders that need filling
Looks like there's still demand from people willing to pay. What do you think about setting a "pay by" date and then sell off the unfunded units to people who are ready to put up the BTC? For what it's worth I'd be willing to take on a couple more if it would help get this order moving. |
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If you plot a straight line using a log chart, you are in fact plotting an exponential curve.  +1 |
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Paid.
You've done great work here A+C. Thanks for all the extra effort to make it transparent and responsive.
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Mt Gox down  |
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I get that what you're trying to do here is much bigger than facilitate USD to crypto-USD but I think you bring up a good point about the relative value of a dollar based on our desired ends.
The simplest way to think of this is the Mt Gox example you gave where USD ready to be exchanged for BTC (or other cryptocurrency) immediately is worth more than USD in my hand. This means there is a market for crypto-USD sitting in an exchange ready to be utilized. If there is a market why isn't it happening?
I think the reason it's not already happening is the trust issue. The fact that regardless of how much I offer you to let me use your crypto-USD in exchange for the USD in my hand, you have to believe you'll actually get my USD before you'll even set a price for your crypto-USD.
To me the central issue is trust. If you solve that problem the market will adjust to the relative value of USD in different forms and to changes in demand.
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I'm getting the impression from the level of creative input and discussion regarding p2p exchanges and fiat-to-digital methods that we are getting quite close to a combination of systems that could prove to be the silver bullet on that one. In particular are an idea from fellowtraveler being provisionally called BMOT and one proposed solution to the fiat -> digital fiat without trust problem even has a 10BTC bounty for anyone who can find fault with it! It is the brainchild of bytemaster to be found here, having come out of BTCLuke's hot Primer for a P2P Distributed Exchange thread. Thanks for those links, thoughtfan. Good stuff. |
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The obvious question now: what are LR users going to transact with instead? And how many people had money sitting on LR. Seems like a fairly big deal. Without Dwolla, I'd imagine LR was a fairly big chunk of Gox deposits. Surprised no one is talking about this, they were down all day Friday. Maybe not that many people used LR. Wow this is HUGE big shitz, LR is a gigantic washing machine with millions transiting, many exchange business that deals with LR also do bitcoin, like Aurumxchange. Expect big Losses due to this shutdown for whole digital currency community. Well BTC is Monopoly now , heck i'm turning ubber bull, i'm holding btc for long, to hell with short term trading. What do you mean, "BTC is Monopoly now"? Bitcoin is anything but a monopoly. I don't get it. |
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Thanks for the response. I filled out the form, I guess I'll just wait and see. |
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I'm in for 4 if the order is still open. I can transfer BTC immediately if it is.
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Even though it takes a week to get money into Dwolla, when I then did the deposit into CampBX it was nearly instant.
Thanks for the tip on CampBX. I transferred some of my Dwolla balance and you're right, it showed up immediately and I was able to trade right away. Exchange rate on BTC is on the low end too, so I got reasonably priced BTC. You can't view the orderbook though so I'm not sure how quickly limit trades will be accepted, but so far I like the site. |
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