It's funny how one moves on to ever crazier things to trade - that bitcoinbuilder site has some pretty hilarious and predictable swings right now. Owner is making a killing at 2%, approaching 9000 GoxBTC volume in 24h.
It was great idea and he is getting paid for it. Pretty well paid. He's not getting rich, but 4% of 9000 is 360btc profit. Good for him. He is out there for few days already and got well more than 1000 BTC. Few days more and he'll be rich. Thought he was making 2% .... from each side? Anyway this is somewhere from 40.000 to 200.000 $ per day (2%/4%/gox price/stamp price,  ) This is a lot... but he/she/they deserved it. Good point. so 2% in Mtgox BTC and 2% in real BTC. Huge payday when Mtgox fixes BTC withdrawals for him. And the longer this goes, the more money BB makes. Conspiracy theory!  |
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I took my profits even before the DDOS hit. The rumour this rally is based on is bull fud and the market will be back close to what it was within 8 hours.
I sold a tiny bit myself, but I'm less confident than you are. 1. It's Sunday in Japan. Gox doesn't do anything on weekends. 2. Gmaxwell has said the transactions are just standard Gox dust sweeping transactions. 3. Gox is still today trying to spend immature coins and the transactions are failing as a result. 4. Although the people on this forum appear to be living in the mistaken belief that insolvencies are resolved in a number of weeks, they aren't. They grind out for years. 5. The only decent hope for a rally in the short term is other good news outweighing Gox. It's a Sunday. Major announcements don't get made on Sundays. 6. There is some hope for a good Neo announcement on Monday. Until then risks are to the downside. Again, your big assumption is that Gox is insolvent. If you are wrong the rest of your list can be thrown out the window. Wind - please explain to me why JPY withdrawals have a queue at least a month long. Dude. Everyone wants an explanation for everything and when they can't get one they make up their own. I don't have an explanation for you. But your have nothing but pure speculation to suggest insolvency. Unless you can get me direct access to Mark for 24 hours then I will not attempt to speculate. You can. But that doesn't mean you are any closer to the truth than anyone else. Well fiat withdrawal problems help increase the BTC price so I'll exclude that. But everyone sending Mtgox deposits, maybe some whale realized this and figured they would try and take advantage of the situation. Everyone is following for now... |
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It's funny how one moves on to ever crazier things to trade - that bitcoinbuilder site has some pretty hilarious and predictable swings right now. Owner is making a killing at 2%, approaching 9000 GoxBTC volume in 24h.
It was great idea and he is getting paid for it. Pretty well paid. He's not getting rich, but 4% of 9000 is 360btc profit. Good for him. He is out there for few days already and got well more than 1000 BTC. Few days more and he'll be rich. Thought he was making 2% .... |
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Yeah, I hear that. I can't resist shorting a downtrend, though.  Limit shorts triggered at $614 and up but closed already, too much upside risk at the moment. The correlation to Gox trips me out. On the last big drop, Gox dropped 65%, Bitstamp dropped 16%. We just saw > 200% rise on Gox ... and a 10% rise on Stamp. I think the correlation may continually weaken if/when Gox pushes upwards (e.g. after withdrawals are enabled). That, combined with Gox - Stamp/BTC-E/BFX arbitrage opportunity for the typical GOXasset holders (i.e. not just the limited pool of Bitcoin Builder arbitragers), tells me that those expecting to go to the moon after Gox enables withdrawals may be in for a rude awakening. The only coin going to the moon after Gox enables BTC withdrawals is Mtgox BTC. The other exchanges will probably lag behind. Then the gap will increase just like before. I have no idea how BTC-E and Bitstamp will react. |
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So explain to me why people are selling at 100 when they could sell for 200-250$ on bitcoinbuilder?
They just don't know...?
Some don't know and others may not trust bitcoinbuilder. |
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Other exchanges be strong!!!! I beg you!!!!  |
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I don't think Jorge will ever buy.
I don't think either. As I said before, I do not like gambling, even when the odds seem favorable. When the odds seem favorable it's no longer gambling at least that's my definition. I know people who still insist 99% chance of winning is still gambling.  I don't think Jorge will ever buy. If it's successful, then the price is too high and he'll think it's overvalued. If price drops, then it's not a good investment. Now apply that to every price and situation and there's never a good time to buy for them.
That's what I thought until 10 minutes ago. But now I think I understand the dynamic better. Jorge wants to believe. If we pass the previous all-time high, he will decide to buy a few coins, as the logic will suddenly make sense. It is people like him who become the impetus for the next growth spurt. Few coins? Jorge could buy 0.001 right now. That's the beautify of BTC - infinitely divisible. I sold 0.02 to someone who knew nothing about BTC just because she heard about skyrocketing price. I told her to buy with caution but she kept saying it's only $10. (I gave her a discount at the time.) So yea... |
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Just one question:
You must admit that nobody can foresee the future with perfect clarity. In 2018, bitcoin could be a dominant world currency, it could be an academic curiosity of a past failed experiment, or it could be something in between. My question is how do you expect you'd feel if bitcoin is successful beyond all of our wildest hopes? Will you look back, shrug, and say "oh well"? Or will you be disappointed that some mental obstinance prevented you from hedging with 2 BTC just in case?
As I wrote in that long post, I wish the success of the bitcoin project (providing an internet payment method that is safe etc.) So obviously I will be very happy if it succeeds. But I presume that by "successful" you mean "1 bitcoin (not 1 dogecoin) will be worth a billion dollars". In that case I will probably feel a bit bad for not having bought one BTC today. Just as I feel a bit bad that I did not buy Apple or Google stock when it was cheap. Or Enron or Worldcom or OGX at the IPO, and then sold at the peak. However, if I ever become convinced that bitcoin will succeed in that sense, I can always get a loan and buy one when the price gets to a million dollars. I don't think I will feel too bad for having made only a $999,000,000 profit, instead of a $999,999,000 profit. That was my question. Joehal quoted me because he wanted to hear your answer too. I thought your response was interesting because I've had friends say exactly the same thing. Basically: "they'll buy in in the future if it looks like it will be successful." But these are the same friends who wished they got in earlier! In fact, Jorge, even you said you thought bitcoin was a good investment several years ago, if only you had known about it then. It sounds like what you are saying is that bitcoin was a good investment in the past [at a lower price], and it may be a good investment in the future [at a higher price], but it is not a good investment now [even just 2 BTC as a hedge]. Is this correct? .... It just hit me. PREDICTION: JorgeStolfi buys a few bitcoins if we pass the all-time high and continue to move upwards in price.There must be a bunch of people like Jorge who are fascinated by bitcoin, feel they learned about it too late, realize that it could go much higher, but are presently skeptical and feel it is a bad investment now. The next growth spurt begins when we pass the previous all-time-high and these people buy in, realizing that bitcoin may have just become a good investment all of a sudden. The price rise draws in media attention and more and more bandwagon jumpers hop on board. Jorge Stolfi is sitting pretty because he got in at the start, but people keep pilling in and pilling in. More smart people like Jorge hear about bitcoin from this media blitz, research it, and again feel that it is too late for them as obviously the "bubble is about to burst." One growth cycle later and another JorgeStolfi is born. Of course our current Jorge Stolfi is a wealthier man at this point. I don't think Jorge will ever buy. If it's successful, then the price is too high and he'll think it's overvalued. If price drops, then it's not a good investment. Now apply that to every price and situation and there's never a good time to buy for them. |
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Yes. But the problem is there's no way for sellers to know this. I'd feel a lot more comfortable knowing the buyer has 2FA obviously. If anyone knows how to check, let me know. Agreed, that would be very useful. I was not aware that PP chargebacks sellers in the event of hacked accounts. If someone buys a TV with a hacked account, I can't imagine they do anything but try to find the criminal and/or recover the TV. Digital goods as traditionally defined are different for the same logical process that makes piracy different from theft. As neither a TV nor a bitcoin can be copied, bitcoins must be treated like physical goods. I thought the issues with chargebacks involved buyers contesting proof of delivery. I wouldn't treat them as physical goods. They are unique intangible goods with "unofficial proof of delivery" that aren't recognized by chargeback enforcers. Like I said before Bitcoin is a whole different monster. General guideline is if you're not 95% sure your buyer won't chargeback then don't sell to them. I've sold $2000 in digital goods before to an eBay buyer who had feedback showing a $5000 high-end purchase in their eBay feedback. Establish their identity with some verification techniques to make sure the account isn't hacked and felt my risk was under 5%. Even then I was nervous of the sale. It's never going to be very straightforward and each buyer will be different. I've figured out mostly through experience and of course writing the PayPal Virtual FAQ helps too. You'll always be anxious all the time though. As long as the chargeback window is open. Hard to get a good night's sleep. There used to be some secret methods on PayPal called Mass Pay that you can tell used bank funds rather then credit card. But it was extremely difficult to get customers to pay that way since they had to have $$$ in their PayPal account. They don't offer that method anymore. Those were some interesting days of who could figure out the PayPal system better then the other. Wow. I'm an idiot. I should write a Bitcoin Virtual FAQ too. Could probably make some decent money. Here's the PayPal Virtual FAQ I wrote in 2010. It hasn't been updated. http://virtualfaqs.com/forum/paypal/574-paypal-virtual-faq.html |
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Who the hell is deleting so many posts from this thread?
So that's what's happening. I was trying to find the time of the last Mtgox announcement and couldn't find it on multiple threads. I had to use google search to find it on Bitcointalk again. |
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I just received 3 'unauthorized' disputes today from Paypal and 1 chargeback since my last post this morning.
It's total scammerville on ebay and Paypal. I feel bad for all of the sellers there right now - if you are selling anythign bitcoin related you will get scammed. It's not even a "cost of doing business" which is the usual warning to ebay sellers... it's a total outright scamfest.
Even filtering for ebay accounts that were over 1 year old and verified paypal addresses in the US, I got scammed. This last scammer had an ebay account that was open in 2004 and verified paypal account. Learned my lesson, again.
For that 1 year old account, did you make sure the eBay and PayPal account wasn't hacked? |
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Yes. But the problem is there's no way for sellers to know this. I'd feel a lot more comfortable knowing the buyer has 2FA obviously. If anyone knows how to check, let me know. |
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Mtgox must be making money – great business model – stop all transfers -
Buy BTC for about $135 sell them on other exchanges for $550
Transfer money back to bank account and repeat the cycle till you have enough funds and then re-open btc and bank transfer (and control the amount that can be withdrawn)
your money is safe with MTgox
They could have already done that when the price was $200 higher then the other exchanges. |
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If they were smart they won't credit deposits until BTC withdrawals has been fixed for 24 hours.  |
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Volume is at 121,000! |
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We have ignition over at MtSux. The western exchanges are believers.
Bulltrap? |
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If you didn't know it will take you a month to get up to speed there, if I recall. I think you're restricted to 1-2 BTC a day until 30 days goes by. It is a part of verification to simply wait.
Edit: maybe it's 10?
I guess I wasn't very informative with my question. The back story is that I have sold many through CoinBase since Nov 2013, and have been verified through my bank account. I just wasn't sure of the exact policy regarding buying coins through credit card or just through the linked bank account. They definitely don't want you using your credit card there. It's pretty much a back up if your bank account fails. Charging your credit card is pretty much their last resort. If that happens, I'm going to assume you won't be allowed to use Coinbase services for much longer. So, the credit card is not a second form of identification or a second level of "security/authentication." Meanwhile I changed my cell phone number recently and forgot to change 2FA, all of this is moot for now.  It works as a form of ID - security/authentication too. "Kind of like" PayPal. PayPal wants you to use your bank account to pay, but you have the option of paying by credit card. Coinbase has to make an exchange purchase asap when you confirm your BTC purchase so they really need to secure your funds asap. They don't know how much money is in your bank account. So if that fails credit card is next. They're really taking a big risk on you... well ... offset by there 1% premiums and slightly higher BTC price. I do believe you're correct that Coinbase is connected to your mobile number. Not sure what it takes to change it. Yes, changing phone number is a very dangerous thing to do these days. |
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Correct. A linked credit card will give you an instant purchase limit of $100, and this can be raised to $1000 after tier 2 verification.
OK, thanks everyone for your help. If you didn't know it will take you a month to get up to speed there, if I recall. I think you're restricted to 1-2 BTC a day until 30 days goes by. It is a part of verification to simply wait. Edit: maybe it's 10? I guess I wasn't very informative with my question. The back story is that I have sold many through CoinBase since Nov 2013, and have been verified through my bank account. I just wasn't sure of the exact policy regarding buying coins through credit card or just through the linked bank account. They definitely don't want you using your credit card there. It's pretty much a back up if your bank account fails. Charging your credit card is pretty much their last resort. If that happens, I'm going to assume you won't be allowed to use Coinbase services for much longer. |
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What is the theory - why is goxbtc/goxusd price so low?
OMG its not a theory, its in front of your eyes ! Insiders (people connected to Mark and other readily accessibles accounts and he himself are cashing out!) no matter what ---- nobody is doing anything about that --- so they just go on....extincting any kind of proove...creating a story together with some parasites laywers and the die is cast - pronto This does not answer the question - why is goxbtc price so cheap compared to goxusd. They are both gox, and have been non-withdrawable for about 4 weeks. Is not people still reporting EUR withdraws being processed? From what I've seen, EUR withdraws still occur. Also, people who believe gox is insolvent would rather hold USD maybe because they believe it will be easier to get the USD back legally. Nobody in their right mind would sell at Gox at these prices not you, not me not panicked japanese nobody who erroneously thinks btcs as an asset is not claimable.....really noone...besides? ? I'm glad I'm out of Mtgox now because I probably would have been one of those people on Mtgox sitting there with all my Mtgox BTC wondering why as the price dropped from $900 to $100 today. thankfully you have 560 or so instead of 900 thanks to gox phew I'm thankful for the 560 I have. But of course depending on how this plays out, I'll always be wondering "What If?" But of course that applies to every single situation in hindsight. |
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3128 Wall @ $110! |
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