Good volume and panic buying - it should have put in the top now.
You mean .0239 or the rebound that is happening from the sell-off just now? |
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Jezus, you stop looking for 20 minutes and the market moved all over the place...
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Currently, you can't do shit on Finex, they are having issues (nice timing  ). When they come up again, you can do leverage long with BTC as collateral (just remember that the value of your collateral goes down together with your leverage position in this case). Thanks for the help. I went ahead and tested with $500. I now have $500 in my "Unused Margin Funding" tab. I tried to do a purchase with that but it says I don't have enough money. How do I take that $500 and go long on BTC? Go to the margin trading tab and place an order, it ll automatically take the dollars you reserved first. BTW: your collateral needs to be in your trading wallet as well. |
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Let the games begin  |
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Two bad things for Bitcoin in the past few days that may have caused this are the auction in Australia (that ends in a few hours) and the Brexit vote is polling heavily toward the Remain folks after their MP was shot.
Could be why the West is leading the bear market, they consider those things as big factors. While Chinese just want to get their money out of Yuan.
Potential turn arounds, the Australian auction results come out with a high price paid. And Brexit wins Friday morning.
Speaking of which, how do I do a long on Bitfinex? Do I have to have USD on the exchange? I currently have some BTC on there (I just logged in after a few years and saw I had .8 BTC still on there).
Currently, you can't do shit on Finex, they are having issues (nice timing ). When they come up again, you can do leverage long with BTC as collateral (just remember that the value of your collateral goes down together with your leverage position in this case). |
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Goddamn Finex, start those engines again or I am going to miss all the fun.
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The auction already started at 12:00AM this morning Australia time. So any money needed is already out of the market.
True, but they could still 'arbitrage' if the auction price is below the market price (sell the cheaper coins and pocket the difference). |
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Anyone else having issues reaching Poloniex?
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https://thedao.slack.com/archives/general/p1466150717002913griff [10:05 AM] @channel The DAO is being attacked. It has been going on for 3-4 hours, it is draining ETH at a rapid rate. This is not a drill. You can help: If anyone knows who has the split proposals Congo Split, Beer Split and FUN-SPLT-42, please DM me We need their help! If you want to help, you can vote yes on those aforementioned split proposals. especially people who’s tokens are blocked because they voted for Prop 43 (the music app one). We need to spam the Network so that we can mount a counter attack all the brightest minds in the Ethereum world are in on this. please use this: for (var i = 0; i < 100; i++) { eth.sendTransaction({from: eth.accounts[4], gas: 2300000, gasPrice: web3.toWei(20, 'shannon'), data: '0x5b620186a05a131560135760016020526000565b600080601f600039601f565b6000f3'}) } oh dear ... couldn't see that one coming. Guess we'll get to see what a half-baked $160 million smart contract blow-up looks like. Hope Vitalik has good liability insurance. Keep it simple with tried and true, dumb smart money is sometimes better on the bleeding edge. How do you think this affects BTC? I guess this makes crypto look bad. Probably it slows adoption, but honestly, shit has happened in crypto before, and it hasn't stopped people in the end. |
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why is there such low volume on bitstamp? is there any controversy surrounding the exchange? i used to hold it in the highest regard.
I am guessing you are looking at USD trades. They opened up EUR trades a while ago, before that SEPA deposits were automatically converted to USD. |
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Bitcoin provides a means for censorship-proof value transfer. If you think the best use case for that is buying some coffee or gambling with a few satoshis, and you aren't willing to pay a decent fee, you can wait a few fucking blocks for your first confirmation, you cheap ass!
Bitcoin doesn't need fixed. People need to pick the best tool for the job.
All transactions do not need to be censorship-proof in a world where censorship-proof transactions exist. The possibility of censorship-proof transactions by itself will cut down on censorship because it will be seen as futile.
Just waiting a few blocks will not solve everything if the amount of high fee transactions keeps increasing... And no, we don't need every transaction on earth to go onto the blockchain, but surely we want bitcoin to be maximally useful, no? |
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> sovereign and corporate and private debt levels are sane
You don't understand what debt is. It's not a bad thing you imagine it to be.
If you owe me money, for instance, I'd be much less likely to rob or kill you. Because then you'll never pay me back.
So following the same logic, if you loan me money, I am more likely to kill you because then I won't have to pay you back? |
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Looks like I was wrong about the second dip.
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Why would someone buy USD when BTC is ubiquitously used in the future, because they want their currency to depreciate to gain stability? That makes no sense It does make sense. They would buy USD because they need it to faciliate trade of goods and services which are denominated in that currency. It doesn't depreciate fast enough to inhibit its use for trade. Any longer term holdings are invested so they don't lose value. Thats just how the world works - look back in history of 100 years. The $USD has depreciated massively - about 98% or something, yet it didn't inhibit the most monumental period of growth the world has seen in its existence. It's right that fiat currencies should depreciate in value over time because their primary purpose is to facilitate trade and keep prices stable, not to store value (in the long term that is, obviously they need to be stable enough to store value in the short term). Bitcoin will be stable (non-volatile) enough for commerce. It won't be. It's academic. No fixed supply currency can be unless you have an economy that doesn't expand or contract in size. Also, if it was stable it wouldnt be doing its job. Many commentators criticise bitcoin for its volatility but it's that very volatility which indicates that it's successfully reflecting the balance of supply and demand for liquidity. I'll admit that you seem to know more about modern economics than I do, but I disagree with you. The reason gold isn't used as a transaction medium is because it is too damn inconvenient compared to fiat, so people are willing to hold a slowly depreciating currency because it was more convenient than gold. In a bitcoin world, bitcoin would be just as convenient to transact with as fiat, so there is no incentive for the individual not to hold all his money in bitcoin. Neither do businesses have a reason to ask to be paid in a depreciating currency. In a world where bitcoin would be the only currency, it would not be volatile but slowly gain in value equal to productivity increase + percentage of coins lost per year, lets call it 3 percent per year. Any business model that has a profit below that percentage (compared to btc value of the previous year) would not be executed due to opportunity cost (better to stay in btc then). Might not be ideal for economic growth, but I fail to see why people would act differently. You seem to reason from the economic systems perspective, but it is people and their decisions that make up the economy. |
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Seems quite often that when people encounter bitcoin for the first time, they think it sounds too good to be true, and they come up with a reason why it won't work. A few years later, when they encounter it again, they are more likely to go for it. That promises for the next bubble given the widespread media coverage in 2013 . I am still bearish for the very short term (next day or 2) though. i read about bitcoin in a news magazine in feb/march 2011. no IT knowledge at all. i decided to invest $3000, price was around $10. boy, it was hard for me to find out how to set up an account @mtgox and how to wire money to japan. the money took ages to get there while price was rising every day. the day it arrived on my account was the day of the peak bubble. instead of buying 300 btc i could only get 120. i hesitated. price climbed like a rocket. so i bought 100 btc. aaaaand… price stopped to climb. bubble popped. it went down for the rest of the year all the way down to $2. i had managed to lose $2800 on some japanese online scam. mtgox was hacked while the the price went down, i could´t access my btc. decided to throw my account details/password into the garbage and felt so ashamed that i told no one about it and forgot all about it for years. it wasn´t until march 2013 when some customer walked into my store and talked about bitcoin. didn´t even rang a bell. when he mentioned mtgox i remembered this tokyo based online scam and told to him to shut up talking about this fuck-up. the customer insisted it wasn´t a scam. i googled it. he was right, mtgox was still around. price was around $68 WAIT…WHAT?? i felt even worse, having no memory whatsoever about account access. the guy suggested to write to mtgox customer service. i did. fuckin 10 minutes later they granted me access to my account, 100 btc sitting there untouched for 2 years. i got hooked on bitcoin that moment.  Nice story. I heard about bitcoin when it was 30 cents on a gold blog. I figured it would be amazing if it would work, but then I thought"people will create clones, thereby cancelling the scarcity". I thought about throwing 100 bucks at it, but ended up not doing it. the price chart looked bubbly, and it would probably not end up working anyway. Never look at any decent info or a whitepaper. I watched this YouTube video of rawdog, THAT buffoon was my source.... I mean I can't even..... Wish I had bought then, but of course you never know what might have happened (could have lost all on scam exchange or whatever) |
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I just can't see it NOT being a FIAT vacuum cleaner. Don't worry, I don't think Bitcoin will ever be a "fiat vacum cleaner". Think of it this way.... There are 2 general types of "money" needed by advanced economies. 1 type that keeps prices stable (for trading) and one type that keeps the supply fixed (for store of value). The one that keeps prices stable is simply a way to denominate trades - it isn't actually "money" in the sense of being a bearer token like commodities, precious metals or cryptocurrencies. On many websites now you can even choose how to denominate your trade - Canadian Dollars, $USD, EUR, whatever. Those trading currencies need to have a variable supply - like the USD. A fractional reserve system which inflates and contracts according to liquidity requirements. If you don't have that and use a fixed supply currency like Bitcoin for trading then half the businesses in the world will go bust and the other half will make supernormal profits which are not sustainable. So I don't see bitcoin ever being used as a trading currency en masse. (You don't see prices ever being denominated in gold and neither did we when there was a gold standard). Bitcoin is a base asset which can be used to "back" trading currencies for example or facilitate the capitalisation of whatever markets, but I think prices will still continue to be denominated in prevailing regional currencies. Why would someone buy USD when BTC is ubiquitously used in the future, because they want their currency to depreciate to gain stability? That makes no sense. Bitcoin will be stable (non-volatile) enough for commerce. |
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Yeah, Black Swan's are hard to spot. The internet might have been a lot easier to see. I mean the internet was freedom of information and Bitcoin is a step in the direction of freedom with value transfer. It isn't THE answer, but a step in the right direction.
If we see $10,000 per BTC this year, I would not at all be shocked.
The strange thing is, due to my background in computer science, I get to talk to quite a few relatively intelligent IT guys. 95% of them just don't get it. They understand tech but they can't wrap their heads around it. Trading stocks gave me another perspective and I find that stock traders might take a chance on BTC for obvious reasons, but understanding it is not one of them.
And these same people who wouldn't buy at $200 because it was too high, won't buy at $10,000 just like they won't buy now. It is almost like there is a stop sign in that part of the brain.
Yeah, not that many people that like new technologies and have an understanding of the money system. Plus, people hang on to what is "normal" to them. Luckily, the longer bitcoin exists and is mentioned in the news or by relatives, the more "normal" it will become for them. |
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Oh, and when I found it at .50 (cents), I couldn't find a place to buy some.  eheheh Memory lane... What were your options around then? I thought there was always the OTC channel and the new liberty standard place. Maybe it was gone by then. I dunno. I should preface that by saying I hadn't yet read the white paper. I was going off intuition to be honest. I was not into Crytpo before that (just trading and computer work). So, I did a few searches and it just seemed like a lot of work, wasn't sure about wiring money to GOX. And then the price was at $1 and I thought "How can a digital money be equal to a dollar?" LOL So, my ignorance "cost" me but that white paper made a light go off in my head. Before that moment I was a relatively early internet employee during the bubble. At that time I saw the internet as a big old Black Swann. When I came across that white paper, I saw it as a Black Swann on steroids. Its about sharing Seems quite often that when people encounter bitcoin for the first time, they think it sounds too good to be true, and they come up with a reason why it won't work. A few years later, when they encounter it again, they are more likely to go for it. That promises for the next bubble given the widespread media coverage in 2013 . I am still bearish for the very short term (next day or 2) though. |
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Pay the fee.
(right now, with 18,517 tx in wait, the 100% possibility for next block inclusion is 0,0005 BTC which is $0,341, versus the "usual" $0,0682).
Use an intelligent wallet, scanning the average fee atm, and no hold up. I have never been delayed, all my transactions went through to the first possible block. All this mempool backlog is an unnecessary FUD, anyone who pays the actual required fee gets in the first block.
Sure, for now it works. But how long until the fee gets really high? Basically the fee will rise until a sufficient amount of people get squeezed out because the fee is getting too painful for them to be using bitcoin. High net worth individuals and businesses doing international transactions won't have a problem with this, so certainly bitcoin will keep on being used for a long time. But I get irritated when I read this 'sack up and pay the damn fee whiners, everything is fine attitude' (not necessarily yours to that degree, but certain members of the community have this stance). There is not a reasonable fee to be paid whereby everyone's transaction will go through, the amount of transactions are limited. I really appreciate all the work Core is doing for scaling, and I think that maintaining (or in fact archieving) a significant degree of decentralization is paramount. However, I get irritated when people act like there is no problem, and that paying 10 bucks per transaction in the future is fine. So what, is bitcoin only meant for the 1% and the techies and libertarians who jumped on board quick enough to be wealthy now? The rest can have their savings eroded by central banks ? I hope bitcoin scales as quickly as technologically possible (especially hoping for LN to become reality quickly). |
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I think we might see a second drop tomorrow.
Why ? We went up really fast, and this correction was quite mild. Leverage longs are still quite high. I might be wrong though. |
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