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464
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Economy / Service Discussion / Re: MtGox bitcoin withdrawal delay >:(
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on: December 14, 2013, 11:48:12 AM
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Then why don't they just post a simple message stating that large withdrawals will take longer. I just withdrew 1 btc and then another withdrawal of 50 btc and both went through within a few minutes. I then tried a 100 btc withdrawal and still waiting 1.5 hrs later. I would gladly have broken it up if I knew this ahead of time but there was nothing alerting me to large withdrawal delays.
You mean simple things like this splashed across the withdrawal page: "BTC : You can still withdraw up to 100.00000000 BTC provided you have enough on your account (your limit is 100.00000000 BTC per 24 hours )" Open your eyes. It says I can withdraw up to 2000 per day. Not 100. |
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465
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Economy / Service Discussion / Re: MtGox bitcoin withdrawal delay >:(
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on: December 14, 2013, 02:11:36 AM
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Has anyone been successfully able to withdraw a good amount of coin - say, over 2,000? If so, how long did it take?
It is recommended by Mark @ irc to break large withdraws into multiple small ones (i was told to keep it under 100 BTC each). That could only mean they are nearly broke and having liquidity problems. Otherwise, what does it change for the blockchain if the withdrawal is 100 or 1000? AFAIK the blockchain has no "limits" and in fact, AS WE ALL KNOW, dust is discouraged and for the network "the bigger the better" as it reduces blockchain bloating. Actually it has nothing to do with them being 'broke,' but rather with the way they form transactions using many different inputs. A very large transaction will have hundreds of inputs @ mtgox, causing significant delays before it is processed. Smaller transactions have lss inputs and are thus processed more quickly. Then why don't they just post a simple message stating that large withdrawals will take longer. I just withdrew 1 btc and then another withdrawal of 50 btc and both went through within a few minutes. I then tried a 100 btc withdrawal and still waiting 1.5 hrs later. I would gladly have broken it up if I knew this ahead of time but there was nothing alerting me to large withdrawal delays. |
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467
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Bitcoin / Press / Re: [2013-12-11] MarketWatch - Fidelity now allows clients to put bitcoins in IRAs
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on: December 12, 2013, 07:56:36 PM
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This is big news. Fidelity is no small player. Quite a turn around from their position as recently as six months ago (July 2013).. A few highlights (referring to the proposed Winklevoss ETF fund): Does the World Need a Bitcoin ETF?
BY ABBY WOODHAM | MORNINGSTAR
07/03/2013 | 61 VIEWS
Related Symbols FB
Earlier this week, Math-Based Asset Services LLC submitted paperwork to the SEC seeking permission to create a bitcoin exchange-traded fund, perhaps setting the record for one of the most outlandish ETF filings to date.
...
The SEC likely will put this opaque, risky, and illiquid asset under extreme scrutiny. Should the proposed fund beat the odds and make it to launch, the vast majority of investors should avoid it just as much as retailers avoid using bitcoins as payment today.
source: http://research2.fidelity.com/fidelity/commentary/article.asp?dockey=1514-601775-0U64O5P3U8IEPTTJSG5NL4I1NKInvestors doing the opposite of her recommendation at the time would now have over a 1300% gain. I wonder what she actually recommended investing in? |
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470
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Bitcoin / Bitcoin Discussion / Re: In your old age what will you tell your grandkids about Bitcoin?
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on: December 09, 2013, 02:48:40 AM
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Me: "Your not going to believe this but money used to could be counterfeited"
Kids: "What is counterfeited"
Me: "Take for instance this house. Its worth about 1 bitcoin. Now imagine you could copy and paste a bitcoin and pay me for this house with that copied bitcoin. That would be counterfeit money."
Kids: "Whoaaaaaa... that would be crazy if you could make money and not have to do anything."
Me: "It used to happen kids. It used to happen."
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471
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Economy / Speculation / Re: This is where money is made
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on: December 07, 2013, 04:35:17 AM
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Didn't you start calling for a crash at 17?
Nope. I said a second bubble was forming at @ $17 (and was right). I also said the subsequent crash would take us to singles, which was wrong, and I acknowledged that in my "bear market" thread at the beginning of the third bubble. I also said I expected this one to reach at least 400-500 (which turned out to be true). So whats your point? My point is this is not where the money is made, at least not the best money (so far in this market). Someone buying in two weeks ago would have gotten a better price. Sure an experienced trader can pick up a few bucks at times like this but this thread would have been much more relevant two months ago when the price was 140. |
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476
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Bitcoin / Bitcoin Discussion / Re: Watch the tracking of the sheep marketplace thief in real time
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on: December 04, 2013, 09:47:32 PM
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So 96,000 bitcoins were sent out before the site realized anything was wrong?
Seems like that would be a lot of volume and suspicious right?
i think i read something like the thief made the bitcoins appear to be in the wallets somehow, but you just couldn't withdraw.. and that lasted for about a week. by the time the weekend came around, people began to get a little suspicious and they figured out that the money was taken from them.
Yeah, very clever: Here's what happened: someone (or some group) managed to fake the balances in peoples’ accounts on the site, showing that they had their bitcoins in their wallets when they’d actually been transferred out. Over the course of a week the whole site was drained, until the weekend when the site's administrators realised what was happening and shut everything down. So it took a whole week for someone to actually check and verify one of the addresses on the blockchain? Sounds Sketchy to me. |
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477
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Economy / Speculation / Re: If 272.000 people today each owned 25 Btc bitcoins would be out of supply.
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on: December 04, 2013, 06:08:25 PM
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Today, 25 BTC is $25,000. It is also true that, if 272,000 people today each owned $25,000 (and no loans) we would be out of supply of dollars. The key here is that the loans create the supply.
Yes but bailouts are impossible with bitcoin, unlike USD. People should be very careful if they decide to loan bitcoin or create derivative instruments with bitcoin because that house of cards will have no choice but to crumble. |
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480
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Economy / Speculation / Re: When to think about selling?
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on: December 03, 2013, 01:39:34 AM
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Never. Use them to buy the stuff you need directly. There are enough merchants by now and even more will come. So no need to exchange them yourself.
Merchants who, for the most part, sell useless gimmicks... I can't buy groceries, or petrol, or pay rent with BTC. They're the only things I really care about, and they're all a looooong way off accepting BTC as payment. I bought groceries at target the other day with bitcoin through gyft. It was so much easier than trying to get fiat off the exchange. |
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