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Of course every day that we trade sideways is another day for the slope to come back up and meet us.
Muddling through for a few weeks would be a very good thing.
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I now have 0.644 more coins than I did an hour ago.
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Their main concern is volatility. This means we have to wait for some giants to make a move. If more people and companies join the party BTC will boom and then stabilize.
+1 to this. And this is going to happen all at once from some company who feels that they need to get in front of this. E.g Western Union wanting to shake off their dusty image and grab the 21st century, or PayPal trying to 'embrace and extend'. My Dad used to work for Pitney Bowes selling postage machines and mailing equipment. They eventually saw the future and now they provide the software to buying and printing postage for the eBay/paypal ecosystem. The same type of thing has to happen with bitcoin. And we get there by just doing what we're doing: using it, trading it, advocating for it. |
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Bullish.
FT spends months throwing as much mud as it can at bitcoin and the cryptocurrency concept, and then suddenly one day none of their previous contentions matter? It seems like they're being led by the emerging public opinion, and that opinion is increasingly becoming more open to possibility or outright favourable.
And so the Financial Times are now saying "Um, don't buy the actual currency, it's, er, too risky [i.e. too much potential gains, we'll handle that risk...]. Go invest in the startups, yeah! [then we can try to use our establishment influence together with our newly purchased bitcoin hoard to run them out of the market].
These people are major crooks: when their shill articles don't work, and they understand the inevitable trend, they try to herd their readership away from (literally) where the real money is.
Good points. It is a surprising about face. It is reasonable to pose the question about first mover advantage "will bitcoin go the way of Amazon/eBay or AOL/AltaVista/MySpace?" But they dont give any basis for answering, making their call for alt-coins seem to have no real basis. Investing in crypto start ups is great to hear and a win-win all around. |
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Looks like it was a dead cat bounce after all.
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Just after the silk road crash I set up this trade on Bitfinex: I borrowed 20K for 60 days at 34% apr. It cost $18/day to hold that money. I used it to by 140 coins at about $140. My plan was just to not touch it for the full 60 days. And it started to slowly go up. It hit almost $200 after two weeks and I was up almost 8K! But then it dropped down to 180, and I though "crap, I need to lock in these profits" and I sold the position, making 4 or 5 thousand. Well that's pretty cool, but if I had held the loan (which ironically would have ended today) I would have been up 117K.
So that sucks.
then the rest of the story is that the next week after I closed the position I sent those and other coins into coinlenders the day before it froze and collapsed and ended up loosing 85% of my total holdings.
and that really sucked.
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4. Will I have to pay taxes on capital gains? I don't wanna pay shit to the US gov, how would they know how much I made off BTCs?
Yes, you have to pay capital gains on the profit. If you cash out through an exchange, they could report you to IRS, or your bank could report you if they think your transactions are suspicious. I'm not an accountant, but there are a few things to consider, specifically if you are an American. There is a gift tax in the US. You are allowed something like $10K per person per year tax free to be given to you, after that it is income. If your dad gives you 1M, you have to pay income tax on 990,000 at 39%. So you may need to set up a company (an LLC or an S-Corp) to accept the money. This way it is an equity investment in the company, not gift income. Also, you have to pay capital gains tax on any profits. If you don't hold your investment for more than 1 year, there are short term capital gains that are taxed as normal income (you would easily be in either the 35% or 39% income tax bracket when dealing with those amounts). If you sell your coins after 1 year then it is long term capital gains and the tax rate is 20%. Talk to an accountant! |
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Well, it seems obvious that all borrowed funds cost interest. The lender is out of that money and can't lend it to someone else who would be paying in that time. Also, your local bank takes interest, and probably doesn't even know what you do with that cash to begin with?
Two feature requests:
- in the classic frontend we could sort tables for values. For example, sort the "borrowed funds" for "expiration date" or "interest". This isn't possible in the new interface yet..
- I can do a stop like "sell when the rate drops by xy". I would like to do a "buy when the rate drops by xy" too. And enter both "37 USD" and "3.5%" maybe? At the moment I can only do fixed offers like "buy when the rate is 987 USD".
Besides that, I finally used the new GUI for some time now. I got used to it, after the first "hey, everything's looking different" "shock".
And I absolutely love the new "claim" feature! Thank you so much! :-)
Ente
..now that's funny, I can sort all tables already! Just click the row! My mousepointer doesn't change when hovering, so I didn't notice it before.. Still craving for that "buy at -5%" feature. With those dips every other day.. ;-) Ente wouldn't a Stop buy do that? or do you mean to set it as a calculated floating percentage? Obviously the stop buy would be set at a fixed use price. |
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Maybe this is the emerging consensus by the powers that be: bitcoin is new kind of commodity.
That's the box that they will stuff it into.
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Just asking experienced traders if they feel next 8 hours is bull or bear...
Experienced trader already answered your question. Now you must learn. +1 And if you really want to learn, you just have to start trading. But keep in mind that you will probably lose a lot at first. Every new trader pays the market for these lessons. Once you learn everything not to do, you can finally be successful. However, trading on margin, even on something more stable than BTC, is a recipe for overpaying for those lessons. +1 on bitfinex margin trading, don't panic if/when it goes down. Hold and make sure you won't get forced liquidated. You do this by setting your margin to 4:1 but only borrow 1 or 2 to 1. You have to calculate your carry costs (the interest you pay per day) as a percentage. The price movement has to be greater than that percentage to make money. (it has to, on average, be greater than that carry cost over the total time of your trade). Try some trades. Try not to lose your shirt. But your super short term window (8 hours) is mostly likely a recipe for loosing. Why not think in terms of a 30 to 60 day window? |
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Burst through quite convincingly in the end too; no wall chewing to speak of. Congrats Bitcoin.  looks like the wall was the resistance before 1k. 2 days of wall.. |
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...
I've never heard of fine art as in investment? Where do I get some arts? ...
Buying art is tricky. I stick to original wall paintings. I try to find artists expressing a unique vision with broad enough appeal to stand over time. For example, I own the original piece that the prints below are based on, and some other paintings by Lance Berka. I am buying now because the economy is down. When (if) the dollar is rallying again I sell the art I have collected. http://fineartamerica.com/featured/1-cardinal-lance-berka.html There is Art and there are collectables. Not the same. If an artist doesn't show up on this database, then they are not a part of the contemporary art market, its as simple as that: http://www.artfacts.net/Lance Berka isn't there. You might enjoy having the artwork and you might be able to resell it and possibly even make money, but it is not the same as investing in Fine Art. |
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In that case, don't bother importing or deleting. Just use the raw transaction API to create, sign and send the transaction.
Agreed. Don't import private keys. That is far too slow. Just use them to sign raw transactions. Can anyone point to any howtos for something like this? |
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I think he is just one of the merely rich. |
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The reason for the ETF, which you probably don't know is to make an income off bitcoin on a weekly basis. Ever hear of writing options!!!!!!!!! That's where the money on bitcoin will be made. 10$ price swing on a option you bought for 2$ at the current strike price 500% profit in minutes! Wake up and read some books on trading and the market!
Options on volatile products are priced higher, market makers are not stupid. That's exactly what people that are writing the option want!!!! Huge volatility premium. I mean if I can sell 100$ out of the money for a couple bucks on wed and it expires on Friday..... Pretty sure I just got paid without losing a thing! Just look at an option chain on appl or goog. Way out of the money is still great weekly gains! So you are talking about writing the out of the money options that you sell to people as lottery tickets? So I guess you would then be making money by assuming the small but potentially really expensive risk. |
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The Great Crash is coming!
Back up to $800 again. Huh? Was that it? |
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What does the new "Claim" button do? (in margin trading screen)
The claim button allows traders which are in a winning position to close it and to transfer the gain without having to change coins into fiat and then back into coins. The purpose of this option is to avoid losses due to slippage. Example: I took a long position using 400 usd of collateral for 10 BTC back at the beginning of October when the price was 100 usd each and now the price is 1000 so my P/L tell me I have a profit of 9600 minus my swap position which is 38 usd. I want to close my position but keep my coins ( I don't want to divest into USD). By pressing the claim button the software will change into usd only the necessary amount to cover for the loans and the swap and keep the rest into coins. This basically have the advantage to avoid slippage caused by selling and buying coins again. The commission applied for such service is equal to the sum of the 2 operations our customer will pay if the trades were be executed on Bistamp ( i.e 2 x 0.35% = 0.7% ). Please let me know if something is not clear Have a good day Giancarlo This is a seriously great feature! Thanks guys. Good work. Now if only I had a leveraged long position at the moment. I meant to set one up back at $600 but was too busy to get to it.... Maybe the next ramp. |
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I just settled with TF.
I followed the approach outlined by DumbFruit.
I figured out the USD equivalent at the time of deposit for all my initial deposits that went into CL. This gave me a grand total USD that I was out.
I then proposed a BTC coin price that would deliver the equivalent value. I 'future dated' it by going above the current spot price.
He responded right away to the offer. He said he wanted either government ID or an address used as a deposit to Inputs to send to.
Since my deposits were from exchanges, I couldn't give him an address that would function that way, so I send a scan of my passport with some information redacted.
My return rate is a bit below what DumbFruit got, but they were the numbers I proposed.
TF asked me to post my settlement here, and so I did.
I really needed to move on and now I am.
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