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adamstgBit
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 Offline
Activity: 1904
Merit: 1037
Trusted Bitcoiner
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August 17, 2012, 06:18:31 PM |
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Since BTCST is now closing, what does it mean for speculators?
wow... link plz |
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Nefario
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August 17, 2012, 06:19:31 PM |
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Since BTCST is now closing, what does it mean for speculators?
wow... link plz Read OP of BS&T thread |
PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com |
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jimbobway
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Activity: 1304
Merit: 1015
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August 17, 2012, 06:24:14 PM |
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pirate did not mention at all the rising price of bitcoin which made it difficult for him to get returns. That is probably the reason why he had to close shop.
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Yuhfhrh
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August 17, 2012, 06:26:55 PM |
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Considering it doesn't appear he defaulted at this point... I would say little effect. |
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thezerg
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Activity: 1246
Merit: 1010
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August 17, 2012, 06:27:20 PM |
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Hmm... if everyone gets paid back then there will be a lot of BTC in peoples accounts. But will there be interest in converting it back to fiat?
Possibly he can't use the volume and so is taking it private again... We all said no legit business would pay these rates as opposed to getting a fiat loan. Maybe he did just that!
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wachtwoord
Legendary
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Activity: 2338
Merit: 1136
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August 17, 2012, 06:30:03 PM |
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Considering it doesn't appear he defaulted at this point... I would say little effect. It will have a huge effect because the rates Pirate was offering had a very large impact on overall interest rates. This in kinda like a bond market collapse. In the real world that usually results in a stock market bubble ..... |
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deepDown
Newbie
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Activity: 25
Merit: 0
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August 17, 2012, 06:32:55 PM |
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Say, one has ~250K coins, and needs to return 300K during the next week.
Say one sells 100-150K coins right now in this highly elevated price.
Will there be enough panic to get the price back to say 8, where one can buy at least 200K coins?
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adamstgBit
Legendary
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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August 17, 2012, 06:33:36 PM |
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Say, one has ~250K coins, and needs to return 300K during the next week.
Say one sells 100-150K coins right now in this highly elevated price.
Will there be enough panic to get the price back to say 8, where one can buy at least 200K coins?
No. who's going to panic sell below 10? we all know theirs a guy out their that wants to buy ALL the bitcoins |
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Yuhfhrh
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August 17, 2012, 06:33:39 PM |
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Considering it doesn't appear he defaulted at this point... I would say little effect. It will have a huge effect because the rates Pirate was offering had a very large impact on overall interest rates. This in kinda like a bond market collapse. In the real world that usually results in a stock market bubble ..... Really? I would think the opposite would happen (If stock market=bitcoin). More people will have btc in their wallets, so there will be more selling power now? |
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BoardGameCoin
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August 17, 2012, 06:34:05 PM |
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It depends a lot on whether or not he defaults. If its an orderly closing and everyone gets their moolah back, there might be a correction because of some profit taking. If instead he defaults and absconds with the moolah, BTCUSD should go up a bit as some percentage of the victims try to cover the lost BTC.
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Yuhfhrh
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August 17, 2012, 06:34:52 PM |
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It depends a lot on whether or not he defaults. If its an orderly closing and everyone gets their moolah back, there might be a correction because of some profit taking. If instead he defaults and absconds with the moolah, BTCUSD should go up a bit as some percentage of the victims try to cover the lost BTC.
That's what I was thinking |
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wachtwoord
Legendary
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Activity: 2338
Merit: 1136
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August 17, 2012, 06:35:53 PM |
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Considering it doesn't appear he defaulted at this point... I would say little effect. It will have a huge effect because the rates Pirate was offering had a very large impact on overall interest rates. This in kinda like a bond market collapse. In the real world that usually results in a stock market bubble ..... Really? I would think the opposite would happen (If stock market=bitcoin). More people will have btc in their wallets, so there will be more selling power now? Stock market is mostly GBLSE. I'm not sure how the fiat:BTC exchange rate is impacted, I was referring to the internals of the Bitcoin economy. |
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deepDown
Newbie
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Activity: 25
Merit: 0
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August 17, 2012, 06:37:29 PM |
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Say, one has ~250K coins, and needs to return 300K during the next week.
Say one sells 100-150K coins right now in this highly elevated price.
Will there be enough panic to get the price back to say 8, where one can buy at least 200K coins?
No. who's going to panic sell below 10? we all know theirs a guy out their that wants to buy ALL the bitcoins Well actually the guy might be willing to buy them if he cares more about his reputation than few (hundreds thousands) bucks. But, than again, he might be just waiting for a new yacht at that time... |
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mccorvic
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August 17, 2012, 06:42:47 PM |
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If the withdrawl process is without drama, price will go up. This will prove to many that bitcoin is used by more than just scammers.
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waspoza
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August 17, 2012, 06:45:59 PM |
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So he lost 5000 bet?
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yochdog
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Activity: 2044
Merit: 1000
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August 17, 2012, 06:46:43 PM |
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There could literally be 1,000,000+ coins freed up next week because of this.
Price will decline as those coins are cashed out on profit taking. Think of all the people who leveraged up through buying as much BTC as they could with fiat in order to re-invest at 7% weekly. Now that insane demand will be removed, and further, these individuals will be wanting to cash out after making huge returns.
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wachtwoord
Legendary
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Activity: 2338
Merit: 1136
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August 17, 2012, 06:47:03 PM |
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So he lost 5000 bet?
When he pays back within two weeks he will have won. There could literally be 1,000,000+ coins freed up next week because of this.
Price will decline as those coins are cashed out on profit taking. Think of all the people who leveraged up through buying as much BTC as they could with fiat in order to re-invest at 7% weekly. Now that insane demand will be removed, and further, these individuals will be wanting to cash out after making huge returns.
Sounds very plausible. Many won't cash out though (leveraged people) |
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SaintFlow
Sr. Member
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Activity: 476
Merit: 250
The first is by definition not flawed.
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August 17, 2012, 06:49:52 PM |
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If you believe he will repay you can make 10% on pass throughs. Panic selling is occurring there.
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don't let me make you question your assumptions
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