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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 508333 times)
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April 12, 2014, 01:41:37 AM
 #981

I'm trying to buy a lot of bitcoins at current price, thus eliminate the liquidity on the market, but the problem right now is bitstamp is preventing my funds from reaching their exchange, I start to question the operation of bitstamp, either they are limited by the banks, or they are betting against their customer

Sick of banks !!!
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April 12, 2014, 02:41:13 AM
 #982

I'm trying to buy a lot of bitcoins at current price, thus eliminate the liquidity on the market, but the problem right now is bitstamp is preventing my funds from reaching their exchange, I start to question the operation of bitstamp, either they are limited by the banks, or they are betting against their customer

Sick of banks !!!

If we are the new wealthy elite, why don't "we" open up some BTC friendly banks?

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April 12, 2014, 02:44:57 AM
 #983

I'm trying to buy a lot of bitcoins at current price, thus eliminate the liquidity on the market, but the problem right now is bitstamp is preventing my funds from reaching their exchange, I start to question the operation of bitstamp, either they are limited by the banks, or they are betting against their customer

Sick of banks !!!

If we are the new wealthy elite, why don't "we" open up some BTC friendly banks?

Because you can be your own bank Smiley
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April 12, 2014, 09:43:52 AM
 #984

I read through this whole thread in the last week, and I had been thinking about making a post here.  Accordingly, I am glad that the thread was revived in recent days.

OP's original aspiration of $10K per BTC seems very reachable in the coming year or two, but maybe in the last few days some of our hopes concerning how rapidly the BTC prices are going to get to anywhere near that point have been dashed, somewhat.

Nonetheless, there seems to be so much news on the sidelines concerning a large number of wallstreet type investors who are looking to get into bitcoin.  Surely some of these investment guys are buying on the side, and even Second Market claims to have accumulated over 100,000 bitcoins.  Nothing like the supposedly 650,000-ish that disappeared from Gox, but a good start. 

Part of the current discussion, also is that so many holders do NOT put their BTC into circulation, and accordingly, the BTC market may NOT be liquid enough to accommodate a large amount of capital into the space.  Let's say if currently only between 1 and 2 million BTC are in circulation, then if any real good size investor coming into the space would cause prices to double or triple, almost immediately.... which even though as I type BTC prices have been floating between $410 and $430, we all probably realize a fair current value would be between $750 and $850, and with any decent size investor(s) jumping into the space, we easily get to $1600 or $2400 per BTC.  That woudl provide only a $20 to $30 Billion market cap, and easily 3-4 times of that would then be the next stage of around $10K per BTC.  That $10K per BTC seems very reachable in the next 2 years.

Surely we have quite a bit of speculation where the price will go, and when it will get there b/c I would like to join the elite, as well. 

I am NOT that great at trading, and I started buying in November 2013 (not a great time to buy), but I have acquired about 55BTC. at an average price of about $620.  I would like to be in the black, but still in the red, and at the moment, I am running out of extra fiat to pump in... so I may NOT be able to accumulate too many more BTC in the near future.

In order to maintain being an elite - one has to be able to hold that stash to the side and NOT to spend into it.  Surely early adopters have stashes nearing 1000 BTC and better, and maybe these dips will allow investors to approach that arena.  I am hoping that BTC prices will rise rapidly enough that I can begin to live off of my 55BTC... but that would probably require an ability to hold off and for BTC prices to reach at least $20K per BTC in the next 3-4 years... which may be possible. I also may be able to increase my BTC holdings a bit, so accumulating between 50 and 100BTC may allow me to become a baby elite until the price may go up even further than the $20k range.

That is if someone like Gox does NOT steal my coins...

But yes, right now floating around in the $420 territory - seems like a long way off into the future to get into the elite status prices.







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April 12, 2014, 09:50:59 AM
 #985

I'm trying to buy a lot of bitcoins at current price, thus eliminate the liquidity on the market, but the problem right now is bitstamp is preventing my funds from reaching their exchange, I start to question the operation of bitstamp, either they are limited by the banks, or they are betting against their customer

Sick of banks !!!

If we are the new wealthy elite, why don't "we" open up some BTC friendly banks?

Because you can be your own bank Smiley

I am looking forward to days in which we will NOT need to entrust our bitcoins or fiat to various exchanges, and we can begin to trade directly - and NOT lose custody of the coins.  In that regard, I hear that there are quite a few developments in that direction with Mastercoin, color coin and Nxt... but maybe it is going to take a while before those kinds of decentralized exchange systems are in place and then where we can start to use them.  Also, if price is also determined on a broader level, then we may be getting less price manipulation..  Well another part of the problem with trusting the exchanges to hold coins and fiat and to question whether they may be doing some of their own manipulations - whether by controlling the crediting of account or engaging in forms of fractional reserve banking (without our permission).

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April 12, 2014, 09:58:07 AM
 #986

If we are the new wealthy elite, why don't "we" open up some BTC friendly banks?

Why we need middle-men? Exchanges are OK. But I am against the banks. If you want to store the coins, you have wallets. If you want to buy the stocks, then you have stock exchanges such as Cryptostocks. If you want to exchange the coins to fiat, then you have Bitcoin-exchanges such as Bitstamp and BTC-E. Then why we need the banks?

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April 12, 2014, 10:21:33 AM
 #987

If we are the new wealthy elite, why don't "we" open up some BTC friendly banks?

Why we need middle-men? Exchanges are OK. But I am against the banks. If you want to store the coins, you have wallets. If you want to buy the stocks, then you have stock exchanges such as Cryptostocks. If you want to exchange the coins to fiat, then you have Bitcoin-exchanges such as Bitstamp and BTC-E. Then why we need the banks?


We may NOT need banks specifically, but we need some kinds of escrow service or something to make sure that the other party delivers.  If I give $10k, I want my 1 BTC - even if the other side is a jerk, I can still deal with him/her b/c I will get what I paid for.  I believe that those are the kinds of trust-less services that are being worked on .. I mean you trust the service but not necessarily the other person, but you can still carry out the transaction without fear of being screwed.

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April 12, 2014, 12:36:28 PM
 #988

If we are the new wealthy elite, why don't "we" open up some BTC friendly banks?

Why we need middle-men? Exchanges are OK. But I am against the banks. If you want to store the coins, you have wallets. If you want to buy the stocks, then you have stock exchanges such as Cryptostocks. If you want to exchange the coins to fiat, then you have Bitcoin-exchanges such as Bitstamp and BTC-E. Then why we need the banks?


We may NOT need banks specifically, but we need some kinds of escrow service or something to make sure that the other party delivers.  If I give $10k, I want my 1 BTC - even if the other side is a jerk, I can still deal with him/her b/c I will get what I paid for.  I believe that those are the kinds of trust-less services that are being worked on .. I mean you trust the service but not necessarily the other person, but you can still carry out the transaction without fear of being screwed.

They already exist, you can find in a few seconds a reliable escrow without him being a bank or "licensed" by any authority - the credibility gained by the escrow is through the past users.

Regarding price targets, I believe you have as many chances as winning the lottery than calling the bitcoin price. Jan 1st 2013, the price was 15 USD with a high of 1250 USD in December. Who would have guessed? Early 2009, price was 1 USD for 1300 USD... Bitcoin could be worth 10000 USD end of year as well as 1000 USD, who knows? All I know is that Bitcoin brings amazing disruption to the fiat/banking system, there is still a very few amount of users though growing exponentially and that merchant adoption is near 100K - that must be worth something.

Stacking.

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April 12, 2014, 05:27:50 PM
 #989

Bitcoin: The Future of Currency?: http://youtu.be/wJHk7QzSqn4

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April 12, 2014, 05:54:42 PM
 #990

I read through this whole thread in the last week, and I had been thinking about making a post here.  Accordingly, I am glad that the thread was revived in recent days.

OP's original aspiration of $10K per BTC seems very reachable in the coming year or two, but maybe in the last few days some of our hopes concerning how rapidly the BTC prices are going to get to anywhere near that point have been dashed, somewhat.

Nonetheless, there seems to be so much news on the sidelines concerning a large number of wallstreet type investors who are looking to get into bitcoin.  Surely some of these investment guys are buying on the side, and even Second Market claims to have accumulated over 100,000 bitcoins.  Nothing like the supposedly 650,000-ish that disappeared from Gox, but a good start.  

Part of the current discussion, also is that so many holders do NOT put their BTC into circulation, and accordingly, the BTC market may NOT be liquid enough to accommodate a large amount of capital into the space.  Let's say if currently only between 1 and 2 million BTC are in circulation, then if any real good size investor coming into the space would cause prices to double or triple, almost immediately.... which even though as I type BTC prices have been floating between $410 and $430, we all probably realize a fair current value would be between $750 and $850, and with any decent size investor(s) jumping into the space, we easily get to $1600 or $2400 per BTC.  That woudl provide only a $20 to $30 Billion market cap, and easily 3-4 times of that would then be the next stage of around $10K per BTC.  That $10K per BTC seems very reachable in the next 2 years.

Surely we have quite a bit of speculation where the price will go, and when it will get there b/c I would like to join the elite, as well.  

I am NOT that great at trading, and I started buying in November 2013 (not a great time to buy), but I have acquired about 55BTC. at an average price of about $620.  I would like to be in the black, but still in the red, and at the moment, I am running out of extra fiat to pump in... so I may NOT be able to accumulate too many more BTC in the near future.

In order to maintain being an elite - one has to be able to hold that stash to the side and NOT to spend into it.  Surely early adopters have stashes nearing 1000 BTC and better, and maybe these dips will allow investors to approach that arena.  I am hoping that BTC prices will rise rapidly enough that I can begin to live off of my 55BTC... but that would probably require an ability to hold off and for BTC prices to reach at least $20K per BTC in the next 3-4 years... which may be possible. I also may be able to increase my BTC holdings a bit, so accumulating between 50 and 100BTC may allow me to become a baby elite until the price may go up even further than the $20k range.

That is if someone like Gox does NOT steal my coins...

But yes, right now floating around in the $420 territory - seems like a long way off into the future to get into the elite status prices.


Your "average price is about $620", were you able to buy any at all below $420 for example?
Obviously your main idea is to buy and hold until prices are much higher.
Since you are running low on fiat, you could sell a small amount on rallies (even @ ~$440 for example), and buy back for profits as low as 5 to 10%. That doesn't sound exciting, but the repeated profits add up fast.

Good luck with your exciting journey.

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April 12, 2014, 06:27:41 PM
 #991

I only have 1 today but will be buying more regardless.

My only anxiety is less about btc and the exchanges or even escrows and direct trading and more about on my bank's side and any federal mandate for them to cap anything going into btc exchanges (in usa).

I get highly irritated when I make online purchases for more than $100 and my bank restricts the transaction until I call them and authorize it. Ahgawd that pisses me off when I do it but then I'm glad it's there in case someone else does it  Grin

While usg can't ban bitcoin, I could easily see them just issuing a wholesale restriction and heavy fines against any bank that allows btc transactions and then what happens...usa is ousted out of btc as far as getting money INTO btc. I'm less worried about getting it out because I also believe in btc and that there will always be goods and services traded in it from here on out even if it never goes mainstream.

It's being able to exchange it without government or banking interference that I'm looking for.

Ideas?

ETA - with these other nations signing deals to trade in other currencies than the dollar, bypassing the reserve note, I see the writing on the wall for our fiat currency...the more it happens, the more worthless it becomes...so I would like to exchange enough into btc (and later elsewhere) for safe keeping because I KNOW sure as I sit here, the 2007-08 fiasco isn't the last time that'll happen. They're tanking our economy and the dollar every second they breathe. I want out...or as out as I can be and still be able to survive on an alternative meanwhile.

You say "anti government" like that's a bad thing...

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April 12, 2014, 07:39:35 PM
 #992

$5000 per BTC could still happen this year.  On days like today it does seem really hard to believe though. Wink

At the same time Bitcoin has breached the support level at $400, and is sliding rapidly towards $300. Now what $200... $100? Anything seems possible. I am holding out still.  Sad

Currently on a pace to be above $400 by tomorrow.
Will it really happen?

Holding pretty strong above $400 today Smiley
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April 12, 2014, 07:47:34 PM
 #993

$5000 per BTC could still happen this year.  On days like today it does seem really hard to believe though. Wink

At the same time Bitcoin has breached the support level at $400, and is sliding rapidly towards $300. Now what $200... $100? Anything seems possible. I am holding out still.  Sad

Currently on a pace to be above $400 by tomorrow.
Will it really happen?

Holding pretty strong above $400 today Smiley

What is more shocking than the price dropping quickly is how fast it can rise!  I am actually really comfortable with the price being around $400.  That is a great base to begin another "bubble."  Smiley  I have a feeling the next rise will be very impressive.

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April 12, 2014, 07:58:27 PM
 #994

$5000 per BTC could still happen this year.  On days like today it does seem really hard to believe though. Wink

At the same time Bitcoin has breached the support level at $400, and is sliding rapidly towards $300. Now what $200... $100? Anything seems possible. I am holding out still.  Sad

Currently on a pace to be above $400 by tomorrow.
Will it really happen?

Holding pretty strong above $400 today Smiley

What is more shocking than the price dropping quickly is how fast it can rise!  I am actually really comfortable with the price being around $400.  That is a great base to begin another "bubble."  Smiley  I have a feeling the next rise will be very impressive.

Good point! In the 7 days leading to 19. November 2013 (not exactly THAT long ago Wink ), the bitcoin price DOUBLED, measured by the DAILY AVERAGE!

Would you be confident if this time next week we'd be at $850?

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April 12, 2014, 08:09:00 PM
 #995

$5000 per BTC could still happen this year.  On days like today it does seem really hard to believe though. Wink

At the same time Bitcoin has breached the support level at $400, and is sliding rapidly towards $300. Now what $200... $100? Anything seems possible. I am holding out still.  Sad

Currently on a pace to be above $400 by tomorrow.
Will it really happen?

Holding pretty strong above $400 today Smiley

What is more shocking than the price dropping quickly is how fast it can rise!  I am actually really comfortable with the price being around $400.  That is a great base to begin another "bubble."  Smiley  I have a feeling the next rise will be very impressive.

Good point! In the 7 days leading to 19. November 2013 (not exactly THAT long ago Wink ), the bitcoin price DOUBLED, measured by the DAILY AVERAGE!

Would you be confident if this time next week we'd be at $850?

It is rises like those that cause major panic buying!!  I guess it could happen?  It has before!  Next week though?  I am not getting my hopes up yet. Wink

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April 12, 2014, 11:54:09 PM
 #996

I read through this whole thread in the last week, and I had been thinking about making a post here.  Accordingly, I am glad that the thread was revived in recent days.

OP's original aspiration of $10K per BTC seems very reachable in the coming year or two, but maybe in the last few days some of our hopes concerning how rapidly the BTC prices are going to get to anywhere near that point have been dashed, somewhat.

Nonetheless, there seems to be so much news on the sidelines concerning a large number of wallstreet type investors who are looking to get into bitcoin.  Surely some of these investment guys are buying on the side, and even Second Market claims to have accumulated over 100,000 bitcoins.  Nothing like the supposedly 650,000-ish that disappeared from Gox, but a good start.  

Part of the current discussion, also is that so many holders do NOT put their BTC into circulation, and accordingly, the BTC market may NOT be liquid enough to accommodate a large amount of capital into the space.  Let's say if currently only between 1 and 2 million BTC are in circulation, then if any real good size investor coming into the space would cause prices to double or triple, almost immediately.... which even though as I type BTC prices have been floating between $410 and $430, we all probably realize a fair current value would be between $750 and $850, and with any decent size investor(s) jumping into the space, we easily get to $1600 or $2400 per BTC.  That woudl provide only a $20 to $30 Billion market cap, and easily 3-4 times of that would then be the next stage of around $10K per BTC.  That $10K per BTC seems very reachable in the next 2 years.

Surely we have quite a bit of speculation where the price will go, and when it will get there b/c I would like to join the elite, as well.  

I am NOT that great at trading, and I started buying in November 2013 (not a great time to buy), but I have acquired about 55BTC. at an average price of about $620.  I would like to be in the black, but still in the red, and at the moment, I am running out of extra fiat to pump in... so I may NOT be able to accumulate too many more BTC in the near future.

In order to maintain being an elite - one has to be able to hold that stash to the side and NOT to spend into it.  Surely early adopters have stashes nearing 1000 BTC and better, and maybe these dips will allow investors to approach that arena.  I am hoping that BTC prices will rise rapidly enough that I can begin to live off of my 55BTC... but that would probably require an ability to hold off and for BTC prices to reach at least $20K per BTC in the next 3-4 years... which may be possible. I also may be able to increase my BTC holdings a bit, so accumulating between 50 and 100BTC may allow me to become a baby elite until the price may go up even further than the $20k range.

That is if someone like Gox does NOT steal my coins...

But yes, right now floating around in the $420 territory - seems like a long way off into the future to get into the elite status prices.


Your "average price is about $620", were you able to buy any at all below $420 for example?
Obviously your main idea is to buy and hold until prices are much higher.
Since you are running low on fiat, you could sell a small amount on rallies (even @ ~$440 for example), and buy back for profits as low as 5 to 10%. That doesn't sound exciting, but the repeated profits add up fast.

Good luck with your exciting journey.

Thanks for the feedback. 
I was able to buy some BTC below $420 – but actually I had some banking issues when BTC prices were dropping below $420, and my deposits did NOT come in to my bank on time to be able to buy very much during the below $400 period.  I also realized that I did NOT have too much more fiat that I could budget into BTC purchases. 

More or less, here are my BTC buying  increments over the last two months:

590.70
668.80
595.00
606.16
592.37
569.61
537.20
576.00
545.55
524.00
484.02
462.61
462.99
455.56
408.64

520.00
580.00
678.85
653.00

610.00
623.50
604.08
585.50
550.19
581.93
566.12
517.03
485.92
525.48
482.53
452.70
446.44
476.00
439.82

428.68
418.60
456.35
453.61
444.93
427.50
412.00
341.19
406.26
394.59
440.89


This buying looks a bit crazy, and yes, it would have been nice to have had sufficient patience and to have waited out BTC purchases for BTC prices to drop.  But each of my buying increments were below my then buy-in average price and dropped my buy in average.  Yes, it would have been much better to have waited until $300s or $400s to buy, but I did NOT know that the price would go down further, and I had wanted to stock up a bit, just in case the price went up rather than down.

Regarding trading:  Frequently, I screw up when I attempt to trade, but I am NOT opposed to cashing out some BTC if we were to have a good and decent run up on prices (even though there still can be problems timing selling at or near the top very well and then questioning when to buy again).  I would prefer to get into the black first before I begin to trade very much, if possible.




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April 12, 2014, 11:58:19 PM
 #997

my ta says taht btc will be at 600$ in 2 months.
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April 13, 2014, 12:43:35 AM
 #998

my ta says taht btc will be at 600$ in 2 months.

I think that there is a lot of pent up demand for BTC and accordingly, the price will likely get to $600 sooner...  However, there are quite a few uncertainties in the space, too... that could explain why it could take a couple months to return to $600. 

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April 13, 2014, 12:48:24 AM
 #999

Wow, what a trip reading those old posts from 2011 at the beginning of this thread.

Wish I had a time machine  Smiley
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April 13, 2014, 12:57:31 AM
 #1000

Wow, what a trip reading those old posts from 2011 at the beginning of this thread.

Wish I had a time machine  Smiley

Time machine?
Your journey only will cost 0.5 BTC if I choose the year, or 3 BTC if you choose the year.
Are you ready?  Cheesy


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