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Author Topic: Nobody takes bitcoin seriously: rises 10x in month drops 50% in 10 days? I do.  (Read 3694 times)
FooDSt4mP
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June 06, 2011, 03:15:57 PM
 #21

500x leverage would whip this market around like crazy.  We need a lot more growth before any leverage is needed.

As we slide down the banister of life, this is just another splinter in our ass.
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TradersEdgeDice
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June 06, 2011, 09:41:43 PM
 #22

19 to 16 to 19…  A 30,000 pip range and a 60,000 pip move it one day.

That is more insane than any instrument offered in the casino gulags of lower Manhattan or Chicago.

I would like more BTC players to educate themselves about the existing market rules.  They're not reinventing anything and should understand that without this knowledge, they can get screwed.

Prior to Clinton introducing the casino laws at the end of his term, commodities and currencies were the most conservative markets because they lacked the leverage of today's mosh pit.

Leverage has democratized trading.  You don't need millions to get in.  At the same time, people seem to have this absurd aversion to educating themselves on the most basic rules.

If it wasn't for the fact that people could end up splattered around a utility pole to mark a permanent end to their internet porn habit, I think people would not learn the basics of driving either.

Prices do not move like this.  Not legitimately, anyway.  Buyers and Sellers need to fight it out on the third and fourth decimal place, not in recognizable fractions and certainly not in integers.

I don't want to see leverage come to bitcoin.  Leverage needs to be curtailed significantly.  It's already curtailed in American equities at 2 to 1 and most people do not know that until you tell them.


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June 07, 2011, 12:01:14 AM
 #23

Prices do not move like this.  Not legitimately, anyway.  Buyers and Sellers need to fight it out on the third and fourth decimal place, not in recognizable fractions and certainly not in integers.

I don't want to see leverage come to bitcoin.  Leverage needs to be curtailed significantly.  It's already curtailed in American equities at 2 to 1 and most people do not know that until you tell them.

See I think bitcoin is the best teaching tool. Without the leverage it forces you to keep mowing fingernails. Once you are accustomed to calculating the market and making leisurely trades, you can then outperform every middle of the rank forex player because you won't twitch.

Second the ones complaining about hoarding are the ones who would be hoarding if they had been here earlier. If there were really that much hoarding going on the price would not move because there would be no recycling. Some people are happy to be holding BTC for the future. They are getting no gain until they trade anyway. Who knows maybe they are waiting for stores to pop up but do not have the time or interest in babysitting such a business.

Proposal: http://forum.bitcoin.org/index.php?topic=11541.msg162881#msg162881
Inception: https://github.com/bitcoin/bitcoin/issues/296
Goal: http://forum.bitcoin.org/index.php?topic=12536.0
Means: Code, donations, and brutal criticism. I've got a thick skin. 1Gc3xCHAzwvTDnyMW3evBBr5qNRDN3DRpq
kiba
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June 07, 2011, 12:31:31 AM
 #24

Thank you for providing me an excuse to provide a comic link: http://bitcoinweekly.com/articles/comic-reaction-after-dramatic-rise-of-bitcoin-s-value  Grin

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June 07, 2011, 12:46:31 AM
 #25

going by http://bitcoinwatch.com/ there was 844,338.94 BTC sent in the last 24 hours. (not sure how much of that is real trade or just people shuffling money between accounts)
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