Fastest Way to Buy Bitcoin During Crash?

[AmericanGreed]

The drop from $260-$130 today isn't the last drop we're going to see and I want to be prepared for the next one. But during the drop today when everyone was trying to sell, I was trying to buy. However, the problem I ran into is that there isn't an immediate way to buy Bitcoin that I'm aware of. Getting USD into Bitcoin in a matter of minutes doesn't exist to my knowledge. I use coinbase, and when I started, it was great. You can buy at anytime and your price was honored at the price you bought it at, even if the coins weren't yet available.

If I bought coins today (Wednesday), I wouldn't get them until Monday, and at Monday's price. I've tried using BitInstant before and they're sketchy and won't use them again. They have no way to be contacted because no one replies and they release your money when they feel like it because they make their money on the transaction fee and they have very little concern of when you get your Bitcoins as long as they've made their money.

So, I'm left with this post. Let's just say the price goes from $260-$130 again, how can I buy Bitcoins right away at the $130 price - because as I've witnessed today, your window of opportunity is approximately an hour - because that's how long it took to go back to $200.

Any ideas or suggestions from you fine people?

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[dontek]

When I first purchased a week ago today, I went to BitInstant.

I chose to pay locally and have it sent to an email account, then walked back to the corner store behind us, western union'd the money to ZipZap and I had my bitcoin transaction complete within a matter of 30 minutes start to finish. However, what sucked was the fact that you bought at whatever the CMV was when the order was placed. Not too big of a deal since prices were steady that day.

However, today, when the market started to tank, I was going to throw in another $200 or so, but I went to BitInstant and now it appears their ONLY option is to have your transaction funded to a MT GOX account? WTF? Has it changed or am I missing a step that I did last week? Screw MT GOX. I don't want to purchase through them seeing as they have been backlogged and who knows how quick your transaction will go through. Anyone know why BitInstant doesn't have the option to purchase to your email address now???

[DeathAndTaxes]

You need money already on an exchange (preferably multiple exchanges) and you probably already need the buy order in place (i.e. if next week BTC is at $220 you have a ladder of buy limit orders at $175, $150, $125, $100, etc).  I was able to scoop up some but it was excruciating.  On Gox the average time between placing an order and executing for me was about 32 minutes.  bitfloor never lagged that badly but went offline at least two dozens times and getting market depth was hit or miss.

Now having money on the exchange has its own risk but nobody buying on the way up from $105 to $180 was using anything but reserve cash sitting on the exchanges and waiting.

[dontek]

And now just for the hell of it I went back to BitInstant and now they have an option for MTGOX or fund to a bitcoin address. Whatdehell?

[AmericanGreed]

Yea but they release your money when they feel like it. Some people have waited days....

[wayfarer]

Brand new here and haven't poked around all that much, but I wonder if there's a buy and sell board here...if anyone could actually trust each other to make deals...  I think it'd be cool to have localized 3D markets...basically people meeting face to face and trading btc for dollars.  I'm in it for the long haul value as a currency.  But I'd love to meet some people in edmonton who want to sell me coins for $150.  Not that I can even spare it right now but...

[AmericanGreed]

Try LocalBitCoins.com. They have an escrow service as well.

[ccl]

The drop from $260-$130 today isn't the last drop we're going to see and I want to be prepared for the next one. But during the drop today when everyone was trying to sell, I was trying to buy. However, the problem I ran into is that there isn't an immediate way to buy Bitcoin that I'm aware of. Getting USD into Bitcoin in a matter of minutes doesn't exist to my knowledge. I use coinbase, and when I started, it was great. You can buy at anytime and your price was honored at the price you bought it at, even if the coins weren't yet available.

If I bought coins today (Wednesday), I wouldn't get them until Monday, and at Monday's price. I've tried using BitInstant before and they're sketchy and won't use them again. They have no way to be contacted because no one replies and they release your money when they feel like it because they make their money on the transaction fee and they have very little concern of when you get your Bitcoins as long as they've made their money.

So, I'm left with this post. Let's just say the price goes from $260-$130 again, how can I buy Bitcoins right away at the $130 price - because as I've witnessed today, your window of opportunity is approximately an hour - because that's how long it took to go back to $200.

Any ideas or suggestions from you fine people?

Are you aware that Coinbase is future dating the price now? Buy today for the tomorrow's price?

[coqui33]

You need money already on an exchange (preferably multiple exchanges) and you probably already need the buy order in place (i.e. if next week BTC is at $220 you have a ladder of buy limit orders at $175, $150, $125, $100, etc).  I was able to scoop up some but it was excruciating.  On Gox the average time between placing an order and executing for me was about 32 minutes.  bitfloor never lagged that badly but went offline at least two dozens times and getting market depth was hit or miss.

Now having money on the exchange has its own risk but nobody buying on the way up from $105 to $180 was using anything but reserve cash sitting on the exchanges and waiting.

Listen to this person. He knows. I keep permanent open buy orders at 160, 140, 120, 100 ... all the way down to 40. Each order snaps instantly without intervention. The deeper the crash, the happier I am.

[yvv]

So, I'm left with this post. Let's just say the price goes from $260-$130 again, how can I buy Bitcoins right away at the $130 price - because as I've witnessed today, your window of opportunity is approximately an hour - because that's how long it took to go back to $200.

Any ideas or suggestions from you fine people?

You can keep your mtgox, btc-e and other exchange accounts charged with you usd and btc to play the exchange rates. It is the best way to find out, what happens faster: price go from $260-$130, or these accounts get hacked, or these exchanges piss you off.

[Splicer]

Awesome. I love bitcoins. The lows and the highs.

[wayfarer]

Awesome. I love bitcoins. The lows and the highs.

totally!!  *gets popcorn*

[JaLaMaN]

it is a crazy market

[Fallen666]

I recon someone will come out with some kind of proper software soon to start trading real time......

[briannguyen]

Crazy market and bad mt.gox exchange made me miss my chance of taking profit yesterday