ChartBuddy
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June 11, 2014, 03:01:04 PM |
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boumalo
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June 11, 2014, 03:11:27 PM |
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I don't know how and where they buy bitcoins, but i would like to know.
Where do you live? Most large cities in most developed countries at least have Bitcoin ATMs and many have thriving Bitcoin communities where you can buy bitcoins directly from enthusiasts at Bitcoin centers or meet-ups. localbitcoins and exchanges allow to buy BTC as well!
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Torque
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June 11, 2014, 03:13:11 PM |
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Coinbase undergoing overwhelming buying pressure. Hopefully they'll scoop some up on stamp soon
What is your source ? via reddit "Due to higher than normal buy volumes, we are unable to provide exact price quotes right now. Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Tuesday Jun 17, 2014 at 07:12AM PDT. Note that you can cancel your order at any time up until your bitcoin arrive from the transfer history page. The market price of bitcoin changes frequently. Below are some recent prices to give you an idea. These do not guarantee what the price will be in a few days." Saw this other explanation of their business model on reddit: "To explain what they mean by this note you would have to understand their basic business model. In exchange for a 1% margin, Coinbase offers short term loans of USD so that you can buy at the market price today using money that is still in your bank account. To do that Coinbase has to have money in place at an exchange, or close enough to an exchange that the exchange will let them trade with it. When bitcoin is more or less flat, there is very little cash movement, instead some buyers put money in, and some sellers take money out. But during a surge, a lot of money has to move through Coinbase and into an exchange, and the rate at which that can be done is limited by how much cash Coinbase has on hand, how long cash has to sit between transfers, and how long the ACH and international wire transfers take to complete. Divide cash on hand by the total delay time, and you get an approximation of their expenditure limits per day."So if I'm interpreting this correctly, CB's purchasing of coins is limited by the speed of ACH transfers of new USD to the exchanges. So what happens 3 business days from now, when their flood of new $ from today's Expedia news finally hits the exchanges?
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madmat
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June 11, 2014, 03:18:11 PM |
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I don't know how and where they buy bitcoins, but i would like to know.
Where do you live? Most large cities in most developed countries at least have Bitcoin ATMs and many have thriving Bitcoin communities where you can buy bitcoins directly from enthusiasts at Bitcoin centers or meet-ups. I was talking of coinbase. I don't know where they buy bitcoins when they don't have enough. I know how to do it for myself.
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faalhaas
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June 11, 2014, 03:23:15 PM |
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Is this the bear trap before the next rally? Dat volume :$ Whales loading hard.
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JimboToronto
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June 11, 2014, 03:25:37 PM |
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I don't know how and where they buy bitcoins, but i would like to know.
Where do you live? Most large cities in most developed countries at least have Bitcoin ATMs and many have thriving Bitcoin communities where you can buy bitcoins directly from enthusiasts at Bitcoin centers or meet-ups. localbitcoins and exchanges allow to buy BTC as well! The trouble with Localbitcoins is that the prices are often too high. The trouble with exchanges is that for many they are off-shore and require several banking days and expensive international transfers. Also they involve trust. Any exchange could be a MtGox waiting to happen.
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JimboToronto
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You're never too old to think young.
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June 11, 2014, 03:30:28 PM |
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I was talking of coinbase. I don't know where they buy bitcoins when they don't have enough. I know how to do it for myself.
Oops. Sorry. I missed the word "they". I'm still on my first cup of coffee. ![Embarrassed](https://bitcointalk.org/Smileys/default/embarrassed.gif)
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Cassius
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June 11, 2014, 03:46:15 PM |
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So if I'm interpreting this correctly, CB's purchasing of coins is limited by the speed of ACH transfers of new USD to the exchanges. So what happens 3 business days from now, when their flood of new $ from today's Expedia news finally hits the exchanges?
Nice thought, but I don't buy it. Surely some interest would have filtered through to Stamp rather than backing up on Coinbase?
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fonzie
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June 11, 2014, 03:46:50 PM |
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madmat
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June 11, 2014, 03:52:08 PM |
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Your "probably to Stamp" is based on nothing.
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Bitcoin_is_here_to_stay
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June 11, 2014, 03:53:52 PM |
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So if I'm interpreting this correctly, CB's purchasing of coins is limited by the speed of ACH transfers of new USD to the exchanges. So what happens 3 business days from now, when their flood of new $ from today's Expedia news finally hits the exchanges?
Nice thought, but I don't buy it. Surely some interest would have filtered through to Stamp rather than backing up on Coinbase? Yeah, I also do not see why it is a big news and why it should cause a rally? It is nice btc is accepted more widely, but buying with it still does not make much sense, rather than to make a statement. On Expedia, even money sundering does not make sense, as tickets are non-anonymous ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Gox coins moving to Stamp, though, make much more sense as an explanation on a series of dumps on Stamp.
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Cassius
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June 11, 2014, 03:57:08 PM |
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So if I'm interpreting this correctly, CB's purchasing of coins is limited by the speed of ACH transfers of new USD to the exchanges. So what happens 3 business days from now, when their flood of new $ from today's Expedia news finally hits the exchanges?
Nice thought, but I don't buy it. Surely some interest would have filtered through to Stamp rather than backing up on Coinbase? Yeah, I also do not see why it is a big news and why it should cause a rally? It is nice btc is accepted more widely, but buying with it still does not make much sense, rather than to make a statement. On Expedia, even money sundering does not make sense, as tickets are non-anonymous Gox coins moving to Stamp, though, make much more sense as an explanation on a series of dumps on Stamp.
200k on Stamp would have an effect like 9 billion Ripples being dumped. No one would be that dumb.
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fonzie
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June 11, 2014, 03:57:28 PM |
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Possible BFX spread explanation:
A higher price if it is not liquidity related (low liquidity, large spread, low bid, high ask....) or fee related (higher fees, higher bid, higher ask) which we can safely rule out at the moment is often a sign of it being less attractive for people to withdraw fiat and instead withdraw btc leading to higher btc prices (think MtGox for a very long time), also the other way around (easier to deposit fiat ->higher btc price). This would fit as BFX offers no SEPA and now has % fees to withdrawals. It's also possible that as you said there is higher buy pressure because people have more buying power through margin trading although it could be argued that the ability to short on BFX should keep that in check.
With these possibilites it's probably a mix which leads to 1 to 2 % higher prices. BFX clients should definitely keep an eye on the spread though.
Also: the last time Bitfinex pulled out of an exchange it was G O X, a few months before they shutdown ! Stamp next?
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fonzie
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June 11, 2014, 04:00:17 PM |
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I really hope that they dump those 200k Goxcoins one after another on Stamp, so that all of Marks victims can soonish get partially refunded, it would be in the best interest of the Bitcoin community, altough we would have to accept that the price would go sub 300$.
Does anyone know who bought them when they were auctioned? Someone said they sold them for a price of around 1-200$?
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ChartBuddy
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June 11, 2014, 04:01:03 PM |
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fonzie
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June 11, 2014, 04:11:34 PM |
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Question for the whale Bitfinex long holders: How do you feel now that Bitfinex have officially pulled out of Bitstamp and liquidity is going down more and more? How and when do you plan to close your positions? I think Finex should at least have announced it publicly a few weeks before they do such a major move. Have they thought that people would send millions of USD because they added Darkcoin ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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Torque
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June 11, 2014, 04:16:48 PM |
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Question for the whale Bitfinex long holders: How do you feel now that Bitfinex have officially pulled out of Bitstamp and liquidity is going down more and more? How and when do you plan to close your positions? I think Finex should at least have announced it publicly a few weeks before they do such a major move. Have they thought that people would send millions of USD because they added Darkcoin ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) fonzie, you do realize that when sub forum members see you and the other trolls show up and start posting like madmen, that it is actually a bullish signal? ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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MoreFun
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June 11, 2014, 04:25:07 PM |
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Arbitrage bot or user was just on his work. 50 BTC buy on stamp and sell on finex.
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ChartBuddy
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June 11, 2014, 05:01:01 PM |
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