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y3804
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April 29, 2014, 12:43:12 AM |
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To clear any confusion, the "bounce" today was due to k8.com (Hyflux entertainment) buying about 40,000 BTC using international exchange
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Adrian-x
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Activity: 1372
Merit: 1000
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April 29, 2014, 12:44:37 AM |
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It wouldn't matter if it was only 5 coins. Fiat flow in has to be greater than fiat flow out for price to rise. Chinese fiat flow has slowed to a trickle with nothing obvious to replace it yet. The Chinese don't have to dump coins for the price to drop. They just have to stop buying them, and they ARE reducing purchases.
OK cheaper coins coming in, but not that I have $22,000 per day to invest, but that is not a lot of cash globally needed to come in to the average exchange to keep demand higher than production. I'm banking supply dries up when AM gen3 chips are implemented and push up that difficulty. It's not much cash at all, but it still has to come from somewhere. I can think of dozens of possibilities, but no probabilities. Buying AM gen3 chips doesn't make any sense to me with BTC prices so much lower now than the cost of production. You'd get a much better ROI by buying coins themselves. I'm not buying AM gen 3 chips, I am thinking AM will employ them anyway regardless of BTC price, and the distribution of new coins will shift enough to make mining less profitable for many. |
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billyjoeallen
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Activity: 1106
Merit: 1007
Hide your women
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April 29, 2014, 12:45:07 AM |
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The 30 min chart on Stamp is looking like a downward red staircase today...as much as I like cheap coins, I am anxious for a turnaround.
zoom out to the 6hr chart. To me it just looks like a series of lower highs and lower lows since January. And I see no signs of a turnaround any time soon. (not that bitcoin needs a reason). From that chart it looks to me like we would at least need to re-test the 330-340 range on stamp before seriously turning around. by the way, does anyone know the price that the Winklebros bought in at? They claim they started buying in high double digits. I don't think there is a whole lot of respect for them on Wall Street and I doubt any major players are going to jump in until it's more obvious that Bitcoin is a self-sustaining phenomenon. I recall a YT interview which gave the impression a lot of their buying was around $10 to $12. After doing more googling, it appears that you are most likely correct. |
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TERA
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April 29, 2014, 12:45:16 AM |
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To clear any confusion, the "bounce" today was due to k8.com (Hyflux entertainment) buying about 40,000 BTC using international exchange
source? |
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billyjoeallen
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Merit: 1007
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April 29, 2014, 12:48:16 AM |
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To clear any confusion, the "bounce" today was due to k8.com (Hyflux entertainment) buying about 40,000 BTC using international exchange
source? ditto. source? |
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JorgeStolfi
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April 29, 2014, 12:57:35 AM |
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I think SecondMarket is buying... will be interesting to check their holdings tomorow  Or someone else, who is going long. AFAIK, SecondMarket's BIT (and other similar funds, like Pantera's PBP) do not trade bitcoin. When some person buys N "shares" from them, they buy N/10 bitcoins for that person, officially at market price, and keep them safe. When that person liquidates the shares (which they cannot do for some period, e.g 6 month), they sell the bitcoins, officially at market price, and give the money to him. So, in principle, the SMBIT managers only buy bitcoins if someone else thinks that buying bitcoins through them now and being forced to hold for six months is a good idea. If SecondMarket's managers or owners trade coins independently of investments and liquidations, it is separately from their official business, and they won't tell the public about that. If they can buy below market when someone buys their shares, or sell above market when that person liquidates, the diffrence is added to their profit, and is not passed on to that person. There is a thread that monitors SMBIT's buying and selling. |
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ChartBuddy
Legendary
 Online
Activity: 2170
Merit: 1776
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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April 29, 2014, 01:00:58 AM |
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adamstgBit
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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April 29, 2014, 01:11:38 AM |
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windjc
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Merit: 1070
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April 29, 2014, 01:12:32 AM |
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Why is a gaming company buying 40k BTC? |
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billyjoeallen
Legendary
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Activity: 1106
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April 29, 2014, 01:20:15 AM |
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Why is a gaming company buying 40k BTC? If it was me, it would be to have BTC prizes, so I could lure in BTC gamblers. |
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ShroomsKit
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April 29, 2014, 01:26:32 AM |
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cheap coins?
This will be so true at the end of 2016 it will be funny to read. +1 As for right now, we definitely need to see another significant spike down before we see a spike up IMHO. No we don't. People keep saying this over and over. At every price point possible. It's based on nothing. |
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billyjoeallen
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April 29, 2014, 01:31:16 AM |
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cheap coins?
This will be so true at the end of 2016 it will be funny to read. +1 As for right now, we definitely need to see another significant spike down before we see a spike up IMHO. No we don't. People keep saying this over and over. At every price point possible. It's based on nothing. It's based on Austrian Business Cycle Theory. http://en.wikipedia.org/wiki/Austrian_business_cycle_theory Bitcoins need to flow from the people who use them less productively to the people who use them more productively. You can't have sustainable growth when incompetents control all the capital. |
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aminorex
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Activity: 1596
Merit: 1029
Sine secretum non libertas
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April 29, 2014, 01:42:13 AM |
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It's based on Austrian Business Cycle Theory. http://en.wikipedia.org/wiki/Austrian_business_cycle_theory Bitcoins need to flow from the people who use them less productively to the people who use them more productively. You can't have sustainable growth when incompetents control all the capital. Okay, now that's one of the most absurd misapplications of business cycle theory that I've ever seen. |
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aminorex
Legendary
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Activity: 1596
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Sine secretum non libertas
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April 29, 2014, 01:44:35 AM |
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Interesting how Huobi runs out of cash on bids every night, then fills up in the wee morning hours, BJT.
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RUEHL
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April 29, 2014, 01:45:02 AM |
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by the way, does anyone know the price that the Winklebros bought in at?
In this CNBC video, they confirm they they started accumulating in the single digits. In some other interview, I remember them saying "high single digits." |
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jl2012
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Activity: 1792
Merit: 1097
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April 29, 2014, 01:46:06 AM |
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Why is a gaming company buying 40k BTC? If it was me, it would be to have BTC prizes, so I could lure in BTC gamblers. It's typical Chinese scam |
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bitcoinsrus
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April 29, 2014, 01:51:21 AM |
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"However, perhaps most interesting about the story is that the government has already sold more than $3m in the proceeds from Slomps’ crimes, Assistant US Attorney Randall Samborn told CoinDesk, though he declined to offer any further specifics about the sale." I read the article to. Its too short and mainly discusses the silk road scandal. Even the comments show more interest in the selling. I think they sold a portion of the coins (3 million worth). I don't know if it was all, a fraction etc (most likely retail or close to retail since not much else is disclosed and (I base somewhat on the quote I added) |
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