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Question: The Aftermath - Where will it leave BTC in the coming week?
$0-$2.49
$2.50-$4.99
$5.00-$7.49
$7.50-$9.99
$10.00-$12.49
$12.50-$14.99
$15.00-$17.49
$17.50-$20.00
$20+

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Author Topic: The Aftermath - Where will it leave BTC?  (Read 5234 times)
jatajuta
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June 20, 2011, 04:52:45 AM
 #21

 Grin
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pokermon919
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June 20, 2011, 06:14:19 AM
 #22

I wasnt silly enough to buy any bitcoins.

And i wont be purchasing any.......period.

So why are you on a bitcoin forum?
jatajuta
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June 20, 2011, 06:23:11 AM
 #23

I wasnt silly enough to buy any bitcoins.

And i wont be purchasing any.......period.

So why are you on a bitcoin forum?
Bit_Happy
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June 20, 2011, 07:22:27 AM
 #24

I'll be there when they open.

Why would you even consider trading with them anymore?   Huh

Let someone else make the market.

Why?
1) They are currently the only exchange with high volume.
2) Their "live charts" are fantastic and it's a fun, exciting short-term trading experience.
3) Most BTC are very young, this is part of the growing pains.


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SlaveInDebt
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June 20, 2011, 09:23:12 AM
 #25

187th vote bump

"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain
Anduril
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June 20, 2011, 12:17:23 PM
 #26

How ironic, a lawyer who is "afraid" of Bitcoin investing due to tax implications.

I did not say that I was afraid of Bitcoins, I said that my friend was concerned that it might prompt an audit if a lot of money came into my accounts. I thought I might be able to hide it well enough so that would not happen. The point is moot as I will not be investing any time soon, but not because of the tax implications. Mining is on the verge of not being profitable, and at the moment it is not possible to trust the exchanges.

1) If you convert from BTC > Paypal USD you are taking a huge risk the buyer will burn you.
2) If you use LR (for example), then your LR > USD transaction is taxable income, but how does the Gov ever know Bitcoins were involved?
3) If your Bitcoin investment rises in value (or at any time) you can use some to buy products and services.

Number 3 is a very big IF. At the moment, I cannot see how any sane merchant will get involved. Imagine you took payment on Saturday afternoon at $17 USD as a weekly average. Today you would be in a panic.

I still think that the legality of BTC is a huge issue. If it becomes more popular, the Fed and European regulators will declare it illegal. Catch 22.
JonathanHiggins
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June 20, 2011, 01:56:25 PM
 #27

I wasnt silly enough to buy any bitcoins.

And i wont be purchasing any.......period.

So why are you on a bitcoin forum?

Nothing is as obvious as it seems, which obviously escaped the poster after you!

I was looking to invest in Bitcoin business ventures, it took me all of 2 days on here to realise buying and selling these things was not a good idea, i was also not happy with the security of bitcoins, as you will see from my past posts.

I had been in contact with a very well known exchange and we were discussing a payment processing deal but i decided against it in the end for several reasons based mainly on tax implications.

I had signed up for a MtGox account last week to see how it all worked and to educate myself in regards to Bitcoin but never funded it, or planned to fund it, i was always interested in servicing Bitcoin customers, not actual Bitcoin, i prefer cold hard $$$.

Obviously (there's that word again) i got the email this morning about the hack, being i signed up at MtGox, though i used an obscure username and password etc so it seems im safe at this point.

So after an exciting week in Bitcoin land i will bid you all farewell and good luck and go back to my hedge fund business dealings and other online business ventures.

This is not something i will be investing in at this time.
coel
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June 20, 2011, 02:55:27 PM
 #28

Nice how the votes are nearly equally distributed, at least above 10$. It seems the crowd doesn't know more than anyone else, in this case. :-)

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BinaryMage
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June 20, 2011, 03:06:38 PM
 #29

Nice how the votes are nearly equally distributed, at least above 10$. It seems the crowd doesn't know more than anyone else, in this case. :-)

Well, where the price will end up could be significantly affected by anyone with a lot of Bitcoins deciding to cash out, and I think no one really can say if that will happen or not, and to what extreme. The market is small enough and some people have enough Bitcoins to the point where the price can climb sky-high or drop like a rock just by one user's decision, as demonstrated in the price drop when MtGox got hacked. As Seldon so eloquently puts it, a group is predictable, but individuals are not.

-- BinaryMage -- | OTC | PGP
finnthecelt
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June 20, 2011, 03:08:54 PM
 #30

Nice how the votes are nearly equally distributed, at least above 10$. It seems the crowd doesn't know more than anyone else, in this case. :-)

Well, where the price will end up could be significantly affected by anyone with a lot of Bitcoins deciding to cash out, and I think no one really can say if that will happen or not, and to what extreme. The market is small enough and some people have enough Bitcoins to the point where the price can climb sky-high or drop like a rock just by one user's decision, as demonstrated in the price drop when MtGox got hacked. As Seldon so eloquently puts it, a group is predictable, but individuals are not.

True, however, this is also a large group of people waiting for a big pullback to buy. This is going to be a ripsaw.
zby
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June 20, 2011, 03:59:46 PM
 #31

My bet is slightly below $10 - sure there are many excited buyers, but just think about all those that were nearly convinced to sell.
imperi
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June 20, 2011, 04:10:17 PM
 #32

I'm buying a ton if my funds clear and the price is under 14 or 15. I can't wait. It'll be like Christmas.  Grin
finnthecelt
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June 20, 2011, 04:21:07 PM
 #33

I'm buying a ton if my funds clear and the price is under 14 or 15. I can't wait. It'll be like Christmas.  Grin

Already moving my $$ to position for this. The weak will be separated with the chaff. They will be absorbed and forgotten and blown away with the sands of tme.
Frozenlock
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June 20, 2011, 04:37:35 PM
 #34

Same thing!
Hopefully my transfer will be done by the time some weaklings decide to sell!  Grin
zby
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June 20, 2011, 04:55:38 PM
 #35

ha ha - you guys sound like you really wanted to sell all of your bitcoins and want the price not drop to quickly.
finnthecelt
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June 20, 2011, 05:01:21 PM
 #36

ha ha - you guys sound like you really wanted to sell all of your bitcoins and want the price not drop to quickly.

I suppose in the land of make believe you could deduce that from one written line. And besides dolt, I obviously want the price to drop quickly and far if I am to buy some. What boat did you just fall off? Why would I buy if I wanted to sell? I'm going to buy a few low and drive the price up to sell? How old are you, 4?
zby
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June 20, 2011, 05:10:49 PM
 #37

What boat did you just fall off? Why would I buy if I wanted to sell? I'm going to buy a few low and drive the price up to sell? How old are you, 4?
Oh - how I love this type of arguments, but yeah - OK, it actually makes me believe that you were honest Smiley  Take into account that I did not wrote you want to sell (or want to buy) only that you sounded as if you wanted, but maybe I am only losing time trying to explain the difference?
finnthecelt
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June 20, 2011, 05:21:12 PM
 #38

What boat did you just fall off? Why would I buy if I wanted to sell? I'm going to buy a few low and drive the price up to sell? How old are you, 4?
Oh - how I love this type of arguments, but yeah - OK, it actually makes me believe that you were honest Smiley  Take into account that I did not wrote you want to sell (or want to buy) only that you sounded as if you wanted, but maybe I am only losing time trying to explain the difference?

Right, you did not write that I wanted to sell. You wrote....

Quote
you really wanted to sell

You're wasting everyone's time.
Enochian
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June 20, 2011, 05:28:56 PM
 #39

MtGox's incompetence will cripple bitcoin for the near future.  Will bitcoin recover? Who knows. 

Bitcoin is fine.  The tens of thousands of clients are still happily chugging away maintaining the distributed p2p block chain.

MtGox is just another business that takes Bitcoins.  If MtGox has problems, it is of no greater significance than if the Alpaca Sock guy were to have problems.

If MtGox can't provide a liquid market between dollars and Bitcoins, then others will fill the vacuum.

A month from now, we'll all look back on this and laugh.



 
shady financier
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June 20, 2011, 05:59:12 PM
 #40

MtGox's incompetence will cripple bitcoin for the near future.  Will bitcoin recover? Who knows. 

Bitcoin is fine.  The tens of thousands of clients are still happily chugging away maintaining the distributed p2p block chain.

MtGox is just another business that takes Bitcoins.  If MtGox has problems, it is of no greater significance than if the Alpaca Sock guy were to have problems.

If MtGox can't provide a liquid market between dollars and Bitcoins, then others will fill the vacuum.

A month from now, we'll all look back on this and laugh.



 

Fuckin-A. Scares the know-nots though, they'll learn however.

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The value of goods, expressed in money, is called “price”, while the value of money, expressed in goods, is called “value”. C. Quigley
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