The motivations to purchase bitcoin

[BitChick]

I think for me the original reason was #1.  It looked like a great way to make a quick buck or two.  However, the more I understand it, and understand how I really should not be putting all my trust in the dollar (people do not realize how risky that really is) I want to have holdings of BTC at all times, so my motivation has moved to #3.

In 10 years it will be very interesting to see what happens to many of the world's currencies and it will be interesting to see what the value of BTC is in relation to the rest of them.  It could be a gamble, but it is a gamble to have money tied up in fiat too.  Just my take on it all.

[BitcoinLeader]

I only started trading because of the high volatility. At first I was thinking about getting like $30 dollars profit in a day when BTC was worth $70 back in march 2013.

But when BTC started to keep rising over  > $100 I was waiting and waiting for BTC to get under $90 again so I could buy back in but it took so long and then I learned about how you could profit from Bitcoin going down in value, I learned about going "Short".

At the same time I learned about "leverage" which means I could make 5x as much profit but also 5x as much loss with the same budget. A moving of $20 would mean 5 x $20 = 100 with just 1 Bitcoin capital which normally would needed 5 Bitcoin capital on exchanges like MtGox, Bitstamp and BTC-E.

Until now I never trade at those exchanges anymore but stick to my favourite trade platform Plus500. All this also led me to trade in other currency pairs like EUR/USD, EUR/JPY and trading in stocks like Facebook.

My biggest profit call with Bitcoin at Plus500 was  1030 EURO in just 45 minutes, you can see it in this screenshot I made:


It was the moment when BTC spiked $20 down in 5 minutes and I was so sure it would climb back up very quickly so I went long when it peaked down. 45 minutes later I got 1030 euro richer.

Does anyone else had any fabulous experiences with going short on Bitcoins?

[johnyj]

Short always have unlimited risk, and due to limited amount of coins, short bitcoin is very dangerous, all the people who shorted bitcoin since last year were eventually squeezed out when price reached 200+

[BitcoinLeader]

That's true, you gotta look for the moment when Bitcoin climbs up in value fast, like $20 or more within a few hours.
This fast increase in value means a high volume of bitcoins have been bought.

Eventually the people who bought them will seek for an opportunity to liquidate their profits, hence a drop in Bitcoin value occurs. This is the moment where you should try to go short. Offcourse reading news which might have a considerable effect on dropping Bitcoins value, like the one with the Liberty Reserve take down will give you a good indication to know when the perfect moment to go short is near.

[awesomeami]

Some of us have the ability to buy at coinbase price and sell locally at MtGox price.  That's my motivation for buying right now.
Also, buying gift cards/items that I normally would have purchased at a discount, just by using btc.  That's a huge motivation.

There is a 16 GB RAM chip that I'm tempted to buy on Bitcoin store one of these days - last I checked, it was something like $20 cheaper than Amazon.com, which is pretty impressive.

Can you gimme the link please?
I am very interested to buy 4*16GB DDR3

[halfawake]

Some of us have the ability to buy at coinbase price and sell locally at MtGox price.  That's my motivation for buying right now.
Also, buying gift cards/items that I normally would have purchased at a discount, just by using btc.  That's a huge motivation.

There is a 16 GB RAM chip that I'm tempted to buy on Bitcoin store one of these days - last I checked, it was something like $20 cheaper than Amazon.com, which is pretty impressive.

Can you gimme the link please?
I am very interested to buy 4*16GB DDR3

I stopped watching this thread a while ago, thus the ridiculously late response.  I just searched for it last night and couldn't find it any more, so it doesn't look like it's available any more.  But just do searches for RAM on bitcoinstore, maybe it'll turn up again sometime.