Let us take a moment to laugh at the BTC day traders.

[theonewhowaskazu]

I sort of day trade as a hobby, now mainly on BTC.sx when I think the market is heading up, or a quick sell and buy-back on BTCChina when I think the market is heading down. So far I haven't lost any BTC (although the vast majority of my profit has been eaten by BTC.SX's HUGE ASS FEES). Preferable to gambling on satoshidice, if you want a thrill, and more mentally engaging too

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[evolve]

Perhaps some Day Traders do well, but day trading is just like gambling, they could just as easily lose money.

You can lose your money by buying and holding too.  This whole thing could crash down to nothing tomorrow, and people like you will be left holding the bag, while daytraders like me will have locked in profits multiple times before then.  

When the market is down, I make money, when the market is up, I make money...people who buy and hold have nothing but unrealized gains (no matter what the market is doing), which are worth exactly zero.

[JimboToronto]

I don't get the day-trader hate.

Should they not be allowed to buy and sell Bitcoin at any rate they choose?

Of course. There should be no hate.

Humor on the other hand is a different story. Should people not be allowed to laugh at what they find hilarious?

[Teal Deer]

They buy and sell BTC to just buy and sell BTC.
They simply detract from the goal of BTC to be a currency.

They don't contribute to BTC in general.

What's the difference between that and the 99% rest of us buying and holding in the hopes of becoming rich?

The only people who are exonerated here are the tiny few who are actually buying and selling with BTC.

[oda.krell]

 

[JorgeStolfi]

Stop trying to play the system with your weird charts, super cool phrases, hip and trendy prediction skills ...

Indeed, no mathematical forecasting method can possibly work.  The price of a bitcoin depends only on what the buyers and sellers think that it is worth, which in turn depends on what they think that other people may think it is worth in the future, and so on.  There is no data or thery that can bear on that, 

In the end, the only winners will be those who bought and held long term.

In the end the winners will be those who sold their bitcoins for more $$ than they paid for them (plus exchange fees, bank fees, etc.).  The losers will be those who did the opposite.

[Romyen]

To recap recent events,
A few news stories brought attention to BTC,
The BTC price skyrocketed a few times to ~$1200USD,
The day traders thought BTC was stock and sold in panic.
No surprise to the BTC enthusiasts the price has rebounded to above $1,000USD per BTC.

Let us all take a moment to laugh out loud at these day traders.
BTC is not the stock market.
I suspect quite a few of these low intelligence day traders pulled out at or below the cost they paid to get in.
If you were one of the fool day traders who sold your BTC for less than what you paid,
please post here so we can publicly ridicule you.

If you think you can time the market, it's better to trade to altcoins, rather than fiat. You'll have a better chance of success. Also, the market police agencies will leave you alone when their respective fiat currencies aren't being used.

[PrintMule]

I'm curious about this profession; what does day trading provide to society?

Ultimately each person trying to make profit from trading btc has to invest fiat into it. And every penny invested in btc - raises btc value, enlarges it's market cap.

And the other thing - day trading helps balance price over different exchanges. I sometimes make an arbitrage trade, if it covers fees and +- risk.

Somewhere deep inside I may hate day traders, bots, and other stuff but that's really just envy talking. There's no 'fair' way to this system, it should and will balance itself in the end.

Funny thing - day traders invested in btc are drawn by it's volatility (also it's easy to get in, unlike buying real stocks). Take those swings away, price settles in one place,day traders become uninterested, cash out, which causes another drop and it's starts to swing again. Full circle.

I don't get the day-trader hate.
Should they not be allowed to buy and sell Bitcoin at any rate they choose?

Exactly.

[Anon136]

I'm curious about this profession; what does day trading provide to society?

like other professions and other markets it all depends on whether the entrepreneur profits. if he profits than it helps society if he takes loses than it harms society. If he profits than he reduces volatility, if he takes losses than he increases volatility. this is because if he profits than he succeeds in buying the tops, thus reducing the exaggeration of the top and if he sells the bottom than he reduces the exaggeration of the bottom.

if you have a mind for seeing abstract connections between seemingly disparate ideas, than in this video bob murphy explains the same idea in abstract except with a different example. see if you can make the connections http://www.youtube.com/watch?v=VKk3vCbnigc

[theonewhowaskazu]

Funny thing - day traders invested in btc are drawn by it's volatility (also it's easy to get in, unlike buying real stocks). Take those swings away, price settles in one place,day traders become uninterested, cash out, which causes another drop and it's starts to swing again. Full circle.

Inb4 people start using btc standard deviation as a leading indicator for price.

[antimattercrusader]

I'm curious about this profession; what does day trading provide to society?

Nothing, Day traders exist for their own greed, nothing more.
They waste oxygen.

Anyone who bought a bunch at $1200 and than sold it off at $700 in a panic is NOT a day trader, they would be a clueless noob..

So, The vast majority of the human population?

Based off my experiences with people in general, The vast majority are self-centered, poorly educated, and weak(spiritually, emotionally, and physically).

I like your style, sir.

[7Priest7]

I like your style, sir.

Thank you!

You can lose your money by buying and holding too.  This whole thing could crash down to nothing tomorrow, and people like you will be left holding the bag, while daytraders like me will have locked in profits multiple times before then.  

I have already stated that I do not buy BTC, I mine them... Learn to read please.
To the next point,
you line your pockets as it fills a need you have, I never developed that need.
You're need is a unwelcome intrusion upon the noble dream that BTC aims to achieve.

When the market is down, I make money, when the market is up, I make money...

You make money?
Good for you, I don't think anybody here cares.
In all honesty, Your post screams, I'm a broke guy who dreams of money.
Lastly, I put you on ignore, You being a self described daytrader, you have nothing to say of merit as far as I'm concerned.

[PrintMule]

I'm curious about this profession; what does day trading provide to society?

Nothing, Day traders exist for their own greed, nothing more.
They waste oxygen.

Anyone who bought a bunch at $1200 and than sold it off at $700 in a panic is NOT a day trader, they would be a clueless noob..

So, The vast majority of the human population?

Based off my experiences with people in general, The vast majority are self-centered, poorly educated, and weak(spiritually, emotionally, and physically).

I like your style, sir.

Don't feed his ego Seems It's quite corpulent already.

[evolve]

I have already stated that I do not buy BTC, I mine them

And? you still have to recover your mining costs (equipment, electricity, maintanance, etc)... and I'd wager if the price crashed to zero tomorrow, you'd be in the red. 

You make money?
Good for you, I don't think anybody here cares.

I think you do care, otherwise you wouldnt have made this thread.

Lastly, I put you on ignore, You being a self described daytrader, you have nothing to say of merit as far as I'm concerned.

I think that its hilarious that you make a thread to troll daytraders, but as soon as one calls you out, you take your ball and go home.

[Jrock]

[farlack]

BTC is aimed to be a currency? USD, Pounds, etc are all day traded. Whats the problem here?

[aazssx]

Let us take a moment to laugh at people who make good money on the BTC market in a way that permaholders find scary and confusing.

[Teal Deer]

I think that its hilarious that you make a thread to troll daytraders, but as soon as one calls you out, you take your ball and go home.

[y]

[oda.krell]

Let us take a moment to laugh at people who make good money on the BTC market in a way that permaholders find scary and confusing.

Thanks.

I rarely get really pessimistic about btc's long term prospect, but the thought that a substantial portion of investors and (judging by the name of our forum) speculators have a kindergarten-level understanding of markets and market participants scares me.

[N12]

Hate to break it to you, but we're all gambling on the future of bitcoin. It could crash to $1 tomorrow on some type of devastating news, and a lot of people would lose a lot of money.

Not true, I have mined/earned all my BTC.
I lose nothing if BTC plummets.
I use the electricity that comes free with my rent.

I hope BTC flourishes into a useable currency,
but if it doesn't I will not lose anything.

Nice fallacy there. You believe you "lose nothing" because it is "house money", yet you accuse others of gambling? Quite amusing.