wachtwoord
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April 11, 2014, 12:24:42 PM |
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Let's just say that I saw more long-term potential, when I was only familiar with the hype surrounding bitcoin. When I studied the technical aspects in-depth and thought on how will it fit into the picture of modern finance and trade, then I didn't see so much long term potential. The idea has a lot of potential, but bitcoin itself doesn't have potential to be a quality currency. The maximum potential is to enter the cash transfer service, but this will only happen if major developments will be made in the bitcoin market system. The current level of security, that the market system can offer, isn't just enough to gain the trust that is needed.
It's the most secure system on the planet and has been for some time ...
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Roccker
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April 11, 2014, 12:27:32 PM |
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rpietila (OP)
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April 11, 2014, 01:12:06 PM |
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I am proud to be a bagholder ever since $3... Not that I felt any obligation to disclose, but I am happy to say that I finally managed to source BTC200 @400 off-exchange! UP, UP...
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HIM TVA Dragon, AOK-GM, Emperor of the Earth, Creator of the World, King of Crypto Kingdom, Lord of Malla, AOD-GEN, SA-GEN5, Ministry of Plenty (Join NOW!), Professor of Economics and Theology, Ph.D, AM, Chairman, Treasurer, Founder, CEO, 3*MG-2, 82*OHK, NKP, WTF, FFF, etc(x3)
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SlipperySlope
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April 11, 2014, 01:29:15 PM |
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I am proud to be a bagholder ever since $3... Not that I felt any obligation to disclose, but I am happy to say that I finally managed to source BTC200 @400 off-exchange! UP, UP... At the moment you have $23 per bitcoin unrealized gains. Your insights and open discussion of your whale sized trading are of course commendable. No other whale is so transparent. I am glad that this forum permitted you to find sellers at $400 off exchange. I hope you gain as much from this forum as we others gain knowledge from you.
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rpietila (OP)
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April 11, 2014, 01:35:09 PM |
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Quick TA update: - 6H candle color/volume: BREAKING - huge green candle beats the previous reds (highest 6h volume in 30 days), conclusion: this is a clear sign of a reversal - Bid/ask strengh at market: slippage to sell 5k: $57, slippage to buy: $63, conclusion: volatility continues - Trendline comparison: we are now at -0.367 log units. The trendline is at $993 and rising $7 per day, conclusion: rock bottom - Sentiment: getting better, which in this case is a positive thing - Prognosis: anything can really happen, (see my musings in other posts). I did buy, despite being heavy in BTC already.
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HIM TVA Dragon, AOK-GM, Emperor of the Earth, Creator of the World, King of Crypto Kingdom, Lord of Malla, AOD-GEN, SA-GEN5, Ministry of Plenty (Join NOW!), Professor of Economics and Theology, Ph.D, AM, Chairman, Treasurer, Founder, CEO, 3*MG-2, 82*OHK, NKP, WTF, FFF, etc(x3)
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jmw74
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April 11, 2014, 01:39:21 PM |
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Let's just say that I saw more long-term potential, when I was only familiar with the hype surrounding bitcoin. When I studied the technical aspects in-depth and thought on how will it fit into the picture of modern finance and trade, then I didn't see so much long term potential. The idea has a lot of potential, but bitcoin itself doesn't have potential to be a quality currency. The maximum potential is to enter the cash transfer service, but this will only happen if major developments will be made in the bitcoin market system. The current level of security, that the market system can offer, isn't just enough to gain the trust that is needed.
I think this is a misunderstanding, you can't consider bitcoin's payment system and store of value separately. This is what all the pundits have been doing, attack one while ignoring the effects of the other. They may know a lot about the existing financial system and economy but that doesn't automatically grant them understanding of bitcoin. Bitcoin's strength is its trustless nature. You do not need to trust a third party nor ask its permission. Its potential is NOT in transferring other currencies where you have to trust a third party anyway (usually several of them). No, that is not bitcoin's fate. It will ultimately remove nearly *all* third parties. There will be you, the party you want to do business with, and software. There will probably be mediators of some kind to resolve disputes, but even those will be minimized. Of course, no for-profit company is going to build this software and put itself out of business. It has to be built by the community, generally by people who aren't being directly paid for it. That will take time.
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rpietila (OP)
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April 11, 2014, 02:40:17 PM |
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Your insights and open discussion of your whale sized trading are of course commendable. No other whale is so transparent. I am glad that this forum permitted you to find sellers at $400 off exchange.
I hope you gain as much from this forum as we others gain knowledge from you.
I don't know what I gain and how, but the truth is that being a public person is working very well for me, at least I think the benefits outweigh the negatives
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HIM TVA Dragon, AOK-GM, Emperor of the Earth, Creator of the World, King of Crypto Kingdom, Lord of Malla, AOD-GEN, SA-GEN5, Ministry of Plenty (Join NOW!), Professor of Economics and Theology, Ph.D, AM, Chairman, Treasurer, Founder, CEO, 3*MG-2, 82*OHK, NKP, WTF, FFF, etc(x3)
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BitChick
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April 11, 2014, 02:45:49 PM |
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Your insights and open discussion of your whale sized trading are of course commendable. No other whale is so transparent. I am glad that this forum permitted you to find sellers at $400 off exchange.
I hope you gain as much from this forum as we others gain knowledge from you.
I don't know what I gain and how, but the truth is that being a public person is working very well for me, at least I think the benefits outweigh the negatives Yes. Thanks for your transparency. Although I am operating on a very small scale compared to you, I can still learn from your strategies. Yesterday BitchicksHusband and I were able to pick up a few more coins at great prices. In the past I did not take advantage of these really low days because of fear more than anything. But it has to be a logical decision not based on emotions. So thanks for showing how the "experts" get it done.
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1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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dreamspark
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April 11, 2014, 03:17:33 PM |
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Quick TA update: - 6H candle color/volume: BREAKING - huge green candle beats the previous reds (highest 6h volume in 30 days), conclusion: this is a clear sign of a reversal - Bid/ask strengh at market: slippage to sell 5k: $57, slippage to buy: $63, conclusion: volatility continues - Trendline comparison: we are now at -0.367 log units. The trendline is at $993 and rising $7 per day, conclusion: rock bottom - Sentiment: getting better, which in this case is a positive thing - Prognosis: anything can really happen, (see my musings in other posts). I did buy, despite being heavy in BTC already. While I am generally positive how do you perceive the next 4-7 days where we will no doubt be subject to more news from China and in all likely hood have a mass migration of BTC from China. Its silly to say that the news is priced in or that yesterday was the worst of it as we can learn from the Gox situation that speculators will speculate until they cant speculate any more...?
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aminorex
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Sine secretum non libertas
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April 11, 2014, 03:18:16 PM |
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...it will be more clear when this period of extreme volatility will be over, that is caused by the process of money moving from China to the western exhanges.
Actually, China has been buying more bitcoin than it has been selling, ever since the PBoC chair, Zhou Xiaochuan (Joe Little Boat!), commented that there was no ban on bitcoin, and bitcoin was not in the regulatory purview of the PBoC. Volatility at present correlates with the process of money moving from western exchanges to China.
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Give a man a fish and he eats for a day. Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
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Guinpen
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April 11, 2014, 03:29:25 PM |
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I am proud to be a bagholder ever since $3... Not that I felt any obligation to disclose, but I am happy to say that I finally managed to source BTC200 @400 off-exchange! Question: How do you do such an exchange in practise, i.e. how do you guarantee that one party will not take the other's money and run?
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sidhujag
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April 11, 2014, 03:30:22 PM |
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Quick TA update: - 6H candle color/volume: BREAKING - huge green candle beats the previous reds (highest 6h volume in 30 days), conclusion: this is a clear sign of a reversal - Bid/ask strengh at market: slippage to sell 5k: $57, slippage to buy: $63, conclusion: volatility continues - Trendline comparison: we are now at -0.367 log units. The trendline is at $993 and rising $7 per day, conclusion: rock bottom - Sentiment: getting better, which in this case is a positive thing - Prognosis: anything can really happen, (see my musings in other posts). I did buy, despite being heavy in BTC already. Bullish engulf, positive market sentiment and historical relational statistics.. always a good day to move out of fiat!
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rpietila (OP)
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April 11, 2014, 03:40:09 PM |
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I am proud to be a bagholder ever since $3... Not that I felt any obligation to disclose, but I am happy to say that I finally managed to source BTC200 @400 off-exchange! Question: How do you do such an exchange in practise, i.e. how do you guarantee that one party will not take the other's money and run? By becoming such a trustable person myself that the other one always sends first. There is this thing called "escrow" where bitcoins are typically sent first to a "trusted 3rd party", and once fiat is moved, the bitcoins are released. That is a hassle, I am working hard to replace it with a guarantee system, which would make cheating unprofitable.
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HIM TVA Dragon, AOK-GM, Emperor of the Earth, Creator of the World, King of Crypto Kingdom, Lord of Malla, AOD-GEN, SA-GEN5, Ministry of Plenty (Join NOW!), Professor of Economics and Theology, Ph.D, AM, Chairman, Treasurer, Founder, CEO, 3*MG-2, 82*OHK, NKP, WTF, FFF, etc(x3)
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bitcoinsrus
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April 11, 2014, 03:48:40 PM |
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By becoming such a trustable person myself that the other one always sends first.
There is this thing called "escrow" where bitcoins are typically sent first to a "trusted 3rd party", and once fiat is moved, the bitcoins are released. That is a hassle, I am working hard to replace it with a guarantee system, which would make cheating unprofitable.
Interesting concept, would like to hear more, as I am having this kind of issues on receiving USD (via cashiers checks) for property located elsewhere, would be fantastic if a system like this existed in BTCI was watching a video (few weeks ago) and this is possible with the blockchain. It would take time to develop, but it would work like a built in escrow. The coins would not be released until some condition is met (could also work like if (for example): bob doesn't get his btc until he turns 18 or something). I am sure eventually a development would be made for built in escrow etc
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rpietila (OP)
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April 11, 2014, 05:04:18 PM |
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There is this thing called "escrow" where bitcoins are typically sent first to a "trusted 3rd party", and once fiat is moved, the bitcoins are released. That is a hassle, I am working hard to replace it with a guarantee system, which would make cheating unprofitable.
Interesting concept, would like to hear more, as I am having this kind of issues on receiving USD (via cashiers checks) for property located elsewhere, would be fantastic if a system like this existed in BTC More about it.
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HIM TVA Dragon, AOK-GM, Emperor of the Earth, Creator of the World, King of Crypto Kingdom, Lord of Malla, AOD-GEN, SA-GEN5, Ministry of Plenty (Join NOW!), Professor of Economics and Theology, Ph.D, AM, Chairman, Treasurer, Founder, CEO, 3*MG-2, 82*OHK, NKP, WTF, FFF, etc(x3)
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magicmexican
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April 11, 2014, 05:04:43 PM |
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I am proud to be a bagholder ever since $3... Not that I felt any obligation to disclose, but I am happy to say that I finally managed to source BTC200 @400 off-exchange! Grats, i didnt think anyone would take you on on that offer actually.
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jmw74
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April 11, 2014, 05:53:12 PM |
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There is this thing called "escrow" where bitcoins are typically sent first to a "trusted 3rd party", and once fiat is moved, the bitcoins are released. That is a hassle, I am working hard to replace it with a guarantee system, which would make cheating unprofitable.
Interesting concept, would like to hear more, as I am having this kind of issues on receiving USD (via cashiers checks) for property located elsewhere, would be fantastic if a system like this existed in BTC More about it. We can't read that without registering, and we can't register without a reference. Can I get a reference from you? I think my post history here should show I'm sufficiently knowledgable.
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bitcoinsrus
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April 11, 2014, 06:04:34 PM |
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There is this thing called "escrow" where bitcoins are typically sent first to a "trusted 3rd party", and once fiat is moved, the bitcoins are released. That is a hassle, I am working hard to replace it with a guarantee system, which would make cheating unprofitable.
Interesting concept, would like to hear more, as I am having this kind of issues on receiving USD (via cashiers checks) for property located elsewhere, would be fantastic if a system like this existed in BTC More about it. We can't read that without registering, and we can't register without a reference. Can I get a reference from you? I think my post history here should show I'm sufficiently knowledgable. Yea can i get a reference to
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rpietila (OP)
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April 11, 2014, 06:13:49 PM |
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We can't read that without registering, and we can't register without a reference. Can I get a reference from you? I think my post history here should show I'm sufficiently knowledgable.
Send me PM, please. Both of you
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HIM TVA Dragon, AOK-GM, Emperor of the Earth, Creator of the World, King of Crypto Kingdom, Lord of Malla, AOD-GEN, SA-GEN5, Ministry of Plenty (Join NOW!), Professor of Economics and Theology, Ph.D, AM, Chairman, Treasurer, Founder, CEO, 3*MG-2, 82*OHK, NKP, WTF, FFF, etc(x3)
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JHammer
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April 11, 2014, 08:01:42 PM |
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Love this thread.. Bookmarked and following..
I am drinking Beer? That ok???
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