piramida
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Activity: 1176
Merit: 1010
Borsche
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January 21, 2014, 08:05:56 PM |
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One day + it is reversible for up to 20 days. You are talking currency exchange, not "moving money around the world" now. This is a completely different topic.
But what good is 100K worth of Bitcoin to anyone that wishes to actually use it as money, if it is stuck in BTC form? Sorry, but until such a day is reached that Bitcoin is considered 100% fungible and interchangeable with local currencies, there exists much faster, cheaper, and more secure (in terms oif knowing that your 100K aint away to take a 20% haircut mid transit) ways of shifting money around the world. Where Bitcoin has an advantage is when their is a need to keep the transaction of radar, but then there are huge premiums to be paid in converting to local currencies. The possibility to transfer value exists today and is way more secure and convenient than anything else. Exchanging easily for the local currencies - maybe a thing of tomorrow, or maybe a thing of the past, who knows. |
i am satoshi
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MatTheCat
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January 21, 2014, 08:35:46 PM |
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The possibility to transfer value exists today and is way more secure and convenient than anything else. Exchanging easily for the local currencies - maybe a thing of tomorrow, or maybe a thing of the past, who knows.
LOL! In the UK, u go and try finding a trader who is willing to exchange Bitcoin for cash at anything more than 15% under spot! And that is in the UK where we have access to all modern financial tools and products....in less developed countries I would wager even higher obstacles and premiums. Again, only really an option you would take if staying of radar of financial system was paramount. |
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Keyser Soze
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January 21, 2014, 08:42:42 PM |
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In the UK, u go and try finding a trader who is willing to exchange Bitcoin for cash at anything more than 15% under spot! And that is in the UK where we have access to all modern financial tools and products....in less developed countries I would wager even higher obstacles and premiums.
What source are you using for the spot price? |
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MatTheCat
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January 21, 2014, 09:39:28 PM |
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Where does one find traders who will meet in public places in order to exchange Bitcoin for cash and vice versa? www.localbitcoins.com |
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MAbtc
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January 21, 2014, 10:03:50 PM |
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Indeed, in my experience, any reputable trader on localbitcoins is charging a very hefty premium. ≥ 6%, and 20% premium (over Bitstamp) is not entirely uncommon in my area.
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MatTheCat
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January 21, 2014, 10:06:37 PM |
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Indeed, in my experience, any reputable trader on localbitcoins is charging a very hefty premium. ≥ 6%, and 20% premium (over Bitstamp) is not uncommon in my area.
6% is standard for bank transfer payment and indeed, during November bull run when I was desperately trying to get some cash into Bitcoin and Bitstamp verification was taking 11 fkn days, bank transfer premiums on LoclBitcoins were as high as 30%. I refused to pay it and ended up missing out on a lot of upside because of it. However, if you are going for anonymity of cash payment, then 20% is standard even during turgid market phases. I was being generous by stating 15% to prevent some Bitcoin nutter from 'showing me up'. |
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MAbtc
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January 21, 2014, 10:07:58 PM |
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Indeed, in my experience, any reputable trader on localbitcoins is charging a very hefty premium. ≥ 6%, and 20% premium (over Bitstamp) is not uncommon in my area.
6% is standard for bank transfer payment. If you are going for anonymity of cash payment, then 20% is standard. I was being generous by stating 15% to prevent some Bitcoin nutter from 'showing me up'. I only look at cash. I see no other use for localbitcoins. If I were interested in wires/transfers showing up in a bank account, I'd cash out from the exchanges. |
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MatTheCat
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January 21, 2014, 10:11:38 PM |
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I only look at cash. I see no other use for localbitcoins. If I were interested in wires/transfers showing up in a bank account, I'd cash out from the exchanges.
I don't know if you are in UK or not, but for UK Bitcoiners, the 'local' exchange means Bitstamp, which deals in Euro and USD transactions. For most UK punters, there will be 3%-4% bank transfer/money changing transfers to deal with at both ends, going in and coming out. This is where LocalBitcoins comes into it's own for privacy insensitive Bitcoiners. |
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Keyser Soze
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January 21, 2014, 10:25:15 PM |
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The spread on face to face cash transactions is generally pretty terrible, especially when the market is moving quickly. Unfortunately that is what happens in a small marketplace such as LocalBitcoins.
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MatTheCat
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January 21, 2014, 10:34:31 PM |
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The spread on face to face cash transactions is generally pretty terrible, especially when the market is moving quickly. Unfortunately that is what happens in a small marketplace such as LocalBitcoins.
More terrible perhaps than Western Union? No need to answer that, it was a rhetorical question, I already know the answer (much more injurious rates than WU). |
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Keyser Soze
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January 21, 2014, 10:53:44 PM |
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The spread on face to face cash transactions is generally pretty terrible, especially when the market is moving quickly. Unfortunately that is what happens in a small marketplace such as LocalBitcoins.
More terrible perhaps than Western Union? No need to answer that, it was a rhetorical question, I already know the answer (much more injurious rates than WU). Yes because small, volatile markets such as bitcoin are totally comparable to established, traditional currencies.  |
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MatTheCat
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January 21, 2014, 10:58:37 PM |
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Yes because small, volatile markets such as bitcoin are totally comparable to established, traditional currencies. How about before you go jumping in face first you read through previous comments and get a little context. This is the comment that I am essentially countering: With bitcoin, it takes me all of 1 second while not picking up a phone or going anywhere + 1 hour wait before the partner is completely sure the money is his. There plainly is no such financial instrument in traditional world, for any money. It is a multi-day process in the best case and involved a ton of confirmations, calls, faxes, walking, signing, whatever, all the 20-century old school mumbo jumbo. We don't drive horses to work anymore, why must the world still rely on a written ink signatures that anybody could falsify for all of the important deals and finances? Seems archaic and stupid.
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Keyser Soze
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January 22, 2014, 11:56:13 PM |
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Yes because small, volatile markets such as bitcoin are totally comparable to established, traditional currencies. How about before you go jumping in face first you read through previous comments and get a little context. You're the one who compared the spreads on face to face transactions through LocalBitcoins to Western Union currency spreads. This is the comment that I am essentially countering: With bitcoin, it takes me all of 1 second while not picking up a phone or going anywhere + 1 hour wait before the partner is completely sure the money is his. There plainly is no such financial instrument in traditional world, for any money. It is a multi-day process in the best case and involved a ton of confirmations, calls, faxes, walking, signing, whatever, all the 20-century old school mumbo jumbo. We don't drive horses to work anymore, why must the world still rely on a written ink signatures that anybody could falsify for all of the important deals and finances? Seems archaic and stupid.
I'm sure we can agree that bitcoin is a far more efficient payment method and the problem is typically with the recipient accepting it and/or trading for a local currency. |
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DustyRah (OP)
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February 05, 2014, 01:36:03 AM |
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Bail out while you still can....  |
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chessnut
Legendary
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Merit: 1001
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February 05, 2014, 01:37:21 AM |
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Bail out while you still can....
FUD |
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billyjoeallen
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Merit: 1007
Hide your women
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February 05, 2014, 01:47:04 AM |
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Bail out while you still can....
FUD Yeah, funny how these guys stop talking about the MacD when it turns positive. They are actually training us to ignore them. |
insert coin here:
Dash XfXZL8WL18zzNhaAqWqEziX2bUvyJbrC8s
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc
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DustyRah (OP)
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February 05, 2014, 01:50:31 AM |
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I was always bearish mate...MACD never turned positive if you look at the chart which I have posted at the beginning and now...
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MatTheCat
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February 05, 2014, 01:54:24 AM |
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I was always bearish mate...MACD never turned positive if you look at the chart which I have posted at the beginning and now...
The 4hr 6hr MACDs which were looking negative 2-3 days ago, have now turned 'positive'......but in a period of low volume stagnation, this means nothing. The RSI and the KDJ may show that Bitcoin is 'oversold' but the lines are not interacting with each other in anyway which might suggest a 'must buy' situation. The longer term technicals which will be less influenced by the recent stagnation are all still pointing down the ways. |
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billyjoeallen
Legendary
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Activity: 1106
Merit: 1007
Hide your women
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February 05, 2014, 01:55:53 AM |
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I was always bearish mate...MACD never turned positive if you look at the chart which I have posted at the beginning and now...
Always?? You must've lost an ass-load on money by now. Either you've been wrong for years in which case I shouldn't listen to you or you haven't been around long, in which case I shouldn't listen to you. Which is it, Mate? |
insert coin here:
Dash XfXZL8WL18zzNhaAqWqEziX2bUvyJbrC8s
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc
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DustyRah (OP)
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February 05, 2014, 01:59:41 AM |
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I was always bearish mate...MACD never turned positive if you look at the chart which I have posted at the beginning and now...
Always?? You must've lost an ass-load on money by now. Either you've been wrong for years in which case I shouldn't listen to you or you haven't been around long, in which case I shouldn't listen to you. Which is it, Mate? I am the original poster of this thread. Take a look at the chart which I posted at the start of the thread. Since then BTC has gone jack is what I meant to say... No one is asking you to listen to me...hold on to your precious as you see fit... |
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