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Author Topic: Just moved half of my funds off Bitstamp back into nice safe and warm Bank Konto  (Read 6646 times)
Ibian
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March 18, 2014, 05:45:29 PM
 #81

Do you really think anyone reading this forum is speculatively holding bitcoin as a hedge against USD collapse?
I am, only it is not against the dollar but against the entire fiat economy collapsing. Other circles on the internets, equally as nerdy as this one, see it coming around 2020.

Look inside yourself, and you will see that you are the bubble.
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Cassius
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March 18, 2014, 06:06:22 PM
 #82

Seleme,

You need to stop correlating the English with excessive swearing. Low class, Chav Scum do swear and behave in the manner you suggest (I would include matthecat in this category Smiley ) Quality middle class English types know when it is appropriate to swear and use it sparingly and in the correct context....

Absolutely right.
They will also use different terms to reflect their superior upbringing. "Bloody hell". "Arsewit". And so forth.
"Strewth, guvnor" and "Lawks a mercy" might be appropriate to the lower classes who know their place.
inca
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March 18, 2014, 06:12:16 PM
 #83

Do you really think anyone reading this forum is speculatively holding bitcoin as a hedge against USD collapse?
I am, only it is not against the dollar but against the entire fiat economy collapsing. Other circles on the internets, equally as nerdy as this one, see it coming around 2020.

You are taking quite the long view there ibian! By then at least crypto will either have disappeared under the waves or emerged fully.

Matthecat: retard denialist $900 bag holder?

I did most of my buying in the march/april runup last year, held, bought more in november held, and will continue to trickle buy a few each month as a relatively small speculative position in a portfolio of assets. I hold because as a punt bitcoin seems worth a shot and may return a few 100% over the next 2-3 years.

You have apparently been on the right side of the market once or twice it seems. But buying in and out like a epileptic means you are likely to end up with precisely the outcome 90% of traders achieve, especially if you continue to use leverage. You are obviously intelligent but it is hard to take you remotely seriously with these pathetic manipulative threads. You come across as a bit of juvenile prick to be frank . Anyway, good luck to you!
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March 18, 2014, 07:02:08 PM
 #84

I just wonder how many users here are diversified into other investments, have fully funded their IRAs, outright own their home or cars (meaning pay off loans early, i realize the home is harder), paid off their college loans faster then the bare minimum, pay off credit card debt at the end of the month in full, and otherwise make good choices about money.

Or do we have a lot of younger people who think bitcoin is their path to wealth and that is all they have combined with negative aspects of things I mention above.
spazzdla
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March 18, 2014, 07:29:54 PM
 #85

Do you really think anyone reading this forum is speculatively holding bitcoin as a hedge against USD collapse?
I am, only it is not against the dollar but against the entire fiat economy collapsing. Other circles on the internets, equally as nerdy as this one, see it coming around 2020.

^

I am 100% against a privately controlled monetary system and frational banking.
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March 18, 2014, 07:30:48 PM
 #86

I just wonder how many users here are diversified into other investments, have fully funded their IRAs, outright own their home or cars (meaning pay off loans early, i realize the home is harder), paid off their college loans faster then the bare minimum, pay off credit card debt at the end of the month in full, and otherwise make good choices about money.

Or do we have a lot of younger people who think bitcoin is their path to wealth and that is all they have combined with negative aspects of things I mention above.

I own my car, I have zero debts, I own a lengthy supply of food, I own gold and silver, I own bitcoins.

Debt is the devil.. that is all.
John999
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March 19, 2014, 04:19:38 PM
 #87

If the banking system collapses, then btc price will collapse too. Btc demand is fueled mostly by wires of fiat from bank accounts from speculators.

Shusht!

Be quiet!

You're not meant to say these things! People on this place actually think that Bitcoin is a hedge against collapse of USD and that when the USD actually does collapse, that we are all going to happily exchange things of real value and use for lines of algorithmic computer code backed by no real commodity and backed by absolutely no standing authority! Those of us that have most of these lines of code are going to be the richest!

and further to my attempt to take half my funds out of Bitstamp, I got better acquainted with their KYC routine today. 8 questions, one of them in particular I am pretty sure that they have absolutely no right to ask. I have opted to tell them to mind their own business when they asked me for proof of earnings. If they start stamping their feet and witholding my fiat, I shall convert the lot to BTC, cash out on LocalBitcoin, and in the absence of a reliable and trustworthy exchange, that will be me without any route into Bitcoin investment. Me and how many more other people who might be feeling the same way? Are Bitstamp going the way of MtGox? Are these KYC routines a transaction delaying mechanism? If so, then Bitcoin is fkd.

Did you get your funds from bitstamp?
wachtwoord
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March 19, 2014, 04:32:36 PM
 #88

If you consider your European bank account save you can't have much to begin with.
MatTheCat
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March 19, 2014, 05:51:50 PM
 #89

Did you get your funds from bitstamp?

Ah, erm........ Undecided

No, I have not. They want me to prove from where I got my money from to begin with, before they give me my money back. Money which they had no problems accepting in the first instance. I told them that they have no right to even ask this information, let alone ask for personal documents proving where I get my money from. The case is ongoing but I started out thinking I would withdraw around half of what I have on Bitstamp. I think now I might have to withdraw everything one way or the other. This whole Bitstamp KYC routine reeks of rancid delaying tactic pish to me.

If Bitstamp, the main USD cash out exchange, is also running a fractional reserve Bitcoin exchange as I strongly suspect BTC-e and Bitfinex are, and are in fact insolvent and have started on the same path as Gox, then the whole Bitcoin system is in a lot of trouble. This would entail a whole lot more people getting burned and the price discovery of Bitcoin as defined by exchange rates, rendered totally irrelevant.

If you consider your European bank account save you can't have much to begin with.

Go regurgitate me some more dogma, u fkn parrot.

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
Cassius
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March 19, 2014, 05:58:15 PM
 #90

Did you get your funds from bitstamp?

Ah, erm........ Undecided

No, I have not. They want me to prove from where I got my money from to begin with, before they give me my money back. Money which they had no problems accepting in the first instance. I told them that they have no right to even ask this information, let alone ask for personal documents proving where I get my money from. The case is ongoing but I started out thinking I would withdraw around half of what I have on Bitstamp. I think now I might have to withdraw everything one way or the other. This whole Bitstamp KYC routine reeks of rancid delaying tactic pish to me.

If Bitstamp, the main USD cash out exchange, is also running a fractional reserve Bitcoin exchange as I strongly suspect BTC-e and Bitfinex are, and are in fact insolvent and have started on the same path as Gox, then the whole Bitcoin system is in a lot of trouble. This would entail a whole lot more people getting burned and the price discovery of Bitcoin as defined by exchange rates, rendered totally irrelevant.

If you consider your European bank account save you can't have much to begin with.

Go regurgitate me some more dogma, u fkn parrot.

I withdrew last night, SEPA transfer, was asked no questions (other than my BIC/IBAN, which seemed fair enough) and got an email that the transfer had gone ahead this morning. It wasn't much money (maybe they ask questions for larger amounts?) but it was pleasingly straightforward.
MatTheCat
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March 19, 2014, 06:03:27 PM
 #91

I withdrew last night, SEPA transfer, was asked no questions (other than my BIC/IBAN, which seemed fair enough) and got an email that the transfer had gone ahead this morning. It wasn't much money (maybe they ask questions for larger amounts?) but it was pleasingly straightforward.

I have withdrawn small amounts just to see how process ran and both times it went smoothly.

This time however I asked for a 5 figure sum and this time the transaction is proving problematic although it is going back to the exact same bank account that paid it in (and much more besides) to begin with. They have all the details that they need from me. This transaction really shouldn't be a problem for them, yet it seems that it is.

Capital flight underway from Bitstamp? The BID side of the order book certainly seems to have shrunk quite a bit recently.

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
Cassius
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March 19, 2014, 06:11:27 PM
 #92

I withdrew last night, SEPA transfer, was asked no questions (other than my BIC/IBAN, which seemed fair enough) and got an email that the transfer had gone ahead this morning. It wasn't much money (maybe they ask questions for larger amounts?) but it was pleasingly straightforward.

I have withdrawn small amounts just to see how process ran and both times it went smoothly.

This time however I asked for a 5 figure sum and this time the transaction is proving problematic although it is going back to the exact same bank account that paid it in (and much more besides) to begin with. They have all the details that they need from me. This transaction really shouldn't be a problem for them, yet it seems that it is.

Capital flight underway from Bitstamp? The BID side of the order book certainly seems to have shrunk quite a bit recently.

UK banks are required to notify authorities (can't remember who) when £10k+ transfers are made. Presumably the same elsewhere?
MatTheCat
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March 19, 2014, 06:44:14 PM
 #93

UK banks are required to notify authorities (can't remember who) when £10k+ transfers are made. Presumably the same elsewhere?

They can notify whoever they want as far as I am concerned, as long as they don't go holding up the transaction.

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
bitrider
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March 19, 2014, 07:04:22 PM
 #94

the last time I listened to MatTheCat's TA, i sold half my btc holdings and the price went up $100 about 30 mins later. After it went up, he essentially said "oops, nevermind."

Thanks Mat, keep up the good work.

Can I really be blamed for getting a bit shouty and overbearing with the standard retard that inhabits this forum and is very much in the vocal majority, who have been yelling 'BUY N HODL' at new Bitcoin investors all the way down from $1200. My teeth are grinding already!

Matt, I admire your dedication to this forum and sharing your opinions freely. However, you are confusing "yelling" with impact and influence. Respectfully, you are probably not being very helpful to anyone.

Those of us who have been around for a awhile and understand what is going on, are not going to change our mind by you yelling louder or more frequently. Our minds are influenced by respectful discussion and hard data. And your chaotic pronouncements and short-term flip flopping are certainly not helping the noobs here (probably not helping your BTC holdings either), who really need a better understanding of the bigger forces at work in the market - and the long-term view - which I think you actually understand. I doubt your constant yelling and bludgening is persuading many of them either. You appear smart and energetic but not wise. Stop talking and listen for the deeper patterns and cycles. Use your energy to help your brothers see more clearly - what you are already seeing- and help them to think carefully, rather than act in haste. That includes you. Stillness, focus and clarity is the root of power - in all things.

I completely agree that leaving large amounts of fiat (or bitcoins) on the exchanges is a bad idea. The bulk of your coins should always be in cold storage, and the investing fiat held in "solid" banks. However I recommend you develop a trading and investing plan that is based on your best analysis of the mid and long-term potential - and scenario planning for various eventualities.  Then you can move fiat to the exchanges in planned tranches as the market guides you. Minimizing risks at every step.

Right now, I expect we will test mid 500's and perhaps lower (but I think the odds are pretty low we go back to 450), and I have fiat available for when that happens. I expect - as many here do - that we will see another 2-3 months of relative stabilization (in our current ballpark) before any major moves north. And I actually think this (600) is pretty good current buy price for getting more heavily invested. But as always I am prepared for any eventuality and will respond based on my investment plan.

Good hunting.
sgbett
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March 20, 2014, 02:12:23 PM
 #95

steady on son, this is no time for rational discourse! there is a conspiracy afoot, and now you sound like one of them!!! Wink

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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BitCoinsLOL
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March 20, 2014, 02:24:21 PM
 #96

the last time I listened to MatTheCat's TA, i sold half my btc holdings and the price went up $100 about 30 mins later. After it went up, he essentially said "oops, nevermind."

Thanks Mat, keep up the good work.

 I guess Matt should of put a disclaimer at the bottom of his post  Grin

I never thought my life could be. Anything but catastrophe. But suddenly I begin to see. A "BIT" of good luck for me. Cause I've got a golden ticket!
Asrael999
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March 20, 2014, 02:35:52 PM
 #97

I withdrew last night, SEPA transfer, was asked no questions (other than my BIC/IBAN, which seemed fair enough) and got an email that the transfer had gone ahead this morning. It wasn't much money (maybe they ask questions for larger amounts?) but it was pleasingly straightforward.

I have withdrawn small amounts just to see how process ran and both times it went smoothly.

This time however I asked for a 5 figure sum and this time the transaction is proving problematic although it is going back to the exact same bank account that paid it in (and much more besides) to begin with. They have all the details that they need from me. This transaction really shouldn't be a problem for them, yet it seems that it is.

Capital flight underway from Bitstamp? The BID side of the order book certainly seems to have shrunk quite a bit recently.

what reasons are they giving for the delay? - I took back a five figure number, albeit with a 1 in front back in December/January and had no issues, either with them or my UK. I used international transfer not SEPA because the USD/GBP rate at Unicredit Slovakia (Bitstamp's Bank) was a lot better than the EUR/GBP rate I get off the rip of merchant I have to use for banking services in the UK/
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March 20, 2014, 02:38:59 PM
Last edit: March 20, 2014, 02:52:54 PM by MatTheCat
 #98

the last time I listened to MatTheCat's TA, i sold half my btc holdings and the price went up $100 about 30 mins later. After it went up, he essentially said "oops, nevermind."

Thanks Mat, keep up the good work.

 I guess Matt should of put a disclaimer at the bottom of his post  Grin

Except checkers6676 is lying.

It is an easy thing to do, observe:

"LOL The last time I listened to BitcoinsLOL's TA, I sold my house and my sport's car for a handful of magic beans, LOL. He said that these magic beans would grow into a giant stalk with golden leaves, but so far, I have just had a few sproutlings that have shriveled up and died already LOL!"

I have never ever been so blatantly on the wrong side of a trade as checkers6676 is trying to suggest since I have started trading Bitcoins and if I listened to my own advice I would have done much better than I have done (I am prone to being very impulsive, nearly always with regretable outcomes). My worst recent call was here:

https://bitcointalk.org/index.php?topic=494722.0

I speculated that break out and confirmation above $580 could occur and would be very bullish, but I thought a retest of lows was a much more likely scenario and that is where I placed my bets. I had buy-ins in low $500s and higher $400's, and was also shorting Bitcoin at $574. Turns out my short got margin called at $585 and I lost quite a bit on that trade cos it was leveraged. I did however make decent profits on the bull run up to $710, which was caused essentially by just one massive buyer in the market place, placing 3K Bids right at spot price, causing an avalanche of panic buying.

So any talk of checkers6676 of me saying the market is going down only for it to rise $100 just 30 minutes later is complete fucking bullshit. If he really did (he obviously didn't) make such a trade, then he needs both to learn to read comments properly and also to take some TA 101 classes.

what reasons are they giving for the delay? - I took back a five figure number, albeit with a 1 in front back in December/January and had no issues, either with them or my UK. I used international transfer not SEPA because the USD/GBP rate at Unicredit Slovakia (Bitstamp's Bank) was a lot better than the EUR/GBP rate I get off the rip of merchant I have to use for banking services in the UK/

The transaction has now been processed although it has not yet landed in my German bank account. I gave them absolutely none of the information that they asked for as per their KYC routine, except a mouthful of abuse, yet my transaction is processed all the same. Makes you wonder why they ask for all that shit to begin with? They are just making their customer base nervous and harming themselves.


Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
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March 20, 2014, 02:44:55 PM
 #99

Mat made some good calls.

I know cause I made similar calls, and took some nice profits.

And I also made some withdrawals, but not because Mat said so.

I just felt like it was time to take some dirty cash.
Edward50
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March 20, 2014, 03:59:07 PM
 #100

I agree with you about pulling your money from the exchanges. I actually have been wanting to do this for a while as I totally agree with your bitcoin sentiment.

I lost about $700 dollars on Mt. Gox that I had sitting as cash (was for a partial bitcoin I sold to test out their exchange). Mt. Gox should be enough to realize that any of these exchanges can go under.

A problem with bitcoin and a reason I didn't invest in it heavily early on is that I saw it as too risky to hold for the average person. It can be too easily stolen or hacked from your computer. I thought back when bitcoin was in the single digits that there would be plenty of malware able to steal bitcoin.

Now you can imagine what will happen with these high prices. You have to be really sophisticated to keep your bitcoins safe and you can't guarantee 100% safety.




Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
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