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Author Topic: Just moved half of my funds off Bitstamp back into nice safe and warm Bank Konto  (Read 6761 times)
MatTheCat (OP)
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March 17, 2014, 05:37:50 PM
 #1

I have just decided to shift half my USD from Bitstamp back to the safety of my EUR bank account.

Why am I announcing this in speculation?

Because I suspect that many other traders or investors looking for good entry for longer term investment are going to be doing the same thing right now. Lets face it, Bitcoin isn't going to be doing anything much, anytime soon other than trend and grind, predominantly in a downward direction. I feel it, you all feel it, the hackers with thousands and thousands of stolen coins feel it, so why risk having tens of thousands of USD sitting in some exchange with each of it's feet planted in different countries jurisdictions with still lots of uncertainty shrouding security of Bitcoin exchanges, (yes, even Bitstamp)?

I have this apathetic sentiment towards Bitcoin as do lots of other Bitcoin investors, which kind of adds to the snowballing effect of bearish apathy.

I am holding zero Bitcoin. I still have an amount of Fiat on exchange, some of which will be turned back into GBP via BTC and LocalBitcoins, with a small amount left on exchange, 'just in case'. But the reality is that I don't expect any of my 'flash crash' buy-ins to be fulfilled, at least not until Bitcoin is trending in these sort of ranges anyhow, and I don't need preset buy-in tranches to buy Bitcoins in ranges where I will have all the time in the world to decide on whether to buy or not. Sure, there will still be swings in both directions that I could take advantage off, but will they really be worth the hassles and risks?

That is my sentiment and suspect it is widespread and growing. We were all waiting on the spectacular bottom to occur, to get our buy-ins, and then for Bitcoin to go shooting way back up to the moon but with that one day of Ukraine banking system panic put to one side, things aren't going to work out quite as simple as that. Indeed, I have seen convincing Elliot Wave analysis suggest that the bottom needs to be retested (and according to fibbonacci time ratio principles it aint happening anytime soon), or indeed that the bottom isn't even yet in from the post $10-$1200 bubble crash.

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 17, 2014, 05:40:29 PM
 #2

I have just decided to shift half my USD from Bitstamp back to the safety of my EUR bank account.

Why am I announcing this in speculation?

Because I suspect that many other traders or investors looking for good entry for longer term investment are going to be doing the same thing right now. Lets face it, Bitcoin isn't going to be doing anything much, anytime soon other than trend and grind, predominantly in a downward direction. I feel it, you all feel it, the hackers with thousands and thousands of stolen coins feel it, so why risk having tens of thousands of USD sitting in some exchange with each of it's feet planted in different countries jurisdictions with still lots of uncertainty shrouding security of Bitcoin exchanges, (yes, even Bitstamp)?

I have this apathetic sentiment towards Bitcoin as do lots of other Bitcoin investors, which kind of adds to the snowballing effect of bearish apathy.

I am holding zero Bitcoin. I still have an amount of Fiat on exchange, some of which will be turned back into GBP via BTC and LocalBitcoins, with a small amount left on exchange, 'just in case'. But the reality is that I don't expect any of my 'flash crash' buy-ins to be fulfilled, at least not until Bitcoin is trending in these sort of ranges anyhow, and I don't need preset buy-in tranches to buy Bitcoins in ranges where I will have all the time in the world to decide on whether to buy or not. Sure, there will still be swings in both directions that I could take advantage off, but will they really be worth the hassles and risks?

That is my sentiment and suspect it is widespread and growing. We are all waiting on the spectacular bottom to occur, to get our buy-ins, and then for Bitcoin to go shooting way back up to the moon but with that one day of Ukraine banking system panic put to one side, things aren't going to work out quite as simple as that. Indeed, I have seen convincing Elliot Wave analysis suggest that the bottom needs to be retested (and according to fibbonacci time ratio principles it aint happening anytime soon), or indeed that the bottom isn't even yet in from the post $10-$1200 bubble crash.

Quoting for the record books Smiley
MatTheCat (OP)
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March 17, 2014, 05:43:23 PM
 #3

Quoting for the record books Smiley

I have been 'quoted for truth' many times on this forum.

People who quote me tend not to get the opportunity to remind me of past statements which make me look silly in light of further developments. Sorry, but that is just how it has mostly been so far.

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 17, 2014, 05:44:55 PM
 #4

or indeed that the bottom isn't even yet in from the post $0.0001-$1200 bubble crash.

FTFY Cool
MatTheCat (OP)
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March 17, 2014, 05:48:34 PM
 #5

or indeed that the bottom isn't even yet in from the post $0.0001-$1200 bubble crash.

FTFY Cool

No, you broke that for me.

.00001 - $30 bubble. (2011)

Followed by long stagnant consolidation period of Bitcoin at around $10 (or less)

$10 - $1200 bubble. (2013)

Long stagnant consolidation period of Bitcoin yet to form itself at any given price.

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 17, 2014, 05:51:19 PM
 #6

I have just decided to shift half my USD from Bitstamp back to the safety of my EUR bank account.

Why am I announcing this in speculation?

Because I suspect that many other traders or investors looking for good entry for longer term investment are going to be doing the same thing right now. Lets face it, Bitcoin isn't going to be doing anything much, anytime soon other than trend and grind, predominantly in a downward direction. I feel it, you all feel it, the hackers with thousands and thousands of stolen coins feel it, so why risk having tens of thousands of USD sitting in some exchange with each of it's feet planted in different countries jurisdictions with still lots of uncertainty shrouding security of Bitcoin exchanges, (yes, even Bitstamp)?

I have this apathetic sentiment towards Bitcoin as do lots of other Bitcoin investors, which kind of adds to the snowballing effect of bearish apathy.

I am holding zero Bitcoin. I still have an amount of Fiat on exchange, some of which will be turned back into GBP via BTC and LocalBitcoins, with a small amount left on exchange, 'just in case'. But the reality is that I don't expect any of my 'flash crash' buy-ins to be fulfilled, at least not until Bitcoin is trending in these sort of ranges anyhow, and I don't need preset buy-in tranches to buy Bitcoins in ranges where I will have all the time in the world to decide on whether to buy or not. Sure, there will still be swings in both directions that I could take advantage off, but will they really be worth the hassles and risks?

That is my sentiment and suspect it is widespread and growing. We were all waiting on the spectacular bottom to occur, to get our buy-ins, and then for Bitcoin to go shooting way back up to the moon but with that one day of Ukraine banking system panic put to one side, things aren't going to work out quite as simple as that. Indeed, I have seen convincing Elliot Wave analysis suggest that the bottom needs to be retested (and according to fibbonacci time ratio principles it aint happening anytime soon), or indeed that the bottom isn't even yet in from the post $10-$1200 bubble crash.

So you sold all your coins and hope to buy back in lower? I hope this thread helps you to try and manipulate the price lower!
MatTheCat (OP)
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March 17, 2014, 06:00:52 PM
 #7

the safety of my EUR bank account.

I don't know what country you are in but the words "safety" and "EUR bank account" aren't exactly compatible.

http://www.zerohedge.com/news/2013-09-26/cyprus-style-wealth-confiscation-starting-all-over-world

http://www.zerohedge.com/news/2014-02-16/money-launderer-until-proven-innocent-italy-imposes-20-tax-withholding-all-inbound-m

Now, I'm not questioning your assertion that BTC is in a bearish spiralling down-trend of doom, nor am I questioning your decision to move funds out of Bitstamp. I'm just questioning why on earth you'd move it to a EU bank account instead of gold or silver or a chinese exchange where it could sit as yuan or any other number of much safer means of storing wealth.

As I said, I don't question your decision to move out of Bitstamp. I'm just saying that I personally would rather put all my funds in DOGE (or any other fad scamcoin) than store it in a EU bank account.

I might have bought all that emotionally appealing reactionary shit one day, but I don't anymore. My euro bank account is in Germany. As far as the EU goes. Germany is The Man. If there are further Euro crises, it won't be the German financial system that takes the hit.

The problem with putting money into gold or silver is that there is a time delay and high dealer premiums to be paid. Even using an allocated account service such as GoldMoney (where I still have a small amount of silver), turning fiat into silver costs 4.5% and into gold costs 2.5%. I may yet do that, but I would have to look much more closely at the pm markets and decided upon a good entry point.

But in the meantime, if I don't believe that Bitcoin is going to be doing very much, am I going to be better off holding my capital in USD form on Bitstamp or in EUR form with a German bank from which it would take just one day to get back to Bitstamp if I decide that it is needed there? Methinks that the answer to that is quite obvious.

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 17, 2014, 06:03:14 PM
 #8

In the not so distant future bitcoin will be 900$
then you will realize this is a buying opportunity and send your money back to the exchange
by the time your money arrives at the exchange price will be have double
you will still buy in, because you understand the market, and because bitcoin.

 Wink

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March 17, 2014, 06:05:31 PM
 #9

I realy don't like that type of people like OP. When the price will start to grow, they will be moaning and trying everything to crash price back because they made wrong decision again and didn't bought up enough bitcoins. When people will start to think some more and grow up eventually.

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March 17, 2014, 06:12:49 PM
Last edit: March 17, 2014, 06:23:06 PM by Dalmar
 #10

I took a significant portion of my BTC play money off the exchanges as well. Used it instead to speculate on hot stocks (shorting them mainly) and it has been more productive than waiting for bitcoin to come out of this triangle of doom and low volatility.


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March 17, 2014, 06:32:46 PM
 #11

In the not so distant future bitcoin will be 900$
then you will realize this is a buying opportunity and send your money back to the exchange
by the time your money arrives at the exchange price will be have double
you will still buy in, because you understand the market, and because bitcoin.

 Wink

Spot on.

Also, "in the not so distant future" will probably be around late April/early May, so I also think Mat didn't pick the smartest moment to withdraw all funds. But let's see, if there's one consistent theme to his posts it's that he changes his opinions pretty quickly (nothing wrong with that, btw. better than being permanently stuck in either bull or bear mode, imo)

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March 17, 2014, 06:34:57 PM
 #12

In the not so distant future bitcoin will be 900$
then you will realize this is a buying opportunity and send your money back to the exchange
by the time your money arrives at the exchange price will be have double
you will still buy in, because you understand the market, and because bitcoin.

 Wink

Spot on.

Also, "in the not so distant future" will probably be around late April/early May, so I also think Mat didn't pick the smartest moment to withdraw all funds. But let's see, if there's one consistent theme to his posts it's that he changes his opinions pretty quickly (nothing wrong with that, btw. better than being permanently stuck in either bull or bear mode, imo)

The other theme being his unrelenting and highly transparent book talking.
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March 17, 2014, 06:42:20 PM
 #13

In the not so distant future bitcoin will be 900$
then you will realize this is a buying opportunity and send your money back to the exchange
by the time your money arrives at the exchange price will be have double
you will still buy in, because you understand the market, and because bitcoin.

 Wink

Spot on.

Also, "in the not so distant future" will probably be around late April/early May, so I also think Mat didn't pick the smartest moment to withdraw all funds. But let's see, if there's one consistent theme to his posts it's that he changes his opinions pretty quickly (nothing wrong with that, btw. better than being permanently stuck in either bull or bear mode, imo)

The other theme being his unrelenting and highly transparent book talking.

To be fair, he was one of the relatively few dissenting voices during the ~800 "stability" phase that warned (and I'm using the word "warn" loosely here -- more like "shouted without interrupt") that we'll go down further. Probably got quite a few ignores for that, undeservedly so.

Not sure which Bitcoin wallet you should use? Get Electrum!
Electrum is an open-source lightweight client: fast, user friendly, and 100% secure.
Download the source or executables for Windows/OSX/Linux/Android from, and only from, the official Electrum homepage.
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March 17, 2014, 06:53:50 PM
 #14

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.
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March 17, 2014, 07:06:35 PM
 #15

In the not so distant future bitcoin will be 900$
then you will realize this is a buying opportunity and send your money back to the exchange
by the time your money arrives at the exchange price will be have double
you will still buy in, because you understand the market, and because bitcoin.

 Wink

Spot on.

Also, "in the not so distant future" will probably be around late April/early May, so I also think Mat didn't pick the smartest moment to withdraw all funds. But let's see, if there's one consistent theme to his posts it's that he changes his opinions pretty quickly (nothing wrong with that, btw. better than being permanently stuck in either bull or bear mode, imo)

The other theme being his unrelenting and highly transparent book talking.

To be fair, he was one of the relatively few dissenting voices during the ~800 "stability" phase that warned (and I'm using the word "warn" loosely here -- more like "shouted without interrupt") that we'll go down further. Probably got quite a few ignores for that, undeservedly so.

His coinage of the term "Age of the Jew" did it for me.
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March 17, 2014, 07:19:51 PM
 #16

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.

Don't listen to him, listen to me. I do have in my possession a pretty reliable TA. It involves a single step and when you finish counting to 10, you'll be richer.

If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
MatTheCat (OP)
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March 17, 2014, 07:35:56 PM
 #17

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.

You are going to simply have to prove that to me. Such a dramatic event will be etched in your mind so you should be able to tell us exactly when that happened and at what price range right out of the top of your head. I can only think of one time when I found myself sitting so blatantly on the wrong side of the trade basically due to being butt-hurt after losing my nerve on bounce from $380 and back then, (dec 19th), I never even knew what a MACD was, so I highly doubt that I would be offering up any TA.......so chances are, you are simply lying for dramatic effect?


Also, "in the not so distant future" will probably be around late April/early May, so I also think Mat didn't pick the smartest moment to withdraw all funds. But let's see, if there's one consistent theme to his posts it's that he changes his opinions pretty quickly (nothing wrong with that, btw. better than being permanently stuck in either bull or bear mode, imo)

Yeah....I change my mind all the time and reserve the right to always to do so. When I change it again no doubt I shall sound off on this forum. But my OP expresses my sentiment at the time being, a sentiment that has been building up for several days and a sentiment that I suspect is widespread and growing.

I have tended to 'shout' my opinions around the place because anyone suggesting that Bitcoin may go down is generally laughed out the forum. I am very new to watching any kind of market and early adopters, who really really should know better, laughed at me for selling after double top but whilst still in $1000 range. 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!

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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 17, 2014, 08:38:21 PM
 #18

on this forum I've seen way too many people making bearish arguments for technical reasons alone. One constant in my experience has been that although these people are often correct, in the long term they lose when news about the fundamentals comes out and breaks their little Fibonacci patterns. we have the etf, SecondMarket, circle, and other large developments in the pipeline and I would be afraid to be completely in fiat.

(BFL)^2 < 0
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March 17, 2014, 09:08:29 PM
 #19

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.

Don't listen to him, listen to me. I do have in my possession a pretty reliable TA. It involves a single step and when you finish counting to 10, you'll be richer.

Is it "Buy low, sell high"? That's always worked well for me.
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March 17, 2014, 09:25:49 PM
 #20

we have the etf, SecondMarket, circle, and other large developments in the pipeline and I would be afraid to be completely in fiat.

*LOL* Afraid?

How long does it take to buy back? Hm?

I'd be afraid of the scammers and fraudsters.

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