ALPHA. (OP)
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November 21, 2011, 08:30:48 PM
Last edit: November 21, 2011, 08:56:08 PM by ALPHA. |
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As the title says:
Will we ever be able to short the US Dollar with Bitcoin? I know nothing. Enlighten me.
In other words, will Bitcoin be eventually seen as greater than the US dollar?
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"Governments are good at cutting off the heads of a centrally
controlled
networks like Napster, but pure P2P networks like Gnutella and Tor seem
to be holding their own." -- Satoshi
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barbarousrelic
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November 21, 2011, 08:45:29 PM |
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You can go to the bank or your credit card and borrow dollars, buy bitcoins with them, and then sell the bitcoins back for dollars when the value of the dollar drops (meaning, the value of bitcoin rises relative to the dollar). That is functionally the same as shorting dollars with Bitcoin.
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Do not waste your time debating whether Bitcoin can work. It does work.
"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.
There is no such thing as "market manipulation." There is only buying and selling.
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omri
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November 21, 2011, 08:47:25 PM |
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Will we ever be able to short the US Dollar with Bitcoin? I know nothing. Enlighten me.
This is the same as buying Bitcoins for USD on a margin, which can be done today at bitcoinica.com |
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BTCurious
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November 21, 2011, 08:53:47 PM |
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Step 1: Deposit bitcoins to bitcoinica.
Step 2: Do a market Buy.
Step 3: Crash the USA
Step 4: Profit!
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DeathAndTaxes
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Gerald Davis
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November 21, 2011, 08:59:55 PM |
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If you borrow dollars to purchase Bitcoins you are short the dollar relative to Bitcoins. Not saying that is a smart idea but it isn't very hard to do today.
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Fireball
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November 22, 2011, 04:43:58 PM |
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Or you could short sell the BTCUSD futures on ICBIT, when it's available. At first it's only going to affect Bitcoin economy (e.g. stabilizing exchange rate), but if Bitcoin is big enough..... Then USD may be affected!  |
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zhoutong
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November 22, 2011, 05:14:53 PM |
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As the title says:
Will we ever be able to short the US Dollar with Bitcoin? I know nothing. Enlighten me.
In other words, will Bitcoin be eventually seen as greater than the US dollar?
Short USD with Bitcoin == Long BTC/USD with Bitcoin. Bitcoinica will be perfect for this. |
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Otoh
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November 22, 2011, 09:30:57 PM
Last edit: November 22, 2011, 09:53:45 PM by Otoh |
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one of the best ways to short the US$ is to buy gold, oil, (options or actual) or a basket of strong alternative fiat currencies - except most of them are also basket cases atm, € cough cough
so say buy $1,000 worth of Bitcoin (400) & if it's price rises for example from $2.5 to $3 per BTC then take your $200 profit out by selling 66.6 BTC keeping your original 400 BTC stake unchanged, then buy physical gold or similar with this $200 on bullionvault.com
repeat as & when you see BTC highs & gold lows
suggested because Bitcoin atm is far from being an inverse play upon the $ so you'd have to do it via a proxy asset
in the future, well it's the dream of many here that it may one day be
~ I'm long BTC
Edit
~ I'm also $ long in the short term
another way would be to put said $1,000 in to gold on bullionvault.com & if the gold price rose say 20% (as it has every year since I've invested there from March 2007) then take your $200 profit & buy Bitcoins with it, again timing on gold high rises & BTC troughs
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sadpandatech
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November 22, 2011, 09:58:08 PM |
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Step 1: Deposit bitcoins to bitcoinica.
Step 2: Do a market Buy.
Step 3: Crash the USA
Step 4: Profit!
Escuse me, Sir, do you happen to have a 'modern money mechanics' manual laying about to help explain how to accomplish 'step 3'? Thanks.  |
If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system.
- GA
It is being worked on by smart people. -DamienBlack
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BTCurious
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November 22, 2011, 10:01:49 PM |
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Step 1: Deposit bitcoins to bitcoinica.
Step 2: Do a market Buy.
Step 3: Crash the USA
Step 4: Profit!
Excuse me, Sir, do you happen to have a 'modern money mechanics' manual laying about to help explain how to accomplish 'step 3'? Thanks. I've been meaning to get my hands on that. If I reflect the steps to reflect my current knowledge, it becomes: Step 1: Deposit bitcoins to bitcoinica. Step 2: Do a market Buy. Step 3:  Step 4: Profit! |
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