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Question: Are you waiting for a 10% drop in price to buy more coins
i'll buy at current price - 28 (66.7%)
yes - 14 (33.3%)
Total Voters: 42

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Author Topic: how else is waiting for a sizeable drop to buy more coins again?  (Read 2219 times)
adamstgBit
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December 18, 2011, 04:12:25 AM
 #1

i want to buy some gold from coinabul

could putting a bid of 600 coins at 3.15 save me a bunch on my 1oz gold bar?

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bittenbob
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December 18, 2011, 04:17:59 AM
 #2

i want to buy some gold from coinabul

could putting a bid of 600 coins at 3.15 save me a bunch on my 1oz gold bar?

It could... but then again it might not.

If you are willing to wait I think we will see 3.10 again but it might be a week or two. On the long term I think we are on the way up but i have my lowest buy orders at 3.15500.

I would not be surprised at all to see 3.15 in the next week so if that will save you money I say go for it.
adamstgBit
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December 18, 2011, 04:37:24 AM
 #3

i want to buy some gold from coinabul

could putting a bid of 600 coins at 3.15 save me a bunch on my 1oz gold bar?

It could... but then again it might not.

If you are willing to wait I think we will see 3.10 again but it might be a week or two. On the long term I think we are on the way up but i have my lowest buy orders at 3.15500.

I would not be surprised at all to see 3.15 in the next week so if that will save you money I say go for it.

maybe i should wait for my 50 coins to be worth 1,600$?   Roll Eyes

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December 18, 2011, 04:41:32 AM
 #4

I see, I misinterpreted the question. I think we will see 3.45 again so if a higher order will be more beneficial i say place it at 3.25. I think we will see that number in the next couple of days for sure too.
adamstgBit
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December 18, 2011, 04:59:55 AM
 #5

I see, I misinterpreted the question. I think we will see 3.45 again so if a higher order will be more beneficial i say place it at 3.25. I think we will see that number in the next couple of days for sure too.
to make it clear
i need to buy bitcoins in order to buy gold.

i need about 600 bitcoins

bittenbob
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December 18, 2011, 05:04:30 AM
 #6

I see, I misinterpreted the question. I think we will see 3.45 again so if a higher order will be more beneficial i say place it at 3.25. I think we will see that number in the next couple of days for sure too.
to make it clear
i need to buy bitcoins in order to buy gold.

i need about 600 bitcoins


If I were you I would put my order in for 3.10 and wait it out for a week or so.
Crypt_Current
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December 18, 2011, 06:18:22 AM
 #7

to make it clear
i need to buy bitcoins in order to buy gold.

You do? I've never heard of this situation before and it would be fantastic if you could elaborate.

Edit: I don't mean to pry. I simply found it interesting that someone needed Bitcoins over fiat in order to purchase gold.

I think he might be talking about http://www.coinabul.com/

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adamstgBit
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December 18, 2011, 06:26:52 AM
 #8

to make it clear
i need to buy bitcoins in order to buy gold.

You do? I've never heard of this situation before and it would be fantastic if you could elaborate.

Edit: I don't mean to pry. I simply found it interesting that someone needed Bitcoins over fiat in order to purchase gold.

yes i know it sounds CraZy!

why would i buy bitcoin and then buy gold with those bitcoin??

1) to support something i believe in
2) to get something i think could be fun to look at, the gold...
3) to save money by buying my bitcoin on the cheep!

...  why would gold price be so high anyway, its not like we will ever run out of gold ?! gold is a ponzi scheme SELL SELL SELL! lol

now I'm having second thoughts about investing in gold .... maybe i should just buy 600 bitcoins and let that be the end of it?

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December 18, 2011, 03:28:30 PM
 #9

I would put in a buyorder for 50% now slightly below the current price.
Than wait atleast 1-2 weeks and see what happens.




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adamstgBit
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December 18, 2011, 04:31:00 PM
 #10

1) to support something i believe in

I see. That's totally awesome then. When you said you need to buy Bitcoins in order to buy gold, I was thinking that it was your only option. Now it sounds more like you want to buy Bitcoins in order to buy gold. A slight difference.

I say go for it. I enjoy both. Gold is a little bit more fun to hold in your hand.

ill be watching the gold market closely.

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December 18, 2011, 04:32:42 PM
 #11

I have been in a buy mode since about $2.7. I guess I do try to buy at a low for the day, but the growth we are seeing now looks steady, slow, and healthy. So, I don't worry about paying $3.2 or whatever. These are good times for BTC.

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December 18, 2011, 06:02:52 PM
 #12

I see, I misinterpreted the question. I think we will see 3.45 again so if a higher order will be more beneficial i say place it at 3.25. I think we will see that number in the next couple of days for sure too.
to make it clear
i need to buy bitcoins in order to buy gold.

i need about 600 bitcoins


I noticed that Coinabul also sells silver coins and bars.

Ever considered buying silver instead? It's far cheaper to get into this PM than gold.

BTW, anyone have any experience in dealing with Coinabul?

Their spot prices seem fairly high when compared to silver/gold on eBay.
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December 18, 2011, 08:37:53 PM
 #13

Does coinabul not change their BTC denominated prices? If you want and buy on a drop won't you just need to buy more? Seems better to just do it now. Or if you want to wait, buy the coins now and buy the gold when you need to spend fewer of the coins.

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adamstgBit
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December 18, 2011, 08:45:36 PM
 #14

Does coinabul not change their BTC denominated prices? If you want and buy on a drop won't you just need to buy more? Seems better to just do it now. Or if you want to wait, buy the coins now and buy the gold when you need to spend fewer of the coins.

right, only problem is Canadians are very bullish at the moment and if i want to get 600 coins off My market it would mean buying them at about 3.25 each, and then "selling" them to coinabul at 3.20

i just check the Canadian market again... price dropped to more reasonable levels! time to buy stuff with bitcoins

proudhon
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December 18, 2011, 08:47:41 PM
 #15

Does coinabul not change their BTC denominated prices? If you want and buy on a drop won't you just need to buy more? Seems better to just do it now. Or if you want to wait, buy the coins now and buy the gold when you need to spend fewer of the coins.

How often do they update the price?  And how much gold do they have for sale?  I wonder if somebody could run the price up by 10% and then immediately buy gold with bitcoins.  And Walla!  You just bought 10% more gold than your dollars would have otherwise.  No?
adamstgBit
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December 18, 2011, 09:11:50 PM
 #16

Does coinabul not change their BTC denominated prices? If you want and buy on a drop won't you just need to buy more? Seems better to just do it now. Or if you want to wait, buy the coins now and buy the gold when you need to spend fewer of the coins.

How often do they update the price?  And how much gold do they have for sale?  I wonder if somebody could run the price up by 10% and then immediately buy gold with bitcoins.  And Walla!  You just bought 10% more gold than your dollars would have otherwise.  No?

it would seem they update their price very often and they seem to use the last price. so ya you could do that.

i wonder how high you can get the price if you plan to  buy 10 oz's of gold ... you'd need like 5,000 btc's

proudhon
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December 18, 2011, 10:52:33 PM
 #17

So, there are a lot of assumptions you have to make here, but assuming they have plenty of gold, and the cost of gold in bitcoin is updated frequently enough, and the price stays at least at the level you have to buy up, then this could happen.  I spend $94,337 and buy 28,076BTC.  At the current BTC/AuOz rate I buy 61.97Oz of gold.  To buy the same 61.97Oz of gold at the current USD/AuOz rate would cost $99,136.  I saved almost $5,000.

If somebody had the balls to, say, raise the price by 25%, and assuming they're lucky enough that it stays at the new price long enough, they'd save almost $25,000 over buying the same amount of gold at the current gold USD/AuOz rate.  You get the picture.

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December 18, 2011, 10:57:09 PM
 #18

there are currently 3 times more bids than asks in the orderbook; in these conditions a drop is very unlikely.

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December 18, 2011, 11:11:30 PM
 #19

there are currently 3 times more bids than asks in the orderbook; in these conditions a drop is very unlikely.

Not that unlikely.  There was a giant sell-off not too long ago and the order book looked similar.  In fact, several times over the past 6 months there have been large sell-offs when the money in bids was significantly greater than the asks.
adamstgBit
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December 18, 2011, 11:37:54 PM
 #20

there are currently 3 times more bids than asks in the orderbook; in these conditions a drop is very unlikely.

Not that unlikely.  There was a giant sell-off not too long ago and the order book looked similar.  In fact, several times over the past 6 months there have been large sell-offs when the money in bids was significantly greater than the asks.

if i do a sell order of say 20,000coins at $1 each... (i wish i had 20,000 coins  Tongue)

wont i sell to all the bids all at once, so they don't have time to take off their bid?


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