Market Rate Essentially Flat Past 8 hrs

[IamCANADIAN013]

Wondering if i should buy in at $620 Canadian (560 USD) or if should wait to see if it goes back down?

funny you should mention that

here's an indicator that should show your 560usd to be a safe bet

Coinbase is a very conservative exchanges, usually their rates are generally below the market for selling and above the market for buying, in addition to that their fee is 1%  (100 - 150% higher than the rest of the market).   Right now their buy and sell rates are both higher than the market, $575.

To me that is a great indication that rates are very much expected to rise, I just don't know why.


If you had a Coinbase account (I'll send you an invite if you like they give us both $5 if you do a trade of $100 or more) you could buy at wherever you now shop $560 btc then immediately sell it on Coinbase for 574 right now (assuming you can still it it at the rate you mentioned).

Thanks for the offer, but I have my money in VirtEx and i think that I'll keep it on there. Moving it around just sounds expensive with fee's. Right now the sells are running from $620 to $630 or so. There fee's are 1.5%, I guess thats high?

I'm completely new to this portion of Bitcoin.  I'm just trying to figure out what the right move is.

Pretty sure I'm just over thinking this. I just have the drop to $400ish still in the back of my head.  Wondering if it could drop to that again or worse? Would rather buy in as low as possible.

I don't see $400 anytime soon, you will need some pretty bad news to justify further negative movement below the current floor of $550.   

the 1.5% is very high but it scales  down dramatically so it's cool for the avg investor and good for the heavy traffic guy.  All of those other fees are kinda crazy.  I was really shocked at all of what you must give them in terms of financial and personal info to have a verified account. 

I saw a btc ATM located in toronto which took your palm print to get btc have you had the opportunity to use a btc atm?

When you say all those other fee's, what are you refering to?  I don't want to be overlooking something.

The verification wasn't all that bad.  I just scanned my id and sent them a copy of a cable bill for verification.  Didn't have to give them anything more at this point for the amount I have on there.

There is an atm in Vancouver, about 2 hours from where I am.  I'm sure that would have been an easier option to get $ into BTC, but I like to make life difficult for myself sometimes, LOL!

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[MNDan]

It's a pretty damn good time to buy. Tons of bad stuff priced in - it's not going to get too much crazier than what we've just seen with Gox.

[Armis]

Get used to a $450-$700 range for the next few months at least

oh, I'm fine with that, I'll trade in that range every second, i'm counting on the volatility, the currently market avg I look to for guidance appears stuck in the range of $565 - $595,  it's been bouncing about in that range for 20 hrs now.   

Earlier today I was trying to buy at $562  but in the middle of the transaction it went to $568.  Since I don't use an exchange with limit options I've got to babysit trades. 

well the rate went as low as $535 it's now on it's way back up to $595, my hope it that it reaches about $600 before 9am Monday, that's a tall order considering the the tight swings but let's see. 

[Armis]

wishes do come true, the market broke out of the rut

it is likely a surge but I'll take it, it was tough working in that confined space

[Drexel]

It will be interesting to see if this rally will continue or if prices will dip back down to where they started

[Armis]

It will be interesting to see if this rally will continue or if prices will dip back down to where they started

what is your prognostication with actual numbers, where do you think will be today's high and low?

[sickhouse]

It will be interesting to see if this rally will continue or if prices will dip back down to where they started

My guess is that it stays around $630. From experience the BTC usually goes up weirdly fast then a deep drop and stable for a few days.

[Armis]

It will be interesting to see if this rally will continue or if prices will dip back down to where they started

My guess is that it stays around $630. From experience the BTC usually goes up weirdly fast then a deep drop and stable for a few days.

yeah, that old norm was when we were all in the wonderland that the btc protocol could prove all, but now that we realized the protocol might not be reconcilable, or that we might not find the missing 800K btc all of a sudden we are faced with a new reality, a new norm, and a new market price too.

Now that we know Gox' numbers were fudged for a long while, now that we know all of the big exchanges fudge their numbers, and now that we know any of them can do the same as gox did, life is no longer the same

If $630 becomes the new bottom it will represent an artificially high, and structurally weak, position.  

I'd really like to know all of the logical, and or actual reasons, why the market spiked today.  I monitor the btc market like a hawk, yet to see any justification for the spike.  The market is too small not to hear a pin drop in it, so please tell me what happened?

[Armis]

Apparently this is the cause of the market surge, inside info based on the following:



http://newsbtc.com/2014/03/03/blockchain-info-ceo-nic-cary-big-news-dropping-tomorrow/


Blockchain.info CEO Nic Cary: “Big News Dropping Tomorrow”
Eric Calouro | March 3, 2014    | 1 Comment
Nic Cary Exciting News Tweet

That price spike we saw earlier today? There’s probably a good reason for it. Blockchain.info CEO Nic Cary sent out an interesting tweet Monday afternoon with some informaiton to get the bitcoin community’s hearts pumping a little harder:

“This is going to be an exciting week,” he proclaimed. “Some big news dropping tomorrow”.

Are your palms sweating yet?

Of course, no indication on just what that good news is, but it’s most certainly a change of pace from these last few weeks. From bitcoin price drops to the horrifying news that Mt. Gox had lost millions in user funds (and subsequently filed for bankruptcy protection).

We’re not going to speculate, but we’d imagine of Cary considers it “big news”, then it most likely is. Also of interest: Cary @-mentioned both the Bloomberg and Market Makers (a TV program on Bloomberg) Twitter accounts.

What do you suspect is on the horizon?

[Armis]

It will be interesting to see if this rally will continue or if prices will dip back down to where they started

My guess is that it stays around $630. From experience the BTC usually goes up weirdly fast then a deep drop and stable for a few days.

in light of new development, I think your $630 is not a bargain basement price for tue and wed

[IamCANADIAN013]

Apparently this is the cause of the market surge, inside info based on the following:



http://newsbtc.com/2014/03/03/blockchain-info-ceo-nic-cary-big-news-dropping-tomorrow/


Blockchain.info CEO Nic Cary: “Big News Dropping Tomorrow”
Eric Calouro | March 3, 2014    | 1 Comment
Nic Cary Exciting News Tweet

That price spike we saw earlier today? There’s probably a good reason for it. Blockchain.info CEO Nic Cary sent out an interesting tweet Monday afternoon with some informaiton to get the bitcoin community’s hearts pumping a little harder:

“This is going to be an exciting week,” he proclaimed. “Some big news dropping tomorrow”.

Are your palms sweating yet?

Of course, no indication on just what that good news is, but it’s most certainly a change of pace from these last few weeks. From bitcoin price drops to the horrifying news that Mt. Gox had lost millions in user funds (and subsequently filed for bankruptcy protection).

We’re not going to speculate, but we’d imagine of Cary considers it “big news”, then it most likely is. Also of interest: Cary @-mentioned both the Bloomberg and Market Makers (a TV program on Bloomberg) Twitter accounts.

What do you suspect is on the horizon?

Looks like I messed up when I didn't buy last night for $620 CDN. With a few of the reports I read last night, I figured I could get in for below $600 when I woke up, now its hitting $715. Hopefully it will drop down to $700 or maybe I should just bite the bullet  and jump in at $715.

[Armis]

Looks like I messed up when I didn't buy last night for $620 CDN. With a few of the reports I read last night, I figured I could get in for below $600 when I woke up, now its hitting $715. Hopefully it will drop down to $700 or maybe I should just bite the bullet  and jump in at $715.

The hype news is likely about a phone app, that should be worth about a $100 bounce over two days, to me that is from the previous high ($596), which means were are already there.  Since I won't allow myself to believe that anticipated knowledge is better than actual knowledge I'm hoping the market reacts to the news over and above where it is now.

So I'm buying anything under $700. but saving the majority of funds for a dip that will inevitable occur (just hope I see it) around $650.  [all $ references are  USD]




  

[BitOnyx]

Since when flat is bad ? People like the price, want to sell for it, want to buy for it, wait for china morning and be happy

[Stevenrm87]

Get used to a $450-$700 range for the next few months at least

nailed it