lay785 (OP)
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August 17, 2014, 06:22:48 AM Last edit: August 17, 2014, 06:41:51 AM by lay785 |
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Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on Friday Aug 22, 2014 at 11:04PM PDT after your funds have arrived.
How much bitcoin will I receive? Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.
Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Friday Aug 22, 2014 at 11:04PM PDT.
Note that you can cancel your order at any time up until your bitcoin arrive from the transfer history page.
The market price of bitcoin changes frequently. Below are some recent prices to give you an idea. These do not guarantee what the price will be in a few days.
USD Price Per Bitcoin 15 Aug 2014 16 Aug 2014 17 Aug 2014 $500 $515 $530 $545 $560
Thoughts on what is happening.
1- Are they actually out of fiat? 2- Are they wiring more money to exchanges? 3- Are they buying all the bitcoins themselves? 4-Are they manipulating the market? 5- Are they buying all the coins with insider info that by next friday the price will have risen significantly and then they will sell the coins to buyers at massive profit. they will have minimized their risk since they will have buyers lined up off the exchange :p.
Might be the signal many people need to quickly buy back in as demand for btcs seems to have increased based on this info.
The way to buy bitcoins quickly for people in the USA is either through coinbase or localbitcoins. Localbitcoins will probably start selling at a premium now that coinbase has dried up until next week.
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lyth0s
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August 17, 2014, 06:29:41 AM Last edit: August 17, 2014, 07:27:13 AM by lyth0s |
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True story. I took a screen shot for the disbelievers. Bullish indeed. Now if only ethereum will stop selling all those coins. http://imgur.com/hgoMUXf
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HurricanOday
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Mining. Hosting. Cloud Mining.
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August 17, 2014, 06:30:03 AM |
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yea seems very sketch to me (If I understand it correctly) So you don't get the price locked in, you get the price on the 22nd? IE you buy now at 515 but on fri it is 600 you pay 600??
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lay785 (OP)
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August 17, 2014, 06:31:06 AM |
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yea seems very sketch to me (If I understand it correctly) So you don't get the price locked in, you get the price on the 22nd? IE you buy now at 515 but on fri it is 600 you pay 600??
precisely.
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lyth0s
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August 17, 2014, 06:31:38 AM |
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yea seems very sketch to me (If I understand it correctly) So you don't get the price locked in, you get the price on the 22nd? IE you buy now at 515 but on fri it is 600 you pay 600??
No, you will still have paid the same amount of USD, but you would receive more or less bitcoins on the 22nd when the transaction actually goes through. "I acknowledge that the amount of BTC I receive will vary based on future exchange rates. "
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2dogs
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August 17, 2014, 06:33:27 AM |
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lyth0s
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August 17, 2014, 06:36:17 AM |
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Front running.
Which would mean that they are aware of a price increase coming (which would be great) OR they actually had enough buys so that they currently ran out of BTC stock and have to wire more money to an exchange such as Bitstamp for the buys (which would also increase buys and potentially help price).
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BittBurger
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August 17, 2014, 06:41:07 AM |
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Or the price is fucking low right now, and they're not retarded, so they're buying.
-B-
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Newbie1022
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August 17, 2014, 06:50:40 AM |
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No. First, they'd have to expect the price to be lower on Friday, August 22nd if they are offering you that price. Otherwise, they are losing money. Second, with the market having turned upside down over the past few days, who in their right mind would purchase with a price to be determined several days in advance?
I don't think this is Bullish at all. I see it as problematic (maybe not enough to turn the tide, but Jesus not bullish). Especially because this is where a lot of average Joes buy their coins.
Inverse of that... still doesn't strike me as bullish.
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lyth0s
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August 17, 2014, 06:58:43 AM |
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If price will increase soon, they would still allow customers to send them money and they reap the benefit of giving less BTC on the 22nd. Consider a place that sells bitcoins "off the shelf" and runs out of BTC. If they expect the price to fall several percentage points "soon", it is better for them to turn clients away than to buy more BTC to replenish their stock.
Conversely, if they have a stock of BTC and expect the price to rise significantly "soon", they will be tempted to tell their customers that their stock ran out.
So, if those reports of (BTC sellers running out of stock) are true, which explanation will be the true one?
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2dogs
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August 17, 2014, 07:00:13 AM |
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No. First, they'd have to expect the price to be lower on Friday, August 22nd if they are offering you that price. Otherwise, they are losing money. Second, with the market having turned upside down over the past few days, who in their right mind would purchase with a price to be determined several days in advance?
I don't think this is Bullish at all. I see it as problematic (maybe not enough to turn the tide, but Jesus not bullish). Especially because this is where a lot of average Joes buy their coins.
Inverse of that... still doesn't strike me as bullish.
Bingo!
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Torque
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August 17, 2014, 07:01:00 AM |
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Be skeptical of Coinbase if they offer you to purchase at a market price 3-4 days later. Also, many times if you try a few hours later, or even the next day, your purchase will go through immediately.
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lyth0s
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August 17, 2014, 07:08:39 AM |
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No. First, they'd have to expect the price to be lower on Friday, August 22nd if they are offering you that price. Otherwise, they are losing money. Second, with the market having turned upside down over the past few days, who in their right mind would purchase with a price to be determined several days in advance?
I don't think this is Bullish at all. I see it as problematic (maybe not enough to turn the tide, but Jesus not bullish). Especially because this is where a lot of average Joes buy their coins.
Inverse of that... still doesn't strike me as bullish.
I'm not expecting people to buy several days ahead. What I can only see as good is that coinbase is SOLD OUT. If they aren't selling coins, how do they make any money? That would be a terrible business model. So...why are they sold out? Were there too many buy orders and not enough sell orders? Did people buy more bitcoin than they had predicted and thus didn't have the reserve for? Or are they front running? Give me an example where coinbase makes money by NOT selling coins or there not being enough buy orders to make them unintentionally run out of coins.
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Newbie1022
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August 17, 2014, 07:10:51 AM |
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No. First, they'd have to expect the price to be lower on Friday, August 22nd if they are offering you that price. Otherwise, they are losing money. Second, with the market having turned upside down over the past few days, who in their right mind would purchase with a price to be determined several days in advance?
I don't think this is Bullish at all. I see it as problematic (maybe not enough to turn the tide, but Jesus not bullish). Especially because this is where a lot of average Joes buy their coins.
Inverse of that... still doesn't strike me as bullish.
I'm not expecting people to buy several days ahead. What I can only see as good is that coinbase is SOLD OUT. If they aren't selling coins, how do they make any money? That would be a terrible business model. So...why are they sold out? Were there too many buy orders and not enough sell orders? Did people buy more bitcoin than they had predicted and thus didn't have the reserve for? Or are they front running? Give me an example where coinbase makes money by NOT selling coins or there not being enough buy orders to make them unintentionally run out of coins. There was more volume than normal. That volume is going to be on both sides of the tape. But, it is volume that already occurred... purchases that already occurred. At best it is already priced in. Again, they are hardly going to be doing any business over the next few days except with absolute lunatics. So, very bearish news.
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lyth0s
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August 17, 2014, 07:14:50 AM |
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No. First, they'd have to expect the price to be lower on Friday, August 22nd if they are offering you that price. Otherwise, they are losing money. Second, with the market having turned upside down over the past few days, who in their right mind would purchase with a price to be determined several days in advance?
I don't think this is Bullish at all. I see it as problematic (maybe not enough to turn the tide, but Jesus not bullish). Especially because this is where a lot of average Joes buy their coins.
Inverse of that... still doesn't strike me as bullish.
I'm not expecting people to buy several days ahead. What I can only see as good is that coinbase is SOLD OUT. If they aren't selling coins, how do they make any money? That would be a terrible business model. So...why are they sold out? Were there too many buy orders and not enough sell orders? Did people buy more bitcoin than they had predicted and thus didn't have the reserve for? Or are they front running? Give me an example where coinbase makes money by NOT selling coins or there not being enough buy orders to make them unintentionally run out of coins. There was more volume than normal. That volume is going to be on both sides of the tape. But, it is volume that already occurred... purchases that already occurred. At best it is already priced in. Again, they are hardly going to be doing any business over the next few days except with absolute lunatics. So, very bearish news. Don't be silly. If there was more volume on both sides (buys and sells) they would have plenty of supply to keep selling to us. Can it be already priced in? Sure. But now those people that wanted to buy bitcoin from coinbase would have to go to bitstamp and it may create some buying pressure over there. More importantly though is that there were clearly more buys than sells, and coinbase ran out of stock. The fact that there were enough buys compared to sells to make coinbase run out makes me happy. The alternative that they may be front running, would make it even better.
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inca
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August 17, 2014, 08:55:11 AM |
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Biggest bitcoin retail seller in US run out of coins to sell due to high customer demand.
Some serious buy the dip going on.
Of course it is not bearish. Newbie it just doesn't fit your trading view of bitcoin dropping further.
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Hfleer
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August 17, 2014, 09:13:51 AM |
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Paranoid much? They earn 1 to X% per order, why the fk would they not wanna sell as much as possible? Provide proof or be outed as the tinfoilhhatwearer you are.
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An amorous cow-herder
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August 17, 2014, 09:40:00 AM |
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Sound suspiciously similiar to Gox. Now Coinbase got hacked and are covering it up with this story?
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Hfleer
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August 17, 2014, 11:54:26 AM |
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Sound suspiciously similiar to Gox. Now Coinbase got hacked and are covering it up with this story? Coinbase is no exchange...
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An amorous cow-herder
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August 17, 2014, 12:03:50 PM |
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Sound suspiciously similiar to Gox. Now Coinbase got hacked and are covering it up with this story?
Coinbase is no exchange... So? Do they have hot wallets? Then its just as possible they got hacked and coins stolen. And seriously, 5 days? You dont need 5 days to transfer fiat to an exchange and buy some coins ...
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