Bitcoin thread anyone?

Wouldn't want to discourage any of you Bitcoin sheeple... but I saw a website where it was listing transactions...

Some for $30-ish, $150-ish.. the biggest was for $500 where the bid was for $10,000 worth. The biggest trade in play was for $500? Are you serious... a listed transaction which crossed for <$30.00 FUCKING DOLLARS?? A virtual currency to replace $USD?.. just because it supposedly can't be print-inflated and transacts without fees??

How you ever gonna make any money trading in such a thinly trade market?? (Not to mention the hackings, site shutdowns, banned risks... etc.)
 
Scataphagos said:
Wouldn't want to discourage any of you Bitcoin sheeple... but I saw a website where it was listing transactions...

Some for $30-ish, $150-ish.. the biggest was for $500 where the bid was for $10,000 worth. Are you Bitcoin serious? The biggest trade in play was for $500? Are you serious... a listed transaction for $30 FUCKING DOLLARS??

How you ever gonna make any money trading in such a thinly trade market?? (Not to mention the hackings, site shutdowns, banned risks... etc.)
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Of course you trade where the Volume is: Bitstamp, BTC-e, Huobi.
It's up to USA to create their own professional high volume Exchange.
 
Hoi,

Thanks for spreading your BTC knowledge in general on this forum. Very helpful.


I was first very skeptical about BTC and the whole Crypto space until I did hours of research to understand the products. All sparked from discussion here at ET.

Don't get me wrong there are still things that need to be worked out , but I think the technology is brilliant.

As far as profiting from the crypto space. Managing risk is number 1 as in any venture. You can cap your risk at whatever you want just like anything else,
 
Zr1Trader said:
Coordinated bot attack at some exchanges now,

http://www.coindesk.com/massive-concerted-attack-launched-bitcoin-exchanges/

Bitstamp has suspended withdraws for now.

This is why you don't keep your $ or BTC at the exchanges unless you can afford to lose it. No risk , no reward :)
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It's a ddos attack to confuse the network affecting exchanges (or any online service for that matter) that is vulnerable to transaction malleability. The timing is really interesting, day after mtgox point the finger at this 3 year old known issue, you have a massive coordinated attack using it. Really makes you wonder...

In the end it wont matter, the integrity of the network is never at risk, what it does is force all bitcoin online services/exchange to implement fix which is pretty trivial, kind like applying a patch for a virus rendering it useless. It also makes new developers aware of this issue and design their code to prevent it from day 1.

I was hoping to buy some more on the drop but the price never went down, still ~$650-$680.

Non-event.
 
Scataphagos said:
Can you really.. if the value drops 30% overnight??
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The value of a call option can drop to 0 right?

I've only risked what I can afford to lose in bitcoin and so should anyone else at this stage. The reward potential in is multiples of the risk i have taken so I'm happy with my bets in BTC, LTC. I got a fill at 150 , btc is like 650 . Treat it like one call option trade. So if one trade can give you 3+times the reward, is that not good enough? Yeah I accept it might go to 0 or be obsolete but the reward potential is also there.

If the CBOE can go down and there are guys who need to get out of their VIX position then what? Same thing. BTW CBOE has gone down before. Nasdaq? Bats? Knight? dow flash crash, same games. Over leverage kills. In this case ,the weak overleveraged hands who use stops on mt4 on a russian exchange get shaken out and the cash players win.


I had to wire some money the traditional way today at the bank. Took the lady 20 min and it has to be approved by their wire department tomorrow since I got their after 1:30. I was thinking, Gee , with bitcoin, I could transfer in min with no stupid bullshit. When btc infrastructure and exchanges are more stable in the future it will be the most efficient way to do business.
 
Zr1Trader said:
I had to wire some money the traditional way today at the bank. Took the lady 20 min and it has to be approved by their wire department tomorrow since I got their after 1:30. I was thinking, Gee , with bitcoin, I could transfer in min with no stupid bullshit. When btc infrastructure and exchanges are more stable in the future it will be the most efficient way to do business.
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This is exactly why governments (more like big banks who control the governments), will never let BTC and other pseudo currencies take hold. It will be shutdown or regulated into obscurity the minute the banks start losing money or customers.
 
Clubber Lang said:
This is exactly why governments (more like big banks who control the governments), will never let BTC and other pseudo currencies take hold. It will be shutdown or regulated into obscurity the minute the banks start losing money or customers.
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Bitcoin is peer to peer...only way to "shut it down" is to shut down the internet.
 
Clubber Lang said:
This is exactly why governments (more like big banks who control the governments), will never let BTC and other pseudo currencies take hold. It will be shutdown or regulated into obscurity the minute the banks start losing money or customers.
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I agree it's banks competition and right now it seems they don't know whether to try and go with it or stop it. Lets say japan allows BTC and so does Germany, then Russia, or China, If a country wants to remain competitive they will have to adapt or die.

If amazon.com starts losing costumers to overstock.com due to bitcoin, they will adapt If netflix accepts bitcoin, then Hulu better too.

The post office considered BTC so don't rule anything out yet.

Will be interesting to see what the future holds.
 
As I understand it the amount of bitcoins out there is fixed. Surely it is only a matter of time before the organisers decide to issue more ( no doubt giving themselves a healthy amount too ) ? Isn't it ? Which will lower the price.
 
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