Bitcoin

Pekelo · Aug 18, 2014

BTCe margin cascade, bringing price to below $360 for a few moments. There is nothing like trading an illiquid instrument on margin:

http://np.reddit.com/r/BitcoinMarkets/comments/2dvo1k/margin_cascade_on_btce/

I guess that was a good buying opportunity, back around $440. Anybody who holds in these times instead of trying to buy cheap coins is an idiot...

YTD performance is down -45% or so....

unregisterred · Aug 18, 2014

Just completed a BTC buy on Coinbase. Coinbase is back.

Pekelo · Aug 18, 2014

TIL, it costs 30 bucks every transaction for the bitcoin community. That is waaaaaaay cheaper than banking. Even if the ~4000 transaction limit per block was used, the price would still be $3...

The breakdown if one is interested:

http://www.reddit.com/r/Buttcoin/comments/2dx7a3/can_someone_remind_me_of_the_point_of_buttcoin/

Hoi · Aug 19, 2014

Pekelo said:
TIL, it costs 30 bucks every transaction for the bitcoin community. That is waaaaaaay cheaper than banking. Even if the ~4000 transaction limit per block was used, the price would still be $3...

The breakdown if one is interested:

http://www.reddit.com/r/Buttcoin/comments/2dx7a3/can_someone_remind_me_of_the_point_of_buttcoin/

Aahhh??... you want to compare Credit-card costs that way? Well show us the real costs of Visa/MasterCard (man power, third-party-accountancy, fraud-insurance, computers, networks, electricity, housing an buildings all over the world) including the total market-cap of their stocks on all Exchanges. And divide that through the number of CC-transactions.....
Adding all these costs: For CC companies to run a healthy business they have to charge you (or the Merchant) 3% fee on every CC-transaction. Compare that to 0.05 cents you pay for every Bitcoin-transaction (even if it is a $100 million transaction from NY to Singapore).

For your information. Someone tried to discredit the Miners wasting so much electricity. Then some engineer calculated that ONLY the air conditioners in all the Banking-buildings in the world took more electricity than all the Miners combined. This not even adding Bank-buildings lighting and computers.....

Pekelo · Aug 19, 2014

Somehow, those CC companies are profitable, unlike most of the mining business...

Hoi · Aug 19, 2014

Pekelo said:
Somehow, those CC companies are profitable, unlike most of the mining business...

I do 100% agree!
Stay away from any mining business and/or cloudhosting.

Hate2Lose · Aug 20, 2014

paperboy said:
Are larger investors starting to get interested in Bitcoin?

I guess when gold and silver start rising again big money will also find itÂ´s way to Bitcoin.

How much could it be worth in a future where gold/silver backs currencies?
100 times todays price?

I think bitcoin will be a way off before people start taking it too seriously. That is my opinion however!

How much do you think it will be worth?

unregisterred · Aug 20, 2014

Hate2Lose said:
I think bitcoin will be a way off before people start taking it too seriously. That is my opinion however!

How much do you think it will be worth?

check out this: http://worldbitcoinnetwork.com/BitcoinPriceModel-Alpha.html

the most price appreciation happens when bitcoin takes out a percentage of gold store of value. 5% of gold store of value all things being equal is bitcoin $28,798.64.

unregisterred · Sep 17, 2014

FWIW, I just dumped all my BTC except about 9 and 6 Casascius BTC. still up a good deal but not 10,000%. ha. good luck to everyone.

unregisterred · Sep 19, 2014

well, I sold my remaining 9 at $405ish yesterday and am only holding the Casascius (which are difficult to unload). I've been thinking of shorting via Bitfinex since last night. BTC is obviously weak. at this point, BTC could free fall or just as easily reverse to 420. the plan of action is to intently wait on the sidelines for a flash crash to buy or for the dust to settle. regardless of outcome, I dumped most of my lot via Coinbase and am looking at taxes.