I like the scale on your chart. - 1000
Head and Shoulder formation in BTC
- Thread starter badnewsbear
- Start date
I like the scale on your chart. - 1000
Bitfinex seems to disagree with you:
"Margin trading
Our margin trading feature allows you to borrow funds from peer lenders (see next feature) to trade bitcoins. You are always responsible for the accrued interest, at the rate in effect for the loan(s) involved in each position you take.
For example, let's say you want to open a long position for 10 bitcoins. That means you want to buy 10 bitcoins hoping the price will go up. The system will borrow for you 10 * the price of bitcoins in US dollars (let's say 1300 USD, 10 * $130) from lenders, at the best rates available. When you close your position, you will reimburse the 1300 USD USD plus the interest that has accrued. Interest fees are added to your balance once per hour."
https://www.bitfinex.com/pages/howitworks
Did I mention you are a fucking idiot ?
Do you know where they get those bitcoins to let you trade on margin? From other traders. The bitcoins don't magically appear out of thin air. They are all bought and paid for unlike the dutch tulips where they just put up 2.5% of the purchase price with a promise to pay the balance later.
Here is a pie chart to show you where bitfinex ranks in market share. http://bitcoincharts.com/charts/volumepie/ Whats that? You don't see them? Yeah, neither do I.
Nobody stated anything like that. you said there was no margin, I proved that there was.The point is that one can trade bitcoin on margin, meaning using leverage. What is a double edge sword as we know...
By the way the more exchanges are there, the more margin and leverage will exist... Also binary options and futures are available, so there are plenty of ways to make or lose money...
If you want to see what bitcoin trading on margin looks like see http://bitcoinwisdom.com/markets/btce/btcusd The inverse head and shoulder pattern is still valid on bitstamp where there is no margin facility.
That was quick:
"Friends,
Thanks for your interest in BTDX - Bitcoin derivatives platform. Took some time to rework the product over the last couple of weeks based on feedback from early users. The product is much simpler now, and is ready for use by a larger group. Currently, the platform offers 10x leveraged longs and shorts.
Signup & full details: http://www.btdx.net/peek (invite code: btc4life)"
