Bitcoins anyone?

[SkinnyPupp]

I have said before that I am not a bitcoin trader, I am a believer in the system it introduces. I think ANY price is a good price to buy at, if it really ends up being everything it has the potential to be. And ANY price is a bad price to sell it at, if you believe in the system and aren't in it to make a quick buck. That's why I don't care what the charts say. It will either be "the next big thing" or it won't. When there is a drop in price, I post here because it presents a good opportunity for someone to "get in" when they feel they missed out on the opportunity before.

I would normally say that it would be foolish to buy anything with it, but to me that is different. For people to adopt it as a currency, it has to be shown that people are willing to buy things with it. Otherwise it's nothing more than what the traders think it is - a quick way to make money buying and selling and playing around with the market.

When companies like overstock say they made their first million in sales with bitcoin, or sites like porn.com say it makes up for 10% of their total sales, it is much more important to bitcoin itself as a success than China saying they don't support it (DUH) or some thieves stealing a bunch of it from a drug trading site. The former shows that it has potential as a true currency, the latter is just fodder for people to panic sell/panic buy/whatever.

So for bitcoin to work, there has to be a lot of people like me. People who don't give a shit what the price is at any given moment. Because they want it to settle down and eventually be a currency that we can use. If there are enough people like me, those charts are irrelevant. Because it won't matter if it hits $1000 for a day or $500 for a day or whatever. If bitcoin is nothing more than trade fodder like any other stock, then ulic is right; those charts probably have some meaning.

[Ulic Qel-Droma]

ok, i see where you're coming from.

you just want to use it as a tool to purchase things like a form of currency.

but then what about "actual/real" currencies. like the canadian dollar or whatever.

if you look at CAD/USD or YEN/USD, cad and yen have been declining (yen for a lot longer). trillions of these dollars have been used to purchase goods and services. and trillions of these dollars have also been made by betting on the short side.

people use these currencies everyday like the way you want bitcoin to be used.

but, still people play these things for their up and downs to make money, because the currency themselves, have become commodities when vs another currency.

don't just look at stocks.

look at grains, cattle, forex... and other commodities. they aren't just "stock fodder".... they're used as real things everyday. yet they're traded for profit/loss everyday too.

i don't have a conclusion for this post, but i'm just showing you that, it doesn't matter "what" it is, as long as it's traded, prices will fluctuate based on supply/demand and because of human interaction, you can chart patterns.

it's not that bitcoin is nothing but a "stock fodder"... it's a currency AND a "stock fodder"... like anything else. it's whatever it is, AND a trading tool.

whether it be stock in google, gold, cattle, or your old comics.

i believe that if you want bitcoin to succeed, you will need these people playing it as "stock fodder" because it adds volume and demand to the product. it adds value and "use". you can bet if traders and pro btc believers somehow push it to 2000, demand will be even higher than it is now and even more people will adopt it.

note: btw, i have never traded a single stock in my life. I've only ever traded commodities/futures. I don't trade stocks because under risk management rules, i believe stocks are a lot riskier based on the fact that a lot of stocks rely on single entities such as the CEO to perform well, also the fact that stocks have a high insider %... and I am not an insider on any stock so that is an advantage opponents have against me. and in a zero sum game, that's a very unfair advantage. therefore i choose not to trade equities.

[strykn]

Originally Posted by Ulic Qel-Droma

someone highly disciplined woulda bought after the knife down, on the first green bar, and sold at the first red, doubling their money. but how many people actually followed through with that?

ahahahah I did exactly that for shits & giggles really, 1 BTC @ 550ish sold 1000 in around ~ a week.... Just looking and laughing now too bad you couldn't short BTC.. tank was obvious after that 900 consol. Break on volume

[Razor Ramon HG]

GGWP, 8AM and I missed the boat
Posted via RS Mobile

[SkinnyPupp]

Originally Posted by Razor Ramon HG

GGWP, 8AM and I missed the boat
Posted via RS Mobile

Don't worry, it'll be $200 in no time. Ulic's charts don't lie... According to him, we're in the "fear, capitulation and despair" period, where the price will drop to $200 then back up to the normal "mean" of "whatever"

[falcon]

How is "MAX coin" worth so much? Man it's sure getting pumped hard, I can't wait to see it crash and have a ton of idiots holding their bag. Same with DOGE. Only a matter of time.

[Hondaracer]

It's this Max keiser

I follow him on twitter but I don't know his relevance he pushes BTC big time and made his own coin
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[falcon]

Yeah I know who he is. I followed him back when he was promoting Quark. Now he's just trying to make a quick buck... and it's unfortunately working.

[BEEB]

Originally Posted by Ulic Qel-Droma

ok, i see where you're coming from.

you just want to use it as a tool to purchase things like a form of currency.

but then what about "actual/real" currencies. like the canadian dollar or whatever.

if you look at CAD/USD or YEN/USD, cad and yen have been declining (yen for a lot longer). trillions of these dollars have been used to purchase goods and services. and trillions of these dollars have also been made by betting on the short side.

people use these currencies everyday like the way you want bitcoin to be used.

but, still people play these things for their up and downs to make money, because the currency themselves, have become commodities when vs another currency.

don't just look at stocks.

look at grains, cattle, forex... and other commodities. they aren't just "stock fodder".... they're used as real things everyday. yet they're traded for profit/loss everyday too.

i don't have a conclusion for this post, but i'm just showing you that, it doesn't matter "what" it is, as long as it's traded, prices will fluctuate based on supply/demand and because of human interaction, you can chart patterns.

it's not that bitcoin is nothing but a "stock fodder"... it's a currency AND a "stock fodder"... like anything else. it's whatever it is, AND a trading tool.

whether it be stock in google, gold, cattle, or your old comics.

i believe that if you want bitcoin to succeed, you will need these people playing it as "stock fodder" because it adds volume and demand to the product. it adds value and "use". you can bet if traders and pro btc believers somehow push it to 2000, demand will be even higher than it is now and even more people will adopt it.

note: btw, i have never traded a single stock in my life. I've only ever traded commodities/futures. I don't trade stocks because under risk management rules, i believe stocks are a lot riskier based on the fact that a lot of stocks rely on single entities such as the CEO to perform well, also the fact that stocks have a high insider %... and I am not an insider on any stock so that is an advantage opponents have against me. and in a zero sum game, that's a very unfair advantage. therefore i choose not to trade equities.

Do u think the fundamental has changed? ie, regulatory clampdown, legal issues, banking issues, etc.

[Ulic Qel-Droma]

^
fundamentals change every moment. as for major fundamentals, sure... i don't really follow but, uh if the charts telling you going from 1240 to 300 doesn't convince you, then nothing will.

like i said... i don't care about the details of the fundamentals. i just look at the charts. they tell me all the news I need to know.

Originally Posted by Ulic Qel-Droma

i would say over the next few days there is a high chance that the market will return to 450-550, before continuing down to ~260. that is if the pattern continues.

it's returned to a high of 540 within the range i said.

[SkinnyPupp]

Originally Posted by Ulic Qel-Droma

^
fundamentals change every moment. as for major fundamentals, sure... i don't really follow but, uh if the charts telling you going from 1240 to 300 doesn't convince you, then nothing will.

like i said... i don't care about the details of the fundamentals. i just look at the charts. they tell me all the news I need to know.



it's returned to a high of 540 within the range i said.

You can't use MtGox as a representation of BTC price anymore btw. The price was significantly lower due to people not being able to withdraw for days. The major exchange is now Bitstamp. They also shut down withdrawals for 1 or 2 days. Their low was $600 during this time

I like to use preev.com since they use a weighted average of several exchanges (they dropped MtGox this month) but they don't show charts.

[Ulic Qel-Droma]

noted....

mtgox still has the most volume though.

[threezero]

sooo how does the vancouver atm work? Do i just deposit money and it will be transfer to the my online wallet?

trying to figure out how all this work, if anybody can explain too a noob….

[SkinnyPupp]

Originally Posted by Ulic Qel-Droma

noted....

mtgox still has the most volume though.

Bitstamp has the most volume, and btc-e is catching up quickly. Gox volume is actually inflated right now because people are GTFOing

[SkinnyPupp]

Here's a story on Gox, on Washington Post of all places

Bitcoin?s largest exchange is dying. Here?s why that?s not a problem for Bitcoin.

There's a good analogy in there, about the dot com bubble, which I'm sure fits perfectly into Ulic's charts.

In the 1990s, hundreds of start-ups attempted to build businesses on top of the World Wide Web. Some of them were badly run. Others chose business models that proved unsustainable. Many squandered their investors' money.

Yet the collapse of the dot-com bubble wasn't a sign that the Internet had failed. Quite the contrary. The flood of capital into the Internet economy and the subsequent shakeout was terrible for investors, but it probably accelerated the Internet's development. Out of the chaos emerged enduring companies like Yahoo, Google, Amazon and eBay.

The Internet was going to succeed whether or not Pets.com and Webvan did. By the same token, Bitcoin's success doesn't depend on the survival of Mt. Gox or any other bitcoin firm.

[BEEB]

Originally Posted by Ulic Qel-Droma

^
fundamentals change every moment. as for major fundamentals, sure... i don't really follow but, uh if the charts telling you going from 1240 to 300 doesn't convince you, then nothing will.

like i said... i don't care about the details of the fundamentals. i just look at the charts. they tell me all the news I need to know.



it's returned to a high of 540 within the range i said.

Which firm your working for in Vancouver? There isn't many left as far as I know. Forex and commodity futures?

[Ch28]

What's the best way of trading bitcoins for Canadians? I heard Cavirtex has really high fees? I was on Coinbase but they are US only
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[BEEB]

$110 who's in ?

[Fafine]

lol goodluck getting your coins out of mt gox

[Ch28]

We can't even withdraw them to another exchange. If you put money in at $110/BTC then you better hope they open withdrawal soon or else your money is as good as gone.

Part of me wants to do it because its so cheap haha
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[Vale46Rossi]

My friend is selling his bitcoins @ BTC-E price if anyone wants some.

He has up to 20k worth.

[Carl Johnson]

$100 is still a long way up from zero where this fad belongs.

[EmperorIS]

lol @ bitcoins

[SkinnyPupp]

MtGox were the first big exchange, but if you dealt with them at all in the last 365 days or so, you weren't paying attention to what people tried to warn you about. Actually for noobs a lot of it isn't their fault, since a lot of "introductions to bitcoin" articles and sites stupidly point them to the biggest exchange, not necessarily the most trustworthy. Still, if you are investing your money, you have to pay attention to what is going on, and if you were paying attention over the last year, you'd know not to have anything to do with Gox.

As I said last year, when this thread was 4 pages long:

MtGox is run by a bunch of goofballs, and they need to be replaced by several exchanges for BTC to progress from here.

It's finally happening. There are several good exchanges now, and Gox will probably be dead in no time.

They haven't allowed withdrawals in what, a month? And last week they said they would start implementing them, but only for people who would verify their ID. There have been 3 or 4 protesters outside their office since then. Yesterday, they put out another release saying that because of "security issues" they are moving to their old office (which turns out to be a virtual office - a fake address in Shinjuku). A few hours before they put out this release, "someone" dumped 25,000 BTC on the market

It is likely that their exchange's value will continue to drop until it hits zero. Tons of people will lose tons of money, and many of them will probably lose confidence in BTC itself. Like StevenDuang's friend. This would be really stupid, but we saw with the dot com crash that investors are stupid, and willing to lose a lot of money. Just because a bunch of shitty websites predictably tanked and lost billions didn't mean that the entire internet died along with them.

[J____]

bitcoin is awesome for transffering money internationally