Bitcoins are officially donkdown

[Sanlmar]

I wonder if the Yakuza have a contract out on him. Or whether they strong-armed him to embezzle funds for them.

Subcontract labor.

Cmoney calls it a business trip.

[BeerAndPoker]

The coin been on the rise again the past few days in the mid $330 range last I checked.

[RegGaymer]

They probably wont be popping that cork until it gets to at least 600, which it won't.

Can someone give us cliffs why Bitcoin won't go higher than $600?

If it was going to outright flop and bust after the big downswing, then surely it wouldn't be stabilising and gradually increasing like it has been doing for months now.

[MumblesBadly]

They probably wont be popping that cork until it gets to at least 600, which it won't.

Can someone give us cliffs why Bitcoin won't go higher than $600?

If it was going to outright flop and bust after the big downswing, then surely it wouldn't be stabilising and gradually increasing like it has been doing for months now.

Why don't you instead explain why the opposite is true, and by when?

[RegGaymer]

Can someone give us cliffs why Bitcoin won't go higher than $600?

If it was going to outright flop and bust after the big downswing, then surely it wouldn't be stabilising and gradually increasing like it has been doing for months now.

Why don't you instead explain why the opposite is true, and by when?

I'm not going to categorically say that it will have a big spike again, because who's really in a position to predict the future like that?

I can only go off the pattern we've seen with bitcoin in the past year, which would suggest that it may well go higher than $600 at some point in the not too distant future.

[jacosta24]

To the moon!!!!!

[Sanlmar]

Druff, you should consider locking up that Bitcoin profit by depositing on ACR. By doing so you convert to cash. Withdraw later when we retrace.

This thing has gone completely parabolic and is due to give back some.

"How can the most people be hurt for the most money in the least amount of time?" - Trading mantra

$369 Bitstamp

[MumblesBadly]

Why don't you instead explain why the opposite is true, and by when?

I'm not going to categorically say that it will have a big spike again, because who's really in a position to predict the future like that?

I can only go off the pattern we've seen with bitcoin in the past year, which would suggest that it may well go higher than $600 at some point in the not too distant future.

Fair enough. In fact, you've also answered your originally question, albeit indirectly. Meaning, if bitcoin spikes, it probably would do to price momentum, which isnt necessarily supported by some kind of fundamental factor. And it is impossible to predict how irrational potential investors can get.

[BeerAndPoker]

The rate I get in my Circle account atm which is usually higher then anywhere else:

1 BTC = $383.31

About a week ago it was $150 to $160 less.

$500 is the sale rate for me which on Circle you can just convert it to dollars and then if it crashes I can rebuy the coin if I would like to as long as I don't transfer to my bank but obviously I wouldn't benefit if it continues to climb.

[Sanlmar]

The rate I get in my Circle account atm which is usually higher then anywhere else:

1 BTC = $383.31

About a week ago it was $150 to $160 less.

$500 is the sale rate for me which on Circle you can just convert it to dollars and then if it crashes I can rebuy the coin if I would like to as long as I don't transfer to my bank but obviously I wouldn't benefit if it continues to climb.

Pro tip. I was not aware of Circle.

What are your fees? Have you given a look at the price when you buy? You buy at a premium but your purchases are at lower BitPay rates.... that sort of thing.

I bought some at $240 or so to fund poker. Woulda done better to just sit on them.

Sent Druff $52 to settle my Sizzle Cueto bet. I included a $2 Bitcoin "variance surtax".

That $52 is now worth $60.11 according to my Breadwallet / BitPay which averages market depth across exchanges.

More than anything, my post was expressing an interesting way to convert to cash without fees as ACR holds your funds in cash.

ACr doesn't offer a casino self exclusion so this is probably a poor idea for Druff.

[sonatine]

383 is like, a flaw in the matrix.

[BeerAndPoker]

The rate I get in my Circle account atm which is usually higher then anywhere else:

1 BTC = $383.31

About a week ago it was $150 to $160 less.

$500 is the sale rate for me which on Circle you can just convert it to dollars and then if it crashes I can rebuy the coin if I would like to as long as I don't transfer to my bank but obviously I wouldn't benefit if it continues to climb.

Pro tip. I was not aware of Circle.

What are your fees? Have you given a look at the price when you buy? You buy at a premium but your purchases are at lower BitPay rates.... that sort of thing.

I bought some at $240 or so to fund poker. Woulda done better to just sit on them.

Sent Druff $52 to settle my Sizzle Cueto bet. I included a $2 Bitcoin "variance surtax".

That $52 is now worth $60.11 according to BitPay which averages market depth across exchanges.

As it sits I have "x' amount of coins which now the rate just hit $385.50.

If I convert to dollars I would get that rate and it's stored just as if it was paypal where I don't deal with the fluctuation of the rates.

If it goes up I don't benefit but if it goes down it don't hurt me.

I can convert it back to BTC anytime I want but if it goes up and I decide to do that then I'm going to have less coin then I did before I converted.

It's an option Circle added a few months back and I have no experience in using it since their wasn't any big movement like this. I did lose a bit when the coin dropped from like $285 to $225 or so but it was too late for me to convert to dollars cause it dropped so quickly so I figured it would go back up and didn't panic converting it at that point.

Since Circle rate is always a bit higher if you buy coins from them you will be paying slightly more because say right now if I buy a coin at $385 for immediate use if it's worth $372 elsewhere then I'm out those few dollars which usually I'd be sending it to blockchain first if I was to put it on a gambling site.

[Dan Druff]

So it broke $400 and is currently sitting at $419.50.

Any reason for this?

Keep in mind that, for the past 18 months, bitcoin has never had a sustained gain.

That is, since May 2014, whenever bitcoin would rise, it would crash back down and stabilize at a level lower than its previous stabilized level. However, this rise is pretty extreme, and is so far nearly double since it started rising (and most of that rise has been in the past few days).

Is another "correction" crash coming, and will bitcoin again stabilize lower than it was before this run-up?

[Sanlmar]

My initial reaction was this was just momo trading. But the Chinese thing is huge. OKCoin said they are having record breaking trading days.

With this outflow from China, how long before authorities shut the exchanges down? Remember, this is the same government that halted selling on their stock exchange and then declared a bank holiday for two days when their stock market was tanking. Halting Bitcoin is well within their range imo.

Bitcoin demand in China could have been sparked by the massive amount of capital flows out of China this year, and in particularly this month. According to Bloomberg, $194 billion was sent out of the country in September. Altogether, $669 billion have flowed out of the country this year.

A little nod of approval from EU authorities.

Positive news has come out of Europe, as well, as the European Union Court said in October the cryptocurrency would not be subject to value added tax. Bitcoin’s most recent rise in price, before the current advance, came amid speculation of a Greece exit from the EU.

This prolly will get sucked right up at current volumes but the government is inept and will not trade well.

The US Marshall Service has been auctioning of Silk Road assets for the past year. The final auction will include 44,341 bitcoins or more than $15 million worth. The auction is set to take place between a six-hour period, starting at 8 a.m. and ending at 2 p.m. on November 5.

[Forum Wars]

So it broke $400 and is currently sitting at $419.50.

Any reason for this?

Reasons for Bitcoins Recent Surge Revealed

This seems VERY PLAUSIBLE. I think when bitcoin was $1.3K+, a lot of the rise was attributed the actions of massive Chinese population with their regular citizens "discovering" bitcoins for the first time.

Now it would appear that goverments that try capital controls may be one BIG BIG "killer application" for bitcoin helping make it remain viable further into history than many people believe at this point.

[sonatine]

few points... any sites showing +410 btc trades are outliers, and in the last like 20 minutes btc have shed over 10% of their value.


"And here is the validation that, just as predicted here two months ago, bitcoin has become the go-to asset class for millions of Chinese savers seeking to quietly and under the radar transfer funds from point A to point B" yeah we saw this before, then the Chinese government went apeshit and started dropping the hammer.

Hard to imagine we wont be at 320 by the end of the weak and 275 by the end of next week.

[sonatine]

lol, my bad, 15% of their value.

[Sanlmar]

few points... any sites showing +410 btc trades are outliers, and in the last like 20 minutes btc have shed over 10% of their value.


"And here is the validation that, just as predicted here two months ago, bitcoin has become the go-to asset class for millions of Chinese savers seeking to quietly and under the radar transfer funds from point A to point B" yeah we saw this before, then the Chinese government went apeshit and started dropping the hammer.

Hard to imagine we wont be at 320 by the end of the weak and 275 by the end of next week.

Look at the chart. Can you feel the pain? Fun.

[sonatine]

few points... any sites showing +410 btc trades are outliers, and in the last like 20 minutes btc have shed over 10% of their value.


"And here is the validation that, just as predicted here two months ago, bitcoin has become the go-to asset class for millions of Chinese savers seeking to quietly and under the radar transfer funds from point A to point B" yeah we saw this before, then the Chinese government went apeshit and started dropping the hammer.

Hard to imagine we wont be at 320 by the end of the weak and 275 by the end of next week.

Look at the chart. Can you feel the pain? Fun.

[sonatine]

398 to 349 in 45 minutes.


pretty sure china just shed billions.