Bitcoins are officially donkdown

[Sanlmar]

I'm really surprised we are 29 pages into this and the thread title hasn't been changed.

Coin is still around $1k.

Another leg down is coming. I promise you.

You do not want to read your early posts BNP. However, you will eventually be proved correct.

If you could short it here without jumping through so many hoops... if you could personally borrow Bitcoins from someone, perhaps. I would short here with a stop a little over $1100.

$100 dollar risk vs far greater downside. ABC down. i.e. Major fall. 1/3 - 2/3 retracement return/up then greater fall down. Rinse and repeat. That my friends, is a plus EV trade.

The lack of conviction to the upside (after this huge fall) vs fear of further downside. Do you think the greed & optimism is greater than the fear?

[BeerAndPoker]

I'm really surprised we are 29 pages into this and the thread title hasn't been changed.

Coin is still around $1k.

Another leg down is coming. I promise you.

You do not want to read your early posts BNP. However, you will eventually be proved correct.

If you could short it here without jumping through so many hoops... if you could personally borrow Bitcoins from someone, perhaps. I would short here with a stop a little over $1100.

$100 dollar risk vs far greater downside. ABC down. i.e. Major fall. 1/3 - 2/3 retracement return/up then greater fall down. Rinse and repeat.

The lack of conviction to the upside (after this huge fall) vs fear of further downside. Do you think the greed & optimism is greater than the fear?

I'm well aware of my earlier posts and many people were felt the same way about bitcoins, however, they have thrived more then I thought they would but not without taking roller coaster plunges along the way.

A lot of stuff I said was somewhat clowning around mainly on Micon but he did make a lot off these things so kudos to him for that just as long as he's selling some and don't sink with the ship. I believe the coins will be around for a while but someday will have that massive drop which they may never recover from.

[BeerAndPoker]

What is the quickest way to buy bitcoins and be able to sell them immediately atm?

I was looking at the coinbase site and they make you wait to clear an ACH so their is no way I'd buy something and not be able to sell it for days since the intent might be to buy and sell within hours.

I was going to buy the other day when it went down below $700, but then I started looking into the sites like coinbase. Lot of complaints about how this site in particular operates. It seemed to me like it would be impossible to invest through them at a time like this where BTC is fluctuating so much, only when it is somewhat (lol) stable. From what I gathered when you buy through them your buy doesn't actually "buy" a BTC until after a period of time, when at that point the price could have obv changed. If it goes up after you buy then they send you an email saying it wouldn't go through because it was too "risky" of an investment ATM, or some shit like that.

I really have no clue how to buy these things and feel somewhat comfortable about it now.

That's just it with something so volatile I don't want to use a service like coinbase and then have to wait a few days before I can get out if things go insane. The key might be to buy at $500 or whatever then when you make 40-50% to get out if the trend appears that they will start to drop. It can be a rinse and repeat type of process that I need much quicker availability and with coinbase you don't even see the coins available to you until a few days later when it clears.

The same goes with selling which I don't want deal with having to go to some site to initiate a transaction then physically meet an individual to complete it. That whole process is time consuming but it appears to sell immediately isn't as big of a deal on a site like coinbase or other ones out there.

[sonatine]

Another leg down is coming. I promise you.

You do not want to read your early posts BNP. However, you will eventually be proved correct.

If you could short it here without jumping through so many hoops... if you could personally borrow Bitcoins from someone, perhaps. I would short here with a stop a little over $1100.

$100 dollar risk vs far greater downside. ABC down. i.e. Major fall. 1/3 - 2/3 retracement return/up then greater fall down. Rinse and repeat.

The lack of conviction to the upside (after this huge fall) vs fear of further downside. Do you think the greed & optimism is greater than the fear?

I'm well aware of my earlier posts and many people were felt the same way about bitcoins, however, they have thrived more then I thought they would but not without taking roller coaster plunges along the way.

A lot of stuff I said was somewhat clowning around mainly on Micon but he did make a lot off these things so kudos to him for that just as long as he's selling some and don't sink with the ship. I believe the coins will be around for a while but someday will have that massive drop which they may never recover from.

The entire crypto coin economy right now is riding on the whims of bored Chinese housewives frittering away huge volumes of disposable Chinese income once the hubbies leave for work and the children leave for school.

There will be another surge when Paypal pushes BTC support live, followed immediately by a shithammer of legislation and fees and a small army of "middle men" type shady payment processors sweeping in to pluck their pound of flesh off the BTC corpse.

Eventually it will sink down to an organic 180-215 per coin which will probably incur $10-14 in fees and taxes just to use.

[BeerAndPoker]

Eventually it will sink down to an organic 180-215 per coin which will probably incur $10-14 in fees and taxes just to use.

When fees get too high people will look for alternatives if/when that happens. Taxation can be a slippery slope if that happens and gets done over and over on every sale where exchanges are forced to charge the seller or even the buyer.

The thing to me that the coin has going for it is the capped limit of them ever to be in circulation. As more coins either get seized, laptops with lots of them get thrown away by retards, or whatever it might be if the coin remains strong then demand will exceed availability causing the price to sky rocket before coming back down to earth again,etc... I see the crazy variance trend going on for a while.

[Daly]

Whoa.... Fidelity is going to start to let investors hold bitcoin in IRA accounts.....

I'm not a Bitcoin fanboy by any stretch, but I'm willing to admit that's big news. If it gains traction by joe public it's going to create some big demand.

[Cokehead]

If bitcoin gets US govt recognition as a currency, Micon can say goodbye to Seals and hello to a prison cell. No way theyre just gonna sit back & let Americans run bitcoin gambling sites. Micon had a better shot getting away with this when bitcoin was an under the radar niche item for nerds. Now he is providing gambling with a mainstream crypto currency and its not gonna end well.

[Sanlmar]

If bitcoin gets US govt recognition as a currency, Micon can say goodbye to Seals and hello to a prison cell. No way theyre just gonna sit back & let Americans run bitcoin gambling sites. Micon had a better shot getting away with this when bitcoin was an under the radar niche item for nerds. Now he is providing gambling with a mainstream crypto currency and its not gonna end well.

I consider his weekly radio show to be a more serious offense.

[Sanlmar]

If Druff gave lil Ben these two pictures even he would say they match.


"Return to normal" phase - everything gonna be alright.

[Dan Druff]

Wow, it's amazing how much those two match.

[snake_in_the_ass]

look at all the coins in existence:

http://www.coinmarketcap.com/

This is nothing but an electronic version of the Beanie Babies bubble from 2 decades ago. I think the SP500 is more overvalued than the coin market, as crazy as that sounds. With that said, the market can still go a lot higher.

[Sanlmar]

look at all the coins in existence:

http://www.coinmarketcap.com/

This is nothing but an electronic version of the Beanie Babies bubble from 2 decades ago. I think the SP500 is more overvalued than the coin market, as crazy as that sounds. With that said, the market can still go a lot higher.

Of course it is. Once you recognize that psychology theoretically it is easy to trade.

This is a pretty rare thing to watch happen.

[Dan Druff]

Wow, 10.5 BILLION dollars in bitcoins right now.

I wonder if any of those guys with hundreds of thousands of bitcoins from early on still have them.

If you had 200,000 bitcoins and didn't sell any, would you really be willing to risk the whole thing crashing, or would you cash out your $180 million right now?

You would be a moron not to cash them out (which could actually trigger a price decline, but you could probably unload them in pieces without having too much of an effect).

[Sanlmar]

Wow, 10.5 BILLION dollars in bitcoins right now.

I wonder if any of those guys with hundreds of thousands of bitcoins from early on still have them.

If you had 200,000 bitcoins and didn't sell any, would you really be willing to risk the whole thing crashing, or would you cash out your $180 million right now?

You would be a moron not to cash them out (which could actually trigger a price decline, but you could probably unload them in pieces without having too much of an effect).

That's kind of fascinating to think about.

If you watch the trades (http://bitcoin.clarkmoody.com for instance) you will see orders that are sometimes in the fractions of a Bitcoin and sometimes they move the price. Bitcoin volume is so thin.

I think you are trapped unless you can line up a buyer on the other side of the trade. Traders and brokerages negotiate big block trades on the side in these instances on Wall Street.

[ftpjesus]

Wow, 10.5 BILLION dollars in bitcoins right now.

I wonder if any of those guys with hundreds of thousands of bitcoins from early on still have them.

If you had 200,000 bitcoins and didn't sell any, would you really be willing to risk the whole thing crashing, or would you cash out your $180 million right now?

You would be a moron not to cash them out (which could actually trigger a price decline, but you could probably unload them in pieces without having too much of an effect).

That's kind of fascinating to think about.

If you watch the trades (http://bitcoin.clarkmoody.com for instance) you will see orders that are sometimes in the fractions of a Bitcoin and sometimes they move the price. Bitcoin volume is so thin.

I think you are trapped unless you can line up a buyer on the other side of the trade. Traders and brokerages negotiate big block trades on the side in these instances on Wall Street.

Besides my mention earlier of the ability to trade btc on one of the forex brokers (not a market maker but actual ECN) there is also another btc item out there Im not sure how much is affecting the market and explains alot of the micro trading of btc which is this bitcoin robot that supposedly trades bitcoins on mtgox and another exchange automatically for people and it claims to be making money not sure I buy it and suspect the money it is making is nothing compared to the russians marketing it..

heres the website in case anybodys curious about this other potential autotrading that maybe affecting the market artificially.. (then again black box trading is rampant on wall street so who should be surprised it isnt going on in the cryptocurrency markets as well) http://www.btcrobot.com/

[DirtyB]

Wow, 10.5 BILLION dollars in bitcoins right now.

I wonder if any of those guys with hundreds of thousands of bitcoins from early on still have them.

If you had 200,000 bitcoins and didn't sell any, would you really be willing to risk the whole thing crashing, or would you cash out your $180 million right now?

You would be a moron not to cash them out (which could actually trigger a price decline, but you could probably unload them in pieces without having too much of an effect).

Bill Gates and everyone else who owns a ton of one stock sells a certain number of shares every day. It allows them to diversity their holdings without moving the price much. Totally standard move.

[Sanlmar]

That's kind of fascinating to think about.

If you watch the trades (http://bitcoin.clarkmoody.com for instance) you will see orders that are sometimes in the fractions of a Bitcoin and sometimes they move the price. Bitcoin volume is so thin.

I think you are trapped unless you can line up a buyer on the other side of the trade. Traders and brokerages negotiate big block trades on the side in these instances on Wall Street.

Besides my mention earlier of the ability to trade btc on one of the forex brokers (not a market maker but actual ECN) there is also another btc item out there Im not sure how much is affecting the market and explains alot of the micro trading of btc which is this bitcoin robot that supposedly trades bitcoins on mtgox and another exchange automatically for people and it claims to be making money not sure I buy it and suspect the money it is making is nothing compared to the russians marketing it..

heres the website in case anybodys curious about this other potential autotrading that maybe affecting the market artificially.. (then again black box trading is rampant on wall street so who should be surprised it isnt going on in the cryptocurrency markets as well) http://www.btcrobot.com/

Good reminder, there prolly is autotrading.

The btcrobot site looked about as shady as they come. Want to run antivirus now. Ridiculous projected returns and price projections.

[Daly]

Wow, 10.5 BILLION dollars in bitcoins right now.

I wonder if any of those guys with hundreds of thousands of bitcoins from early on still have them.

If you had 200,000 bitcoins and didn't sell any, would you really be willing to risk the whole thing crashing, or would you cash out your $180 million right now?

You would be a moron not to cash them out (which could actually trigger a price decline, but you could probably unload them in pieces without having too much of an effect).

As I said a few pages back, if you still have a material amount of BTC and you dont sell enough to buy your house and have a equal amount in cash in a bank account you are a moron.

Many people go an entire lifetime without hitting the lottery. If you happen to have 500-1000-X amount of BTC and you dont sell half now that the price is over $1K then you are basically tearing up a lottery ticket. You don't have to sell them all, but at this point it's a life changing event and its grossly irresponsible to not take advantage of it.

Edit: If I had 1,000 BTC right now I'd sell 600 of them. I'd pay off my house and my kids college fund for $200K, put $400K in the bank and let the 400BTC ride.

[DirtyB]

Cameron Winklevoss doing a reddit AMA now.

http://www.reddit.com/r/IAmA/comment..._love_me_some/

[–]ntrivers
Thank you for taking the time for this AMA. Where do you see Bitcoin in the future? How will it remain a viable currency?

[–]winky_pop
small bull case scenario for Bitcoin is a 400 billion USD dollar market cap, so 40,000 USD a coin, but I believe it could be much larger. When this will happen, if it happens, I don't know, but if it happens, it will probably happen much faster than anyone imagines.

This guy's previous investments have done better than anyone in this thread. $40k per bitcoin sounds ridiculous, but he has some credibility.

[Dan Druff]

It's actually having a mini-slump right now. Down to $859 at the moment.

$900 has been the stable price for awhile now. It has gone up and down a few times, but always seems to land back around $900.