(01-12-2014 12:10 PM)JayJuanGee Wrote:  

(01-12-2014 10:44 AM)el mechanico Wrote:  Watch Huobi like a hawk. That places sneezes and except 100 dollar drop.

And, how does a guy watch Huobi? Is there some kind of timely manner of accomplishing such?

http://bitcoinwisdom.com/markets/huobi/btccny

(01-12-2014 01:48 AM)Jaydublin Wrote:  JJG bubbles catch people by surprise. You seem to think they are easy to pick out with negative news, they aren't and you most likely wont get a warning.

If you were full time on bitcoin you could have understand at least the two previous bubbles. April mtgox went down, who had 80% of the market at that time. When they are back up we see mass panic.

This lattes one in November started after bad news from China who had driven the price up the weeks before it crashed.

What will start the next one is impossible to say but there will be a warning in some kind.

The Sacramento Kings announced Thursday that they will become the first professional sports franchise to accept Bitcoin virtual currency.

Beginning on March 1, fans will be able to buy gear in the team store and pay for tickets with the digital money.


http://espn.go.com/nba/story/_/id/103031...pt-bitcoin


Go Kings, Boogie Cousins is the best big man in the NBA right now.

So should I pull the trigger and buy some bitcoins? Thinking I will buy two coins for like $1600. Heard there is a place in NYC I can buy in person. Anyone know anything about that?

(01-16-2014 03:54 PM)MidniteSpecial Wrote:  So should I pull the trigger and buy some bitcoins? Thinking I will buy two coins for like $1600. Heard there is a place in NYC I can buy in person. Anyone know anything about that?

Surely guys participating in this thread have differing theories about how to invest in bitcoin.

If you have NOT bought any Bitcoin yet, then I would suggest that you consider getting into BTC a little slowly to get used to some of the complicated aspects of buying and storing BTC - and probably dollar cost averaging your initial BTC purchase rather than plugging in a whole investment in one chunk of money (though $1,600 is NOT a large amount - but that, of course, will depend upon your budget).

I understand that if you are saying that you want to buy 2 bitcoins, and those are your first two bitcoins, then you may already be considering the 2 BTC to be an initial investment and possibly buying more BTC in the future.

I do NOT specifically know about any NYC Bitcoin buying location(s); however, there are quite a few BTC sellers listed on Localbitcoins.com, and you will be able to buy through localbitcoins.com, nearly right away and to compare prices.

Also, consider that usually, it is a little less expensive to buy BTC through Coinbase, once you set up an account through Coinbase (though you would need to consider that Coinbase has a 1% buy and sell transaction fees (so 2% if you carry out both your buying and your selling through Coinbase).

I started buying BTC in late November 2013 (through both Localbitcoins.com and coinbase), when BTC prices were hovering around $1,200; however, today my average BTC buy in price is $772 per BTC (including transaction fees) - and I own about 16.5 BTC (so over the last two months, I have been buying BTC little by little at a rate that fits with my budget and with my investment style).

EDIT: With the BTC price fluctuations today, I could have sold my whole stash of BTC for anywhere between $810 and $850 per BTC, and after subtracting the transaction fees, I would have been between 4.8% and 8.7% ahead - which is a fairly decent return on investment over less than two months. However, if I had made a lump sum investment in BTC in late November (at $1,200 per BTC) and sat on my investment, currently, I would be kicking myself with between negative 30% and negative 32.5%. My point is that dollar cost averaging can help to get a guy into an investment at a lower price per BTC, even though he runs the risk of making less money if he fails to buy BTC in sufficient quantities when the price is low.



Recall that you do NOT need to buy whole bitcoins, and you could work out a BTC investment system in which you are buying bitcoins on about a weekly basis (in fractions of a bitcoin), until such time that you are becoming more comfortable and familiar and able to get used to various Cryptocurrency exchanges or that you get used to means of purchasing and storing BTC that are comfortable for you.

Surely, some guys are waiting for a BTC crash in order to buy a bunch of BTC at that time (which crash may or may NOT come). I would NOT suggest waiting for a crash in total before you begin to get your feet wet b/c it does take a little bit of time to learn and to get used to buying and storing BTC, so you want to have those BTC buying systems in place so that you will be ready and prepared to buy in the event that there is a BTC price crash (if that were to occur).

The FEDs got cleared to dump their wallet they stole from Silk road and Chinas deadline could cause a mass dump. I would be in CASH right now.

svenski, 1400 a week mining huh? I don't really believe you but I would set up a miner if that was the case.

Don't know if it's been mentioned, but the lack of intrinsic value in bitcoins makes it hard for me to invest mid/long term.

All this, because ultimately, data, even encrypted, isn't worth anything.
A bitcoin system backed by a commodity, such as gold/silver/oil, would be a lot more interesting.

m2c

(01-17-2014 12:02 PM)el mechanico Wrote:  The FEDs got cleared to dump their wallet they stole from Silk road and Chinas deadline could cause a mass dump. I would be in CASH right now.

svenski, 1400 a week mining huh? I don't really believe you but I would set up a miner if that was the case.

EL MECH HAS SPOKEN. Move to USD and batten down the hatches.

Traders are losing confidence one or two big sells will send this down today maybe 50 bucks. Good time for alt pumps

(01-17-2014 12:02 PM)el mechanico Wrote:  The FEDs got cleared to dump their wallet they stole from Silk road and Chinas deadline could cause a mass dump. I would be in CASH right now.

This NEWS that you describe does NOT automatically mean a clear and unambiguous sign of a BTC price drop, though it is possible that the price will drop based on such news. Maybe 10%? Possibly more?

Even if 28 million dollars in BTC were auctioned in the near future (when? six months?), this does NOT mean that those BTC would be purchased by one person or one entity and/or dumped on the market.

On the contrary, the Feds authorization for the auctioning of those BTC seems to give some legitimacy to BTC, and it is much better for BTC market to have those BTC auctioned off, rather than having the Feds using such BTC to manipulate the BTC market.

Most likely, in the coming months, we will be hearing about the auction process for those BTC and the timing of such....

El Mech, you may be correct, that there will be a short-term downward reaction to such news; however, I doubt the direction is clearly down... Of course, others may have predictions that align with yours, but in my humble opinion we need more news or indicators.

(01-17-2014 12:30 PM)FrenchCanadian Wrote:  Don't know if it's been mentioned, but the lack of intrinsic value in bitcoins makes it hard for me to invest mid/long term.

All this, because ultimately, data, even encrypted, isn't worth anything.
A bitcoin system backed by a commodity, such as gold/silver/oil, would be a lot more interesting.

m2c

Yes.... Peter Schiff has spoken on this thread, and there have been other naysayers throughout the 42 pages of thread to give various arguments as to why BTC is "doomed" a "bubble" etc. etc.

(01-17-2014 12:32 PM)portofmanteau Wrote:  

(01-17-2014 12:02 PM)el mechanico Wrote:  The FEDs got cleared to dump their wallet they stole from Silk road and Chinas deadline could cause a mass dump. I would be in CASH right now.

svenski, 1400 a week mining huh? I don't really believe you but I would set up a miner if that was the case.

EL MECH HAS SPOKEN. Move to USD and batten down the hatches.

Good luck with that.... NO hating on El Mech... however, AS you may recall, El Mech has been telling guys on this thread to get into dollars since about December 20....... and there has been mostly up of BTC prices since then... but also a few downs, here and there.... (but we already know that BTC is volatile and going to have up and downs with its prices). Hopefully, El Mech will let you know when to get back in, as well.

Sooner or later there is going to be a BTC price dip... and is this the time? Personally, if BTC prices go down, then I see this as a BTC buying opportunity.

(01-17-2014 12:59 PM)el mechanico Wrote:  Traders are losing confidence one or two big sells will send this down today maybe 50 bucks. Good time for alt pumps

That's a decent prediction. $50 bucks down during today.... As I type BTC prices on coinbase are floating about $790 - which is down from about $840 from about a day and a half ago. It is NOT clear enough for me that BTC prices will go down another $50 to take such chances to sell my BTC... but I will buy more BTC if it goes down an additional $50 to $740. Actually, at this time, my next BTC buy point is $760.

How much did it cost?

The FBI is only going to sell approximately 30,000 BTC:

http://www.coindesk.com/us-government-an...-bitcoins/

The rest of Dread Pirate Robert's coins are still in contention. My guess is that the FBI will sell the ~30K coins in an auction and not on one of the exchanges. This is what the FBI does with drug dealer's cars, houses, etc... My guess is some hedge fund or other large investor will end up buying the FBI's coins.

(01-17-2014 03:07 PM)The Texas Prophet Wrote:  The FBI is only going to sell approximately 30,000 BTC:

http://www.coindesk.com/us-government-an...-bitcoins/

The rest of Dread Pirate Robert's coins are still in contention. My guess is that the FBI will sell the ~30K coins in an auction and not on one of the exchanges. This is what the FBI does with drug dealer's cars, houses, etc... My guess is some hedge fund or other large investor will end up buying the FBI's coins.

I read a few articles about this, also, and it seems most convincing that the FBI is going to want to get as much dollars as it can from the 30,000 BTC stash, but they will NOT attempt to sell them on the exchanges b/c that is NOT their MO... - there is NO US Gov approved exchange, yet.

Additionally, the feds will likely consult with an auctioneer and attempt to get the most that they can for the BTC by breaking the stash into lots....b/c they would NOT likely get as much if they were to attempt to sell the whole BTC stash to one buyer.

I'll be cash on 24th january, at highpoint that day.

From then on, I'm going to wait until 30th, after the whole China New Year thing plays out. I reckon, whatever I could lose can't be as much as what you could gain, so cash best option IMO. Last time FUD halved the exchange rate in a couple of days. (After which it bounced back, of course.)

(01-20-2014 03:55 PM)Maciano Wrote:  I'll be cash on 24th january, at highpoint that day.

From then on, I'm going to wait until 30th, after the whole China New Year thing plays out. I reckon, whatever I could lose can't be as much as what you could gain, so cash best option IMO. Last time FUD halved the exchange rate in a couple of days. (After which it bounced back, of course.)

Maciano,

Surely, I appreciate that you specifically describe your intended BTC investment plan for the coming week. And, it seems that each of us have ourselves invested in BTC in different manners (in terms of the diversification of our total investment package).

I still do NOT believe that there are enough indicators that truly show BTC going down in value on or about the end of January. Accordingly, the way that I have my investment risk distributed, I would hate to take such a chance to get out of BTC and either BTC prices go up without me being invested or NOT to get back into BTC in a timely manner and miss out on BTC price rises.

If I were feeling fairly confident that BTC prices were going to fall by the end of January (which at this time, I am NOT), my strategy would be to wait and to buy BTC later (during the anticipated BTC price drop); however, I remain lacking in confidence about any guaranteed BTC price drop – and accordingly, I continue to buy BTC on nearly a daily basis because I find BTC priced in the lower $800s to be a good value – especially, because I believe that there is a decent possibility that BTC could go back over $1,000 (at least by no later than April)… and possibly never to return to sub-$1,000 prices. I do NOT want to miss out on that – were it to occur earlier, such as late January or early February.
My current plan is that if BTC prices continue to drop below $800, and possibly into the $400s, I will continue to buy and to buy increasing amounts on a regular basis and within my BTC investment budget (which personally, I only have so much money allocated to such).
In the end, I believe, even if in late January, BTC’s price were to drop in half to $425 or even drop lower, which seems strongly unlikely, BTC prices are coming back up above $850 very soon thereafter. Anyhow, I am willing to take such chances that BTC prices will fall and on paper my BTC will lose some value, rather than getting out of BTC and then trying to figure out when to get back in. Based on what I know right now, that’s my current thinking.

(01-20-2014 03:55 PM)Maciano Wrote:  I'll be cash on 24th january, at highpoint that day.

From then on, I'm going to wait until 30th, after the whole China New Year thing plays out. I reckon, whatever I could lose can't be as much as what you could gain, so cash best option IMO. Last time FUD halved the exchange rate in a couple of days. (After which it bounced back, of course.)

how will you know what the highpoint is that day?

how ever cash might not be a bad idea..

(01-21-2014 02:20 PM)pants Wrote:  

(01-20-2014 03:55 PM)Maciano Wrote:  I'll be cash on 24th january, at highpoint that day.

From then on, I'm going to wait until 30th, after the whole China New Year thing plays out. I reckon, whatever I could lose can't be as much as what you could gain, so cash best option IMO. Last time FUD halved the exchange rate in a couple of days. (After which it bounced back, of course.)

how will you know what the highpoint is that day?

how ever cash might not be a bad idea..

I want to supplement my post from yesterday evening.

I believe that I am NOT being overly optimistic about bitcoin b/c surely, there could be a crash in BTC prices at any time.

Nonetheless, nearly every day there is various good BTC news reports (that outweigh any bad reports) and venders seem to be continuing adding themselves into the BTC mix... the latest vendors related to E-bay and Paypal are planning various forms of BTC incorporation.

Additionally, the chinese news is more than a month old, and china trade volume seems to continue to be up. Are we anticipating that china BTC volume is going to drop off, all of a sudden?

In that regard, absent some devastating news, it seems reasonable to remain bullish about BTC and about the possibility that BTC prices could shoot up in value at any moment - never returning to today's prices.

Accordingly, getting into dollars could mean lost opportunities with BTC.

^ Chinas volume is fake. If it wasn't a 300 coin sell wall on BTC-E wouldn't make a difference in the price but they go down just like everyone else when it happens.

I'm all in NMC right now.

Walls down, chance to make some small change..

Is anybody buying litecoins?

(01-21-2014 07:47 PM)Collide Wrote:  Is anybody buying litecoins?

No I'm done for now because all the holders live on it and are greedy as fuck

Not at 24 though

I want to buy litecoins as a long term investment but buying from Canada seems expensive and complicated.

Here is a great article on Bitcoin:

Why Bitcoin Matters:

http://mobile.nytimes.com/blogs/dealbook...ign=buffer