$55 bitcoins Time to buy? Or keep falling?

GimpSpack said:
SMH @ everyone that's looking to buy after talking endless shit about BTC.

Why can't everyone realize this is a solid money making opportunity if timed correctly, and that all the Bitfans are going to over-hype the potential of BTC.

We get it.

Now either buy low of STFU.

If BTC was just a fucking "JOKE" there wouldn't be half a dozen threads on it with over 200+ replies.
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It's a joke in terms of a currency, but great for short term exploitation for anyone with basic trading skills that's happy to spend a bit of time each day or two doing day trades and arbitraging exchanges. Just need to manage your risk/exposure effectively.

I'm tempted to write a bot that uses a few exchanges & does trades algorithmically, create a thread and document what happens...
 


2 days ago foodstamp was giving 74 vs 116 for mtcock..now it's much narrower
some good $ if you acted
 
My company is searching (and/or waiting) for a bitcoin plugin to integrate into our shopping cart.

I think right now I would rather accept them as payment than to directly invest cash into it.
 
ShadowCaster said:
That was my first thought, but doesn't the trades take hours to complete?
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Seconds usually. Well, I've never done a larger trade of like $10k+, so they may take longer to fulfill. You can just do limit orders though, and cancel them if they haven't been fulfilled after X minutes.

Writing a bot for this wouldn't be overly difficult, and I've already asked around to a few people, and they don't see an issue with banging the hell out of the system with 5 - 100 trades an hour. As long as the exchange gets their commissions, they're not going to care.
 
There are already bots toying w the system by doing thousands of 0.01 btc and misc. mini transactions and etc.

You can watch the exchanges and see it for yourself.

I highly support making a bot and documenting it. You could use multiple exchanges and have a lot of fun.
 
ShadowCaster said:
That was my first thought, but doesn't the trades take hours to complete?
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Depends where you trade and what the volume is. Just do trades in tiny volumes, but make lots of trades. Most fees are % based, without a fixed element, so no downside to doing more small trades. Could probably fairly easily do a few hundred an hour.

Not to mention, most good exchanges have an order history page, so you can cancel the order if not fulfilled within X minutes.
 
What this has shown is that bitcoins are incredibly unstable and people have very little confidence in it as a currency. If you want to, you can buy now, but don't think holding onto them in the long term will do much for you. Also, it will go back up after this weekend, Mt. Gox will re-open and it will jump back up again. So yeah, worth it to buy now.
 
swiftmoney said:
You should be averaging down. If you put $10k in a $170, you should have put $10k in a $70, that way you would be breaking even at $120, which its actually only $8 off right now.
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Dollar cost averaging? Lol. Gamblers don't DCA. Only pussy's do smart things like dollar cost average. You know those fags that have & keep all the money.
 
The US Attorney General has continually used the Patriot Act and other legislation as an excuse to ban any (untaxable) exchange of funds under the umbrella of money laundering for terroists. See online poker, exhibit A.

How will bitcoin be allowed to become fully integrated (assuming people actually accepted the concept) into the US business economy if it can be used to hide money and sales and transactions from the tax balance sheet?

I just don't see this being allowed. Now that doesn't mean that online currency might not have legs in other countries. But I don't see how, in its current state, it would ever be allowed to grow mainstream.

Hell, for that matter, I would not be surprised to see US banks not be allowed to fund bitcoin exchanges soon. See Intrade for exhibit B.

If Intrade got stopped for US traders, how the heck are bitcoin exchanges going to be allowed for US residents?

I just don't see it happening.
 
swiftmoney said:
You should be averaging down. If you put $10k in a $170, you should have put $10k in a $70, that way you would be breaking even at $120, which its actually only $8 off right now.
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I had $90k in the bank but 80k had to go to the irs , and losing 14k out of 20k would have felt pretty bad if bitcoin went to $30 today

The instant I bought bitcoin at 170 on SUnday night it went higher and didn't stop until 250. By not dollar cost averaging I saved money because I probably would have bought the other half at 200 or so had I only went 1/2 in last Sunday.
 
windjc said:
The US Attorney General has continually used the Patriot Act and other legislation as an excuse to ban any (untaxable) exchange of funds under the umbrella of money laundering for terroists. See online poker, exhibit A.

How will bitcoin be allowed to become fully integrated (assuming people actually accepted the concept) into the US business economy if it can be used to hide money and sales and transactions from the tax balance sheet?

I just don't see this being allowed. Now that doesn't mean that online currency might not have legs in other countries. But I don't see how, in its current state, it would ever be allowed to grow mainstream.

Hell, for that matter, I would not be surprised to see US banks not be allowed to fund bitcoin exchanges soon. See Intrade for exhibit B.

If Intrade got stopped for US traders, how the heck are bitcoin exchanges going to be allowed for US residents?

I just don't see it happening.
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ahhhghh not this shit again

everything bitcoin goes up we get these type of posts
 
mituozo said:
It's a joke in terms of a currency, but great for short term exploitation for anyone with basic trading skills that's happy to spend a bit of time each day or two doing day trades and arbitraging exchanges. Just need to manage your risk/exposure effectively.

I'm tempted to write a bot that uses a few exchanges & does trades algorithmically, create a thread and document what happens...
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That's what I would do with bitcoins, use them as a trading vehicle
 
cpauser said:
The instant I bought bitcoin at 170 on SUnday night
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cpauser said:
it went higher and didn't stop until 250
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cpauser said:
I probably would have bought the other half at 200
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cpauser said:
felt pretty bad if bitcoin went to $30 today
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