Bitcoins

padington

I've signed up to Kraken.com, they're the site recommended by block chain for eu / uk customers and I have to say its a prett nice site. Really easy, good choice of alternative coins, good safety features. I recommend them.

As others have said they are a new exchange and the price is volatile if you move in over a thousand pounds but definatly one to recomend.

happenstance

These coins have actually driven me a little crazy.

I put far too much in just bitcoin on thursday at about the 1000 mark, just sold most of them as all the coins are going up so much in value, must be another crash.

Made over 15% in just over a day, but I will probably loose that when I pile back in during a crash lol.

csm888

Buying one day selling the next, buy sell, buy sell... Makes you feel like Gordon Gecko. But you are grist to the traders mill. If your money is so small it doesnt move the market in any significant way, you can't really play the game, so in effect you are just gambling.
If you want to invest, research the fundamentals of Bitcoin, decide if you believe in the idea, buy and HOLD.
As (if) the price rises pick exit points and profit take when they are breeched.

[Deleted User]

http://www.youtube.com/watch?v=orzhba2dV1A

I'm Roger Ver, CEO of http://www.MemoryDealers.com,
A little over 2 years ago, I made a bet for $10,000 that Bitcoin would outperform gold, silver, the US stock market, and the USD by more than 100 x over the next two years.

[..]

However, since I was off by a few months regarding the time frame for the bet, I've decided to donate 1,000 Bitcoins, that were worth only $10,000 at the time I made the bet, but are now worth well over $1,000,000 USD, to the organization that published the books and articles that allowed me to understand just how important Bitcoin would become. That organization is the Foundation for Economic Education, or http://www.FEE.org.
By reading books, and essays published by this organization from such intellectual giants as Murray Rothbard, and others, I learned that those who want to control their neighbor's activities through the violence of the state, are economically ignorant, morally deplorable, and will always fail to reach their desired goals.

:happyhear :happyhear :happyhear

DJBenson

Just logged into an old bitcoin wallet I used to buy something last year and noticed I had 0.2BTC left over. Back then it was virtually worthless but today it's worth $244! :beer:

happenstance

csm888 wrote: »

Buying one day selling the next, buy sell, buy sell... Makes you feel like Gordon Gecko. But you are grist to the traders mill. If your money is so small it doesnt move the market in any significant way, you can't really play the game, so in effect you are just gambling.
If you want to invest, research the fundamentals of Bitcoin, decide if you believe in the idea, buy and HOLD.
As (if) the price rises pick exit points and profit take when they are breeched.

Isn't all speculation gambling?

Yes I know im a small fish so what?

I'm happy making a 1500 profit in two days and then pulling out, made over 2500 already and don't have any money left in it that cost me anything.

Think it is good as a long term store of wealth, but wont be buying again until it stabilizes or falls below 700.

paddyrg

happenstance wrote: »

Isn't all speculation gambling?

Exactly right. And bubbles rely on the 'bigger mug' school of speculation. As long as there's someone left to buy, no problem.

I think you've been wise to cash in your principal so now you can enjoy the ride! Alas I suspect there will be plenty of fresh money from people seeking a fast buck using all of their savings, buying near the burst, and then holding in desperation in case they 'recover' one day. And the volatility of the price combined with illiquidity of the trading platforms can mean missing the news can wipe you out in a day.

happenstance

beancurd wrote: »

I would ask why 700? Why not 800 or 500?

I'm just plucking a figure out of thin air like all the best economists do

just looking at the peaks and troughs i think around 800-1000 it might stabilize.

Hey I'm a fool anyway, I just bought 0.2 at 1009.

Maybe its cheap entertainment?! Not sure I will loose any more money than I would of done if I wasn't unwell and went out on friday night

happenstance

paddyrg wrote: »

Exactly right. And bubbles rely on the 'bigger mug' school of speculation. As long as there's someone left to buy, no problem.

I think you've been wise to cash in your principal so now you can enjoy the ride! Alas I suspect there will be plenty of fresh money from people seeking a fast buck using all of their savings, buying near the burst, and then holding in desperation in case they 'recover' one day. And the volatility of the price combined with illiquidity of the trading platforms can mean missing the news can wipe you out in a day.

Yes exactly, the moment people on the street understand bitcoin and can buy easily its time to get out.

Its interesting watching it crash now. So much has been pumped into all the other coins over the last few days btc should fall quite a bit. Now to avoid the temptation to buy more...

Satoshi

happenstance wrote: »

Yes exactly, the moment people on the street understand bitcoin and can buy easily its time to get out.

Its interesting watching it crash now. So much has been pumped into all the other coins over the last few days btc should fall quite a bit. Now to avoid the temptation to buy more...

The people on the street do not understand fiat but we all use it everyday.

I am buying bitcoin and other better competing currencies like Quark if its a big dip this time. Not because I believe in it, but just because Im greedy and purely speculate for a profit. At least Im honest.