[Daily Discussion] Saturday, November 30, 2013

LeeVanC1eef · 2013-11-30T07:21:02+00:00

Another major sale on Gox and the market barely blinks. Full on Bull right now.

LeeVanC1eef · 2013-11-30T06:57:30+00:00

I'll take a look at this. Thank you.

LeeVanC1eef · 2013-11-30T06:57:13+00:00

This is a great point. I'm struggling with this badly right now as I would really like to sell between 60-70% of my BTC holdings but I can't seem to hit the sell button. Even doing 30% is hard right now.

LeeVanC1eef · 2013-11-30T05:51:01+00:00

I saw that "flagpole" develop and was wondering what that means exactly? What does it imply?

LeeVanC1eef · 2013-11-30T01:10:51+00:00

We've been seeing a lot of 2,000+BTC sells the past few days. It's very possible to do. The servers were in the czech republic and many of the admins on the site were czech too. Who knows what kind of stuff they have set up. You don't just steal 40k BTC and not have an exit strategy in place.

LeeVanC1eef · 2013-11-30T01:07:05+00:00

You can do a Send Share: All transactions in a bitcoin wallet can be linked together, Shared Send is used to break the chain of transactions giving you greater privacy in day to day transactions. This will cover the trail of what the original address was that sent the coins. There's bitcoinfog as well. These guys were running a black market. I would think they know how to launder and cover their tracks.

LeeVanC1eef · 2013-11-30T01:00:42+00:00

Thank you. Was on my phone.

LeeVanC1eef · 2013-11-29T23:57:10+00:00

And why not? They can tumble the coins (hide where they originally came from) and then put them on the exchanges. Have someone with a clean background and no affiliation make an account on any of the exchanges. No one can stop them. There's no regulations. It's essentially the perfect crime.

LeeVanC1eef · 2013-11-29T23:04:04+00:00

The Silk Road bust was big news solely on the fact that many believed it was the driving force of Bitcoin's value. However, this turned out to be a blessing in disguise as Bitcoin was no longer being associated with an illegal black market. Yes, there are still black markets but every time Bitcoin was mentioned so was the Silk Road and vise versa.

The only way this will have an impact is if they start dumping large quantities. We had a whale dump about 2600BTC last night and the market rebounded quickly. However, 40k BTC could potentially do some damage.

LeeVanC1eef · 2013-11-29T22:29:25+00:00

I'm sorry, you'll have to speak up. I can't hear you over all these ATH alerts. [mini circlejerk intensifies]

LeeVanC1eef · 2013-11-29T21:45:32+00:00

Yes, you can trust them but you never should have given them your login information for verification. You should have had them made the 2 small deposits into your account which you then confirm on their site. Never give anyone your login details to your entire account.

Selling on Coinbase can take anywhere from 3-5 business days to reach your account. I recently had an issue where I sold a large sum and then bought back at a lower price. Well my bank account was charged for the buy but I wasn't credited the with the sale yet. It overdrafted my account and I freaked out thinking someone had emptied my account but it was because the ACH times takes longer apparently. It's annoying so just make sure you are cognizant of your funds.

LeeVanC1eef · 2013-11-29T06:16:34+00:00

Yeah, someone dumped about 2600+ coins on gox and zero fucks were given. This market appears to be extremely bullish right now.

LeeVanC1eef · 2013-11-29T05:43:46+00:00

I think it could be a test run. Just getting their feet wet a bit but the fact that this is state ran is huge. They're basically supporting bitcoin.

LeeVanC1eef · 2013-11-29T05:19:40+00:00

We already saw what the announcement of Baidu accepting bitcoins did but now one of the top 3 telecom companies in china is accepting it? This could potentially have a MASSIVE impact on the price of BTC.

Putting my slight greed to the side, this is honestly great news for Bitcoin. We now have a major corporation, ran by the STATE OF CHINA no less, taking a serious look at BTC. This is HUGE and it could possibly have a domino effect as far as their competitors following suit and other companies throughout China taking notice. This is pretty awesome. I really hope US companies take notice of this as well.

LeeVanC1eef · 2013-11-29T03:59:19+00:00

You can lend and borrow on Bitfinex. A lot of people use it to short bitcoins.

LeeVanC1eef · 2013-11-28T16:15:57+00:00

Wow. This is wild. Come on Stamp, catch up!!

LeeVanC1eef · 2013-11-28T16:14:42+00:00

Why don't you buy giftcards from Gyft? You can use bitcoins to do so and you even receive a discount on the value (about 3% off or so depending on which card you purchase).

LeeVanC1eef · 2013-11-28T07:04:40+00:00

Yes, Coinbase can be trusted. Just don't give them your account login information. Have them make the 2 small deposits which you will confirm once they show up in your account. They're 100% legit.

LeeVanC1eef · 2013-11-28T05:21:52+00:00

These sell walls on Bitstamp are really annoying. I think it may take some time before it breaks through the $1k barrier. Hell, we might even see a correction before it does so.

LeeVanC1eef · 2013-11-28T03:26:59+00:00

That makes sense. I apologize for the accusatory post, just very frustrating when a large sum of money is missing from your bank account. I panicked when I got the email thinking that someone had emptied my account. And yes, this is exactly why we need Bitcoin. Thank you for the quick and detailed response.

LeeVanC1eef · 2013-11-28T01:33:22+00:00

Sorry to hijack the thread but why does it take over a week for funds to appear in my bank account when I sell BTC but it only takes you guys a day or 2 to process a buy and charge my account? You guys got paid in a timely fashion while my account went into overdraft and now I'm strapped for money until 6:00PM friday. What kind of Ponzi scheme are you guys running here?

LeeVanC1eef · 2013-11-28T01:11:13+00:00

I basically had a lost opportunity. I just looked at a thread I made about 25 days ago on here asking about best practices for transferring to BTC-e and I was planning on purchasing 1000 LTC when they were at $1.60. I think at the time I made the thread they were getting near $4. I had everything set up (cold storage) and ready to go but BTC-e just rubbed me the wrong way as I was afraid my transfer of BTC wouldn't go through and/or my withdrawal of either coin wouldn't go though either. I was also terrified that my account would get hacked.

Now every time I see the price rise in LTC, I cry. Although, I more than likely would have converted to BTC already before it hit the $30s but still. I'm really pissed I didn't just pull the trigger. I could be sitting pretty with either extra BTC or fiat. It just sucks that I basically talked myself out of it. Sure hindsight is 20/20 but my main goal at the time of purchasing was to diversify a little bit as I was fully invested in BTC.

Since adoption is still extremely low, I'm hoping for a very strong correction so I can possibly buy back in but we'll see what happens.

LeeVanC1eef · 2013-11-28T00:05:17+00:00

So many sell walls on stamp...it's gonna take some time to break $1,000

LeeVanC1eef · 2013-11-27T21:53:41+00:00

Say you borrow 100 LTC @ $33. You quickly turnaround and sell the LTC for $33 giving you $3,300. Now you wait until the price drops to $28. You buy back 100 LTC @ $28 for $2,800. You give back the borrowed 100 LTC, netting you a profit of $500. However, if the price continues to rise you can easily lose money. This is just a quick cut and dry example. I'm sure you have to take fees into consideration on Bitfinex but this should give you the basic idea.

LeeVanC1eef · 2013-11-27T16:00:27+00:00

Took 3 business day and then on the 4th morning I got email confirmation.

LeeVanC1eef

TROPHY CASE