CoinBase Ran Out Of Coins ... [BLANK STARE]

Armis

hero member

Activity: 588

Merit: 501

Quote from: brooklynite on February 25, 2014, 02:48:26 AM

Quote from: Armis on February 24, 2014, 08:55:21 PM

I missed dips in the market because of research, because of security, because of documentation, and because of bad timing, but NOW when I think I have all of my ducks in a row just when I'm about to pull the trigger (on some $515. btc) Coinbase says:

'sorry, we're sold out'

What?? It's 4pm on a Monday, get to transferring some coin from safe 'B' to safe 'A'.

Dagnamit!

I love your positive attitude but Overstock and Tigerdirect have started to dump massive amounts of Bitcoin trying to immediately cash out. They are two major US stores who accept bitcoins now. So keep watching because Bitcoins will continue dropping because people are now spending them.

According to a statement made before the NYS regulators recently http://www.youtube.com/watch?v=DHoaWqwaIi0&index=9&list=PLEUe0yAulQTtJp-KuUVxx_acD0B4cOh7o Overstock immediate sells all btc upon receipt so their pricing system doesn't take a hit. If they did "hold" btc, they are not likely to do a sell off of them before no longer accepting them for payment.

I'll look into the tigerdirect thing, thanks.

Armis

hero member

Activity: 588

Merit: 501

Quote from: pungopete468 on February 25, 2014, 02:32:47 AM

I'm so close to using my credit card balance here...

I think it's still got some fall left in it but I'm in complete awe right now. This is amazing and terrifying at the same time.

stagger your buy on the way down, don't look for the absolute floor on this the market's are just too unstable to know what will happen when it gets there

Armis

hero member

Activity: 588

Merit: 501

Quote from: Tonka Branded Truck on February 25, 2014, 02:25:10 AM

The price dip is due to mtgox clossing once this sorted out price would be back to 800 or even much higher.

I agree that Mt. Gox has a lot to do with the downward trend, however that part of the dip proceeded the news, as such you could expect a further dip of about $100 just on the news of Mt Gox's death.

The market will rebound based on how the remaining exchanges react to the loss. If they take not overtly positive actions the rates will linger at a low price, however if they respect the loss then find a way to celebrate with the community the markets will shoot up like a rocket. The greater their celebration the higher the price will go.

Armis

hero member

Activity: 588

Merit: 501

Quote from: CryptoVortex on February 25, 2014, 02:15:59 AM

Congratulations, Armis, I think you've discovered a new economic indicator: Coinbase hot-wallet BTC inventory

When they tell you they're "out", thus creating the appearance that a buying spree is taking place, that is a very negative indicator. Expect bitcoin to plummet.

...or maybe it's just coincidence that they ran out on a Monday afternoon, shortly before issuing a public statement sure to send the market into a tailspin...

I think both statements are perfectly valid, thanks for that.

Sheldor333

sr. member

Activity: 406

Merit: 250

It means price will rise on CoinBase...hehe That is something new.

Armis

hero member

Activity: 588

Merit: 501

Quote from: Elwar on February 25, 2014, 04:54:10 AM

Glad they got more coins together to purchase. I got a good chunk from them as well.

stagger the buys, prices are still tumbling as the exchanges must reassure the market in light of what occurred with Mt. Gox

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

Glad they got more coins together to purchase. I got a good chunk from them as well.

PyroClasTix

newbie

Activity: 56

Merit: 0

Quote from: 5thStreetResearch on February 25, 2014, 02:48:41 AM

Quote from: Armis on February 24, 2014, 08:55:21 PM

I missed dips in the market because of research, because of security, because of documentation, and because of bad timing, but NOW when I think I have all of my ducks in a row just when I'm about to pull the trigger (on some $515. btc) Coinbase says:

'sorry, we're sold out'

What?? It's 4pm on a Monday, get to transferring some coin from safe 'B' to safe 'A'.

Dagnamit!

Looks like they did you a solid.

My thoughts exactly, at last for now.

Kris404

newbie

Activity: 1

Merit: 0

Bought some at 430

5thStreetResearch

full member

Activity: 126

Merit: 100

Quote from: Armis on February 24, 2014, 08:55:21 PM

I missed dips in the market because of research, because of security, because of documentation, and because of bad timing, but NOW when I think I have all of my ducks in a row just when I'm about to pull the trigger (on some $515. btc) Coinbase says:

'sorry, we're sold out'

What?? It's 4pm on a Monday, get to transferring some coin from safe 'B' to safe 'A'.

Dagnamit!

Looks like they did you a solid.

brooklynite

sr. member

Activity: 266

Merit: 250

Quote from: Armis on February 24, 2014, 08:55:21 PM

I missed dips in the market because of research, because of security, because of documentation, and because of bad timing, but NOW when I think I have all of my ducks in a row just when I'm about to pull the trigger (on some $515. btc) Coinbase says:

'sorry, we're sold out'

What?? It's 4pm on a Monday, get to transferring some coin from safe 'B' to safe 'A'.

Dagnamit!

I love your positive attitude but Overstock and Tigerdirect have started to dump massive amounts of Bitcoin trying to immediately cash out. They are two major US stores who accept bitcoins now. So keep watching because Bitcoins will continue dropping because people are now spending them.

Maged

legendary

Activity: 1204

Merit: 1015

Quote from: CryptoVortex on February 25, 2014, 02:15:59 AM

Congratulations, Armis, I think you've discovered a new economic indicator: Coinbase hot-wallet BTC inventory

When they tell you they're "out", thus creating the appearance that a buying spree is taking place, that is a very negative indicator. Expect bitcoin to plummet.

Yup, reminds me of the Bitcoinica starfish.

pungopete468

hero member

Activity: 1470

Merit: 504

I'm so close to using my credit card balance here...

I think it's still got some fall left in it but I'm in complete awe right now. This is amazing and terrifying at the same time.

tins

hero member

Activity: 882

Merit: 500

Quote from: Tonka Branded Truck on February 25, 2014, 02:25:10 AM

The price dip is due to mtgox clossing once this sorted out price would be back to 800 or even much higher.

That's what I believe...just put my money where my mouth is and bought a few btc

WuttWutt

newbie

Activity: 28

Merit: 0

Quote from: Tonka Branded Truck on February 25, 2014, 02:25:10 AM

The price dip is due to mtgox clossing once this sorted out price would be back to 800 or even much higher.

this

Tonka Branded Truck

sr. member

Activity: 259

Merit: 250

The price dip is due to mtgox clossing once this sorted out price would be back to 800 or even much higher.

CryptoVortex

newbie

Activity: 34

Merit: 0

Congratulations, Armis, I think you've discovered a new economic indicator: Coinbase hot-wallet BTC inventory

When they tell you they're "out", thus creating the appearance that a buying spree is taking place, that is a very negative indicator. Expect bitcoin to plummet.

...or maybe it's just coincidence that they ran out on a Monday afternoon, shortly before issuing a public statement sure to send the market into a tailspin...

BADecker

legendary

Activity: 3906

Merit: 1373

Be glad to trade you a couple of mine for $1242 each.

ProofOfBurn

newbie

Activity: 6

Merit: 0

Just bought some more. Thanks for the update!

FeedbackLoop

hero member

Activity: 742

Merit: 500

Thanks!

22:20 for Brian Armstrong's explanation on what they do in these situations.

Topic: CoinBase Ran Out Of Coins ... [BLANK STARE] (Read 3315 times)