Do not sell bitcoins for fiat unless you really need to

rampantparanoia

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Quote from: Trade101 on November 14, 2013, 05:16:22 PM

Quote from: cdog on November 13, 2013, 05:42:48 PM

Yeah I actually have more LTC in $USD than BTC, mostly because I bought a ton when it was pennies. People think BTC's rise has been meteoric in 2013, they should look at what LTC sold for back in Jan/Feb Grin

I think there is space for more than one coin, but until Netcoin launches I wont get involved in anything else.

what makes Netcoin different from the other dozens of alt-coins out there?
just a bitcoin clone or a coin with real improvements?

its the first coin with "NET" in the name, signifying its marriage to the internet.

Roll Eyes

Trade101

full member

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Bitstamp trader

Quote from: cdog on November 13, 2013, 05:42:48 PM

Yeah I actually have more LTC in $USD than BTC, mostly because I bought a ton when it was pennies. People think BTC's rise has been meteoric in 2013, they should look at what LTC sold for back in Jan/Feb Grin

I think there is space for more than one coin, but until Netcoin launches I wont get involved in anything else.

what makes Netcoin different from the other dozens of alt-coins out there?
just a bitcoin clone or a coin with real improvements?

TERA

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Some say a lot of coins moving through the block chain means a crash is coming.

Syke

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Quote from: Rygon on November 14, 2013, 11:15:29 AM

There's not really any exchanges for folks in the US that allow both trading AND moving coins/fiat out in a timely manner. Sad

Keep an eye on CampBX. It's a small market now, but next week when ACH transfers are supported getting funds in and out should be pretty good.

Odalv

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Quote from: notme on November 14, 2013, 10:56:13 AM

Quote from: Coinseeker on November 14, 2013, 03:37:54 AM

Quote from: notme on November 13, 2013, 11:43:57 PM

Looks like people are spending bitcoin:
http://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false×pan=&show_header=true&daysAverageString=7&scale=0&address=

Bitcoin days destroyed is up too, so old coins are moving.

This really only tells us that more Bitcoins are moving through the blockchain. That doesn't tell us that actual spending is increasing. With the rise in prices and plentiful press, it's logical that "transactions" are up because Bitcoins are moving to and from wallets. So "transactions" being up really only equals increased activity not necessarily increased spending.

So you are claiming most of the increased activity is due to people moving their own funds around? I find that less likely, but you are welcome to believe what you want.

Half move them to exchange and half move them out of exchange. :-)

Rygon

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Quote from: Jrock on November 14, 2013, 01:45:39 AM

Quote from: calian on November 14, 2013, 01:40:35 AM

Quote from: Jrock on November 14, 2013, 01:02:46 AM

You just have to trade without emotion, and especially without panic when you see it going way higher then where you sold, or way lower then where you bought. Set your orders and forget them.

Too bad Coinbase doesn't have that option.

Never, ever used coinbase, there's no option to set sell orders or buy orders?

That's definately not the place to be a trader if that's the case.

There's not really any exchanges for folks in the US that allow both trading AND moving coins/fiat out in a timely manner. Sad

notme

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Quote from: Coinseeker on November 14, 2013, 03:37:54 AM

Quote from: notme on November 13, 2013, 11:43:57 PM

Looks like people are spending bitcoin:
http://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false×pan=&show_header=true&daysAverageString=7&scale=0&address=

Bitcoin days destroyed is up too, so old coins are moving.

This really only tells us that more Bitcoins are moving through the blockchain. That doesn't tell us that actual spending is increasing. With the rise in prices and plentiful press, it's logical that "transactions" are up because Bitcoins are moving to and from wallets. So "transactions" being up really only equals increased activity not necessarily increased spending.

So you are claiming most of the increased activity is due to people moving their own funds around? I find that less likely, but you are welcome to believe what you want.

lucaspm98

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Yup, the value of bitcoins will continue to go up and the value of fiat will continue to go down. I would advise the opposite and sell some fiat for bitcoins

Coinseeker

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Quote from: notme on November 13, 2013, 11:43:57 PM

Looks like people are spending bitcoin:
http://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false×pan=&show_header=true&daysAverageString=7&scale=0&address=

Bitcoin days destroyed is up too, so old coins are moving.

This really only tells us that more Bitcoins are moving through the blockchain. That doesn't tell us that actual spending is increasing. With the rise in prices and plentiful press, it's logical that "transactions" are up because Bitcoins are moving to and from wallets. So "transactions" being up really only equals increased activity not necessarily increased spending.

Jrock

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Activity: 363

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Quote from: calian on November 14, 2013, 01:40:35 AM

Quote from: Jrock on November 14, 2013, 01:02:46 AM

You just have to trade without emotion, and especially without panic when you see it going way higher then where you sold, or way lower then where you bought. Set your orders and forget them.

Too bad Coinbase doesn't have that option.

Never, ever used coinbase, there's no option to set sell orders or buy orders?

That's definately not the place to be a trader if that's the case.

calian

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Activity: 354

Merit: 250

Quote from: Jrock on November 14, 2013, 01:02:46 AM

You just have to trade without emotion, and especially without panic when you see it going way higher then where you sold, or way lower then where you bought. Set your orders and forget them.

Too bad Coinbase doesn't have that option.

Jrock

sr. member

Activity: 363

Merit: 250

I've lost a lot of money selling and being forced to buy back in higher, even panic sold in my early days. I have no problem admitting that.

But if I just sat idle and held forever on my original investments I'd have a lot less coins, I have about 5x the coins I originally had, in the long long ago...

and my coins x 5 x $440 is a lot more then my coins x 1 x $440

You just have to trade without emotion, and especially without panic when you see it going way higher then where you sold, or way lower then where you bought. Set your orders and forget them.

notme

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Quote from: kireinaha on November 14, 2013, 12:53:12 AM

Quote from: GameKyuubi on November 14, 2013, 12:24:41 AM

I'm not sure the government can take over BTC. In order to buy it up they'd have to give out USD or accept bitcoin for some ... service? They can only buy directly what people want to cash out for, and after a certain point nobody's going to want USD so they'll be giving thousands of dollars away for each BTC, so if the government wants to crash Bitcoin at that point they'd be sinking their own ship because they own so much BTC.

I doubt that the US government is particularly concerned about bitcoin at this point, aside from figuring out potential ways to regulate and tax it (which I think is what the hearing on November 18 will be about?) I'm not sure why they would want to "take it over", but if it reaches a point where they feel it's a threat in the form of money laundering, I'm sure they would just close the exchanges down or forbid banks from allowing bitcoin transactions, which would essentially destroy it.

They are certainly paying attention. We'll see how they feel on Monday when they have the senate hearing on Bitcoin, but it is called by the Homeland Security Committee, so I doubt it will be about taxation.

kireinaha

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Quote from: GameKyuubi on November 14, 2013, 12:24:41 AM

I'm not sure the government can take over BTC. In order to buy it up they'd have to give out USD or accept bitcoin for some ... service? They can only buy directly what people want to cash out for, and after a certain point nobody's going to want USD so they'll be giving thousands of dollars away for each BTC, so if the government wants to crash Bitcoin at that point they'd be sinking their own ship because they own so much BTC.

I doubt that the US government is particularly concerned about bitcoin at this point, aside from figuring out potential ways to regulate and tax it (which I think is what the hearing on November 18 will be about?) I'm not sure why they would want to "take it over", but if it reaches a point where they feel it's a threat in the form of money laundering, I'm sure they would just close the exchanges down or forbid banks from allowing bitcoin transactions, which would essentially destroy it.

oakpacific

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Quote from: GameKyuubi on November 14, 2013, 12:24:41 AM

I'm not sure the government can take over BTC. In order to buy it up they'd have to give out USD or accept bitcoin for some ... service? They can only buy directly what people want to cash out for, and after a certain point nobody's going to want USD so they'll be giving thousands of dollars away for each BTC, so if the government wants to crash Bitcoin at that point they'd be sinking their own ship because they own so much BTC.

They can mine the hell out of it, if they dominate the BTC economy they can keep their printing machine going. Governments clearly understand this, that's why the US deposits all their golds in Fort Knox rather than sell them, even at times like now.

GameKyuubi

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DTCxNMC

I'm not sure the government can take over BTC. In order to buy it up they'd have to give out USD or accept bitcoin for some ... service? They can only buy directly what people want to cash out for, and after a certain point nobody's going to want USD so they'll be giving thousands of dollars away for each BTC, so if the government wants to crash Bitcoin at that point they'd be sinking their own ship because they own so much BTC.

notme

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Quote from: Coinseeker on November 13, 2013, 08:32:32 PM

Quote from: notme on November 13, 2013, 08:26:47 PM

You can start here:
http://blog.bitpay.com/2013/04/bitpay-eclipses-silk-road-in-bitcoin.html

There are other, probably better articles, but I really don't care to prove anything to you when you can do a little legwork yourself.

We already had a whole thread in the main section of this forum and not one shred of definitive proof so, just because a "Bitcoin" company says it, doesn't make it true. And this thread certainly doesn't help that argument either. Just saying. I personally agree though. Why spend something today that could be worth a lot more tomorrow? I regret every Bitcoin spent. Maybe Bitcoin will defy logic and then again...maybe we'll just make as much money as we can before it implodes. Only time will tell. In the end, don't be mad at me, I didn't write the article.

Looks like people are spending bitcoin:
http://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false×pan=&show_header=true&daysAverageString=7&scale=0&address=

Bitcoin days destroyed is up too, so old coins are moving.

FreakNet

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Quote from: Marbit on November 13, 2013, 09:23:47 PM

Quote from: FreakNet on November 13, 2013, 09:11:08 PM

I speculate that bitcoins will rise to 500 and stay their for a few months, before getting even higher.

kinda like this?
https://i.imgur.com/S0jEPdy.jpg

yeah, that's exactly how these things go.

LOL, I meant like jump to 480, 520, I meant around 500, before it gets higher

oakpacific

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I would say even if you have to, don't sell everything, at whatever price, at least keep a few coins stored somewhere.Should the governments decide to buy as many coins as possible and mine the hell out of it, they could in some timeframe took control of a significant percentage of all bitcoins, if they control the majority of coins we would be enslaved, your hoarding of coins is an essential safeguard to our liberty.

byronbb

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HODL OR DIE

Case in point back in May I had run out of fiat due to my job and an injury that kept me from work for a while. Needed about $1000. I could have sold 10 coins but I decided to borrow from the bank. It's cost me about $6 a month and those 10 coins are now worth $4000+.

Topic: Do not sell bitcoins for fiat unless you really need to (Read 3966 times)