how else is waiting for a sizeable drop to buy more coins again?

adamstgBit

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Quote from: Cluster2k on December 18, 2011, 11:46:30 PM

Quote from: adamstgBit on December 18, 2011, 01:26:52 AM

why would i buy bitcoin and then buy gold with those bitcoin??

1) to support something i believe in
2) to get something i think could be fun to look at, the gold...
3) to save money by buying my bitcoin on the cheep!

Why add another layer of fees and charges into the mix? Why not go cash->gold instead of cash->btc->gold? There are fees at every stage and you're adding more.

Just grab the cash and go to your local gold bullion dealer. Support a local business. You can speculate on bitcoin's price without buying gold.

it could be that i bought my coins at 2.5 Cheesy

but i didn't buy enough for a 1oz of gold Undecided

Cluster2k

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Quote from: adamstgBit on December 18, 2011, 01:26:52 AM

why would i buy bitcoin and then buy gold with those bitcoin??

1) to support something i believe in
2) to get something i think could be fun to look at, the gold...
3) to save money by buying my bitcoin on the cheep!

Why add another layer of fees and charges into the mix? Why not go cash->gold instead of cash->btc->gold? There are fees at every stage and you're adding more.

Just grab the cash and go to your local gold bullion dealer. Support a local business. You can speculate on bitcoin's price without buying gold.

RyNinDaCleM

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Legen -wait for it- dary

I know I've seen large movements, all happen at once, with no ghostlines. Just the disappearance of $0.20-0.50 on the charts.
It is, however, sequentially executed. But, think about how fast a CPU cycle is. Wink

proudhon

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Quote from: JohnOliver on December 18, 2011, 07:21:25 PM

Quote from: proudhon on December 18, 2011, 07:03:16 PM

I'm not sure about that. I think on MtGox the order is processed instantly. It's just the reporting that's delayed.

Just give it a try. Place a large order and then immediately click cancel. If you're right then it should be all or nothing.

Or we could just ask the MtGox guys.

JohnOliver

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Quote from: proudhon on December 18, 2011, 07:03:16 PM

I'm not sure about that. I think on MtGox the order is processed instantly. It's just the reporting that's delayed.

Just give it a try. Place a large order and then immediately click cancel. If you're right then it should be all or nothing.

proudhon

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I'm not sure about that. I think on MtGox the order is processed instantly. It's just the reporting that's delayed.

adamstgBit

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Quote from: JohnOliver on December 18, 2011, 06:48:56 PM

Quote from: adamstgBit on December 18, 2011, 06:37:54 PM

Quote from: proudhon on December 18, 2011, 06:11:30 PM

Quote from: ThomasV on December 18, 2011, 05:57:09 PM

there are currently 3 times more bids than asks in the orderbook; in these conditions a drop is very unlikely.

Not that unlikely. There was a giant sell-off not too long ago and the order book looked similar. In fact, several times over the past 6 months there have been large sell-offs when the money in bids was significantly greater than the asks.

if i do a sell order of say 20,000coins at $1 each... (i wish i had 20,000 coins Tongue

)

wont i sell to all the bids all at once, so they don't have time to take off their bid?

That really depends on the exchange. In mtgox at least transactions are processed sequentially, so bots have enough time to shift phantom bid walls. If you don't believe me just try it yourself. If you sell a large order of coins at market price you won't see the USD balance in your account reach the final value instantaneously. You'll see it jumping up in increments. This all happens in less than 2 seconds, but that's plenty of time for a bot to react.

well that's gay, because of this the bid / ask walls mean almost nothing.

dose TH work like this too?
dose wall street work like this too?

JohnOliver

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Quote from: adamstgBit on December 18, 2011, 06:37:54 PM

Quote from: proudhon on December 18, 2011, 06:11:30 PM

Quote from: ThomasV on December 18, 2011, 05:57:09 PM

there are currently 3 times more bids than asks in the orderbook; in these conditions a drop is very unlikely.

Not that unlikely. There was a giant sell-off not too long ago and the order book looked similar. In fact, several times over the past 6 months there have been large sell-offs when the money in bids was significantly greater than the asks.

if i do a sell order of say 20,000coins at $1 each... (i wish i had 20,000 coins Tongue

)

wont i sell to all the bids all at once, so they don't have time to take off their bid?

That really depends on the exchange. In mtgox at least transactions are processed sequentially, so bots have enough time to shift phantom bid walls. If you don't believe me just try it yourself. If you sell a large order of coins at market price you won't see the USD balance in your account reach the final value instantaneously. You'll see it jumping up in increments. This all happens in less than 2 seconds, but that's plenty of time for a bot to react.

adamstgBit

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Quote from: proudhon on December 18, 2011, 06:11:30 PM

Quote from: ThomasV on December 18, 2011, 05:57:09 PM

there are currently 3 times more bids than asks in the orderbook; in these conditions a drop is very unlikely.

Not that unlikely. There was a giant sell-off not too long ago and the order book looked similar. In fact, several times over the past 6 months there have been large sell-offs when the money in bids was significantly greater than the asks.

if i do a sell order of say 20,000coins at $1 each... (i wish i had 20,000 coins Tongue

)

wont i sell to all the bids all at once, so they don't have time to take off their bid?

proudhon

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Quote from: ThomasV on December 18, 2011, 05:57:09 PM

there are currently 3 times more bids than asks in the orderbook; in these conditions a drop is very unlikely.

Not that unlikely. There was a giant sell-off not too long ago and the order book looked similar. In fact, several times over the past 6 months there have been large sell-offs when the money in bids was significantly greater than the asks.

ThomasV

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there are currently 3 times more bids than asks in the orderbook; in these conditions a drop is very unlikely.

proudhon

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So, there are a lot of assumptions you have to make here, but assuming they have plenty of gold, and the cost of gold in bitcoin is updated frequently enough, and the price stays at least at the level you have to buy up, then this could happen. I spend $94,337 and buy 28,076BTC. At the current BTC/AuOz rate I buy 61.97Oz of gold. To buy the same 61.97Oz of gold at the current USD/AuOz rate would cost $99,136. I saved almost $5,000.

If somebody had the balls to, say, raise the price by 25%, and assuming they're lucky enough that it stays at the new price long enough, they'd save almost $25,000 over buying the same amount of gold at the current gold USD/AuOz rate. You get the picture.

adamstgBit

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Quote from: proudhon on December 18, 2011, 03:47:41 PM

Quote from: FreeMoney on December 18, 2011, 03:37:53 PM

Does coinabul not change their BTC denominated prices? If you want and buy on a drop won't you just need to buy more? Seems better to just do it now. Or if you want to wait, buy the coins now and buy the gold when you need to spend fewer of the coins.

How often do they update the price? And how much gold do they have for sale? I wonder if somebody could run the price up by 10% and then immediately buy gold with bitcoins. And Walla! You just bought 10% more gold than your dollars would have otherwise. No?

it would seem they update their price very often and they seem to use the last price. so ya you could do that.

i wonder how high you can get the price if you plan to buy 10 oz's of gold ... you'd need like 5,000 btc's

proudhon

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Quote from: FreeMoney on December 18, 2011, 03:37:53 PM

Does coinabul not change their BTC denominated prices? If you want and buy on a drop won't you just need to buy more? Seems better to just do it now. Or if you want to wait, buy the coins now and buy the gold when you need to spend fewer of the coins.

How often do they update the price? And how much gold do they have for sale? I wonder if somebody could run the price up by 10% and then immediately buy gold with bitcoins. And Walla! You just bought 10% more gold than your dollars would have otherwise. No?

adamstgBit

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Quote from: FreeMoney on December 18, 2011, 03:37:53 PM

Does coinabul not change their BTC denominated prices? If you want and buy on a drop won't you just need to buy more? Seems better to just do it now. Or if you want to wait, buy the coins now and buy the gold when you need to spend fewer of the coins.

right, only problem is Canadians are very bullish at the moment and if i want to get 600 coins off My market it would mean buying them at about 3.25 each, and then "selling" them to coinabul at 3.20

i just check the Canadian market again... price dropped to more reasonable levels! time to buy stuff with bitcoins

FreeMoney

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Strength in numbers

Does coinabul not change their BTC denominated prices? If you want and buy on a drop won't you just need to buy more? Seems better to just do it now. Or if you want to wait, buy the coins now and buy the gold when you need to spend fewer of the coins.

StewartJ

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Quote from: adamstgBit on December 17, 2011, 11:59:55 PM

Quote from: bittenbob on December 17, 2011, 11:41:32 PM

I see, I misinterpreted the question. I think we will see 3.45 again so if a higher order will be more beneficial i say place it at 3.25. I think we will see that number in the next couple of days for sure too.

to make it clear
i need to buy bitcoins in order to buy gold.

i need about 600 bitcoins

I noticed that Coinabul also sells silver coins and bars.

Ever considered buying silver instead? It's far cheaper to get into this PM than gold.

BTW, anyone have any experience in dealing with Coinabul?

Their spot prices seem fairly high when compared to silver/gold on eBay.

RodeoX

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The revolution will be monetized!

I have been in a buy mode since about $2.7. I guess I do try to buy at a low for the day, but the growth we are seeing now looks steady, slow, and healthy. So, I don't worry about paying $3.2 or whatever. These are good times for BTC.

adamstgBit

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Quote from: ?? on ??

Quote from: adamstgBit on December 18, 2011, 01:26:52 AM

1) to support something i believe in

I see. That's totally awesome then. When you said you need to buy Bitcoins in order to buy gold, I was thinking that it was your only option. Now it sounds more like you want to buy Bitcoins in order to buy gold. A slight difference.

I say go for it. I enjoy both. Gold is a little bit more fun to hold in your hand.

ill be watching the gold market closely.

istar

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I would put in a buyorder for 50% now slightly below the current price.
Than wait atleast 1-2 weeks and see what happens.

Topic: how else is waiting for a sizeable drop to buy more coins again? (Read 2487 times)