Topic: Just moved half of my funds off Bitstamp back into nice safe and warm Bank Konto (Read 6782 times)

I dont think a non brain dead speculator would jump into this btc market right now. They would wait for a definite barrier being breached. In other words a clear rally to get in on the upswing. This means to me the price of a bitcoin lottery ticket is still too high. Joe Average aint gonna toss 500+ plus dollars around for a coin. Speculators arent excited yet. This train is heading south. Sub 500 in a few weeks easy.

Pysch wise... The current price in this atmosphere is poison for bitcoin.

Bullshit. Speculators make money by not being braindead like the rest of the masses.

Speculators have an easier time, psych wise, dealing with a dollar per btc. They can work with that in their heads. They can also justify several or a few hundred dollars per btc. That is still low enough to suck in speculators to keep the price up or stable. But once you get past 800 dollars per btc you are talking a lot of money for a normal joe. Like a weeks worth of labor to buy a bitcoin. That is when fresh blood is hard to find unless mania sets in. Tulip mania.

Look at lottery ticket prices in the US as a good example of what the market bears before tickets dont sell. Btc is very close to that.

Yeah, can you imagine reaching dollar parity? LOLOL!

Looking at the threads on the speculation forum now. One is talking about $1000 BTC, another $10k, and a third mentions $1 million bitcoins. And there's a few people on there saying $1 million is a conservative estimate.  I agree with your sentiments above. While I do see potential in bitcoin, a lot of people seem to be delusionally bullish.

Streets, blood.

in times like these it certainly does feel nice and cosy to have ur fiat back at your bank account 

its your decision ofcourse, I'm still holding my coins, personally i don't blame you or anyone for cashing out given the bleak circumstances

Why are you here? That's the second thread I've seen your trolling on in 10 minutes.

Elliot Wave is hocus pocus. You might as well throw darts at a board instead.

Even if elliot wave has any truth to it, it won't apply to bitcoin. Why? Bitcoin is not a fluid market. You have 100 people who control between 1/3rd to 1/2 of all coins, add another 200 people and that most likely jumps to 3/4th's. Basically, out of the estimated 500k bitcoin holders the absolute vast majority hold the equivalent of zero. Elliot Wave's won't work on such a manipulated market. Even die hard bitcoin believer's had no qualms about cashing out into evil fiat at $1200.

I agree with you about pulling your money from the exchanges. I actually have been wanting to do this for a while as I totally agree with your bitcoin sentiment.

I lost about $700 dollars on Mt. Gox that I had sitting as cash (was for a partial bitcoin I sold to test out their exchange). Mt. Gox should be enough to realize that any of these exchanges can go under.

A problem with bitcoin and a reason I didn't invest in it heavily early on is that I saw it as too risky to hold for the average person. It can be too easily stolen or hacked from your computer. I thought back when bitcoin was in the single digits that there would be plenty of malware able to steal bitcoin.

Now you can imagine what will happen with these high prices. You have to be really sophisticated to keep your bitcoins safe and you can't guarantee 100% safety.

Mat made some good calls.

I know cause I made similar calls, and took some nice profits.

And I also made some withdrawals, but not because Mat said so.

I just felt like it was time to take some dirty cash.

Except checkers6676 is lying.

It is an easy thing to do, observe:

"LOL The last time I listened to BitcoinsLOL's TA, I sold my house and my sport's car for a handful of magic beans, LOL. He said that these magic beans would grow into a giant stalk with golden leaves, but so far, I have just had a few sproutlings that have shriveled up and died already LOL!"

I have never ever been so blatantly on the wrong side of a trade as checkers6676 is trying to suggest since I have started trading Bitcoins and if I listened to my own advice I would have done much better than I have done (I am prone to being very impulsive, nearly always with regretable outcomes). My worst recent call was here:

https://bitcointalksearch.org/topic/ta-101-with-matthecat-critical-turning-point-ahead-494722

I speculated that break out and confirmation above $580 could occur and would be very bullish, but I thought a retest of lows was a much more likely scenario and that is where I placed my bets. I had buy-ins in low $500s and higher $400's, and was also shorting Bitcoin at $574. Turns out my short got margin called at $585 and I lost quite a bit on that trade cos it was leveraged. I did however make decent profits on the bull run up to $710, which was caused essentially by just one massive buyer in the market place, placing 3K Bids right at spot price, causing an avalanche of panic buying.

So any talk of checkers6676 of me saying the market is going down only for it to rise $100 just 30 minutes later is complete fucking bullshit. If he really did (he obviously didn't) make such a trade, then he needs both to learn to read comments properly and also to take some TA 101 classes.


The transaction has now been processed although it has not yet landed in my German bank account. I gave them absolutely none of the information that they asked for as per their KYC routine, except a mouthful of abuse, yet my transaction is processed all the same. Makes you wonder why they ask for all that shit to begin with? They are just making their customer base nervous and harming themselves.

what reasons are they giving for the delay? - I took back a five figure number, albeit with a 1 in front back in December/January and had no issues, either with them or my UK. I used international transfer not SEPA because the USD/GBP rate at Unicredit Slovakia (Bitstamp's Bank) was a lot better than the EUR/GBP rate I get off the rip of merchant I have to use for banking services in the UK/

 I guess Matt should of put a disclaimer at the bottom of his post 

steady on son, this is no time for rational discourse! there is a conspiracy afoot, and now you sound like one of them!!!

Matt, I admire your dedication to this forum and sharing your opinions freely. However, you are confusing "yelling" with impact and influence. Respectfully, you are probably not being very helpful to anyone.

Those of us who have been around for a awhile and understand what is going on, are not going to change our mind by you yelling louder or more frequently. Our minds are influenced by respectful discussion and hard data. And your chaotic pronouncements and short-term flip flopping are certainly not helping the noobs here (probably not helping your BTC holdings either), who really need a better understanding of the bigger forces at work in the market - and the long-term view - which I think you actually understand. I doubt your constant yelling and bludgening is persuading many of them either. You appear smart and energetic but not wise. Stop talking and listen for the deeper patterns and cycles. Use your energy to help your brothers see more clearly - what you are already seeing- and help them to think carefully, rather than act in haste. That includes you. Stillness, focus and clarity is the root of power - in all things.

I completely agree that leaving large amounts of fiat (or bitcoins) on the exchanges is a bad idea. The bulk of your coins should always be in cold storage, and the investing fiat held in "solid" banks. However I recommend you develop a trading and investing plan that is based on your best analysis of the mid and long-term potential - and scenario planning for various eventualities.  Then you can move fiat to the exchanges in planned tranches as the market guides you. Minimizing risks at every step.

Right now, I expect we will test mid 500's and perhaps lower (but I think the odds are pretty low we go back to 450), and I have fiat available for when that happens. I expect - as many here do - that we will see another 2-3 months of relative stabilization (in our current ballpark) before any major moves north. And I actually think this (600) is pretty good current buy price for getting more heavily invested. But as always I am prepared for any eventuality and will respond based on my investment plan.

Good hunting.

They can notify whoever they want as far as I am concerned, as long as they don't go holding up the transaction.

UK banks are required to notify authorities (can't remember who) when £10k+ transfers are made. Presumably the same elsewhere?

I have withdrawn small amounts just to see how process ran and both times it went smoothly.

This time however I asked for a 5 figure sum and this time the transaction is proving problematic although it is going back to the exact same bank account that paid it in (and much more besides) to begin with. They have all the details that they need from me. This transaction really shouldn't be a problem for them, yet it seems that it is.

Capital flight underway from Bitstamp? The BID side of the order book certainly seems to have shrunk quite a bit recently.

I withdrew last night, SEPA transfer, was asked no questions (other than my BIC/IBAN, which seemed fair enough) and got an email that the transfer had gone ahead this morning. It wasn't much money (maybe they ask questions for larger amounts?) but it was pleasingly straightforward.