Topic: Largest weekend discount so far :) (Read 3856 times)

so this has been a tremendous weekend, congratulations to everybody else who had the balls not to panic and instead increased their BTC holdings now we fly.

But the current downtrend is the most severe.  And beyond a two month duration (will be reached during the coming week), it will also be the longest.

Not to say that this downtrend can't reverse.  It has a corollary: what goes down can go back up. 

Once the bears are all squeezed out, price will snap back up.  The market will be consolidated into fewer hands each owning more BTC.  These wealthy individuals can remove ask walls, and they also have the USD to push the market higher with successive bid walls.  The bulls rush in after the reversal becomes apparent.

Or atleast that's what I'm betting.


I haven't done spectacular on these swings, about breaking even in USD terms.  But I am happy with the increase in my BTC holdings.

Which is why it's a pyramid scheme.

skyhigh, even a monkey could have gotten +50% during the last week, with price jumping 7-9 and back like four times. I just did two swings. Who loses money? I suppose there are opposites, people who sell at 7 thinking we're going all the way down and then buy back at 9 thinking the rally started. But I don't hear them speak up here often, and frankly I don't want to hear from them, trying to filter out the overall panic and insanity of these forums and tune in to a few sane voices

Bunch of Gordon Gekkos on this forum. I have seen numerous perfect trades since I joined. Everyone saying they making money left and right. One starts to wonder who is on the other side of the trade, since this is a zero sum game - fees. It would make my day that someone claims they filled 10k block at $6.00.

Oh you bet I will Right now making some sweet profit (+70% during the last week alone) on this bottom-seeking swings, and am wiring as much as I already spent first thing tomorrow. And if BTC goes near $1, I'm going all in However, unfortunately, breaching $5 does not seem likely right now. We'll see.

Put in a sell order for all my bitcoins at 8.49 and a buy order to get them all back at 6.01 before I went to bed last night.  Was happy to see they both filled while I was sleeping.   

How about that, we're on the same wavelength.  I'm interested in BTC because of the utility it offers me.

But I'm also interested in its exchange rate vs. the $ because I've been getting a massive amount of entertainment out of the technerd casino.  Plus some pocket change.

I've been hearing so much about why bitcoin should be valued at the market cap it has because of its potential to go mainstream and increase in value by several orders of magnitude that I assume *everyone* has that mindset.  My bad.

Edit: @grod

I saw your point entirely, and your assumption that I believe Bitcoin will become mainstream is misguided, and thus very wrong. If Bitcoin were condemned to be a perpetually underground e-currency, I'd be entirely content with that outcome.

To clarify, my implication was that Shinobi has female tendencies, i.e. letting emotion rule her day-to-day responses to stimuli, hence her charged and insulting responses to my otherwise tame quip about people getting infected by Bitcoin malware. Really? Of all things, BTC malware? And for that you direct anger at me? I'm well aware that intelligence has no gender exclusivity, and so I'm also well aware females are perfectly capable of securing their own home networks.

But I digress...

I don't believe Bitcoins will become mainstream within the foreseeable future, maybe ever. As long as its utility remains intact for my needs, and the needs of everyone else, whether that be for illicit purposes or other, there is no sense in arguing over the semantics of mainstream viability at such a premature stage. The argument thus far is that Bitcoin is "dead" or a "flawed currency" because it lacks market stability and a bunch of front-end useability for the laymen. My argument is it's perfectly alive as long as (a) the underpinnings of the protocol aren't compromised and (b) me and a select few of my peers agree that it holds value and can be exchanged for USD. I can avoid being severely impacted by volatility by making transactions and exchanges an immediate priority. For me, I'll do anonymous transactions all day and not think twice about whether BTC goes mainstream, because frankly I don't give a shit about that. Would it be nice? Yeah. Am I going to fret over it? No. BTC already addresses my needs. I'll let others worry about the viability and duties of building the infrastructure to address their needs.

Ah, a misogynistic teenager. Bet the girls pick on you at school.

+1 . The "blame the victim" crowd don't understand that they need mainstream users to get Bitcoin to lift-off as they want to.

And that's part two of the problem.  Reliability.  100% reliability is impossible.  And if it was, cost approaches infinity as reliability approaches 100%.  So you bring in redundancy to reduce your odds of total loss.  But redundancy increases the odds of theft or error.

USB drives fail.  DVDs fail.  Magnetic media?  Consumer grade electronics?  Laughable.  About the only way to secure your private key is to etch it on several pieces of stainless steel and lock them in separate vaults.  But then usability rears its ugly head again.  And there is the possibility of someone taking a photo of it while you access it yourself...

It takes no effort to become a lol-punctuating script kiddie, just spend lots of time in the right IRC channels.  The guys finding the exploits are brilliant, I have nothing but respect for them.  The skids infesting grandma's machine with botnet malware not so much.

And you utterly missed my point.   If a successful IT pro is "doing it wrong" what hope does Mr. Joe Average have?  It's interesting that you accuse Shinobi of being a woman with the implication that women are too stupid to use computers and by extension bitcoin.  There goes 55% of your target market if not more.

Anyay, back to my personal anecdote.  Between the two of us we've delivered everything from ICU hardware (ventillators, cardiac monitors, etc) to Mars mission planning software to phone switches to brokerage middleware.  I'm going out on a limb to say our ability to learn and understand things programmable is a bit more advanced than most.  And yet, in spite of taking *reasonable* precautions we still got 'pwned' by skids.

There's a spectrum between perfect security and perfect convenience.  The problem with providing the extreme level of security needed to feel good about keeping more than a trivial amount of money in bitcoins the coinvenience is waaaaaay outside what your average scrub like myself will put up with.

Until user friendly front ends complete with *reversible transactions* to deal with people's mistakes as well as fraud you won't have mainstream dogpiling on this.  And without mainstream it'll remain a fun and quirky niche product -- not that there's anything wrong with that.  Just saying you may wish to temper your expectation of explosive price growth just yet.

Was hoping for another paragraph rant from "Shinobi"

Little child, you'll learn.

Yeah, you're a female.

In the real world, brokerages do disclose periodically how much total cash they have in customer accounts. That number appears in quarterly financial statements, and it's necessary to keep them honest. It's not a number that's disclosed daily, though.

OP I hope you will wire as much as you can and bank on this $15 target. We need as many as we can get to put money where their mouth is. Every bull should be buying or adding at this discounted prices. If it was me, I would add more than I'm willing to lose, because $15 from $8 is worth the risk. Your math skills must be wicked !

That's your response to anything over your head, eh? The only emotional response was yours, little one.
No, I haven't been "owned" as I cashed out of Bitcoin awhile ago. As isaidin another post, I am here because I am fascinated by the various reactions to Bitcoin as it slowly implodes. The rabid zealotry, the poorly thought-out libertarian drivel, the this-is-only-for-the-hardcore line of thought (this is where you fit in), and lastly the reactions of people waking up to the fact that Bitcoin is just the modern-day Beanie-baby. It's the last group that I most enjoy seeing posts from.

Get owned lately? Sounding real emotional, like a female. You a female?