Author

Topic: Who is buying expensive bitcoins? (Read 6177 times)

legendary
Activity: 1246
Merit: 1016
Strength in numbers
August 04, 2012, 01:53:52 AM
#39
For the most part, I've never heard anything too negative about how Intersango functions as an exchange.  In fact, I think many ppl moved their accts over there last year when Gox was having its troubles.

If I were Patrick, Donald, or Amir I would do everything in my power to maintain the integrity and profitability of Intersango to help them payoff their pending legal fees.  If Bitcoin continues to increase in value like it has, Intersango could become a huge cash cow as it was one of the leaders.

What they should probably do is consider bringing in respected members of the community who can also infuse capital into Intersango to stabilize and legitimize the situation to tie them over this mess with Bitcoinica.  I think they provide a valuable service for the community.

If you were them would you have gotten involved with Bitcoinica? If you did would you do a damn thing about fixing it? I think you have better judgement than them.

The way to have integrity and make a cash cow is not to overextend and get involved with projects you can't handle.

I never used them since I asked them a question and got the lawyer brush off six months ago, but if people are paying 15%+ to get funds off of a site immediately that's telling.
legendary
Activity: 1246
Merit: 1016
Strength in numbers
August 04, 2012, 01:42:09 AM
#38
Hope intersango dies with bitcoinica, withdrawl your bitcoins now they can't be trusted

lowest ask there now is 8.45GBP which is $13.35 and people are still picking up coins at that price


Uhh i see them for 7.37 GBP not 8.45.

it can change in seconds  ,they were that price when i posted it and soon after started dropping
im sure there is some chart somewhere that will confirm intersango prices last night

Confirmed, IntersangoGBP high of 9.00 according to bitcoinwatch.com.
legendary
Activity: 1246
Merit: 1016
Strength in numbers
August 04, 2012, 01:41:12 AM
#37
my personal belief is that bitcoins are worth about $11.15 right now

What a coincidence, me too. Else I would sell (or buy) them until the ones I had left were that precious to me.
legendary
Activity: 1316
Merit: 1000
Si vis pacem, para bellum
August 04, 2012, 01:35:16 AM
#36
Hope intersango dies with bitcoinica, withdrawl your bitcoins now they can't be trusted

lowest ask there now is 8.45GBP which is $13.35 and people are still picking up coins at that price


Uhh i see them for 7.37 GBP not 8.45.

it can change in seconds  ,they were that price when i posted it and soon after started dropping
im sure there is some chart somewhere that will confirm intersango prices last night
hero member
Activity: 1652
Merit: 569
Catalog Websites
August 04, 2012, 01:29:38 AM
#35
my personal belief is that bitcoins are worth about $11.15 right now
hero member
Activity: 532
Merit: 500
FIAT LIBERTAS RVAT CAELVM
August 04, 2012, 01:05:12 AM
#34
If my calculations are correct then Pirate needs to buy at least 3k BTC per day.
That's about 5% of the trade volume on Mt. Gox.

Actually Pirate does not need to buy anything to pay interest to his lenders, he can just use the funds of new loans coming in, at least till the influx of new funds declines significantly, like a market saturation would cause. Dont know if we are there yet.

That sounds an awful lot like a ponzi scheme - using an increasing amount of new users to make payments to existing users.

Yes, yes it does.
full member
Activity: 238
Merit: 100
August 04, 2012, 12:52:05 AM
#33
not sure who buys.. My personal belief is that bitcoin is worth about 6.5$ right now. So I'm selling off a few on the hike up, but keeping the majority in savings (and spending a handful)
My personal belief is that bitcoins are worth about $10 each right now.
sr. member
Activity: 420
Merit: 250
August 04, 2012, 12:19:01 AM
#32
not sure who buys.. My personal belief is that bitcoin is worth about 6.5$ right now. So I'm selling off a few on the hike up, but keeping the majority in savings (and spending a handful)
legendary
Activity: 1652
Merit: 1000
August 04, 2012, 12:08:24 AM
#31
Maybe someone stopped selling in big chunks and buyers are starting getting impatient and start competing with each other to get their daily fix. How's this for a theory?

At risk of spamming my 9 June 2012 post I will direct you there.

FYI, had lunch with three friends today and called another on the phone. Chatted with all of them about bitcoins, again. We had talked about it several times before and a few have made some token moves into it. All of them, theoretically, like it tremendously. All are successful self-made entrepreneurial multi-millionaires.

Reminded them about the 20k bitcoins I offered them at $5/apiece about 90 days ago but some declined. At the table when the check came I got out my trusty bitcoin app and calculated how much 20k bitcoins are worth at the current market prices.

The real fun though is brainstorming how we are going to throw a bunch of creative entrepreneurial energy and resources behind various bitcoin related strategies.

They picked up the tab for lunch.  Shocked

at the risk of spamming you, i keep asking you about your current stance on gold.  the reason i ask is that you were one of the reasons i got into gold/silver back btwn 2005-8.  since then, i sold all my silver and most of my gold last year as most here know in favor of Bitcoin.  am interested in what you think...

edit: perhaps you can't answer for conflict of interest reasons.  feel free to say so.

I'm subscribing just to read the answer - if it comes.
legendary
Activity: 2492
Merit: 1491
LEALANA Bitcoin Grim Reaper
August 03, 2012, 11:59:20 PM
#30
Hope intersango dies with bitcoinica, withdrawl your bitcoins now they can't be trusted

lowest ask there now is 8.45GBP which is $13.35 and people are still picking up coins at that price


Uhh i see them for 7.37 GBP not 8.45.
legendary
Activity: 1764
Merit: 1002
August 03, 2012, 11:52:04 PM
#29
Maybe someone stopped selling in big chunks and buyers are starting getting impatient and start competing with each other to get their daily fix. How's this for a theory?

At risk of spamming my 9 June 2012 post I will direct you there.

FYI, had lunch with three friends today and called another on the phone. Chatted with all of them about bitcoins, again. We had talked about it several times before and a few have made some token moves into it. All of them, theoretically, like it tremendously. All are successful self-made entrepreneurial multi-millionaires.

Reminded them about the 20k bitcoins I offered them at $5/apiece about 90 days ago but some declined. At the table when the check came I got out my trusty bitcoin app and calculated how much 20k bitcoins are worth at the current market prices.

The real fun though is brainstorming how we are going to throw a bunch of creative entrepreneurial energy and resources behind various bitcoin related strategies.

They picked up the tab for lunch.  Shocked

at the risk of spamming you, i keep asking you about your current stance on gold.  the reason i ask is that you were one of the reasons i got into gold/silver back btwn 2005-8.  since then, i sold all my silver and most of my gold last year as most here know in favor of Bitcoin.  am interested in what you think...

edit: perhaps you can't answer for conflict of interest reasons.  feel free to say so.
legendary
Activity: 1031
Merit: 1000
August 03, 2012, 11:25:53 PM
#28
Maybe someone stopped selling in big chunks and buyers are starting getting impatient and start competing with each other to get their daily fix. How's this for a theory?

At risk of spamming my 9 June 2012 post I will direct you there.

FYI, had lunch with three friends today and called another on the phone. Chatted with all of them about bitcoins, again. We had talked about it several times before and a few have made some token moves into it. All of them, theoretically, like it tremendously. All are successful self-made entrepreneurial multi-millionaires.

Reminded them about the 20k bitcoins I offered them at $5/apiece about 90 days ago but some declined. At the table when the check came I got out my trusty bitcoin app and calculated how much 20k bitcoins are worth at the current market prices.

The real fun though is brainstorming how we are going to throw a bunch of creative entrepreneurial energy and resources behind various bitcoin related strategies.

They picked up the tab for lunch.  Shocked
legendary
Activity: 1764
Merit: 1002
August 03, 2012, 08:09:28 PM
#27
For the most part, I've never heard anything too negative about how Intersango functions as an exchange.  In fact, I think many ppl moved their accts over there last year when Gox was having its troubles.

If I were Patrick, Donald, or Amir I would do everything in my power to maintain the integrity and profitability of Intersango to help them payoff their pending legal fees.  If Bitcoin continues to increase in value like it has, Intersango could become a huge cash cow as it was one of the leaders.

What they should probably do is consider bringing in respected members of the community who can also infuse capital into Intersango to stabilize and legitimize the situation to tie them over this mess with Bitcoinica.  I think they provide a valuable service for the community.
hero member
Activity: 686
Merit: 500
Wat
August 03, 2012, 07:47:52 PM
#26
The only way to exit intersango is withdrawing bitcoins which explains the high demand to buy them and withdraw seemingly at any price. Panic is one thing that overrides rationality.
hero member
Activity: 812
Merit: 1001
-
August 03, 2012, 07:43:28 PM
#25
Why someone need to buy in big chunks and influencing the price up in quick moves

Maybe someone stopped selling in big chunks and buyers are starting getting impatient and start competing with each other to get their daily fix. How's this for a theory?

legendary
Activity: 1764
Merit: 1002
August 03, 2012, 07:37:12 PM
#24
This thread is kind of amusing.

I'll give you a clue.

Today the deposit issue with metro bank got solved.

Patrick, so Metro Bank is some sort of major bank that will facilitate fund movement in and out of Intersango?  I'm neutral and unaffected by any of the Bitcoinica issues.
hero member
Activity: 588
Merit: 500
August 03, 2012, 06:56:23 PM
#23
Why someone need to buy in big chunks and influencing the price up in quick moves
instead be patient and buy in small chunks cheapper but longer in time?

Maybe what seem like big chunks to you, are actually small chunks to them.

Imagine some libertarian-leaning billionaire like Peter Thiel or Kyle Bass decides he likes Bitcoin, and wants to diversify into it to the tune of 10 million.  He knows he can't move in all at once, but instead orders his investment advisor to buy, say 10000 coins every  week, first by patiently waiting on the bid side or, if no one is biting that week, snap up enough asks to move price by no more than 10%.  Such a buying program would lend strong support, could take many weeks to play out, and could account for big "impatient" buying to the extent that the buyer has a weekly quota to fill.
sr. member
Activity: 463
Merit: 252
August 03, 2012, 04:55:55 PM
#22
This thread is kind of amusing.

I'll give you a clue.

Today the deposit issue with metro bank got solved.
legendary
Activity: 1316
Merit: 1000
Si vis pacem, para bellum
August 03, 2012, 03:49:10 PM
#21
Hope intersango dies with bitcoinica, withdrawl your bitcoins now they can't be trusted

lowest ask there now is 8.45GBP which is $13.35 and people are still picking up coins at that price
hero member
Activity: 486
Merit: 500
August 03, 2012, 03:42:58 PM
#20
Hope intersango dies with bitcoinica, withdrawl your bitcoins now they can't be trusted
legendary
Activity: 1316
Merit: 1000
Si vis pacem, para bellum
August 03, 2012, 03:06:24 PM
#19
have a look a at intersango

the GBP buying is out of control

i think it all the people who are scared intersango is going to default (since GBP withdrawls are still blocked )

combined with everyone whose needed coins the last 3 weeks when the 3 stoges were on holiday and interango

was unoperational

if i had anything deposited there ,i would join them and withdraw it ASAFP!
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
August 03, 2012, 02:56:14 PM
#18
Buy now, we ain't going back down soon.

You heard it from the mouth of a bear.

You just have a bear as avatar which doesn't make you a bear.
sr. member
Activity: 379
Merit: 250
August 03, 2012, 02:54:26 PM
#17
Good point, it was on intersango too though and no one has been getting money into there for a while now, I'd guess there was something between 1/2 an 1 million dollars in large lump sums yesterday, mostly on gox though.

To be correct on Gox orderbook there is $2.1M - $2.2M against 100k BTC for last 24 hours, an this relation is not changed much during last rise from 10.5 to 11.
sr. member
Activity: 364
Merit: 252
August 03, 2012, 02:42:00 PM
#16
It's across all major exchanges and every currency, doubt this is a buy in.

Arbitrage traders even the market price if there is a large buy in on one exchange.
hero member
Activity: 518
Merit: 500
August 03, 2012, 02:38:11 PM
#15
If my calculations are correct then Pirate needs to buy at least 3k BTC per day.
That's about 5% of the trade volume on Mt. Gox.

Actually Pirate does not need to buy anything to pay interest to his lenders, he can just use the funds of new loans coming in, at least till the influx of new funds declines significantly, like a market saturation would cause. Dont know if we are there yet.

That sounds an awful lot like a ponzi scheme - using an increasing amount of new users to make payments to existing users.
legendary
Activity: 1022
Merit: 1000
August 03, 2012, 02:32:12 PM
#14
If my calculations are correct then Pirate needs to buy at least 3k BTC per day.
That's about 5% of the trade volume on Mt. Gox.

Actually Pirate does not need to buy anything to pay interest to his lenders, he can just use the funds of new loans coming in, at least till the influx of new funds declines significantly, like a market saturation would cause. Dont know if we are there yet.
sr. member
Activity: 379
Merit: 250
August 03, 2012, 02:28:02 PM
#13
Not much to add to what was already told here. All I can tell with certainty: it's not me.
As for the theories:
  • someone needs lots of coins right away. For example, to pay people out.
  • someone believes the market will remain bullish, and wants to get on in ASAP
  • someone wants to cause panic buying based on the previous point. Pump and dump.

2 probably but this how bubles are formed... does the dynamics of increase support this?

3 it is only guessing but also probable (but I am actually do not support it) recen events prooved that participants are not nervous Smiley

1 this would be really interesting and preferable, but here come main difficulties - for example as I personally would accept payment in bitcoins over bank transfers from my foriegn partners to avoid bank fees, to avoid taxes on my partners side, to avoid taxes on my side, not to show any business at all Smiley

But this reasons mostly will not be supported by my partners - they have well esteblished business and the do not want to have any problems with tax authorities. So at current moment they still prefer paying bank fees and taxes.

So what business can accept business operations in big sums in bitcoins? Does anyone have successful examples of such business transfers? What was your experience and how did you convince your partners to abandone banking system and taxes and move operations to bitoins?
sr. member
Activity: 457
Merit: 250
Look for the bear necessities!!
August 03, 2012, 02:24:28 PM
#12
Buy now, we ain't going back down soon.

You heard it from the mouth of a bear.
hero member
Activity: 868
Merit: 1002
August 03, 2012, 02:23:03 PM
#11
No one anywhere is buying high.
legendary
Activity: 2352
Merit: 1064
Bitcoin is antisemitic
August 03, 2012, 02:22:36 PM
#10
  • someone needs lots of coins right away. For example, to pay people out.
  • someone believes the market will remain bullish, and wants to get on in ASAP
  • someone wants to cause panic buying based on the previous point. Pump and dump.

So whatever it is, a trainwreck is imminent.
Interesting, it makes sense.
Anyone here is buying high?
hero member
Activity: 756
Merit: 501
There is more to Bitcoin than bitcoins.
August 03, 2012, 02:14:52 PM
#9
Not much to add to what was already told here. All I can tell with certainty: it's not me.
As for the theories:
  • someone needs lots of coins right away. For example, to pay people out.
  • someone believes the market will remain bullish, and wants to get on in ASAP
  • someone wants to cause panic buying based on the previous point. Pump and dump.
sr. member
Activity: 379
Merit: 250
August 03, 2012, 02:13:23 PM
#8
Why someone need to buy in big chunks and influencing the price up in quick moves

instead be patient and buy in small chunks cheapper but longer in time?

who is in a hurry?

thanks

Translation: "Slow down so I can buy cheap bitcoins too."  Cheesy
No, seriously, I learned to prefer buying small amount every day. Bought this way 200 euro worth of btc in course of approx. one month, teached myself patience and in the end got quite good average price due to cost averaging effect. Plus I did not buy immediately, just placed my buy orders near the top. But that was in March when there was not clear trend. Don't know if I would do it now because of such bullish market... but probably yes, everything may change any time.

Funny translation Smiley

But I will not buy at this price Smiley

Although, I am interested in understanding how to buy/sell wise taking the most good price at any current market conditions.

I believe that patience in ralatively stable trend conditions can help extract good price while selling or buying over just simple unload of big order, causing even panic.
sr. member
Activity: 340
Merit: 250
GO http://bitcointa.lk !!! My new nick: jurov
August 03, 2012, 02:03:13 PM
#7
Why someone need to buy in big chunks and influencing the price up in quick moves

instead be patient and buy in small chunks cheapper but longer in time?

who is in a hurry?

thanks

Translation: "Slow down so I can buy cheap bitcoins too."  Cheesy
No, seriously, I learned to prefer buying small amount every day. Bought this way 200 euro worth of btc in course of approx. one month, teached myself patience and in the end got quite good average price due to cost averaging effect. Plus I did not buy immediately, just placed my buy orders near the top. But that was in March when there was not clear trend. Don't know if I would do it now because of such bullish market... but probably yes, everything may change any time.
legendary
Activity: 1147
Merit: 1001
August 03, 2012, 02:01:57 PM
#6
If my calculations are correct then Pirate needs to buy at least 3k BTC per day.
That's about 5% of the trade volume on Mt. Gox.
hero member
Activity: 530
Merit: 500
August 03, 2012, 01:51:16 PM
#5
I was just wondering,
is this new money that is buying btc
or the money that has been sitting on exchanges for a while , waiting for a trigger ?
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
August 03, 2012, 01:30:12 PM
#4
to participate and encourage others in panic buying.

Also since most trading rules suggest entry after some previous high is surpassed it becomes a self-fullfilling prophecy. Then it depends on somebody with alot of coins to shoot it down.
hero member
Activity: 784
Merit: 1000
bitcoin hundred-aire
August 03, 2012, 01:27:56 PM
#3
Why someone need to buy in big chunks and influencing the price up in quick moves

instead be patient and buy in small chunks cheapper but longer in time?

who is in a hurry?

thanks

if you think this is expensive, wait til you see the result of the reward drop...
legendary
Activity: 2492
Merit: 1491
LEALANA Bitcoin Grim Reaper
August 03, 2012, 01:27:44 PM
#2
Why someone need to buy in big chunks and influencing the price up in quick moves

instead be patient and buy in small chunks cheapper but longer in time?

who is in a hurry?

thanks

Translation: "Slow down so I can buy cheap bitcoins too."  Cheesy
sr. member
Activity: 379
Merit: 250
August 03, 2012, 01:26:57 PM
#1
Why someone need to buy in big chunks and influencing the price up in quick moves

instead be patient and buy in small chunks cheapper but longer in time?

who is in a hurry?

thanks
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