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How To Use Bitcoin – The Most Important Creation In The History Of Man

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jhunter1163 said:
Even 1,000 BTC is beyond the ability of Mt. Gox to liquidate, at current prices. There's a reason that it takes weeks to get your USD if you want to cash out; the reason is that the exchanges don't have the liquidity to pay you, and have to wait for people to buy in. Classic Ponzi scheme, really.
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When you get your cash, do you get it at the rate it was when you made the transaction ?
 
wrs said:
OBTW, it just crashed $350 in two hours again, yeah that is real stability. Who will hold the worthless hot potato last? That is the game now. Crash is on again.
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Perfect time to buy :D

wrs said:
Kraken has miniscule volume compared to Mt Gox. I don't believe they have any greater ability to liquidate 10,000 BTC than Mt Gox. I don't see any information on their site about deposits/withdrawals. If you have it, post a link if you can.
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You can see the limits on signup. Here's a screenshot:
OZlB8Fg.jpg
 
Belz... said:
When you get your cash, do you get it at the rate it was when you made the transaction ?
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If you mean transaction from bitcoin to USD, then this happens pretty much instantly within your online account wallet the second you choose to sell. Then you cash out X amount of USD, which will be deposited in your bank account as X amount of USD minus the fees. The latter transaction is what takes from weeks to months in some places.
 
TeapotCavalry said:
Perfect time to buy :D



You can see the limits on signup. Here's a screenshot:
[qimg]http://i.imgur.com/OZlB8Fg.jpg[/qimg]
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Thanks for this. Similar to Mt. Gox. The trade volume is much lower there so I would bet there are a lot less deposits there.

Can you transfer BTC from one platform to another without cashing out? Seems to me that is transferring a liability if so.
 
wrs said:
What conspiracy are you suggesting? I said it's a sham.
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You are the one who responded by saying, That (conspiracy) is exactly what the trades at Mt Gox appear to be.

Suddenly substituting the word "sham" for "conspiracy" doesn't change what you are trying to imply. As a matter of fact, it would be even sillier to say "sham" since that would imply that nobody is getting the price they ask for their bitcoins. Is that what you would have us believe?
 
psionl0 said:
You are the one who responded by saying, That (conspiracy) is exactly what the trades at Mt Gox appear to be.

Suddenly substituting the word "sham" for "conspiracy" doesn't change what you are trying to imply. As a matter of fact, it would be even sillier to say "sham" since that would imply that nobody is getting the price they ask for their bitcoins. Is that what you would have us believe?
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You posited conspiracy, you wont find that in any post I made. I called this a sham well before you attempted to insert conspiracy into the discussion in order to divert that this thing is a sham.

What happens to merchants who can't convert their bitcoins to real currency and owe bills in real currency? If the exchanges can't support them, the jig is up. I think it's up.

http://www.reuters.com/article/2013/12/05/us-france-bitcoin-idUSBRE9B40IF20131205

http://www.nytimes.com/2013/12/06/b...china-bars-banks-from-using-bitcoin.html?_r=0
 
psionl0 said:
No, just in the post that you quoted then confirmed. You probably didn't read it properly.
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I simply quoted your post. I clarified my position in my response, nice try but fail..................

psionl0 said:
Central banks speak out against bitcoin. What next? Water is wet?
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When they spoke out a couple weeks ago seeming to be in favor of it, it soared.
 
jhunter1163 said:
Like the exchanges would admit they're undercapitalized...
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I dont really understand how / why this can be? these are not retail Forex style brokers who provide liquidity by trading with or against you, somebody earlier said they simply match customer buy order to sell orders, and presumably the customer has to have the money/coin to make the trade?

the problem with trying to sell out large amounts fast is simply a market depth issue isnt it? there just arent $10million worth of real buys there to my intended sell at that price, so my large offer just takes out the whole bid stack all the way down.
 
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psionl0 said:
And that proves that they are? What happened to "critical thinking" on this forum?
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Well, let's look at it critically, then. According to all sources, there are significant settlement delays in BTC (weeks), and limits have been imposed on the amount and frequency of cash withdrawals.

Why might this be?

Technical limitations (high transaction volume)? Since total BTC transactions worldwide are on the order of 80K/month, and a significant fraction of those transactions are on one gaming site, that seems unlikely.

Or an imbalance between the number of sellers and the number of buyers, and a resulting liquidity crunch?

Hmmm....
 
kevsta said:
I dont really understand how / why this can be? these are not retail Forex style brokers who provide liquidity by trading with or against you, somebody earlier said they simply match customer buy order to sell orders, and presumably the customer has to have the money/coin to make the trade?

the problem with trying to sell out large amounts fast is simply a market depth issue isnt it? there just arent $10million worth of real buys there to my intended sell at that price, so my large offer just takes out the whole bid stack all the way down.
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Not at current valuations, there aren't enough buys.
 
kevsta said:
I dont really understand how / why this can be? these are not retail Forex style brokers who provide liquidity by trading with or against you, somebody earlier said they simply match customer buy order to sell orders, and presumably the customer has to have the money/coin to make the trade?
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It could happen if the exchanges allowed people to make bids without having the funds in their account but any exchange that did that wouldn't last very long.

kevsta said:
the problem with trying to sell out large amounts fast is simply a market depth issue isnt it? there just arent $10million worth of real buys there to my intended sell at that price, so my large offer just takes out the whole bid stack all the way down.
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Somebody who placed a large sell order (at say $2000 per BTC) isn't going to have much effect on the current volume of trading. It could take several months before the price of bitcoin reached $2000 and triggered the sale although the exchange would presumably have the bitcoins on hand in the mean time.
 
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