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

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kevsta said:
Including the fees I don't really see how you sell backwards and forwards to yourself or a partner without losing money all the time, unless you are so large you ARE the market, then it is maybe quite easy.
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The other thing is that every time the left hand makes $1, the right hand loses it and vice versa. If you really believe that you can buy low and sell high on a short term basis then to make a profit, you need the right hand to belong to somebody else.
 
mhaze said:
Thank you for noting that. There may also, ... no, there certainly are automated trading bots working bitcoin, given that the bitcoin community is overall really adept at programming and hacking.
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it is not just bots trading this either, TA is looked at by almost every trader in one form or another, and was about long before bots were.
 
kevsta said:
it is not just bots trading this either, TA is looked at by almost every trader in one form or another, and was about long before bots were.
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Everyone knows the descending triangle failed and everyone knows where it can go, the futures traders are talking about it. Selling abounds right now.
 
psionl0 said:
The other thing is that every time the left hand makes $1, the right hand loses it and vice versa. If you really believe that you can buy low and sell high on a short term basis then to make a profit, you need the right hand to belong to somebody else.
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The point of the left hand/right hand thing wouldn't be to make a profit as much as to keep the price high so that you could liquidate from a third wallet. We know that there are BTC wallets holding tens, if not hundreds, of thousands of BTC. The transaction and exchange fees would be a cost of doing business; if you're up 1,000% you'll give a bit back to the exchanges, no?
 
psionl0 said:
The other thing is that every time the left hand makes $1, the right hand loses it and vice versa. If you really believe that you can buy low and sell high on a short term basis then to make a profit, you need the right hand to belong to somebody else.
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yes, you need other hands to supply losses to your wins. if you have enough size to drive the market, you're fine. pick a top, sell into it until it rolls over and starts down, let the momentum carry it down until you start buying into it, at which point it reverses.

Banks can do this in the Forex market, but I don't *think* its going on with Bitwhales.

*conjecture, no investigating done..*
 
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the really bad news for bitbugs is that this thing goes 24/7, it never stops and if this takes off, it could get really ugly fast. Of course everyone knows 910 is support until it isn't.
 
950 getting hammered now

ETA, its gone, there were 600 there and they got gone in about 30 seconds
 
Belz... said:
Wrs, what are those numbers you keep throwing in your posts ? I can't parse your words.
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The bid stack is the number of offers to buy BTC at a given level. The whales populate the bid stack with buy offers at a given level. Traders can see this and it helps them figure out where the resistance levels are on the upside and downside.

ETA: It's those rows of numbers below the chart
 

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What the traders are saying

[12/06 10:34] jbusch: i lost 7 coins on this last fall
[12/06 10:34] jbusch: oh well you have to count your blessings
[12/06 10:35] kikker: the btc-e trollbox is always funny in moments like this.. anyone shouting crash gets banned :)
[12/06 10:36] kilocoin: be greedy when others are fearful
[12/06 10:37] jbusch: seems weird because this is obviously a crash
[12/06 10:37] jbusch: there is mass panic
[12/06 10:37] kikker: jbusch: not with anyone whos has been around several crashes before,
[12/06 10:37] kikker: sure you have
[12/06 10:38] jbusch: i mean don't talk to me like i'm a chump, im on that top 10 on that leaderboard
[12/06 10:38] jbusch: you have to realize this thing could end
[12/06 10:38] jbusch: its not much different than the dot com bubble
[12/06 10:38] bl4kjaguar: btc-e above bitstamp, signals a likely bottom
[12/06 10:39] thoran: jaybob20: Possibly lower.
[12/06 10:39] thepok: mtgox below btcchina
[12/06 10:39] cjoc09: jbusch, everything ends at some point, but how is this price action any different than preceding weeks, volatility-wise?
[12/06 10:40] thepok: well there was no new alltimehigh
[12/06 10:41] cjoc09: therefore it must tank?
[12/06 10:41] cjoc09: dont forget this has utility beyond a trading vehicle
[12/06 10:42] infinitcell: cjoc09: i like it as a store of value

PRICELESS
 
jhunter1163 said:
The point of the left hand/right hand thing wouldn't be to make a profit as much as to keep the price high so that you could liquidate from a third wallet. We know that there are BTC wallets holding tens, if not hundreds, of thousands of BTC. The transaction and exchange fees would be a cost of doing business; if you're up 1,000% you'll give a bit back to the exchanges, no?
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You haven't explained how someone can pump up the price of bitcoin without pumping money into his trading account.
 
I'm confused. Why would someone like me, who only makes legal purchases, ever use Bitcoin instead of my credit card? Credit cards add what, 2% to the price? And you get quite a few consumer protections for that 2%. You can dispute charges, recover from identity theft, buy stuff you can't currently afford, losing your card isn't the end of the world...

I don't see how Bitcoin improves any of that. I want an intermediary between me and my purchases, and I'll gladly pay a couple percentage points for it. Well, not gladly, but you see my point.
 
wrs said:
I didn't say doomsday, you did. It's a doomsday to you but it's reality in trading and speculation.
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Look at this order book from the ICBIT link, about thirty seconds ago.

1yleuea.png
 
Fudbucker said:
I'm confused. Why would someone like me, who only makes legal purchases, ever use Bitcoin instead of my credit card? Credit cards add what, 2% to the price? And you get quite a few consumer protections for that 2%. You can dispute charges, recover from identity theft, buy stuff you can't currently afford, losing your card isn't the end of the world...

I don't see how Bitcoin improves any of that. I want an intermediary between me and my purchases, and I'll gladly pay a couple percentage points for it. Well, not gladly, but you see my point.
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It's fine if you have access to all the necessary bank paraphernalia but if you are one of those people who has to rely on payday lenders and check cashing services then it's not so cut and dried.

I recognize that the limited opportunities to pay for something with bitcoin means that it is not necessarily the answer for these people yet but there is no telling where the future of bitcoin is headed.
 
wrs said:
I didn't say doomsday, you did. It's a doomsday to you but it's reality in trading and speculation.
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You can use a different word to describe dropping to $150 and possibly never going above $500 again if you like but I don't think I have misunderstood you.
 
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