• Quick note - the problem with Youtube videos not embedding on the forum appears to have been fixed, thanks to ZiprHead. If you do still see problems let me know.

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

Status
Not open for further replies.
ideogram said:
Okay. I was under the impression you and mhaze agreed. Now it appears you believe bitcoin is best used as an investment, while mhaze believes bitcoin should be used for spending. These are not the same thing, do you agree?
Click to expand...
We agree that the amount of uncritical thinking in this thread is unbelievable but our take on bitcoin is not identical (though mhaze spends more time on other bitcoin forums than I do).

For me there is not much value in buying bitcoins just so I can transfer them to someone else. I can think of some exceptions but they are not relevant to me right now.
 
Okay. You believe bitcoins should replace dollars, is that correct? But you say I should not pay my rent in bitcoins, so I will need dollars for that, right?
 
ideogram said:
I have to pay my rent at the end of the month. How much bitcoin will I need?
Click to expand...

how much is your rent? assume $1000 for ease of calculations:

put away anywhere between 1 - 3.5 BTC and you should be alright :D
 
psionl0 said:
Right now, the best use of bitcoin seems to be as a long term investment.
Click to expand...

In other words the best use of this money is not to use it as money.

Circumstances could change rapidly though and its ease of transferability might become a bigger consideration.
Click to expand...

Not if you're required to have a continuously updating price for goods in bitcoin.
 
From 623 to 767 in two hours?

If you are going to buy anything with bitcoin you have to time it right!!!
 
Captain_Swoop said:
From 623 to 767 in two hours?

If you are going to buy anything with bitcoin you have to time it right!!!
Click to expand...

haha yes, in and out fast is the only *safe* (lol!) way forwards IMO, because while it might not be much good for paying your rent with, $150 per hour moves are a trader's wet dream.

I think a top is probably in here (as per wrs' call) and we are probably going to track down this down-channel for a while now and maybe make a new low before any reversal to new highs might come.

1386418722-clip-46kb.png


edit, double lol @ "safe" I just got robbed of the other 5 BTC position by being stopped out as shown by a sudden spike down to 676 see http://clip2net.com/s/6kLBKK which, er, never happened on any other timeframes. http://clip2net.com/s/6kLz4t nice :)

this is not good. doesnt inspire much faith in going live here
 
Last edited:
remirol said:
This -- the spike is too fast and too sharp. Anyone purchasing Bitcoin right now without the intent of immediately getting out on short-term gains is an idiot, plain and simple. Even the ones who think they'll buy at $1000 and sell at $1100 are fools.
Click to expand...

psionl0 said:
No matter how much data you have at your fingertips and no matter how vivid your imagination, predicting bitcoin prices is still no easier than predicting next week's lotto numbers.
Click to expand...

I suppose I should've bought a lotto ticket then. :D

ETA: Current value for BTC 750-ish, but I see it temporarily bottomed at 550.

Bitcoinies who bought in at $5 and are holding long term clearly don't care, of course. The ones at $200 are starting to consider at what point a cashout and rebuy is smarter. And the ones who thought Bitcoin was a currency, well, they've got a whole chicken coop's worth of egg on their faces.
 
Last edited:
kevsta said:
haha yes, in and out fast is the only *safe* (lol!) way forwards IMO, because while it might not be much good for paying your rent with, $150 per hour moves are a trader's wet dream.
Click to expand...

This. We can mark today as one of the rare times I'm going to agree with kevsta on anything. There's no _way_ I'd play in Bitcoin with anything other than a separate bankroll and with the intent of locking in a lot of small, quick gains (or getting lucky and buying in at the bottom of a spike only to sell at the top).
 
remirol said:
This. We can mark today as one of the rare times I'm going to agree with kevsta on anything. There's no _way_ I'd play in Bitcoin with anything other than a separate bankroll and with the intent of locking in a lot of small, quick gains (or getting lucky and buying in at the bottom of a spike only to sell at the top).
Click to expand...

Given that the lag on selling is longer than the duration of the spike, I would say you wouldn't even be able to do that.
 
remirol said:
I suppose I should've bought a lotto ticket then. :D
Click to expand...
Still don't know the difference between short and long term.

remirol said:
ETA: Current value for BTC 750-ish, but I see it temporarily bottomed at 550.

Bitcoinies who bought in at $5 and are holding long term clearly don't care, of course. The ones at $200 are starting to consider at what point a cashout and rebuy is smarter. And the ones who thought Bitcoin was a currency, well, they've got a whole chicken coop's worth of egg on their faces.
Click to expand...
Keep posting. I'm bookmarking a lot of these posts so I can refer back to them in 6 months time.
 
pantsorama said:
Given that the lag on selling is longer than the duration of the spike, I would say you wouldn't even be able to do that.
Click to expand...
If you're referring to my troubles, technically I've been (and still am) mired in determining which site will actually give me money for sales. They'll all happily "sell" almost immediately, then balk upon payout.
 
psionl0 said:
Still don't know the difference between short and long term.
Click to expand...

Make a prediction yourself. At what point (roughly) will it be possible for those people who bought between $1000 and $1200 to cash out successfully, and what are you basing that prediction on?

Keep posting. I'm bookmarking a lot of these posts so I can refer back to them in 6 months time.
Click to expand...
So Bitcoin will be at or above $1200 in June 2014? Can I write that down as your prediction, since less than a day ago, you believed:

psionl0 said:
No matter how much data you have at your fingertips and no matter how vivid your imagination, predicting bitcoin prices is still no easier than predicting next week's lotto numbers.
Click to expand...

...but as soon as someone's prediction of an upcoming crash turns out correct, you immediately jump back on board the unrealistic optimism bandwagon? It's much easier than the lotto numbers, quite frankly. The historical pattern for speculative commodity bubbles is being repeated once more. Be honest now -- what you are really saying above is that "predicting that bitcoin will go down is like picking lotto numbers, but predicting that bitcoin will rise is always reliable."

Why haven't you bought any bitcoin? I'd have thought you'd have seized this opportunity to jump on board.
 
Last edited:
Status
Not open for further replies.

Back
Top Bottom