Buying bitcoins

zulutango

One way or another there'll be a lot of activity when the decision is made. It's due on Monday, isn't it?

pro_gnostic_8

I reckon it will be tomorrow.

cnocbui

I will admit, I have been thinking the ETF would be rejected, however, having just read easily the best article on the ETF I have come across, I have changed my mind. https://www.cryptocoinsnews.com/bitcoin-etf-headed-default-approval/

pro_gnostic_8

Good article, for sure.
Keep in mind, tho', that CryptoCoinsNews is a Bitcoin cheerleader; its editorial policy is biased towards the affirmative angle regarding BTC. For every one positive article on the ETF from CCN, there will be a hundred others from the main-stream-media pointing out the negatives.
Saying that, however, I too am flip-flopping my view about approval from the SEC. From being strongly pessimistic a few days ago, I am now at a "just don't know" position. :rolleyes:

IamFat

So just a quick one, I've read most of this thread and there seems to be Pro's & Con's
I've set up a wallet by downloading a Blockchain app on Apple phone.
Should I buy Bitcoin today ??  
Yes or No 
One word answer

cnocbui

Two points made in that article that struck me the most was that not approving the ETF would not prevent investors from buying Bitcoins. The second, was that if there were concerns strong enough to result in rejection, why wait until the 11th hour to say so?

For me, the biggest concern with bitcoin whould be the cowboy carry on in China, but from an ETF approval process viewpoint, it would seem the Chinese authorities have put a lid on a lot of that, which might be seen as a good thing.

A short while ago I decided to put some money where my mouth is and up my small stake. If people are plummeting past windows tomorrow, I won't be one of them.

There is a huge problem in general these days for people to confuse the veracity of the message with that of it's platform. It's sort of an opposite of fake news thing. 'It's published in the Daily Mail so it can't be true' kind of thing; 'you quoted Wikipedia - Fail!'.

I have consistently found very good information in places others find objectionable. If you find a gold coin in a sewer, it's no less than it's innate worth for where it was found.

zulutango

IamFat wrote: »

So just a quick one, I've read most of this thread and there seems to be Pro's & Con's
I've set up a wallet by downloading a Blockchain app on Apple phone.
Should I buy Bitcoin today ??  
Yes or No 
One word answer

Yes

cnocbui

IamFat wrote: »

So just a quick one, I've read most of this thread and there seems to be Pro's & Con's
I've set up a wallet by downloading a Blockchain app on Apple phone.
Should I buy Bitcoin today ??  
Yes or No 
One word answer

Yes - if you can stomach seeing what you put in worth 50% less tomorrow or Monday.

Before using that App, can I just put in a good word for Electrum...

pro_gnostic_8

IamFat wrote: »

Should I buy Bitcoin today ??  
Yes or No 
One word answer

No.

pro_gnostic_8

IamFat wrote: »

I've set up a wallet by downloading a Blockchain app on Apple phone.

If the Wikileaks (Vault7) disclosures yesterday regarding C.I.A's ability to hack mobile devices has taught us anything it should be that storing your bitcoin on a smartphone is dangerous.
Personally, I always kept my coin (before I sold 'em all last week) on a cold storage hardware device -- Trezor.

DeSelby83

So is anyone here tempted to buy before the ETF decision today?

zulutango

DeSelby83 wrote:

So is anyone here tempted to buy before the ETF decision today?

I see no reason to buy before the decision. If the decision is favourable then I'll buy. It's not like it's a last chance to purchase bitcoin. There might be a surge in demand and a price rise but I can't see there being a sudden upwards spike.

zulutango

The more I think of it, the smarter position is to sell before the decision while the price is high (which it currently is). When's the decision due?

If the decision is favourable simply buy back in straight away and take a small hit. If the decision is not favourable you are protected from what will likely be a very quick, steep fall in the price.

makeorbrake

zulutango wrote: »

When's the decision due?

The decision is due on the 11th March. However, with the 11th being a Saturday, the expectation is that the action decision may be announced today (Friday) or Monday.

pro_gnostic_8

There's volatility .............. and then there's volatility like we rarely see.
The current inconstancy is just insane.
Today's Low -- $1.178
Today's High -- $1.325

Insider trading on the cusp of the SEC decision?; Degenerate gamblers losing the run of themselves?; Nervous Nellies dumping?
Dunno what it is, but it's crazy. An Intraday-Trader's wet dream, but I'm just glad I'm out of it. Wouldn't have the cojone's for this kind of madness ........ at all, at all.

zulutango

On reddit it was reported that somebody was transferring 750 bitcoins every five seconds to try and manipulate the price :eek:

pro_gnostic_8

WOW !:eek:

DeSelby83

I read that a decision is likely to be made between 9 and 11pm Irish time. Hard to know but will be keeping an eye on it

pro_gnostic_8

DeSelby83 wrote: »

I read that a decision is likely to be made between 9 and 11pm Irish time.

Squeaky bum time, so !
Whatever the decision, this will be a very significant day in the story of bitcoin. One day, in your grandchildren's time, there will be a blockbuster movie made about this day.

pro_gnostic_8

WTF, price just dropped $200 in the last 30 SECONDS on Bitstamp.
Something is happening for sure, but no official confirmation as of yet.

cnocbui

ETF rejected: https://www.sec.gov/rules/sro/batsbzx.htm

zpehtsfd

"Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Order Disapproving a Proposed Rule Change, as Modified by Amendments No. 1 and 2, to BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, to List and Trade Shares Issued by the Winklevoss Bitcoin Trust"

Looks like a no go.

cnocbui

Pretty dramatic:

pro_gnostic_8

Yep. REJECTED.

cnocbui

I thought it might just keep dropping like a stone, but no, got to €953 or thereabouts and then 4000 of them get snapped up and it shoots back to 1050 and climbing (Kraken).

pro_gnostic_8

Far too much instability at the moment for my liking. Will wait for a day or so for the dust to settle before I buy back in. What's going on right now is out-and-out gambling. Uncertainty is ruling the markets and FUD is strongly influencing peoples buys/sells.

pro_gnostic_8

cnocbui wrote: »

I thought it might just keep dropping like a stone,

I did too !
But maybe this particular episode isn't finished yet; China is still asleep, and perhaps the full significance of the refusal hasn't sunk in yet?

makeorbrake

pro_gnostic_8 wrote: »

I did too !
But maybe this particular episode isn't finished yet; China is still asleep, and perhaps the full significance of the refusal hasn't sunk in yet?

Bear in mind - in the lead up (not the last 2 weeks of speculation - before that) - all the commentary was such that it was expected that it was unlikely that license would be granted on this occasion.


No major surprise. Perhaps there will be a further nosedive - but I believe it will even out over the next few weeks in any event. Presumably the short term thinking gamblers had bailed in over the past 2 weeks with a view to having a punt at making a fast buck (which hasn't worked out).

PopePalpatine

cnocbui wrote: »

Pretty dramatic:

Oof. Reminds me of the pound's value in the minutes after it became apparent Brexit had won the referendum.

makeorbrake

PopePalpatine wrote: »

Oof. Reminds me of the pound's value in the minutes after it became apparent Brexit had won the referendum.

Yup, but extreme highs and lows will always be more pronounced with btc given the smaller 'currency' base. That said, it used to be worse - and it's very very slowly becoming more stable.