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Buying bitcoins

brendan86

Heh guys,

I've been doing a bit of research the last week into buying bitcoins.. I want to buy 1k worth, I know it's risky but I have it to spare and might just see how it goes for a year or so..

I have currently registered on mtgox.com and am awaiting approval on my Id verification.. Has anyone dealt with this site have any info for me?

If I put my money on mtgox that means I have to trust them with my bitcoins is this correct? I won't have to have a wallet on my computer?

I'm just basically asking for advice, it's what I want to do but if someone can explain the best way about it that knows more than me I would appreciate it

Thanks

Brendan

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makeorbrake

seannash wrote: »

where are you seeing it for $590

My apologies for the misinformation - had the ETH/EUR screen open. :-(

seannash

makeorbrake wrote: »

Just saw some big ass buy orders go through for ETH on Kraken - one for 1500 and another for 1300 ETH - buying in at $600....although 1.6% of their investment already gone in a matter of seconds as it's down to $590 now.

where are you seeing it for $590

JohnnyFlash

Jumped 400 dollars in seconds on GDAX. Back near 8k. Crazy speculation.

makeorbrake

smacl wrote: »

Did you cancel it in time? Coinbase at €601 and still going south.

Just saw some big ass buy orders go through for ETH on Kraken - one for 1500 and another for 1300 ETH - buying in at $600....although 1.6% of their investment already gone in a matter of seconds as it's down to $590 now.

smacl

Swanner wrote: »

I sold out some yesterday but i'm in for the long haul..

Also have a buy order for ETH at €650 which I set 2 days ago..

It was a little tongue in cheek at the time..

Looks like it might be filled this morning..

Did you cancel it in time? Coinbase at €601 and still going south.

rob316

Still expect another meteoric rise this year, I'm waiting till this bottoms out and buying back in. Actually I've never bought in, I was given 1 bitcoin 18 months ago to clear a debt I was never going to get paid for, I only learned 2 weeks ago it was worth 19k! in December

Might learn about alt coins and see can I start playing with it.

[Deleted User]

Below 8k and falling. It could hit 5k by Monday at this rate

rapul

Swanner wrote: »

Know that feeling well..

Have to remind myself regularly that it's only money and there'll always be more opportunities..

I only dabble with small amounts so it's just a bit of fun..

It does teach patience though... something i'm very short on..

Your dead right it is only money but as you said patience is hard to come by,with cryptos anyway!

Glad to hear your only investing small amounts , same as myself, well small amounts in the past which have fluctuated all over the place lately of course but still okish , strong hands are needed in times like these its too easy to buy buy

The Bishop Basher

rapul wrote: »

Looking very possible alrite im trying so hard not to buy anything till payday next week but im sure im not the only one in this situation! Might just have to turn off the laptop and phone for a week haha

Know that feeling well..

Have to remind myself regularly that it's only money and there'll always be more opportunities..

I only dabble with small amounts so it's just a bit of fun..

It does teach patience though... something i'm very short on..

rapul

Swanner wrote: »

I sold out some yesterday but i'm in for the long haul..

Also have a buy order for ETH at €650 which I set 2 days ago..

It was a little tongue in cheek at the time..

Looks like it might be filled this morning..

Looking very possible alrite im trying so hard not to buy anything till payday next week but im sure im not the only one in this situation! Might just have to turn off the laptop and phone for a week haha

Blacktie.

brendanwalsh wrote: »

The butcher has got his primal cuts and ready to flame up the grille. Sad day for all. Anyone cashing out

Any ham going?

The Bishop Basher

I sold out some yesterday but i'm in for the long haul..

Also have a buy order for ETH at €650 which I set 2 days ago..

It was a little tongue in cheek at the time..

Looks like it might be filled this morning..

Grumpypants

brendanwalsh wrote: »

The butcher has got his primal cuts and ready to flame up the grille. Sad day for all. Anyone cashing out

These analogies are becoming more and more offal.

No point cashing out now, going to ride this crazy train to the bitter end. Great story for the grand kids. I'll sell the rights to Hollywood for wolf of wall street part 2.

smacl

dermotTrellis wrote: »

go now....

Not for me. Now is the time to watch and wait.

smacl

Dades wrote: »

I sold @ circa $1,070 and now it's sitting in my Euro account on Coinbase.

Probably quite a good place for it at this point in time. I'm leaving some euros in Kraken and playing wait and see. Even though my initial investment appears to have had a haircut that would make BrendanWalsh blush I still see great opportunity going forward.

discombobulate

Great time to be buying in i’d think. If i had the cash spare i’d be going back in. Luckily still doing well on my initial investment but down 50% from where it was around xmas. Ven has saved me

WhiteMemento9

Same as last night it has found support levels at the $8.2k range and some huge buys coming in right now. Testing those support levels pretty hard right now though.

Dades

I got the yips yesterday morning and cashed out the "safe" half of my portfolio (ETH). I sold @ circa $1,070 and now it's sitting in my Euro account on Coinbase.

Weak hands ftw. :pac:

As for the rest of it... no point in offloading any of that now.

seannash

brendanwalsh wrote: »

The butcher has got his primal cuts and ready to flame up the grille. Sad day for all. Anyone cashing out

If we answer you Brendan or heaven forbid ask you a question will you shoehorn another butcher comment into it??
Everyone is aware of the situation without needing to visualize it a different way.

brendanwalsh

The butcher has got his primal cuts and ready to flame up the grille. Sad day for all. Anyone cashing out

WhiteMemento9

seannash wrote: »

Dead cat bounce?

Nah, just Korea waking up. WTF these people are selling 8k Bitcoins :P

seannash

WhiteMemento9 wrote: »

Did we just hit support levels? $8.3k --> 9k just now on coinbase.

Dead cat bounce?

WhiteMemento9

Did we just hit support levels? $8.3k --> 9k just now on coinbase.

Shauny2010

Not nessarilly, and again you are presuming the auditor walked away, it may well be or it may be that tether fired them.
No auditor has ever had to audit a crypto currency before, this is a first and with auditor and also the companies in question reputations on the line there is no easy solution.
The Fed has now stepped in to investigate so now we will not know anything until they report

Tinder Surprise

When your auditor wants away from you faster than if you had leprosy then you know you've done something wrong.

Shauny2010

You are presuming a lot of things about Tether. It is all speculation at the moment.
My gut feeling is that they are legit but are still hiding something and cannot say so for legal reasons. Even if they are 100% legit and have nothing hidden they still cannot say so for legal reasons

WhiteMemento9

No one really gives a **** about Tether. It is the links to Bitfinex that scare people as outlined in the Paradise papers. It will take that exchange and god knows how many pies they have their hands in.

Tinder Surprise

Blacktie. wrote: »

Lol yeah like 0.5% worth removed. Really end of days stuff if that happens.

You're totally missing the point don't mind me saying.

using the total market cap is not a good way of trying to calculate the impact of a sudden removal of $2billion BTC

Total market value = coin price × total circ supply of coin
It's not a true representation of what is being traded 'live'

(eg) if I have 100 cakes for sale and someone pays me $1 for one then does that mean I have $100 worth of cakes?...No cause i still have 99 to sell.
Using your (0.5%) theory; Then I had to throw out half a cake cause it spoiled...No big deal right? Yea, but that's not the possible impact..

But what has potentially happening with USDT is that $2billion worth of USDT only has $400million bond securing/backing it up of already traded BTC (the 'already' bit is important)

To correct the market and get the 'real' current BTC value then a $2billion correction would need to be made - to write off the USDT.

So using the cake theory again...

I have just sold all 100 of my cakes, moved onto making the next batch and I now have customers coming back demanding I give them money back as I false advertised them as having an apple filling but there was none.
My reputation is in tatters and I've had to refund money from my takings (remember the already traded bit)

There is a big difference between both cake examples.

Bit silly but I hope you get my point.

brendanwalsh

I'm going down with this ship. If the coins go to zero, the butcher will leave the carcasses for piranhas like me to feast on. Anyone else feeling hungry? There's bacon on the menu.

potatohouse

y'all need andreas