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Bitcoin - ###Mod Note in 1st Post - Please Read###

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Comments

  • #392
    mickdw
    Registered Users, Registered Users 2 Posts: 23,899 ✭✭✭✭mickdw


    Well done. Its quite an achievement but its not as easy as you make it sound.
    Also, plus500 appear to be offering massive top ups if you fund your account with certain amounts. It all screams scam to me. Why would they give away free money. What are the conditions?
    Are you free to cash out all the money at this stage? - take investment, profits and run?


  • #393
    magic_murph
    Registered Users, Registered Users 2 Posts: 1,536 ✭✭✭magic_murph


    Just about to but €1200 worth so will see where I stand in a couple of weeks.


  • #394
    usersame
    Registered Users, Registered Users 2 Posts: 179 ✭✭usersame


    mickdw wrote: »
    Well done. Its quite an achievement but its not as easy as you make it sound.
    Also, plus500 appear to be offering massive top ups if you fund your account with certain amounts. It all screams scam to me. Why would they give away free money. What are the conditions?
    Are you free to cash out all the money at this stage? - take investment, profits and run?

    They're a bookmakers essentially, the same way Paddy Power offer deposit bonuses

    They offer you a price on a spread of the likely values of a stock over a time period, they set the spread the same way Paddy Power sets the odds on who wins a match so that they generally make a profit regardless of outcomes


  • #395
    General General
    Registered Users, Registered Users 2 Posts: 1,900 ✭✭✭General General


    Ha ha, how I laugh at those who mined early on & sold for a pittance!

    I saved myself that effort, stared at the bitcoin train go by like a f`cken moron & am about as well off.

    My positions in silver that I did make the effort to take has produced the dizzying returns that were promised me by many free newsletters on the subject.


  • #396
    shanemort
    Registered Users, Registered Users 2 Posts: 234 ✭✭shanemort


    if anyone needs to cash out in a realistic time frame like - having your euros into your bank account in 3-4 days drop me a PM,


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  • #397
    IvaBigWun
    Banned (with Prison Access) Posts: 5,368 ✭✭✭IvaBigWun


    Hmmm, Tulip Mania is springing to mind here. That and the fact that those last in make the least money, so it is just a pyramid scheme in all but name imho.

    That said, a non PayPal cyber currency is badly needed and I recently read that the twins who sued Facebook's Mark Zuckerberg for allegedly nicking their idea now own 1% of all Bitcoins in the world. These lads are venture capitalists so there must be something to their convictions.

    I think this could be worth a punt. It is a risk but its a calculated one. Id say there's a Boardsie or two who have made 10 grand or more on these ;)


  • #398
    AtomicHorror
    Registered Users, Registered Users 2 Posts: 5,888 ✭✭✭AtomicHorror


    Another tumble in price today after the Chinese government moved to regulate BTC (also another drugs website disappeared). The press took "regulate" to mean "ban", and the result was panic selling. Already the panic is waning, and it seems like what's actually happening is that China has designated BTC as a commodity, meaning that the regulations, taxes etc. are all actually much clearer now. The price seems to be stabilising at $1000, or at least is returning to bitcoin's crazy version of "stable".

    As usual, lots of people calling bubble, crash and such but once again another crisis weathered surprisingly well.


  • #399
    oppenheimer1
    Closed Accounts Posts: 6,084 ✭✭✭oppenheimer1


    AtomicHorror wrote: »
    Another tumble in price today after the Chinese government moved to regulate BTC (also another drugs website disappeared). The press took "regulate" to mean "ban", and the result was panic selling. Already the panic is waning, and it seems like what's actually happening is that China has designated BTC as a commodity, meaning that the regulations, taxes etc. are all actually much clearer now. The price seems to be stabilising at $1000, or at least is returning to bitcoin's crazy version of "stable".

    As usual, lots of people calling bubble, crash and such but once again another crisis weathered surprisingly well.



    It was more than a tumble, the asset lost almost 30% of its dollar value at one stage today.


  • #400
    JONJO THE MISER
    Banned (with Prison Access) Posts: 12,333 ✭✭✭✭JONJO THE MISER


    oppenheimer1 wrote: »
    It was more than a tumble, the asset lost almost 30% of its dollar value at one stage today.

    I have not traded it in 2 days, going to trade it again after midnight.


  • #401
    Jonny7
    Registered Users, Registered Users 2 Posts: 6,696 ✭✭✭Jonny7


    oppenheimer1 wrote: »
    It was more than a tumble, the asset lost almost 30% of its dollar value at one stage today.

    Which is insanity for a currency but just another normal day for bitcoin

    The risk with crypto-currencies is their uncertainty - will they be regulated? are the exchanges to be trusted? and so on

    I would be extremely surprised to see Bitcoin drop below 100 ever again, but I wouldn't at all be surprised if it were at 10x current value in a years time


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  • #402
    AtomicHorror
    Registered Users, Registered Users 2 Posts: 5,888 ✭✭✭AtomicHorror


    oppenheimer1 wrote: »
    It was more than a tumble, the asset lost almost 30% of its dollar value at one stage today.

    Yeah, but in half a day it has already recovered above 90% of it's price just before the crash, and this was in the face of the belief that bitcoin had somehow been outlawed in it's biggest market.
    Jonny7 wrote: »
    The risk with crypto-currencies is their uncertainty - will they be regulated? are the exchanges to be trusted?

    I think today helped reduce uncertainty on the first point. They will regulate, but that seems to be welcomed by the exchanges operating in China.


  • #403
    IvaBigWun
    Banned (with Prison Access) Posts: 5,368 ✭✭✭IvaBigWun


    And on that note, Id have better odds placing a thousand euros all on black in Vegas.



    (and more fun too ;))


  • #404
    AtomicHorror
    Registered Users, Registered Users 2 Posts: 5,888 ✭✭✭AtomicHorror


    IvaBigWun wrote: »
    And on that note, Id have better odds placing a thousand euros all on black in Vegas.



    (and more fun too ;))

    Nah, roulette is always an obvious negative expectation bet... 1:1 payout for only a 47-ish% chance of winning? There's a lot of unknowns, but I don't think the same can be said of BTC speculation. What are the odds of it failing, staying stable at $1000, or gaining value by 10x or 100x? Hard to say, but if those last two odds are better than 1 in 10 and 1 in 100 respectively then it's certainly worth buying in, assuming you can afford to lose your stake.

    Also roulette is exactly as much fun as watching a ball bounce around a wheel. Yawn.


  • #405
    mloc123
    Registered Users, Registered Users 2 Posts: 9,454 ✭✭✭mloc123


    IvaBigWun wrote: »
    And on that note, Id have better odds placing a thousand euros all on black in Vegas.



    (and more fun too ;))

    I am in Vegas in February.. I could cash out my bit coin tonight and put it on black when I get there, I think if I leave it as is for now I will do better.


  • #406
    Talib Fiasco
    Closed Accounts Posts: 6,428 ✭✭✭Talib Fiasco


    Would now be a good time to invest?


  • #407
    AtomicHorror
    Registered Users, Registered Users 2 Posts: 5,888 ✭✭✭AtomicHorror


    Talib Fiasco wrote: »
    Would now be a good time to invest?

    You need to assess the risks and make that call yourself. Timing-wise, assuming BTC succeeds (which is quite an assumption), it is a "good time" in the sense that success for BTC will still require growth on the order of 10x the current value. In other words, assuming BTC succeeds in gaining broad adoption, this is not the peak and major contraction over the long term is unlikely. On the flip side, the USA might make it an offence to hold BTC and the whole thing could collapse next week.

    Don't invest anything you can't afford to lose.


  • #408
    thunderdog
    Registered Users, Registered Users 2 Posts: 2,676 ✭✭✭thunderdog


    Talib Fiasco wrote: »
    Would now be a good time to invest?

    Bitcoin is dropping fast. Wait til it gets 639 then invest


  • #409
    fainthope2310
    Registered Users, Registered Users 2 Posts: 7 ✭fainthope2310


    It's an online currency that exists purely online from what I've read.


  • #410
    JONJO THE MISER
    Banned (with Prison Access) Posts: 12,333 ✭✭✭✭JONJO THE MISER


    Short this baby now, down over 14% now, got in and shorted at above 9%, getting out now otherwise will be up all night.


  • #411
    johnr1
    Closed Accounts Posts: 965 ✭✭✭johnr1


    thunderdog wrote: »
    Bitcoin is dropping fast. Wait til it gets 639 then invest

    Lower in euro than that now, but I assume you meant dollars.

    Might buy some cheap ones in the morning.

    The whole thing is very fast moving, with every story printed about it, both good and bad having a magnified effect. Who knows where it will settle, but settle it will, eventually.

    Tbh, what im in for won't affect my life if it evsporated completely, which it well could. Or it could be a lovely bonus in a few months or years.

    This is as it should be with this sort of speculation/gambling imo.


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  • #412
    JONJO THE MISER
    Banned (with Prison Access) Posts: 12,333 ✭✭✭✭JONJO THE MISER


    Going to take a break from trading this, the nerves cant handle it.
    If it get to around the $500 mark i think it could be a big buy again.


  • #413
    kjl
    Registered Users, Registered Users 2 Posts: 3,127 ✭✭✭kjl


    This is a cycle wait till it gets to €250 and then put a couple of thousand into it for long term investment.


  • #414
    SV
    Closed Accounts Posts: 9,534 ✭✭✭SV


    Remember seeing this when it was at around 60...didn't buy any. God dammit.


  • #415
    kjl
    Registered Users, Registered Users 2 Posts: 3,127 ✭✭✭kjl


    SV wrote: »
    Remember seeing this when it was at around 60...didn't buy any. God dammit.

    Lowest I saw it was 1.60, and I was telling everyone to buy it.


  • #416
    kjl
    Registered Users, Registered Users 2 Posts: 3,127 ✭✭✭kjl


    kjl wrote: »
    Lowest I saw it was 1.60, and I was telling everyone to buy it.

    nobody listened.


  • #417
    SV
    Closed Accounts Posts: 9,534 ✭✭✭SV


    kjl wrote: »
    nobody listened.

    Hindsight is a great thing to be fair


  • #418
    Dean820
    Registered Users, Registered Users 2 Posts: 2,099 ✭✭✭Dean820


    I find this whole concept fascinating.

    What's the latest price today and why is it dropping? Because of China's announcement?


  • #419
    manonboard
    Registered Users, Registered Users 2 Posts: 1,106 ✭✭✭manonboard


    around 710USD at the moment

    http://bitcoincharts.com/charts/mtgoxUSD#rg1ztgCzm1g10zm2g25zv

    Completely came tumbling down after the china news.

    If it weathers this storm, then I'd be inclined to believe it can take any short term news. Though, as it's a speculative commodity (I just don't see the implementation of large enough commercial use happening just yet) then I suspect it won't hit bottom like before.
    I think the stubborness of the holders will keep the price up higher than the previous floor. Most people just won't take a 10-15times hit on their investment. They'd rather play the long game, hoping. They are not real investors used to trading stocks and cutting their losses.

    In saying that, If it fails now, I believe we will see the price crash hard for now, but only to 250ish, then a slow slow bleed off over a couple of months before a floor is reached...
    Then a new bubble in a while, We cant forget that large organisations behind the mining factories are going to continue mining and trying for top dollar. They've made enough to weather some months at this stage.
    The black market also will remain a continued user of this coin.


  • #420
    fortwilliam
    Registered Users, Registered Users 2 Posts: 599 ✭✭✭fortwilliam


    How would a novice go about buying $200 worth, just for the fun of it..
    do you just buy off a website with your credit card?


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  • #421
    alb
    Registered Users, Registered Users 2 Posts: 1,259 ✭✭✭alb


    fortwilliam wrote: »
    How would a novice go about buying $200 worth, just for the fun of it..
    do you just buy off a website with your credit card?

    Trying to buy Bitcoins online is one of the best ways to find out why Bitcoin is useful as you will be inconvenienced by the legacy snail banking system, you'll have to transfer money to an exchange such as bitstamp.com, which will take at least a couple of days and will have to verify your identity. You could also try localbitcoins.com to buy directly from someone either with a bank transfer or in person with cash, but I've never used it.


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