Bitcoin Crashes, Loses Half Of Its Value In Two Days

reply to post by FlySolo


Not off me.
I don't have a bank account.
However getting screwed by a bank wasn't the question.
The question was why are you accepting a 10% fee off of all BTC transactions when you wouldn't tolerate it from any other financial institution?


-Peace-

Eryiedes
reply to post by FlySolo

 

Not off me.
I don't have a bank account.
However getting screwed by a bank wasn't the question.
The question was why are you accepting a 10% fee off of all BTC transactions when you wouldn't tolerate it from any other financial institution?


-Peace-

Answer = 1000% profit (and way more to come if you keep the BTC). So giving 10% is not so bad, considering the profit your making (you still get to keep 90% which equals a lot of profit). This IS if you bought it at $100 a few months back and sell it now!

No other asset can go up at the rate that BTC has, and will!

Eryiedes
reply to post by FlySolo

 

Not off me.
I don't have a bank account.
However getting screwed by a bank wasn't the question.
The question was why are you accepting a 10% fee off of all BTC transactions when you wouldn't tolerate it from any other financial institution?


-Peace-

I do tolerate it. What choice do I have? And you don't even have a bank account? Why not? That's funny...
At least my investment, at the time of this posting, has increased 50% and I made my 10 bucks back. Can't say that for banks even at a stupid 1% interest rate in a tax free savings account. Big freakin deal lol. And you want to call BTC vendors a scam.... I'll tell you what's a scam man. Banks printing off endless seas of money at 0% backing and then having the creditors charge you another 30% off of nothing. Now that's a scam! The biggest freaking rip off the world has ever seen.

reply to post by combatmaster


Yes Eggsaxtly! Thank-you.

combatmaster

Answer = 1000% profit (and way more to come if you keep the BTC). So giving 10% is not so bad, considering the profit your making (you still get to keep 90% which equals a lot of profit). This IS if you bought it at $100 a few months back and sell it now!

This is just ascertion. You (like everyone else) have no clue what's on the horizon.
In addition, your math is atrocious.
How exactly do you define 1000% profit from a 10% loss off the bat before actual banking fees come into play?

-Peace-

As if right on time comes BTC's next hurdle...

www.maxkeiser.com...

-Peace-

FlySolo
And you want to call BTC vendors a scam.... I'll tell you what's a scam man. Banks printing off endless seas of money at 0% backing and then having the creditors charge you another 30% off of nothing. Now that's a scam! The biggest freaking rip off the world has ever seen.

How about this. Put up a flyer in your neighborhood, and say that you'll lend money to almost anybody. And won't charge any interest, and you certainly won't print any money.

See how that works out OK?


Note: everybody is saying how their Bitcoin 'increased in value' by 100% percent or something. That displays the cognitive bias that shows that even the boosters accepts that ordinary money is still money and BTC is a speculative asset. Otherwise people would be saying "gee why did the dollar (and every other currency in the world) suddenly drop by 50%?" but otherwise be as non-plussed as if the Mozambican Metizal did the same.

Money is not supposed to be interesting or fluctuate significantly---that's the entire point of it.

Bitcoin is literally a fiat speculative asset like beanie babies. Until there's a lending & bond market in BTC it is not a currency.

Even as a speculative trading vehicle it's insanely poor. I just looked up the market depth on bitstamp. I see bids and asks of a few hundreds or thousands in USD with a spread of about 851 x 858 going down in the order book a bit. At a small volume there is about 80 basis points spread.

Compare to trading currencies. During the weekday an armchair retail trader can get a bid or ask on 10 million EUR for USD with less than 1 basis point. A bank trader can get a bid or ask on a 'yard' (billion) with a phone call in 10 minutes for maybe 5-10bp? (don't know for sure)

Even worse. I just compared bitstamp to mtgox. Refreshed both order book pages. bitstamp market is 854 x 858, mt gox is 905 x 911. So there is not even enough liquidity for the obvious arbitrage, or there is some deep flaw preventing this from occurring.

ChaoticOrder
The simple, mathematical fact, is that bitcoins cannot be confiscated unless the owner wants them to be confiscated, or is tortured or some how black mailed into giving up the password.

And that's different from ordinary confiscation how exactly?

Eryiedes

combatmaster

Answer = 1000% profit (and way more to come if you keep the BTC). So giving 10% is not so bad, considering the profit your making (you still get to keep 90% which equals a lot of profit). This IS if you bought it at $100 a few months back and sell it now!

This is just ascertion. You (like everyone else) have no clue what's on the horizon.
In addition, your math is atrocious.
How exactly do you define 1000% profit from a 10% loss off the bat before actual banking fees come into play?

-Peace-

How dare you...... you are wrong on so many levels!

Firstly, It is no ascertion. It is FACT. about 5 months ago I personally was going to buy the BTC at a price of $100 per BTC (i didnt in the end, but thats beside the point as it doesnt change what happened next).

A few weeks ago the USA stated that it was a legit currency, and since then the price has soared to over $1000 in less than a week.

So, it was 100, it became 1000.

Now sir, if my math is so atrocious, then you tell me... Is that not 1000%?

Fine, so you have to give them 10%, which, with a thousand percent markup, comes to 100% of your original amount. So technically you take 900% (or $900 since 10% of 1000 is 100)

Secondly, I DO have a clue as to what is on the horizon. It is a fact that BTC has gone from $20 to $1000 in 3 years, it took Apple 20 years. I have been told by many of my friends that they feel like retards for not listening to me back when i told them about BTC. So yes, many of us DO have a realistic picture of what is coming.

Oh yeah..... and you are wrong about the 'banking fees'. You see, with BTC there are no banking fees.

Honestly, what is so hard to understand?

FlySolo
I do tolerate it. What choice do I have? And you don't even have a bank account? Why not? That's funny

What you are tolerating is a $1.50-2.00 fee on ATM use...since most ATM's only dispense $20.00 minimum that might indicate it's equivalent. But the example used previously would mean if you withdrew $200.00...you'd lose $20.00...and you wouldn't tolerate that. Normally it's still the same $2.00 ATM fee and reflects only 1%...not 10%.
Using a BTC equivalency, a $10K withrawl becomes $9K...and you wouldn't tolerate that.
You also pay x dollars a month just to maintain the account with an extra fee charged if you keep a balance under a certain amount. But even if you made $2K a month to deposit on average, being charged $20.00 (average around these parts) would relect a penalty of 1% only...a far cry from 10%. What if you were charged like BTC for under the minimum balance? $200.00?
You wouldn't tolerate that.
While these don't represent chequing or accounts aside from savings, of course the bank is screwing you...that's what they do...but if they took the 10% that BTC was gouging you for every time?
You would stop using the bank.

-Peace-

reply to post by combatmaster


Problem is BTC is not at $100.00...it's closer to $1000.00.
So your entire arguement is only applicable to such a small sliver of the BTC investors that few of them will respond here.
Anyone right now who goes out pays close to $1000.00 per coin...not the $100.00 cited in the example...so the rest of what you're saying (appologies to you) does not apply since $100.00 is just isn't an accurate reflection of current market valuations.
You buy that coin...it costs you $1K...you use the BTC ATM...PRESTO, you only have $900.00...instant -10% (cited from members post) to investment.
Now, I ask you...where is this "1000% profit"?

-Peace-

Once the alternate coins start trading in USD, Bitcoin will no longer be needed in that market. This will cause the value of bitcoin to drop, drastically. A good percentage of the BTC market comes from alternate coin trades.

eManym
Once the alternate coins start trading in USD, Bitcoin will no longer be needed in that market.

There's an aweful lot of "if" in that statement and if the government does get it hands on BTC, I guarentee you...you won't want it.

-Peace-

reply to post by Eryiedes


It's a one time fee. There isn't a broker in the world that doesn't charge their fee, that's what bitstamp is, a broker, not a bank. We're comparing apples to oranges here. Okay, you don't like the idea people refer to BTC as money, fine, it's a commodity. That's all BTC is, a commodity. So why are you so against it and its fees? Every commodity has its fee. At least I'm not getting gouged every single month. In 10 years or less people will start feeling comfortable enough to put their money into BTC. Companies like coinkite are already rolling out BTC debit point of sale machines with BTC bank cards that can toggle between dollars and BTC. It's coming, the future is here. So why on earth would I want to continue paying 50 bucks a month to a bank when I can just pay a one time brokerage fee? And earn money at the same time?

reply to post by FlySolo


But as I illustrated...the 1-2% that the bank takes does not compare to the 10% of BTC.
For the record though, I'll concede the bank doesn't even deserve that.

-Peace-

reply to post by Eryiedes


You miss the point.

Im just saying that when i wanted to buy BTC back in 2009, I regret listening to people who sound much like yourself. But i did listen to them and didnt buy into it.

Now look! Its worth more than i could afford bigtime. Imagine how i feel...

So all im saying now is....... If i had a chance to buy into it. I would!!!! SIMPLE!

And as far as future prediction go regarding BTC....hmmmm.... well...... how accurate had your past predictions about BTC been?

I have told you mine.....
i told my friends back in 2009 that it would reach $800. I was wrong.... it got to $1200!

reply to post by combatmaster


You misunderstand me.
I never advised anyone not to buy BTC.
I only advised a few friends to sell a good chunk at when it was at $1170.00...one listened...the rest didn't.
He didn't vacate his position and even bought back in with some of his cash at the new lower price.
I don't buy BTC because it's still fiat and I'm not placing faith in fiat again.
That's not to say people can't make money in it.
I just invest elsewhere.

-Peace-

reply to post by Eryiedes


Agreed.... and may i ask, where do you advise to invest, or in what?

reply to post by combatmaster


Precious Metals.
Gold, silver (junk & fine), platinum and palladium.
Started in 1976 during the XXI Montreal Olympics when my father bought me a (then) $5.00 silver coin.
I never looked back.

-Peace-

reply to post by Eryiedes


Yeh.... its what i always think.... but never do!

What is the best place online to invest? best site?