bigfoot12
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Post by bigfoot12 on Nov 3, 2015 13:00:35 GMT
It's been a while since we had a chat about Bitcoin and as the price has nearly doubled in the last couple of months and up 37% 40%, 41% 50% in the last week now would seem to be be a good time. There has been a lot of good news recently, investments in exchanges, Winklevoss's exchange has finally launched, European court rules it as a currency (from the point of view of VAT). And it increasingly looks like the large exchange that collapsed is a regular fraud/incompetence/mixing client and company money type of affair rather than anything uniquely bit coin.
I'm not into mining but some of the old hardware on ebay will presumably become cost effective again at these prices - especially in the northern hemisphere winter.
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bigfoot12
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Post by bigfoot12 on Nov 4, 2015 8:12:59 GMT
$452 traded an hour or so ago, so that would be up 61% in about a week. There is supposed to be at least one ETF launching soon, maybe they are buying badly to make some noise? One article is saying that trading activity in China has been very high recently so maybe it is connected with a change in capital controls there. But nobody seems to know why (at least publicly).
I feel short!
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jo
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Post by jo on Nov 4, 2015 12:13:21 GMT
IG Index has a Spreadbet/CFD on Bitcoin. No idea what the margin/cost of carry is though.
I read that HNW Chinese peeps (in the present anti corruption climate over there) are are struggling to circumvent the (very low) official limits on sending money abroad.
Bitcoin, they say, may offer a way for them to keep buying-up million quid McMansions around the world.
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bigfoot12
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Post by bigfoot12 on Nov 4, 2015 12:48:29 GMT
IG Index has a Spreadbet/CFD on Bitcoin. No idea what the margin/cost of carry is though. That is where I have been playing this silly game. The spread is $2.50 bid to offer which isn't too bad when you consider how volatile it is, several times it has moved $30 in 2 hours. It is now up 20% today. Margin too isn't bad for small bets. What is a bit expensive is carry, just over 10% to be long or just over 16% to be short. Now tradign $485, up 22% on the day!
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Post by ablrateandy on Nov 4, 2015 23:30:23 GMT
And back down to 385...!
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Post by Deleted on Nov 5, 2015 9:22:50 GMT
Very good article in the Economist this week on the subject and the opportunites for using the engines as incorruptible stores, for instance Greece is thinkiing of using it to store land registries. My only concern is the massive amounts of electricity the things consume.
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bigfoot12
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Post by bigfoot12 on Nov 5, 2015 9:44:43 GMT
Very good article in the Economist this week on the subject and the opportunites for using the engines as incorruptible stores, for instance Greece is thinkiing of using it to store land registries. My only concern is the massive amounts of electricity the things consume. Thanks, yes it is good. Some of the good news I mentioned above was really good news about block-chain rather than bitcoin. Bitcoin mining is a bit of an arms race, and the difficulty keeps going up to make sure the mine rate is constant (actually decreasing over the long term). This is part of the reason there is huge power usage. It should be quite easy to change it slightly so that the power usage is minimal. Price now 372. I have no idea which trades first 300 , or 444, and I wouldn't be shocked if either (or both) traded this week.
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bigfoot12
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Post by bigfoot12 on Nov 5, 2015 13:11:21 GMT
FT has an article (Bitcoin surges as Chinese flock to Russian fraudster’s site) pointing the finger at a pyramid (friends helping friends) scheme run by a convicted Russian fraudster, which has been running for a while, but has become very popular on social media in the last month. Not ideal publicity for Bitcoin.
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Post by gaspilot on Nov 5, 2015 22:28:30 GMT
I bought 0.1 of a bitcoin in 2013 for £60. They must have waited for my purchase as it rapidly dropped to £20 not long after.
Just bought another 0.1 last week for £20 now worth £26. So volatile. There is money to be made if you can wait for the right time to buy and sell.
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bigfoot12
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Post by bigfoot12 on Nov 11, 2015 10:04:30 GMT
Price now 372. I have no idea which trades first 300 , or 444, and I wouldn't be shocked if either (or both) traded this week. Well it didn't, price was relatively calm for the rest of that week and the start of this week, but it has been slipping for the last 24 hours. Just traded $300.
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james
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Post by james on Nov 14, 2015 12:44:06 GMT
As bigfoot mentioned, this seems to be driven by the MMM pyramid scheme now operating in China. To avoid the fraud protection provided by banks it's using bitcoin for the payments and also paying people in bitcoin for promoting the scheme online.
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