Anyone Going To The Bitcoin Conference Next Weekend In Bsas?

[Juanito]

Dave and Ricardo - here I was thinking I had ''converted'' you guys - in reality you are both already true believers long before you met me lol What can I say? Those who *know* know I made about 3000 dollars in PROFIT last week - and at the moment based on my calculations - using an Aussie bank account to buy and then selling here - based on the figures today - I will sell each bitcoin locally (to locals) at approximately 500 to 600 dollars more (in pesos) than I paid for them lol Yep - I must be ''nuts'' to believe in bitcoin eh gang ? lol I'll be honest - right now I am in hoarding mode - I have *no* desire to go under 5 bitcoins or so from now on - so I will be purchasing more today and probably flogging them off shortly (but hanging onto my basic hoard from now on) - although the real fun begins when they hit 1000 US - based on mtgox figures it got to 977 US last night from memory...

Can the price vary? Yes - big time - but what happens if it suddenly drops a few hundred dollars? For me? NOT much at all - remember, I am already making way above the blue rate when I do each transaction which is effectively immediate (from my laptop) currency conversion and deposit from ''over there'' to here in BA - with the buyer at this end even doing the leg work for me to deposit the money (cash deposit) into my local account - the most effort I have to make is to hit a few buttons on the keyboard

Naturally - when there is a sudden nosedive - if your sensible and you want to get serious about bitcoins - and considering the ''unique nature'' of the BA market - you have a bit of local currency handy so that when it DOES drop significantly you can buy up bitcoins locally then (as many as you can get) sit back and wait for the price to shoot back up again (which it does EVERY TIME) and then you will, once again, discover that you have made a killing - its what I call a ''win/win situation''

NOW - what about having too many pesos ? Well - I am still working on that one - although realistically we all NEED to have some pesos to pay our monthly expenses (rent/utilities/whatever) and of course there ARE options for putting your pesos into something locally that DOESN'T depreciate by 40% per annum like the peso does - bricks and mortar is one thing that comes to mind - but hey, this is me less than two weeks into my bitcoin trading - what can I say folks? Its worked for me - but hey, don't take my word for it - trust me, the best thing you can do is stay well and truly clear (its far too risky (That way myself and the other lads can clean up and corner the market here lol

 

[Juanito]

PS IN answer to the question - if I can get away for the conference I will - but chances are I'll be sitting here at the keyboard trading - I'm trying to develop that Uruguay market (for obvious reasons) and that then enables me to deal with the pesos issue quite nicely indeed

 

[Juanito]

PPS IF any of you still have a UK bank account - there is an even BIGGER opportunity for making some money on bitcoins right now... And I haven't even mentioned the binary options trading - on a single 200 dollar ''test account'' investment this week I have made 170% profit (yes, BITCOIN options of course lol Too early in the morning to do the math on that one - outfit in Cyprus but legit - and nice feature for withdrawals is they go straight back onto your debit/credit card used to fund the trading account in the first place...

 

[scotttswan]

https://bitcointalk....p?topic=83794.0

I wonder which incompetent illegal exchange you are talking about.. but its a legit outfit in Cyprus..., just not regulated by any financial regulatory body.

in other news i told you you should have bought Litecoin.*
http://www.ltc-charts.com/

its going up uP UP!

http://www.dailydot....rrency-booming/

Hobo Nickels are next i tell ya! :lol:



*Don't buy litecoins they're as stupid and pointless as bitcoins

 

[internationalguy]

https://gold.net/chart/currency/BTCUSD/?encoded=ZGF0ZXM9MWg6aGJlOXQ2bzAAaG9odDRhbzAAdgBy

If someone looks at that chart and claims there's not going to be a big drop in the price eventually, well, they need help. This looks like a typical bubble situation to me and people fall for this kind of thing all the time. Before the housing bubble everyone was claiming to be making millions. Yeah, well, guess what, making money in situations in which nothing is really being produced is very often just a case of taking money from somebody else. People who get unlucky enough to have a lot of bitcoins when it crashes or people who get too greedy are going to get burned. There's also a huge risk of having governments intervene if organized crime start using bitcoins heavily (which I'm sure they already did).

 

[Dublin2BuenosAires]

No doubt in my mind the currency has a limited shelf life and the bubble will burst. but what is to stop me getting on the band wagon short term, buying and selling for quick turnaround.

Expensive entry point I suppose?

 

[scotttswan]

No doubt in my mind the currency has a limited shelf life and the bubble will burst. but what is to stop me getting on the band wagon short term, buying and selling for quick turnaround.

Expensive entry point I suppose?

Buying and selling on dodgy websites that steal your money?

The fact the current price is still set by a former children's online card game exchange that prevents you from physically getting your money out of the exchange so the only way to get anything out is to buy more bitcoins at an inflated price driving it up uP UP!

Not wanting to give ridiculous levels of identification to a non regulated "financial" website?

Only chumps buy and sell bitcoins, what you want to do is start your own exchange!

http://bex.io/

people talk about coinbase being good....
http://coinbasefraud.com/
http://www.reddit.com/r/CoinBase/comments/1ri9px/coinbase_prices_are_lockedin_at_the_time_of/

 

[Dublin2BuenosAires]

Hmmm,....my risk appetite isn't that big. I'll let the risk takers make the money there I think.

 

[scotttswan]

Hmmm,....my risk appetite isn't that big. I'll let the risk takers make the money there I think.

If it was possible to get your money out there wouldn't be the huge difference in prices on the different exchanges.

in some amusing bitcoin news
http://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site

and nothing of value was lost :lol:

 

[Sleuth]

Hmmm,....my risk appetite isn't that big. I'll let the risk takers make the money there I think.

Coinbase is good and reliable. I have never once had an issue. The drawback is that you need to have a US bank account to use it. There are people who complain about their verification process and cancelling orders, but they have to have strict requirements to comply with US money laundering laws. In addition, they have run out of Bitcoin and had to fill orders at a later date. When they did that, it was very clear on their site. These guys have $5 million plus in VC money and are not ones to start screwing around with their reputation. Still, the rush of new users has generated a customer service backlog for them I'm sure.

Mt Gox has a higher price because yes, it is hard to get your money out (could take 4 weeks or more). There are quite a few other ones that are good for non-US citizens

You do not have to buy one Bitcoin, you can buy .1 or a smaller fraction. You can also buy on LocalBitCoins.com in cash or by bank transfer in Argentina. They have an escrow service to help secure this as well.

I just completed my first localbitcoins.com transaction this week and it worked out very well. I got better than the blue rate and now have pesos for my expenses without having to use up any USD or figure out how to transfer money in.