BitCoin People Help - NOW!!!

[EddyTheDog]

So, I have some cash - Or at least I have some access to an interest free cash loan - BC is at a high and I am not sure what to do - Help!..

My instinct is that someone will sell big over the weekend to get the price down and that's when I should move in - Am I right?....

[SilentKnight]

Blue Horseshoe loves Anacott Steel.

[DutchTrafficService]

Dude, wtf are you smoking?

You want to borrow money and speculate with it?
And not only do you want to speculate with borrowed money, it gets worse, you need advise from an adult board filled with 95% imbeciles...?

[EddyTheDog]

Originally Posted by DutchTrafficService

Dude, wtf are you smoking?

You want to borrow money and speculate with it?
And not only do you want to speculate with borrowed money, it gets worse, you need advise from an adult board filled with 95% imbeciles...?

Its an interest free cash loan - 2 years min to repay - Why is that such a bad idea?..

Also, its 75% imbeciles at best.....

[SilentKnight]

Originally Posted by EddyTheDog

Its an interest free cash loan - 2 years min to repay - Why is that such a bad idea?..

Also, its 75% imbeciles at best.....

Sorry, but with that logic...you're not among the 25%.

[DutchTrafficService]

Originally Posted by EddyTheDog

Its an interest free cash loan - 2 years min to repay - Why is that such a bad idea?..

That's a serious question?

[EddyTheDog]

Originally Posted by SilentKnight

Sorry, but with that logic...you're not among the 25%.

You might just be surprised what GFY can tell you if you are willing to listen...

[Tony Soundview]

Forget bitcoin, you should have bought November Google Calls yesterday and sold them today. over 3000% return in a day. I could have retired early.

[EddyTheDog]

Originally Posted by DutchTrafficService

That's a serious question?

So what should I do with it?..

Serious question.....

Its interest free - Here in the UK I would end up paying the bank to look after it for me - So the bank is out...


What would YOU do?....

[DutchTrafficService]

Originally Posted by Tony Soundview

Forget bitcoin, you should have bought November Google Calls yesterday and sold them today. over 3000% return in a day. I could have retired early.

Could have, should have, by buying options your odds of winning are smaller than a bet at a casino, obviously this is a foolish advise.

[keysync]

Get a group of people together you think has half a brain and then brainstorm a startup idea and go with it.

That's what I would do if I had access to a large sum of money to play with. Lots of room to grow online with the right type of site.
Good luck

[woj]

everyone says that speculating with borrowed $$ is dumb, but greater the risk, greater the rewards... no one ever got ahead in life by keeping $$ in a bank at 0.1% annual interest... do what your gut tells you, and fuck the haters...

[DutchTrafficService]

Originally Posted by EddyTheDog

So what should I do with it?..

Serious question.....

Its interest free - Here in the UK I would end up paying the bank to look after it for me - So the bank is out...


What would YOU do?....

What i would do? I'm not sure if i can recommend that, but i hold one part of my money on a 2% interest account that is easily accesible, and the rest is in a 5.5% dividend paying stock with an option collar (my max risk is close to zero), collecting premium and dividends. It's a simple setup but if you have no idea what it means please do not do anything untill you are properly informed.

[DutchTrafficService]

Originally Posted by woj

everyone says that speculating with borrowed $$ is dumb, but greater the risk, greater the rewards... no one ever got ahead in life by keeping $$ in a bank at 0.1% annual interest... do what your gut tells you, and fuck the haters...

There's taking a calculated risk, and taking a retarded risk, this would be the second one.

And "fuck the haters", sounds very intelligent.... ever thought these people, including me, might try to prevent yet another sucker from getting into a lifelong debt clusterfuck?

[SilentKnight]

Originally Posted by woj

everyone says that speculating with borrowed $$ is dumb, but greater the risk, greater the rewards... no one ever got ahead in life by keeping $$ in a bank at 0.1% annual interest... do what your gut tells you, and fuck the haters...

Ignore the part that also says greater the risk, greater the downfall.

That's just semantics.

[DAMNMAN]

Nobody gets rich by playing it safe. Go big or go home!!!!

Had a friend mortgage his house and take the full $350,000.00 and buy Qualcomm on launch day. Sold it for like $50,000,000.00 a few years later.
Just sayin'....... Do what you think is right and don't let motherfuckers step on your dreams.

Of course odds are that these guys are correct about the imbecile percentage being high on GFY these days.

That said, if you are asking seriously you should put the amount you are going to (Willing to) lose (spend) on equipment.

Nikon 800e is the best thing going for photos and video (camera multi-tasking) . But there will be a learning curve. Get good glass. (lenses)

If you want really good and pretty cheap the Canon 60D does really good video and photos on a budget. (get L glass if possible)

[L-Pink]

Originally Posted by DutchTrafficService

, it gets worse, you need advise from an adult board filled with 95% imbeciles...?

Fuck you I resemble that remark.

[DutchTrafficService]

Originally Posted by DAMNMAN

Nobody gets rich by playing it safe. Go big or go home!!!!

Had a friend mortgage his house and take the full $350,000.00 and buy Qualcomm on launch day. Sold it for like $50,000,000.00 a few years later.
Just sayin'....... Do what you think is right and don't let motherfuckers step on your dreams.

That's great, but for every such story there are 99 others who lost it all and ended up on the streets.
Do you know that most stocks are actually losers? And the chance of coming out big is actually incredibly small?
(let's not even start about the current "market" situation.......)

[lagcam]

If you have access to a two year interest free loan, then why not use that money to build something that could not only repay the loan early (and maybe get you access to more funds) but also sustain an income for you.

Speculating in bitcoin or currencies or anything else you don't have an expert knowledge of the market in is not smart. No matter how quick you respond to price changes you will always be behind the people changing the prices without knowing which way it will go next.

[SilentKnight]

Originally Posted by EddyTheDog

You might just be surprised what GFY can tell you if you are willing to listen...

I listen to plenty.

But I've spent 50 years fine-tuning my bullshit filter.

[DutchTrafficService]

It's actually quite simply, to answer the question what I would do in your situation, i would simply not take the loan.

Why would you?

The so called "safe" methods of earning any return on cash, bonds etc, are atm FAR from safe, and barely provide any returns whatsoever, absolutely not worth the risk of borrowing and investing money in them.

The market is so bubbled from fed funnymoney right now that anyone stepping in right now is simply setting himself up to get roasted, and doing that with borrowed money would be stupid x 2.

Anything else that "could" give bigger returns will automaticly mean totally retarded risks have to be taken (with borrowed cash..), if that does not sound like a bad idea to you i'd put that bottle of whiskey down and rethink it all again tomorrow...

I'd only take the loan if i had a great biz idea and i'd lack the funds myself, other than that, there are zero reasons to take it.

[~Ray]

buy a bitcoin mining rig with your money

/thread

[woj]

Originally Posted by DutchTrafficService

There's taking a calculated risk, and taking a retarded risk, this would be the second one.

And "fuck the haters", sounds very intelligent.... ever thought these people, including me, might try to prevent yet another sucker from getting into a lifelong debt clusterfuck?

I don't agree, "retarded risk" would be for some amateur to borrow $100k to enter a poker tourney... or to buy $100k worth of stocks based on a tip they got from their spam folder...

bitcoins on the other hand have been around for a few years... no matter what time frame you look at the price trend is upwards... the fact that there is limited supply implies that the price will continue to rise, etc... it's certainly speculative, but far from retarded...

it's one thing if you end up in a "debt clusterfuck" because you lived like an idiot beyond your means, it's completely different when you take a swing at an opportunity and miss...

you are calling not taking a shot good advice but the fact is: "You miss 100% of the shots you don't take" (Wayne Gretzky)...

[DutchTrafficService]

Originally Posted by woj

bitcoins on the other hand have been around for a few years... no matter what time frame you look at the price trend is upwards... the fact that there is limited supply implies that the price will continue to rise

This is just false, sorry.
How does limited supply means the price can only rise? What about demand, what if demand fades? What about govermnents trying to stick their nose in it, etc etc.

ps: stocks have a limited supply as well (under normal conditions..)

[EddyTheDog]

Originally Posted by DutchTrafficService

It's actually quite simply, to answer the question what I would do in your situation, i would simply not take the loan.

Why would you?

The so called "safe" methods of earning any return on cash, bonds etc, are atm FAR from safe, and barely provide any returns whatsoever, absolutely not worth the risk of borrowing and investing money in them.

The market is so bubbled from fed funnymoney right now that anyone stepping in right now is simply setting himself up to get roasted, and doing that with borrowed money would be stupid x 2.

Anything else that "could" give bigger returns will automaticly mean totally retarded risks have to be taken (with borrowed cash..), if that does not sound like a bad idea to you i'd put that bottle of whiskey down and rethink it all again tomorrow...

I'd only take the loan if i had a great biz idea and i'd lack the funds myself, other than that, there are zero reasons to take it.

Thanks - That's sound advise - I need to take more time to think about it and not dive in...

Then again if I had bought the BitCoins when I first started the thread I would have made about $50 by now - lol.....

[DutchTrafficService]

Originally Posted by EddyTheDog

Thanks - That's sound advise - I need to take more time to think about it and not dive in...

Then again if I had bought the BitCoins when I first started the thread I would have made about $50 by now - lol.....

If...could have...should have, looking backwards at that and/or the stockmarket, everything is easy. You'd be a billionaire in a matter of days, unfortunately, the most agressive professional traders are only doing about 20% a year, and that's the pros, and that includes taking serious risks..

[woj]

Originally Posted by DutchTrafficService

This is just false, sorry.
How does limited supply means the price can only rise? What about demand, what if demand fades? What about govermnents trying to stick their nose in it, etc etc.

ps: stocks have a limited supply as well (under normal conditions..)

you are right, "implies" may not have been the best word choice... I didn't mean to say that growth is guaranteed, but the fact that the supply is fixed is a favorable condition for growth...

short of some disaster, governments banning it, exploit in the system, etc... number of participants in the bitcoin economy will likely grow, and so given the fixed supply, the price will go up along with it...

it could play out like I'm suggesting or maybe it won't... who knows.... that's why it's a risky investment....

[marlboroack]

Let's invest in something.

[keysync]

Originally Posted by marlboroack

Let's invest in something.

[SweetlysinxX]

Bitcoins still goin??

[bhutocracy]

Originally Posted by pornopete

You'd make an 18% return if you borrowed that money and paid of your credit cards. That's a guaranteed return.

That or your homeloan are the safest bet. Basically any non deductible debt is your first port of call from highest interest to lowest. Of course in a lot of countries homeloan interest is quite low atm but it's the easiest money you'll "make".

That said it all really depends on age, earning capacity, income insurance and the risk of the investment. If someone is young, can generally make good money and can deal with the worst case scenario then it's not the worst idea to gear investments as there are still enough working years to make up for any early investment mistakes and you can pull yourself out of the hole. If you're a bit older, don't have the best earning history and a failure would hollow you out then you should invest accordingly ie more conservatively.
Forex trading, CFDs, margin loans etc are all things people do without blinking and are about as risky as a low interest loan for bitcoins. However I do have to say bitcoins are the most volatile currency so it's like forex on steroids and probably without any of the available tools to minimise risk (stoplosses, guaranteed stops etc). It's also far more opaque. At least with the USD you can make some kind of well founded prediction (like the movement next Feb when the debt ceiling dance happens again) and it generally should obey previously observed phenomena in relation to public information.

It's all about what you invest in an why you bought at what price. Speculation isn't the sort of thing you can do without research and actually knowing a lot about the market you're investing in.. Personally a low interest loan would probably be used to expand core business.

Doing the sums now.. your loan is for ~3k given BC moved several dollars in your stated time frame if the board times match up.. So we're not talking business start up money (unless it's a small import from China sell locally via web online biz).. Its pay off the credit cards or put it all on black money.

[bhutocracy]

Originally Posted by DutchTrafficService

If...could have...should have, looking backwards at that and/or the stockmarket, everything is easy. You'd be a billionaire in a matter of days, unfortunately, the most agressive professional traders are only doing about 20% a year, and that's the pros, and that includes taking serious risks..

Looks like OP's loan is about $3k. As long as he's an average income earner it's not wholly silly to speculate with such an amount. What is more concerning is a demonstrated lack of knowledge in the target market (having to ask other holders). A lot of products we use to invest have debt built into them - forex, CFDs etc geared investments are fine so long as they fit your investor profile.

[bhutocracy]

Bleh essentially double post, cell connection is shit, thought the first one died.

[livexxx]

Originally Posted by DutchTrafficService

Dude, wtf are you smoking?

You want to borrow money and speculate with it?
And not only do you want to speculate with borrowed money, it gets worse, you need advise from an adult board filled with 95% imbeciles...?

and 5% idiots if you dont mind

[wehateporn]

http://www.national-lottery.co.uk

[rowan]

Originally Posted by ~Ray

buy a bitcoin mining rig with your money

/thread

Bad idea. The difficulty is increasing exponentially as more and more ASICs come online. With each jump in difficulty it becomes significantly more difficult to generate bitcoins. There is a possibility that you may not even break even.

As far as the OP goes, I also think it's a bad idea buying Bitcoin at the top of a bubble, but that's just me...

[JimmyTube]

Buying any cryptocoin right now is a BIG risk. Though, bitcoin sure has been on a tear lately. There are many altcoins that you could invest in... but those are even riskier. Everything in the cryptocoin world is risky right now.

Honestly, if I was going to spend some money, I would think about picking up some Litecoin. The prices are ultra-low right now. 9/10 the price of Litecoin will go back up. Once Litecoin hits Mt. Gox there will be a big boost. Not sure about the future of Litcoin in the long run.

Buying an ASICs is a waste of money. Buy the time it's delivered it's already outdated.

You can make quite a bit of money day trading altcoins. But that takes a lot of time and knowledge about which altcoins to invest in.

[matty]

Originally Posted by EddyTheDog

So, I have some cash - Or at least I have some access to an interest free cash loan - BC is at a high and I am not sure what to do - Help!..

My instinct is that someone will sell big over the weekend to get the price down and that's when I should move in - Am I right?....

Eddy,

I've been mining for some time now, mostly as a hobby. I mine @ around 150GH/s and make about $35/day in BTC. I'm very close to nailing down the "Pay w/ BTC" button on your xxx sites and build it into some major CMS's. So if you run a big CMS company, i'd love to pick your brain a bit about a few things

There's one thing about BTC that you should know before going out and borrowing to buy it. I was there w/ 6 GPU's cooking my fiance and I out of the apartment when each BTC cost only $13. Obviously kicking myself in the ass for not putting my life savings into it because if I were the one you're referring to who's going to dump all the shares for profit, i'd be sitting pretty with 4.5mm..

I was also there when the bitcoin did its real dance. Have a look at this data if you haven't seen it yet. If it's old news, well.... Sorry.

2013 BTC Price Volitility
mar 16 = 45
mar 19 = 60
mar 28 = 85
apr 1 = 100
apr 3 = 135
apr 7 = 160
apr 9 = 237
apr 10 = 180
apr 11 = 140
apr 12 = 100
apr 16 = 75

I remember people on the BTC forums saying this is it, this is it when it went from 84(ish) to 135(ish) over the period of 6 days - Everyone was saying buy in buy in. 6 days later its at $237. Everyone on the forums were holding and it was the market makers who made the money. Within 1 week, that $237 number was $75!

The BTC is still very volatile. You might be able to throw a bunch of money at it and make a few bucks, but realistically, you'll lose it.

IMHO - I agree we're at the top of a bubble right now, but I highly doubt you'll see the sell off that we saw back in april, or anywhere near it. I think it will level off around $140 and sit there +/- 10% for a few months before moving north again.

Here's my thesis as to why the coin has increased in value so quickly as of late: On 10/16 the difficulty level (chances of finding a block) almost doubled due to the increase in asic miners. This means if I were making $70/day mining, that 46% difficulty level increase has me making $40/day now. This means a LOT of the smaller fish with low hash rates are under water. Look at ebay, there's TONS for sale. Butterfly Labs for example. These people waited nearly a year to get the device and now they're selling it at a premium.

Why? Because it costs miners around $2k - $10k to stay in the game at this point. The difficulty level may have gone up 46% on the 16th, but I estimate it going up 70% in the next 10 days just due to the ENORMOUS spike in computational power over the past few days.

Too much rambling on my part. If it hits $120, buy it. Otherwise, wait.

[woj]

so did you ended up buying?

Would have made about 35% return by now in less than a week... ~160 when the thread was started to -> ~215 at this moment...

[nexcom28]

Bet it will hit 500 by month end.

[tokmansta]

Originally Posted by nexcom28

Bet it will hit 500 by month end.

Why would it? People will cash out before it hits that.

[EddyTheDog]

Originally Posted by woj

so did you ended up buying?

Would have made about 35% return by now in less than a week... ~160 when the thread was started to -> ~215 at this moment...

lol - No, its the last time I come here for financial advice!..

I would be about $1500 up by now - Oh well, I'm not going to stress about it....

[Joshua G]

Originally Posted by EddyTheDog

So, I have some cash - Or at least I have some access to an interest free cash loan - BC is at a high and I am not sure what to do - Help!..

My instinct is that someone will sell big over the weekend to get the price down and that's when I should move in - Am I right?....

the wisdom of gordon gekko: "bet on sure things"

[nexcom28]

Originally Posted by tokmansta

Why would it? People will cash out before it hits that.

The bubble has barely started

[Supz]

Originally Posted by SilentKnight

Blue Horseshoe loves Anacott Steel.

[Paul]

Originally Posted by JimmyTube

Buying any cryptocoin right now is a BIG risk. Though, bitcoin sure has been on a tear lately. There are many altcoins that you could invest in... but those are even riskier. Everything in the cryptocoin world is risky right now.

Honestly, if I was going to spend some money, I would think about picking up some Litecoin. The prices are ultra-low right now. 9/10 the price of Litecoin will go back up. Once Litecoin hits Mt. Gox there will be a big boost. Not sure about the future of Litcoin in the long run.

Speculation Litecoin was going to hit Mt Gox started back in March/April and the same dance happens every month, it'll be June, July, August, September, October, it's probably not going to happen anytime soon.

The only reason Litecoin is even sitting at around $2 right now is because Bitcoin has rocketed in value and once that bubble bursts again Litecoin will probably go down even further IMO. At this point IF any other alt coin does end up trading on Mt Gox, who's to say it'll even be Litecoin? That speculation is the only thing holding the price up

Eddy investing in Bitcoin is a massive gamble and it's definitely not a good idea to gamble it on borrowed money.

Also it's a major hassle getting money in and out of Bitcoin exchanges and that's without mentioning the security risks involved.

Royal Mail shares 10 days ago, guaranteed 50% return on your money

[Paul]

Originally Posted by matty

Here's my thesis as to why the coin has increased in value so quickly as of late: On 10/16 the difficulty level (chances of finding a block) almost doubled due to the increase in asic miners. This means if I were making $70/day mining, that 46% difficulty level increase has me making $40/day now. This means a LOT of the smaller fish with low hash rates are under water. Look at ebay, there's TONS for sale. Butterfly Labs for example. These people waited nearly a year to get the device and now they're selling it at a premium.

Here's my

The demand is coming from China, their Bitcoin exchange BTC China is the fastest growing exchange i.e. 21.97% market share and growing

Baidu, Chinas biggest search engine has started accepting Bitcoin as payment for their Jiasule service & Merchants on China?s version of eBay are accepting Bitcoin too. This is massive for the legitimacy of Bitcoin in China.

In Western terms it's like Google & eBay allowing Bitcoin as a payment method

It's still another speculative bubble IMO but who knows, maybe this one will go much higher and last longer than the last one.

If you look at the 6 month Bitcoin chart the graph is going up almost vertical, last time it did that earlier in the year it came back down just as fast!

[ry0t]

The current forecast is still in its middle term. The forecast was btc to hit $200. Using a graph the cycle is nearing the end of the cup shape and could go two ways. Hit $200 then move up or drop to $85 to $90.

We are not past the end of the cup phase yet. You could buy now and sell in two weeks my guess would be a $20 per btc gain. You missed a $38 per gain phase.

Summary: The we are not out of the cup phase where bitcoin with continue to go up but the end is near, estimated at 3 and half weeks. Now is the time to bank. Once the cup phase ends the bitcoin will plateau

[420]

buy soon

[JFK]

fitty 2 Bit speculators