"GhostZ" (GhostZ)
01/05/2014 at 10:11 • Filed to: None
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"GhostZ" (GhostZ)
01/05/2014 at 10:11 • Filed to: None | 0
| 9 |
I broke $101 today, !!!error: Indecipherable SUB-paragraph formatting!!! . Trading slowed down a lot these last two days, since BTC went up from $800 to (now) $975, and most people didn't want to go in and out of it. Monday ends my free time period, so I'm glad I got to $100 by the end of winter break! Not sure if I'm going to keep day trading or not, but this has been a fun experiment. I still wouldn't recommend dumping a lot of your own personal money into it, but if you can mine some altcoin (Don't mine bitcoin, it's way too hard) and then trade it in your spare time to grow it, it's totally worth the investment.
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Stupidru
> GhostZ
01/05/2014 at 10:13 |
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What are you planning on buying with said bitcoins?
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GhostZ
> Stupidru
01/05/2014 at 10:17 |
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Maybe in a few months, if I can keep increasing it:
Of course, I'd have to buy dollars first, and then buy the Z.
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Stupidru
> GhostZ
01/05/2014 at 10:54 |
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Right. I was asking a pointed question which you correctly answered. Bitcoins, in my opinion, are udderly useless unless I can go to the store and buy a 6-pack with them.
I don't know any aftermarket parts manufacturer that takes bitcoins, but I also don't entirely understand the concept of them.
If you can "sell" your bitcoins for cash, I will applaud you. But until then I just see it as a wasted effort
vdub_nut: scooter snob
> GhostZ
01/05/2014 at 10:54 |
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Are you buying and selling on Mt. Gox, or what? I have about 240$ tied up in there.
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GhostZ
> Stupidru
01/05/2014 at 11:00 |
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MT Gox, Bitpay, LocalBitcoins, BTC-E, Vicurex, and Coinbase all convert BTC to USD and let you cash out directly to a bank account. The system is way more established than it was even 6 or 12 months ago.
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GhostZ
> vdub_nut: scooter snob
01/05/2014 at 11:02 |
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Cryptsy. It's slow, dangerous, and unstable compared to some of the other markets, but 30% gains show up every day and there are tons and tons of market to play around, most of which with low volumes. More to lose, more to gain, and I've been pretty good at predicting the markets so far.
When it's time to cash out, I'll transfer the BTC to a wallet and then sell the BTC locally, or move to an exchange that deals with USD.
Even if the system fails and I get no money out of it, I've learned far more about price speculation, stock analysis, chart reading, and day trading in these two weeks to more than make up for the time investment. It's good knowledge and experience.
153624 - Straight Six
> GhostZ
01/05/2014 at 11:47 |
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I bought 60 BTC back when they cost 7$ or something. Spent 59 of them and then forgot about my last one, having deemed it too little too care about. I sold it at 1000 a few weeks ago and am now gonna buy some go fast parts.
I wouldn't stay in BTC though. I'm not an economist, but since bitcoin is backed mainly by speculation rather than by any goods it seems way too high risk.
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GhostZ
> 153624 - Straight Six
01/05/2014 at 11:51 |
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I wish I had bought some back then and let it grow.
Doesn't matter how a currency is backed, what gives it value is what other people are willing to pay for it. Technically, the USD is backed by speculation too, so are bananas and cars. The problem with BTC is that, very quickly, people may not want to buy it any more, and that thread limits the length of time it can be used to store value.
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153624 - Straight Six
> GhostZ
01/05/2014 at 14:18 |
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Entirely correct. That's more or less how I feel, I just hadn't been able to articulate it properly. People will want to buy bananas and cars with the USD for a long time, which gives it a degree of security. With BTC, that security could very well evaporate overnight.