[Article] Article: Bitcoins (or bitCON, if you prefer)
- Thread starter fly
- Start date
So as of this morning, they are trading around $80 USD. Screw it, I'm buying in with $1000. I think I can live with myself if I lose it.
There has been a lot of talk about bitcoins lately, and some confusion about how exactly to buy in. That's what this is about. The process is relatively simple. I'm using the site www.bitfloor.com. They offer a couple of ways to buy in.
1) LocalTill. This uses (I think) Bank of America. They provide you a bill pay account number. You take cash to BoA and your account is credited in hours. LocalTill charges a 1-4% fee.
2) Wire transfer from your bank. This costs a flat fee of $15.
3) P2P payment from Capitol One 360 (which used to be ING Direct bank). This is free.
I'm taking option 3, since we (April) has a 360 account with $1000 in it right now.
Once the money is deposited into your bitfloor account, you have to buy the bitcoins. The easiest way to do this is to submit a market order. This just says, "Here's my money, buy in at whatever price." That's easy enough. There are also limit orders. As the name implies, I think you can set limits on what you'll pay for them. When that limit is hit, you stop buying. Not really sure though, as I've never done that.
After buying bitcoins, its generally a good idea to 'store' them in an offline wallet. In the unfortunate case that bitfloor is ever hacked, you don't want to lose your coins. The offline wallet is just that, something that exists only on your computer (or even an actual piece of paper). Setting that up will be another article though.
I'll report back in a few months so that you guys can laugh at me assuming the bottom falls out. Anyone else interested in gambling with me?
edit: bitfloor is getting hammered right now. site. so. slow.
There has been a lot of talk about bitcoins lately, and some confusion about how exactly to buy in. That's what this is about. The process is relatively simple. I'm using the site www.bitfloor.com. They offer a couple of ways to buy in.
1) LocalTill. This uses (I think) Bank of America. They provide you a bill pay account number. You take cash to BoA and your account is credited in hours. LocalTill charges a 1-4% fee.
2) Wire transfer from your bank. This costs a flat fee of $15.
3) P2P payment from Capitol One 360 (which used to be ING Direct bank). This is free.
I'm taking option 3, since we (April) has a 360 account with $1000 in it right now.
Once the money is deposited into your bitfloor account, you have to buy the bitcoins. The easiest way to do this is to submit a market order. This just says, "Here's my money, buy in at whatever price." That's easy enough. There are also limit orders. As the name implies, I think you can set limits on what you'll pay for them. When that limit is hit, you stop buying. Not really sure though, as I've never done that.
After buying bitcoins, its generally a good idea to 'store' them in an offline wallet. In the unfortunate case that bitfloor is ever hacked, you don't want to lose your coins. The offline wallet is just that, something that exists only on your computer (or even an actual piece of paper). Setting that up will be another article though.
I'll report back in a few months so that you guys can laugh at me assuming the bottom falls out. Anyone else interested in gambling with me?
edit: bitfloor is getting hammered right now. site. so. slow.
The past two days of activity with bitcoins tells me something is up to actively fuck with it's market. I honestly think some entity out there is working to manipulate bitcoin in such a way to make it crash with hopes of buying in at almost zero value, then hoping to revive it which I don't think it can do. I have zero faith in it as a commodity right now. I don't think $80 is going to be the floor.
Because its a virtual currency, its got nothing but tin foil around it. In reality, absolutely no one knows what will happen to it. I don't mind buying it all the way down. Market timing just about anything from real estate to bitcoin is a fools errand.
But there is no way you can know that. Doesn't it seem just as logical that the early adopters were cashing out bitcoins when it started to go above $200? That in itself would be a very valid reason for the wild drops and recovery.
Of course, no way for me to know that. It's just a gut hunch that with all of the big players recently announcing how they want to get into Bitcoin (see the above article), it would be nothing for these people, who create market fluctuations on the reg, to do so to a completely unregulated form of currency with zero risk of getting charged. I mean, why wouldn't they? They do so with regular markets, pay the handslap fine, laugh to the bank. Now they can do it with a completely unregulated currency, that is also untraceable, to use to create tax free shelters and other nefarious scenarios?
Why wouldn't they?
Don't forget that bitcoins aren't untraceable. In fact, its the very opposite. From the birth of a coin, every single micro transaction is logged around the world.
And if it happens, who cares? That doesn't change my investment strategy.
And if it happens, who cares? That doesn't change my investment strategy.
Mean Mr. Mustard
Always shouts out something obscene
This could work, I could negotiate with fly for say, 30% of the take , I could ban april every couple of day, she pays 1000$ to get unbanned, thats 300$ per ban for me.
Profit +++
Profit +++
Mean Mr. Mustard
Always shouts out something obscene
I'm transferring money into a mt gox account and I will buy exactly one bitcoin just to see what happens
otherwise, my money's going into goog
otherwise, my money's going into goog
I don't really have faith in something that one isn't regulated and two it's gone from $266 to around $75. There is nothing saying once you want to "cash out" that whatever site might have issues or just not do it. Plus if something happens to the coins your SOL. I love the idea but way to risky to mess with at this point. Do the smart thing and invest in weed. The price of weed never goes down.