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View Full Version : Bitcoin a Good Buy Right Now?



Bryan
10-01-2014, 02:16 PM
What do you all think of Bitcoin right now? I have been wanting to get back into it and it seems like it's on a pretty significant downtrend right now. Any predictions on where it's going?

I see right around 385 USD for a coin right now. I was thinking about buying in a couple of weeks ago when it was hovering around $500. Tempted to pick up 0.5 or a full coin here.

Are we also allowed to talk about where to get them here? I used localbitcoins last time with a bank transfer. Any other recommendations?

Hooah
10-06-2014, 07:10 AM
What do you all think of Bitcoin right now? I have been wanting to get back into it and it seems like it's on a pretty significant downtrend right now. Any predictions on where it's going?

I see right around 385 USD for a coin right now. I was thinking about buying in a couple of weeks ago when it was hovering around $500. Tempted to pick up 0.5 or a full coin here.

Are we also allowed to talk about where to get them here? I used localbitcoins last time with a bank transfer. Any other recommendations?

Hope you didn't buy any. In just a few days it went from your quoted 385 down to 290s with it currently hovering around 325! That is a loss of 15-20% is just a couple days and it is still dropping!

I can see it going either to 100 or to 500, it has valid reasons to go either direction. So I am just watching from the sidelines with amusement.

97guns
10-06-2014, 07:34 AM
just like silver and gold, at least if it goes down you still have the physical, physical digits

AnotherDave
10-06-2014, 10:11 AM
My guess, and it is only a guess, is that the big miners have been recently selling to recover their operating expenses. Look at the volume; this is not thousands of Moms and Dads selling their one or two BTC. These are big institutional dumps.

Another guess is that this will be good for Bitcoin in the long run. Today's level is below the cost of mining. These sales help to distribute the BTC throughout the market, which is exactly what mining was intended to do! It never was intended to be a commodity, or an item of speculation. Bitcoin is an alternate, uncorrupted currency that we can all use. It's still seeking its value on a free market.

Poor Twisted Monk
10-06-2014, 08:14 PM
There is no guessing. In what's been dubbed the BearWall sale, someone dumped 30,000 BTC onto the market for sale at 300 USD. This has now been all bought up, so price discovery is based on normal market forces again.

AnotherDave
10-07-2014, 12:10 AM
There is no guessing. In what's been dubbed the BearWall sale, someone dumped 30,000 BTC onto the market for sale at 300 USD. This has now been all bought up, so price discovery is based on normal market forces again.

Dubbed the BearWall sale by WHO? What is your source? Where do they show that some ONE "dumped" the BTC?

Of course the BTC were bought up! If they hadn't been, there wouldn't have been a sale to report, would there? In what way wasn't this particular sale made by normal market forces? And if so, then how can you say that things are safe for the market now?

Poor Twisted Monk
10-07-2014, 07:46 PM
Dubbed the BearWall sale by WHO? What is your source? Where do they show that some ONE "dumped" the BTC?

I don't know the specific person who came up with the moniker, but this stuff has been all over Bitcoin forums and news articles. It's actually BearWhale, though I've also seen BearWall, since it's a sell wall that had kept the price down.

AnotherDave
10-08-2014, 10:05 AM
I don't know the specific person who came up with the moniker, but this stuff has been all over Bitcoin forums and news articles. It's actually BearWhale, though I've also seen BearWall, since it's a sell wall that had kept the price down.

I was able to Google this at http://nymag.com/daily/intelligencer/2014/10/bearwhale-is-freaking-out-the-bitcoin-markets.html. Now we have three people's guess about what happened, PTM's, mine, and some writer at nymag.com.

Bryan
10-09-2014, 01:18 AM
Wow, sorry I missed that dip! I didn't buy any yet, probably won't for a little bit. Price is back up to $355 now. Interesting. Thank you all for the information!

FedSucks
10-13-2014, 10:16 PM
Why is ANYBODY even thinking of buying Bitcoins as an investment?

The purpose of Bitcoins are to be used as a currency to purchase goods/services.
Investing in Bitcoins (meaning buying it and holding it, hoping the price goes higher) is foolish.

I'd rather buy Swiss Francs and hope they go higher, than bitcoins.