Buying Bitcoins in China

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This topic contains 148 replies, has 18 voices, and was last updated by Charlie Charlie 4 months ago.

Viewing 20 posts - 41 through 60 (of 149 total)
  • Charlie
    Charlie
    Keymaster
    Quote:
    Out of curiosity, I did open an account with Coinbase since they will let you fund your purchase with an ACH transfer. However, when you try to buy you get a message:

    “Note! We’ve exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on Monday Apr 15, 2013 at 08:09PM PDT after your funds have arrived.”

    I got the same message for days on Coinbase. I kept trying and it eventually worked. I’ve been using BTCChina.com also and they too have experienced outages recently. Traffic on BTC exchange sites has been through the roof recently.

    #29771
    Margus
    Margus
    Participant

    People expect crash, I do expect the price to be around 750 € (1000 $) by June 🙂

    Buy precious metal STOCK or buy that..

    #29772
    Rick in China
    Rick in China
    Participant

    It’s exciting. Just don’t be holding out too long and stuck with a bunch of coins worth $10 a pop.

    @charlie

    Quote:
    I don’t think that statements like “betting your life savings on Bitcoin is a bad idea” is any kind of legitimate criticism of the currency

    My criticism of the currency was in the first half of your quote, not the second. The second was just a word of caution. The criticism is the total value of the currency being so low that it _is_ most definitely open to massive manipulation. As a result, while it’s fun to play with, until the value grows significantly to the point where it’s OUTSIDE of that easily manipulated range, it’s dangerous – it can drop just as fast as it can skyrocket, and if you’re betting more than you can afford to lose on it you’ll end up with a big angry pit in your stomach.

    #29775
    Charlie
    Charlie
    Keymaster
    Quote:
    My criticism of the currency was in the first half of your quote, not the second. The second was just a word of caution. The criticism is the total value of the currency being so low that it _is_ most definitely open to massive manipulation. As a result, while it’s fun to play with, until the value grows significantly to the point where it’s OUTSIDE of that easily manipulated range, it’s dangerous – it can drop just as fast as it can skyrocket, and if you’re betting more than you can afford to lose on it you’ll end up with a big angry pit in your stomach.

    I hear you – there is risk, absolutely. Given the limited number of Bitcoins in existence though, under what circumstances do you see a near-term collapse in value happening? Since all BTC transactions can be seen publicly, we’ve seen that even enormous sales of BTC by people cashing out are replaced by an even greater number of people willing to buy at the current price (over $230). I agree with you, that it’s only smart to invest what you’re comfortable losing, and that it is exciting.

    #29778

    simonsmi
    Member
    Quote:
    Edit: I also saw this video on Vimeo which is the best explanation of Bitcoin that I’ve seen so far

    Thanks, i like this clip.

    #29779

    Elias
    Participant

    Making a rare plunge back to the forums.

    Yours truly started “mining” on Wednesday, those new GPU units coming out from butterfly labs could be a good investment, but who knows the value of BTC after ppl cash out at $200

    I’d like to sell my science fiction novellas in BTC donations, seems in sync with my “cyberpunk” subject matter.

    #29793
    Rick in China
    Rick in China
    Participant

    Cashing out is a great issue. Cashing out is why the currency is still rising – because it’s limited, cashing out essentially raises the value, since someone has just made the buy..

    The problem is bitcoins by themselves can’t be used in so many purchases now. You can buy bitcoins and transfer into another currency, then buy something..or you can use bitcoins directly to buy a very limited amount of services or products. The problem is until most things can be paid for in bitcoins, the bitcoin market will be limited to the bitcoin market and the speculation about what it “will” be….

    Now that it’s SKYROCKETING, can you see sellers of product/services accepting bitcoins as payment? When a currency isn’t stable, whether it’s up or down, it becomes a huge risk..and for companies, risk in accepting payments means not something that will happen soon. I don’t know what will happen – nobody does..that’s what makes it interesting 😀

    #29797

    Ty
    Participant
    Quote:
    The problem is bitcoins by themselves can’t be used in so many purchases now.

    you could always spend them on the silk road :3

    #29802
    Chris Ziich
    Chris Ziich
    Moderator

    It’s 3am and I can’t sleep because I’m watching bitcoin crash from the $230s to $160 and even lower on the chinese market. This is why I gave up on finance.

    #29806

    les
    Participant

    i couldn’t sleep either; watching this go parabolic again but in the other direction. if it wasn’t such a pain in the butt to get in and out, would love to trade the volatility of this.

    #29807
    Ray
    Ray
    Participant
    #29808
    Brendan
    Brendan
    Moderator

    36918835.jpg

    #29810
    Charlie
    Charlie
    Keymaster
    Quote:
    It’s 3am and I can’t sleep because I’m watching bitcoin crash from the $230s to $160 and even lower on the chinese market. This is why I gave up on finance.

    It’s back up to $200 already. It would have been very smart and timely to buy more BTC last night when it was $110 in my opinion. You have to be ready for volatility in Bitcoins though, and to potentially lose everything. I purchased a Bitcoin last night at $240, just glad I didn’t purchase more before this drop.

    Quote:
    i couldn’t sleep either; watching this go parabolic again but in the other direction. if it wasn’t such a pain in the butt to get in and out, would love to trade the volatility of this.

    You should go through the trouble to put money in a BTC exchange, and then convert that into BTC whenever you went. If you wait for the price to drop to start the process, it will be frustrating and futile because everything takes too long.

    @brendan if you had invested say $1,000 in BTC one week ago at $120 and you exchanged them for dollars now at $197 you would get your original $1k back plus an additional $640, gaining roughly 60% on your investment in 7 days time

    #29811
    Brendan
    Brendan
    Moderator
    Quote:
    I’d like to sell my science fiction novellas in BTC donations, seems in sync with my “cyberpunk” subject matter.

    So that’s anything between 0.01% of one bitcoin per ‘novella’, and infinite times shillion.

    Quote:
    It’s back up to $200 already. It would have been very smart and timely to buy more BTC last night when it was $110 in my opinion.

    Alas it would have been very smart to have gotten in on the Gold Rush of 1848, but I was not alive then.

    Enjoy the ride folks, there is ZERO stability in Bitcoins.

    #29812

    les
    Participant

    a nice chart depicting yesterday’s roller coaster

    #29813
    Charlie
    Charlie
    Keymaster
    Quote:
    So that’s anything between 0.01% of one bitcoin per ‘novella’, and infinite times shillion.

    BTC is divisible by 8 decimal points so small fractions of a bitcoin are easy to transact. If the value goes high enough, a commonly transacted amount in the future could be bitcents (0.01) or even “satoshis” (1/8 of a bitcoin).

    #29814
    Brendan
    Brendan
    Moderator
    Quote:
    @brendan if you had invested say $1,000 in BTC one week ago at $120 and you exchanged them for dollars now at $197 you would get your original $1k back plus an additional $640, gaining roughly 60% on your investment in 7 days time

    Yeah I get that, if I’d had any interest it would have been great to be in early, just as it was with gold after the ’08 crash, but the cat is now out of the bag. Even if I had the time to remain fixed at my computer round the clock, you now have a ‘commodity’ that’s attracting wildly speculative investment. The whole thing is wide open to manipulation and potential failure, given that we’re talking about a technology that’s unregulated and in it’s infancy. There’s still money to be made in volume, but aside from that it’s going to remain a time consuming hobby with potentially zero or negative return.

    #29815
    Chris Ziich
    Chris Ziich
    Moderator
    Quote:
    It’s back up to $200 already. It would have been very smart and timely to buy more BTC last night when it was $110 in my opinion.

    I was thinking the same, but the fluctuations caused a frenzy among traders causing an unintentional DDoS on all bitcoin related sites. So it would have been difficult to make any trades during that time, especially since the displayed market prices were 20-30 minutes behind. MtGox is still down from that.

    Whatever, GAMBOOOOOOOL!

    #29820

    7
    Participant

    I was on the verge of trying to buy some last night, but it seemed like all the sites I could really buy from were down so… 🙂

    I still think that as hard as it is to get money into BTC I can’t imagine how difficult it could be to get back out. Especially in the event of a crash if the exchanges start folding or fleeing.

    I like this chart I saw posted on Bogleheads the other day and then reposted with an added comment of Reddit this morning.

    chart.jpg

    #29832

    Andrew Browne
    Participant
    Quote:
    you could always spend them on the silk road :3

    My “friend” tried this. Its like drugs are finally legal. Cheap, high quality, and no dealing with scummy dealers.

    #29836
Viewing 20 posts - 41 through 60 (of 149 total)

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