Silk Road forums
Discussion => Newbie discussion => Topic started by: iiivision on March 20, 2013, 02:43 am
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Hey just wondering what the advice is on buying bitcoins right now while they are 61 dollars i have heard they are predicted to reach 75 i have also heard the price will crash what is everyones opinion on this?
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The sky is the limit. I think with the continual US position with QE and other countries deflating their currencies combined with banks repositioning their structure to charging transaction fees, we could see the coins go very high..
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Depends on who you talk to. A lot like Wall Street and the US Economy, you get different perspectives from different people.
My recommendation is to go ahead and buy your BTC, but make sure that you buy just the proper amount for what you want to purchase. (if it's $50, deposit $60 because of fee's and whatnot). That safeguards you from any overnight fluctuations that may occur over night in BTC-land.
It's a really sketchy climate right now. I definitely would not recommend investing a ton of money into them. But some people have projected them to shoot up to over 100 by the end of the year. So if you're looking for an investment opportunity... maybe? I'm not the guy to ask about that. There are charts and graphs you can look at, but my guess is that value will begin to decrease sooner than people think.
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I wouldn't invest in it.
I'd be selling a week or 2 ago if I had invested.
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I sunk in 420$ today. I'm hoping it wasn't a bad move. I just want the road to get back up so I can buy what I want before they drop.
I think if you are using them just for the road, you'll be fine buying them ASAP before they fluctuate too much. That was my plan, and now the site is down... SMH.
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Thanks for the input people i appreciate it! Would love to hear as many opinions as possible.
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That is buying them and using them ASAP without too much down time between to allow for exposure to the market...
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As long as you purchase BTC the same day as you intend on spending and try to get a price close to the mtgox avg you shouldnt lose out is this right?
As the price is fixed on SR for that day based on the avg?
Sorry if its a stupid question, the curse of the newbie
Namaste
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If you are only buying bitcoins to use them on SR then the price doesnt matter that much because most vendors set prices in USD so even when bitcoin price fluctuates the price of most items on SR should stay the same this is called hedging... i hope that answers your question yeye.
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If you're using them for SR, buy them now and hold them until you need to buy stuff, the price then will likely be higher than now. If you're using them as an investment vehicle, buy now and hold on as long as possible, but don't invest more than you can afford to lose. BTC has huge long term upside potential but if SR goes down we'll see a huge recession in the BTC economy until other black markets take its place.
FYI, I bought in at 17 back in January and I'm going to hold on as long as I can.
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Most fiat currencies are dependent upon the illicit drug market to prop up values. Read the UN reports on the amount of money infused into the global economy from drugs. It is one of the main reasons why drugs are illegal.Miami was built on cocaine money. If the government truly wanted to shut down the drug markets they could.I am buying a good amount of coins this after noon as an experiment. Forex trading or investing in equities is always risky; but so is everything else in life. Risk mitigation and it's inherent analysis are the key to investment strategies and life in general.
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id buy em as i need em, like stated if investing then buy what you can afford at the time.
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Damn man!!! ive been waiting for like a week for my money to get here and now this crazy fluctuation.....welll, what comes up must come down, every bubble pops.... just be careful.
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Simply put your BC investment right at the top of your risk pyramid.
The vast proportion of your savings should be in tax free cash investments, ISA's in the UK, for example, your 401k in the US, the bottom of your investment pyramid. Smaller proportions should be invested according to risk, slightly more risk= slightly less allocation of your savings etc. this is personal investment 101 kids...
The highest risk investments should attract the smallest proportion of your investment, lets say 3%. So, if you save £200/month, you should put about £6 of that in the highest risk, highest return investment you feel comfortable with. I have read blogs and articles by people who are "all in" on BC, if you play poker, you'll understand what I mean.
That seems high risk to me but I'm allocating 25% of my savings into BC, as long as SR keeps running and we all keep getting our gear (long my it continue) the price of BC will not crash. Africa's uptake of BC is well documented, and this will also add to BC's value. $100 is not unreasonable, hell $1000 or $10000 or even $100000 is not unreasonable, over a number of years.Don't forget BCs are divisible by 8 or 9 decimal points, so if $1=0.00000001 BC that's, well, its a lot!!
BTW, I spent all my bitcoins on drugs this week, so what do I know about saving?
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I invested £150 in BTC two weeks ago @ £31 per 1BTC.
The days proceeding my purchase the price had been shooting up like crazy. I had been contemplating buying more and holding on to them as long as I could but the price then stayed steady for over a week so I held off.
Then Monday evening I bought some hash for 3.23BTC.
48 hours later, due to the latest sharp rise, that same hash would have cost me 0.78BTC less. A massive saving. Really wished I would have held off a couple of days longer now but other than expecting it to rise at a steady rate in the foreseeable future you can never predict when these super rises, like those of the last two days, will happen.
Over the next few months I'm going to be investing as much spare cash as I can in BTC and trying to hold on to it as long as I can before spending on the Road. Thanks to most sellers prices being hedged on USD, as long as BTC keeps rising, my said coins will become increasingly more valuable and make my drugs much more cheaper!
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I think it is a good idea that many items are hedged with US dollars. It give's a little more security in knowing that if the bitcoin price drops, your really just paying the same amount in dollars.
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My gut feels bitcoin will go huge. The robbery and destruction and hell on Earth the banks are hopelessly addicted to is alienating more and more people. Look at Cyprus just this weekend--I almost shat myself. Then I considered just how much the people of the world are willing to take from these horrible fucks. That was too much, I went to bed and promptly shat that.
Worldwide, people are getting sick of the least of us leading us, bitcoin is a way to subvert the systemic edifices of banking, or at least it's a form of protest against them and offers citizens relative privacy, banks don't like citizen privacy. Haha, look at the world's surveillance networks, the militarisation of the police etc etc.
I think escalating unrest in the near future will drive bitcoin prices up.
But really, who the fuck knows? I certainly know I've learned a hell of a lot just by learning a little about it, I am certain that's true for almost everybody here.
So, on that note, bitcoin is waking many people up to realities of their world and of their minds and empowering them with tools they may never been have been aquatinted with. Would you be able to encrypt before it becomes an absolute necessity if SR and bitcoin weren't here? Would you be able to reliably get something exotic in for a special night of loving/nodding/being terrified/dancing/speaking shit/ making music etc without it?
Bitcoin is an alternative, and in that spirit alone, I love it. I'll always be skint, I'm resigned to that, but I am most certainly not resigned to submitting to a status quo intent on destruction. Bitcoin, in my romantic mind is one example of a necessarily peaceful set of alternatives that MUST be implemented lest we burn and go insane.
By banks, I just mean the usual suspects, of course.
That said, Bc could be hacked, regulated, made illegal or any other number of fuck ups. I don't know shit, but if I had a grand--I'd put 750 into bitcoin. But that's me, like I said, I'm skint.
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nice post QUAId i agree with you and i will be buying bitcoins every chance i get... too bad i cant stop spending them every chance i get.
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live forever die today
die today live forever
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Thanks iiivision. I posted above as QUAId - screwed up with my passphrase! I take this as just another positive, I'm carrying several strong passwords around in my head that I keep fresh every day, of course their backed up, but it's still good practice for me to remember them in my head - gives the old hippocampus a work out.
But I'll be damned, the minute I set up a forum account, I forget my running order, a lucky escape, could have been pretty shitty!
Anyway, back to bitcoin, got some good news regards investing for me at least. I've been suggesting an investment to a dear friend who's somewhat wary about the virtual currency. I first suggested investing 10th Dec 12 and kept them updated weekly, and they're happy to fund me a bit based on the way it's gone, and how I thought it would unfold. Crash or profit, they're cool as a way of saying fair enough, you spotted something worth investing in.
There's no hubris here -- just going what with I think's right --like I said, I'm skint. :)
Good luck in your endevours and keep up with what's going on in the world.
coxix
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iiivision, I'm with you on the spending thing--Alladin's fucking cave!
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They will continue to raise and that .1 you got left over will be useful one day.
They one day hope for bitcoins to be worth thousands and even more.
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Bitcoin price is going up quickly everyday now i definitely agree they are a great investment but keep in mind a crash is always possible... on the plus side im fairly certain it would recover from any crashes.
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they are a great investment right now but they will son crash. and everything in the EU has a result on the growing price right now of Bitcoins. play safe with you money!
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A lot of people are moving there savings out of euros into bitcoin because of whats happening with cyprus. Now is a good time to buy and watch them raise in value. Will (IMO) the $ will probably break the 3 figure mark within a few weeks.
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buy now.
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An amazing story here. Canadian man sells his $400,000 house for BTC.
http://www.bbc.co.uk/news/technology-21863593
The biggest threats to Bitcoin are SR being busted and the possibility of a superior online currency coming along that supersedes BTC. The latter being the biggest threat as if SR was busted something else, BMR for example, would simply take it's place.
In this game what things might be like a year from now is hard to predict but certainly over the next few months I think it's going to be boom boom boom for BTC.
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I'm still annoyed that I used a spare .2 on a gambling game a few weeks ago, was worth like £2 then now could be £8 towards something, ah well
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How does everyone cash out? Still haven't done it yet.
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oldmate: no one here will really tell you their is a few ways to sell, local face to face is one way
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I don't think right now is a good time to buy
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no 3 days ago was the best time to buy if you where going to! not if you do be safe i have a feeling ther will be a crash soon!
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Sadly I hesistated buying a few days ago, and next thing I looked coins were costing $30 more :(
bought a stack today as I think (hope) they will keep rising!
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they will they have been dropping but they are going back up again i see the most acction durring this time. thats why i think its moving so much because of EU because now its day time over ther