Where are my bitcoins CoinBase? SHAPOW!

[sennin436]

I would love for this to go back to $10 so I can back up the truck. That would be a once in a lifetime opportunity for late comers to buy it cheap.

Right now I would put 1/2 my money in bitcoin and the other half in cash to buy should it drop so low. The odds suggest it's going to $500 soon but having some $ on the sidelines should it go back to single digits seems prudent.

Not sure about single digits, but check out this recent article. (just ignore the 1st half of his post since it's the usual arguments you're probably tired of hearing being debated on this forum and elsewhere - "bitcoin unfit as currency, it's flawed, blah blah blah").

What's interesting is the latter half of his post. Due to recent events (The China bubble burst, etc) he thinks it may go down to $10. Ya never know. Cash out now and wait till it hits $10 and BUY BUY BUY lol

The Bitcoin Meltdown Has Begun - Business Insider

 

[charlesmartel]

It's down to $583 on Coinbase. BTC is good for money laundering, but I don't think it will survive as an investment/speculation. I bet that most of the Chinese buying was from corrupt Chinese politicians/bureaucrats that were trying to get their money out of the country. I would not be surprised if it hit single digits.

 

[BeerNuts]

TIMBER!! Shits dropped another $100 in the last 3hrs. LOL

 

[bluechinagroup]

^^^But Lukep said Bitcoin is going to hit $50k and will become the world's reserve currency.

 

[mGrunin]

Strong drop. The ridiculous thing is that I have yet to get my coins - it has been 9 days now. Considering that they marked my coins at around $863 or something similar..I obviously am not a fan of taking those coins at the moment. I actually emailed them two days ago about canceling my order. But like I said, no response.

 

[iCreate]

luck or screwed...... time shall tell

 

[charlesmartel]

Oh, boy. A literal chink in the armor of BTC:

BTC, world's largest bitcoin exchange, halts new deposits after Beijing ban | South China Morning Post

[ame="http://www.youtube.com/watch?v=PErUiAyVoGc"]John Mellencamp - Crumblin' Down - YouTube[/ame]

 

[cassius]

 

[mituozo]

It's down to $583 on Coinbase. BTC is good for money laundering, but I don't think it will survive as an investment/speculation. I bet that most of the Chinese buying was from corrupt Chinese politicians/bureaucrats that were trying to get their money out of the country. I would not be surprised if it hit single digits.

I'm buying every $100 fall.

I would be hugely surprised if it gets close to single digits.

BTC doesn't require China adopting it yet to work. All it needs at the moment to send prices high are easier ways to exchange cash for BTC, that don't feel like you're being scammed (bank transfers and waiting days for your coins or trading them in an ebay-style marketplace).

Strong panic selling going on right now.

 

[mGrunin]

I want to clarify, I am not butthurt that I had locked in a price and BTC has decided to take a sharp fall, I am annoyed because they didn't fulfill their end of the deal.

They were supposed to delivery the coins last Friday. What they did instead was just lock in the price on Friday with market price at that time, and never delivered. This puts me in a sitting duck situation. They are basically telling me I have coins at X value, but I cannot sell them at all. Hell..BTC can fall to $200, and then they might deliver the coins at a value of $860 and I would be down a fuckload.

It is simply not fair to lock in a price, and then not deliver the coins for another week.

 

[ayzo]

cc these emails:

licensing@dbo.ca.gov
sharon.robinson@dbo.ca.gov
brenda.kontos@dbo.ca.gov
melissa.morrow@dbo.ca.gov
shelli.costa@dbo.ca.gov
charles.cowell@dbo.ca.gov

You'll get a much faster response.

Also consider Protection.PPC.bz - Keep your shit protected.

 

[bitfiend]

litecoin getting reamed..from 33 to 11 in 2 days. if it goes back to $2 i'd probably want to pull the trigger

martin i believe you should consult an attorney.this is a fairly substancial amount of money

 

[cassius]

This lag time with the major exchanges is the Achilles heel of BTC. It will feed every sell-off and magnify it exponentially until there is a quick and easy solution. There is simply a greater barrier to buy than there is to sell and the lag inflates the risk of the already extremely volatile asset. That is very bad for stability.

 

[wayn3]

It is simply not fair to lock in a price, and then not deliver the coins for another week.

Buy otc, bitch about slippage

 

[Kiopa_Matt]

Before China came aboard, BTC were trading at about $250. I would imagine that's where they're headed back to, or at least close to it.

 

[sennin436]

Before China came aboard, BTC were trading at about $250. I would imagine that's where they're headed back to, or at least close to it.

makes sense. lately there's been alot of comparisons being made it seems between past bubble charts (dot com, etc) and bitcoin price charts. could head back down to "BC" (before china) prices. maybe $300?

 

[bluechinagroup]

Strong drop. The ridiculous thing is that I have yet to get my coins - it has been 9 days now. Considering that they marked my coins at around $863 or something similar..I obviously am not a fan of taking those coins at the moment. I actually emailed them two days ago about canceling my order. But like I said, no response.

If this was an ACH transfer, you can issue a chargeback with your bank if you claim it's a fraudulent transfer. It's a little bit harder than doing a chargeback on a credit card, but it's possible. I think you should talk to your bank.

http://ach-processing.typepad.com/ach_processing/2009/12/ach-processing-chargeback-protection.html

The consumer or business does have protection against unauthorized debits to their account. There is a 60 day window for the customer to report to their bank that they have been electronically debited (ACH) without permission. They may "revoke authorization" as well. An example would be the consumer ordered a product from ABC company and when received it was substandard. They tried to get money back from the company they ordered the product from with no success. They can possibly go to their bank and revoke that authorization. In both instances of a chargeback the consumer signs an affidavit and their bank puts the money back in their account. The 3rd party ACH processor would then be debited those monies and in turn debit the company initiating the payment (ABC).

Edit: Oh I see that you're already aware of the ACH chargeback. Nice, you got this on lock then.

mGrunin's problems pretty clearly highlight how delusional Lukep is when it comes to bitcoins. The poor level of service and extreme liquidity problems make bitcoins a fucking joke unless you drank the kool-aid and turn a blind eye to these glaring problems.

 

[bluechinagroup]

I'm sure Lukep will pop back in and chime in that I'm wrong because of "blah blah" and that this is awesome for bitcoin because now the price went down so we can buy more bitcoins.

 

[StraightUp]

That's why I don't like Bitcoin. Is this even a business?

mgrunin, how can you drop 35k$ on this? You must have a shit load of money you don't care about to do this I guess?

Because the whole Bitcoin thing doesn't look like a solid business to me. Looks like child's play. Check out Will's reply too, in stock business where things can flip in seconds I need to have my transaction almost instant. Take it the other way, you bought at $800 and what if over night it raised at $1500, your bitcoins still not usable and you can't sell for a profit, then what is the point.

I don't know how you must be to invest/play in such a business.

 

[bluechinagroup]

Public warned against dangers of bitcoin | South China Morning Post

The Secretary for Financial Services and the Treasury has warned the public against the potential dangers of bitcoin, saying it is highly unstable.

“Bitcoin is not an electronic currency, nor is it an e-wallet (like the Octopus card). Its price is highly unstable,” Secretary for Financial Services and the Treasury Professor Chan Ka-keung told lawmakers on Wednesday. “It is not qualified to be used as an electronic currency. Citizens should beware of it.”

Following the announcement by Cheap Air.com that it now accepts bitcoin as a method of payment for flights, IT sector lawmaker Charles Mok suggested the government look into the potential of bitcoin.

Chan, however, was not convinced that potential existed.

“It is not appropriate to use bitcoin for settling payments. The risks are very high,” he replied. “The government will continue to monitor its development and step up regulation if necessary.”

Bitcoin is a fucking joke.

mgrunin, how can you drop 35k$ on this? You must have a shit load of money you don't care about to do this I guess?

mGrunin has quite a lot of money to throw around and this is a drop in the bucket for him. Also he covered his bases well since he knows how to do an ACH chargeback.