The Bitcoin Thread

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handyman007 said:
Guessing or is that what happened with the previous ratings downgrade?
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Well, 'guessing', but normal R/$ stuff. When the rand hits $15, thats an extra R7500 on current usd price, if maybe $8500 by friday, I'd say we'll be seeing minimum R140k
 
handyman007 said:
Guessing or is that what happened with the previous ratings downgrade?
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June 9 if memory serves. Maybe there is a correlation?

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Temujin said:
Well, even if it holds at $8k, friday will still see R130k



How unlikely is downgrade:crylaugh: We're ****ed thatnks to JZ & Co
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Let's say we go to R 130k on Luno. That should just be temporary? A quick buy and sell opportunity?
 
handyman007 said:
Let's say we go to R 130k on Luno. That should just be temporary? A quick buy and sell opportunity?
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No, unless R/$ toilet flush is temporary(which it won't be). Its R/$ like anything else. USD price of btc increases, its R price increases, and decreases the same. Basically, it just costs R1 more for every $1 of btc you buy, ie you can buy less btc with the same money R's. So R130k will be no different from R120k today, its just the new 'price'.
 
Capital flight comes to mind, BTC will happily take your money. Look at Zim. Just waiting for China to explode! Will make these movements look like they looking for parking.
 
Temujin said:
Well, even if it holds at $8k, friday will still see R130k



How unlikely is downgrade:crylaugh: We're ****ed thatnks to JZ & Co
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Temujin said:
No, unless R/$ toilet flush is temporary(which it won't be). Its R/$ like anything else. USD price of btc increases, its R price increases, and decreases the same. Basically, it just costs R1 more for every $1 of btc you buy, ie you can buy less btc with the same money R's. So R130k will be no different from R120k today, its just the new 'price'.
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Pretty much yeah.

So a way of "safeguarding" against Zuma, you can buy BTC. Then when the rand falls and BTC stays constant, your net worth stays the same if you cash out. You'll have more of the weaker ZAR than before, but the same value in $. Unless BTC tanks, but then you only lose if you SEDL like voicy the noob. (Who is now HODL'ing like it's nobody's business).
 
Temujin said:
No, unless R/$ toilet flush is temporary(which it won't be). Its R/$ like anything else. USD price of btc increases, its R price increases, and decreases the same. Basically, it just costs R1 more for every $1 of btc you buy, ie you can buy less btc with the same money R's. So R130k will be no different from R120k today, its just the new 'price'.
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Ok, got it. Saying all that, will you be investing this week?
 
Slootvreter said:
It seems there is what feels like a deliberate hurdle on Luno before breaking any major R10k barrier.
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I think it's mainly because of the high 1% fees for being a Taker. So everyone wants to be a Maker with the 0% fees. The USA exchanges have a much lower Taker fee. I've seen some with 0.2% Taker and 0.1% Maker. So people are not so concerned there about fees.

Eg. If I do instant buy at R120k, the price has to increase to R121 200 just to make up the 1% fee and break even. Who knows how long that will take so few people are willing to trade with the fee.
 
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Slootvreter said:
It seems there is what feels like a deliberate hurdle on Luno before breaking any major R10k barrier.
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It stands to reason there would be, and it's similar with other exchanges and USD as well. Say you've decided you want to cash out at R120k - you put in an order to sell at that price. But it doesn't happen, or you're one of the small orders and the bigger ones get filled first, so you miss out. Now it drops or stagnates and you're stuck for a while. So, you decide I'll be clever and sell at R119 999.99 and your offer will be filled before all the boys at R120k. Problem is - a lot of other people have also realised that, so you've got orders to sell running all the way from R119 999.00 (for instance).

Now noobs like me come, and we were planning on buying more(because it's jumped from R114k to R119k), and then it gets stuck at R119k. So I decide to watch a bit first, because the last time this happened, we dropped down to something like R90k. So there's less incentive/buying by smaller investors as well.

My 2c.
 
Niner said:
It stands to reason there would be, and it's similar with other exchanges and USD as well. Say you've decided you want to cash out at R120k - you put in an order to sell at that price. But it doesn't happen, or you're one of the small orders and the bigger ones get filled first, so you miss out. Now it drops or stagnates and you're stuck for a while. So, you decide I'll be clever and sell at R119 999.99 and your offer will be filled before all the boys at R120k. Problem is - a lot of other people have also realised that, so you've got orders to sell running all the way from R119 999.00 (for instance).

Now noobs like me come, and we were planning on buying more(because it's jumped from R114k to R119k), and then it gets stuck at R119k. So I decide to watch a bit first, because the last time this happened, we dropped down to something like R90k. So there's less incentive/buying by smaller investors as well.

My 2c.
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Yeah I am sure there is a good reason for that, I'm just not really a finance kinda guy :o :D
 
SaiyanZ said:
If Voicy is holding we should be selling.
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Lol! T'sek Vaalie!

I tell you what though, I've never seen BTC more stable than when I had 50% of my investment in BTC and the other 50% in liquid ZAR in my wallet. I had it cornered. :D Case in point with ETH. It's been rock solid except for this weird spike the other day.
 
handyman007 said:
Ok, got it. Saying all that, will you be investing this week?
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Always hodling:D

Oh, should have mentioned by saying 'friday' I mean depending on time announced on 'friday', if late, will only be 'monday':)
Also, there are only a couple of ways R btc will stay at around R120k after friday/monday.
1. No downgrade and BTC price is still holding at $8k
2. Downgrade and BTC price drops to early $7k's
I don't see either of those happening. We will get downgrade(unless lots of money has changed hands) and BTC will be closer to $8.5k
 
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