The Bitcoin Thread

Status
Not open for further replies.
SaiyanZ said:
I'm afraid to try and sell and buy back for cheaper because of being burned by Luno issues yesterday. Can't trust that the exchange will work as it supposed to so I'll just hold.
Click to expand...

Luno is VERY slow again in updating balances.
I managed to gain BTC 0.04 with trading, but it's very risky in case the price goes up again while trying to re-purchase
 
SaiyanZ said:
The Luno exchange is lagging severely for me. I wouldn't touch it now with a 10 foot pole.
Click to expand...
Yeah.

Dropped to 131k. Climbed rapidly to 140k

I seen a spread of 8k and then it shot upto 150k.
 
JaseZA said:
Spread at 7k now... People are very unsure. Hurry up Fnb EFT!
Click to expand...

The problem is that you cannot easily change positions. If someone puts a buy R1 above yours, it'll take a few minutes for you to adjust due to Luno load
 
Anyone else hoping Cryptocurrency is going to go up in value after the world sees The Big Bang Theory episode dedicated to it?
 
If you bought at the all time high (ATH) and you're down, just hodl. This is the life story of BTC. ATH then crash, then bigger ATH. But you have to be patient as it could take months to get to new ATH. In fact, when it's pulled back heavily, everyone is saying "I told you so, it's a bubble!", there's endless FUD and it looks like interest is waning - then THAT'S when you buy. Longterm holders relish those opportunities.
 
Luno system lags forces one to be a Hodler.

And as a Hodler, it's fascinating to watch..
 
garp said:
If you bought at the all time high (ATH) and you're down, just hodl. This is the life story of BTC. ATH then crash, then bigger ATH. But you have to be patient as it could take months to get to new ATH. In fact, when it's pulled back heavily, everyone is saying "I told you so, it's a bubble!", there's endless FUD and it looks like interest is waning - then THAT'S when you buy. Longterm holders relish those opportunities.
Click to expand...

It makes sense to sell and buy again for cheaper if you can see the price is going to drop further. However we can't do this anymore with the traffic because we need a better exchange than Luno to be sure our trades go through and balances update immediately.
 
SaiyanZ said:
It makes sense to sell and buy again for cheaper if you can see the price is going to drop further. However we can't do this anymore with the traffic because we need a better exchange than Luno to be sure our trades go through and balances update immediately.
Click to expand...

Not if you bought a few months ago at R 58k.
 
Luno is at 2100 BTC volume..so about 2 million rand in fees a day..Not too shabby.

Hope some gets reinvested into better infrastructure
 
SaiyanZ said:
It makes sense to sell and buy again for cheaper if you can see the price is going to drop further. However we can't do this anymore with the traffic because we need a better exchange than Luno to be sure our trades go through and balances update immediately.
Click to expand...

I always get burned when I try to guess the top, so I just hold what I have and if it drops significantly, buy more. But them I'm talking in the context of when it went from $1k to $200. I don't use local exchanges at all, btw. Luno is very basic compared to an exchange like Bitfinex. There's no reason why you can't transfer to a proper exchange and then move in and out of FIAT as you need to - you can always transfer back to Luno when you want to cash out in Rands again. I don't trust any exchange though, so I won't hold BTC for any length of time on the exchange - store in a private (pref hardware) wallet when you're not planning on doing anything.
 
Look at how the market reacted just 2 weeks ago during the BCH pump where everyone jumped out of windows as the BTC price dropped from $7000 range down to $5000 range. Now look at how quickly it recovered to new ATH just days later. A very similar pattern about to play out after massive profit taking even though it might look scary and crazy to some new to crypto. Expect this volatility to continue over the weekend and next week monday would be the real marker to see a recovery.
 
I cancelled a buy order now. How long does it take for my ZAR balance to reflect?
 
garp said:
I always get burned when I try to guess the top, so I just hold what I have and if it drops significantly, buy more. But them I'm talking in the context of when it went from $1k to $200. I don't use local exchanges at all, btw. Luno is very basic compared to an exchange like Bitfinex. There's no reason why you can't transfer to a proper exchange and then move in and out of FIAT as you need to - you can always transfer back to Luno when you want to cash out in Rands again. I don't trust any exchange though, so I won't hold BTC for any length of time on the exchange - store in a private (pref hardware) wallet when you're not planning on doing anything.
Click to expand...

Yeah, I'm having a look at Bitfinex now. They're the largest exchange in The USA and the trading platform looks a lot more advanced. The main thing I'm concerned about is that margin trading might not be worth it on these international exchanges as they are probably filled with a huge number of advanced bots with whom you will be competing.
 
Eating a zoo biscuit with my coffee... it has a tortoise on it. I've named it Luno.
 
Nadir said:
I cancelled a buy order now. How long does it take for my ZAR balance to reflect?
Click to expand...

It took about 25 minutes for me yesterday. You probably won't be able to buy in at the current price as it is increasing again. Who knows where it will be in 25 minutes.
 
Status
Not open for further replies.
Back
Top
Sign up to the MyBroadband newsletter
X