The Bitcoin Thread

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garp said:
Much simpler just to open a dollar denominated account with your bank if all you're looking for is a Rand/$ hedge. Unless you're talking millions in which case I wouldn't risk BTC anyway. Otherwise if you're prepared to risk holding/speculating in BTC why not just buy BTC and hold it in BTC on BitX without the Bitfinex conversion?
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I'm now trying to find out what fees will be involved, but previously I assumed fees/expenses would be quite high.
 
Viva said:
I'm now trying to find out what fees will be involved, but previously I assumed fees/expenses would be quite high.
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Yeah - problem will be not so much the fees as the rate they give you on the conversion will be really crappy.
 
Viva said:
You might be right. The USD price has been climbing today. But the big gap between the BitX price and the USD price bothers me. I'm going to wait some more.
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The smaller local country exchanges like BitX seem to always trade at a premium - I think the market factors in the hassle/cost factor of a R/$ conversion.
 
garp said:
The smaller local country exchanges like BitX seem to always trade at a premium - I think the market factors in the hassle/cost factor of a R/$ conversion.
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Absolutely, but the size of this premium differs over time. The premium is quite high at the moment from my point of reference. That said, it might be a good time to buy.
 
Viva said:
Absolutely, but the size of this premium differs over time. The premium is quite high at the moment from my point of reference. That said, it might be a good time to buy.
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And I noticed the premium tends to disappear when the market is bearish. On Saturday when everybody was dumping their BTC they were trading at almost straight R/$ conversion prices at one point.
 
garp said:
And I noticed the premium tends to disappear when the market is bearish. On Saturday when everybody was dumping their BTC they were trading at almost straight R/$ conversion prices at one point.
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Precisely.
 
Something seems off with the network ... hmmm

I got can't access BitX, Coindesk and my Widget to get pricing stopped earlier. I hope this has nothing to do with the infrastructure article last week and it's all crashed
 
Though

It means that no one can trade and this may be the time the increase goes above my order
 
Do you guys think the price will spike/drop if the bitcoin classic comes online?

I think it's an exciting time to jump and buy especially if the proposal goes ahead?

Otherwise, I think this BTC will fail, and fail miserably.
Something really needs to be done about the mining network.
 
The price dropped this morning and we're back at ±$380 as support. I think it is clear that the price will soon rapidly advance, or otherwise rapidly fall.

Which do you think it will be? We've been trading sideways in the $380-$400 range for some time now, so I reckon we're nearing a bigger move.
 
Those who have Bitcoins locally... Is there anyway to get Bitcoins without having to provide proof of identity? In my mind this kind of contradicts the whole point of Bitcoin being anonymous...
 
d7e7r7 said:
Those who have Bitcoins locally... Is there anyway to get Bitcoins without having to provide proof of identity? In my mind this kind of contradicts the whole point of Bitcoin being anonymous...
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You could try and set up a deal directly with someone on localbitcoins.com - many don't require ID. But you will probably pay a premium.
 
The other option would be to get a wallet and account through bitx, then also another wallet somewhere else. Buy your BTC via bitx and send to your other wallet via a reputable bitcoin tumbling service.
 
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/subscribes

Recently got introduced to bitcoins.
have no idea where to start
 
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