Congrats! Do you have any idea how this connected to the general BTC trends / versus specific to Coinbase?
Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month
21–30 of 151 posts
Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month
#22I think bitcoin is an extremely interesting concept, and the economics around it are equally interesting. I bought a tiny amount when the prices were around the $11 mark, and its insane to think of the price-shift. I made a couple bucks off the price shift, but now I'm honestly thinking that the price will fall back down. Despite serving the needs of many SR/SatoshiDice people, I dont think they're quite at the point…
The problem with all fiat currencies is they have no inherent value; it is all in the eye of the beholder. So what is an "appropriate" price is quite difficult to determine. Most currencies are driven by being effective monopolies wherever they are issued, so the market price remains somewhat stable. Even so, many professional economists have opined that the exchange rates even between major currencies are way too volatile.
This is, among other things, because there is a whole lot of loose money floating around that can easily jump between currencies. We are probably going to see a lot more of this in the Bitcoin world, which I expect has a lot more volatility ahead of it -- somewhat ironically in this case, as the increased liquidity promotes volatility, since it becomes an instrument of pure speculation that was previously too difficult for professional traders to deal in.
In any case, I also had the intuition around the $11-12 mark that bitcoin was a good investment, since the major hurdles around the security issues were probably ironed out, but didn't invest anything -- probably because deep down I'm a value investor and don't see a lot of value in driving speculation in something that doesn't have inherent value (despite the many interesting technical aspects to Bitcoin).
Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month
#23But where are the bitcoins going? Are people actually spending over $1M of bitcoins on something else than buying back dollars?
Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month
#24Be careful with coinbase
When they were trying to raise money as part of the founders club, they broke a few regulations: they originally were supposed to raise their set limit within 8 weeks and when they missed it they extended the time by 2 weeks and when they missed THAT they extended the timeline by 4 more weeks. At the end they only made their target by a last minute injection from may have been an insider. On top of that, they have NO policy on refunds for acts of god, hacking, or the government .
Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month
#25Any word on when they'll support purchasing from a UK bank account? Most of the other options are a bit more convoluted than the straight-forward system Coinbase seems to use.
I hate to "me too", but "me too". I'd love to be able to use coinbase but I'm UK only. I'm unlikely to get involved with Bitcoin until something like Coinbase allows UK bank accounts. (having said all that I'm going to be buying very small quantities of Bicoin.)
You might want to check out localbitcoins.com - our online buying process is pretty fluid, and we have lots of sellers selling for UK bank transfer.
Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month
#26I'm curious about the wording. Is "bought or sold $1M" equivalent to saying $500k changed hands?
Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month
#27Be careful with coinbase When they were trying to raise money as part of the founders club, they broke a few regulations: they originally were supposed to raise their set limit within 8 weeks and when they missed it they extended the time by 2 weeks and when they missed THAT they extended the timeline by 4 more weeks. At the end they only made their target by a last minute injection from may have been an insider. On…
I just realize that my comment came across wrong. I am very interested in Bitcoin - I just want coinbase to come clean before I put my money and trust in them
Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month
#28I think bitcoin is an extremely interesting concept, and the economics around it are equally interesting. I bought a tiny amount when the prices were around the $11 mark, and its insane to think of the price-shift. I made a couple bucks off the price shift, but now I'm honestly thinking that the price will fall back down. Despite serving the needs of many SR/SatoshiDice people, I dont think they're quite at the point…
The problem with all fiat currencies is they have no inherent value; it is all in the eye of the beholder. So what is an "appropriate" price is quite difficult to determine. Most currencies are driven by being effective monopolies wherever they are issued, so the market price remains somewhat stable. Even so, many professional economists have opined that the exchange rates even between major currencies are way too vo…
Well Bitcoin is not a fiat currency since it being defined as money is not dictated by fiat. It isn't attached to a physical good which is interesting. I'm guessing that its' value is being helped by the increasing amount of inflation in fiat currencies around the world and that the newly created money doesn't have a better home. Many people are scared of stocks and real estate so other assets become more attractive. I'm not sure I have any use for Bitcoin in my life and in this financial environment I wouldn't be involved in Bitcoin at this or any price.
Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month
#29But where are the bitcoins going? Are people actually spending over $1M of bitcoins on something else than buying back dollars?
Well for those people holding bitcoins might be worthwhile to them. The bitcoins never go anywhere in the same way that physical money never goes anywhere unless you bury it.
Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month
#30Any word on when they'll support purchasing from a UK bank account? Most of the other options are a bit more convoluted than the straight-forward system Coinbase seems to use.
You should take a look at blockchain.info. It is pretty straight forward and works with UK bank accounts (takes a couple minutes).