Is anyone day trading bitcoin? i.e., buying and selling multiple times a day based on small-ish fluctuations of the market?
There is an entire secondary market based on bonds and pseudo-stocks.
Poll: How many Bitcoin do you own?
141–150 of 166 posts
Re: Poll: How many Bitcoin do you own?
#142You need one more category "0 - carries a stigma (used by drug dealers, pornographers, etc.)"
Funniest comment ever. If there's a stigma it's because it's used by nerds.
Re: Poll: How many Bitcoin do you own?
#143Earlier quoted context omitted.
It is considered "lost forever" unless an enterprising hacker comes along and can create a private key which matches the wallet. You'll know if that happens, though, since the technique will obviously be used on the largest wallets first. Side note: interestingly, right now, the largest wallet appears to be Dread Pirate Roberts' seized bitcoins held by the FBI.
This is considered one of the most unbreakable aspects of bitcoin. It would take all the hashing power in the world something like 10^50 years to brute force the private key (a.k.a. ain't gonna happen). One cool thing, if the address has never been spent out of it (only received coins), it is theoretically still safe from quantum computers.
Second time I read this. How so? The address has been used to receive coins, surely a private key must exist?
Re: Poll: How many Bitcoin do you own?
#144Earlier quoted context omitted.
This is considered one of the most unbreakable aspects of bitcoin. It would take all the hashing power in the world something like 10^50 years to brute force the private key (a.k.a. ain't gonna happen). One cool thing, if the address has never been spent out of it (only received coins), it is theoretically still safe from quantum computers.
Second time I read this. How so? The address has been used to receive coins, surely a private key must exist?
A private key is not strictly necessary to receive coins, only to spend them. So while there is still probably a private key with that address (since he intended to actually be able to use those bitcoins), the public key is not revealed unless coins are spent from that address.
Re: Poll: How many Bitcoin do you own?
#145The last time someone did this, they mistakenly used "0-5 BTC" as the lowest cutoff. You've made the same mistake. There should be "0-0.25", "0.25-0.5", "0.5-0.75", "0.75-1", "1-2", "2-3", "3-4", and "4-5". Extra poll options are better because now we've lost valuable information at the low end. In 20 minutes, 65 people say they own 0-5 BTC. That's anywhere from $0 to $1385. That's a massive range. We now have no ide…
Last I checked, I owned $0.25 worth of bitcoin. Where's my "just here to say I bought bitcoin before it was cool" option?
If you bought $0.25 before it was cool, you probably have over $1000 in bitcoin (like me) by now.
Re: Poll: How many Bitcoin do you own?
#146So, given that article about a guy that bought $17 in BTC in 2009 and found out recently that it was worth 5 figures, should I feel like an idiot for not getting in on this while BTC were cheap a few years ago? My logic at the time was "I don't really know that much about Bitcoin, so buying some would basically be speculating, which seems like a bad idea."
It wasn't so easy back then. I tried to buy bitcoin for a couple weeks as it went up in price from a buck fifty to around four dollars. I ended up having to meet a miner in person with cash.
Re: Poll: How many Bitcoin do you own?
#147Re: Poll: How many Bitcoin do you own?
#148Earlier quoted context omitted.
If you didn't bet on a roulette table and it came up black, would you say "God damnit I feel like an idiot, I should have bet on black"?
I don't feel bad about not having invested in it at the time. The only way I would feel bad now is if I had invested, and then sold it before it reached the height of today.
You never know how it's going to develop. I once sold Apple stock after getting 40% profit in a few months. Should I have known that it would continue to climb for a few more years? Usually, getting out while you're ahead is a good idea. It's often better to sell to early than too late.
Re: Poll: How many Bitcoin do you own?
#149Zero.. I recently owned 10 but sold them all when the price jumped to $200. I guess I was too quick on the trigger, but what can you do. Will be buying again in about a month when this hype cycle dies off.
Are you trying to day trade? Are you a long term bull? You gotta come up with an investing plan :) One potential solution to your problem is to do something like: sell Y% of my coins everytime the price increases by X%. An example would be sell 20% after each 50% rise (semi bullish plan. I also made those numbers up, don't consider them as specific advice).
Definitely a long term bull but I agree that my execution could use some refining :) I like your strategy suggestion.
Re: Poll: How many Bitcoin do you own?
#150I have an increible hard time to get started with bitcoin. Which website? How? Can someone pull through the right path for me? I want to start investing in mining and buying.
Mining is a lost cause for the average Joe. The simplest way to buy for U.S. citizens is coinbase.com. Local bitcoins is pretty good too, and has somewhat of a global presence. Look up creating an offline paper wallet to securely store your invested coins (short version: disconnect internet, print out a few copies of paper wallet using offline version of bitaddress.org, and then reset computer before reconnecting the…
How quickly can you buy/sell your coin.
Say you buy in at $100 and then sell $110 the end of the day, possible? And really, only USC? What about with SS? And doesn't it defeat purpose if you need to prove you are a USC?