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Bitcoin - The Big Short?


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Bitcoin - The Big Short?

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  #11 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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>Bitcoin more than doubles in value over a month

And losses 25% in a few hours....

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  #12 (permalink)
TheDude
london
 
 
Posts: 166 since Jan 2012
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Mining bitcoins is a tough gig - it's become so competitive that the hardware needed to compete is so expensive that if you mine a few, it's will not cover the costs.

I imagine every corporate IT manager in the world is using his companies server farms to mine these things and putting the coins in his own wallet.

I'm still a short.

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  #13 (permalink)
 Big Mike 
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TheDude View Post
I'm still a short.

Stop, target?

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  #14 (permalink)
TheDude
london
 
 
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Big Mike View Post
Stop, target?

Mike

Well, I'm still trying to figure out how to short, so in this instance, consider it a 'short' in the terms of a long only money manager - ie in cash.

However, given 7 years ago, 10,000 bitcoins would buy a pizza, and now 10,000 will buy a Manhattan penthouse, I'm sure you're very pleased with your bitcoins.

Why not lend them out to me so I can short? e-mail me them so I can sell them, then I'll buy them back in 2 years and give you 10% of whatever I make. Thats a better return than the risk free rate, so I know it will make sense to a clever guy like you.

Can you PM them over on the forum?


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  #15 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Well, correctly saying, you are long only. If so, it is not a bad idea to follow the current price with a limit order 20-30% below, that would give you a sweet buy in when it crashes. Just over the weekend it was down 25%+ but since it has recovered.

There are only a few brokerages where you can actually short it...

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  #16 (permalink)
TheDude
london
 
 
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Please name them!!

Mt Gox is going to be shut.
Bitstamp doesnt allow it. My emails were answered until I asked about shorting.

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  #17 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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From the top of my head, they allow to short:

https://www.kraken.com/

Also https://www.bitfinex.com/‎

and 796.com offers futures

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  #18 (permalink)
 addchild 
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fiatleak - watch the world's currencies flow into BTC in realtime

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  #19 (permalink)
 Big Mike 
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Still short @TheDude?

Bitcoin just hit $670.

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  #20 (permalink)
TheDude
london
 
 
Posts: 166 since Jan 2012
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Big Mike View Post
Still short @TheDude?

Bitcoin just hit $670.

Mike

Enron had a high valuation too once upon a time.

Now try converting your beloved Bitcoins back into USD.

I think you'll find all they are good for is buying socks and drugs. You wont need socks in Ecuador or where ever it is you are moving to, and the drugs are cheap and plentiful without the need for some gonzo currency.

Meanwhile, back in the real world.....

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