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In Bitcoin We Trust
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In Bitcoin We Trust

  #41 (permalink)
Elite Member
Portland, OR
 
Futures Experience: Beginner
Platform: Sierra Chart
Favorite Futures: Bitcoin
 
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Pedro40 View Post
I ahve just found this thread, I am another Bitcoin fascinado. That doesn't mean I don't criticize it or I don't think it will have a spectacular blowup, nevertheless the volatility and technology and mystery are fascinating. In the maintime, it is an excellent trading vehicle...

There is going to be a new US "forex for bitcoin" site, currently in beta testing. kraken.com You can play there with fake money, I have been testing it in the last few days. Finally they got the quote fixed so it plays the MtGox data feed.

If you don't mind I will share here my strategies and trading here. If you do mind just let me know. Currently I am selling above 120 and buying below 95. The account starts out with 5K cash and 100 BTCs....

By all means, I welcome any new perspectives. I'm having a blast learning new things every day. I played around with Kraken, it's definitely what this market needs, I am just hoping they'll be able to tap into Mt. Gox liquidity and i'll be there in an instant. I championed some of the other Gox alternatives, Campbx, but they fell flat for me for various reasons.

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  #42 (permalink)
Elite Member
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Gates, Munger, Buffett on Bitcoin.

Quote of the day:


Quoting 
Bill Gates: "[Bitcoin] is a techno tour de force." Charlie Munger: "I think it's rat poison." Warren Buffett: "I think either Charlie or Bill is right."


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  #43 (permalink)
Trading for Profit
Pittsburgh, Pennsylvania
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: ES
 
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I think with Kraken you are playing against the owners, not necessary against other traders, and I am not sure how they will handle shorting. They also will have margin probably just to screw the clientele.... In one word, it is a bucketshop, but as long as they pay out for the winners, it is all good...

Well, price finally moved upward a bit, still only around 115....

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  #44 (permalink)
Elite Member
Portland, OR
 
Futures Experience: Beginner
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Favorite Futures: Bitcoin
 
Posts: 57 since May 2013
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Pedro40 View Post
I think with Kraken you are playing against the owners, not necessary against other traders, and I am not sure how they will handle shorting. They also will have margin probably just to screw the clientele.... In one word, it is a bucketshop, but as long as they pay out for the winners, it is all good...

Well, price finally moved upward a bit, still only around 115....

Did you read Kraken's AMA? Bucket shop or not, it's loads better than our current options, we shall see once they go live though...I will probably wait a few weeks to see how they handle themselves. Yes, still viewing it as butting against resistance, but it's not far from decision point for me.

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  #45 (permalink)
Trading for Profit
Pittsburgh, Pennsylvania
 
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Posts: 555 since Jan 2013
Thanks: 31 given, 361 received

OK, I am reading the AMA, well, my confidence level didn't go up for sure:

1. Banking is so-so. The bank can refuse to do business with them anytime.

2. They are still not fully licensed.

The funny money play will be gone when they open, which is supposed to happen in the next few days. it seems to me that they are rushing the thing and not everything is worked out. Anyhow, we shall see.....

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  #46 (permalink)
Elite Member
Portland, OR
 
Futures Experience: Beginner
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Posts: 57 since May 2013
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Range range go away

Been ranging all day, I believe a sell off below 110 is probable but may take a long if there is a substantial break above the troublesome 115 area, which would also invalidate the wedge formation on larger timeframe.

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  #47 (permalink)
Elite Member
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Posts: 57 since May 2013
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Price alarm woes

A major issue revealed itself last night, my phone didn't alert me to the breakout of 115 so I slept right through it. I woke up and saw the breakout and immediately bought, in hindsight this was a poor split decision. I am long at 121.50, but will sell if it breaks the last pullback/outside of channel around 116. The breakout channel is pretty steep, not sure if it can hold.

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I always get up early before work and do some studying, ran into this slide from Brooks. Made me feel a little better.
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I had addressed the price alarm issues prior to some extent, have more mobile hardware en route to help address my issues. I'll spend the weekend adding some redundancies.


Last edited by Arkiteq; May 10th, 2013 at 01:36 PM.
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  #48 (permalink)
Trading Apprentice
London
 
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Has anyone been successfully mining those coins yet ?

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  #49 (permalink)
Elite Member
Portland, OR
 
Futures Experience: Beginner
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DHS Cant stop BTC

Sorry for the lack of updates, BTC/USD has been uncharacteristically quiet for the last week. I spent the weekend studying and working on improving how I approach this market, still very much still in process. It has been a struggle to allocate enough time.

I was disappointed with my trade locations last week, at some point I lost sight of buying low, selling high. I'm working on that, while trying to finish up things at work for my small vacation on Thur>Mon. I'll be watching BTC sparingly during that time.

I did try and take a reversal during the sell off today, allegedly spurred by the Homeland Security cuts off Dwolla bitcoin transfers. I was eyeing 110 as support, as it was the bottom of the range of last week and this weekend, as well as potential trend line support. It broke through 110 on second test, I sold 107.7, I did incur some slippage getting out during todays volatility.

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I am currently flat, I still think there is room for another leg down to 100, or even 90. But very much working out how I intend to react to this market in the future.

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  #50 (permalink)
Elite Member
Portland, OR
 
Futures Experience: Beginner
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Favorite Futures: Bitcoin
 
Posts: 57 since May 2013
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Coins for scrooge



pipmystero View Post
Has anyone been successfully mining those coins yet ?

Unless I am mistaken, I don't believe any active members on this forum to be mining. With the advent of Asic chips, the barrier of entry has increased and unless your an engineer or bored, probably not worth it right now, a very competitive space with not enough supply.

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