When dumping before the dip, how long does it take to get exchanged out? So you can buy more or is your money locked for a period. I know on trading stocks sometimes there's delays (depending on platform) but was wondering what this is like.
Curious: Do you have any bitcoins? Or other cryptocurrency coins? You're right in that the market would need huge sell orders to drop like that -- likely a few whales cashing out. But that doesn't preclude a large group of smaller investors (newbies) from hitching on to the sell wave. With every other person calling it a bubble, one can easily imagine scenarios where new investors see the price flop for the first time and panic sell. What's more interesting to me -- on my HODL app, every alt I'm following is red... except $DASH. It looked like money was flowing into $DASH as Bitcoin dropped -- almost the same (inversed) pattern between the bitcoin dump and dash pump. Wonder why? Hmm. Once your order fills, it's instant. IE, if I sell Bitcoin for $9K, one second later I can buy Bitcoin or any other coin with the proceeds from the sale.
Yeah - I have accounts on several of the major exchanges and off-and-on own different currencies. I am agnostic on the future value of bitcoin and other altcoins (I could make a compelling case either way) and disagree with much of the belief system behind them (that it'll take over as a currency, etc). But I used to do arbitrage between exchanges and now feel like at least BTC has enough of a solid core of believers (rational/educated or not), so it has a financial foundation that reduces risk. If it drops too much, there are enough people out there that will buy for whatever reason to keep it reasonably supported, in my opinion. I do think a lot of its current value is held and propped up by people who have no idea what they are doing or why they are "investing" (or gambling) - but they are committed so it doesn't really matter for now. If I asked the average bitcoin owner for their investment thesis of why they think it will rise from here, I don't feel I'd get solid answers in general. You see it even more with some of the ICOs out there. Technically, this depends on what service he uses. For example, Coinbase users don't get instantaneous results (outside of GDAX) - they generally wait several days for their transaction to complete (transfer time to/from their bank account).
You're referring to depositing or withdrawing to a bank account - I was referring to selling Bitcoin (or ETH, LTC) for USD and (once it sells) instantly having the USD funds back in your wallet to use on another purchase (buying back when it dips). Maybe I misunderstood what he was asking? I haven't used Coinbase to buy/sell since I started, but I believe it's instantaneous isn't it? You are buying or selling at market price, so there should be no wait for your order to fill and they shouldn't put a hold on any of your funds. If he was looking to buy back on a dip, I would certainly not recommend withdrawing USD to your bank account and then depositing it back to your online wallet -- that's at least a week wait.
Coinbase isn't really an exchange, so they don't hold your money (at least, last I looked). So if you say you want to buy on there, it then transfers the money from your bank account and then releases the BTC in a week or so. You do get the current price, but not access to the bitcoin right away. They do have the GDAX which is their exchange like you're thinking, but the simplicity of their other system is why so many new people use that.
Hmm. That wasn't my experience. I deposited money from my bank account into their USD wallet and was able to buy instantly from there (of course deposit into USD wallet took time). I am on the site now and do see the option to "buy" from your US Bank account, which I believe is what you're referring to. Curious enough, I don't see the option to use their USD wallet to buy, even though I can see the wallet and deposit/withdraw to it. Maybe because I don't have any money in the USD wallet, so it doesn't show up as a payment option.
Interesting! I ran into issues with Coinbase a long time ago, so I haven't used them any time recently, but I don't remember that option - it was always just the buy from bank account (or credit card). That's good that they finally added a USD wallet!
Thanks so much for the answer, I'm hoping to finally get in this week, and at least get started. I know I'm late, haha and it's risky to some degree but looks pretty fun. I regret ignoring it when it was easy to mine and then ignoring it more during the latest surges using exchanges, but def going to have to try it out.
Correct, this was my first time and I didn't realize that it takes 7 days to post. You can't sell what hasn't been posted to your account. Got some more ether at $430 ish today
Welp... CME and CBOE already announced bitcoin futures contracts, and I heard this morning that NASDAQ is going to be doing the same possibly next year : https://www.reuters.com/article/us-...futures-contract-in-2018-source-idUSKBN1DT2CV
I did a bunch of different coins for a long term play. LTC, IOTA, XMR, and XRP I also like ARK as well and I might pick some up. I do feel like IOTA has some nice potential given their partnerships.
All pretty solid choices, have a look at ADA too. Picked some up the other day after reading about their team and plan etc. seems solid. probably the lowest its going to be atm too (unless BTC tanks again)
Ark has been ****ing the bed recently in price, but based on their road map, I'm not sure what news is going to pump it up, other than a general surge into the alts across the board. For long term, the DPoS is not bad, depending on your investment #s. The ARKVM and core upgrade is bound to get pumps, but those seem far off date wise. ARK seems intriguing, but I really just do this to make money.
Thanks for the advice on this, that's what I was kind of thinking too, I mean if it works great, but if it's lost it was worth a shot at least (like a night in Vegas, haha). This whole market is crazy volatile. If you have any other suggestions on coins I'm definitely interested. Thanks again!
I only mentioned a few for beginners. One of the posts above mentioning ARK, IOTA etc is solid, I have those as well. Other good ones many people rep are OMG, XLM, QTUM, VTC, WTC, SYS, NAV, SIA, XEM, EOS, LBC, MTL. I know you won't hold all of these, so I suggest reading up on some and picking the ones that seem promising to you.
Saw this. Hope everyone sold their Bitcoin Gold anyways, this was a **** coin from the start and will only lose value.
