On 11/07/13 10:32, Rylaan Gimby wrote:
Wait until after this peak, since historically it dropped quite a bit
after the spike last time. Then speak with one of the bitcoin people at
the space.
There will be corrections no doubt, but with the market being more
mature then before who knows who how deep these will actually go and at
what pace of restoration (if any) thereafter.
Naturally there will always be somebody with a good call in hindsight.
The only call I'm making is to hold long term a consistent small amount
I can afford to lose relative for the risk, no panic buys, no panic sells.
If anyone wants to call it and put some of their own money on the idea
that the market will correct below the current level, there are fancy
short instruments you can acquire. There's a BTC/USD contract for
difference (CFD) available at 1broker.com where they're currently
offering a 0.54% *daily* (not annual!) interest rate to folks going
short to offset the folks going long. (was 0.32% daily for most of the
last week or two). They've got 1-5x leverage if you're feeling extra bear.
And, only a 1 bitcent (0.01) minimum there, e.g. around $3. That's a
small enough amount that at that level I'd be totally willing to open up
a few positions of that size for folks I know here at skullspace such as
Rylaan and Chris on credit (e.g, owe me CAD) if you guys want to back
your calls with with a few promised loonies.
Perhaps an irony, but the reference currency for going in and out at
that site is bitcoin itself. :) So kind of funny for any going short,
you bring a tiny amount of bitcoin, go short, market crashes below where
you entered, and withdraw more bitcoin then you brought in worth more in
USD then what you brought in....
If you use 1x leverage (smallest), your position will automatically be
worth zero and automatically close if and when the market doubles from
where you started. At 2x leverage you're dead when the price goes up
50%, etc...
And I mentioned that corrections happen fast. 1broker.com also has a
take-profit feature, so you can sleep at night knowing it will close out
where you want it to close out and hopefully catch the big crash.
Mark
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