Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
billyjoeallen
on 08/09/2015, 22:21:18 UTC
Is it still time to hire some strippers (of both sexes, of course) for that kumbaya session devs are having in Canada?

Nerd egos are stubborn things, might be a good idea to soften up the mood. Make 'em mellow.



Still time? The Backpage-situation graduated all the exotic dancers in Bitcoin 101. International payments to Canada to these entrepeneurs only take seconds / minutes (depending on of much they trust zero confirmations).

And they start saturday! Plenty of time! Let's feed those bras with digital cash!  Cheesy

Hopefully, on monday you all will understand that scaling is not a big problem. Because all miners/nodes/pools/whatever do NOT need to confirm every bleeping transaction. The computer work can be easily shared. The big work isn't processing transactions. It's mining.  Wink

I suspect backpagers buy the majority of my coins on bitquick.co.  it's nice because I can arbitrage the spread and buy back immediately at a lower rate on an exchange, but of course I'm really just selling my risk of getting my bank account seized in the event that some bureaucrat somewhere decides it's money laundering and retroactively applies the decision to me. So I have to constantly drain the account to minimize the risk. I also have to buy back in immediately to minimize the exchange rate risk because the most buyers come in during an uptrend.  A five dollar bump in three hours can wipe out any profit.

buying gas cards on purse.io is similarly problematic. I get a ~20% discount on the card, but I have to exchange the gamestop card for a shell card at a brick-and-mortar store which takes time and money, THEN I can only buy fuel at Shell stations which typically overcharge ~5% for fuel.

Once I have enough profit to cover living expenses, I crank up the premium I ask for on bitquick and crank up the discount I demand on purse.io.  If nobody bites, it's no big deal. If they do, that's less work for me in the future.

Arbitraging is the only way I know to make profits without burning through my stack, except of course lending out coins on bfx but the vig is still pretty low. For bigger profits that that, one must OBSERVE THE WALL and get lucky.