Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by Rosewater Foundation (1)
I just checked into a hotel downtown Toronto. My plan was to hit the ATM's this afternoon, but it's too cold to capitulate on foot. Idk how the hell Jimbo does this.
Shop around to make sure you don't get ripped off by excessive fee rates. Jimbo says some operators raise sell rates and lower buy rates during dips. Others have fixed fees. He was online a few hours ago, so he might login again soon and offer some advice.
... During rallies like last Saturday, bitcoins are at a premium so they raise buy rates and lower sell rates. During panic dumps like the example I posted from last August, the operators have an excess of coins relative to their fiat supply, so they lower buy fees and raise sell fees. It also means that panickers and FOMOers pay a premium for their foolishness while cool holders get a bargain.
...
...
Life is good.
You're getting fucked both ways !
Only buyers are getting fucked at those rates. Sellers are getting a kiss.
I wouldn't pay 17% to buy. I wouldn't pay 16.1% to sell either.
You've gotta shop around.
Here's some more of his tips.
-2 fee, they pay you ?
Any in London?
Any in London?
Yes, it's possible to find negative rates with operators who use dynamic pricing. Buy cheaply during panic dumps and sell cheaply during FOMO rallies.
Yes, both machines dispense cash. The Lamassu requires a cell number to receive a code number text to sell. This is not required to buy.
The General Bytes machine does not require a phone. It simply prints you a QR code to receive the coins you send and after one confirmation you scan the same QR code and it starts spitting out banknotes. Fast, simple, elegant and anonymous.
I don't know about London. UK or ON?
Look here:https://coinatmradar.com/
... Bitcoinaverage is also the base price used by the majority of BTC ATMs here in Toronto, so to me it's most representative of real-world prices.
Apparently one Toronto ATM is in a sketchy location, so Jimbo won't use it.
JIMBOOOOO!!! To the ATM, rush!!!
(buying commission must be pretty low too)
(buying commission must be pretty low too)
Actually, the buy fee didn't come down at all at my closest ATM.
The price didn't really dip enough for my liking anyway. Dipping to where it was just a few short days ago isn't usually enough for me to buy.
Between the high fees and the shallow dip it wasn't worth it for me.
A couple of other machines offered better fees, but one is is a sketchy location and the other is too far outside my neighborhood. The cost of a cab would have negated any buying advantage considering the limited amount of fiat cash I have in hand at the moment.
Even if I had more cash and raced over in a cab, I might have been too late anyway. The price has already come halfway back up.
If it dips further and goes below $15k, I might be tempted to reallocate some funds to buy some more. For now however, I'll just hold.