Post
Topic
Board Service Announcements (Altcoins)
Re: [ANN] mcxNOW.com : Deposit. Earn Interest. Trade.
by
erk
on 22/11/2013, 01:09:06 UTC


Nah, others are selling them to him. Before fees were tradable again MANY of the big holders were declaring that they were going to dump at .2 or so because BTC was going up in value. People just aren't bright. Here's the argument I keep seeing (altering the values for ease of understanding):

"Bitcoin was $100 each and fees were 0.4 BTC. This means each fee was $40. Now that BTC is worth $200 and fees are worth 0.2 BTC, each fee is still $40. Therefore I lost nothing by selling them!"

Obviously those who pay attention would realize that they LOST 50% because if they had held the fees and/or the BTC itself they would have their 0.4 BTC (therefore $80, or a 100% increase) at that point.

The arguments I see in that chat constantly are ridiculous and make no sense. I guess as long as I keep earning money off of people being stupid, though, there's really no reason to complain, :p.
I too have read arguments like that in various chats. What it seems to miss is that smart traders don't sell in big chunks unless they want to move the market price. Offloading a thousand mcxFEE I would do it gradually so as to obtain the highest price I could. I wouldn't dump a few thousand at 0.11BTC when I know most people paid 0.4BTC. The really good traders use the API, and a script to buy and sell gradually over time.