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(Tech Crunch)   New startup Coinsetter set to bring leveraged bitcoin trading to the masses. What could possibly go wrong?   (techcrunch.com) divider line 41
    More: Stupid, Coinsetter, SecondMarket, angel investors, leverage, legal doctrine  
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1401 clicks; posted to Business » on 10 Apr 2013 at 11:33 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



41 Comments   (+0 »)
   
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2013-04-10 11:41:36 AM
Will Coinsetter also offer DVD rentals like Coinstar?
 
2013-04-10 12:10:27 PM
A fool and his money...
 
2013-04-10 12:33:51 PM
My interpretation of that article: Coinsetter wants to take advantage of ignorant investors who hear about this nifty "Bitcoin" thingy and decide they want to invest.

/Bitcoin past $200 and counting!
 
2013-04-10 12:59:03 PM

Supes: My interpretation of that article: Coinsetter wants to take advantage of ignorant investors who hear about this nifty "Bitcoin" thingy and decide they want to invest.

/Bitcoin past $200 and counting!


I looked at bitcoins last year but decided they were too risky and volatile after seeing how fast they went from $4 to $8.

D'oh!
 
2013-04-10 01:13:02 PM
upload.wikimedia.org
 
2013-04-10 01:33:36 PM

tricycleracer: [upload.wikimedia.org image 800x566]


At least Tulips were a tangible thing.
 
2013-04-10 01:37:34 PM

tricycleracer: [upload.wikimedia.org image 800x566]


Don't worry, it's different this time!
 
2013-04-10 01:48:53 PM
Surely a currency which has appreciated a few hundred percent in the last 6 months is a safe bet.  Right?
 
2013-04-10 01:54:00 PM

OptionC: tricycleracer: [upload.wikimedia.org image 800x566]

Don't worry, it's different this time!


Yeah but it's a golden age for the repo business, one that shall never end.
 
2013-04-10 02:01:51 PM
Oh I just want to add, whenBitcoin prices crash, all the folks who now think Bitcoin is a "good investment" will suddenly start crying bloody murder that they were tricked into buying something with no inherent value.

It's just a matter of when people start cashing out.
 
2013-04-10 02:14:29 PM
So they want to add options and shorting to an unregulated currency. Sounds awesome to me.

Anyone got the number of any shady Eastern Europeans who want to make a few million?
 
2013-04-10 02:22:56 PM
Missed out on this Bitcoin thing.  At least I still have all those Beanie Babies!
 
2013-04-10 02:36:39 PM

MetaCarpal: Missed out on this Bitcoin thing.  At least I still have all those Beanie Babies!


I'll trade you for some Pogs.
 
2013-04-10 02:48:42 PM
People are already shorting Bitcoins and losing their asses (to other people making bank).

Hagbardr: Supes: My interpretation of that article: Coinsetter wants to take advantage of ignorant investors who hear about this nifty "Bitcoin" thingy and decide they want to invest.

/Bitcoin past $200 and counting!

I looked at bitcoins last year but decided they were too risky and volatile after seeing how fast they went from $4 to $8.

D'oh!


I heard about them when they were less than a dollar and thought I had no use for them. Then they climbed to $2 and thought about it, but chickened out. Then they shot up to $30 and crashed back down to $5 and that really spooked me, but now they're really just too scary to touch. Sure you might cash in big, but you can also lose your ass quick. It's worse than a blackjack table.
 
2013-04-10 02:50:36 PM
Bitcoin is falling past $150 and going down so fast the various index charts are offline.  Hold on to your seats!
 
2013-04-10 03:16:52 PM

Stile4aly: Surely a currency which has appreciated a few hundred percent in the last 6 months is a safe bet.  Right?


It's a few thousand percent actually.

I wouldn't invest in it, but if I had...
 
2013-04-10 03:20:58 PM

wraithmare: Bitcoin is falling past $150 and going down so fast the various index charts are offline.  Hold on to your seats!


Laughter OL.

data.mtgox.com
 
2013-04-10 03:22:30 PM

wraithmare: Bitcoin is falling past $150 and going down so fast the various index charts are offline.  Hold on to your seats!


i50.tinypic.com
source
 
2013-04-10 03:23:24 PM

tricycleracer: wraithmare: Bitcoin is falling past $150 and going down so fast the various index charts are offline.  Hold on to your seats!

Laughter OL.

[data.mtgox.com image 500x300]


dammit
 
2013-04-10 03:23:50 PM

tricycleracer: [upload.wikimedia.org image 800x566]


That chart pretty closely resembles what is happening to bitcoin  today.
 
2013-04-10 03:25:10 PM

tricycleracer: wraithmare: Bitcoin is falling past $150 and going down so fast the various index charts are offline.  Hold on to your seats!

Laughter OL.

[data.mtgox.com image 500x300]


yours is live and not rehosted and constantly updating.  Not fair.
 
2013-04-10 03:31:50 PM
http://bitcoinity.org/markets

Another nifty real time chart.
 
2013-04-10 03:42:51 PM
what is the worst that could happen?

www.wired.com
 
2013-04-10 03:46:17 PM
Hmm, if they're going to offer leveraged trading are they going to offer options? I think I'd like a put option at $250 with a six month period. Except I have no doubt the whole thing would collapse into a little black hole and no one will be there to honor the option.
 
2013-04-10 03:46:29 PM

wraithmare: http://bitcoinity.org/markets

Another nifty real time chart.


Not a chart, but I prefer this one due to the presence of the almighty Bitcoin Pizza Index (story behind it here).
 
2013-04-10 04:29:31 PM
Wasn't bitcoin around $100 a week or two ago?  How the fark does it double in value that quickly and nobody notices the bubble?
 
2013-04-10 04:47:39 PM

IrateShadow: Wasn't bitcoin around $100 a week or two ago?  How the fark does it double in value that quickly and nobody notices the bubble?


Oh people notice the bubble. It's just that they want to get out before it pops. Basically its the financial equivalent of little kids standing on train tracks trying to prove who is the bravest by who jumps out of the way last.
 
2013-04-10 04:51:56 PM

tricycleracer: wraithmare: Bitcoin is falling past $150 and going down so fast the various index charts are offline.  Hold on to your seats!

Laughter OL.

[data.mtgox.com image 500x300]


So, in the span of less than 12 hours Bitcoin has topped out at $266, fallen to $105 and then recovered to $188?

Could I get payment in something more stable, like Carbon-15 or Lithium-8?
 
2013-04-10 05:14:09 PM

Supes: Oh I just want to add, whenBitcoin prices crash, all the folks who now think Bitcoin is a "good investment" will suddenly start crying bloody murder that they were tricked into buying something with no inherent value.

It's just a matter of when people start cashing out.


given that bitcoins are extremely difficult to cash out...
 
2013-04-10 05:46:49 PM
So it's ok when the government gives $400 billion every year to defense contractors, about half of which is wasted on mothball scrapyard projects that the military doesn't even want, but it's an outrage when the government gives $400 million to green energy startups?
 
2013-04-10 05:47:29 PM
D'OH! Seriously wrong thread! Feel free to delete that!
 
2013-04-10 05:57:51 PM

buttery_shame_cave: Supes: Oh I just want to add, whenBitcoin prices crash, all the folks who now think Bitcoin is a "good investment" will suddenly start crying bloody murder that they were tricked into buying something with no inherent value.

It's just a matter of when people start cashing out.

given that bitcoins are extremely difficult to cash out...


How so?
 
2013-04-10 06:13:52 PM

wraithmare: http://bitcoinity.org/markets

Another nifty real time chart.


Ok, that's pretty funny.

i46.tinypic.com
 
2013-04-10 07:07:12 PM

mcreadyblue: buttery_shame_cave: Supes: Oh I just want to add, whenBitcoin prices crash, all the folks who now think Bitcoin is a "good investment" will suddenly start crying bloody murder that they were tricked into buying something with no inherent value.

It's just a matter of when people start cashing out.

given that bitcoins are extremely difficult to cash out...

How so?


most of them involve either going through third-parties in countries with very... indifferent law enforcement. nothing stopping them from taking your money and vanishing.

those that don't typically charge out the ass for it AND have transaction limits.

and there's a few that trade in highly liquid third currencies(with fees).

most of the time you're going to wind up paying between 3 and 7 transaction fees, with delays up to several days, and there's always a chance someone will take it and run.
 
2013-04-10 10:40:17 PM
I am very involved in foreign exchange trading.

Simply put, the liquidity of Bitcoins is impressive, but obviously the volume and overall market cap is all messed up. Going long on the EUR/USD is a whole different ball game then doing so on the USD/Bitcoin (or whatever it is). On the EUR/USD, you are guaranteed a buyer when you decide to reverse your position and sell, on the USD/Bitcoin the market is simply not reliable enough to assume there is a buyer on the other end. The market is too small to make any sense. A major player could invest a few million and move the market substantially, which could make major profit, but they won't because there is no certainty of someone matching their risk on the other side. The currency market is a true zero-sum game, and the nearest example to a perfect market the world over. I won't give you Bitcoin investing advice..you only need to look at the principles of what it means to go long or short on a position against another currency to realize that this will not work.
 
2013-04-11 02:46:33 AM

jigger: People are already shorting Bitcoins and losing their asses (to other people making bank).

Hagbardr: Supes: My interpretation of that article: Coinsetter wants to take advantage of ignorant investors who hear about this nifty "Bitcoin" thingy and decide they want to invest.

/Bitcoin past $200 and counting!

I looked at bitcoins last year but decided they were too risky and volatile after seeing how fast they went from $4 to $8.

D'oh!

I heard about them when they were less than a dollar and thought I had no use for them. Then they climbed to $2 and thought about it, but chickened out. Then they shot up to $30 and crashed back down to $5 and that really spooked me, but now they're really just too scary to touch. Sure you might cash in big, but you can also lose your ass quick. It's worse than a blackjack table.


Blackjack is a 49% chance to win if you play correctly. Craps is 50% I believe, but I have no idea wtf is going on with that game.

What I am saying is, if you want to gamble, blackjack is simple enough that drinking doesn't count you out, and you get free drinks while almost breaking even.
 
2013-04-11 03:26:30 AM

eatin' fetus: I am very involved in foreign exchange trading. *Blah Blah Blah* I won't give you Bitcoin investing advice..you only need to look at the principles of what it means to go long or short on a position against another currency to realize that this will not work.


I will give you some Bitcoin investing advice, don't do it unless you would NEVER miss the money if you lost it all.  The only people who find Bitcoin of value are the people who own Bitcoins. Their case for why YOU should find Bitcoins of value is non-existent.

It's an novel experiment, nothing more, nothing less.
 
2013-04-11 07:46:03 AM

Tommy Moo: So it's ok when the government gives $400 billion every year to defense contractors, about half of which is wasted on mothball scrapyard projects that the military doesn't even want, but it's an outrage when the government gives $400 million to green energy startups?


Don't forget how we irresponsibly shovel money at the wasteful hogs at PBS and NPR.
 
2013-04-11 11:49:54 AM

highwayrun: Don't forget how we irresponsibly shovel money at the wasteful hogs at PBS and NPR.


Just in case you are not joking... NPR's total  funding that comes from the govt. one way or the other is about 4%. It's a pittance. Wouldn't buy one jet.
 
2013-04-11 12:26:51 PM

JohnBigBootay: highwayrun: Don't forget how we irresponsibly shovel money at the wasteful hogs at PBS and NPR.

Just in case you are not joking... NPR's total  funding that comes from the govt. one way or the other is about 4%. It's a pittance. Wouldn't buy one jet.


It was 9% last year, that is over TWICE your estimate zomg.
 
2013-04-11 01:23:34 PM

JohnBigBootay: highwayrun: Don't forget how we irresponsibly shovel money at the wasteful hogs at PBS and NPR.

Just in case you are not joking... NPR's total  funding that comes from the govt. one way or the other is about 4%. It's a pittance. Wouldn't buy one jet.


NPR budget here, PBS budget there, NASA's interplanetary mission budget over there... sooner or later you can buy another fighter jet.
 
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