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barbs
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March 18, 2014, 04:07:27 PM |
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Btw while btc is bleeding in the street - love these posts by people who sold off to bagholders flashing cash and mansions.
So much for the dream between you guys and karplese I don't know who to thank more ;-)
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dreamspark
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March 18, 2014, 04:09:12 PM |
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Greetings from my latest journey to S-E-Asia. A full Bitcoin sponsored trip(shorting profits  )stuffed with a huge package of Acid bought with BTC. I just wanted to let you know that i´m still bullish about BTC after i talked to the local bulls over here, altough it might take a few days until they will fully attack.   If you could please pump it to about 900$ that would be awesome See you soon  Indonesia?? |
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dreamspark
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March 18, 2014, 04:13:22 PM |
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Btw while btc is bleeding in the street - love these posts by people who sold off to bagholders flashing cash and mansions.
So much for the dream between you guys and karplese I don't know who to thank more ;-)
Why? If Fonzie is in indonesia which I think he is then what hes holding is worth aless than £100. But also if he is LTCVictim then he has a shit load of cash from LTC not BTC? Also if your referring to Risto in regards to the mansion he had made a lot of money from precious metals prior to BTC and its not as impressive pre photoshop  |
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fonzie
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March 18, 2014, 04:14:51 PM |
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Malaysia, Cambodia, Indonesia Right now Molucca - Ambon I have nothing to do with the missing plane altough i flought with the same airline. |
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jl2012
Legendary
 Offline
Activity: 1792
Merit: 1148
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March 18, 2014, 04:15:17 PM |
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That's completely nonsense. BIT is 100% backed by real BTC. If a customer wants to liquidate their BIT share, BIT will just sell the bitcoin at market price.
That has nothing to do with the issue. What that "100% backed in BTC" promise means is that, for each share held by investors, BIT will keep 0.1 BTC in its posession. It does not mean that BIT must sell those BTC when the investor liquidates; if BIT has cash reserves, it can just pay the investor from those and keep the corresponding BTCs as reserve instead. That would not violate the "100% backed by BTC" promise to other investors, on the contrary. (The whole point of the trust is to insulate the investors from the BTC trading that BIT must do to honor BIT's part of the contract.) I don't think so, because they do not have other source of USD. All USD from investors (with fee deducted) were spent on buying real BTC. Therefore, they have to sell the BTC if investors request for USD simply because they shouldn't have extra USD to pay Even if they have surplus in USD, paying out USD without selling BTC is equivalent to BIT itself investing in BTC. If they really want to do so, they can buy BTC from the open market at any time. |
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adamstgBit
Legendary
Offline
Activity: 1904
Merit: 1039
Trusted Bitcoiner
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March 18, 2014, 04:17:17 PM |
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seleme
Legendary
Offline
Activity: 2772
Merit: 1028
Duelbits.com
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March 18, 2014, 04:20:27 PM |
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Looks like another exchange did a runner.
Coinex.pw
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dreamspark
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March 18, 2014, 04:21:03 PM |
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Malaysia, Cambodia, Indonesia Right now Molucca - Ambon I have nothing to do with the missing plane altough i flought with the same airline. Nice, I like Cambodia but always seem to find myself drawn to Laos the few times Ive been to SEA. |
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Walsoraj
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March 18, 2014, 04:21:56 PM |
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Less than 11 mil bid sum on stamp... Single digits by Friday |
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dreamspark
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March 18, 2014, 04:22:17 PM |
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Looks like another exchange did a runner.
Coinex.pw
"Security Issue" would have thought they would update their customers at some point in the last two days. |
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barbs
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March 18, 2014, 04:22:32 PM |
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I like this wall. Going all in.  |
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adamstgBit
Legendary
Offline
Activity: 1904
Merit: 1039
Trusted Bitcoiner
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March 18, 2014, 04:24:54 PM |
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barbs
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March 18, 2014, 04:25:49 PM |
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Sold!!!!! At 609, 500$ commission to bitstamp- holla
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dreamspark
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March 18, 2014, 04:25:57 PM |
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It got eaten in a 540 sell. |
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adamstgBit
Legendary
Offline
Activity: 1904
Merit: 1039
Trusted Bitcoiner
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March 18, 2014, 04:27:29 PM |
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I like this wall. Going all in. Sold!!!!! At 609, 500$ commission to bitstamp- holla
bitcoin is doomed. |
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barbs
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March 18, 2014, 04:29:25 PM |
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Haha it wasn't me.. Wish I had that kind of money.
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JayJuanGee
Legendary
 Online
Activity: 4340
Merit: 13897
Self-Custody is a right. Say no to "non-custodial"
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March 18, 2014, 04:29:30 PM |
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Greetings from my latest journey to S-E-Asia. A full Bitcoin sponsored trip(shorting profits )stuffed with a huge package of Acid bought with BTC. I just wanted to let you know that i´m still bullish about BTC after i talked to the local bulls over here, altough it might take a few days until they will fully attack. If you could please pump it to about 900$ that would be awesome See you soon IS that you? Also: That "bull" does NOT appear to have the proper bull equipment. |
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cee-euros
Member
Offline
Activity: 88
Merit: 10
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March 18, 2014, 04:32:24 PM |
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Sold!!!!! At 609, 500$ commission to bitstamp- holla
Nice, you killed the harvester Let us know when you're going back in though |
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mah87
Donator
Hero Member
Offline
Activity: 756
Merit: 500
-Bitcoin & Ripple-
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March 18, 2014, 04:33:34 PM |
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stupid bull... ready for the big plunge ? |
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JorgeStolfi
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March 18, 2014, 04:33:53 PM |
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What that "100% backed in BTC" promise means is that, for each share held by investors, BIT will keep 0.1 BTC in its posession. It does not mean that BIT must sell those BTC when the investor liquidates; if BIT has cash reserves, it can just pay the investor from those and keep the corresponding BTCs as reserve instead. That would not violate the "100% backed by BTC" promise to other investors, on the contrary.
(The whole point of the trust is to insulate the investors from the BTC trading that BIT must do to honor BIT's part of the contract.)
I don't think so, because they do not have other source of USD. All USD from investors (with fee deducted) were spent on buying real BTC. Therefore, they have to sell the BTC if investors request for USD simply because they shouldn't have extra USD to pay Perhaps. The fund seems to be rather opaque at this point. Even if they have surplus in USD, paying out USD without selling BTC is equivalent to BIT itself investing in BTC. If they really want to do so, they can buy BTC from the open market at any time.
My point was that they could lower the BTC market price temporarily so as to reduce the money they must pay to the liquidating investors. Then they lift the market price again and only THEN sell the coins corresponding to the liquidated shares (slowly, or off-market), thus making a nice profit. This could work only because their BTC holdings are large compared to the market's liquidity (I think). I believe that BIT has the means and stated intention of being flexible in their trading of bitcoins. If they have some extra BTC reserve, they can accept a new investment immediately, backing it with their reserve, and later replenish the reserve at the best price they can. Similarly for liquidation. |
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