Author Topic: BTS price, where is the bottom? Prediction: $15-18 million.  (Read 9189 times)

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Offline gamey

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I'm too lazy to look it up, but coinbase has far lower overhead than this.  You then take your BTC to btc38 where spread will be reasonable.  I think that adds .1% 

Actually the btc markets are crap on btc38, so go to cryptsy and look at trade volume. Polonex would work. Regardless, the whole process should not be over 5%.
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Offline btswildpig

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Debit cards are the same fee as credit cards...

-6% credit card fee
(500 --> 469)
-bitcoin trading at 274 on coin.mx... compared to 264 on other exchanges (approximately a 5.3% fee when converting to poloniex where btc was valued at 260!)
(469 --> 444)
-having a total of 1.599 btc... and buying thin orderbook had me buy bitshares at .0000289 vs the lowest ask being .0000284.  Then getting valued at the highest bid of .0000259.  Approx 3.9% fee.
(444 --> 426)

and it looks like I lost another $15 in there somewhere.  Notice I counted spreads and mark to market as fees.

hmm.....  where are you ?
Is something like an Ripple Gateway be a cheaper solution for you ?

I haven't looked into ripple, but I am located in the US.  I never really went through a breakdown of how much it costs me to buy bts after all the fees, but this was pretty eye opening..

guess you can use "Snapswap" gateway in the US to deposit fiat to their account , then into Ripple network , and using Ripple network to send IOU to an Ripple gateway in China , and I can turn it into CNY and buy it for you .

I'm just trying to figuring this path out , but the cost seems low ....

https://snapswap.us/

Tether(USDT) would be another way to do it , but they're still at beta test .....
« Last Edit: March 23, 2015, 09:05:13 pm by btswildpig »
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline lil_jay890

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Debit cards are the same fee as credit cards...

-6% credit card fee
(500 --> 469)
-bitcoin trading at 274 on coin.mx... compared to 264 on other exchanges (approximately a 5.3% fee when converting to poloniex where btc was valued at 260!)
(469 --> 444)
-having a total of 1.599 btc... and buying thin orderbook had me buy bitshares at .0000289 vs the lowest ask being .0000284.  Then getting valued at the highest bid of .0000259.  Approx 3.9% fee.
(444 --> 426)

and it looks like I lost another $15 in there somewhere.  Notice I counted spreads and mark to market as fees.

hmm.....  where are you ?
Is something like an Ripple Gateway be a cheaper solution for you ?

I haven't looked into ripple, but I am located in the US.  I never really went through a breakdown of how much it costs me to buy bts after all the fees, but this was pretty eye opening..

Offline Akado

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It was a deposit fee to coin.mx...  They recently lowered their fee from 10% for a credit card to 5.89%... What a joke, but I wanted to get in at these low bts prices.  It made my total cost per bts at $0.0083, which is a huge premium compared to the current market.

I did the same thing and we're prob still not at the bottom yet but I have to tell ya, I'm as happy as a pig in slop to be here. Luvin BitShares, BitAssets, the web wallet is lookin nice, Moonstone is kickin butt, peertracks is gonna bring us a shitload of attention, bitshares tv, the voting thing, man just all of it, this is an exciting time :)

Indeed. Peertracks is that kind of thing that can easily go viral in facebook and social apps. That's a huge advantage to us! It will only get a few to share their music on peertracks through facebook and twitter and soon you will have loads of people doing the same. It could easily become a trend.
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Offline kenCode

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It was a deposit fee to coin.mx...  They recently lowered their fee from 10% for a credit card to 5.89%... What a joke, but I wanted to get in at these low bts prices.  It made my total cost per bts at $0.0083, which is a huge premium compared to the current market.

I did the same thing and we're prob still not at the bottom yet but I have to tell ya, I'm as happy as a pig in slop to be here. Luvin BitShares, BitAssets, the web wallet is lookin nice, Moonstone is kickin butt, peertracks is gonna bring us a shitload of attention, bitshares tv, the voting thing, man just all of it, this is an exciting time :)
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Offline btswildpig

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Debit cards are the same fee as credit cards...

-6% credit card fee
(500 --> 469)
-bitcoin trading at 274 on coin.mx... compared to 264 on other exchanges (approximately a 5.3% fee when converting to poloniex where btc was valued at 260!)
(469 --> 444)
-having a total of 1.599 btc... and buying thin orderbook had me buy bitshares at .0000289 vs the lowest ask being .0000284.  Then getting valued at the highest bid of .0000259.  Approx 3.9% fee.
(444 --> 426)

and it looks like I lost another $15 in there somewhere.  Notice I counted spreads and mark to market as fees.

hmm.....  where are you ?
Is something like an Ripple Gateway be a cheaper solution for you ?
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline lil_jay890

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Debit cards are the same fee as credit cards...

-6% credit card fee
(500 --> 469)
-bitcoin trading at 274 on coin.mx... compared to 264 on other exchanges (approximately a 5.3% fee when converting to poloniex where btc was valued at 260!)
(469 --> 444)
-having a total of 1.599 btc... and buying thin orderbook had me buy bitshares at .0000289 vs the lowest ask being .0000284.  Then getting valued at the highest bid of .0000259.  Approx 3.9% fee.
(444 --> 426)

and it looks like I lost another $15 in there somewhere.  Notice I counted spreads and mark to market as fees.

Offline btswildpig

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Just bought more bitshares... Started with a deposit of $500 and by the time my bitshares moved to my wallet, the overall value was $411.  That is a crazy ridiculous amount of fees and a lot of hassle.  A low cost gateway would make a killing if they are brave enough to work with bitshares.

Granted I did use a credit card to buy the bitcoin, so there was a 6% fee for that...
Yea thats the problem that crypto solves... who charges the 6%? was it a conversion charge of fiat?

It was a deposit fee to coin.mx...  They recently lowered their fee from 10% for a credit card to 5.89%... What a joke, but I wanted to get in at these low bts prices.  It made my total cost per bts at $0.0083, which is a huge premium compared to the current market.

 do you have to use a credit card ? Or can you use a debit card ?
Will debits cards with lower fee ?
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline gamey

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Just bought more bitshares... Started with a deposit of $500 and by the time my bitshares moved to my wallet, the overall value was $411.  That is a crazy ridiculous amount of fees and a lot of hassle.  A low cost gateway would make a killing if they are brave enough to work with bitshares.

Granted I did use a credit card to buy the bitcoin, so there was a 6% fee for that...

I'm not sure why you pay 18% or whatever it was. (Well remove 6% for CC... 12%)

 It would be interesting to see you list out all the fees you paid. 

I wouldn't even know how to lose 12% or 18% without doing it intentionally.
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Offline lil_jay890

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Just bought more bitshares... Started with a deposit of $500 and by the time my bitshares moved to my wallet, the overall value was $411.  That is a crazy ridiculous amount of fees and a lot of hassle.  A low cost gateway would make a killing if they are brave enough to work with bitshares.

Granted I did use a credit card to buy the bitcoin, so there was a 6% fee for that...
Yea thats the problem that crypto solves... who charges the 6%? was it a conversion charge of fiat?

It was a deposit fee to coin.mx...  They recently lowered their fee from 10% for a credit card to 5.89%... What a joke, but I wanted to get in at these low bts prices.  It made my total cost per bts at $0.0083, which is a huge premium compared to the current market.

Offline jsidhu

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Just bought more bitshares... Started with a deposit of $500 and by the time my bitshares moved to my wallet, the overall value was $411.  That is a crazy ridiculous amount of fees and a lot of hassle.  A low cost gateway would make a killing if they are brave enough to work with bitshares.

Granted I did use a credit card to buy the bitcoin, so there was a 6% fee for that...
Yea thats the problem that crypto solves... who charges the 6%? was it a conversion charge of fiat?
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Offline btswildpig

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Just bought more bitshares... Started with a deposit of $500 and by the time my bitshares moved to my wallet, the overall value was $411.  That is a crazy ridiculous amount of fees and a lot of hassle.  A low cost gateway would make a killing if they are brave enough to work with bitshares.

Granted I did use a credit card to buy the bitcoin, so there was a 6% fee for that...

6% , that's like robbery .
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline lil_jay890

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Just bought more bitshares... Started with a deposit of $500 and by the time my bitshares moved to my wallet, the overall value was $411.  That is a crazy ridiculous amount of fees and a lot of hassle.  A low cost gateway would make a killing if they are brave enough to work with bitshares.

Granted I did use a credit card to buy the bitcoin, so there was a 6% fee for that...

Offline gamey

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I hate to be right about these things but I think we are almost exactly at bottom. $15 million is the floor and from there I predict we'll go up in price eventually or fluctuate between $15-18 million for the next few months.

I hope people took my advice and bought some BitUSD prior to the most recent price drop. I would say now the price reflects the uncertainty around Ethereum's launch. Now is not the time to buy BitUSD so if you haven't bought it then it's probably too late.

But I could be wrong. Make your own decisions and don't consider anything from me to be investment advice only my own opinions as a complete stranger on the Internet.

You and your predictions.  You are also the guy who used to push to no end that we partner with Blackcoin. 

I guessed likely 15 million too but it could easily go lower. It doesn't take some savy market guy to realize that our bitasset adoption has never really got there and competition in that realm is picking up. These new guys will understand marketing, even if we have the better technical solution.  BitAssets are too technical.  Dan was never able to find anyone to do marketing or even explain BitAssets which are still largely misunderstood in the crypto-world.  Who cares about bitUSD over tether/nubits or whatever else?  So few understand the difference and most of them are already in our camp.

Honestly the reason we pick 15 million is because it is a nice round number.

The tricky part for BitUSD is not marketing , but the cost to build the gateway for it .
Unless you use Bitcoin:BitUSD , you'll not be easily expand BitUSD in the US without paying legal and regulatory cost . That's millions of dollars .
Even if we have a killer marketing , we'll still need to pay for those millions of dollars in order to build the bridge .

BitCNY is well promoted and have fiat gateway , but the wallet is still not suitable for massive scale usage even it's easy to promote it in China .

Tether:BitUSD   RippleIOU_USD:BitUSD has been on my mind lately ..... They already paid for the high cost for accessing to banks .... and we could have just pick it up as a portal , just like using OKpay or Paypal ...

At this point in adoption curve, if people believe in bitAssets then they don't need gateways.  We could have gateways and still have the same result. There isn't demand that is prevented from being fulfilled by a lack of gateways.

If the early adopters types are not ready to invest, then gateways will not help late adopters.

I really hope I'm wrong because I still have a decent stake in BTS, albeit considerably smaller than what it once was.
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Offline btswildpig

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I hate to be right about these things but I think we are almost exactly at bottom. $15 million is the floor and from there I predict we'll go up in price eventually or fluctuate between $15-18 million for the next few months.

I hope people took my advice and bought some BitUSD prior to the most recent price drop. I would say now the price reflects the uncertainty around Ethereum's launch. Now is not the time to buy BitUSD so if you haven't bought it then it's probably too late.

But I could be wrong. Make your own decisions and don't consider anything from me to be investment advice only my own opinions as a complete stranger on the Internet.

You and your predictions.  You are also the guy who used to push to no end that we partner with Blackcoin. 

I guessed likely 15 million too but it could easily go lower. It doesn't take some savy market guy to realize that our bitasset adoption has never really got there and competition in that realm is picking up. These new guys will understand marketing, even if we have the better technical solution.  BitAssets are too technical.  Dan was never able to find anyone to do marketing or even explain BitAssets which are still largely misunderstood in the crypto-world.  Who cares about bitUSD over tether/nubits or whatever else?  So few understand the difference and most of them are already in our camp.

Honestly the reason we pick 15 million is because it is a nice round number.

The tricky part for BitUSD is not marketing , but the cost to build the gateway for it .
Unless you use Bitcoin:BitUSD , you'll not be easily expand BitUSD in the US without paying legal and regulatory cost . That's millions of dollars .
Even if we have a killer marketing , we'll still need to pay for those millions of dollars in order to build the bridge .

BitCNY is well promoted and have fiat gateway , but the wallet is still not suitable for massive scale usage even it's easy to promote it in China .

Tether:BitUSD   RippleIOU_USD:BitUSD has been on my mind lately ..... They already paid for the high cost for accessing to banks .... and we could have just pick it up as a portal , just like using OKpay or Paypal ...
« Last Edit: March 23, 2015, 07:39:29 pm by btswildpig »
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.