This guy is holding down the price of LTC all by himself. :sonicjay:
He has also made $14 million in the last week from this single wallet. Every time LTC hit's $8.75, he puts out a 500,000 coin sale at 8.75 and stops the growth. It's funny.
I just vomited again when I did the math and if I would've dropped the $2000 into it like I planned I would've had $1.5 MILLION FUCKING DOLLARS RIGHT NOW.
Someone please tell me my math is fucking wrong. Please Lord let my subpar math skills shine through right now and let me be wrong.
It's even better than that. You can sell BTC and LTC on localbitcoins.com for a 10% premium because people are retarded, and are willing to pay that much more so they don't have to mess with the markets.
example:
BTC is $700 this second. I can buy BTC from the market for $700/coin because I am a verified buyer through BTC-E.
I can sell BTC on localbitcoins.com ALL DAY for $770 and people will lineup to buy it.
That is LTC vs BTC. It peaks and valleys all day in the same exact rhythm, non stop, 24/7.
If you buy and sell at the peaks four times per day, you net a 17.5% profit per day. It might not seem like a lot, but if you have $100k in your BTC account, you can make $17k+ per day.
Have $1000? You can make $170 per day.
However, one day it will break away, and you might get caught with your pants down and you will be very very very very sad.
I got fucked on litecoin over the past few days. Thats what I get for listening to other peoples advice! "Dont buy at $9, its going to drop really soon!" When I saw it was at $17 I about lost my mind.
If he sold I'm sure he would regret it. Bit coin has exploded in the last two years and it doesn't show any signs of stopping, clearly since the price keeps going higher and higher. Just imagine what it's going to do when Amazon or other big box stores starts to accept bitcoin?
Kicking myself for not doing this months ago. Clarifying question, using Wells Fargo and cash for coins, I physically go to Wells Fargo with actual US Dollars and deposit them into the cash for coins account? Some time later I receive my bitcoins?
You link to your banking account, and initiate a purchase from coinbase. It takes three business days for your BTC to arrive in your account. I just did this for another gl4x4 member yesterday, and because of the holiday his coins are not arriving until tuesday of next week. You are locked in at the price you pay, so yesterday he locked in at $859 or whatever. However, you can't sell the coins until they are in your account which sucks.
When you sign up with sites like CoinBase you can put in your banking information to withdraw money to purchase bitcoin. You sell your bitcoin on an exchange like BTC-e for real dollars that are in your wallet and then you can deposit them into your bank account.
I just created a "wallet" for bitcoins, it gave a retrieval code that I was able to print out and file away for safe keeping, if I somehow lost my electronic wallet, I believe I could use that paper info to retrieve my electronic wallet.
I did the same thing. There are just lots of terms I am not familiar with and feel definitely out of my element.
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