Quote:(12-12-2013 08:23 AM)ManuelQB3 Wrote: [To see links please register here]
Man I hate to tell you this, but if you said 99% of the ebooks on that site are BS, this one is definitely in that 99% too.
He's leaving something very important out. Take it from someone that actually USED coinbase, over and over, dating back to 2012 before this author probably knew what a bit coin was.
He makes it sound like you buy X amount of Bitcoin on Coinbase and then sell it [em]soon after[/em] on another site like Mt Gox where the price of Bitcoin is higher.
Oh, sure that WOULD work! Except for one little problem...
If you place a buy order on Coinbase you "best believe" (as the author likes to say) that you're going to wait AT LEAST 2 days for your bank to get charged and the Bitcoins to arrive in your Coinbase wallet.
And who knows if the price has gone up or down 2+ days later?
Oh and then there is this other problem with Coinbase.
You see, they use that processing time of 2 days minimum to their advantage and selectively cancel orders that are not in their favor. How do I know this? It's happened to me and it happens all the time (see bitcointalk.org)
What that means is this:
Let's say you buy 1 bitcoin for $900 at Coinbase and you have a 2 day waiting period.
Then tomorrow the price of Bitcoin goes up to $1100 and you think to yourself "Awesome! I just made $200!!!"
Log in to Coinbase, check your order and there's a very very good chance it will say CANCELED.
Now if the price of Bitcoins goes DOWN during that 2 day period, you'll NEVER have a problem. At least I never have.
Consider this:
I've used Coinbase several times with the SAME bank account. Why is it that a couple times when I bought them and the price went up during the waiting period are the ONLY times my transaction was cancelled? No other explanation than Coinbase being selective with their transactions.
Not saying it happens every time, but it happens enough for them to have a reputation for this in the Bitcoin community.
Alright, so here are your alternatives if you want Bitcoins:
There's VirWox.com which lets you purchase bitcoins with Paypal (but you do pay a premium since nobody else offers this instant convenient method)
Then there's my preferred option Localbitcoins.com but to get decent prices and instant bitcoins delivered to you at LBC you do have to physically make a bank deposit.
Now if you want to PROFIT from bitcoins, here is your strategy:
1. Make an account at btc-e.com
2. Buy your bitcoins somewhere
3. Keep track of as many Crypto currency charts as possible (there;s like 100 digital currencies now I believe)
4. Watch the trends closely. Because - for example - if you bought Bitcoins yesterday when Sexcoin (yes that's a real one) was trending, you could have instantly traded your BTC for SXC, and then while SXC skyrockets at an amazing pace, you will be able to trade the SXC back for BTC except, guess what, you'll have a heck of a lot more BTC than you started with.
Now somebody go write an ebook on one of the REAL methods to profit on crypto currencies!
Man this is great info Manuel, thanks for taking the time to write it... +5 REP GIVEN
I always wanted to learn a little about Bitcoin as i have a few k earmarked for speculation and wondered if there may be some cash to be made trading it...
Are you still trading it now? if so, as Bitcoin is so volatile, is part of your strategy to hold it until you are in profit and then sell? Or do you stick to the method you outline in your post, of buying other trending currencies and then trading it back to bitcoin for the profit?
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