Bitcoin Forum

There are a couple threads asking about prices, i'll make this one asking about dates


I'm not sure on an exact date, but i'm confident we'll cross 30 again before the end of the year.


But i would rather if by the end of next week we were already there.




How about y'all?

I want the market to tank over the next couple weeks and then I don't really care how long it takes to pass 30.

I predict that we will hit $30 mark before we hit the end of the 7th day after MtGox opens likely sooner. I really doubt a huge sell off out the gate because of the fact that other exchanges are holding prices above $10+ easily. Even if there is a selloff right out the gate, the prices will recover past $30 before the end of 7th day of trading after reopening.

I want it to hit $20 again so I can recoup the BTC I got from TheRealPlato in exchange for gas when it was $20 that day  ;)

We've just had two days of a nice steady $13-$15 Bitcoin. There's enough trading that it seems the market agrees that's the price.

4th of July.

Nagle you have no vision. The price should not stabilize until the exchange rate provides enough units that fully mined would account for a significant minority of global GDP (~US$50Trillion). For that to happen, $1 needs to be around 0.00000100BTC - 0.00001000BTC. With your idea stabilizing around $15:1BTC you are confining BTC to Black market or insular community usage. That puts the US$ at 0.06666667 and means BTC will never have a market cap beyond $315 million. That's not enough money to satisfy globabl spending on TV shows through iTunes let alone be a viable world currency.

We need the client software to become better developed, more secure and it to show 0.000001 BTC as 1uBTC or something. Humans will not accept buying shoes online for .000060 BTC, it needs to be 60 uBTC. But a good outlook on things Hawks... guess we are still all early pioneers, and earning 3 BTC per day may be a tremendous amount of currency.

Yesterday.

It still sounds too arbitrary.
With all due respect to the community, there are far too many autistic ideas thrown around that will never gain mass acceptance.

It needs to be something the common man/woman can identify with, like "bitcent". A hundred or thousand of those could be a "bitcoin".
To have widespread use for BTC, the infrastr. needs to be developed for someone who can turn on the computer, surf the web & understands how to download bitcoin and obtain a wallet, but not much beyond that.

Because that's 99.9% of the world's (internet) population no matter how superior some Unix geeks want to feel. We need to think about the demands of the larger market for BTC to succeed.

One of the best ideas is physical Bitbills (http://www.bitbills.com), the owner has done a really good job with it. That's exactly the kind of stuff Bitcoin needs to get visibility and acceptance.

Metric system works for me - 1000 microbits (uBTC) = 1 millibit (mBTC), and 1000 millibits = 1BTC

29th June it will be >=30.

Just a wild guess  :P

A few days after MtGox comes back online, if there are no other security issues  :)

November-December 2011

Fees will be lower for a couple of week (less than half of what they used to be) which will encourage lots of speculation. However, at the end of the reduced-fees period, the speculator will be better-off if BTC is $30 not $10...

I hope it does too simply because I want you to be rewarded for helping Plato along his way.  I don't mind bitcoin stabalizing at $15 personally for the time being.

I'll guess 2 or 3 weeks, and that's pretty much in line with what I'd prefer too.

If no-one wants the $900 or so in my AlertPay account, I'll have to withdraw it and get it into an exchange somehow, that'll take time :-\

On a log graph, even with the viruses, pump-and-dump, heist and Mt. Gox, and all you nah-sayers, week over week, the price is on a pretty consistent exponential trajectory: http://bitcoincharts.com/charts/chart.png?m=mtgoxUSD&v=1&t=S&l=1&r=60 Assuming no major catastrophes, I expect we'll hit $30 on schedule, mid July, and $50 in August.

You realize that 'cent' is already an SI prefix (in this case suffix). Whether bitcent or centibitcoin, it's just a term and it means 1/100th. I expect no semi-computer literate human would have trouble with milli-, micro-, nanobitcoins. In a given year, we'll probably only use one or two terms. I expect people can learn - it's money after all.

I expect slang to drop the 'bit' and personally expect we'll soon be exchanging picocoins (nano is so last decade!).
 

I'm surprised there are not a lot more mybitcoin.com competitors already. I will not help my grandmother secure her local wallet, but I can make her an account and give her a really clever password.

To be honest, I don't think the BTC price will ever go over 30 again. Never ever.

I think you would be in the mineority there.  ;D

http://bitcoincharts.com/charts/thUSD/accumulated_orderbook.png
Current market depth (USD, TradeHill)

The market right now has some depth to it, with a good supply of buyers and sellers, so the current price, about $15, is what a Bitcoin is worth right now.

With Mt. Gox offline, things have been relatively stable. If Mt. Gox shows high volatility while Tradehill does not, that's an indication that something funny is going on over at Mt. Gox. Normally, a larger market is less volatile.

Honestly mineority, if you believe bitcoin could be succesfull with a price below 30 you dont understand bitcoin. I would say, either bitcoin goes to the hundreds, thousands, or tens of thousands, or bitcoin dies. Its all about market size. $30 means a maximum of 180 million dollars of total value. With such a market size, bitcoin would not be a currency, but a rarity, a collectors item.

$180 MM would be current market value. Final market value at $30:1BTC would be $630 MM - or enough to satisfy 1 fiscal quarter of iTunes sales.

Bitcoin needs a final market value of about $21 Trillion to be viable as a world currency and $210 Trillion would be a lot better.

Right!

One thing though, dont forget that (hopefully) bitcoin will be just one of many concurrent free market currencies in the world. Many people think in terms of only one currency, which is nor realistic, nor desirable.

This is why the Economics board is a joke... this thread..

.

Mt. Gox is where most of the money and coins are, Tradehill has a history of following Gox and so now it is sleeping.

When do you expect and when do you want BTC to go over 30 bucks again?

When does not have to be a date, when can be a state of mind:

Bear-Market(s) 101: Learn From History

• When the vast majority think it will take years, or never, to see $30 or even $25 again,
• When there is a visible flow of threads asking how soon BTC will fall back under $1 (or $5) again,
• When every last weak-handed panicky miner is selling their hardware for reduced rates to "stronger-hands",
• When the last 4 or 5 slow to develop rallies have died out early and the panic-selling starts again,
• When the blood is flowing and optimism is hard to find,

Then the market will be quite for a while, a new rally will start form near the lows, and the price will quickly shoot up to $30.  


EDIT: We could re-test the highs soon, but at some point a slow, boring bear market will test your patience.

That's why Bitcoin probably isn't going to work. It has to deflate way too much to be usable on a large scale.

The launch was botched. About a quarter of the Bitcoins that can ever be generated are already generated. That fraction should be much, much smaller at this early point.

Nah.. The deveolpers say Bitcoin can be upgraded to have more decimal places, so this would not be a problem. And if bitcoin is insuficient, paralell blockchains can be created (Bitcoin 1, 2, 3).

This thread is bullish what ever about the market!

oh I think you're going to have to wait for it to hit $30 again. No doubt its going for a nose dive when Mtgox opens, there will be lots of people looking for the exit hatch. I wouldn't be surprised if we level out around $9-$10 and stay within a few dollars of that for a good while.

its going to be interested over the next few days though!

Yes, we can add more decimals, but we already have eight. One might guess Satoshi was aiming precisely for a $21 trillion (short count) market cap.

21 000 000 . 000 000 00 potential total number of bitcoins

21 000 000 000 000 . 00 number of microbitcoins ($1/microbitcoin parity) for a total of 21 trillion in circulation, with two decimal micro-cents.

Unless people have lost confidence in bitcoins, in which case they will sell all their frozen coins and the price will plummet. We can speculate, but won't know until Mt. Gox reopens.

Meanwhile, over at Tradehill, another nice boring day. Price still around $15, volume increasing, market depth and spread decreasing. That's the way a currency is supposed to work. 

I didn't say that. In fact, my point is based on the opposite belief.

Maybe the second or third approach for a p2p currenty will be successfull, but not this one.

@chodpaba

I'm not quite sure whether I got everything right in your post.

Why couldn't they just demand their dollars back?

I don't get why they should convert Dollars to BTC and then directly sell the BTC to get dollars out again. And especially I don't get why this should drive the price up if everyobody is trying to sell their freshly converted BTC.


Same goes here.

Why should the price increase if everyone is cashing out their Bitcoins?


Or are you referring to a simple withdrawal in both cases? Aka, convert to BTC and immediately send all BTC to their wallet?

Don't you see a chance of people wanting to fire-sale all their BTC because they lost their confidence in the whole system, leading towards a crash? (I think it's more probable that they only lost confidence in MtGox rather than BTC itself, though)

What kinds of profits are you speaking about here? The ones when people mass-withdraw and the remaining notice the rocketing price?



I'm quite new to all this, but eager to learn. In what way does the weekend come into play?

Agreeing with the gyrations, though ;)

Best regards

Actually this thread is composed of a greater than normal amount of people who actually have at least the foggiest idea of what currency is.

Most internet rhetoric you see about bitcoin takes a very pop-culture POV - the same people who have no idea what really makes bitcoin useful and what makes it command a high price in terms of goods and services or even fiat currencies like USD, are the ones who thought US real estate was a good investment in 2005.  These people do not understand what they're talking about.

I've seen at least two posts in this thread that explicitly show that the authors understand what currency is and have at least a marginal idea of why bitcoin is what it is today.

Once Mt. Gox opens, a lot of people will either sell their bitcoins, cashout, or make a withdrawal transfer. We're looking at a 50% withdrawal rate on the first day of opening. And then when that happens, you can forget the 30 bucks per share (btc). The result of too many people selling coins will be deflate bitcoin selling price. Not to mention the 56% rise of difficulty.

Let's rock!

I feel kind of bad for you... there is no way you could compete with others in this market with such faulty logic. I would advise you to only invest for the long term, and stay away from short-term trading.

Tomorrow?  ;D

Why do people keep thinking this..?  :-\

Boredom?  ;D

Good guess but you were wrong.