Title: Bitcoin pricing Post by: abcduploader on July 29, 2011, 03:39:11 AM Hi Guyz,
I am new in this Bitcoin world. And doing mining with a HD 5870 . The thing that I am trying to say is that ..A month ago around the last week of june , the price of a bitcoin was 18$ ( USD ) approx . Now, currently it has fallen down to 13.95$ - 14$ approx So, its constantly dropping. Plus from my situation I find that after giving the electricity bill I have very few buvks to spent around . So, my theory is that cant there be any bidding system put into the marketing sites like bitmarket.eu , tradehill etc . I mean if some one bids 13.95$ then the next bidder has to be atleast .05 - .1 more than the last one . ie the next bidder has to bid more than 14$ . In this way the cost of a bitcoin will dramatically increase and the buyers will also dont have to fear about the drops in bitcoin prices . I hope I have made my theory clear. If there any questions feel free to reply here . Sorry for my bad English , Thanks abcduploader Title: Re: Bitcoin pricing Post by: tysat on July 29, 2011, 03:41:33 AM Exchanges =\= bidding sites
You could setup a site like that if you wanted, but I doubt anyone would use it. Title: Re: Bitcoin pricing Post by: nafai on July 29, 2011, 04:02:14 AM Assets are worth whatever a buyer and seller come to an agreement on. This is called "price discovery". See http://en.wikipedia.org/wiki/Price_discovery
Trying to artificially manipulate this price will only reduce the market depth. That is, if under a free market the price goes down (because there are more sellers than buyers at the current price), and you try to prevent that through artificial means, all you're going to accomplish is that people stop using you as a marketplace. It's like the minimum wage. We say "oh it's bad for anyone to earn less than $X an hour, I know let's just make it illegal to pay someone less than that!" Well, you may succeed in eliminating jobs at wages lower than the target rate, but the side effect is that now you have a bunch of unemployment. Title: Re: Bitcoin pricing Post by: abcduploader on July 29, 2011, 09:16:22 AM Okk...
I understand your comments... But i only wish the value of a bitcoin gets higher...Because the general tendency is to set a price lower than the last transaction so it gets a quick sale. But that is continuously dropping the value of the bitcoin. I dont have much idea about the market.. But i hope the price gets above 17$ atleast otherwise its of no use... Title: Re: Bitcoin pricing Post by: mc_lovin on July 29, 2011, 09:47:49 AM Okk... The price was as high as $41 just before we got GOXED by the Mt Gox hack. Mt Gox was always the central place to value the bitcoin but after the hack and it was offline for like a WEEK the markets resumed at $15-ish and haven't gone up since. Personally, I'm glad the price is at least stable. I see the value going back up in a month.I understand your comments... But i only wish the value of a bitcoin gets higher...Because the general tendency is to set a price lower than the last transaction so it gets a quick sale. But that is continuously dropping the value of the bitcoin. I dont have much idea about the market.. But i hope the price gets above 17$ atleast otherwise its of no use... Title: Re: Bitcoin pricing Post by: aandreas on July 29, 2011, 12:56:53 PM 41$ for one bitcoin? neverever if u can prove this to me, í´ll pay u 10 btc.
also the price before mt.gox shot down, was about 17, coming down from its 31 alltime high Title: Re: Bitcoin pricing Post by: edd on July 29, 2011, 01:00:14 PM 41$ for one bitcoin? neverever if u can prove this to me, í´ll pay u 10 btc. also the price before mt.gox shot down, was about 17, coming down from its 31 alltime high Can you prove $31 was the all time high? I believe I saw it as high as $34. Title: Re: Bitcoin pricing Post by: bitman442 on July 29, 2011, 01:19:51 PM 31.9 was the all time high. Almost every article/ newspiece related to bitcoin mentions it.
Title: Re: Bitcoin pricing Post by: cbeast on July 29, 2011, 01:25:37 PM Someday 1 BTC will be a lottery prize.
Title: Re: Bitcoin pricing Post by: mc_lovin on July 29, 2011, 01:29:01 PM 41$ for one bitcoin? neverever if u can prove this to me, í´ll pay u 10 btc. Ah well, that's what I get for using my brain as a source of information. Damn you, memory!also the price before mt.gox shot down, was about 17, coming down from its 31 alltime high Someday 1 BTC will be a lottery prize. Yeah, and if people go to your house and see your electricity meter running full tilt, they'll probably invade you because they know you go that megahash goin' on.Title: Re: Bitcoin pricing Post by: jh1523 on July 29, 2011, 01:35:29 PM Yeah, and if people go to your house and see your electricity meter running full tilt, they'll probably invade you because they know you go that megahash goin' on. Yeah, that or growing pot in the basement. :) Title: Re: Bitcoin pricing Post by: cbeast on July 29, 2011, 01:40:50 PM Someday 1 BTC will be a lottery prize. Yeah, and if people go to your house and see your electricity meter running full tilt, they'll probably invade you because they know you go that megahash goin' on.By then us miners will only be generating Satoshis, not bitcoins. Title: Re: Bitcoin pricing Post by: edd on July 29, 2011, 01:55:04 PM 31.9 was the all time high. Almost every article/ newspiece related to bitcoin mentions it. This is an example of what is commonly known as "hyperbole." Title: Re: Bitcoin pricing Post by: tysat on July 29, 2011, 02:16:22 PM 31.9 was the all time high. Almost every article/ newspiece related to bitcoin mentions it. This is an example of what is commonly known as "hyperbole." hyperbole would be more like "BITCOIN HIT $10000 AND YOU DIDN'T SELL?!?!?!?" Title: Re: Bitcoin pricing Post by: abcduploader on July 29, 2011, 08:15:06 PM Guyz...just calm down...
All I wanna know is whether the price of bitcoin will go up ...around 20$ would be great. What was the all time high I dont care I just wanna see the price getting high , So that I have some extra cash after giving the electricity bill. I have around 5 bitcoins in my wallet so what should I do... keep it or sell it ??? Title: Re: Bitcoin pricing Post by: 1984 on July 29, 2011, 10:06:05 PM If it was known that the price of bitcoin would go up then it would of gone up, just as if it was known that the price of bitcoin was going to go down it would of gone down. Right now the price of bitcoin is the price of bitcoin. If you want to keep your bitcoins keep them, if you want to sell your bitcoins sell them. But whatever you do next probably some reading like http://en.wikipedia.org/wiki/Market_economy (http://en.wikipedia.org/wiki/Market_economy) is a good place to start.
Title: Re: Bitcoin pricing Post by: the joint on July 29, 2011, 10:11:10 PM Hi Guyz, I am new in this Bitcoin world. And doing mining with a HD 5870 . The thing that I am trying to say is that ..A month ago around the last week of june , the price of a bitcoin was 18$ ( USD ) approx . Now, currently it has fallen down to 13.95$ - 14$ approx So, its constantly dropping. Plus from my situation I find that after giving the electricity bill I have very few buvks to spent around . So, my theory is that cant there be any bidding system put into the marketing sites like bitmarket.eu , tradehill etc . I mean if some one bids 13.95$ then the next bidder has to be atleast .05 - .1 more than the last one . ie the next bidder has to bid more than 14$ . In this way the cost of a bitcoin will dramatically increase and the buyers will also dont have to fear about the drops in bitcoin prices . I hope I have made my theory clear. If there any questions feel free to reply here . Sorry for my bad English , Thanks abcduploader That, or we could just say all Bitcoins are worth $1,000,000 and save some time. Title: Re: Bitcoin pricing Post by: JoelKatz on July 29, 2011, 10:32:50 PM So, my theory is that cant there be any bidding system put into the marketing sites like bitmarket.eu , tradehill etc . Say you set up such a system, and the price on that system goes to $18. As soon as there's nobody left whose willing to pay $18 for a bitcoin, and some guy on some other system starts offering them for $17, nobody would trade on that system.I mean if some one bids 13.95$ then the next bidder has to be atleast .05 - .1 more than the last one . ie the next bidder has to bid more than 14$ . In this way the cost of a bitcoin will dramatically increase and the buyers will also dont have to fear about the drops in bitcoin prices . You can't sell something for more than it's worth unless you can keep a ready supply of suckers. Title: Re: Bitcoin pricing Post by: edd on July 29, 2011, 10:34:27 PM That, or we could just say all Bitcoins are worth $1,000,000 and save some time. Good idea. I have one for sale if you're interested. Title: Re: Bitcoin pricing Post by: the joint on July 29, 2011, 10:48:16 PM That, or we could just say all Bitcoins are worth $1,000,000 and save some time. Good idea. I have one for sale if you're interested. [/quote Ok, but then you have to buy mine for $1,000,001. Title: Re: Bitcoin pricing Post by: jh1523 on July 29, 2011, 10:51:09 PM Guys, we don't need to convince ourselves that bitcoins are worth $1mil each - we already know that. :)
It's everyone else who needs convincing. :P Title: Re: Bitcoin pricing Post by: SteveFL on July 30, 2011, 01:42:19 AM 31.9 was the all time high. Almost every article/ newspiece related to bitcoin mentions it. Actually: Code: June 10, 2011, 12:19 p.m. Obtain: 32.99 USD Gave: 1.00 BTC 32.99 USD 0.19794 USD Commission Granted I can't prove it more than that or a SS from my TH account that someone will claim I photoshopped, but I did sell for $32.99. Title: Re: Bitcoin pricing Post by: abcduploader on July 30, 2011, 05:19:57 AM So, my theory is that cant there be any bidding system put into the marketing sites like bitmarket.eu , tradehill etc . Say you set up such a system, and the price on that system goes to $18. As soon as there's nobody left whose willing to pay $18 for a bitcoin, and some guy on some other system starts offering them for $17, nobody would trade on that system.I mean if some one bids 13.95$ then the next bidder has to be atleast .05 - .1 more than the last one . ie the next bidder has to bid more than 14$ . In this way the cost of a bitcoin will dramatically increase and the buyers will also dont have to fear about the drops in bitcoin prices . You can't sell something for more than it's worth unless you can keep a ready supply of suckers. If someone can setup that system...One buyer will know that if he buys a bitcoin now he will surely sell it off at a higher price since the next person must bid .1$ more . Title: Re: Bitcoin pricing Post by: the joint on July 30, 2011, 05:25:06 AM So, my theory is that cant there be any bidding system put into the marketing sites like bitmarket.eu , tradehill etc . Say you set up such a system, and the price on that system goes to $18. As soon as there's nobody left whose willing to pay $18 for a bitcoin, and some guy on some other system starts offering them for $17, nobody would trade on that system.I mean if some one bids 13.95$ then the next bidder has to be atleast .05 - .1 more than the last one . ie the next bidder has to bid more than 14$ . In this way the cost of a bitcoin will dramatically increase and the buyers will also dont have to fear about the drops in bitcoin prices . You can't sell something for more than it's worth unless you can keep a ready supply of suckers. If someone can setup that system...One buyer will know that if he buys a bitcoin now he will surely sell it off at a higher price since the next person must bid .1$ more . Mmmmmm super-deflation. With my 1 BTC, someday I can buy...THE WORLD!!! Mm...mua...mua ha ha...MUA HA HA HA HA Title: Re: Bitcoin pricing Post by: Pumpkinman on July 30, 2011, 06:26:36 AM i was late to the party for coins been at it only a grand total of 3 months (know about them for about 5, just didnt jump the shark.) so my highest sale was a small $15
i'm hoping prices will return there soon. would be nice. Title: Re: Bitcoin pricing Post by: abcduploader on August 07, 2011, 06:51:29 AM Anyone still wanna talk about pricing since now it has dropped to 10$ and I see no way its getting up....
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