Bitcoin Forum

50 BC = $2.50? Surely this isn't sustainable even at the current difficulty ;)

Then again, all about supply and demand. If this is what the market demands, then go get your PCs ready, cause there's a gold rush in town!

Where is this?

On bitcoinmarket current market value is 1 BTC = $0.0295 or 50 BTC = $1.46

I based it off of this:

wow, the (asked) exchange rate doubled today.
hope this won't make the people hord the coins even more but spend it for useful things or exchange them.

The higher the value goes, the more tempting it will be to spend them. This is what ultimately keeps the price in line with supply & demand in a non-propped market.

The unpredictable question is... if, where, and when? ;)

WTF ?
i guess this should be 0,021 and not 21. what a pitty ^^


wait... what ?

Wow!

PayPalUSD     85.0     0.045     42.5225     1000

Until there is a non-zero number in the volume column a market has not been made (or is there a programming problem with the front page exchange display?)

Merchants will just have to adjust their rates - nobody will pay 10,000 BTC for a pizza anymore  ;D

The volume currently shown is as of the last update which happens every 2 minutes.  So when a trade occurs the volume will show up only until the next update.

You can see the total daily volume and prices by downloading the Intraday .csv file from the "Trends" page.

There were some offers made in error today.  Whenever this occurs, I try to rectify it as best as I can.  I need to make it a little easier when placing an offer and have some error detection.  Also, I'm working on a better way to generate quotes, so errors can be eliminated quicker.  More work to do. :)

.08 on paypal?  That's like twice the price from yesterday isn't it?  There is definitely some bubbling going on.  I wish I had been in bitcoins earlier and had more built up, I'd totally help deflate it.  Oh well, I am sure another will come along later when I have more bitcoins.

Not necessarily. The generating cost quadrupled today:

http://bitcointalk.org/index.php?topic=43.msg3488#msg3488

That could actually also be a bubble.  Although a different kind of one.  On the other hand it could be a real increase in interest in bitcoins, which would be great if it allows for a real economy to start growing.

I think the mention on Global Guerillas may have caused some of the interest, I know that is where I came from.

I wouldn't go so far as to accuse people of doing a pump and dump.  I think some may be misplacing their optimism however.  I don't know, but I would guess that this is a bubble and that prices will go back down in a short time, although perhaps not as low as they used to be, and I do expect them to go considerably higher in the relatively short term (as in a year or so)

It's definitely exciting.  Makes me glad I got in when I did, and makes me wish I had been in longer.  If it drops soon I'll most likely be trading in some dollars for bitcoins, but I am still of the opinion it's a bubble for now and will drop.

While not a perfect indicator, if you want to speculate about this being a bubble or not and to what level of trade it will end up going to after awhile, I would suggest looking at this page:

http://sourceforge.net/project/stats/?group_id=244765&ugn=bitcoin (http://sourceforge.net/project/stats/?group_id=244765&ugn=bitcoin)

While interest is waning from the peak spike with the Slashdot story, interest still remains strong with triple digit numbers for downloads.  Certainly that indicates a sustain increase in participation from an earlier date and that Bitcoins has come up on the radar screen.  It also went from being ranked at about 30k out of all Source Forge projects to moving up to one of the top 1000.  That is significant.

I don't know how long this will be sustained, but it does indicate that a huge increase in demand has happened with Bitcoins, and that not only are coins being much harder to generate, but that many more people are trying to use them.

I'd agree, however, that it remains to be seen if this can be sustained or what the final sustainable levels of interest will be after this spike.

There is a small transaction fee for using bitcoins.  Not everybody is getting charged that fee at the moment, but it is something that is happening even now.  Those transaction fees go to the node operators for "large" transaction that take a bit more processing for whatever reason in the network.  I don't know all of the details, but it is something built into the network.

Regardless, it certainly is a much smaller transaction fee than the other payment methods, and a heck of a lot less than credit or debit cards.  With the fees that merchants pay for credit card sales, I actually go out of my way to make sure I pay cash for purchases at a small Mom & Pop store in my town explicitly so they can end up keeping more of the money I'm giving to them (pulling it out of an ATM where possible prior to the purchase).  Large box stores I really don't care about, as they already have "special" arrangements with banks for these fees anyway.  If I am without cash and using plastic anyway, I also try to explicitly request "POS debit" instead of "credit" even if the store clerk is clueless about the issue for the same reason... it makes a difference in terms of profits to the store.

.08 was, if not a bubble, a spike, since it is down to .05 now.  I'm betting on it going down a bit more before it starts climbing again.

(of course, I'm only planning on buying like 10 dollars worth of bitcoins anyways, so it's not a real momentous decision)

When comparing spikes, don't compare closing prices to opening prices. There are benefits to being the lowest/highest offer when the market opens. For example, right now the high bid is $0.10 and the low ask is $0.05, which will result in a trade at $0.75, which is better than either person's bid or ask. Now suppose there was a bid at $0.99, and after the market opened, someone offered an ask for $0.99. He didn't get the first trade and ends up spending more money than the person who had a higher bid at the beginning of the day. The same is true for an ask of $0.049 that goes through at that price. If he had gotten the higher bid, he could have gotten about $0.75, but instead he only ends up getting $0.49.

And there goes my trading advantage. :'( Don't never say I ain't never not given you nothin'. :-*

I may be reading the page wrong, but it looks to me like the bid is .05 and the ask is .055555 (at least on paypal, which was what I was looking at before)

I understand what you are saying about an advantage of being the opening trade, would this be something which was likely to drive the price of bitcoins in dollars up or down though?

(edit) so looking at the trading data the opening bid was, indeed, .1  how did you know that?

The high and low price doesn't update while the market is closed, but offers still get listed and you can sort them by price which allows you to see the high and low price.

how do I find that?  I have been browsing the market kind of obsessively today. I have noticed that trade volume is down significantly from yesterday, which I think means price will decrease, for a bit. 

Click on the Market tab and then click the double triangles next to the Price heading.

true,  I guess we find out on Monday if it is going to go up, down, or stay the same.  I predict a fall to about 2 or 3 cents before a more gradual climb resumes.

Look out, another bubble?! What's old is new again!

http://jonpeddie.com/images/uploads/backpages/20090514-backpages-1.jpg

I wonder if he sold those 200 coins for $6000 at the top of the last bubble... or doubled his money at .10

How shocked it is to look backwards.  :o

Very shocked. I don't know why there is an unwritten rule about not bumping old threads. They're fascinating

Nice you are only 2 years late.

I saw many got banned for it. I guess is up to if anyone report you and which moderator then resolve it.

I first thought OP was about BlackCoin (BC) but mods don't encourage bumping old threads apparently

Banned for it?!? What could be the justification for banning someone for bumping an old thread? Most new threads are meaningless. Old threads give us perspective

OMG 2.50 for 1 block! This is too much! I'm not buying!

The interest is a joke, it make BC will die at last.

I know some got banned. I guess because of unwritten rule. Since is not written. When you get banned they dont explain you why you were exactly. But that guy bumped 2 year old thread last.
And to add it how bizarre this was i can also say, that thread was in Off topic.

Think it's interesting to keep threads like this alive for hostorical purposes and for noobs to be able to look at history of btc and for research imo

and i guess 95% of the people back then cashed out at 10 $  :D

yep, what a true ponzi scheme Bitcoin is!  all those early adopters selling for  $7.50 profit sure were the lucky ones!  :D ;D ::)