Bitcoin Forum

56k atm

Number of coins to go up doesn't really mean much. How much USD would it take to get up there is the more interesting question :)

+1

There's always people waiting to sell that don't want to put up walls and affect the price til the last second. 

same with buyers.

Every time someone posts something like this "Only a couple thousand coins to $7, 8 9 10!"  I laugh really hard.  Every time there is a rally the depth charts go absolutely nuts and thousand of BTC appear out of the shadows.  Bots and day traders are sitting there waiting for a rally to come out and sell hard to profit, which slows the rally.  I estimate it would take at least 10 times the OP's 56k BTC to $10 in order to actually touch $10.  Then it would crash a few dollars like always after a rally.

Not only will there be several times more BTC as resistance to $10 than what is visible on the order book, but, even if there weren't, to soak up 56k BTC in the price range between $5 and $10 takes a lot more USD than the same number between $2 and $5.  This is going to be an enormous hurdle, in my opinion, unless and until there is many, many times more USD coming in.  

Also, there's always going to be 56k BTC "up there", if you know what I mean.  But, how much support is sitting below?  At $30 again, 20,000BTC is valued at $600,000.  But that's the problem.  Just like last time there's unlikely to be $600,000 worth of depth anywhere remotely close to $30.

Well right now it appears we need more cashflow to support higher levels.
Though it would be very easy for billionaire or a Bank to buy up most of the Bitcoins even at a value of $30...It would not be wise. When not all coins are created and miners are willing to sell at $5...

http://www.forbes.com/sites/luisakroll/2011/12/19/billionaires-daughter-pays-record-sum-for-nyc-pad/

i think most asks will retreat to much higher ground than that before selling.  i know i would.

The 88 million she wasted on that apartment could buy all bitcoins in existence for $10 a piece...  haha

I have both buys and sells programmed in, but not entered on MtGox.  No need to give my hand away and provide free information to the market which it does not deserve.  Any analysis based on existing asks and bids is missing a huge amount of data and also assumes people won't adjust their trades if the market swings one way or another.

If I had a bitcoin for every time someone posted 'only $X to go until we hit price $Y', I could retire on bitcoins alone  ;)

This is a good example of how quickly the winds can change.  58k BTC to $6 now.  87k to $10.

I'm assuming you mean it couldn't because people wouldn't sell all bitcoins to one person for $10 a piece.

Otherwise, are you trying to argue the fact that $10 time roughly 8 million bitcoins is more than $88 million?

No, it wouldn't because by the time she's spent the first million, the value of the remaining BTC will have risen to around $50 a piece... by the second million, it would be closer to $150, and so on.

If (and that's a big if) someone were to put $1 million into MtGox and then place a $1 million order at up to $10 per BTC, they'd pretty much empty out all of the MtGox bids and leave a sizeable bid wall. Where things would go from there is the question. They could probably then put up a $15 ask wall with all the BTC they bought and turn a nice profit.

The original claim, properly understood, was that if all extant bitcoins were offered at $10, then $88 million could buy them all.  I think everyone understands that (1) they're not all being offered for $10, and (2) million dollar purchases would drive the price up a lot.

Again.

New ones can also appear anytime.

The difference is that we can be certain that there's lots of BTC waiting to be added to the order books - e.g. stuff that was recently bought.  But, we can't be quite so certain there's more USD, or enough of it, waiting to be added.