Bitcoin Forum

del

Wow, that tightened right up.  Still, I take a wider view.

Short term: Up.  I'm a bear but I won't fight momentum.
Mid-term: Down.  The fundamentals suck.
Long-term: The future's made of RevCoins.  :)

I'm betting its going to drop some time today as people in the US wake up and sell their coins at the delicious prices. Already sold some at 6.2, hopefully i'll be able to buy back in around 5 :p

After a large and rapid increase in price it would be natural, almost expected to see quite a few people take profits off the table and dump the price to somewhere in the low to mid $5 range.

For those traders who anticipate higher prices in the very near future, I would ask why that is so?  What's happened to bitcoin in the last week to make it rise so far and so quickly?  Apart from change in sentiment, was any new product or service announced?  Did the fundamentals change?

Essentially: Yay, the crashing is over!  Happy days are here again!


I've said that enough times that people are sick of it.  Near as I can tell, No.

Did the fundamentals change since june? Hardly. So why couldnt it go up to $30 again?

The reality is that the bitcoin market is extremely shallow. The vast majority of bitcoins are not for sale and are being hoarded and will not be sold almost regardless of price. More important is time frame, they might be sold in 1 or 2 years, again, almost regardless of price.

Of what remains, only a tiny fraction is actually used for commerce, the bulk is speculation. The result is the price for the next few years can go pretty much anywhere, all it takes is speculators speculating what others speculators will do. It could go back to $30 or more, it could collapse to $1. Anyone who thinks he knows where its going is delusional.

That said, it has been reported but I think people may underestimate its significance:
http://www.haaretz.com/weekend/magazine/money-shiny-new-coins-1.404597

Remittances to Israel alone account for more than $1 billion annually. Add to that the fact Jews dominate gold and diamond trade, and its not hard to see the potential of bitcoin gaining ground there.

Whats there religion got to do with it?

ty for the info.

That comment was not about religion - but about the country Israel and the fact that more than $1 billion is sent annually there (by whatever current money sending systems) - this is a huge market for bitcoin if you think bitcoin is in this business.

Israel is a Jewish state, so I guess thats got something to do with, wouldnt you agree?

If you meant to ask what judaism has to do with gold and diamond trade; its a cultural and historic thing that goes back centuries, but none of that matter. What does matter is that they are extremely important players in gold and diamond trade across the globe. And to put it euphemistically, not all of that is paid with traditional bank transfers.

6.25 is the average between $5.5 and $7
If you are a responsible bitcoin owner then sell and stabilize it.
If you want to get to $7 because it is "round" number - then buy :)

TIME TO RALLY

indeed. there was e.g. that guy who sold amazon-couposn for about 80% of theire value in bitcoin.

-> that makes bitcoins alot more worthy, cause if you want to buy on amazon, it is alot cheaper to first buy bitcoins and trade them against those coupons for ag 20% gain.

i don't know how many of this coupons he sold, but whenever i saw them, they were pretty high and there was a huge demand for them..so i guess some 10.000$ + ..

I am at BitcoinCharts.com, looking at the 1 Month/Hourly MT Gox chart (larger chart version)

It is a thing to behold. 

You will see steady climb from 1st week of December to January 1st. Very steady and gradual and to me most importantly, a very STABLE climb upward.

After the New Year, the pattern has changed dramatically... there have been 2 upward dollar spikes , each in the space of 2-3 days.One from $4.20 to $5.20 and the recent $4.80 to around today's $6.20 mark.

I for one would like to see a steady, trading in range climb, like we had the previous 3 weeks, with the occasional .50-$1 burst upward.

I would love to see it go to the moon like everyone else does, and it may, but I am hesitant to invest again until it gets boring, trading steady for weeks at a time again.

Do not buy gift codes (Amazon, iTunes, or otherwise) with bitcoins.  Those gift codes were paid for with stolen credit card numbers, and Amazon will probably kill them before you use them or before whatever you buy is shipped.  Meanwhile, the seller has run off with your bitcoins.

I guess a stable BTC price is not an option.... ??

Not in a market driven by 90% speculation. 

After a gigantic correction from June prices, it would be natural, almost expected, to see a rally that retraces some of the correction, if not all of it.

For those traders who anticipate lower prices: did the fundamentals change since June?  What's happened to bitcoin to make it fall so far?  Answer: scammers and hackers.  However, I think speculators are beginning to realize that incompetent exchanges, scammers or mybitcoin are not the end of bitcoin, and that the bitcoin technology is sound.  There are many new services since June and media exposure is rising again.

only thing that keeps price 'stable' at the moment are flaky mtgox APIs - they freeze reportning data, all btc economy freezes

they should do something about their APIs
mirroring, load balancing, cdn, whatever

they could offer premium real time for monthly subscription and keep the current crappy api reporting free

so many different options and methods to aproach it and make it smooth.

when big waves come, only thing holding us back are mtgox api's  - which will not be impressive in general public view

 >:(

their own mtgoxlive is a joke as of late

Fundamentals aren't the problem with bitcoin.  It's awareness, which gets better by the day.

This can be viewed as punctuated equilibrium (https://en.wikipedia.org/wiki/Punctuated_equilibrium).  Or visualized as someone walking blindfolded down a path, getting pushed by a stranger, and then trying to regain her balance.

The price always seems to correct and stabilize, again looking at last months chart.

Guess that the must the other 10% at work ?

error 404 - no stupidity found in 'brain'

serious: this were also my first thoughts when it came to this coupons, but after i watched some of them beeing sold and everbody involved beeing very happy, i doubt they are killed or paid for with stolen credit cards^^

there are a lot of possibilities where those come from, to imply serious crime straight away.. well i don't usually do so.

Regarding the subject:
I see the price clinging to the asks on low volume as bullish.

The second thought is to doubt those supposed sales and happy customers.  Probably the scammer giving himself good feedback in order to trick people.  Where did you see these gift cards for sale, if I might ask?

It's for this reason that good vendor sites like SR are based on building a "web of trust", so that the accounts of fake customers and scammers are identified and closed before they can rip off too many real customers.  Of course some scammers will always slip through the cracks if they try hard enough, before they are caught.

Same idea with Ebay, but the scam works a little differently there.  A while back, some people were excited to sell bitcoins on Ebay, because they were selling like hotcakes at a 20% premium over the going MtGox price.  They would get with PayPal and then send the customer the bitcoins to the customer's bitcoin address.  Then PayPal reversed their payments (they were bought with stolen paypal accounts or stolen cc's), and they were out their bitcoins.  Now if you see bitcoins for sale on Ebay, its usually as BitBills or something which gets physically shipped.

You have to be on your guard with irreversible transactions like bitcoin (also international wire transfers and western union).  Its the critical ingredient in all the common scams (craigslist scams, nigerian emails, etc.).

http://bitcoin.clarkmoody.com/
http://www.bitcoincharts.com/
http://www.btccharts.com/

pulling from the same API, all of these services at best are lagging behind if not frozen completely during trading peak times like now
appreciate for trying to help though

I just wanted to +1 this.  Their API/socketio is extremely unreliable and it forces me to stop trading because I have no data in front of me.

Yeah just getting it out there since he asked, source of the problem still needs to be fixed. 

do you know if there are any sites using their api to watch live order stream?
although once TH faces growing traffic pulling their API's, most likely it would cause the same problem, but for the time being i may give TH a try if i won't have to code my own gui to their live data feeds

+1

small selloff last night broke out of the ascending triangle, woke up to big sellof to >$6

(of course the chart is outdated but the quote totally applies)