Bitcoin Forum

This is the highest it is going to get for awhile. It cannot be sustained above 1.10 for too long. I recommend you sell and profit while you still can. There hasn't been that big of an increase in adoption since the inception of this rally.

Yes please sell, I want to buy more and want to do it cheaper.

That's a lot of statements of fact. On what data are you basing your analysis?

The only thing(s) required for a sustained increase in the price of Bitcoins (relative to the dollar) is an increase in the demand for Bitcoins, decrease in the demand for the dollar, or increase in supply of the dollar.

I will buy from you...$1 per bitcoin...maybe.

We are living during the record breaker. Statistically a record has never been sustained for a long time.

If you look at the data, the spike occurring now and the one in February coincide with spikes in U.S. gas prices.  The federal reserve is printing money causing inflation.  That's not going to stop any time soon. Bitcoins aren't becoming more valuable as much as the dollar is becoming less valuable.

Some guy posted asking for advice regarding buying 200k-400k BTC.  Maybe he was serious.  There have also been the poker site seizures (leading to interest from poker communities such as 2+2) and some more press exposure (TIME, reddit).

I think you guys are putting way too many factors into play.  This is not due to dollar weakening or oil price spikes.  Almost all of this rise is due to speculation.  BitCoins are not terribly useful right now to most people.  There is pretty much very little reason to buy them with cash in terms of being useful.  It's all about people who think they *might* be useful in the future.  The BitCoin economy is super small.  6 million bitcoins at $1.15 each is nothing but a drop in the bucket.  If even one minor industry started even having one minor player start use bitcoins heavily, the value skyrockets.  Why?  Because there aren't enough compared to the amount of cash people need to inject into it.

But since its all speculative, it requires people absorbing the supply being mined each day and then sold.  So far, it's been happening.  You could buy out all the supply of mtgox for under $50k.  That's a tiny market.  There are speculators right now buying stuff, but not too much to rise the price too much.

No one is buying to hedge against 15% increases in energy prices or 15% falls in the dollar.  People are gambling that their $100 or $1000 they put into BitCoin turns out to be a 20x investment or more.  And if one valid use pops up, 20x will be the minimum.

You can buy what's visible for $50k, but everyday lately $50k sells and there's $50k more waiting.

There are dark pool asks and there are people willing to buy and sell at some price who just haven't declared yet.

During my short time on this forum, I've learned to more or less ignore anything Atlas says.

That's fine, but there is "only" 6M Bitcoins out there.  No one could ever have more.  A lot of people aren't going to sell theirs unless the price grows a ton more.

$5M is nothing in a speculative market.  Say someone can even get a .1% market share gambling with bitcoins.  That alone would make things go up by 20x.  Of course, i should just be quiet until I get a few grand in BTC before I pump things up too much.

Speak for yourself.  I'm not about to sell the silver that I presently own, but hedging in Bitcoin is much easier than trudging down to the local dealer to buy more metal.  That and I also get the possible benefit of speculative gain.  Speculation isn't an exclusive motive.

I think you are under estimating the current, real-world usefulness bitcoin already has to a certain sector of society, black and grey markets. It maybe difficult and tricky but it is getting better and already better than some of the alternatives ..... while this demand exists there will be 'real trade' floor under the market that is not speculative.
 

After all, many of the world's most successful financial institutions have their roots in various black or grey markets.  Bitcoin certainly isn't the first system to depend upon nefarious activities in it's infancy.

I've been away for a little, so what caused the spike in the first place?

I only have 6 BTC at the moment, but once it starts trending down I'll sell and keep some in a MTGOX account to buy more at a low price.

I don't know what I'm talking about. I only made this in my irrational attempt to short-shell.

You need a minimum of 10btc to be able to sell on mtgox (AFAIK)

No minimums and no transaction fees here.  ;D

Bitcoin is incredibly useful for witcoin.com

Micro patronage just isn't possible using any other method. Try withdrawing .01 paypal dollars to your own account and see how much you end up with.  :D

There was a spike in Feb from Slashdot and now I think the spike is from a Time magazine internet story. 

Basically he was making an attempt to sell, make the price go down by scaring the participants and then buy more BTC than he started with.

He was making the next event up with no bases. As long as I am concerned this rally could really last until the 1.5 mark 3 days from now.
You can see that because of the trade volumes, the Market depth, and the MACD indicator. Please note I don't have as much experience as S3052 has, so don't take my worth for it and be safe.


I think reason x cause effect y on the Bitcoin exchange!

Wow... people must be really wanting those Alpaca socks...

I just sold 250k bitcoins. Thanks for the tip.

I highly doubt this.  Any source on any VC's investing in Bitcoin?

I'll take the beer, thanks ;)

This is probably correct and something I need to try to look into to try to measure where it's at.  Obviously a big player in a gray/black market (that's legal in some countries) would make a huge impact.  I need to learn more about this to have an informed opinion.

What are you implying when you say this?

Fill the blanks and shout it. You will see.

For instance, I think Atlas brag caused the exchange price to drop!
I think reason x  caused effect y on the Bitcoin exchange.

It is a meme dating back to kiba and S3052 as far as I am aware. :P

Are you saying that movements in the Bitcoin exchange rate cannot sometimes be attributed to news events?

This definitely is possible now, especially since very minor stuff can severely move the market.

"It costs x IN USD and x-10% in BTC"

Until all of us will start pricing things like this bitcoin will be just alternative... and people will be able to live WITHOUT it perfectly..

Read my post for explanations http://bitcointalk.org/index.php?topic=5999.0

For example I plan to accept funds in BTC for lower management fee for my managed account soon.

Now imagine:

-Do you want having x% per month?
-Yes of course! Where to put USD?
-Sorry! No USD - buy BTC and come...

Anyone of us having BTC in their wallet must act like this and you will get your ROI!

Any thoughts about it?

My interpretation of the meme is "any speculation on the cause of the exchange fluctuation is speculation".

Speculation with varying degrees of likelihood, depending on the situation.

they are also approaching bitcoin based businesses so Ive heard :-X

See! We are right now at 1.40 and it will only increase!
/take your precautions

Who is buying at record high prices?

I'll sell all right...
Sell my useless old USD for some hard currency.

This seems to be a common misunderstanding. At least it doesn't make sense to me. The Feb rally started around Jan 29. But the Slashdot article wasn't posted until Feb 10. And actually that's about when the rally ended.

So if Slashdot had any effect on the market at all, it seems it must have been to prevent the price from going even lower after the spike.

I got no data at all but...
Do the spikes in btc coin coincide with big rises in silver?

no

Lol, hope people didn't follow this advice. It is almust up to 1.7 now

Boy oh boy is there going to be one hell of a hang-over from this Bitcoin Easter weekend party!

Silk Road must doing a roaring trade.

Ah, and was it published in the magazine itself, or just an internet story?

But damn, more people read TIME than they do Slashdot apparently, or at least more people who look towards things more seriously.