As of July 1 MtGox set their trade fee to 0% for 25 days. This has resulted in a lot of small trades with very few fluctuations with a slow steady decline in price as traders take their small profits and cash out.

I believe that on July 26, when that is lifted you will see more people just holding their BTC instead of trading a few pennies here and there and the trades will be larger with larger swings.

This could be the start of another uptrend as investors buy and hold for larger swings.

This could result in another $35 spike like we saw in June.

The market is about to skyrocket tomorrow.

The mining difficulty is about to go up tomorrow, July 19th. Which means less bitcoins being created by miners and less supply which means a huge upturn.

Plus, most people can not get their Dwolla money processed until around 6PM EST after the weekend so they are all sitting there wishing that Dwolla would get them their money already so they could buy in this downswing.

I did the same thing last Monday waiting until just before close of business for Dwolla before my funds were available.

Wish I had bought this Monday instead of last, right before the rise in difficulty.

This.

Even in some downturns gold goes down with the DOW. Not because of any market force, but sometimes people just need the money for stuff. So they take out of both.

A true BitCoin chart will look like a complete circle.

 

I would think that the closest comparison would be PayPal.

If everyone used Bitcoins instead of printable dollars, then wars would be less common.

Wars are funded mainly from printed currency.

BitCoin is a Ponzi scheme in the same way that Real Estate is a Ponzi scheme.

Most likely they have a sell set to 13.50001 and a shitload set at 13.5

When the 13.501 sells it triggers the 13.5 to sell.

Some day I will sell my early days bitcoin for millions.

I have 500k going into my Dwolla account as we speak. 100 transactions of $5k each. It took me some time but it should be in shortly.

Then I plan to buy until it reaches $25, then hold.

The actual agreement is that you will not charge extra for the use of a credit card.

BUT you can offer discounts for cash.

My wife's boutique offers 5% off for cash. This is well within the merchant agreement and violates nothing.

The same could be done for Bitcoins.

I will certainly offer 5% off for Bitcoins once I get it implemented on her web page.

Thank you for all of the responses. I was not trying to troll, just imagining the scalability.

For most of a century people were paid in pennies.

A penny for your thoughts, pinch a penny, the $5 per day job at Ford considered high wages...

I figured that this would happen when they announced the commissions on trades would be 0% for those who had an mtGox account before the hack.

People are buying in small price swings and selling at small price swings. They can make a few dollars and pay no commission. So the swings have become smaller and smaller and smaller until now it has just been wavering by less than ten cents.

I predict that the 26th, when commissions go back up to full price, the price will start to rise again as people hold longer and the traders set up larger swings for trading.

How would you use bitcoins for a business if someone who has access to the company's wallet is able to just take it and drain it without anyone knowing?

Say Walmart starts accepting bitcoins, they pay for new stores with bitcoins, pay vendors, pay for merchandise, etc.

Their accountants are writing checks, keeping track of purchases etc.

If one of the accountants decides to just write himself a check for a buttload, there is a paper trail and the person is prosecuted.

If Walmart is using bitcoins, the accountant takes the bitcoin wallet, makes a copy, takes it to the nearest library and uses it to send to hundreds of new bitcoin addresses of his own, and he is rich.

How is this prevented?

My wife has a boutique, I have set up a web site for her (http://www.heidijosboutique.com) and have set it up to sell some of her items online.

I am using Wordpress with the eshop plugin.

How would I go about accepting bitcoins for clothing when the customer goes to checkout online?

Just like everyone gets upset with oil speculators for the high price of gas.

They would not be complaining if tomorrow a huge oil find was made with 10 billion gallons of oil available and the price dropped. But why would the price drop on such a find when it would take 10 years to get started on tapping that oil? Because speculators see how things will play out in the long run and they invest in those thoughts.

Also, the BitCoin has not been very volatile. It has hovered around $14 for the past few days with only a slight deviation.

From what I can tell, the fact that MtGox has users commission set to 0% means that there are a lot of people buying small amounts and selling those small amounts when there is a minor deviation making a couple of bucks here and there. This is why there has been no major swings. Everyone is fine with taking little bits of coin.

When the 25 days is up, July 26, the trade cost will go up and people will hunker down with their bitcoins again and wait. That is when we will go back to business as usual and the price will slowly rise again as new people put their money in and do the same.

But I am just speculating.

Are you talking about Pfizer CEOs or their accountants? I agree that the drug companies should use bitcoins. Walgreens could always start accepting them.

Oh, you mean the drug lords of illegal drugs?

They do bad things to people? Like what? Are there laws against those bad things? Why do people not just call the police when they do those bad things?

Oh yes, that is right. They are doing something illegal so they cannot call the police.

Can you imagine the law suits against drug lords if drugs were legal?

Do you see the gang warfare in Colorado and California between medical marijuana facilities?

At least you said good-bye and did not just say you were going out to buy cigarettes to never be seen again!!!

See? Is that so hard? Is it REALLY THAT HARD DAD!?!?!

Oh...you were saying something about flaws and junk? Carry on.