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You need a huge market cap for truly stable prices à la forex. The current BTC/LTC stability is just a temporary farce, volatility will be back soon.
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People here were laughing at Greenspan when he called bitcoin a bubble last time. Now they are mocking the respectable business journal Bloomberg for showing obvious bearish sentiment. We will see who has the last laugh.  |
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I'm the only one that put $1500-$5000 so far... I even think at prices higher than that, it is going to tough to have significant buy support on the exchanges. Obviously most people will be buying fractions of bitcoins at those prices (especially at prices higher than that). The average person would not even have enough disposable money to buy 1 btc...
Oh this psychological bullshit again. 1 BTC is just a random value, it means jackshit. Obviously with only 12.3 million BTC around and this much media attention one whole BTC will be expensive since there are millions of people interested in bitcoin. However, the most commonly used denomination can always be changed (mBTC, uBTC, satoshis, etc.). You can still store value or send/receive at mBTC level if you are living in a developing country. Also, I think that a high price for 1 BTC gives it more respect and attracts curiosity. So, it will unlikely negatively affect bitcoin overall. |
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You bears crack me up. |
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$1 million USD won't go very far in Sydney or Vancouver or Whistler or Shanghai or Singapore or ...
Yeah right.. the net worth of the average person in those areas is nowhere near 1 million. Also, almost all major cities in the world have dirt cheap areas, even in the West. So, you would still be richer than the vast majority, especially since wealth inequality has been growing for decades. With 1 million US you have a nice capital base to start a company or invest in innovative companies and grow it even more. I would advise lucky early adopters to cash out their original btc portfolio around 1 million USD and not be greedy and wait for the music to stop playing or let bitcoin's volatility detriment your well-being. |
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IMO, it just all sounds too good to be true.. it would make me a millionaire, which I find laughable. If it was this predictable/reliable Wall Street would have already been all over it. The previous rises were just easy as fuck, but future significant rises from now require institutional and collective average joe money.
2014 might be an ultra-bear year for all we know. Perhaps it is much needed in order to get rid of the cult-like greedy fanboys and give the developers some room to work without the wrong incentives.
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This happened late April/May already.
There is a simple explanation: Stamp is liquid. It's the easier one of the lot if you want to get fiat out faster.
Gox wait times go much much worse when the herd heads for the door.
So I speculate that a part of the herd is heading for the door, choosing the fast lane*, which is Stamp. Hence the differential you see.
* That doesn't imply certainty of a short term drop. There are other forces at play.
I just hope bitstamp won't become illiquid if this continues for weeks/months. They may run out of money to back up volumes if Gox refugees and Chinamen keep cashing out there. |
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I have a feeling about this.
I believe that:
1. the get-rich-quick sheeple are silently dumping
2. the bots are from coinbase/bitpay (because they have a lot of interest in keeping the price really stable) and from some fiat whales who are silently getting in without slippage.
3. new get-rich-quick sheeple + early dumpers who want back in - they are not buying and waiting on the sidelines instead because April 2013.
It is a nerve grinding game. Anything could happen in the immediate.
Hmm.. you're probably right. |
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Mt.Gox should just die.
We should start a viral meme campaign against it. Those shady fuckers are no good for bitcoin in the long run.
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How come BTC-e has been 10-15 USD higher than Bitstamp the past couple of days? Usually it is the other way around. Are the Gox manipulators now on BTC-e?
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$820 today. $820 tomorrow. $820 April 2014. $820 July 2014. $820 Jan 2015.
Someone is trying to impress the PBOC with stable prices. |
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Of course there are all those bribes and large bid/offer fees to consider - and it takes a lot longer, and the person you are using might just vanish with your money, but yes its a lot safer than bitcoin
Those with serious amounts of money don't even have to pay significant bribes as their trust based connections (often relatives) abroad allow them relatively cheap fees compared to the high risk of ending up with 40-50% devalued bitcoins. Seriously at the moment bitcoin cons outweigh it pros for big time chinese businessmen. |
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we are ex-China since China does not affect the Prices anymore
Denial. It does. The reason why prices have been so stagnant the past week as nobody really dares to invest. Just old money circulating around that may pull out any moment of a harsher China policy. |
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my point being that one of bitcoin's price drivers is mistrust of the banking/financial system - As the Chinese financial system comes under stress even the average Chinese will find ways to buy assets outside the scope of that banking system, Exchanges or none. Gold, Real Estate and Cryptocurrencies, will all be options.
At the present there are far safer ways of getting out of the Chinese banking system via the black market in Hong Kong or Singapore. At leas then they are assured they get close to the original value back, with bitcoin there's a high risk of losing half your input in the coming weeks. |
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BTC going to be 220,96$, just like it was before the fake chinese pump. before China the Price was indeed about 220 $. But now ex-China the Price has surged forward to about 900 $. Thats the marketprice backed by the USA and it shows the strenght of bitcoin. Why should it go down to the Price before China went into the market?We are not ex-China at all... Perhaps in two weeks from now. and what happens when Chinese Savings Trusts start going bust at the end of the month? There is a reason the Chinese have just had to put CNY255bn into their money market.
Your average Chinaman is not into bitcoin, the ones who are mostly geeks/gamblers/upper class types. The average Chinese invests more in things like gold and housing, not bitcoin. |
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This makes no sense...
It looks like you calculated the price per BTC on the US market cap alone..? Explain please how this adds up.
Most Europeans buy on places like bitstamp and btc-e, which are USD oriented. Besides cny, usd and euro there isn't any heavy duty trading going on between fiat and btc. |
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Keep up the good work informing us about the situation in China.
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Children eventually stop growing and become adults. So, why not the same for bitcoin? I am not saying it has reached its peak now, but this delusional 25k-100k per BTC future is just silly.
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Another FUD raid event in the making.
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