Mtgox has an AUD bank account now. Maybe that helps you NZ guys?

I'm pretty sure Mtgox is working on both option trading and margin trading.

Price drives difficulty: http://bitcointalk.org/index.php?topic=3979.0

ribuck: Yes I agree. I would delete this post if I could. I was making that chart while distracted and made a mistake which had it look way undervalued which is more interesting than this chart. So I posted about it clearly not being a bubble. But that was wrong so I had to edit the post.

Well I think it isn't quite as bad as this chart makes it look since, a) people are willing to hold more value in BTC now and b) I think people just discovering bitcoin at this stage in the game are less likely to join the forum and c) some people are using it as an investment.

oops. Sorry I messed up. we are in a massive bubble. I'll fix the chart in a second

ok does someone have # of coins in existence by day?

Sure I should factor in the number of coins in existence. If I did all the points at the end would be slightly higher.
This isn't forum visitors this is forum accounts.

unk: Here is my response to the "is it in a bubble?" http://forum.bitcoin.org/index.php?topic=9021.msg130618#msg130618

[I'd delete this post if I could. It doesn't say much now. I had a post here saying we weren't in a bubble but I had a mistake on my spreadsheet. It now looks like we are. ]

I would argue that BTC price is essentially determined by the number bitcoin users there are. In order to be a bitcoin user you must hold bitcoins. This means each additional bitcoin user creates demand. It is of course hard to determine exactly how many bitcoin users there are so I'll assume it is proportional to the number of forum users. (This isn't exactly true since the number of forum accounts is strictly increasing but the userbase isn't necessarily but I think since it is so new we can ignore this)
Anyway this is a chart of (BTC Price*# of coins)/(# of forum users)




(If someone has another metric to use other than forum membership I'd be glad to plug that in also)

unk: I don't think it is a bubble. There are just more users now than when it only cost .06 but basically the same number of coins. Don't you expect the price to roughly correlate with the number of users?
The exact same thing would happen if you somehow managed to start a new chain.

I agree with Fleembit.

This is what I said in another thread. But is more appropriate here:
People had other ideas but you get the point. Something short and simple that people can understand. Something that let's them clearly see why they should use it regardless of their ideology.

Gavin: I think your portrayal of it above is definitely better than the forums. I still think it should be toned down.  I feel like "revolutionizing the financial system" is still too up in people's mix.

I understand most people want that to happen but a) it isn't realistic b) it scares people c) it antagonizes people that are powerful
My point is if you want bitcoin to be as big as it can be and have the biggest chance of "replacing banks" you should downplay this hope. Let them come to you. There is no point in yelling this is a revolution. Just let the revolution quietly happen.

Also bitcoin can definitely succeed without doing all this revolution.  It is already useful and used.

But people don't care how things work. They just want them to work. (This is still lightyears better than mentioning how it will take out banks though)


This is better since it speaks more to function.

But I still think saying how it is an improvement over something people are already familiar with (like paypal) is better. Even if the comparison isn't the complete story. The above quote will make most people think, "What do I need barter tokens for?"

The problem is the way bitcoin is presented. You guys all like it because you are libertarian types. But keep in mind that the vast majority of people in the world aren't. But bitcoin doesn't just appeal to libertarian types. All you need to say to promote it is:

Please leave the libertarian, going to replace all other currencies, take over the world stuff out of it. That just turns people off.
The only important thing for people to know is that it is better than what people use now for online payments.

If you deposited the coins there and didn't buy them you should be able to take them all out at once. email mtgox.

The price dropped before the ddos. It was unchanged during the ddos.

> you try and sell 100000 coins and the last 90k or so are essentially worthless

 Not true. The daily volume is around 30k so just keep selling yours over 3 or 4 days for the lowest ask. The price will drop a little but not to nothing. I'm sure you could drop 100k BTC for an average of $5 BTC over the course of a few days.

I can't believe one of these guys with 100k+ coins (which there are several I'm sure) hasn't decided "you know what I could use half a million dollars." and cash out. The market is so thin that only one can do it. So after that the price will smacked way the hell back down. It is like a game of chicken to see who will bolt first.

I think it doesn't send every update to the order book. It seems like some random ones get dropped.

It isn't impossible at all. It is just expensive. You would have to get VC money. You basically need to do what dwolla, paypal, paysimple, etc etc all do.