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I haven't been able to log in all day today because SMSs aren't coming through...hmmmmm. Doesn't make me feel super confident.
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I wanna know how we're doing 25% variations hourly.
Relatively poor liquidity, that's how. |
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I will bump this thread when we cross 100.
kool see you in 2 years then That's being pretty optimistic. |
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Congratulations. Lucky bastards.  Not lucky at all when the price is sub $30 in 2 weeks. This |
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*Even if so, that's still set to reach $100 within a month
Won't happen, because we've probably topped out for the year. $100 is too strong a resistance point and now that a big player has decided to make a move, more will follow. It's all downhill from here for a long while, I think. |
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Sorry folks, I'm pretty sure the top is finally in, and we're probably heading into long-slow-slide round 2. I hope everyone had fun. If the MtGox* exchange rate does exceed $100/BTC in 2013, then I'll give 1BTC each to the first two people to post in this thread who have a post count between 20 and 300.
*I'll count CoinLab too, if that ever becomes a thing
Edit: Congratulations to Kalinka and Crazy! Most likely you will not get anything.
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Odds are that, yes, the price is going to come crashing down.
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I started this thread less than 2 months ago. Never thought it would happen this fast.
Furthermore, the manner in which it has happened kind of invalidates the question. I was assuming we'd have a slow march to this market cap, which would then maybe trigger a news cycle. I didn't think there'd be an explosive news cycle all of a damn sudden that would 4x the market cap in weeks.
Welcome to Bubble 2.0  |
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Wouldn't be too hard to cause a mini crash right now - bids are tiny.
Compared to how many bitcoins are likely in MtGox, the bids are thin all the way down to $1. When the ball gets rolling in the other direction with the big guys playing, this whole thing will come undone exactly like last time. Really, the question on everybody's mind should be whether bitcoin can survive 2 catastrophic market collapses. It's not a matter of if another one will happen, it's a question of when, and we're getting closer to the breaking point. |
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When it's not trading for more than $10.
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You guys laugh, but in many circumstances, Western Union kicks bitcoin's balls in like an experienced prostitute being manhandled in an alleyway.
The only complaint I have about WU is that the Korean banks are tied in with them (there is no WU branch in Korea that isn't at a bank teller's window), so they really don't like using it for certain amounts, in any certain frequency, etc. One time I went in and they made me wait 3 hours, just to tell me that I wasn't allowed to receive money from that bank branch again until I opened an account, then told me that I might as well just wire it through their bank instead.
Other than that single case in Korea, I think WU is not only better than Bitcoin (no exchange fees, wire fees, loss of value due to market fluctuation, can use credit card, etc) at sending money overseas, why anyone would prefer bitcoin who doesn't already have it is beyond me. Now for people who already hold bitcoins, obviously WU is a step backwards, of course.
This. The bitcoin system is elegant...if you're working in the system. But go ahead and take $500 today, convert it into bitcoins by buying bitcoins somewhere, then send your bitcoins to somebody else in another country, and then have them sell their bitcoins for USD. Odds are, your recipient will get less than $500, and thus sending $500 internationally costs more through the bitcoin protocol than it does through Western Union. Sure, there's a chance they'll get more than $500 out of the transaction, but they could just as easily get less. |
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In the grand scheme of things this run from the teens to ~$90 will appear very short lived and ridiculously bubble-ish. Years from now at the bottom of the coming correction we'll all recognize how absurd it is that BTC traded at this level.
What market size should bitcoin be, in your opinion? The size needed that it can be used to transfer wealth around without pushing the price around too much. $10,000 to $100,000 a coin at least if this goes main stream. I agree with Goat, at ~$1000 per coin the market cap would be about $1 Trillion which would make it difficult to push prices around. At $1000/BTC the "market cap" would be about 1% of $1 Trillion. |
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In the grand scheme of things this run from the teens to ~$90 will appear very short lived and ridiculously bubble-ish. Years from now at the bottom of the coming correction we'll all recognize how absurd it is that BTC traded at this level.
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Just picked that up through bitmit, should see the transaction soon. |
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Some news will be put to light on national television. Wheels are in motion to ban bitcoin exchange in one country, and an international effort is also under way.
Ever heard of the Streisand effect? This was kind of my thinking. National television. Hot damn, this is getting good!!! Not really. The exchanges have to follow strict rules. If a country no longer allows exchange but a site continues to do so they are violating the law and will be shut down. Basically, think about what happens when a site is openly distributing copyrighted material and gets shut down, except a site like thepiratebay couldn't exist since the exchanges depend on bank accounts. Oh shit. How will I spend my bitcoins when [exchange name] goes down in [fill in the country]? |
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I'm not going to give you a reason.
I'm not going to post a chart.
All I have to say is this: Within the next 8 hours the price will crash.
Um, excuse me, who are you? Oh god Proudhon is skeptical. SELL SELL SELL ! Just protecting my turf. But, yeah, you'd probably be doing yourself a favor right now if you sold. |
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I'm not going to give you a reason.
I'm not going to post a chart.
All I have to say is this: Within the next 8 hours the price will crash.
Um, excuse me, who are you? |
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Hold onto them britches, boys... It's gonna be a wild ride!  Good. Now you're doing Bitcointalk Speculation Forum Analysis. |
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Everything above $15 is a bull trap.
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