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241  Economy / Speculation / Re: Bitcoin will reach 5-6 dollars within 1-2 months on: August 03, 2011, 11:36:26 AM
Posts like these do make me laugh Cheesy I don't normally entertain them but I'm feeling frisky this morning. What I don't get is why there are so many people worried about what the price is doing atm ! it's got nothing to do with the future of bitcoin. This is my opinion and in no way am I saying that I am right or wrong but we are still in the very early stages of bitcoin. The hype has caused many non technical people and traders trying to make a quick buck to the table and the price of bitcoin is unstable to say the least. trying to predict if its time to make or break is a mugs game in my opinion !! It's all about the future Wink Once things are established bitcoin I predict will be very different than it's current form. People will start services and offer solutions to the non technical minded and then we will see the real worth of bitcoin.

Your average Joe is not interested in block chains, crypto currency and how money works. If you asked the majority of the world how do currencies work they would probably shrug their shoulders at you or take you to the nearest shop so you can witness them buying something. Once bitcoin has been established there will be bitcoin banks, payment portals, merchant services and just about every way you can think of to spend and transfer money without having to install a client on your computer or even use a computer.

If you was a smart person you would not worry about how much electric you are using or how much money your loosing right now because the smart people know that as the governments of the world fail miserably to cover up there mistakes there's a collective of people that are setting the foundations for a currency that will change the world and the way people think about money. it will give you the choice to stay with a currency owned by dishonest, selfish and destructive people that are in it to make them selves rich or to move over to a currency where you are in control. Where the people of the world decide on how things are run and are not just blindly following the crap they are fed by greedy people.

Just my two pence !!

Your point is right, longer term bitcoin should have a bright future and that gives the reasons that we are all here talking about it.

But what would you like to have 500 bitcoins or 1000 bitcoins? Thats the different in short term. Even if what you are saying is right, timing is everything, that is something both the early adopters (as you?) and the ones that bought at 30 dollars understand...
242  Economy / Speculation / Re: How low can we go? on: August 03, 2011, 07:51:12 AM
At this pace it gives us a money creation per year that looks like this 365 x 7200 x 12 = 31 536 000 dollars

If you add this things:

*All the issues with Mt.gox, mybitcoin, wallets lost at exchanges, dwolla etc.
*Cost of heavy investments in rigs the last 1-2 months, they want to cash in as a first phase of their investment
*Early adopters that bought in not many months ago at a couple of cents to a dollar (returns of 1000-10000+ %)
*Early adopters that have bought in heavy (50 000 bitcoins or more) and have profits of 500 000 dollars + already

That tells me that 31 million dollars is just created by the mining/inflation in the next year (that will need USD buyers), plus the chance of the early adopters selling massive amounts of bitcoins and all the other things I mentioned (that will also need USD buyers). Just look at the market depth (that seems to miss USD buyers).

12 dollars is a very high price with all the information we have right now.
243  Economy / Speculation / Re: How low can we go? on: August 03, 2011, 07:38:11 AM
the price drop was not caused by miners ; it was caused by large sales of 5k to 10k, which suggests that early adopters have been cashing out.
not sure how long this can go on, but it cannot last indefinitely.



Think again, I have a mining rig and sell pretty much everyday. We all together create 7200 bitcoin/day, thats a lot of dollars that are created per day compared to the exchange price of 12 dollars. More exactly 12 x 7200 =  86 400 dollars are "created" everyday. With that creation we MUST have dollar/fiat currency buyers, if not it will go down. Easy math.
244  Economy / Speculation / Re: How low can we go? on: August 03, 2011, 07:05:56 AM
cavirtex.com of course.  Always seems to be a bit lower than the other exchanges, since its a smaller exchange with weak buy demand. So in otherwords if you can buy there, its a deal usually. Cool

Have you tried to withdraw them as well (with confirmation)? Maybe he is selling you nothing for 10 dollars. Smiley
245  Economy / Speculation / Re: How low can we go? on: August 03, 2011, 07:00:41 AM
Estimate on how low can we go?!

I want to be an optimist and say no lower than 11.50$

[EDIT] Think miners will start jumping ship!?

Well, I managed to buy a bunch at $10.00 today... so who knows. I've been expecting them to hit the $10 mark for 3 weeks now to be honest.

Where did you buy them at 10 dollars?
246  Economy / Speculation / Re: 20 000 bitcoins to get under 10 dollars on: August 03, 2011, 06:59:58 AM
12 dollars are still a very high price if you see what levels some people have bought in at not so long ago.
247  Economy / Speculation / 20 000 bitcoins to get under 10 dollars on: August 03, 2011, 05:52:51 AM
If you look at www.bitcoinity.org/markets , you get a good picture of the market depth, it shows right now that it takes approximately 20000 bitcoins to reach 9,80 BTC/USD. That is amazingly just under 3 days of mining (bitcoins created/inflation is right now at 7200 bitcoins/day).

For me that comparison is staggering, that is a very small number of buyers in the economy/currency of bitcoin compared to three different aspects. The first is already mentioned, inflation. The other two are total number of bitcoins in the economy today, around 7 million, and how that number will change in 1-2 years, to around 10 million.

All this tells me that the bid side should be at least 5 times bigger on the bid side to show real interest in the Bitcoin economy at this levels (around 12 dollars). I know that I just use the information from Mt.Gox, but they have such a large part of the trade right now that it doesn't change the picture.

Any thoughts? How did the bid side look like when bitcoins cost only a couple of dollars?
248  Economy / Speculation / Re: Bitcoin will reach 5-6 dollars within 1-2 months on: August 02, 2011, 07:15:55 PM
It looks like it will reach under 10 dollars very soon. If you do the math, just the heavy investments in the rigs shows you all the signs that we will have high pressure on the price when it is still at this levels (around 12 dollars). That without even taking in notice all the other things that are happening plus all the money that has been made in the short term from the early early adapters, many of them still have 1000-10000 % + gains, that is crazy returns in such a short time.
249  Bitcoin / Bitcoin Discussion / Re: 17000 plus 30000+ Bitcoins are sold at the exchanges soon? on: August 01, 2011, 06:25:59 PM
It looks like someone is selling big at Mtgox right now.
250  Bitcoin / Bitcoin Discussion / 17000 plus 30000+ Bitcoins are sold at the exchanges soon? on: August 01, 2011, 04:25:57 PM
If we assume that the Bitcoins was not lost (BitomatPLN) and the Bitcoins with Mybitcoin was stolen (the site and the owner vanishes with no explanation). Can we expect that we have a big amount of bitcoins that will either been spent (through merchants) or sold on the exchanges soon?
251  Economy / Speculation / Re: Bitcoin will reach 5-6 dollars within 1-2 months on: July 29, 2011, 12:29:02 PM
I think it might decrease yes. But predicting a target is totally absurd.

I'm not in any way predicting, it's more a guess, and I know that there are many things that can happen in that time period that can substantially make my guessing look totally wrong.
252  Economy / Speculation / Bitcoin will reach 5-6 dollars within 1-2 months on: July 29, 2011, 12:23:24 PM
I'm guessing that Bitcoin price at the exchanges will reach 5-6 dollars. My main point saying that is because of all the heavy investments that are made in the rigs. People will want to make sure that they get there money back as a first stage of their investment. Doing so will push pressure on the price. At the same time you have all the people that bought in when it was only a couple of cents up to a dollar worth not so long ago. They will also put short term pressure on the price.

I'm also guessing that there are 10-50 people that have 50 000 bitcoins each or more (the early early adapters). This group have a big impact on the price as well. If just a couple of them decides to cash out, the price will drop substantially.

My background is that I live by making money on the financial markets, I have done so for the last 11 years. And I have also invested in Bitcoins in different ways, but are not in any way fully invested.

Any thoughts on the 5-6 dollars price target?
253  Other / Beginners & Help / Re: Whitelist Requests (Want out of here?) on: July 19, 2011, 04:43:05 AM
Besides the market making I have registered around 30 bitcoin www-addresses. That I will start making active as commercial and maybe even some kind of business (looking at which idea/address that has the biggest potential).
254  Other / Beginners & Help / Re: Whitelist Requests (Want out of here?) on: July 19, 2011, 04:38:57 AM
This is getting tired some. I have a financial background and have invested heavily in bitcoins, I’m in talk with tradehill and other exchanges to act as an market maker. What is gonig on?

I want to start contribute thothe forum and get whitelisted.
255  Other / Beginners & Help / Re: Whitelist Requests (Want out of here?) on: July 09, 2011, 06:35:59 AM
Please let me out of here. I have to contact Magical.Tux. I have been making deposits to MtGox via SEPA transfers, and they are not showing up. Please let me in.
256  Other / Beginners & Help / Re: Whitelist Requests (Want out of here?) on: July 04, 2011, 08:34:30 AM
PLEASE get me out of here. I want to start making interesting comments on the other boards.
257  Other / Beginners & Help / Re: Possible Mining Strategy on: July 01, 2011, 10:59:04 AM
I have right now two 6990 and are getting around 1 bitcoin per day. Pretty good IF the price keeps rising.
258  Other / Beginners & Help / Re: Is Bitcoin mining a waste of time? on: July 01, 2011, 10:58:03 AM
In the end when it comes to mining is about you electrcity bill, if you can keep that low you will do good.
259  Other / Beginners & Help / Re: Buy or Mine? on: July 01, 2011, 10:57:08 AM
You cant go wrong if you both mine and buy at the same time, gives you the best risk/reward.
260  Other / Beginners & Help / Re: Minor crash last night, anyone have any explanations? on: July 01, 2011, 10:56:00 AM
You have to expect fluctations in the price. If you look at the 6 month chart you will see that a correction is hard to not have. Just sit it out and it will probalby later on i July start moving up.
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