Hey, bidders! You didn't get the idea. No one will sell you all his bitcoins at once. And HE will bid some coins for dollars not asking you and beating the current rate by a little bit. So you will buy from him only and others will be left with bitcoins without even a little possibility to exchange them to some other currency. No one will buy their coins for X dollars if anyone can buy them for Y dollars from that bad guy and Y < X. So people would lower the rate further losing money and eventually stop using bitcoin because they won't exchange it.
sorry, can you explain a bit better? Do you mean if someone tries to buy a LOT btcs prices will rise: Clearly: YES Do you mean if someone will sell a whole LOT btc prices will fall: YES |
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Seriously,
it would be beneficial to drive up the value of bitcoins via
1. make them usable more broadly (this factor is slowly increasing, there are daily new websites accepting btc)
2. make them attractive as an alternative investment (this does not appear to happen)
3. reduce the rate of new btc generation (this is currently responsible for too much selling , keeping prices flat). if the difficulty would be increased , this would change.
the longer the btc exchange rate stays flat, the less interesting it is: investors will leave and interested individuals will not be attracted. I contrast, rising prices will quickly make btc broadly recognized.
to be clear, no one is interested in a btc bubble, but if you compare it with some other markets, the longer sth moves sideways, the less interesting it is leading to sluggish demand (see silver prices from 1980's to 2000, technology shares from 2000-2009, etc.)
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Correct I don't pursue the idea to buy 10% of all BTCs, and the reason why is:
I am not confident enough that the risk is manageable, there may be some uncontrollable factors.
You are also right that the price would move through the roof, probably breaking the 0.1 USD mark and even much higher on any attempt to buy that much.
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Just seen that in the bitcoinwatch.com site we have Russian Rubles included. Great progress! Where is EUR and JPY? |
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not too bad for a start..
at an attractive average price
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well,... if I really wanted to do that I better don't write about it in a forum :-)
so.. I give in..
especially if you happen to buy as well :-)
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great. thanks
this is perfect!
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thanks, i am curoius if i ever see this with my slow laptop :-)
anyway this generating is only fun
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I will bet you 10,000 USD that you can't own 60% of the bitcoin market by November 2011
Why November 2011? What is your expectation for in 13 months time? I could start tomorrow slowly buying BTC. There is a dude putting every day 20,000 and more BTC bids into the market around 0.06. He probably has accumulates A LOT already. Therefore, I agree with you, 60% is unrealistic now. But 10-25% in the next 8 weeks is possible. |
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Yes, there are risks to both, upside and downside.
To buy all BTC or a huge chunk anyway the price will rise a lot , probably 0.5 $ per BTC is not too far fetched
To avoid this, some trading rules would make sense, i.e. limiting BTC possession to a certain percentage of all BTC available. Otherwise someone can easily corner the market.
I could even do it.
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and one more thing (which I said in our threads):
we need to very quickly bring the bitcoin economy to a much higher level (adding trade, games, services, spread it more to get more people to adopt it , etc.).
the longer we wait, the more risky it gets that some crazy dude will destroy it with just small funds (just think about if someone who fears that bitcoins become huge.. this individual / organization can just destroy the entire bitcoin value for 100 - 200 M$)
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me too !  |
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I think this is a serious risk, as the dollar value of all coins is still very low (250 M$). many folks who have saved something could easily buy 25% of the coins.
But then they are not stupid, they rather sell them slowly, or even smarter wait until the next rally started.
I might buy some more now...
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MtGox has the ostacle to forbid withdrawals before 1 month has passed so a lot of bitcoins are blocked for a while.
and the volume on bitcoinmarket is in my pov rather low
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This seems to be a problem for many people.
Either there are too few bitcoins created so far and the USD value is too low.
or
People could buy enough at the Bitcoin exchanges but don't trust them enough to buy big chunks of it.
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how does someone actually find out if he has generated a block? will one just see 50 bitcoins suddenly in the account or how does it work?
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WOW. There is an iPad on biddingpond.com in an auction. This is the real TEST for bitcoins..! Lets see if this gets serious bids and attention! I am hoping so. Unfortunately I can't bid as I live outside the US. http://www.biddingpond.com/item.php?id=74 |
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There could be a big way to grow the use of Bitcoins massively: via a musicdowlnload site where users pay small fees for music tracks. this could be competing with Itunes, etc.
what do the experts here in the forum think about this one?
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 isn't it the same as investing in the stock market? you can "invest" some funds and also very quickly lose all (especially if you review that last decade)
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thanks again. have already invested 3 into the next bets and picks:-)
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