I said in my first post it is not impossible, just extremely difficult and a bit nerve wracking. It is hard to trust any of these exchanges.

I just wanted to say that the high price is not due to new money flowing in, just the same speculators driving the price higher. I simply can not get my money in and missed an opportunity to use bit coins in another investment that rose 8x since I wanted to buy.

WILL it break below $1000 on gox!

Some rich investor obviously wants to hold the price above $1000. He can't do that forever and bitcoin should crash downward. Just a matter of time really. $1000 bitcoin is just crazy stupid.

I have been away form bitcoin for a couple of years amd now with the recent news decided to come back and play around.

I must say it is extremely difficult to get money into the system to buy bitcoins. In the past, it was simple, just fund dwolla and you were set.

Dealing with the various exchanges has been a lot of trouble and I really do not even want to continue going through all the different verifications, international wire transfers, etc. Plus when I go to post in the forum sections where people discuss the exchanges, it is riddled with people who are missing money, claiming scams, etc.

I am not saying it is impossible to get my money into the system, just that it is difficult and time consuming. Plus you have to wait a really long time.

What I trying to say is that don't think new fresh money is going to be coming into bitcoin in any large quantity that will make a difference on the price. It is just the same old money and well funded speculators that are moving the bitcoin price. Same deal as it was in 2011.

It seems that most people are not selling and just riding it higher. This seems to be the best strategy right now. I wonder how high it can go if most people don't sell and just a few coins are really put on the market.

At one point when the momentum stops and people start to sell it is highly questionable if the money will be there for all the people who want to cash out.

I think most normal people are simply not buying and it must be some big investor trying to corner the market or something.

Have any of you read some of the posts by the bulls lately. They are all talking about holding and not selling, prices going to 10K. People are discussing taking loans out to buy bitcoins.

Do any of you true bears doubt that a huge correction will come? It seems that we have everybody holding and not selling and this is just driving up the price higher and higher. Why sell when you can sell higher as each day a new higher price is guaranteed. How long can this last if people are not selling and just holding?

I personally think that only a few people will benefit from the higher price as there has to reach a point when people want to cash out and the market will not be able to support such huge cash outs. They money is simply not there. New money is just too hard to transfer in, I am trying to buy some test fractional bitcoins and it is extremely hard dealing and finding exchanges to buy bitcoins. I can not see new people entering bitcoin fast enough to really make a difference.

I am really stumped here  .

I agree with what you say here 100%. I must say that I had the same thoughts in 2011/2012 when I could have bought in the $2.00 range. I was actually waiting for it to go to $1.00 to buy big. I actually think the same now. The currency is difficult to use, secure, easy for theft, etc. There is no way the general public could safely use this as currency.

With these same thoughts the price rose from the low I saw of $2.00 to almost $1000.00 in about 2 years. I would never dream of bitcoin rising to the levels it has today.

One thing I that seemed fairly consistent back then was bitcoin price always seemed to fall. Maybe not back to the levels at that time, but to more reasonable levels that the supply/demand support now. Bitcoin is obviously larger than it was 2 years ago, however, I doubt it is exponentially larger.

Some other things I noted recently, since I have practically been away for two years, is that it is so difficult to actually buy bitcoins now. In the past it was much easier, just open a dwolla account, fund mt. gox. Buy your bitcoins and you were set. Now it has been a nightmare to find a exchange that is easy to fund and is trustworthy.  I simply do not see new money flowing into bitcoins very easily and especially at the levels to support a $1000 coin.

It really seems to me that the price is manipulated. The price is always pumped up and then let to fall again. It seems that the manipulated high price is only held so high for so long.

I was thinking about using BTC-e until I read that post about people having their international wire transfers lost and with little help from BTC-e.

At this point in the game I am staying away from any companies that have problems like this. I think BTC-e may be in a eastern European country.

I just started looking for exchanges but it seems that Bitstamp, coinbase, campbx may be reputable.

Remember to setup instant buy you have to have made a transaction and have waited 30 days.

What kind of questions does it ask?

I wonder if this links with a credit reporting agency so that if you have froze your credit reports, you can't get verified.

We have some good posts going here and it is nice to hear some posts from people who are not ridiculously bullish.

I believe part of the reason why the price is so high is that it is very difficult to cash out bitcoins. If someone wanted to cash out say $200,000 worth of bitcoins then he would have to do a lot of research and may have to do it very slowly. This is causing a lot less sell pressure. There is no way that the Chinese or the bitcoin bulls will spend that kind of fiat dollars buying all those expensive bitcoins from the people who want to cash out.

Once this price boom stalls and starts to creep lower, the mass cashing out will start. That is when a lot of hell will break loose. Anyone holding a large amount of bitcoins are hopefully cashing out at least a small percentage.

I think it will hit $1000 though.

I tried coinbase but they make me wait a week to receive my bitcoins and I do not want to wait. I am also turned off by their high exchange fees.

Can someone recommend an exchange that I can send money  to and buy bitcoins that I can actually use without waiting a week?

I live in USA.

Right now I am looking at an exchange like mt gox, btc-e, bitstamp.

What is the best way to transfer money to these exchanges?

Thanks for any advice you can give me. 

What other exchanges would you recommend to use to buy bitcoins?

This is my take on it.

The adoption of BTC will continue and the adoption of alt-coins will continue and some of them will have greater price increases than bitcoin.

Established alt-coins have been mostly moving with the price of bitcoin. Actually many alt-coins have been increasing in their price ratio against bitcoin.  Bitcoin will still be priced the highest.

I think with the higher bit-coin price, more people will get into alt coins. mostly for the simple fact that the price swings will be greater in alt-coins. I think the price of these coins are mostly based on speculation, lets face it nobody needs any of them at this point but they are great to speculate with.

The big factor that you have not brought up is if bitcoin splits into mbtc or something, so that a 1000 dollar bitcoin is now a 1usd mbtc. This would be the smart thing for bitcoin to do in my opinion.

Not looking for comfort but honestly a stable price.

Since that time I have more fiat dollars and am in a position to invest some of it. May invest in some non-bitcoin investments that require bitcoin and don't want to take a loss when bitcoin comes crashing down.

I was smart to sell those coins. It was not long before bitcoin was at 2.01. I was personally waiting for it to drop to the $1.00 range to buy in again and I was planning on buying in big. Oh well, missed my buy in point but was close enough.

Bitcoins now should be worth more than they were in early 2012 when I wrote that. It has been out longer and the technology tested better. However, the $800 price for a bitcoin is still crazy in my book and unsustainable.

But rising 2x or 3x is one thing. Rising as much as it has in such a short period is another thing. We are talking about a huge amount of money movement.

In the past, bitcoin price moving $10 dollars was huge. Now a $10 dollar movement is nothing.

It is hard to see how the demand has grown this much and how the market can support such a high price.

I am totally confused and can not figure out how the value can rise so fast so quickly. Lets face it, the technology is still very new and it is still difficult to even buy bitcoins for more computer savvy people.

Something just does not add up here. I personally believe there is major manipulation in the market right now by very rich players who can move the price easily short term.

Good point. It was just a badly written sentence. The other side is really to mean the bear side.

Based on responses here. It seems most people are simply not buying. I am very surprised that the price is holding so high when most people think that $800 is too high to buy.

I personally bought .01 bitcoins as a test recently. But I wouldn't call that buying.

If bitcoin gets pushed as mbtc. I am actually not sure how this will all happen as I have been out of the loop for a long time. There still remains many people holding a lot of bitcoin that is very expensive.

The big question arises is can the demand for bitcoin keep up with the people who will naturally have to convert their bitcoin holdings into fiat? I would think that many new millionaires will want to buy houses etc. and will be cashing out. Therefore they will need a lot of people to pump money to them. It is hard to see that enough people will be buying out all these very expensive bitcoins.