"Someone who tries to buy it comes on TV, pushes the story and hopefully tomorrow you can sell it for a higher price. That's not a currency—that's a ponzi scheme," Serra said. On the other hand, Serra said, gold has been successful over the years as it stores value. Gold = ponzi scheme |
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I think people are just trying to cool the rally. It literally would harm Bitcoin for the price to rise at this speed (weekly doubling) for much longer, because by the time we hit $10,000 (next month!) all sorts of shit is going to start breaking and the ensuing chaos will break even more stuff, then giant crash. I don't think this will happen, but that's because I don't think we will go up at this insane pace for much longer without big pulbacks.
Coinbase is already toast, and Gox will likely be soon. The infrastructure needs a little time to adapt.
That said, a run to triple digits this month wouldn't alarm me much. But if the pace didn't slow after that I'd be worried.
what currency are you talking about? mBTC I suppose.  |
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Yes, I am having the same problem.  |
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WTF is going on with the price??? Drops to 110 and pops up to 125 every few seconds.
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At least my Bitcoin gains are hedging my PM loses at the moment.
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IIRC, $26 is the floor for silver, so if falls below that....teens? Ouch.
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Deflation will kill bitcoin businesses - why spend your bitcoins today if they are worth more tommorow, or next week, or next month...
Bitcoin simply becomes an asset to speculate in or hedge against inflation instead of being used as a trading currency.
The best thing that can happen to the bitcoin community is a crash followed by a stable price for a long time so people get used to spend their coins instead of just hoard the coins.
One solution to the deflation problem is that if everybody votes for a change in the bitcoin protocol so a 2% inflation can go on for ever even after 21 million coins have been mined.
Because people have to eat. 50 inch flat screen? I could hold out, but the Super Bowl is tomorrow. Air conditioner breaks down in the middle of summer. Apple comes out with a new iPhone every year. Why buy this years model when you know you can buy a better model next year, or this year's model at a lower price next year? Doesn't stop people from standing in line for 8+ hours. |
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oakpacific, can you explain that?
He is saying a rather large chunk of 'older' or 'not moved in a long while' coins just made a move somewhere. Maybe it heads for the exchange or not, no one can say. If we assume that these coins are the minimum age for that graph (exactly 1 year old), then we can do 16,000,000 days destroyed / 365 days = 43.8k coins moved! If 43k BTC get dumped all at once, it would drop the price down to ~$85. Bring on the fire sale! |
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I think the deal with Bitcoin days destroyed is how long it has been since those coins have been moved from one address to another, correct? So the Instawallet coins would only be a couple days old and not have much of an impact on that graph?
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Yes. Right now we've stabilized at $115. As scheduled: If the trend is your friend:
Top out at $115.
Bears come out to play and price drops down to $95.
MtGox quits lagging and people buy up to $110.
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Do i see little order clusters, around $500, and $1000 ?  33k to $1100, lmao.  |
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If the trend is your friend:
Top out at $115.
Bears come out to play and price drops down to $95.
MtGox quits lagging and people buy up to $110.
Few more dollars left.... if I'm right. |
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Next stop is 112.
Looks like that wall got pulled.... |
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Someone has to pick up the pieces when the bears have a hissy fit.
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Pizza....the official food of crypto-currencies.
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