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Bitcoin would have IPOd at $5B two years ago. With all the cool development like Armory, Trezor (and other wallet devices), Casascius Tools, Blockchain.info, etc., Bitcoin should be valued at over $20B.
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I think there is a closely knit league of heavy buyers that are pumping the price up when nobody is selling, then as soon as they see any significant ask volume that isn't their own, they bail out and start dumping.
At least that's what it seems like to me.
Maybe a closely knit ivy league of tall buyers. |
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We need an exchange BUILT IN to Bitcoin-QT (and FULLY supported by the bitcoin protocol).
I wouldn't go so far as needing an entire exchange in a client because the client can only handle Bitcoin and not other currencies. The client can provide the information needed by a pricing overlay network. The information can be statistically analyzed (throwing out extreme deviations) with the average price result recorded into the block. This is what can be used for product pricing. Exchange prices would not require adhering to the current block recorded price, but would be psychologically influenced by it. |
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My gut tells me that Apple simply has a grudge against Bitcoin. Perhaps they know something we don't. WWJD? Jobs would have owned Bitcoin and probably developed a game system with GPUs and a cooling system that brews coffee.
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The only issue I have with Bitinstant is when I put in an order to go directly to a bitcoin address. It goes through fast, but seems to go in at the highest price of the day on the highest exchange at up to $10 over the price it should be.
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Get your low bid in before Gox crashes for the day!
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Q: How much money can dance on the currency of a transaction?
A: It's abstractions all the way down.
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Lower volatility means lower volume, and generally, less liquidity. Eventually this will lead to a drop in the exchange rate. Once the price drop starts to pick up a positive feedback component volatility will increase and the price will eventually climb.
Conversely, As price climbs due to a protracted buy-in, volatility will increase, once this picks up a significant positive feedback component price becomes unsustainable it drops again.
This is the way of Bitcoin.
Solution is $100,000 USD/BTC. Or did I miss something :-) Followed by a crash down to $123.30 ;-) |
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Lower volatility means lower volume, and generally, less liquidity. Eventually this will lead to a drop in the exchange rate. Once the price drop starts to pick up a positive feedback component volatility will increase and the price will eventually climb.
Conversely, As price climbs due to a protracted buy-in, volatility will increase, once this picks up a significant positive feedback component price becomes unsustainable it drops again.
This is the way of Bitcoin.
The price is psychological. With fiat, there are printing presses to meet the positive feedback and stabilize price. Bitcoin doesn't have a reactive system to meet this psychological factor...yet. |
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Just eliminate day trading. Let FOREX do that. Only allow brokers to use exchanges like mtgox. QED.
Without "day trading" you don't have price discovery. And you end up with 20% differences in price on various exchanges. (And a great arb opportunity but that's another story.) If you want stability, you need fast movers. The NYSE is not directly open for public trading. They must go through brokers. Electronic trading does go through faster, but the brokers' trades get priority. My point is that competing brokers are better able to handle trades that stabilize price and mitigate abuse on the system. I think Mt Gox is starting to see this and will eventually only allow verified traders and eventually only qualified traders. I love the term price discovery when used on a virtual currency. Price is not so much about discovery as it is fiat. There is more psychology to the price than observable utility. One does not simply discover Bitcoin price. There is a better way to realize the value of Bitcoin, and that is through its actual use. This is not addressed by trading on only an exchange. Too much trust is given to exchanges. There is way too much opportunity for exploitation, abuse, and manipulation. |
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The ashtonkutcher.gif is probably as good a conspiracy theory as any.
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isn't that a song?
A Kelly Clarkson parody Bitcoin video is playing on my imaginarium viewscreen. |
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The next crisis or big announcement will send it up. More importantly, the fact that it is more resistant to flashcrash will increase confidence in the decentralization of money.
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A message for the DDOS attackers: is that the best you can do? What doesn't kill Bitcoin only makes it stronger.
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I love all this DDOS stuff. I would love to be a fly-on-the-wall at Tibanne, Inc.
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When I saw this item I searched the forexminute website for "bitcoin" and "BTC". No results found.
So it looks like forexminute is giving PR Web click-through payments on this article possibly to see how much demand there is for Bitcoin information before deciding whether to go to the effort to support it.
The article itself is pure forexminute propaganda written by someone with as much knowledge about Bitcoin as Scooby-doo has.
In their News there is a Bitcoin section. It appears empty at the moment. |
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Just eliminate day trading. Let FOREX do that. Only allow brokers to use exchanges like mtgox. QED.
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