Just tell me, how (by what mechanism) can you stop all the money in the world from trying to enter into bitcoin in the following 7 months?
There are no bitcoins for sale, until the price is very high. There is only about 1.5MBTC in weak hands now. I will consider selling the bulk of mine at above $1M. I think that is substantially above the long term realistic value of $300k.
So you think there will be spike at about 1M USD per BTC? Looking at the numbers - the global wealth is about 222 trillion USD and about 1/3 (on average) is held in liquid assets. So we are looking at BTC to be going worth at max 74 trillion/21million which is about 3.5 million USD per 1 BTC. Yeah 1 million spike sounds reasonable. During the heyday before the 266 crash, $10 million invested into bitcoin increased the marketcap by $100 million. This is because most of the coins are not traded, and will not be. The large holders do understand what I am saying, and will leave the haters to hate (and me to fend it off), while we all accumulate more and more bitcoins. I am not selling unless for investment, any time before $100k, and probably as we are there, I will have a hard time to start unloading, since the world will be all about bitcoin. In January, if you bought bitcoins and mentioned it in a ball, they were looking at you like this:  When bitcoin hits $100k, and you talk about soon selling yours, it will be the same: |
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It seems to be going up or down.
I pay 2:1 that it is up.
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I'm a whale. What do I do next?  Sing! My voice instructor actually visited the hotel last weekend, but we did not have opportunity to practice. She bought some bitcoins though  |
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"Singularity" is a human term, referencing when exponential growth crosses significant human-scale thresholds.
For example, if a middle-class guy bought 100 BTC for $200 last year, exponential growth of his holdings even up to $20,000 has felt to him like "neat, but not a big deal."
However, if that exponential growth continues apace and his worth reaches $2,000,000 next year, suddenly it's life-changing. And then in another two years he's one of the richest men alive. It feels like a singularity, because even though the growth has followed the same exponent all along, it just recently passed the thresholds of his human scale that make a big difference for him.
+1 I am already creating serious ripples, when I jetset around the town trying to corner all prime available office space since I know, the other bitcoin millionaires/HNWI:s will be after the same thing in as little as 30-60 days. What you described, blokes suddenly being lifted to world class, is exactly the mechanism that will finish bitcoin's rise from <1,000 to >1,000,000 this year. It just cannot take any longer any more. This is not 2011. |
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We might not see much activity these days, May 1st is holiday in many countries and here in Bosnia particularly it is a traveling holiday, people move a lot during these days.
Oh, well, if Bosnia isn't on board we might as well all pack it in  Finland is out also. I don't mean we would significantly contribute to the "bid" side anyway, but the asks will certainly be withdrawn, about now. Roni will only be able to cap the price for about 2 hours more now, and even then his limit is BTC300. Finland is most Vladimir club per capita in the world fyi. I personally know 7 |
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Just tell me, how (by what mechanism) can you stop all the money in the world from trying to enter into bitcoin in the following 7 months?
There are no bitcoins for sale, until the price is very high. There is only about 1.5MBTC in weak hands now. I will consider selling the bulk of mine at above $1M. I think that is substantially above the long term realistic value of $300k.
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It is good to remember that there are no fake bid walls, but fake ask walls abound...  It seems quiet, but be ready for serious action to the upside any time from now. If the sellers are not staring their screens, there is not much for sale once we clear the resistances of $167 and $267. |
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It's gonna be bitcoin for sure. It cannot be stopped anymore, no way. I think it will reach $1M (per BTC) before Christmas this year, but the long-term value is not so high.
Woah steady there cowboy.. I do not think bitcoin can handle that amount just yet. Sure it might look into 4 digits, but we need a lot wider availability and recognition before we can even talk about 6 let alone 7 digits.. Sure WU could be a big factor if they take the right measures, and I'm pretty sure that the bitcoin ATM will also have quite an impact. That being said, what makes you believe that it will hit the sky so soon? (I'm leaning towards high-end 6 digits in 5-10 years) Read this. All of it. |
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It's gonna be bitcoin for sure. It cannot be stopped anymore, no way. I think it will reach $1M (per BTC) before Christmas this year, but the long-term value is not so high.
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I'll replace your stuff...
It's been nearly 7 weeks and still nada. I emailed them a week ago and have not received a response. hmm, time to send a scammers report to theymos? 7 weeks with no communication is enough for me. I think 2 weeks is reasonable and that is now over. +1 for scammer tag investigation. |
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If I wasn't all in, this would be a safe point to go speculative long. (We intend to short it at higher levels today, perhaps $180.) EDIT: I mean it'll have to breach $150 first but I kind of see it getting there  |
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[edited to add new posts and to reflect current events] My principal comments regarding the short term bear case, and its potential for literally multiplying the number of bitcoins you sold to raise cash. Hey SlipperySlope, I'm looking for some more bearish talk on bitcoin You have some? What's your current analyses of the situation? SlipperySlope is busy thinking, whether to attend my conference. I can say that we are on track to cross the ATH by May 2nd ( which is Thursday this week), this would lead to exactly 3000% time compression compared to the 2011 bubble, both in the crash and the recovery part. |
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Banks, according to my observation, you have a precious little share in bitcoin transactions right now, and about to lose it all. Bitcoin user won't even notice when the last cord is cut. Bears better buy in. It's gonna be a ride from now as people are understanding this (read it all, just recently pruned with a steady hand!). that "this" link is borked. Corrected (it is my diary anyway, but now it's a nice read after deleting 30 or so posts, which are no more that relevant). |
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from wall thread as a motivation to join the summit: http://youtu.be/59uTUpO8Dzw?t=19m14s (listen for about 1.5 minutes) "This is the time when people should be trying really big, crazy things" Would you come if he comes? |
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Ahh, oldie but goodie. I want to relay to you my first post in this forum:
A miner would do well to base his calculations on profitability solely on BTC value. Many miners confuse their anticipation of BTC/fiat exchange rate appreciation with the profitability of mining.
Let's assume BFL ASIC is not a scam, and it will ship exactly the same time as the block reward is halved. From then on, the next year will see approximately 1,500M mBTC generated. (The figure would be 1,300M mBTC without the lag in difficulty adjustments, which causes more coins to be generated).
Some sources say that in ASIC preorders alone, more than 500M mBTC has been spent. This is a lot, considering that:
- the preordered capacity is unlikely to represent more than half of the hashrate, 2-3 months after launch.
- there is the electricity cost, which grows proportionally bigger the bigger the network grows.
- the more BTC price rises, the quicker is the network growth.
If the preorder figure is correct, an investment of 500M needs to be amortized during a period that does not generate more than approximately 300M. Clearly this is not possible, regardless of other factors.
So if you anticipate BTC appreciation, you should buy BTC. The more BTC appreciates, the worse bet mining is, because difficulty increases. If it stayed the same, mining would be proportional to direct holding of BTC. To add insult to injury, it does not even scale the other way round making mining better if the BTC fiat price dropped - in this event the hashrate declines only slowly, making it punitive to sell BTC to cover the cost of electricity. In any event, the ASIC manufacturers would likely lower their prices for existing equipment, and develop more power efficient technology.
TL;DR If you consider mining, forget about BTC price and its future. You need to amortize your BTC investment in 2 months with the BTC you generate by mining, taking into account the ever-increasing difficulty. If this does not pay off, you better purchase BTC and forget mining.
Edited for m BTC. |
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Why did this get moved to Off-topic?  It should be in main. If not, at least a main post on the Summit, as well as one on reddit, seems in order. I think that it was because of smoothie's presence. But now he has his own un-selfmoderated parody thread, and he is not welcome to spam this one any more. I asked this to be moved back to speculation, or anywhere else than off-topic for that matter. Well, that's the moderators' call now. |
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Good that you mentioned, I will have to contact you by some other means available, every day until the wire clears, and every week/month thereafter, just to make sure you are happy. Unlike the other two guys, I really want to serve my biggest customer and there is no excuse.
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Its not about the "couple of dollars" its about the total Return on Investment (ROI). If you are playing a small amount and getting 30-40% returns, that is better than anywhere else. GIC's, HISA, and even some blu-chip stocks are only going to give you 2-4% return ANNUALLY. If you can net even 10% returns over a year's time in your Mtgox account, you are coming out ahead of not only all the major indexes, but also most of the world's money managers.
If you are almost always all in bitcoins (generally smart, as they appreciate in value so rapidly), you can with a small stash try the flashcrash strategy - sell into the flashcrash and buy back in 1-60 minutes at a few % cheaper. This will make you gain more bitcoins every time when executed properly. Do this when it was overextended to the upside, so that if you blow it, you can forget about chasing the price (which would net a loss), and set an incrementally rising wall at below your price target (which in all likelihood will net you a partial profit, if not, then bitcoin has gone to the moon and stayed there, which makes your remaining bitcoins infinitely valuable and useless, since everybody has more money than he ever needs). |
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Oh yeah, I am also not angry with Henry, he can serve his smaller customers and piss on me if he wants. But for some reason I don't feel good about it and thought I wanted to let you know, and perhaps he wants to join in the discussion since he likes to chat by computer and not over the phone.
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