that the recent jump in price is not due (primarily) to an increase in hoarding, speculation, or hype, but rather to a simple jump in users.
I fail to see the difference between a bitcoin user and a bitcoin speculator. what are all these new users using bitcoin for? As we know, BTCs value isn't judged by its usefulness and application but by attention and revolutionary nature. The more people are interested in it, the higher the price, the more it will be used/spent. Period. unfortunately, your "Period" prevents me from adding how stupid this argument is. reminds me of the time when business were judged by their number of page impressions instead of a business plan or revenue. |
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The OP's argument is meaningless since you can't compare a rapidly increasing population base (bitcoin users) with a stable, slightly increasing population base (currency users). Take this factor into consideration and bitcoin is in hyper-deflation (since it's obvious anyways, price per coin from 0.01 to $15, difficulty up x 100000)
if it was in deflation that would show up in a massively growing productive economy. also note that the conclusion from my points is only a small part of my post. most of it was describing a scenario that is required to sustain this price. if you think this scenario is likely I disagree but I don't have any problem with that. I don't think though that an increase in difficulty and price shows that we're on our way to that scenario. what exactly is a "bitcoin user"? and what differentiates him from a bitcoin speculator? |
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that the recent jump in price is not due (primarily) to an increase in hoarding, speculation, or hype, but rather to a simple jump in users.
I fail to see the difference between a bitcoin user and a bitcoin speculator. what are all these new users using bitcoin for? |
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come up with a viable business plan to steal all that momentum from Bitcoin? Maybe, but they would have to invest big time into software development and marketing. Its not just copying the code and putting your name in the genesis-block.
I think it is, depending on the actor. Apple computers, providing an easy way to buy coins and 20% discount on iTunes when buying with coins would do it, imho. if they're smart enough to let go of all control and take another large merchant onboard, no question. |
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Yeah, but a key element to Bitcoin is anonymity. Is it? No one is preventing you from disclosing your identity. everyone knows that. the issue for trade is that a bank account (or paypal, ...) IS identification. I'm batman and 13GuHYTANS5H7Zerp9zcEjJpBaYzBwuP1k is my address, please pay and don't worry, in case something goes wrong just come to my cave and sue me. |
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There has been much written about the efficacy of bitcoins as the future currency. It's not a question of if, it's a question of when.
even if you hold that opinion for electronic decentralized fiat currency, that's definitely not true for bitcoin. right now, a single large actor can wipe out bitcoin completely. "googlecoins" would probably not even require any large improvements, just the name and promotion behind it. the only thing that stops any single merchant from doing that is widespread use of bitcoin in real business. it doesn't matter how many people trade at Mt.Gox or how many exchanges there are. I should make "Bitcoin is either the Myspace of e-currencies, or more likely one of its prececessors" my signature. many of my posts seem to end on that point. |
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any kind of bitcoin valuation in which you don't include a markup for knuckleheads who think bitcoin will replace all existing currencies and pour their live savings into it because of this leads you nowhere near 7$.
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Exactly. What a stupid, stupid argument. There is no other way to describe it. To say bitcoin needs more dollars to keep it going is to ignore the purpose of bitcoin. What bitcoin needs is more people willing to accept BTC in exchange for goods/services. It is not a "flaw", and it is not specific to bitcoin. It is a simple economic fact.
right. and if you take into account that there is a monetary inflation of bitcoins of 40% this year alone, or an (exponential) 18% each year for the next 5 years, you can make your own judgement whether the "bitcoin economy" grows accordingly (after it started existing) to maintain bitcoin's value relative to other assets. |
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payment and change are interchangeable, they are both outputs of the transaction. no one knows which one is which.
but in this case you are most likely right.
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So it seems that the won't allow market order to be placed ahead of market opening. This means that every trader has to sit in front of their computer refreshing until markets open so that they don't miss the opening.
Why oh why, can't they just allow orders to be placed before market opening? And have a defined market opening time that allows some time to get orders in?
probably because they don't have an auction system that usually determines the opening price at a real exchange. |
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yesn it's probably MtGox sending 100 to a customer and (40k - 100) to themselves.
it's not transaction fees.
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3 transfers of 45000 bitcoins each just appeared in bitcoin monitor
3 people got their 50 BTC each out of the same 45k pot. move the mouse courser over the transaction on bitcoin monitor. |
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7-9 is the range where I would recommend a buy. Above that, we are still in bubble mode.
really? you see a bubble but think 7$ are justified? my limit is maybe 0.20$, or some fundamenal change in bitcoin adoption. |
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he probably owns the exchange
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total amount doesnt mean anything. if I make 5 transfers from an address that contains 100k total amount is 500k, even though I might have "spent" only 5 BTC.
if you look at it more closely it probably means they payed out about 2000 BTC in that block - from that address.
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that was ONE trade btw. (unless 2 people timed it exactly)
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really? I just had a successful page impression. waiting on my second one.
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I am in. Just put in a buy order for one zillion Bitcoins at $19 each. I get behind Mt Gox, cause Gox has got in my behind.
nicely done. |
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