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Silly. It can't go that low. People are just throwing low numbers around like hipster emo pessimist bears. But there is too much demand for BTC. Any sharp decline would be immediately eaten up, far above the previous floor price of $47.
$100 in a few short weeks, then $1000 in the medium term.
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I think the US$ should be stabilised. It keeps dropping in value. Last time I checked it was only worth around 0.016 BTC. This will deter USD investors.
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I was gonna start this out with a bunch of links to this whole cypress situation, but there are far too many... I figured if you just google:> cypress bank account confiscation <:you can go and look for yourself... My question is, do you think this is the reason for the most recent spike? or is this just a symptom of the greater problem that is causing the prolonged rise in price? You won't find much if you search for the name of a tree. |
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Hmm, I withdrew 15 coins about 2 hours ago to my wallet on my computer and still nothing, nothing in the block chain, yet they are gone from my mtgox account, this is my first time withdrawing my coins from mtgox, anyone have any idea how long it usually takes?
They would go from your account immediately to prevent double-spending, but it could take them several hours or more to actually transmit the transaction. |
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75 is too fast too soon. I expect a consolidation around 60-65, maybe a few minor spikes trying to break up but with no real momentum.
I was wrong last week in predicting a drop after a rise to $60. I don't see where such a drop to $51 would come from now. If I see any prices below $55 - $56, I'm buying more; and I expect many others will do so too. Ultimately most won't be that quick so prices that low are unsustainable.
That said, I think $100 is do-able in under 9 weeks. 9 weeks at the latest. 3-4 weeks is quite a likely scenario too.
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I figured everything out when I took a walk this afternoon.  When new participants flood their dollars in Bitcoin exchange, the price of bitcoin goes up, hoarders who spread the hypes dump their coins and make their profit, in a colletive and indirect way. You can't see the individual who snaped away your money as a newbie. This is nature of bitcoin exchange as a tool of ponzi scheme. The hypers work in a team that no one exposes his face as a schemer. Is this a ponzi scheme? simple and clear yes, a subtle hidden and intricate one. No, you didn't figure anything out. An increasing exchange rate and early adopters profiting does not make a ponzi scheme. By your definition anything that went up in value would be a ponzi scheme. Google stock is a ponzi scheme. Gold is a ponzi scheme. Land is a ponzi scheme. Oil is a ponzi scheme. So for your world to be without ponzi schemes, nothing could ever change value. That sounds like prison because someone is going to have to enforce it. The fact is things change. People change. What they value changes. The free market is all about price discovery. Bitcoin doesn't only go up, it goes down as well. Anyone who purchased any Bitcoins at any point from the very start has taken the risk of losing value. That is not a scheme, the risk is, and always will be, there for everyone. The ponzi operator takes no financial risk (beyond punishment if caught obviously)! Also, I have no idea what you are going on about with the "divided more than a million times" idea. You can divide it as much as you want, everyone still holds the same percentage of the total. It makes no difference what-so-ever as far as scarcity is concerned. Only how you perceive it. There are either 21 million Bitcoins or 2.1 quadrillion satoshis, I still have the same amount in my wallet and can affect the market equally in either scenario. Someone came into my home and took my TV. They are a thief! (I forgot to mention that I placed an AD in the local paper offering my TV for sale and then accepted their money in exchange for it.) It's an honor to have you enaged in a serious discussion. Sorry to hear the theft in your house, has the police done something with that? I'd like to draw a timeline to determing whether bitcoiners are legally ponzi schemers or not. If 50% of available bitcoins are actively traded in exchange between dollars or euros etc yet less than 5% are used as currency serving as medium of transactions and bitcoin is in perilous situation. That is not speculation any more. I'll tell you some of my observations. Bitcoin in mainland China is absolutely a ponzi scheme and gambling with possibly less than 1 BTC used as currency per day. Everyone in a user discussion group is talking about mining, hoarding, buying, selling bitcoins, the daily volume of exchange at BTCCHINA is approximately around 1k. The market is not yet developed in China -- but that doesn't mean it won't develop. People said the same thing about the property market in China. And the coffee market... and numerous others, far too many to mention. I think BTC is *particularly* attractive in China, given the non-convertibility of the renminbi. Either way, you can't divorce the reality in China from the reality in the rest of the world. Despite apparent authoritarian efforts to the contrary, the Internet is global. Bitcoin is global. Demand in one country will increase the value for all holders and all within the ecosystem. |
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No, it's not.
Newcomers are coming in and buying high. Why would they sell low?
Newcomers often contain weak hands. But a few corrections later, the strong remain, and the net effect is positive imho. True... and more hands is better; particularly when they have more to gain and less to lose from holding. I think we're seeing the Reddit effect this week + EU uncertainty. The current rally has more steam left in it yet. |
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No, it's not.
Newcomers are coming in and buying high. Why would they sell low?
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Either that, or this whole thing will collapse tomorrow... exciting times!  Price is being driven up by newcomers pouring in. That's not going to precipitate a crash. |
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Definitely holding, and waiting to buy more at the next slight drop / plateau.
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Fantastic, I haven't been able to buy bitcoins all day.
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We might see another "selloff" like $49->$32, but I doubt its effects will last
Yeah, but we'll be seeing a new ATH before too long. |
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It already was a "holy shit" moment.
I've never been in this for the quick easy money, and I do believe in BitCoin's future, even after this spike... but I certainly didn't expect that kind of leap in a few minutes.
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I might try for something bigger later.
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Exactly... Sometimes things don't pop.
I've witnessed the China real estate "bubble". People made fortunes while many stood at the sidelines shouting "bubble". It wasn't. Immature markets inflate quickly. When we look back, we realise how cheap things were.
This I was in china Shanghai in 2005 I looked at real estate prices and could not believe how cheap it was considering the infrastructure level I was right Yeah me too... since '99.... from cheap-as-chips houses and empty nightclubs to London prices (and Lamborghinis on the streets) in a decade. And no big pop at the end of it -- just a market levelling out. |
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Exactly... Sometimes things don't pop.
I've witnessed the China real estate "bubble". People made fortunes while many stood at the sidelines shouting "bubble". It wasn't. Immature markets inflate quickly. When we look back, we realise how cheap things were.
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@OP
Dude the value of BTC has just increased almost 10% in a day. If it drops by anything close to that, hordes will descend and buy in more. People feeling queasy at $50 earlier today won't miss the boat twice.
There will be a minor drop (sharp sell followed by sharp buy), but nothing to fret about. Hold onto your coins, and if you're quick enough, buy more on the inevitable rebound.
If you try to sell like some sort of crazed daytrader, more likely than not you will hopelessly miss the top and be buying back at a higher price in a few days.
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Last week I predicted $50 on Monday, followed by $60 before Friday and a subsequent slide...
I couldn't have predicted $47 - $55 in 24h though... crazy stuff.
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Ah yes, the slippery slope argument -- that's the one that's pretty much universally rejected as a fallacy, right?
Operating in the grey of the law brings more uncertainty to investors than having clear regulations.
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I have a bet that bitcoin won't reach US$100/btc anytime in 2013. I have won 4 out of 4 bets involving bitcoins so far, and don't intend to lose this one.
The only way I can see it failing is Italy undergoing mandatory deposit confiscation like Cyprus is at the moment, and someone whispering sweet nothings about bitcoins and a stunning way to smuggle money out of the country to the masses.
Being right 80% of the time is still good -- don't be too disheartened. |
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