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gox should have mentioned 0 fees earlier, the earliest i heard of this was today in an email from them (i guess like everybody else), one day after it's already started. if they had made it more public i expect there would have been massive fluctuations as people who want to get in would be that much more inclined to buy given that they would have gained an extra 0.6% btc, and the opposite goes for traders that want to get out (gaining 0.6% more fiat).
this is common sense, expect volatility
Your "common sense" contradicts my experience. Also, the email in my inbox is dated 11-28. well ya bitcoin is unpredictable, so just because something should happen doesnt mean it will, but do you agree with what im saying? lower fees means more profitable transactions, gives people more incentive to trade |
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I wonder if the 0% trading fees at the largest exchanges (china & gox) is contributing to this misleading stability.
wouldn't it be more likely to cause instability greater swing trade gains Can you explain by what mechanism that could possibly work? My experience and several academic papers would disagree with you. For example: http://m.rfs.oxfordjournals.org/content/25/11/3389.shortCompetition among trading platforms has considerably reduced trading fees in stock markets. We show that this evolution is not necessarily beneficial to investors. Although they increase gains from trade when a trade happens, lower trading costs can induce investors to post limit orders with a smaller execution probability. In this case, gains from trade are realized less frequently and investors can be worse off.
In other words, lower fees leads to a full book and thus more stability. I thought because it was a break..from them not necessarily permanently 0% trading fees you'd see more variance.. pretty much what we saw when the bots weren't configured for it, Thursday. Gox that is I wasn't watching much on Thursday because I live in the US (Thanksgiving holliday). However, in the past temporary 0 fees on gox has generally led to more stability. So if I understand correctly, you are saying that people will rush to trade since the fees will be going back up? There may be some truth to that, but the book will still be thicker, especially close to the price. gox should have mentioned 0 fees earlier, the earliest i heard of this was today in an email from them (i guess like everybody else), one day after it's already started. if they had made it more public i expect there would have been massive fluctuations as people who want to get in would be that much more inclined to buy given that they would have gained an extra 0.6% btc, and the opposite goes for traders that want to get out (gaining 0.6% more fiat). this is common sense, expect volatility |
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Am I the only one that is seeing that coins on much more sparse on Mtgox than on Stamp? If this is true, it would suggest that in the future it is going to be impossible for Stamp to keep up with Gox.
So much has been talked about regarding the fiat "stuck" in Gox and how people would theoretically have to buy bitcoin to get their currency out. However, the other thing is that who wants to sell their coins there if you can't get the money out? If most people with coins who need the money quickly would prefer to use Bitstamp for these obvious reasons, there is just going to be ALOT more bitcoins available on Bitstamp
We are seeing this in the last week. The spread has been over $200 for no particularly good reason.
Its a little crazy that with all these different exchanges, there are such different situations at each one that change the price dramatically and that most people are not (or can not) taking advantage of it (arbitrage).
I can't wait until there is parity in the exchange prices. Although I really question if that will happen anytime soon.
Why would anyone wire money to GOX in these circumstances ? At some point GOX will have to allow wires out otherwise they will lose their business. No ? as far as i know it is possible to get money out, but it just takes a pretty long time |
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look im just saying, the only reason why people think btc can go to $10000 is because if enough people start using it so much that it becomes accepted everywhere, such that the only reason why it would be worth $10000 per BTC is because fiat would become essentially redundant or worthless.
I don't think so. If fiat would become redundant or worthless due to bitcoin success, we would be looking more into $10 000 per mBTC rather than $10 000 per BTC ($10 million per BTC) But that would be measuring using today's USD purchasing power. If USD becomes worthless and redundant, nobody will give a mBTC even for $10 million... So in this extreme scenario you need to use another unit of value. 1 ounce of gold is quite good. I don't see fiat becoming redundant tough. That's an extreme scenario. right well the 10k is just an arbitrary round large number, it has been used a lot before so thats why i was quoting 10k complete redundancy of fiat is a rather extreme scenario, but the ideas and reasons behind 10k are still relevant due to btc's finite amount 21m im saying btc would make fiat more redundant than it is now |
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on top of this i just saw someone post about a major Chinese state owned telecommunications company that started accepting btc on a previous page, $10000 is coming
So is winter. Aw, shit... I just looked out the window. Looks like 10K   |
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look im just saying, the only reason why people think btc can go to $10000 is because if enough people start using it so much that it becomes accepted everywhere, such that the only reason why it would be worth $10000 per BTC is because fiat would become essentially redundant or worthless. With another huge Chinese company, especially a state owned one, shows that this can happen sooner than people expect. basically fuck the speculators, fuck the greedy assholes that think it can just be a get rich quick scheme and dont fully understand btc. The move to $10000 is irrelevant of them. what will get us to $10000 is real people converting their fiat because btc is better (ps i know this has been said before but your comment suggests that you dont understand the way to $10000) Utter shite. If gold can be worth 7 trillion without anyone spending it, Bitcoin can be worth 500 billion without anyone spending it. Repeat after me. Bitcoin is a new asset class. mate if you are such a bear and have no hope for btc then why are you even here |
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Now only Paypal will hold it back from 10K mark. And yes; I know it was a Kilogram of gold. How many months away you think we are from making this true?  $40000ish. I believe that comes out to 16 months when using the cosmic calculator. on top of this i just saw someone post about a major Chinese state owned telecommunications company that started accepting btc on a previous page, $10000 is coming |
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holy fucking shit we are going to hit $10000 way sooner than expected. the world is turning to btc faster than anyone could have thought, fiat really may become redundant in the not so distant future Dude, chill. You cannot reasonably expect to go from $1B to $100B market cap in a couple months, it isn't sustainable. look im just saying, the only reason why people think btc can go to $10000 is because if enough people start using it so much that it becomes accepted everywhere, such that the only reason why it would be worth $10000 per BTC is because fiat would become essentially redundant or worthless. With another huge Chinese company, especially a state owned one, shows that this can happen sooner than people expect. basically fuck the speculators, fuck the greedy assholes that think it can just be a get rich quick scheme and dont fully understand btc. The move to $10000 is irrelevant of them. what will get us to $10000 is real people converting their fiat because btc is better (ps i know this has been said before but your comment suggests that you dont understand the way to $10000) |
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holy fucking shit we are going to hit $10000 way sooner than expected. the world is turning to btc faster than anyone could have thought, fiat really may become redundant in the not so distant future |
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ha fucking brilliant and 1200 is downnnnnnn |
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does anyone know where i can find a graph of btc bid orders/ ask orders. $35m vs BTC19,000 looks pretty bullish to me, but i want to see it on a chart
http://blockchained.com/sweet thats exactly what im looking for thanks |
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does anyone know where i can find a graph of btc bid orders/ ask orders. $35m vs BTC19,000 looks pretty bullish to me, but i want to see it on a chart
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omg who gives a fuck about litecoin. this is a bitcoin forum, we need Adam up in here to stop these posts.
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ya its going to go up again and its not going to get much cheaper. no one now would sell as low as it was over the summer knowing that we have already hit $900
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whats the big deal? someone had enough and sold off. maybe its shaken the market for a few days, but nothing detrimental. spineless noobs are selling now, but as confidence comes back the upward motion will overtake this weakness and it will finally be time to eat 1000
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I bet the Winklevoss Twins are waiting outside..... They're gonna party tonite with the Chairman Committee?
nah they'll just buy more and send the price even higher |
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omg seriously this hearing is super bullish. 1000 here we come
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I call it the echo chamber, others call it the postive loopback cycle, but from what I can tell, there are many new, naive investors getting into bitcoin and the main source of their news is this message board and reddit, both of which contain a lot of people trying to drive up the price further for their own self interests. Some of these people are just trying to play the market, and others are simply delusional and think the rally will never end. Actually the only reason for this rally is the rally it self: people is buying only and only because they see other people buying and the price going up like crazy!
That sums it up pretty well. self fulfilling prophecy, but whats your point though? |
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I said yestesday that china will go to 4000 in next week, but it's not even next week yet! damn.
EDIT. it's monday so it's next week. I was on sunday...
oooh looks like it just missed topping at 3998, probably should surpas after the recovery though |
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