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This cycle is repeating itself in an overlapping way more and more frequently, this will become less apparent as more people get into Bitcoin and it very very slowly stabilizes.
Remember, not everybody wants to sell at the same time because not everybody is thinking the same thing neither does everybody have the same objectives that come into alignment at the same time.
There will always be people wanting to cash in and there will always be people wanting to pick up cheap(er) coins. All at different times. This will slow down the volatility.
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Perfect, I can watch this live from France just after dinner!
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Interesting what they have to say about Chinese government money.
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It seems like there is a clear cycle of people buying holding and selling; once a multiple return on initial investment is made they cashout, and understandably so.
Every time the earlier adopters reach a psychological barrier and cash out a large number of coins, they do so because they see their initial investment reach a pre-determined valuation that is deemed "the number that will lead to happiness or financial freedom or good return on initial investment etc".
But the fact that these people cash out makes it more interesting for the latecomers and everybody else still holding BTC because the bitcoins get more and more dispersed and broken down into smaller denominations amongst a now larger population, but the BTC are now more valuable and are still in demand.
So for example when the people holding 1000 bitcoins today see it hit $1000 in the future - They cash out to get their hands on $1million. Quite an achievement!
But then there are less people holding 1000 bitcoins as they are dispersed into many different wallets.
Then the people holding 100 BTC wait for the price to hit $10000/BTC so they can cash out and enjoy owning $1million.
This is what is really happening imo.
People hitting their pre determined barrier (initial investment vs risk vs future return) they decide to cash out and now the next wave of investors get involved and the cycle repeats over and over again as the price goes up.
Of course this is happening every second of the day, which is fuelling the rise in value against fiat; people reaching personal goals or limits.
That is perhaps the magic of this system and when is it going to stop? Never?
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Is it going to break upwards?
Is it going into reverse?
Is it going to stabilize for a few minutes, or perhaps longer?
Find out.......... later
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I'd like to own ten times more than the 21 I'm sitting on now, but to get that many is going to take an investment that would take me years to claw back should Bitcoin plummet to zero.
Is it worth it? Who knows?
However I keep thinking that if Bitcoin keeps growing then there probably is not much point in investing anymore.
Even 10 Bitcoin should be life changing if Bitcoins growth continues (as it has done in the past) for the next few years.
Then perhaps even later all you'll need is 1 BTC to set you up for life.
So the dilemma, is it worth investing allot more fiat with a risk of loosing everything that would take years to recover?
or
Do you just sit tight with a few bitcoins because that should be enough to be happy with in the future and if they lose value, you can just move on to the next thing stress free.... which in itself is priceless!
It's also worth remembering that things that seem too good, usually don't work out as expected in the end!
or
All good things come to an end? The thing is knowing when.
Could BTC be the exception to the rule?
So perhaps it's worth being a little bit careful and not going all in with an amount you can't afford to lose.
My goal is 210 but I think 10+ is good if you hold till the market cap hits 500 billion.
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Below is a link to the video interview
http://www.cnbc.com/id/101190181The Winklevoss twins are screaming bulls on bitcoin.
Cameron and Tyler Winklevoss—big investors in the digital currency—said Tuesday that bitcoin should be worth at least 100 times more than it's valued today.
"The small bull case scenario is a $400 billion market cap. So the market cap is around $4 billion right now," Tyler Winklevoss said in an interview at the DealBook conference that aired on CNBC's "Squawk Box."
The twins, who famously battled Mark Zuckerberg over the origins of Facebook, started buying bitcoin at $9. Their investment was worth $11 million in April at $120 per coin.
After a sharp drop, bitcoin has surged into record territory again, hitting $385 in early Tuesday trading on Mt. Gox—one of the many exchanges for the digital currency.
Cameron Winklevoss said he views their investment in bitcoin as a gold 2.0-play but also a bet on the technology: "The idea that payments are increasingly going to use a network like the bitcoin network to move money around the world."
Adam Jeffery | CNBC
Tyler and Cameron Winklevoss
The Winklevosses want to create a bitcoin exchange traded fund (ETF), accessible to all investors. "We filed an amended S-1 in October. And we're just still going through the process," Cameron said.
He explained how bitcoin works: "Miners mint bitcoins every 10 minutes. It's basically a computer algorithm." He said the computers built to mine are so specific "you couldn't really do it as a hobbyist."
Bitcoin was created by Satoshi Nakamoto, a pseudonym, Tyler said. "We don't need to know him because it's based on ... trust in cryptography, not trust in individual."
As for what regulators in Washington think about bitcoin, Cameron said, "I think everyone recognizes the innovation and doesn't want to stifle it. They just want to make sure there's healthy regulations so it's used in a safe and productive manner."
Last month, bitcoin plunged after U.S. authorities shut down the Silk Road site, an accused online purveyor of drugs and other illegal services. Bitcoin had been hit by the perception that it was used primarily for transactions on Silk Road, and many had expected demand to dry up after the website was closed.
But Tyler Winklevoss said those concerns were never realized: "Prices are double what it was before Silk Road was shut down. So the demand to use bitcoin for illicit activity was clearly almost zero."
Mainstream merchants are slowly adopting bitcoin. Cameron pointed out that e-commerce platform Shopify announced it will accept bitcoin, and so has China portal Baidu.
The digital currency has even made steps into the physical realm, with ATM manufacturer Robocoin launching the first bitcoin ATM in a Vancouver coffee shop.
—By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC.
Correction: This version shows that the Winklevosses' investment in bitcoin was worth $11 million in April.
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I used to buy domains until I realised I lost more than I made.
Especially when you get to renew 20+ domains that you've not been able to sell or use, it gets expensive.
Personally, I'd never buy another domain unless it was clearly valuable, such as a one word generic in a .com or other complementary extension.
Or, I wanted develop the domain.
Good luck with finding users for these.
If I had to pick one, I'd say litecoinmag.com is the best.
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Maybe bitcoin could create the first ever trillionaire!
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A couple of days ago a Netherlands online retailer started to accept BTC as payment for ordering food. That website was a subsidary of Takeaway.com.
Now they seem to have recently enabled BTC in other countries including UK (takeaway.com) and France (pizza.fr).
This will certainly create more awareness and it enables me to correct certain french people that say - "Bitcoin will never be adopted in France".
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There is also Coinfloor trying to get off the ground in the UK.
Hopefully they can navigate all the roadblocks.
Yeah...Do you realize that coinfloor is a scam? Do you know who is actually creator of coinfloor. Just check this forum and stay away from them. I've been looking through the forum and can't find anything that suggest they are a scam. Is there any proof about that?  |
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There is also Coinfloor trying to get off the ground in the UK.
Hopefully they can navigate all the roadblocks.
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Mock up of how a bitcoin might look:
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Cool thanks, didn't realise they had that option!  |
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Last night I decided to buy another Bitcoin. I logged into my bank account and sent 300 euros to Bitstamp. Then about 20 seconds after clicking send I realised I forgot to include their 11 digit transaction reference they ask for in my bank transfer, I couldn't cancel it either. I went to see my bank this morning and they cannot do anything to stop the transaction now. I send an email to Bitstamp info@bitststamp.net with no response. Any advice about how to get in contact with them would be much appreciated. |
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He says - It could got to one million Then He says - I don't own 1 Bitcoin WTF? |
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It costs $10, yet they charge 0.10 BTC? And they aren't going to regularly update the price? That is stupid.
Most definitely stupid... so if the price shoots up to $1000 it would be $100 instead of $10, who is going to use that? Nuts! There needs to be some kind of application that updates the prices automatically based on exchange rates! Plus people selling in Bitcoin should always provide 20% discount! It makes sense and everybody wins. |
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