TL;DR: Bitcoin is not goods. It has neither intrinsic value nor is it subject to the classic supply/demand interpretations.
I would argue that the average user who is interested in buying bitcoin solely to spend, has absolutely no idea what the exchange rate of a bitcoin should be. It could be $5, it could be $500, they wouldn't know the difference. They only know that the price has gone up over time. I.E., they (will? should?) buy at whatever the current rate is, because they assume that the market has set the price correctly. But the problem is that their speculator friends will say, "Oh, no, you shouldn't buy now... have you see the decline lately? Wait for a better price." This 'waiting for a better price' of course defeats the whole purpose of buying bitcoin for its immediate use as a spending vehicle, or currency. What constitutes a "better price"? A 5% drop? 10% drop? 30% drop? If no one knows what the price should be anyway, then it's really ridiculous notion. It's like someone shopping for a gold engagement ring, and their best friend going "Oh no, you shouldn't buy a gold ring now... have you seen the decline in gold price lately? Wait for a better price." And then the shopper is like, "Damn dude, I'm getting married here. How long should I wait? I can't wait forever. In fact, I shouldn't even care what the current price is."  |
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http://www.coindesk.com/coinbase-launches-bitcoin-buying-selling-13-european-countries/To me, this is the biggest bitcoin news so far this year. Why? Precisely because the "masses" need an easy, reliable way to actually buy bitcoin, without worrying whether or not the broker/exchange is in full compliance with local KYC/AML laws and has good relationships with local banks. This is how we pull in the other 95%. My first experience with buying bitcoin was through Coinbase as it was the safest of options here, and I'm sure many others outside the U.S. will find their service user-friendly and reliable. They also go to near ridiculous levels to secure their private keys in offline cold storage (beyond what most exchanges do) and are fully insured.
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I'm quite amazed where these huge sellers get their coins from.
I'd love to talk to 1 or 2 of these people and ask them what their motivation is for keeping the price down. These damn sell walls all the time. Normal market behaviour my ass.Exactly. It's fucking ridiculous. Obvious COMPLETE lack of any buyers is obvious. |
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where are the trollfuckers now?
its so pathetic...
Their silence is deafening. Actually, they're silent now because they feel they accomplished their goal. And they did, for 4 days depressed price down to $460. Now up to $480 and climbing. Expect another dump within 24 hrs. After that, I guarantee the trolls will return again. This BS is all just too predictable now. |
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Xiaoxiao, Chuckee, cosmofly, igorr, riiiising, exocytosis, mocrojaste
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People are becoming very hateful and quarrelsome around here. It's no wonder though, many have put the highest of expectations into specific events/news the past few months, only to be disappointed again and again as they learn (and repeatedly forget) that news doesn't mean shit in a market ruled by sentiment.
The majority here (Speculation) doesn't give a shit about anything other than talking their book. Was it always this way? I have fond memories of this place in the past, but maybe I've altered my own reality. If your statement is true and noise increases to 99-100%, then that means this entire forum will become completely worthless in a few years. No one except the trolls will really come here anymore. Perhaps no one will need to, for any reason, and that will be a good thing. Without a way to (supposedly) influence people, whatever shall the trolls do?  |
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4 Trading steps of silliness:
1. Troll traders dump bitcoin ahead of PayPal announcement
2. Troll traders buy back their own dumped coins, hoping to fake a small rally based on PayPal news
3. Price rises, bitcoiners think it's because of PP news
4. When small rally loses steam, troll traders dump coins again
Yep, rally failed because we're now on to the troll trader BS.
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Overstock, Expedia, and Newegg are retail places that SELL the coins people spend, PayPal is person to person where people have to BUY bitcoin to send. Not all of those people will then sell coins, therefore there would be buying pressure where with the other there is selling.
It's not that hard to understand.
Thanks for explaining these complex mechanics to me, with all my years of advanced computer science and economics knowledge I never would have come to this conclusion on my own. Let's chat more about this in a few days, weeks, or even months, when the price has exploded upwards like you said because of this seemingly earth-shattering bitcoin news. Mmmmkay? /s Where did I say the price will explode upwards? You sure aren't that smart that you don't even know what I said. Lol That was your implication. And you are wrong, people have to BUY bitcoin first before they can spend it Overstock, Expedia, and NewEgg as well. In all cases, someone has to buy bitcoin first before spending or sending. So like I said, adoption by Overstock, Expedia, and NewEgg had no affect price moving upwards, in fact the opposite. |
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Overstock, Expedia, and Newegg are retail places that SELL the coins people spend, PayPal is person to person where people have to BUY bitcoin to send. Not all of those people will then sell coins, therefore there would be buying pressure where with the other there is selling.
It's not that hard to understand.
Thanks for explaining these complex mechanics to me, with all my years of advanced computer science and economics knowledge I never would have come to this conclusion on my own. Let's chat more about this in a few days, weeks, or even months, when the price has exploded upwards like you said because of this seemingly earth-shattering bitcoin news. Mmmmkay? /s |
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I got erection after watching that Paypal video.
Ladies and gentlemen, it looks we made it.
Ummm... not creepy? |
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I have just read the news, let's see if it will have a great impact on the price!
Overstock news, price continues sliding. Expedia news, price continues sliding. NewEgg news, price continues sliding. .... PayPal news, price explodes upwards? Oh YES totally..  |
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Haha, trader fail. Temporarily trading BTC for LTC isn't really dumping BTC at all.  |
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NOW is the next buying opportunity.
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No weekend dump.
Much disappointment such boringness wow
lol, normally weekend like this, so it's not disappointed. Let's wait for morning when we will see real movement. When you're at bottom, traders actually have to buy more bitcoins first in order to dump them later. |
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Hey cool! This thread reminds me of mmitech's "THIS IS ALL YOU CAN DO BEARS???!!! HA HA"-Thread right before the crash from 800 to 300 downwards. It is always, really always a god damn good idea to open such threads in the middle of a bear market!!! But you should open another, more aggressive one very soon where you tell us about all these ridiculous dumps and these motherfuckin' bears, and that you know we are JUST NOW anticipating a new ATH tommorow soon to 100,000,000,000.
I will push this thread later! I really like it! Thanks!
Then dump. Go ahead, I'll wait. Still waiting.... and waiting....tick tock.... Otherwise, bear market over. (btw your overly enthusiastic rebuttal gives it away, such hostility, poorly played dude) |
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Go ahead troll dumpers, prove me wrong. Let's see this epic selloff you keep squawking about. Otherwise, this is the bottom. falllling, I'm waiting.  |
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This doesn't look good definitely. Strong start of the rally, blocked very soon, then the weakest attempt to do it again, slight drop and not even try to do it again. There's just no confidence and money to push this left anymore, people got owned several times in last 3 months and everyone is scared.
Yes, maybe true, but I think sellers are exhausted also. Also the longer this bottom is in, the more confidence will build that the only way is up. |
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I am going to laugh my ass off when one day in the future, just out of the blue, none of us know when, the whales suddenly reappear and start buying up bitcoin like crazy. It's inevitable, and it will baffle everyone. We'll see a hundred threads pop up overnight that say "So what's happening?? What's going on?? Why the price shooting up like crazy???" And no one will know why, as there will be no news. But it will just keep on going up. Then bam, vertical again. And THEN some major awesome news will come out 4-6 weeks after the price started going up, appearing right in the middle of the peak, and in hindsight everyone will go, "Oh, so THAT'S why!" The sheep are always the last to know; the insiders are always the first. |
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As for economical, political, social and practical issues, wouldn't it be better for your colleagues in these other fields to comment? You are entitied to your views in these areas, of course, just saying these areas may not be your expertise.
The problems and argument flaws that I see are simple enough that one does not need to be a specialist in those fields to understand them. On the other hand, some of them (such as the risk of theft) require knowledge of computers and cryptography that experts in those fields rarely have. Moreover, few of them seem to care enough about bitcoin to learn about its economic and social fabric (exchanges, funds, payment processors, scams, miners, castles, frappucinos, ...) Everyone knows you are a paid troll here to stir negativity and doubt. Otherwise you wouldn't have a reason to spend so much time here. |
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Just woke up and saw we got to 497
Couldn't even break 500? really??
Fucking dissapointing
I'm starting to doubt a rally in 2014 now aswell..
You're kidding right? The price just jumped $20 on extremely low volume, just a few whale moves. Imagine what would happen to the price if buying volume rose 100X that. And the last ATH didn't even really start until mid Oct. '13, only 2 months before the year end. |
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