The answer to your question is very simple: the market price is the price you can buy or sell bitcoins for on the market at a given time. In the case of the auction the given time would be the time someone actually places their final bid(s). Because once you decide to make a bid you look at the current price on the exchanges and then figure out where you are going to place your bid relative to that. You will probably also look at the direction the price is heading and your bid will be lower if you think it's going down short term and higher if you think it's going up. So $600 per coin would have been above market most of the time people could place their bids and $500 would be below market. Is this all really that hard to understand? Are you an idiot?

Very good morning Adam. Let me pour some Baileys in your coffee.

It seems the bear trap has snapped shut and the silly little auction has passed without the sky falling down.

All that and it's a gorgeous day here in T.O.

Life is good.

Also i wonder you mention below or above market price. Is that the price the minute the auction closes?The price it was when the bids had to be in? The price on Stamp or somewhere else? Who decides what the market price actually is?

Could it be that noone really has a clue?

Totally true.  If you read through my posts you can see I am not shy about my belief in God.  Which hasn't won me much popularity on this forum BTW. This friend I am talking about has been a major spiritual "mentor" in my life so I respect her greatly. But I tried to explain all the risks before she bought.  I guess that shows a little lack of faith on my part?  I think I just want her to have realistic expectations though.

Ha Ha   Or He is just trying to teach us a lesson in having more patience!!!

I believe.  A friend of mine, whom I told many months ago about BTC, said she was praying and God told her, and it appears with a feeling of urgancy, to invest in Bitcoin.    Now that is bullish news!   

If I understand it correctly , Muslims are not permitted to earn interest on money, this is "Riba" and is forbidden.
What they can do is receive rent for an asset they own - so a Muslim may buy an apartment, a physical good, and receive rent for allowing someone else to use it.
Given that bitcoin is not a physical thing on which one can earn a return I would have thought it was a bit of a grey area for Islamic finance anyway. Equities are ok as are securitizations as in those you buy the right to a series of cashflows that derive from a real asset, bitcoin hmm, tricky.

Of course they do.

Notice that no one has even tried to give answers to your direct questions, except "blah blah blah thinly traded market blah blah blah market forces blah blah blah waiting on auction results blah blah blah."  It's because no one really has a fkn clue what is going on, and they just need some event horizon to point to and say definitively "That there is the reason that this market is confused!  I'm right, and everyone else is wrong!"

Here's a more plausible explanation of the past several weeks:

This silly immature Bitcoin market is still 80-90% dominated by pimply-faced teenagers and know-it-all nerdy 20-somethings, and all the teenagers/20-somethings went on summer break and forgot all about bitcoin.  They stopped buying bitcoins, and only really care about buying more bitcoins when bitcoin is going up. If it's not going up or rallying, they really don't care to have their money locked up in anything.  They also sold their bitcoins because a) bitcoin price is not doing anything right now, b) they can't day trade not enough volatility, and c) because they need their $100 for summer vacation to go party with.  So the few whales left in the summer market are taking full advantage of the lack of buyers, and selling the market down lower.  These whales will use any FUD they can drum up (including this stupid SR auction, the latest stupid FUD) to drive the price lower, and without the teenagers/20-somethings buying more coins during the summer months, the price will fall lower.  Nothing will change until fall, when the teenagers/20-somethings come back from summer break and start buying bitcoins again.

Now do I really believe everything I just wrote?  Maybe. Not totally.
But it just as plausible an explanation as any of the other 1000 made up explanations for the market confusion presented on this sub forum?  Without a doubt, yes.

And that there is the whole point: no one has a clue, and everyone is just talking out of their ass.

 

everything can't go great, some bad things MUST happen. I don't know if you ShormKit understands this. Step out of your fantasy world. Bitcoin will rise, let it take its time.

Has this been here already? Just a rumor, but still this is HUGE.

http://nypost.com/2014/06/25/its-david-vs-goliath-in-race-to-launch-nys-first-regulated-bitcoin-exchange/

This week has been "interesting" thus far.

July is going to be very interesting methinks.

Yeah welcome to the speculation subforum. If you want hard facts you should consider visiting a different forum.

Yes, this is excellent news!

A rally might happen because the parties who were outbid on the auction may look elsewhere to get their coins and add to the buying pressure, also the media attention could bring in more people. And there may be forces at work the past weeks to keep the price down to get a better price on the auction, and those forces will disappear after the auction which could also spark a rally as selling pressure suddenly vanishes.

A dump might happen if those coins were bought way below market making people nervous about a dump and wondering whether currently Bitcoin is overvalued. This could easily snowball into a sell-off.

But there are many other factors at work at the same time as well, the auction isn't the only thing that determines whether we will see a rally or a dump.


Bitcoin is a thinly traded market and thus a few million dollars can easily move the price around in whatever direction. The auction attracts parties who have many millions of dollars lying around so it's not hard to believe that some of these parties will keep a tight grip on the market until the auction is over. Even the possibility of this will just keep the market obsessed about it until this is over. At least that is my opinion.

I think that this forum acts as a magnifier...  (of peoples opinions)  there are far larger forces at play here then this auction... but the market likes any excuse, also the market does not need an excuse and the market is not always smart... lots of posturing and positioning and speculation from speculators... the market will shake this off like a case of the fleas and a few weeks down the line it will be all forgotten and there will be another thing to focus the magnifying glass on.. there will be dips and peaks, highs and lows... the market will move because that is what markets do.
 All the while there are several larger forces at play... tick tock tick tock

except that you love the idiots that yell BUY BUY BUY because you are the same type of idiot bull-tard as they are, and you hate traders and non hodlers and who ever question anything, you are like a religious-tard who never question things because it is a sin and god forbid. 

String support in 550s.