mtgox claims $5 to $20 million per day incoming funds...

[Brushan]

I remember some days ago a bear said that for the price to hold 100$ AND if all the miners sell their coins we need 360K USD of incoming funds a day. He meant that it was unsustainable. If there is 20 MILLIONS USD of incoming funds everyday you do the math yourself...

[Le Happy Merchant]

I am willing to believe Gox on these figures, I posted this in a different thread, but it applies here too: https://bitcointalk.org/index.php?topic=180439.msg1891053#msg1891053

There are way more people who want in than want out, now we know just how wide the gap is.

As an aside, if we take the net money flow reported here at face value, (an average of 11.85 million per day) and distributed it across all Bitcoins currently in existence the price would rise by about $1 per day. If we distributed it across every Bitcoin currently for sale in Gox's orderbook (98.9k according to bitcoinity's wall chart) then the price would rise by $120 per day.  

[Le Happy Merchant]

I've actually made an offer of 10.000$ for less than 100$ @3month, see my posting history.

I don't know what to look for, but I feel like I would take the bet if I saw it. Could you PM me a link?

[Sword Smith]

I've actually made an offer of 10.000$ for less than 100$ @3month, see my posting history.

I don't know what to look for, but I feel like I would take the bet if I saw it. Could you PM me a link?

In another thread, rpietila seemed willing to make a bet that the price would not go below 115 $.
https://bitcointalk.org/index.php?topic=178336.msg1919858#msg1919858

[naphto]

I've actually made an offer of 10.000$ for less than 100$ @3month, see my posting history.

I don't know what to look for, but I feel like I would take the bet if I saw it. Could you PM me a link?

In another thread, rpietila seemed willing to make a bet that the price would not go below 115 $.
https://bitcointalk.org/index.php?topic=178336.msg1919858#msg1919858

That's stupid, price will go below 115. The only interesting question is "when?"

[Le Happy Merchant]

In another thread, rpietila seemed willing to make a bet that the price would not go below 115 $.
https://bitcointalk.org/index.php?topic=178336.msg1919858#msg1919858

Not the side of the bet I want to take.

That's stupid, price will go below 115. The only interesting question is "when?"

rpietila is actually setting up a more complicated position than a bet that the price will never go below $115. Also, if you can prove that the price will at some point go below $115 then the market should immanentize this and cause the price per coin to be at or below $115 right now.

[mestar]

I remember some days ago a bear said that for the price to hold 100$ AND if all the miners sell their coins we need 360K USD of incoming funds a day. He meant that it was unsustainable. If there is 20 MILLIONS USD of incoming funds everyday you do the math yourself...

I would predict that after a period of this positive Gox imbalance, there will be a period of negative flow.  Unless you thing having money flowing into MtGox, and no money flowing out is somehow sustainable.

We'll see how it goes when there is 20 million going out, and 1 million going in.

[Le Happy Merchant]

Unless you think having money flowing into MtGox, and no money flowing out is somehow sustainable.

We'll see how it goes when there is 20 million going out, and 1 million going in.

1. Plenty of money is being minted to sustain this.

2. Not going to happen

[smoothie]

Unless you think having money flowing into MtGox, and no money flowing out is somehow sustainable.

We'll see how it goes when there is 20 million going out, and 1 million going in.

1. Plenty of money is being minted to sustain this.

2. Not going to happen

11,000,000 BTC

VS.

1,500,000,000,000,000 USD (including derivatives)


yeah I think bitcoin is going to go up lol

[Come-from-Beyond]

11,000,000 BTC

VS.

1,500,000,000,000,000 USD (including derivatives)


yeah I think bitcoin is going to go up lol

Smoothie on trolling spree

[mestar]

Unless you think having money flowing into MtGox, and no money flowing out is somehow sustainable.

We'll see how it goes when there is 20 million going out, and 1 million going in.

1. Plenty of money is being minted to sustain this.

2. Not going to happen

You seem to confuse money flowing into MtGox with bitcoin economy.  Piling money on MtGOx does nothing.  If each day 20 million enters and 1 million leaves, after 100 days you will have $1.9 billion on MtGox.  Why?

There are only two things that can happen to that money:
-it can be withdrawn
-it can be lost to transaction fees

Notice that I did not put "it can enter the bitcoin economy" on that list, because if somebody buys $20 million of bitcoins, somebody sold $20 million (ok $20 minus 1% fee) bitcoins, and the amount of money on MtGox stays the same.

So, no, this $20 in $1 out situation on MtGox can not last for very long.  Why would it?

[mestar]

11,000,000 BTC

VS.

1,500,000,000,000,000 USD (including derivatives)


yeah I think bitcoin is going to go up lol

That's just bubble talk.

[TimJBenham]

Okay bears now is your chance to be creative on how $5 to $20 million incoming cash per day into bitcoin will send the price lower.....LAWL  

Easy - "MtGox is lying"
 

MagicTux looks at all that money and decides to take the Pattaya option?

[naphto]

Unless you think having money flowing into MtGox, and no money flowing out is somehow sustainable.

We'll see how it goes when there is 20 million going out, and 1 million going in.

1. Plenty of money is being minted to sustain this.

2. Not going to happen

The only reason why so much money came in, and so less out is:
https://bitcointalk.org/index.php?topic=180134.0
https://bitcointalk.org/index.php?topic=168843.0
(...)