Bitcoin in RALLY mode

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Babylon:
I notice the price is up around 30 cents.

I am not sure why prices need to keep going up in order for more businesses to accept bitcoins though, Just so that bitcoins in circulation are worth enough for it to be a worthwhile market to tap into? or?

FreeMoney:
Quote from: Babylon on January 03, 2011, 01:48:10 AM

I notice the price is up around 30 cents.

I am not sure why prices need to keep going up in order for more businesses to accept bitcoins though, Just so that bitcoins in circulation are worth enough for it to be a worthwhile market to tap into? or?


It's more the reverse I think. If it is used more widely then the value relative to other currencies will go up. But there is causation the other way too.

It would be pretty hard to buy a house with bitcoin right now since you would need more than all of them, but as you went to get them you'd drive the price up yourself. The trouble is that the deal is hard to work out, what do you say buy bitcoins until you've spent $2M USD and give me that many? That doesn't exactly give incentive to get the best price on them. The other way has the same problem "Keep giving me coins until I've sold them for a total of $2M" now I don't have much incentive to get a good price and we're denominating in USD anyway.

So wider trading will allow bigger trading which will open up more opportunities making the economy wider... but it won't happen all at once.

Speculating (by buying now) that it will happen eventually will help it to happen faster too. Offering to trade goods and services will help the most though.

Bruce Wagner:
Holy Moly! Bitcoin is seeing another SURGE! It just hit $0.40 per
Bitcoin! It was only $0.06 only 3 months ago.

http://mtgox.com/trade/history

S3052:
Quote from: brucewagner on January 13, 2011, 07:01:34 PM

Holy Moly! Bitcoin is seeing another SURGE! It just hit $0.40 per
Bitcoin! It was only $0.06 only 3 months ago.

http://mtgox.com/trade/history


Yes, we are in an acceleration phase of a big , high volume rally.
At this stage, selling is not really needed from a technical perspective (unless people really need cash or need to buy sth with bitcoins in the short term)

Bruce Wagner:
A quote from the beginning of THIS THREAD....

Quote from: S3052 on October 07, 2010, 09:37:38 PM

Next big target is the all time high around 0.08


Those who are pessimists will always be pessimists.    :)

Meanwhile....  those who are putting ALL of their money into bitcoin......    are very pleased.    :)

A 666% increase in 3 months time....   How much is THAT annually...?   2664% per year?

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