Bitcoin in RALLY mode

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S3052:
exactly, most of the times, people call the top way too early.

this also applies for insiders of companies

Babylon:
Quote from: Hal on January 13, 2011, 09:28:08 PM

The danger is if people are buying bitcoins in the expectation that the price will go up, and the resulting increased demand is what is driving the price up. That is the definition of a BUBBLE, and as we all know, bubbles burst.


It could be a bubble, on the other hand if the increase in price, even if driven purely by speculation, encourages more businesses to accept bitcoin as a form of payment that can serve as a real foundation for a bitcoin economy.

ShadowOfHarbringer:
The current prices are rising constantly high even on a high trade volume. So I wouldn't say this is a bubble.

Mtgox BTC/USD is back to ~3,30 currently. I think this is the "normal" price, 0,40 was speculation.

FreeMoney:
Quote from: ShadowOfHarbringer on January 14, 2011, 04:07:46 AM

The current prices are rising constantly high even on a high trade volume. So I wouldn't say this is a bubble.

Mtgox BTC/USD is back to ~3,30 currently. I think this is the "normal" price, 0,40 was speculation.


I don't think there is a bubble either, but why would high volume imply that? For example, didn't houses turn over faster during the bubble than during other times?

Timo Y:
Quote from: Hal on January 13, 2011, 09:28:08 PM

The danger is if people are buying bitcoins in the expectation that the price will go up, and the resulting increased demand is what is driving the price up. That is the definition of a BUBBLE, and as we all know, bubbles burst.


Even if this is a bubble, it's unlikely to burst as long as there is a steady influx of new users and new businesses accepting Bitcoin.

We are still a long way away from market saturation.

10 million users 2 years from now I think is possible, if the history of other p2p networks is any measure. Say that each of those users spends $100 to buy Bitcoins on average.

The Bitcion economy would be worth 1 Billion USD and the naive exchange rate would be approx 1 Bln USD / 10 Million BTC = 100 USD/BTC.

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