Bitcoin in RALLY mode

[S3052]

We need someone who can be trusted and willing to set it up.

WHO wants to do it?

The one who will do it gets a couple of BTC as incentive, ok.?

[1713936537]

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[1713936537]

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[1713936537]

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[1713936537]

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[MoonShadow]

Hugolp and Babylon,
reading the above, I'd like to bet exclusively with you. How can we set up this in a stable way?

As Babylon said we need someone to hold the bitcoins or at least a part of them until the bet can be resolved.

What you need is an escrow, which is something that no one has yet done for Bitcoin, because it would require that at least the escrow manager be willing to expose his own real identity.  I've been considering setting up an escrow service for Bitcoin, but I'm still not convinced that there is enough of a demand to justify the loss of my autonomy.

[Babylon]

I trust several people on here well enough to escrow for a short period,  Not for a 6 year period without some more solid contact info.  Not because I have even a hint of a suspicion they'd steal my coins, but because I am concerned they might lose internet, or go to jail for being an Anarchist, or have their computers melt down, or whatever in that time.

[S3052]

I agree this is too longterm.
what about DJI below 10,000 ( close or intraday ) before 12/31/2010.
100BTC

[Babylon]

I agree this is too longterm.
what about DJI below 10,000 ( close or intraday ) before 12/31/2010.
100BTC

Not a bet I'd personally take.  I expect it to drop that low by the end of the year.  I expect the elections to be a bit of a kick in the teeth to the DOW

[hugolp]

I agree this is too longterm.
what about DJI below 10,000 ( close or intraday ) before 12/31/2010.
100BTC

This is a complete different bet. I can see this happening, specially depending on the Fed actions.

If QE2 happens in the November FOMC meeting as almost everybody is expecting and it is big enough, the DOW will remain over 10.000, but if the Fed leaves QE2 for later or it is percieved as too small then it could happen.

Big parts of the economy are now driven by monetary policy rather than market forces. Its sad.

[Timo Y]

Why don't you guys take this bet to Long Bets?
http://www.longbets.org/

[S3052]

Thanks , I will look into longbets.com

[S3052]

And coming back to the Thread-Title:

Bitcoins are back above 10 cents again.

[mpkomara]

with mtgox having paypal issues, i think we should turn our focus away from their dollar value (what good is $1.00 on mtgox without faster withdrawal capabilities?  how much would you be willing to have mtgox take from your $1.00 if you could withdrawal dollars today?).  let's get back to April, May and June discussions of "how much is a pizza worth in bitcoins?" without having to convert into dollars to answer the question.

with all the exchanges facing chargeback issues, shouldn't this be the best time to focus on exchanging goods and services for bitcoins?  go to biddingpond if you want to buy bitcoins.  offer some tennis balls, offer a delicious pizza, offer something of value and someone will pay you bitcoins for it!  promise!

[S3052]

Agree in principle that biddingpond is very useful.

However, there are not enough users.

Therefore, there are requirements before biddingpond can really be used broadly enough:

• More people need to be able to buy BTCs; otherwise a few dozens of this forum will exchange pizzas with different toppings until they are fed up with pizzas or more seriously, have sold and bought a handful if things, still exchanging within this mini community. Only if more people own BTCs the market can get sizeable enough.
• This means someone needs to establish an easy way to buy bitcoins for everyone. Provocative question:
      What does it take to convince paypal to get back into business with mtgox (perhaps only allowing trusted registered users that have confirmed bank accounts)/has someone asked paypal responsibles about what the barrier really is for them? What does it take to allow bank account transfers to a BTC exchange (and all this with lower fraud risks)?
• In parallel to the above , biddingpond needs to do advertising/marketing to grow users.

[Babylon]

Don't forget bitlist.  With such a small userbase bitlist is actually more useful than an auction site because auctions in small groups are unpredictable.

[jgarzik]

Don't forget bitlist.  With such a small userbase bitlist is actually more useful than an auction site because auctions in small groups are unpredictable.

That's certainly true for the two VISA debit cards I lost money on...   

[Anonymous]

Don't forget bitlist.  With such a small userbase bitlist is actually more useful than an auction site because auctions in small groups are unpredictable.

That's certainly true for the two VISA debit cards I lost money on...   

luckily I was given the amazon code as a freebie so i didnt technically lose money on it..but yeah the userbase needs to grow. I might purchase some squares on bitlist with the proceeds 

[S3052]

back to the original starting point.

The bitcoin rally.

Prices have pushed to 10 cents and hold firmly above that level. Volume has been low after the breakout. There hasbeen quite some buying interest at the 10 cents level, indicating that some folks are speculating on a further rally.

There hasn't been downward pressure despite a huge increase of block generation rate despite high difficulty (280 blocks past 24h )

Technically speaking a further rally is the most probable scenario. Only a close below the 6.3-6.5 cent former breakout level, would invalidate this outlook.

Next resistance is 13 cents (alltimehigh) and 15, then 20 cents

[kiba]

back to the original starting point.

The bitcoin rally.

Prices have pushed to 10 cents and hold firmly above that level. Volume has been low after the breakout. There hasbeen quite some buying interest at the 10 cents level, indicating that some folks are speculating on a further rally.

There hasn't been downward pressure despite a huge increase of block generation rate despite high difficulty (280 blocks past 24h )

Technically speaking a further rally is the most probable scenario. Only a close below the 6.3-6.5 cent former breakout level, would invalidate this outlook.

Next resistance is 13 cents (alltimehigh) and 15, then 20 cents

Wait, this doesn't make any sense. We are unable to deposit dollars into Mt. Gox. for quite some time.

[Anonymous]

back to the original starting point.

The bitcoin rally.

Prices have pushed to 10 cents and hold firmly above that level. Volume has been low after the breakout. There hasbeen quite some buying interest at the 10 cents level, indicating that some folks are speculating on a further rally.

There hasn't been downward pressure despite a huge increase of block generation rate despite high difficulty (280 blocks past 24h )

Technically speaking a further rally is the most probable scenario. Only a close below the 6.3-6.5 cent former breakout level, would invalidate this outlook.

Next resistance is 13 cents (alltimehigh) and 15, then 20 cents

Wait, this doesn't make any sense. We are unable to deposit dollars into Mt. Gox. for quite some time.

Kiba is right.I think we should disregard the price on mt gox it is obviously not reality. 

[SmokeTooMuch]

does this mean current trades on mtgox are fake ?
because I "sold" quite a few bitcoins there the past days ...

[S3052]

The are no indications that trades are fake at the exchange.

People claiming this should provide evidence for this.

MtGox the the single exchange where there is active trading and provides enough liquidity.

If people believed that the prices were not real, they would sell, which they obviously don't enough to drive down prices.

No offense, but people who are not invested enough are typically those who believe that high prices are not real as they hope to get a cheaper entry. That is the psychology of the markets.

[jgarzik]

does this mean current trades on mtgox are fake ?
because I "sold" quite a few bitcoins there the past days ...

No, they're not fake.

You cannot withdraw USD, but that is a temporary situation that mtgox is working to remedy.