Bitcoin in RALLY mode

[FreeMoney]

The trades aren't "fake". It's just that the market right now is BTC vs "MTGOX USD" which will be paid at some point in the future by some undetermined method. Since this type of dollar is worth less than a real dollar a bitcoin is worth more of them. Make sense?

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[Bimmerhead]

Wow, we hit $0.19 today!

The question though is this from money that was already in accounts before the PayPal debacle, or is there still new money flowing into MTGox?

[kiba]

Wow, we hit $0.19 today!

The question though is this from money that was already in accounts before the PayPal debacle, or is there still new money flowing into MTGox?

It's now possible to send money into MtGox...

[kiba]

Bitcoin is on a rally again! The exchange on mtgox surged to 60,000 bitcoins in the last 24 hours!

MtGox is back in business.

Also, a dollar will now only buy you 5.15 bitcoins. The bitcoin economy is now worth 854344 dollars! We're on our way to a million dollar economy! Yippie!

[jimbobway]

Bitcoin is on a rally again! The exchange on mtgox surged to 60,000 bitcoins in the last 24 hours!

MtGox is back in business.

Also, a dollar will now only buy you 5.15 bitcoins. The bitcoin economy is now worth 854344 dollars! We're on our way to a million dollar economy! Yippie!

I noticed too. It's very exciting.  We on our way to reach quarter (25 cents) parity.

[Timo Y]

Also, a dollar will now only buy you 5.15 bitcoins. The bitcoin economy is now worth 854344 dollars! We're on our way to a million dollar economy! Yippie!

The true value of all Bitcoins is less than marginal price * total amount. Has anybody tried to estimate that number?

[ShadowOfHarbringer]

Wow, we hit $0.19 today!

The question though is this from money that was already in accounts before the PayPal debacle, or is there still new money flowing into MTGox?

It's now possible to send money into MtGox...

Only by LibertyReserve though...

Why are all the hard currencies (including BTC) so hard to get ?

Also, a dollar will now only buy you 5.15 bitcoins. The bitcoin economy is now worth 854344 dollars! We're on our way to a million dollar economy! Yippie!

The true value of all Bitcoins is less than marginal price * total amount.

Of course. People like to hold a lot of BTC in their wallet. If almost everybody just dumped the contents of their BTC wallets on the market at one time, the price would drop by many times.

[Drifter]

Only by LibertyReserve though...

Why are all the hard currencies (including BTC) so hard to get ?

You can buy Liberty Reserve with bank transfers, money orders, money transfers (Wester Union, Moneygram), cash in mail, or exchanging another e-currency. What other funding methods do you want? Anything that uses credit cards is out of the question, and that's the only other funding method there is.

People have always made digital currency seem a lot harder to get than it really is. Take a little while to review exchangers and take it from there.

[S3052]

it only takes about 30,000 $ to ignite the next bitcoin rally.
That means for example 30 people buying bitcoins for 1,000$ globally... Not a lot.

Why am I saying this?
because it is indispensible for the bitcoin economy that prices rise.
as someone else has stated yesterday in the forum:
unless the value of bitcoins rises significantly there is a viciuos circle :
not enough businesses accepting them, because too few customers having bitcoins
not enough customers buying bitcoins as not enough things to do with them

[S3052]

No one interested 

Are most people here busy with fighting Goliath's like paypal, mastercard, etc. vs. trying to grow bitcoins?

What about a tell-a-friend initiative?

If you convince a friend / colleague to buy bitcoins, you will get a special bonus?

[BitLex]

No one interested 

lots of people are interested, i guess,
but it's still kinda complicated to get money into our little economy.

if you'r not familiar with LR and don't know of any trusted partys to exchange your USD to LRUSD,
how'd you buy bitcoins on mtgox?
common paypal people don't want to go to IRC to try to find someone willing to trade PP2GOX and even if, there's still the trust-issue.

we'll see what happens as soon as mtgox enables €-funding from bank accounts,
at least i'm gonna add some more cash then, no idea what others do.

[Bimmerhead]

No one interested 

lots of people are interested, i guess,
but it's still kinda complicated to get money into our little economy.

Not hard now, just use your credit card here: https://www.bitcoingateway.com/

[BitLex]

Not hard now, just use your credit card here: https://www.bitcoingateway.com/

Currently, we can only accept US customers.

maybe news to you, but there are indeed people outside the US using bitcoin. 

[S3052]

No one interested 

lots of people are interested, i guess,
but it's still kinda complicated to get money into our little economy.

Not hard now, just use your credit card here: https://www.bitcoingateway.com/

True , but creditcards are accepted for US people only on bitcoingateway (which is great, but it should be global)

We should also make a pitch to get some Asian folks in. I am sure they are also interested in investing.
Maybe we can reach out to some Asian forums? Anyone who has some contacts?

[kiba]

Maybe we can reach out to some Asian forums? Anyone who has some contacts?

A bunch of Japanese tweeted about bitcoin. Maybe we could contact one of them and ask them if they're interested in making some sort of exchange for yen to bitcoin.

[FatherMcGruder]

Businesses can encourage bitcoin adoption by offering discounts on purchases paid in bitcoins. They can also offer cash to bitcoin conversions in person. Of course, that all depends on the existence of a quick and easy way to handle bitcoin transactions in person. Having to type in a bitcoin address just to buy a beer is no fun.

What about buying bitcoins with one’s cell phone via SMS, or an application? Would such a method offer a more secure transaction for the seller?

[S3052]

Maybe we can reach out to some Asian forums? Anyone who has some contacts?

A bunch of Japanese tweeted about bitcoin. Maybe we could contact one of them and ask them if they're interested in making some sort of exchange for yen to bitcoin.

That would be great if you can connect with them.

There exists the possibility on btcex.com to trade JPY/BTC already, and either the Japanese can do it that way or they set up their own exchange, which is maybe  a better way to get funds in.

[S3052]

BTC/USD has just cleared the 0.25 resistance and moved to 0.26 $ on relatively strong volume.
RALLY seems to continue...

Seems like the dark pool ASK order on MtGox has been bought fully.

[jimbobway]

BTC/USD has just cleared the 0.25 resistance and moved to 0.26 $ on relatively strong volume.
RALLY seems to continue...

Seems like the dark pool ASK order on MtGox has been bought fully.

Cool. I wonder if the mining pool has anything to do with this.  Maybe it made so big miners go low on business.

[S3052]

That's a good question about the miners.. I would love to understand this as well.