We're breaking $35 - new all time high

[waspoza]

Funny how nobody wants to sell and hoard because they think it will climb even higher.
Because nobody wants to sell..

Yeah I do. I just did. That doesnt make me a bear, i wouldnt be surprised if kept climbing to over $50, but a 6x increase is good enough for me to lock in some profits.

I'm sick of reading that shit. You're not locking in any profits... bitcoin is money and in the long run the USD is toilet paper. What are you going to buy when the FIAT currencies of the world hit the fan? Gold? Real estate? Shares in companies? I have a slight suspicion you might buy back at some point.

After cooling down (sorry had to vent this at some point) I can admit that I also sold some of my bitcoins (about 5%) on the way from 12 to 35 and I can understand your fear. I have it, too, but I'm resisting pretty well so far.

I haven't sold a bitcent yet. Got enough of toilet paper. 

[oakpacific]

Either way, it should be the same for the last, high, low, and weighted average. It looks ridiculous and illogical to see the Last being higher than the High.

I'd go as far as to say that it damages the image of Mt. Gox for new users. Any investor looks at that and goes, "They can't even get their ticker right??"

Gox falls short in many ways, you can't even make a stop loss order with their platform. Why it is so dominant can only be attributed to the fact that it is probably the only exchange today which you can entrust with millions of dollars of money.

[Global BTC]

Isn't it a bit over the top to call USD the authoritative price? The exchange is in Japan, and it is entirely plausible that someday the market of another currency becomes even larger than that of USD, it's better to trade USD as yet another currency.  Besides, it may be even more useful to display the last price in all currencies-a user may trade in many different currencies.

The US American user base of bitcoin is very large, I'd guess if you go by trade volume a majority of bitcoin users are US Americans. Something like 90% of my customers are US Americans. I'm not from the states myself, but using the USD exchange rate as the key value indicator of bitcoin seems logical to me.

[chrisLG]

Just looked it up: There's only about 27.000 BTC for sale for under 50 USD on Mt.Gox. Thats not much market depth on the ask side (1.074.909 USD) and explains the upwards pressure. Buying 2.7 million USD worth of BTC would move the price to 100 USD.

For comparison: Dumping a million USD worth of BTC on the market would just move the price down to 31.15.
Dumping 2.7 million USD would move it to 19.50.

Source: http://bitcoincharts.com/markets/mtgoxUSD_depth.html

[oakpacific]

Isn't it a bit over the top to call USD the authoritative price? The exchange is in Japan, and it is entirely plausible that someday the market of another currency becomes even larger than that of USD, it's better to trade USD as yet another currency.  Besides, it may be even more useful to display the last price in all currencies-a user may trade in many different currencies.

The US American user base of bitcoin is very large, I'd guess if you go by trade volume a majority of bitcoin users are US Americans. Something like 90% of my customers are US Americans. I'm not from the states myself, but using the USD exchange rate as the key value indicator of bitcoin seems logical to me.

Showing the latest price in all currencies could definitely be helpful in a number of use cases, especially since you don't need to be reside in a certain nation to trade in its market--one advantage of bitcoin, it's also a bit more politically correct.

Actually I am yet to figure out the connection between different markets, before $35 was broken I saw ask orders of exactly the same sizes popping up in USD/EUR/GBP markets, what was happening?

[johnyj]

Isn't it a bit over the top to call USD the authoritative price? The exchange is in Japan, and it is entirely plausible that someday the market of another currency becomes even larger than that of USD, it's better to trade USD as yet another currency.  Besides, it may be even more useful to display the last price in all currencies-a user may trade in many different currencies.

The US American user base of bitcoin is very large, I'd guess if you go by trade volume a majority of bitcoin users are US Americans. Something like 90% of my customers are US Americans. I'm not from the states myself, but using the USD exchange rate as the key value indicator of bitcoin seems logical to me.

I guess this is partly related to the gold rush at 1849, strong culture and history support. Around 300,000 people went to california and they averagely mined 40 ounce gold per person in the first 5 years  

At that time, a small team could mine millions worth of today's USD in a several months' period  

[Piper67]

Just looked it up: There's only about 27.000 BTC for sale for under 50 USD on Mt.Gox. Thats not much market depth on the ask side (1.074.909 USD) and explains the upwards pressure. Buying 2.7 million USD worth of BTC would move the price to 100 USD.

For comparison: Dumping a million USD worth of BTC on the market would just move the price down to 31.15.
Dumping 2.7 million USD would move it to 19.50.

Source: http://bitcoincharts.com/markets/mtgoxUSD_depth.html

Yes, but that's only what's showing on the books. There are a lot more BTC (and probably also USD and fiat) sitting on MTGox and not showing on the order book. If someone started to buy relentlessly, you'd see BTC popping up out of nowhere.

[Odalv]

$36

[Puppet]

Yeah I do. I just did. That doesnt make me a bear, i wouldnt be surprised if kept climbing to over $50, but a 6x increase is good enough for me to lock in some profits.

I'm sick of reading that shit. You're not locking in any profits... bitcoin is money and in the long run the USD is toilet paper. What are you going to buy when the FIAT currencies of the world hit the fan? Gold? Real estate? Shares in companies?

Does it matter?
Fact is all my bills are still denominated in euro's, my mortgage is in euro's and I can use euro to buy all of the above easily. Thats as locked in as it gets for me. Also the chance of my euro holdings devaluing by 50% or more are not quite zero, but infinitely smaller than your bitcoins losing half their value.

As for buying back in; I certainly might when I smell another a good buying opportunity. Whether thats at $10 or $100 or anywhere inbetween remains to be seen.

[donjoe]

+1
Therefore I'm also waiting to catch the peak so I can sell again to get more fiat EUR in my wallet, because fiat EUR is still a more functional currency than Bitcoin at this point. (And BTW, one has to wonder what molecular is even doing in the Speculation subforum if they don't believe making more fiat money means becoming richer.)

[Rygon]

$36

Really? This slow upward climb is getting pretty boring. We haven't had a drop in prices worth talking about in months. I joined this bitcoin thing for thrill of speculation, not the predictible steady increase in value. Can something interesting happen already?

[Zangelbert Bingledack]

$36

Really? This slow upward climb is getting pretty boring. We haven't had a drop in prices worth talking about in months. I joined this bitcoin thing for thrill of speculation, not the predictible steady increase in value. Can something interesting happen already?

*yaaawwwn* This boringly steady exponential growth is lulling me to sleep.

[humanitee]

The absurd amount of money I'm making from doing jack shit is making my penis flaccid.

[bonker]

It just going up and up and up. It's goofy....

 I don't have a huge BTC stockpile, but BTC have been my biggest revenue stream for the past four days now.

 

[Peter Lambert]

Just looked it up: There's only about 27.000 BTC for sale for under 50 USD on Mt.Gox. Thats not much market depth on the ask side (1.074.909 USD) and explains the upwards pressure. Buying 2.7 million USD worth of BTC would move the price to 100 USD.

For comparison: Dumping a million USD worth of BTC on the market would just move the price down to 31.15.
Dumping 2.7 million USD would move it to 19.50.

Source: http://bitcoincharts.com/markets/mtgoxUSD_depth.html

I am a bit confused by your use of separators here. You seem to be using a period for both the thousands separator "27.000 BTC for sale" and the decimal separator "the price down to 31.15"? Or are you saying there are only 27 btc for sale on MtGox under 50 USD, which sounds absurd to me?

[blackreplica]

Chris is probably european. A lot of them dot the thousands like he did (he meant 27000 BTC).

[pretendo]

huge spike to 36. Sell now or regret it later.

[blackreplica]

Wow you're really bearish. I'm a little more optimistic. All I noticed was that the earlier 5.5K BTC ask wall at $38USD just got cut in half

[piramida]

huge spike to 36. Sell now or regret it later.

Oh didn't I hear the same words at $22. I guess all bears are just people who are scared of new things, new price levels being one of them scary things.

I just invented a bear comforting tactic. You should draw your charts upside down, this way you can see how low USD has fallen against bitcoin, and be happy that something is going down hard. Sell all your USD until it's too late!

[molecular]

I just invented a bear comforting tactic. You should draw your charts upside down, this way you can see how low USD has fallen against bitcoin, and be happy that something is going down hard. Sell all your USD until it's too late!

Now this my friend is an awesome idea to make good use of a psychological bug you might have ("turn your fear into something positive!")