Bitcoin Rally #2

[kiba]

There are only about 11,000 btc left on mtgox, but the demand for btc is like crazy!

Right now, it's .2899.

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[hugolp]

Short the dollar!!

It might be the effect QE2...  We should send a letter to Bernanke thanking him. Something lik:

Thanks for robbing and stealing from the poor and the middle class.

Sincerely,

         Bitcoin holders.

[ribuck]

MtGox wants to obtain BTC 100,000 (related to their "dark pool" perhaps), which may or may not have something to do with the current rally.

[kiba]

Only 4000 btc are left on the market. Price surge beyond .30! ABSOLUTELY NUT!

[kiba]

*kiba 's mouth drops to the floor.

We reached 0.5. Now, a bitcoin is worth .50 cents.

[jorgen]

I think 0.5 is not real: somebody is trading with himself. Try to make an 0.4 ask offer and you will see nobody will buy it

Edit1: Just put 20btc for 0.47$ and it was bought!!! It's really crazy!
But I still doubt about bigger amounts

[kiba]

I think 0.5 is not real: somebody is trading with himself. Try to make an 0.4 ask offer and you will see nobody will buy it

This is unsubstantiated.

I was making offer and profiting at the .37-.38 price range.

[jgarzik]

mtgox software appears to be getting an update, including documentation of mtgox's automated trading API: http://mtgox.com/support/tradeAPI

I wouldn't do a lot of trading at the moment, but that's just me.

[ShadowOfHarbringer]

*kiba 's mouth drops to the floor.

We reached 0.5. Now, a bitcoin is worth .50 cents.

Awww fcuk. This is madness. THIS IS SPARTA !!!!

[S3052]

The Rally #3 could start if we make it easier for "Joe Average" to buy them. There are many threads about it, but I do not see a lot of concrete plans?
Can someone summarize what the status is?
Perhaps it makes sense to open a separate thread only for this: "How to make it easy to buy bitcoins for the average person"
What do you think?

[kiba]

The Rally #3 could start if we make it easier for "Joe Average" to buy them. There are many threads about it, but I do not see a lot of concrete plans?
Can someone summarize what the status is?
Perhaps it makes sense to open a separate thread only for this: "How to make it easy to buy bitcoins for the average person"
What do you think?

They are concrete plans in the sense that there are bitcoiners who are willing to put their bitcoin where their mouth is.

That is, if you're referring to the android and the chrome bounties. Despite the bounty, there seem to be a chronic lack of manpower in a place where hackers are supposed to be plenty.

[wumpus]

I really wonder what the 'float' percentage for bitcoin is. There are millions of coins around, but only a very small part of that changes hands regularly. 11,000 coins on MTC is peanuts.

Can someone who has more insight into the transactions going on comment on this?

[S3052]

For exsmple:
on MtGox alone, there are about 140,000 bitcoins in the order book for sale
on top, there are for sure many more in there that are not for sale

[ribuck]

And bitcoinwatch.com shows that 168426.7 bitcoins were sent in the last 24 hours. That's 3.6% of all bitcoins turning over in a day, for an average hold time of 27.6 days.

Although some of those coins are turning over to another address belonging to the same person, there are many more coins being traded (e.g. on MtGox) without showing up in the block chain.

[S3052]

And over the past 18 days, 720,000 Bitcoins were traded at MtGox. This would have been 15% of all bitcoins. However, I guess that most of the coins traded were all the same, coming back to the number above. There are probably 150,000 - 300,000 Bitcoins sitting in MtGox.
Plus, there are significant USD MtGox funds sitting there as well.

[ShadowOfHarbringer]

The situation seems to have been stabilized.

Large speculation is no longer changing the BTC/USD course lke crazy.

[FreeMoney]

The situation seems to have been stabilized.

Large speculation is no longer changing the BTC/USD course lke crazy.

All those orders on both sides, really tight together, those are speculators, those aren't "common folk" or whoever it is that you want to be the only traders. When a rush of people come in wanting to check bitcoin out, sell what they generated or whatever, the price will move less than it would have otherwise because of all the speculators holding out their offers.

[S3052]

The situation seems to have been stabilized.

Large speculation is no longer changing the BTC/USD course lke crazy.

A stable BTC/USD is the worst that can happen to the idea of bitcoins. Prices have to move up substantially. If not, the bitcoin economy stays mini and may die.
I am not saying that this price increase should come from speculators, but significant money inflows are needed to make Bitcoins big enough.

Only then you can see a parallel increase of businesses accepting bitcoins for payment.

For example, the current size of the economy with 1.3 $MM is nothing than a water drop on a hot stone. At prices of 100 $ per bitcoin it gets a bit more serious.

[kiba]

Two words: Economic growth.

That, and nobody brought anything from my business yet. But I am switching over to mtgox merchant service, so....

[ShadowOfHarbringer]

The situation seems to have been stabilized.

Large speculation is no longer changing the BTC/USD course lke crazy.

A stable BTC/USD is the worst that can happen to the idea of bitcoins. Prices have to move up substantially.

I'm not saying the prices should stay the same.

By "stable" i meant actually "rising in a predictable manner".

You are right about this: If the BTC/USD or BTC/EUR course stays in place, that will mean bitcoin economy is dying. Bitcoin is a deflationary currency by design, and if BTC value does not rise, it will mean that something is wrong.