ranlo
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Activity: 1974
Merit: 1007
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May 24, 2013, 01:14:46 AM |
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The best time for a person to sell is when they make up their mind to sell. That's what makes a market. It there wasn't any sellers willing to sell, there wouldn't be any buyers that could buy.
This is true. Supply vs demand. It's basic but true! |
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BitPappa
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May 24, 2013, 02:35:00 AM |
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I think with ASIC the price will go up to $300 but not for at least 6 months.
I cannot conceptualize at all why there would be a relationship between market price of BTC and the efficacy of mining computers. Can you (or anyone) explain why you think ASICs will boost the price of Bitcoin (or lead me to post that explains it)? |
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ranlo
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Activity: 1974
Merit: 1007
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May 24, 2013, 06:36:21 PM |
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I think with ASIC the price will go up to $300 but not for at least 6 months.
I cannot conceptualize at all why there would be a relationship between market price of BTC and the efficacy of mining computers. Can you (or anyone) explain why you think ASICs will boost the price of Bitcoin (or lead me to post that explains it)? I think the theory behind it is that if you can no longer mine them, you have to buy them. This increases the demand, driving up the price. At least that's the theory behind it. |
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BitPappa
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May 24, 2013, 07:40:20 PM |
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I think the theory behind it is that if you can no longer mine them, you have to buy them. This increases the demand, driving up the price.
At least that's the theory behind it.
Thanks for your reply, that makes sense at a glance... But wait, you CAN still mine BTC, you just have to keep getting newer equipment to stay in front of the pack. I assume Moore's law will keep better mining equipment coming and coming (perhaps even at a steady cost), as the mining difficulty keeps increasing... So, I'm not sure I quite buy the simplicity of this theory. It seems more to me that the price of BTC will determine how much people want to invest in mining, rather than the other way around. My sense is the price is much more affected by many many issues that are unrelated to the newest mining equipment. I'm speaking as someone who only only knows the very basics, and I have zero mining experience, so I'm happy to learn from those who think I'm seeing it incorrectly. |
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jimmijames73
Newbie
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Activity: 8
Merit: 500
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May 24, 2013, 11:03:24 PM |
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I think with ASIC the price will go up to $300 but not for at least 6 months.
I cannot conceptualize at all why there would be a relationship between market price of BTC and the efficacy of mining computers. Can you (or anyone) explain why you think ASICs will boost the price of Bitcoin (or lead me to post that explains it)? I think the theory behind it is that if you can no longer mine them, you have to buy them. This increases the demand, driving up the price. At least that's the theory behind it. I am new to bitcoin and still learning, but if ASICS make the difficulty too high for the average miner, and mining becomes the domain of large enterprises, could people lose interest (since they cant mine and earn their own btc) and lower the demand? |
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Avengers_Assemble
Newbie
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Activity: 5
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May 24, 2013, 11:54:47 PM |
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I am new to bitcoin and still learning, but if ASICS make the difficulty too high for the average miner, and mining becomes the domain of large enterprises, could people lose interest (since they cant mine and earn their own btc) and lower the demand?
OTOH, if the average miner moves to mining LTC (or another crypto), they still need to convert to BTC to get any use out of them, because BTC is much more widely accepted. |
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TheGovernedSelf
Member
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Activity: 102
Merit: 10
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May 25, 2013, 03:31:22 AM |
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I think with ASIC the price will go up to $300 but not for at least 6 months.
I cannot conceptualize at all why there would be a relationship between market price of BTC and the efficacy of mining computers. Can you (or anyone) explain why you think ASICs will boost the price of Bitcoin (or lead me to post that explains it)? I think the theory behind it is that if you can no longer mine them, you have to buy them. This increases the demand, driving up the price. At least that's the theory behind it. I am new to bitcoin and still learning, but if ASICS make the difficulty too high for the average miner, and mining becomes the domain of large enterprises, could people lose interest (since they cant mine and earn their own btc) and lower the demand? You can't print dollars. Are you still interested in them? |
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leolte
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Activity: 4
Merit: 0
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May 25, 2013, 03:51:04 AM |
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Yeah, I also sold all bitcoins today (all 1318) and set buy order at $27
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solocan
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Activity: 6
Merit: 0
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May 25, 2013, 05:16:35 AM |
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You could be right or WRONG. We will see this later
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jmevz
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May 25, 2013, 06:16:05 AM |
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Will the value of BTC rise or fall if integrated by into PayPal?
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itxtutor
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May 25, 2013, 06:21:02 AM |
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Bitcoin will be integrated in PayPal ? Sounds like some heavy fees are incoming ..
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TimJBenham
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May 25, 2013, 06:41:49 AM |
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[after-timing gloat]
Post your trades in advance or keep quiet about them. Anyone can bullsh1t after the event. |
You are a warlord in the outskirts of the known world struggling to establish a kingdom in the wild lands.
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Ardenyham
Legendary
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Activity: 980
Merit: 1000
Don't Hesitate to Tip me for My Helps and Guides.
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May 25, 2013, 01:27:36 PM |
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Yeah, I also sold all bitcoins today (all 1318) and set buy order at $27
Good luck with filling your buy order at $27 |
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BitPappa
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May 25, 2013, 02:32:11 PM |
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Yeah, I also sold all bitcoins today (all 1318) and set buy order at $27
Wow you're rich! Well, unless you mortgaged your house and bought 1318 BTC at $250... |
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ranlo
Legendary
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Activity: 1974
Merit: 1007
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May 25, 2013, 04:39:49 PM |
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Will the value of BTC rise or fall if integrated by into PayPal?
I don't know but I would avoid Paypal. They have the most shady business practices I've ever seen. One day some random person sent me a "refund" for $3k or so and I reported it to Paypal because I had never purchased anything. They ended up locking my account (and holding my legitimate funds) for 18 months while they "evaluated" what happened, and then they said they were removing the funds and keeping them. I could have just as easily kept the money for myself but because I reported the error I got screwed. They gave back my money after 18 months, but that was ridiculous. |
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Birdy
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May 25, 2013, 04:43:57 PM |
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Yeah, I also sold all bitcoins today (all 1318) and set buy order at $27
Why do you sell all? You could have sold 1000, you would still be rich now, but you would also have some Bitcoins left in case the price skyrockets. But thank you for redistributing Bitcoins for everyone. |
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BitPappa
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May 25, 2013, 04:52:31 PM |
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Why do you sell all? You could have sold 1000, you would still be rich now, but you would also have some Bitcoins left in case the price skyrockets.
But thank you for redistributing Bitcoins for everyone.
Agreed, I'd never want to hold zero Bitcoins, especially when the current price is just half of the prices reached just over a month ago. But then again, I'm just a newb crumb collector compared to someone owning 1,000+ BTC! I'm betting it will reach close to the previous high ($260+) in the next 12 months, possibly much sooner. |
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True___Blue
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May 25, 2013, 05:15:08 PM |
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I am new to bitcoin and still learning, but if ASICS make the difficulty too high for the average miner, and mining becomes the domain of large enterprises, could people lose interest (since they cant mine and earn their own btc) and lower the demand?
OTOH, if the average miner moves to mining LTC (or another crypto), they still need to convert to BTC to get any use out of them, because BTC is much more widely accepted. On Vicurex.com you can exchange LTC (and most other alt coins) for fiat. |
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Domrada
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November 25, 2013, 04:17:33 PM |
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I just wanted to share with you all one of the many bear heads mounted on my trophy wall...
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BitPappa
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November 25, 2013, 05:00:57 PM |
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Appreciate the revival. I don't understand why anyone would sell everything.
I started buying Bitcoin in April, and it was simply the good fortune of a funding delay that kept me from buying above $200. I remember feeling bad for anyone who purchased near the peak price -- I assumed we'd see new highs eventually, but didn't know when. Little did I know that in a matter of months, even those peak buyers would see their Bitcoins triple in price.
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