So, everyone knows about Bitcoin now... why isn't the price going up?

[Minor Miner]

I'll keep posting these until everyone understands what it means.  It answers the question in the thread title.

So, yes, lots of people know about bitcoin, but enough people who know about them and own some don't want them anymore.  The ask depth on MtGox is the highest it's been in 6 months and is a little more than 5x what it was just before the crash.  People were fooled into thinking the supply of bitcoins was low relative to the demand.  It isn't.  And over time we'll see the price reflect this fact as more and more people internalize it.  We will see low double digits, and when people get sufficiently off-put by that, we'll see the price collapse into the single digits.

Until there is something to DO with the bitcoins (other than hoard or convert them into FIAT), it is really hard to see how you are going to get the common man to actually want to buy some.   have a "I accept BTC too" sign does not help.   Because the common man will still use visa because it is easier (and accessible) and currently the only way to buy bitcoin is as scammy as sending money to the widow of a Nigerian General whose wealth can be released for a mere $450.....    No, exchange seem legit to me and I certainly would NOT leave money in an account at any of them (funding and defunding any significant amount of money is impossible).   Does ANYONE here have an account at the NYSE/AMEX/Nasdaq?   No.  You have an account with a broker that gets you access to trade on all these different exchanges.  Gox is trying to be both which is scary in itself.
This is like investing in amazon in june of 98.   we have a long way to go, but there is potential.
and Proudhon, I am sorry I called you Chicken Little before.   You don't say the sky is falling EVERY day.  Just most days.

[Elwar]

It is nearly impossible to buy.
Mining is really the only way.   I wanted to buy 50k worth, you cannot.   The exchanges act like they are brokers also and none seem worthy of any trust whatsoever.   Most do not accept wire transfers (WTF???) and many suggest you go buy a money order??   What kind of legitimate business does that?
Basically, I would rather send $50k to that Nigerian General's wife that keeps emailing me.

What about Tradehill?  They're supposed to be catering to the wealthy, having a $10,000 minimum deposit.

They are catering to the truly wealthy and licensed financial institutions.

By truly wealthy you have to have over $200k salary for at least two years.

This is not their policy, they are trying to follow US trading rules for their setup.

[SgtSpike]

It is nearly impossible to buy.
Mining is really the only way.   I wanted to buy 50k worth, you cannot.   The exchanges act like they are brokers also and none seem worthy of any trust whatsoever.   Most do not accept wire transfers (WTF???) and many suggest you go buy a money order??   What kind of legitimate business does that?
Basically, I would rather send $50k to that Nigerian General's wife that keeps emailing me.

What about Tradehill?  They're supposed to be catering to the wealthy, having a $10,000 minimum deposit.

They are catering to the truly wealthy and licensed financial institutions.

By truly wealthy you have to have over $200k salary for at least two years.

This is not their policy, they are trying to follow US trading rules for their setup.

Oh wow, I wasn't aware of an income requirement.

[Elwar]

It was fully my expectation that when "mainstream" news got out about Bitcoin that we'd see a lot more people buying in.  I see more and more people and companies wanting to use it, so why aren't we seeing a price increase?

I figure it's due to one of four reasons:
1) Lag time between hearing about it and actually buying some.
2) Difficulty in buying Bitcoins.
3) It was previously overvalued.
4) Many people have heard of it for the first time, and do not yet believe in it; they are waiting to "see what happens" before they dive in to the world of Bitcoin.

Thoughts?

When I supported Harry Browne in 2000 as the Libertarian Party presidential candidate my thought was "if only he could get in the debates and people hear his ideas, then he would surely win".

Then in 2008 Ron Paul was allowed into the debates. Surely once people heard about a solution that offered them freedom and liberty they all got on board right? Well, you saw how that went.

We are fighting the same mentality that was fighting Ron Paul's campaign.

"Wow, I can make a bunch of money with bitcoins? Sign me up! Oh, it dropped? Then what good is it? It does what with the banks...liberty...what? No thanks, I already have dollars which everyone accepts. The government may have some bad people on the other side but all in all they are working well enough. Besides, I read an article about how bitcoin is a ponzi scheme."

[shad0wbitz]

Bitcoin is done. People trusted Bitcoin after the 2011 MtGox fiasco, but they won't do it again. Lots of people lost a LOT of money, and will not put more into the market. It is as simple as that. I am waiting for a $5/Bitcoin price in the next few weeks. Already at 83 from 102 today.

[ElectricMucus]

It is nearly impossible to buy.
Mining is really the only way.   I wanted to buy 50k worth, you cannot.   The exchanges act like they are brokers also and none seem worthy of any trust whatsoever.   Most do not accept wire transfers (WTF???) and many suggest you go buy a money order??   What kind of legitimate business does that?
Basically, I would rather send $50k to that Nigerian General's wife that keeps emailing me.

What about Tradehill?  They're supposed to be catering to the wealthy, having a $10,000 minimum deposit.

They are catering to the truly wealthy and licensed financial institutions.

By truly wealthy you have to have over $200k salary for at least two years.

This is not their policy, they are trying to follow US trading rules for their setup.

"They stand on their taped-together papier-mache mockup of Wall Street, waving cheap wallets and stock certificates written in crayon and charcoal, droning “buy low, sell high”, and they haven’t quite figured out why the world isn’t yet at their doorstep."

[Malawi]

It was fully my expectation that when "mainstream" news got out about Bitcoin that we'd see a lot more people buying in.  I see more and more people and companies wanting to use it, so why aren't we seeing a price increase?

I figure it's due to one of four reasons:
1) Lag time between hearing about it and actually buying some.
2) Difficulty in buying Bitcoins.
3) It was previously overvalued.
4) Many people have heard of it for the first time, and do not yet believe in it; they are waiting to "see what happens" before they dive in to the world of Bitcoin.

Thoughts?

When I supported Harry Browne in 2000 as the Libertarian Party presidential candidate my thought was "if only he could get in the debates and people hear his ideas, then he would surely win".

Then in 2008 Ron Paul was allowed into the debates. Surely once people heard about a solution that offered them freedom and liberty they all got on board right? Well, you saw how that went.

We are fighting the same mentality that was fighting Ron Paul's campaign.

"Wow, I can make a bunch of money with bitcoins? Sign me up! Oh, it dropped? Then what good is it? It does what with the banks...liberty...what? No thanks, I already have dollars which everyone accepts. The government may have some bad people on the other side but all in all they are working well enough. Besides, I read an article about how bitcoin is a ponzi scheme."

The big flaw in the US federal election system is the electorates/mandates. It's plain stupid that a state is completely red or blue. Guess it's to keep out any third party that might shake up the system.

[Elwar]

It is nearly impossible to buy.
Mining is really the only way.   I wanted to buy 50k worth, you cannot.   The exchanges act like they are brokers also and none seem worthy of any trust whatsoever.   Most do not accept wire transfers (WTF???) and many suggest you go buy a money order??   What kind of legitimate business does that?
Basically, I would rather send $50k to that Nigerian General's wife that keeps emailing me.

What about Tradehill?  They're supposed to be catering to the wealthy, having a $10,000 minimum deposit.

They are catering to the truly wealthy and licensed financial institutions.

By truly wealthy you have to have over $200k salary for at least two years.

This is not their policy, they are trying to follow US trading rules for their setup.

Oh wow, I wasn't aware of an income requirement.

They are following SEC rules on accredited trading.

The federal securities laws define the term accredited investor in Rule 501 of Regulation D as:

1. a bank, insurance company, registered investment company, business development company, or small business investment company;

2. an employee benefit plan, within the meaning of the Employee Retirement Income Security Act, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5 million;

3. a charitable organization, corporation, or partnership with assets exceeding $5 million;

4. a director, executive officer, or general partner of the company selling the securities;

5. a business in which all the equity owners are accredited investors;

6. a natural person who has individual net worth, or joint net worth with the person’s spouse, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person;

7. a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year; or

8. a trust with assets in excess of $5 million, not formed to acquire the securities offered, whose purchases a sophisticated person makes.

[Minor Miner]

It was fully my expectation that when "mainstream" news got out about Bitcoin that we'd see a lot more people buying in.  I see more and more people and companies wanting to use it, so why aren't we seeing a price increase?

I figure it's due to one of four reasons:
1) Lag time between hearing about it and actually buying some.
2) Difficulty in buying Bitcoins.
3) It was previously overvalued.
4) Many people have heard of it for the first time, and do not yet believe in it; they are waiting to "see what happens" before they dive in to the world of Bitcoin.

Thoughts?

When I supported Harry Browne in 2000 as the Libertarian Party presidential candidate my thought was "if only he could get in the debates and people hear his ideas, then he would surely win".

Then in 2008 Ron Paul was allowed into the debates. Surely once people heard about a solution that offered them freedom and liberty they all got on board right? Well, you saw how that went.

We are fighting the same mentality that was fighting Ron Paul's campaign.

"Wow, I can make a bunch of money with bitcoins? Sign me up! Oh, it dropped? Then what good is it? It does what with the banks...liberty...what? No thanks, I already have dollars which everyone accepts. The government may have some bad people on the other side but all in all they are working well enough. Besides, I read an article about how bitcoin is a ponzi scheme."

The big flaw in the US federal election system is the electorates/mandates. It's plain stupid that a state is completely red or blue. Guess it's to keep out any third party that might shake up the system.

Or it could be that he comes off as a nutjob.   Libertarian except for the things "where I know better than you"......
Try to remember WHY clinton got elected?   Ross Perot was weird but how much of the vote did he get?

[proudhon]

Bitcoin is done. People trusted Bitcoin after the 2011 MtGox fiasco, but they won't do it again. Lots of people lost a LOT of money, and will not put more into the market. It is as simple as that. I am waiting for a $5/Bitcoin price in the next few weeks. Already at 83 from 102 today.

Bitcoin won't die, it'll hobble along for as long as people have some and swap them around, but yeah, as I said as the crash was happening, this will be worse than 2011.

[Elwar]

It was fully my expectation that when "mainstream" news got out about Bitcoin that we'd see a lot more people buying in.  I see more and more people and companies wanting to use it, so why aren't we seeing a price increase?

I figure it's due to one of four reasons:
1) Lag time between hearing about it and actually buying some.
2) Difficulty in buying Bitcoins.
3) It was previously overvalued.
4) Many people have heard of it for the first time, and do not yet believe in it; they are waiting to "see what happens" before they dive in to the world of Bitcoin.

Thoughts?

When I supported Harry Browne in 2000 as the Libertarian Party presidential candidate my thought was "if only he could get in the debates and people hear his ideas, then he would surely win".

Then in 2008 Ron Paul was allowed into the debates. Surely once people heard about a solution that offered them freedom and liberty they all got on board right? Well, you saw how that went.

We are fighting the same mentality that was fighting Ron Paul's campaign.

"Wow, I can make a bunch of money with bitcoins? Sign me up! Oh, it dropped? Then what good is it? It does what with the banks...liberty...what? No thanks, I already have dollars which everyone accepts. The government may have some bad people on the other side but all in all they are working well enough. Besides, I read an article about how bitcoin is a ponzi scheme."

The big flaw in the US federal election system is the electorates/mandates. It's plain stupid that a state is completely red or blue. Guess it's to keep out any third party that might shake up the system.

The voters have the choice every election. They just like to choose evil (the lesser of two).

[CoinDiver]

I'll keep posting these until everyone understands what it means.

I'm with you here, PJ...

Bitcoin won't die, it'll hobble along for as long as people have some and swap them around, but yeah, as I said as the crash was happening, this will be worse than 2011.

...and you lost me there.

Bitcoin wont die. Bitcoin is an idea. It may not be this exact protocol in the end, but it's still bitcoin.

[proudhon]

I'll keep posting these until everyone understands what it means.

I'm with you here, PJ...

Bitcoin won't die, it'll hobble along for as long as people have some and swap them around, but yeah, as I said as the crash was happening, this will be worse than 2011.

...and you lost me there.

Bitcoin wont die. Bitcoin is an idea. It may not be this exact protocol in the end, but it's still bitcoin.

Right, like I said, it won't die.  This iteration, however, of distributed money is quickly losing plausibility as the one.

[nebulus]

Because it's finally stable! Yaaaaaàaaay!!!



... Right...

[Xiaoma]

It was fully my expectation that when "mainstream" news got out about Bitcoin that we'd see a lot more people buying in.  I see more and more people and companies wanting to use it, so why aren't we seeing a price increase?

I figure it's due to one of four reasons:
1) Lag time between hearing about it and actually buying some.
2) Difficulty in buying Bitcoins.
3) It was previously overvalued.
4) Many people have heard of it for the first time, and do not yet believe in it; they are waiting to "see what happens" before they dive in to the world of Bitcoin.

Thoughts?

What about: 5) All of these + people find it difficult to trust

Do not confuse "knowing it exists" and "wanting to buy it"

[XXthetimeisnowXX]

Nobody knows about Bitcoins!

I remember visiting a seminar once hosted by a nationally recognised marketing guy who was explaining to a room full of businessmen how to grow their business in the shortest period of time, with the use of very high class marketing.

He went to the trouble of explaining every single thing a business would need to do to get themselves up a level on the media radar - and at the end he predicted that less than 5% of people in the room would follow the plan!

So, why would someone who just saw a news report between something about a celebrity and the sport about some risky business related thing (bitcoin) go to the trouble that you need to go to to just own one?

This really is a long game and we are only in the first half, of the first game of the season!

I THINK THIS ABOUT SUMS IT UP thanks NWbitcoin,

people are not at all savvy about bitcoins yet not even the news head that is talking about it. also don't be scared about the price doping. I know that it sucks especially if you bout in high but i remember buying them for 2 and 5 dollars just months ago and of cores i spent them. i got some coins around twenty and 50 and 140 and 200 i bout some at 230 even, the whole time thinking "man if i only put in 2k in when they were 2 dollars each and i would have made 200,000.00 " well i got my wish, this will probably go down a bit more and when people start buying a few at say 60 or 70 then they will see it go up to 80 and 90 and more will buy then it will be 100 - 110 and people will start getting excited about it again. this will be in the 800 no problem. no not tomorrow, no not in a month, no not in two months but it will get there and you will be glad you bought some at 80.

dont be that guy (like me) who lives his life with the prefix of "if only i would have bought when it was 80" when it does go to 800 and it most likely will by years end (October November)you will 10x your money. 100=1,000 1,000=10,000 ---------your tax return 1684.92 will be 16,849.20. its up to you-

oh and when you bank on this, buy something with your profits, don't sell, find a retailer who sells what you want ie flat screen tv- you wont pay taxes on it!!! ya buddy more money saved. and  you will be suporting the bitcoin market.

K thats all from me, what do i know though I have no crystal ball, I just see trends and devote 8 + hours a day studying the one and only amazing bitcoin.

[hobbes]

It was fully my expectation that when "mainstream" news got out about Bitcoin that we'd see a lot more people buying in.  I see more and more people and companies wanting to use it, so why aren't we seeing a price increase?

I figure it's due to one of four reasons:
1) Lag time between hearing about it and actually buying some.
2) Difficulty in buying Bitcoins.
3) It was previously overvalued.
4) Many people have heard of it for the first time, and do not yet believe in it; they are waiting to "see what happens" before they dive in to the world of Bitcoin.

Thoughts?

Mostly 1). Also 3) and a little of 2). Bitcoin-24 being down and rumored to be having trouble is also not helping.

The problem is with the crash even people that would otherwise have bought in a week or so hesitate now.

A friend asked me this morning if it was a good time to invest. I told him I had no idea about the short term.

[johnyj]

I said in another post, people's mindset have not been adjusted to bitcoin
https://bitcointalk.org/index.php?topic=176230.msg1834909

Most of the people are basically conservative, so when they first see a new thing like bitcoin goes mainstream and price rise in amazing speed, the very first thought will be: This is a scam, a ponzi scheme, or in the best case a bubble

It will take long time to change their mindset due to the deep learning curve of bitcoin. In order to understand why bitcoin is superb, people must be able to understand why today's financial system has some fatal flaw (It is not possible to save money without causing someone else's debt)

It takes some time to increase people's general knowledge of bitcoin, especially economy wise

[NY11giants]

Id like to sale 50K worth, but I dont want it put into the banks.   Getting cash transactions in this amount isnt easy (if you want to avoid wires, etc).

[superside]

I'll buy it from you for 1/2 the market price, since that's what it will be worth in a few days