dwdoc
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December 05, 2013, 04:30:44 AM |
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At 22:23:19 CST Gox Bitcoin (1237.889) passed the spot price of gold (1237.82) for the first time.
No, we did that already. That's it folks. For the first time in history 1,000,000 bits sold for more than an ounce of gold.
$1242.00
I thought we came close but Gold was a little over 1242 at the time. I will check! Above chart looks convincing. |
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I HATE TABLES I HATE TABLES I HA(╯°□°）╯︵ ┻━┻ TABLES I HATE TABLES I HATE TABLES
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NewLiberty
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Gresham's Lawyer
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December 05, 2013, 04:32:30 AM |
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Honestly it's mostly hype, Bitcoin isn't a serious transaction medium yet. I remember seeing an article proclaiming 6000 or 7000 sales through Bitpay on Bitcoin Black Friday as proof that we're a real ecosystem.
No, a couple sales per minute on a special day does NOT make a payment system worth $12-13B. That's like a fucking Girl Scout cookie stand.
We've passed Western Union at ~$9B market cap, and they process 28 transactions per second, every day.
Right now Bitcoin is a store of value. The value comes from Bitcoin's future potential as a currency and payment system. Lots of businesses will sign up because it's free and it saves them money; the hard part is convincing people to buy and spend bitcoins if:
A) it's going up constantly and they'll have more money if they wait, and
B) if the currency is extremely volatile.
We know A) will eventually resolve itself if the system grows to maturity. There is a limit to all growth.
The doubt was about B), and my doubts are disappearing.
Exactly how much aggravation, eye-gouging fees, delays, noise, fuss, AML rubber-gloving would someone get from WU if they tried to send $147 million on a Sunday night, across the planet, person-to-person, and wanted it to arrive in seconds, irrevocably confirmed in an hour? WU is Dead Man Walking right now. You're right, WU has lost 100% of the market share for wiring $147M at once.  But, yes; Bitcoin has the short term potential to take the wire and remittance market, just as soon as we get some decent exchanges. WU needs to buy Gox. It would solve both their problems. And many of ours. |
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NewLiberty
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Activity: 1204
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Gresham's Lawyer
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December 05, 2013, 04:33:54 AM |
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At 22:23:19 CST Gox Bitcoin (1237.889) passed the spot price of gold (1237.82) for the first time.
No, we did that already. That's it folks. For the first time in history 1,000,000 bits sold for more than an ounce of gold.
$1242.00
Not true. We came close but Gold was a little over 1242 at the time. Sort of... you don't get an ounce at spot unless you have a desperate seller. |
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Vycid
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♫ the AM bear who cares ♫
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December 05, 2013, 04:38:32 AM |
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At 22:23:19 CST Gox Bitcoin (1237.889) passed the spot price of gold (1237.82) for the first time.
No, we did that already. That's it folks. For the first time in history 1,000,000 bits sold for more than an ounce of gold.
$1242.00
Not true. We came close but Gold was a little over 1242 at the time. Sort of... you don't get an ounce at spot unless you have a desperate seller. And you couldn't buy gold with GoxBux anyway. |
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I_bitcoin
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December 05, 2013, 04:43:13 AM |
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Completely legit beating of gold would be to take the global weighted average when all major exchanges are reporting/working. https://bitcoinaverage.com |
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Vycid
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Activity: 336
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♫ the AM bear who cares ♫
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December 05, 2013, 04:45:24 AM |
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Completely legit beating of gold would be to take the global weighted average when all major exchanges are reporting/working. https://bitcoinaverage.comWtf? That says BTC-e has the most volume. |
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dwdoc
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December 05, 2013, 04:53:07 AM |
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At 22:23:19 CST Gox Bitcoin (1237.889) passed the spot price of gold (1237.82) for the first time.
No, we did that already. Apples and oranges. That was comparing Last Gox Trade price of bitcoin to Gold bid. The last trade price of gold was above 1242 (1242.80) at that time so didn't quite make it until tonite. |
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I_bitcoin
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December 05, 2013, 04:54:52 AM |
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Completely legit beating of gold would be to take the global weighted average when all major exchanges are reporting/working. https://bitcoinaverage.comWtf? That says BTC-e has the most volume. Huh, good point. I never paid much attention. Do you think BTC-E is Faux volume of trades or perhaps just crazy bot trade? |
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Vycid
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Activity: 336
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♫ the AM bear who cares ♫
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December 05, 2013, 04:56:36 AM |
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Completely legit beating of gold would be to take the global weighted average when all major exchanges are reporting/working. https://bitcoinaverage.comWtf? That says BTC-e has the most volume. Huh, good point. I never paid much attention. Do you think BTC-E is Faux volume of trades or perhaps just crazy bot trade? I honestly don't know. MtGox is well known to be a clusterfuck of incompetence but I'd expect their business to go to Bitstamp, not BTC-e. Maybe it's bot-trade, the alt currencies have been going nuts. |
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CEG5952
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December 05, 2013, 05:01:28 AM |
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Completely legit beating of gold would be to take the global weighted average when all major exchanges are reporting/working. https://bitcoinaverage.comWtf? That says BTC-e has the most volume. Huh, good point. I never paid much attention. Do you think BTC-E is Faux volume of trades or perhaps just crazy bot trade? I honestly don't know. MtGox is well known to be a clusterfuck of incompetence but I'd expect their business to go to Bitstamp, not BTC-e. Maybe it's bot-trade, the alt currencies have been going nuts. BTCE has decent volume when times are volatile, bots too |
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ChartBuddy
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Activity: 2170
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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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December 05, 2013, 05:02:18 AM |
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TERA
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December 05, 2013, 05:10:19 AM |
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One final correction to 1100 before next leg?
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Spaceman_Spiff
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₪``Campaign Manager´´₪
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December 05, 2013, 05:14:59 AM |
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One final correction to 1080 before next leg?
more like $1160 |
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User705
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Activity: 896
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First 100% Liquid Stablecoin Backed by Gold
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December 05, 2013, 05:15:54 AM |
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Completely legit beating of gold would be to take the global weighted average when all major exchanges are reporting/working. https://bitcoinaverage.comWtf? That says BTC-e has the most volume. Huh, good point. I never paid much attention. Do you think BTC-E is Faux volume of trades or perhaps just crazy bot trade? I honestly don't know. MtGox is well known to be a clusterfuck of incompetence but I'd expect their business to go to Bitstamp, not BTC-e. Maybe it's bot-trade, the alt currencies have been going nuts. Isn't btc-e where all the scammed btc end up on and didn't some guy steal 90,000 recently? |
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Vycid
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Activity: 336
Merit: 250
♫ the AM bear who cares ♫
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December 05, 2013, 05:44:18 AM |
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Completely legit beating of gold would be to take the global weighted average when all major exchanges are reporting/working. https://bitcoinaverage.comWtf? That says BTC-e has the most volume. why does this shock you? its the only exchange i will even use... You withdraw cash from BTC-e? Why not stamp? |
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CEG5952
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December 05, 2013, 05:46:35 AM |
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Completely legit beating of gold would be to take the global weighted average when all major exchanges are reporting/working. https://bitcoinaverage.comWtf? That says BTC-e has the most volume. why does this shock you? its the only exchange i will even use... true that! |
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Vycid
Sr. Member
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Activity: 336
Merit: 250
♫ the AM bear who cares ♫
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December 05, 2013, 05:56:03 AM |
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Completely legit beating of gold would be to take the global weighted average when all major exchanges are reporting/working. https://bitcoinaverage.comWtf? That says BTC-e has the most volume. why does this shock you? its the only exchange i will even use... You withdraw cash from BTC-e? Why not stamp? oh no, i don't use any exchange to get fiat. fuck that Forums/large individual sale only? You must have sold for fiat at least once... |
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ChartBuddy
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Activity: 2170
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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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December 05, 2013, 06:02:19 AM |
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NewLiberty
Legendary
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Activity: 1204
Merit: 1002
Gresham's Lawyer
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December 05, 2013, 06:11:21 AM |
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Completely legit beating of gold would be to take the global weighted average when all major exchanges are reporting/working. https://bitcoinaverage.comWtf? That says BTC-e has the most volume. why does this shock you? its the only exchange i will even use... You withdraw cash from BTC-e? Why not stamp? oh no, i don't use any exchange to get fiat. fuck that Forums/large individual sale only? You must have sold for fiat at least once... If you can't get more than MtGox from OTC, you aren't really trying. http://bitcoincharts.com/charts/localbtcUSD#rg5ztgSzm1g10zm2g25zvFast coins are worth more than cheap coins, a lot more in a rising market. Daily trades over US$2k |
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CryptStorm
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December 05, 2013, 06:27:40 AM |
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Completely legit beating of gold would be to take the global weighted average when all major exchanges are reporting/working. https://bitcoinaverage.comWtf? That says BTC-e has the most volume. why does this shock you? its the only exchange i will even use... You withdraw cash from BTC-e? Why not stamp? oh no, i don't use any exchange to get fiat. fuck that Forums/large individual sale only? You must have sold for fiat at least once... i did a $93,000 public trade with a star of the this thread and we did it in this thread:) but really, exchanges are not needed and i always do a fair rate. nothing like 50% over, lol OK, first of all, that's just awesome. Secondly, I'm not surprised. But, how did you manage the fiat side of things, if you don't mind discussing it? |
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