Bitcoin Forum
December 03, 2016, 05:49:47 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Bitcoin stabilizing around $15.  (Read 4455 times)
Nagle
Legendary
*
Offline Offline

Activity: 1204


View Profile WWW
June 23, 2011, 04:50:44 AM
 #1


Bitcoin today (USD, TradeHill)

We're getting past the drama phase. That's what a useful currency is supposed to look like - flat and boring. When the chart looks like that, merchants can price products in Bitcoins. Merchants typically deposit their day's receipts in a bank once each day. If the price of Bitcoins is steady over the course of a day, merchants can convert to a real currency once a day, pull out the cash, and put it in their bank account.

There's a reasonable amount of market depth behind that, too.  At first, trading on Tradehill was very thin, but now there's a a few thousand Bitcoins of market depth on both the bid and ask sides. That's not huge by financial standards, but it's enough to allow some modest real-world businesses to convert their daily take.

Back in the Mt. Gox era, we were seeing $30 and $8 in the same week. That had to stop.

This is real progress.
1480787387
Hero Member
*
Offline Offline

Posts: 1480787387

View Profile Personal Message (Offline)

Ignore
1480787387
Reply with quote  #2

1480787387
Report to moderator
1480787387
Hero Member
*
Offline Offline

Posts: 1480787387

View Profile Personal Message (Offline)

Ignore
1480787387
Reply with quote  #2

1480787387
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480787387
Hero Member
*
Offline Offline

Posts: 1480787387

View Profile Personal Message (Offline)

Ignore
1480787387
Reply with quote  #2

1480787387
Report to moderator
SlipperySlope
Hero Member
*****
Offline Offline

Activity: 686

Stephen Reed


View Profile
June 23, 2011, 04:53:58 AM
 #2

It took a few days for traders, merchants and miners to move funds and bitcoins to TradeHill.  Volume picked up only today.

When Mt Gox gets back online, prices may firm up, provided that the site exhibits solid security.
Bit_Happy
Legendary
*
Offline Offline

Activity: 1442


A Great Time to Start Something!


View Profile
June 23, 2011, 04:59:01 AM
 #3

Stable does have advantages Nagle. However, BTC went from ~$1.5 to $32 in a little over one month, so more wild days are going to happen soon. That is part of human nature (greed vs fear) and cannot be changed, or avoided, after such a sharp run up.
It is stable right now, since the action is really still based at MtGox which resumes in < 24 hours.

Buy Low Sell High | Good luck figuring out what the Low and High will be.  

15DYJpWJe9H1YofsNQbP9JEWWNn7XPZgbS
dinzy
Member
**
Offline Offline

Activity: 98


Fuck Intel!


View Profile
June 23, 2011, 06:14:16 AM
 #4

There is still around a 12% change from high to low which is an order of magnitude higher than a crazy day for 'real' currency. 
hawks5999
Full Member
***
Offline Offline

Activity: 168



View Profile WWW
June 23, 2011, 06:33:34 AM
 #5

all numbers right now are useless since the majority of people can't get to their accounts at mtgox.

■ ▄▄▄
■ ███
■ ■  ■               
LEDGER  WALLET    ████
■■■ ORDER NOW! ■■■
              LEDGER WALLET
Smartcard security for your BTCitcoins
■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
Decentralized. Open. Secure.
phorensic
Hero Member
*****
Offline Offline

Activity: 630



View Profile
June 23, 2011, 06:43:48 AM
 #6

One thing to note is that the chart on Tradehill's site is scaled differently than most other trading charts.  If you notice it starts at 0 at the bottom.  This can make it look artificially flat compared to something like SierraChart that is auto-scaling the min/max range.

stakhanov
Full Member
***
Offline Offline

Activity: 175


View Profile
June 23, 2011, 09:10:24 AM
 #7

Not that flat actually Smiley

tomcollins
Full Member
***
Offline Offline

Activity: 182


View Profile
June 23, 2011, 11:23:51 AM
 #8

I'm guessing a lot of people have money or BTC stuck at Mt. Gox now.  Once people who were actually trading get back going, we'll see where the market takes it.  $15 is just a sign of no volume.
Synaesthesia
Member
**
Offline Offline

Activity: 86


View Profile
June 23, 2011, 11:40:53 AM
 #9

Bitcoin world, where one day of stability is a big deal  Cheesy

I deal in Bitcoins: 1ANtpQH5UKKYrd9619VSSibL76uzjZGH1D
frutza
Newbie
*
Offline Offline

Activity: 14


View Profile
June 23, 2011, 12:40:34 PM
 #10

At this time, the success of Bitcoin is driven by speculation not its use for payments. Speculation is most profitable when the markets fluctuate a lot, and less profitable when the markets are stable. In a (rather small) economy like Bitcoin, it is still possible for a few players with lots of liquidity to move the market at will, so please do expect a lot of fluctuation when MtGox comes back. It will take a while until MtGox will regain trust, but once that happen, the bubble will return. Ride it wisely!
hugolp
Hero Member
*****
Offline Offline

Activity: 742



View Profile
June 23, 2011, 12:43:07 PM
 #11

Bitcoin world, where one day of stability is a big deal  Cheesy

 Cheesy
frutza
Newbie
*
Offline Offline

Activity: 14


View Profile
June 23, 2011, 12:44:35 PM
 #12

That was the day when the big players were in vacation, or busy with other things  Grin
Elokane
Hero Member
*****
Offline Offline

Activity: 753


Truth is a consensus among neurons www.synereo.com


View Profile WWW
June 23, 2011, 01:34:31 PM
 #13

There were a few days where the price on MtGox was stable at 19-20. This is meaningless. :/

Synereo: a completely decentralized and distributed application ecosystem.

Beware of he who would deny you access to information, for in his heart, he dreams himself your master.
<br>
Alex Beckenham
Full Member
***
Offline Offline

Activity: 154


View Profile
June 23, 2011, 01:40:51 PM
 #14

As others have alluded to, once Mt Gox re-opens prices are going to go nuts.

I reckon there are so many people that have no idea if the reopening will mean prices drop sharply or skyrocket, that it will likely swing wildly.

Tronlet
Full Member
***
Offline Offline

Activity: 224



View Profile
June 23, 2011, 04:23:05 PM
 #15



The stat displayer you're using is ridiculously zoomed out in terms of min/max, as people have previously stated.

Note how jagged and unpredictable it is once you zoom in a bit.

marvinmartian
Full Member
***
Offline Offline

Activity: 224



View Profile
June 24, 2011, 12:25:32 PM
 #16

Difficulty level will play a big role.  It's ironic that Mt. Gox is going to re-open the same day difficulty finally crests 1 mega.

I predict that the price of bitcoins MUST rise in order to keep pace with the rising difficulty level.  I contend that the recent spike to $30 was correlated to the recent huge jumps in difficulty.

The miners of Arrakis will have their day.  ;-)

"... and the geeks shall inherit the earth."
Meman
Member
**
Offline Offline

Activity: 92


View Profile
June 24, 2011, 01:09:19 PM
 #17

I predict that the price of bitcoins MUST rise in order to keep pace with the rising difficulty level.
Hard to say. The higher the difficulty, the more miners will stop mining or stop buying new equipment. So there should be less BTC offered on exchanges. This will rise the BTC price, if(!) the demand for BTC's stays constant. There may also be a time gap (some days) between the dificulty increase and a possible influence on the BTC price.
Vandroiy
Legendary
*
Offline Offline

Activity: 1036


View Profile
June 24, 2011, 08:10:36 PM
 #18

(...) between the dificulty increase and a possible influence on the BTC price.

How would difficulty have an influence on BTC price? You got it the wrong way 'round, man. Price determines difficulty.

Also, the amount of BTC available to exchanges is based on production rate, and difficulty adapts to keep that constant. Miners might as well be Satoshi secretly writing magical BTC bucks with his quantum computer, the market would not change as long as the effective minting rate does not change.

Edit: oh, @topic: please use the word "stable" when more than two months have passed. Normal people will shake their head when one says "stable" because the market didn't explode in antimatter fireworks for a day.
hawks5999
Full Member
***
Offline Offline

Activity: 168



View Profile WWW
June 24, 2011, 08:28:42 PM
 #19

^^^^^^^^^^^+1^^^^^^^^^^^^^^^ for a proper understanding of stable.


On the difficulty/miners/exchange side I was going to make a similar argument but the truth is that prior to this difficulty change >10/hr were being produced. Now it is down around 9/hr with the difficulty targeting 6. If difficulty gets it down to 6 there will be fewer coins produced by about 40%.
If the difficulty misjudges the supply of new hashes on the network and the supply remains high... well the difficulty will have it's work cut out.

Reminds me of:

"Programming today is a race between software engineers striving to build bigger and better idiot-proof programs, and the Universe trying to produce bigger and better idiots. So far, the Universe is winning."

-Rick Cook

■ ▄▄▄
■ ███
■ ■  ■               
LEDGER  WALLET    ████
■■■ ORDER NOW! ■■■
              LEDGER WALLET
Smartcard security for your BTCitcoins
■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■
Decentralized. Open. Secure.
Tronlet
Full Member
***
Offline Offline

Activity: 224



View Profile
June 24, 2011, 09:17:28 PM
 #20

I'm guessing a lot of people have money or BTC stuck at Mt. Gox now.  Once people who were actually trading get back going, we'll see where the market takes it.  $15 is just a sign of no volume.

Less volume typically means more fluctuation, doesn't it? Because individual trades have more of an effect.

Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!