Bitcoins to hit $54 soon?

[chuckypalumbo]

http://www.youtube.com/watch?v=aWxbXGQ3Ezk

According to this.....a possibility of $54 per bitcoin in the near future. If this is true buying now in the mid 16's is a steal, I guess we'll find out. This is pretty nuts, $54?

Edited by Maged:
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[BitcoinPorn]

Well played.

[chuckypalumbo]

Well played.

Thank you, I don't think we'll see $54 anytime soon, but maybe if BTC gets some positive press instead of negative who knows? Interesting times indeed between oil prices, precious metals prices, the greek economic situation, and of course QE2 ending soon.....

[noob_jul11]

I hope I'm wrong; but I doubt it'll hit $54 anytime soon. And even if it did, Bitcoin like all other monetary markets / exchange (if Bitcoin in fact grow up and recognize by everyone to be a monetary unit); greed is going to come in and ruin Bitcoin just like everything else.

I'm a newbie to Bitcoin; have been checking out Btc in different things for about a month now. Here's what I have been checking out and how greed is going to ruin it for BTC in my opinion.
1) www.bitcoinplus.com currently pays out at 0.00003516 btc / share. Btc / share is much lower than a pool; which is fine. You are told upfront about it. What I just found out after mining on and off for 1 month is that, it costs 0.01 btc to transfer your btc out to your account. 0.01 / 0.00003516 = ~ 285 shares. This is not much for those with high GPU cards and invested in mining rigs. However, it is very discouraging for a newbie checking out what BTC is all about. Take me as an example; after 1 month of mining (mine only when I'm using my computer); I thought I had 0.0100xxxx btc only to find out I can't transfer out to my home bitcoin client because it costs 0.01 btc to cash out. The greed of that website is very discouraging and I have since no longer be bothered to mine it from there.

2) Then I tried GUIMINER against bitcoinpool.com. Maybe I don't understand the concept of "shares"; but, I must have gotten 30-40 shares at bitcoinpool to find out that it was not "registered" to my account. Upon checking at the bitcoinpool forum; I came to find that GUIMINER has issues. NICE ... I can't help but wonder who ended up with my 30-40 shares. Is someone pulling a fast one on me? OR Do I just not understand the concept of "shares"?

3) www.bitcoinrigs.com supposedly builds a system for you. I am not sure what kind of operations it's running over there; but, from reading its site; I'm kinda taken back by their return policies stated there. A buyer has 1 month to return their defective system; but, it takes 1 month to process and refund their customer's purchase. The time frame is just too fishy if you ask me. It sounded like they are playing the "ohh ... your 1 month warranty has expired and you are no longer eligible for the refund" when the customer's system fails. Even if the customer's system were replaced; by that 1 month; the difficulty rate would have gone down 4 times and possibly no longer be profitable to run the system given the Mhash/Joule rate. Then what?

4) And of course, the MtGox incident. My friend had 20btc in there and still hasn't got back despite what MtGox claimed. Hackable exchanges is going to be the target of greedy capable hackers. The hack at MtGox probably made alot of people realize the vulnerability of P2P currency (like my friend) and is thinking twice about putting effort into it. The effort could be a lose cause. Maybe that's why the rate of BTC/USD hasn't go back up before the MtGox incident.

So far, my 1 month experiences hasn't been totally warm and fuzzy. Warm and fuzzy feeling is important for Bitcoin because without it, newbie like myself will leave it before starting on it. Without newbies, bitcoin is as good as dead in the water.

[JBDive]

Wrong Direction for $54 any time soon until things fully iron out from the whole Gox thing plus with the 4th and nobody around.

[KarlSpaat]

Mining seems not to be the way for newbies to use bitcoins, especially if they dont have basic knowledge of whats happening. Newbies should use Bitcoins to make transactions. I havent found any side which sells mining rigs, which can keep up with my self build rigs.


Just hacking MtGox is not the real problem. The real problem is the usage of weak passwords, which can be hacked in a few hours. I use passwords with 16 characters and and about 80 possible symbols, this makes a hacker to test about 10^31 hashes just to have a 50% chance of getting my password. Even the whole bitcoin network needs more than my lifetime to crack my password. Okay MD5 hashing is about 20 times faster than double SHA256 hashing, but even if you consider this fact, you need much more than 10^8 years to have a 50% chance to find my password.
I cant understand people which have large amounts of dollars or bitcoins on an account and use passwords, which can be hacked in less a week, this is just stupidity. I hope that this incident makes people more sensitive to strong passwords.


But you are right, even the usage of strong passwords cant protect someone from getting his wallet stolen. Windows systems are not nearly safe enough for using bitcoins, cause there are to many trojans out there. This whole wallet.dat thing makes me mad. Scientist spend years to find ways how to make Bitcoins fraud resistant and the client doesnt even encrypt the private key which gives access to an account. I hope this will be fixed as soon as possible.


Nevertheless I think Bitcoins have the potential to replace PayPal at some time and at this time the Bitcoins will hit much more than 54$. Today we experience the childhood deseases of a new system. Once they're fixed, Bitcoins are ready to rock.

[Oldminer]

Wrong Direction for $54 any time soon until things fully iron out from the whole Gox thing plus with the 4th and nobody around.

lol your using a snapshot of a chart that only accounts for the last 24 hours

[JBDive]

Is a 2 day chart and I think that's what we should be looking at right now. The Gox issue rattled the market and we have the 4th coming up so for a time you need to look at short term charts. As I said once that irons out it's a different matter but even then I think you need to be wary of that $30 spike.

[Oldminer]

Is a 2 day chart and I think that's what we should be looking at right now. The Gox issue rattled the market and we have the 4th coming up so for a time you need to look at short term charts. As I said once that irons out it's a different matter but even then I think you need to be wary of that $30 spike.

Yea well not sure what sun clock you use but 4am on the 27th to 4am on the 28th is a 1 day chart to me.

And why should I be looking at short term charts exactly? What does a short term chart tell me that a long-term chart doesnt??

[muscles]

that dude who bought a pizza for 10,000BTC is going to be pissed if it climbs to $50-something/BTC

[striker11111111]

truly it's affected by buying and selling. When it hit 30$ I thought sky is the limit. Whoever bought at that point maybe is holding onto it for the return. Less people selling = price goes up. I think it will go higher and that 16-17$/btc is a steal right now, but I also think you have to dump them. It will crash at some point.

[cuddlefish]

3) www.bitcoinrigs.com supposedly builds a system for you. I am not sure what kind of operations it's running over there; but, from reading its site; I'm kinda taken back by their return policies stated there. A buyer has 1 month to return their defective system; but, it takes 1 month to process and refund their customer's purchase. The time frame is just too fishy if you ask me. It sounded like they are playing the "ohh ... your 1 month warranty has expired and you are no longer eligible for the refund" when the customer's system fails. Even if the customer's system were replaced; by that 1 month; the difficulty rate would have gone down 4 times and possibly no longer be profitable to run the system given the Mhash/Joule rate. Then what?

They're run by ZaReason.com. I know the owner personally. Call them and discuss it.

[JBDive]

Is a 2 day chart and I think that's what we should be looking at right now. The Gox issue rattled the market and we have the 4th coming up so for a time you need to look at short term charts. As I said once that irons out it's a different matter but even then I think you need to be wary of that $30 spike.

Yea well not sure what sun clock you use but 4am on the 27th to 4am on the 28th is a 1 day chart to me.

And why should I be looking at short term charts exactly? What does a short term chart tell me that a long-term chart doesnt??

Don't blame me for bitcoincharts, they say it's a 2 day. Short term is where you play, log term is where yo invest. Investing in BTC is to risky at this point. For those early in with lots of BTC for little or no cost it's a different market, for those coming in within the past month or so it's a traders market until Bitcoin can really prove itself beyond being a geeks new toy.

Go pull your own chart from Sunday to today, add Bollinger and Chaiken Money Flow, not pretty in the short term. Then again trying to apply stock trading tactics here isn't real proof one way or the other as sentiment plays to big a role vs. supple/demand. There is clearly far more supple than demand to support these prices IMHO and not much real world you can compare it to.