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Poll
Question: If you were new to Bitcoin, would you
Buy some for the fun - 11 (28.9%)
Buy tons of them - 9 (23.7%)
Wait, to see what is happening to the price - 11 (28.9%)
Calling it a Ponzi scheme everywhere - 7 (18.4%)
Total Voters: 37

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Author Topic: Who is buying currently?  (Read 928 times)
ploum
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June 29, 2011, 08:15:36 PM
 #1

When the price was increasing, new people had an incentive to buy.

Now, after red friday, MtGox hack and all the fuzz, if I were a newcome, I would certainly not buy any bitcoin right now.

This lead me to the fact that, maybe, most of the buyer are currently hoarders who already have may coins and want more.

As such, this might be a bad thing for the economy because it means that more and more bitcoins will be in the hand of less and less people, which is exactly what the system is trying to avoid.

In your opinion, who is buying now and what should we do to encourage newcomers to buy?

Blog posts about Bitcoin - 1KdRBbhjo72CqKTrFsQed6s9NMrvwvrUkq
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June 29, 2011, 08:19:14 PM
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The options are not mutually exclusive.  Spreading Ponzi scheme fear and buying all you can get before the market comes back over $30 are complementary strategies.

BTW I'm mining not buying.

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June 29, 2011, 08:20:40 PM
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Spreading Ponzi scheme fear and buying all you can get before the market comes back over $30 are complementary strategies.
It's sad but true.

If I had cash though, it would all go toward long term money (ie a year from now, double my money would be my estimate on that)

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June 29, 2011, 08:22:59 PM
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The options are not mutually exclusive.  Spreading Ponzi scheme fear and buying all you can get before the market comes back over $30 are complementary strategies.

you certainly are certain that its going back above 30, which means it certainly isnt going above 30.
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June 29, 2011, 08:23:57 PM
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are most buys happening by day traders?

I notice on tradehill's market data that there are constantly hundreds of buy/sell orders just above and under last price.
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June 29, 2011, 09:04:07 PM
 #6

MagTux is certainly smarter than we all give him credit for; and i mean that in an economic sense.

He's voided dark pool orders and look at the result:  a mountain of buy side orders has been exposed.  i suspect they were there all the time and he needed to re-establish confidence so he's exposed them.   This is BULLISH!  Buy while you can.
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