Trading: Will price go up? Newbie question

[Bitcoinreminder.com]

Do you think the price will go up in the next hours on mt. gox (http://bitcoincharts.com/markets/mtgoxUSD.html)?
Because of the many buy offers? Or is there no correlation? Im not good in economics and want to hear your opinion...

thanks!

[mizike29]

I dont think its going to change much for awhile, and the data seemed strange actually, saw some posts regarding that, but 16 to 17 bux would be about right for awhile I would think.

[The_JMiner]

I think to many people expect an overnight jump if such a jump happened then its a bubble forming and I would say SELL.  Stability is good for long term growth of Bitcoin.  As more and more vendors start joining the the "Bitcoin economy" begins to circulate I am sure we can expect higher value.

[KingFisher9]

I don't think that this means the price will go up. The people with low priced buy orders might have no intention to buy at above $17

[Oldminer]

http://www.youtube.com/user/BitcoinChannel#p/a/u/1/uoYQjxGHIgM

[joebot]

Doubt it. I don't think the bitcoin protocol will last more even a year with significant modification.

[chuckypalumbo]

The price will definitely go up as more and more people get involved.

[jaronm]

I suppose that's the question everyone would love to know the answer to.  If I knew it was going up soon I'd invest everything I have in it  I'm definitely hoping the exchange goes up soon as my mining rig isn't making nearly as much as it was when I started (only a month ago).

[MtRev]

Personally, I think value BTC will slowly rise even with the difficulty getting harder.

I'm not saying that there wouldn't be a dip, but if you think about it, people spent thousands of dollars investing in rigs.
(i'm not one of them.. . yet)

They are not going to give up their coins so easily as it gets harder to mine. The casual miners may sell for less, but the dedicated miners will clearly hold off until the bid price rises.

I wouldn't be surprised a few years down the line, we will be trading at $100 USD for 1.0 BTC.

[The_JMiner]

I was thinking about this today, does not the fact that bitcoin is anonymous make it less secure (for the buy for example) thus make it less in demand. At the moment I can see a lot of people being turned off by the idea that if they send someone money they can basically run away with it and you'll never find them.

[dextrose]

The price will definitely go up as more and more people get involved.

This.  More people using bitcoins means more demand, which in turn will drive up the price.  Mining won't ever truly affect price since it's nearly impossible to control supply, and bitcoins keep flowing into the markets.  Until difficulty rises to a very high level (much higher than it is now), and outpaces technology (even ASICs), there won't be a considerable strain on the supply.

[terroh8er]

No one knows, but I don't think it will ever go down significantly at least. Bitcoin will always be used by a certain subset of the population, which is growing. The rise in Internet activism in the past year or so is astounding. As governments become more involved in a negative way, people will start using bitcoins more as anonymity is a huge advantage. Some say that the price will fall if the US government makes it illegal, but if the history of prohibition is a guide, the opposite will happen. It's the best thing that could happen to it in my opinion.

The Wall Street types who try to discredit bitcoin will show their foolishness soon. They know nothing about what happens online. Bitcoin is not going away. The rise of the geeks begins.

By the way, Western Union has a pretty large money transfer business. They take in about $5 billion in revenue annually. It costs $12 for every $200 sent. They are beginning to crack down on anonymous senders, so undocumented workers may look elsewhere. I think we all know that a large percentage of people who use WU are doing so to avoid more traditional (and cheaper and more secure) methods for whatever reason.

[valiron]

I have been following the market these last days, and in the short run it looks like that it will severily correct...maybe to under $5...

The reason is simple. There is no volume. Anyone with many BTC to sell cannot do it at ounce and will sell gradually creating a big pressure downward.

After the spike, I am sure there are people in that situation...

[Oldminer]

No one knows, but I don't think it will ever go down significantly at least. Bitcoin will always be used by a certain subset of the population, which is growing. The rise in Internet activism in the past year or so is astounding. As governments become more involved in a negative way, people will start using bitcoins more as anonymity is a huge advantage. Some say that the price will fall if the US government makes it illegal, but if the history of prohibition is a guide, the opposite will happen. It's the best thing that could happen to it in my opinion.

The Wall Street types who try to discredit bitcoin will show their foolishness soon. They know nothing about what happens online. Bitcoin is not going away. The rise of the geeks begins.

By the way, Western Union has a pretty large money transfer business. They take in about $5 billion in revenue annually. It costs $12 for every $200 sent. They are beginning to crack down on anonymous senders, so undocumented workers may look elsewhere. I think we all know that a large percentage of people who use WU are doing so to avoid more traditional (and cheaper and more secure) methods for whatever reason.

Wait until the US dollar finally flatlines. See what BTC is worth then.