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Author Topic: Why $17??  (Read 12351 times)
flug
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June 30, 2011, 11:09:50 AM
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Why has the price been hanging around $17 for so long? Is there some market fundamentals I'm missing? Is 17 some significant occult number? is Mister Seventeen toying with us?
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June 30, 2011, 11:19:21 AM
 #2

The magic 17  Grin

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June 30, 2011, 11:21:21 AM
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The buy orders do not outnumber the selling orders. There is not enough excitement in the Bitcoin community yet.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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June 30, 2011, 11:30:38 AM
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The buy orders do not outnumber the selling orders. There is not enough excitement in the Bitcoin community yet.

Huh?

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June 30, 2011, 11:32:36 AM
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Someone is trying to keep the price low. Check how straight is the line of price.

http://mtgoxlive.com/orders

But that's not gonna last for long.

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June 30, 2011, 11:33:44 AM
 #6

A sign of the currency stabilizing, perhaps. Which can only be a good thing.

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June 30, 2011, 11:36:17 AM
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BECAUSE.  Cool

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June 30, 2011, 11:36:23 AM
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Someone is trying to keep the price low. Check how straight is the line of price.

http://mtgoxlive.com/orders

But that's not gonna last for long.
Someone please explain what the green line is

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June 30, 2011, 11:39:20 AM
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Someone is trying to keep the price low. Check how straight is the line of price.

http://mtgoxlive.com/orders

But that's not gonna last for long.
Someone please explain what the green line is

It's the exchange rate over time. As you can see, every time there is a rise, in some way there is the exact compensation.

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June 30, 2011, 11:41:58 AM
 #10

Might be a big hoarder who decided to cash out at 17$, now instead of later.

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June 30, 2011, 11:43:15 AM
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The buy orders do not outnumber the selling orders. There is not enough excitement in the Bitcoin community yet.

Huh?



I meant that that the buy orders are lower than the sell orders. There is a gap. Thanks for pointing that out.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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June 30, 2011, 11:45:00 AM
 #12

I'll explain what is going on a little later. At the moment, its top secret Smiley

None the less though, having the price stable at 16.80 isn't a bad thing. Stable bitcoin is good for bitcoin businesses. Now you can buy and sell your goods/services and know that bitcoin price will remain around 16.50-17.00 at least for a couple days.

Probably won't be like that forever, unfortunately.

Long term bitcoin has good potential for growth.

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June 30, 2011, 11:55:30 AM
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It's always better to enable the "oneaxis" version of this:
http://mtgoxlive.com/orders?oneaxis;ratesoff
then you can see better which side is "stronger".
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June 30, 2011, 11:55:58 AM
 #14

Why has the price been hanging around $17 for so long?

It's funny how people adapt their expectations. What do you mean by "for so long"? A couple months ago the price of 1 BTC was below $1. It's changing damn fast.

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ElectricMonk
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June 30, 2011, 12:13:24 PM
 #15

Seems like $17 dollars might be the price in kWh to produce a Bitcoin under current conditions?

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June 30, 2011, 12:15:42 PM
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Might be a big hoarder who decided to cash out at 17$, now instead of later.
Why would a seller want to keep the price down?
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June 30, 2011, 12:17:18 PM
 #17

Seems like $17 dollars might be the price in kWh to produce a Bitcoin under current conditions?

Perhaps, but mining follows bitcoin market, not the other way round.
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June 30, 2011, 12:23:03 PM
 #18

Might be a big hoarder who decided to cash out at 17$, now instead of later.
If so, should it be reflected here?
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June 30, 2011, 12:51:50 PM
 #19

There is almost zero spread on Mt Gox because certain active traders were granted zero commissions for 30 days following the security problem.  Without commissions to compensate for, bid and ask prices sometimes agree to four significant digits! This situation represents an "ideal" market.
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June 30, 2011, 12:54:50 PM
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Seems like $17 dollars might be the price in kWh to produce a Bitcoin under current conditions?

Not even close.

If current conditions were stable ( they are not, but we are talking about the current conditions) then a miner could expect a 500% ROI on reasonably cost efficient rigs, and not particularly cheap electricity.

The value of bitcoins is currently higher than their cost of production, and if nothing changed in the market it would stay that way for a decade, at which point the block reward would have dwindled to near the price in kWh.

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