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Author Topic: Bitcoin has gone over $0.40 on mtgox  (Read 3765 times)
Nefario
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January 22, 2011, 04:07:18 AM
 #1

Just had a look, it's staying steady over 0.40 and even hit a high of 0.45

I'm rich......er that I was, exciting times.

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chris200x9
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January 22, 2011, 04:25:29 AM
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can it hit 50 cents by months end?
theymos
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January 22, 2011, 04:27:34 AM
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I was just going through all of my account histories, and it struck me how hugely the value of Bitcoins have risen. Not even a year ago I was making trades like this:


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January 22, 2011, 04:47:40 AM
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Haha, I particularly like the canceled 1.4 cent trade.

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January 22, 2011, 05:09:52 AM
 #5

My 0.003 trades were actually below the market rate of the time, and may in fact be the lowest-value BTC trades ever. I had measured that it only cost me 0.0007 USD per BTC in electricity (at 7.8 difficulty), so 0.003 seemed sufficient to me...

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Nefario
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January 22, 2011, 05:43:59 AM
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can it hit 50 cents by months end?

It is very possible, at this rate it could easily reach parity with the dollar by July.

There is the very real danger that btc is becoming a bubble. I think a lot of people buying into btc are doing it only because they expect it to rise. Which will happen, but wont continue forever unless it is being used to trade goods and services.

I think too little of bitcoin activity is around goods and services whike most is around exchanging.

Although, many people here are Libertarian, and are buying bitcoin for the long term as it is a Libertarians dream curreny( there is of course gold and silver, but until you can send those in the email then btc is better for international trade), but I'm not sure by what amount.

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kiba
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January 22, 2011, 05:57:04 AM
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I think too little of bitcoin activity is around goods and services whike most is around exchanging.

Exchanging is a very valuable purpose, especially in a world where it is hard to get money into bitcoin. I also think the number of goods and services are increasing.

You can already pay your phone bills directly in bitcoin, advertise on sites, tip people, magazine to write for, and so on.

I felt like I am getting riches from these sources of income since I now have 469.22 BTC.

Nefario
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January 22, 2011, 05:59:17 AM
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I think too little of bitcoin activity is around goods and services whike most is around exchanging.

Exchanging is a very valuable purpose, especially in a world where it is hard to get money into bitcoin. I also think the number of goods and services are increasing.

You can already pay your phone bills directly in bitcoin, advertise on sites, tip people, magazine to write for, and so on.

I am already getting rich from these sources, and more.

A magazine to write for? Who is paying in btc for articles? What kind of articles are they looking for?

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January 22, 2011, 06:00:59 AM
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can it hit 50 cents by months end?

It is very possible, at this rate it could easily reach parity with the dollar by July.

There is the very real danger that btc is becoming a bubble. I think a lot of people buying into btc are doing it only because they expect it to rise. Which will happen, but wont continue forever unless it is being used to trade goods and services.

I think too little of bitcoin activity is around goods and services whike most is around exchanging.

Although, many people here are Libertarian, and are buying bitcoin for the long term as it is a Libertarians dream curreny( there is of course gold and silver, but until you can send those in the email then btc is better for international trade), but I'm not sure by what amount.

If I was going to launch a huge awesome killer app for bitcoin I'd buy up a bunch before announcing. There may be lots of hidden (to us) information driving the price.

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January 22, 2011, 06:11:12 AM
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A magazine to write for? Who is paying in btc for articles? What kind of articles are they looking for?

fabianhjr and I are working on content for next week's issue for The Bitcoin Times. We also already have two advertisers lined up.

We're the only writers at the moment, since nobody else wants to write for the magazine.

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January 22, 2011, 06:18:02 AM
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A magazine to write for? Who is paying in btc for articles? What kind of articles are they looking for?

fabianhjr and I are working on content for next week's issue for The Bitcoin Times. We also already have two advertisers lined up.

We're the only writers at the moment, since nobody else wants to write for the magazine.

pm me a topic or two and a general idea of size and I will see what I can do, you can decide after if you want to include it.

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January 22, 2011, 01:36:50 PM
 #12

I think the growth will be slowed down as soon as we hit 0.50$ because someone has an order in place, selling 20'000 BTC at 0.51$ and it will take some time to work that down. Hopefully we'll get over that one fast enough :-)

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Nefario
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January 22, 2011, 02:03:21 PM
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I think the growth will be slowed down as soon as we hit 0.50$ because someone has an order in place, selling 20'000 BTC at 0.51$ and it will take some time to work that down. Hopefully we'll get over that one fast enough :-)

I have not used mtgox, is he the one doing the exchange or is he just running a market?

If he is the one doing the exchane himself then yes the price will drop for a while( shouldnt be more than one or two weeks ). However if he is just running a market then it wont effect price at all, there must be a buyer for that 20,000 btc. It just means the market will be very liquid over that price for buying btc and under that price other btc sellers will be filling orders.

Either way mtgox moves that amount in one day at this point.

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FreeMoney
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January 22, 2011, 02:25:46 PM
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I think the growth will be slowed down as soon as we hit 0.50$ because someone has an order in place, selling 20'000 BTC at 0.51$ and it will take some time to work that down. Hopefully we'll get over that one fast enough :-)

I have not used mtgox, is he the one doing the exchange or is he just running a market?

If he is the one doing the exchane himself then yes the price will drop for a while( shouldnt be more than one or two weeks ). However if he is just running a market then it wont effect price at all, there must be a buyer for that 20,000 btc. It just means the market will be very liquid over that price for buying btc and under that price other btc sellers will be filling orders.

Either way mtgox moves that amount in one day at this point.

He is just running a market; others make the bids and asks. A large offer can slow down price movements. There is no guarantee that some person or people will want to pay that much. It could take a minute or months. We sat with with an order of at least 15k at 34 cents for a month I think, then it was all bought up in two days.

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January 22, 2011, 02:32:14 PM
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Something like MTGox is a good indicator of the price of BitCoin at that time considering there are many buy orders from many people (demand) and many sell orders from many people (supply).

It all reaches a natural equilibrium to relate its true price. But the worries are if the price is based on speculation or actual value at that time. Speculators will be the doom of BitCoin.

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kiba
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January 22, 2011, 02:39:14 PM
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It all reaches a natural equilibrium to relate its true price. But the worries are if the price is based on speculation or actual value at that time. Speculators will be the doom of BitCoin.

What ya talking about? We got a big crash from .50 cents at one time. It didn't doomed bitcoin.

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January 22, 2011, 02:40:33 PM
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That was a mini-Doom, but maybe there will be the major-Doom to come...

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January 22, 2011, 02:43:39 PM
 #18

What would you guys think would happen if someone bought those 20,000 of BTC today at 0.51$?

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January 22, 2011, 02:52:09 PM
 #19

then the barrier at 0.5-0.51 would be broken and prices ready to attack 1.0-1.3

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January 22, 2011, 03:13:18 PM
 #20

Speculators will be the doom of BitCoin.

No, they won't.
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