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Author Topic: BTC climing to parity quickly on mtgox  (Read 1521 times)
Nefario
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February 06, 2011, 04:42:04 AM
 #1

Since the break in on mtgox when there was those few high trades (btc hit parity at that time I think, then fell quickly). Prior to this it had been trading around the 42c mark for some time.

In the last week it has jumped a lot, it held for a day or two at about 70c and is now holding between 87c and 94c

It is likely to hit parity over the next two or three days, over the next month or two it will probably drop below USD parity for one or two trades but from this point on it will stay above 1USD for good.

Ladies and Gentlemen, say goodbye to below parity btc.

On a related note I have already seen the effects of deflation. I buy vpn from Mullvad (www.mullvad.net) for bitcoin. When I first bought 30 days access the price was 24btc(I think), that was a little over 30 days ago. The price has now dropped to 16btc for 30 days. This is a service I will continue to use if the price continues to deflate with bitcoins rise.

Sadly the server I was renting from just a man is not going to be renewed, I would like to but he is unable to continue renting it to me. Oh well.

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kiba
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February 06, 2011, 04:46:55 AM
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I am more preoccupied about earning bitcoin with various freelancing gigs, which is hard to find.

For that, our economy needs to expand.

Veltas
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February 10, 2011, 12:29:21 AM
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I'm no economist but I feel that this is due to BTC being in high demand and low supply.  Simple as can be.

I think a real problem is that it will be a long time before it levels out, and then it should follow the world's average inflation, but that's too simple a model.

We're going to overshoot parity by quite a bit if you ask me...

Veltas Vandegere the awesome.

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ptd
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February 10, 2011, 12:12:53 PM
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I'm no economist but I feel that this is due to BTC being in high demand and low supply.  Simple as can be.

I think a real problem is that it will be a long time before it levels out, and then it should follow the world's average inflation, but that's too simple a model.

We're going to overshoot parity by quite a bit if you ask me...

No the world is actually deflating, the only reason we get deflation in fiat currencies is because they print money faster than deflation. Eventually bitcoin will probably have very predictable deflation (because economic progress means stuff gets cheaper).
Veltas
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February 10, 2011, 05:43:32 PM
 #5

I'm no economist but I feel that this is due to BTC being in high demand and low supply.  Simple as can be.

I think a real problem is that it will be a long time before it levels out, and then it should follow the world's average inflation, but that's too simple a model.

We're going to overshoot parity by quite a bit if you ask me...

No the world is actually deflating, the only reason we get deflation in fiat currencies is because they print money faster than deflation. Eventually bitcoin will probably have very predictable deflation (because economic progress means stuff gets cheaper).

I thought it was deinflating.

Veltas Vandegere the awesome.

Send dead rats here:
18WLsGHD9a3w8HHnjjYLUxTPNjFaqju84d
ptd
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February 11, 2011, 12:31:10 PM
 #6

Eventually bitcoin will probably have very predictable deflation (because economic progress means stuff gets cheaper).

I thought it was deinflating.

Yes, but not predictably. When I say "very predictably" I mean "all the action is in the 5th significant figure".
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