Bitcoin pricing

[abcduploader]

Hi Guyz,


I am new in this Bitcoin world. And doing mining with a HD 5870 .
The thing that I am trying to say is that ..A month ago around the last week of june , the price of a bitcoin was 18$ ( USD ) approx .
Now, currently it has fallen down to 13.95$ - 14$ approx
So, its constantly dropping. Plus from my situation I find that after giving the electricity bill I have very few buvks to spent around .

So, my theory is that cant there be any bidding system put into the marketing sites like bitmarket.eu , tradehill etc .
I mean if some one bids 13.95$ then the next bidder has to be atleast .05 - .1 more than the last one . ie the next bidder has to bid more than 14$ .

In this way the cost of a bitcoin will dramatically increase and the buyers will also dont have to fear about the drops in bitcoin prices .

I hope  I have made my theory clear.
If there any questions feel free to reply here .

Sorry for my bad English ,

Thanks
abcduploader

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[tysat]

Exchanges =\= bidding sites

You could setup a site like that if you wanted, but I doubt anyone would use it.

[nafai]

Assets are worth whatever a buyer and seller come to an agreement on.  This is called "price discovery".  See http://en.wikipedia.org/wiki/Price_discovery

Trying to artificially manipulate this price will only reduce the market depth.  That is, if under a free market the price goes down (because there are more sellers than buyers at the current price), and you try to prevent that through artificial means, all you're going to accomplish is that people stop using you as a marketplace.

It's like the minimum wage. We say "oh it's bad for anyone to earn less than $X an hour, I know let's just make it illegal to pay someone less than that!"  Well, you may succeed in eliminating jobs at wages lower than the target rate, but the side effect is that now you have a bunch of unemployment.

[abcduploader]

Okk...
I understand your comments... But i only wish the value of a bitcoin gets higher...Because the general tendency is to set a price lower than the last transaction so it gets a quick sale.
But that is continuously dropping the value of the bitcoin.

I dont have much idea about the market.. But i hope the price gets above 17$ atleast otherwise its of no use...

[mc_lovin]

Okk...
I understand your comments... But i only wish the value of a bitcoin gets higher...Because the general tendency is to set a price lower than the last transaction so it gets a quick sale.
But that is continuously dropping the value of the bitcoin.

I dont have much idea about the market.. But i hope the price gets above 17$ atleast otherwise its of no use...

The price was as high as $41 just before we got GOXED by the Mt Gox hack.  Mt Gox was always the central place to value the bitcoin but after the hack and it was offline for like a WEEK the markets resumed at $15-ish and haven't gone up since.  Personally, I'm glad the price is at least stable.  I see the value going back up in a month.

[aandreas]

41$ for one bitcoin? neverever if u can prove this to me, í´ll pay u 10 btc.
also the price before mt.gox shot down, was about 17, coming down from its 31 alltime high

[edd]

41$ for one bitcoin? neverever if u can prove this to me, í´ll pay u 10 btc.
also the price before mt.gox shot down, was about 17, coming down from its 31 alltime high

Can you prove $31 was the all time high? I believe I saw it as high as $34.

[bitman442]

31.9 was the all time high. Almost every article/ newspiece related to bitcoin mentions it.

[cbeast]

Someday 1 BTC will be a lottery prize.

[mc_lovin]

41$ for one bitcoin? neverever if u can prove this to me, í´ll pay u 10 btc.
also the price before mt.gox shot down, was about 17, coming down from its 31 alltime high

Ah well, that's what I get for using my brain as a source of information.  Damn you, memory!

Someday 1 BTC will be a lottery prize.

Yeah, and if people go to your house and see your electricity meter running full tilt, they'll probably invade you because they know you go that megahash goin' on.

[jh1523]

Yeah, and if people go to your house and see your electricity meter running full tilt, they'll probably invade you because they know you go that megahash goin' on.

Yeah, that or growing pot in the basement.

[cbeast]

Someday 1 BTC will be a lottery prize.

Yeah, and if people go to your house and see your electricity meter running full tilt, they'll probably invade you because they know you go that megahash goin' on.

By then us miners will only be generating Satoshis, not bitcoins.

[edd]

31.9 was the all time high. Almost every article/ newspiece related to bitcoin mentions it.

This is an example of what is commonly known as "hyperbole."

[tysat]

31.9 was the all time high. Almost every article/ newspiece related to bitcoin mentions it.

This is an example of what is commonly known as "hyperbole."

hyperbole would be more like "BITCOIN HIT $10000 AND YOU DIDN'T SELL?!?!?!?"

[abcduploader]

Guyz...just calm down...

All I wanna know is whether the price of bitcoin will go up ...around 20$ would be great.
What was the all time high I dont care I just wanna see the price getting high , So that I have some extra cash after giving the electricity bill.

I have around 5 bitcoins in my wallet so what should  I do... keep it or sell it

[1984]

If it was known that the price of bitcoin would go up then it would of gone up, just as if it was known that the price of bitcoin was going to go down it would of gone down. Right now the price of bitcoin is the price of bitcoin. If you want to keep your bitcoins keep them, if you want to sell your bitcoins sell them. But whatever you do next probably some reading like http://en.wikipedia.org/wiki/Market_economy is a good place to start.

[the joint]

Hi Guyz,


I am new in this Bitcoin world. And doing mining with a HD 5870 .
The thing that I am trying to say is that ..A month ago around the last week of june , the price of a bitcoin was 18$ ( USD ) approx .
Now, currently it has fallen down to 13.95$ - 14$ approx
So, its constantly dropping. Plus from my situation I find that after giving the electricity bill I have very few buvks to spent around .

So, my theory is that cant there be any bidding system put into the marketing sites like bitmarket.eu , tradehill etc .
I mean if some one bids 13.95$ then the next bidder has to be atleast .05 - .1 more than the last one . ie the next bidder has to bid more than 14$ .

In this way the cost of a bitcoin will dramatically increase and the buyers will also dont have to fear about the drops in bitcoin prices .

I hope  I have made my theory clear.
If there any questions feel free to reply here .

Sorry for my bad English ,

Thanks
abcduploader

That, or we could just say all Bitcoins are worth $1,000,000 and save some time.

[JoelKatz]

So, my theory is that cant there be any bidding system put into the marketing sites like bitmarket.eu , tradehill etc .
I mean if some one bids 13.95$ then the next bidder has to be atleast .05 - .1 more than the last one . ie the next bidder has to bid more than 14$ .

In this way the cost of a bitcoin will dramatically increase and the buyers will also dont have to fear about the drops in bitcoin prices .

Say you set up such a system, and the price on that system goes to $18. As soon as there's nobody left whose willing to pay $18 for a bitcoin, and some guy on some other system starts offering them for $17, nobody would trade on that system.

You can't sell something for more than it's worth unless you can keep a ready supply of suckers.

[edd]

That, or we could just say all Bitcoins are worth $1,000,000 and save some time.

Good idea. I have one for sale if you're interested.

[the joint]

That, or we could just say all Bitcoins are worth $1,000,000 and save some time.

Good idea. I have one for sale if you're interested.
[/quote

Ok, but then you have to buy mine for $1,000,001.