20 000 bitcoins to get under 10 dollars

[fastandfurious]

If you look at www.bitcoinity.org/markets , you get a good picture of the market depth, it shows right now that it takes approximately 20000 bitcoins to reach 9,80 BTC/USD. That is amazingly just under 3 days of mining (bitcoins created/inflation is right now at 7200 bitcoins/day).

For me that comparison is staggering, that is a very small number of buyers in the economy/currency of bitcoin compared to three different aspects. The first is already mentioned, inflation. The other two are total number of bitcoins in the economy today, around 7 million, and how that number will change in 1-2 years, to around 10 million.

All this tells me that the bid side should be at least 5 times bigger on the bid side to show real interest in the Bitcoin economy at this levels (around 12 dollars). I know that I just use the information from Mt.Gox, but they have such a large part of the trade right now that it doesn't change the picture.

Any thoughts? How did the bid side look like when bitcoins cost only a couple of dollars?

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[grod]

A lot worse than when they were at $30.  When bitcoins look weak everyone gets fearful and pulls their buys.  When it looks like we're ready to start another insane runup we all line up for "cheap" bitcoins.  Trend driven hivemind, that's us.

[wumpus]

See it as a great oppertunity. At least all those people complaining about early adopters have a chance to hop in now.

[fastandfurious]

12 dollars are still a very high price if you see what levels some people have bought in at not so long ago.

[joulesbeef]

See it as a great oppertunity. At least all those people complaining about early adopters have a chance to hop in now.

LOL "BUT IT IS FALLING NOW!! it's all over.. it would be dumb to but now"

hindsight is a dick.

I like to ask people who complain about early adopters why arent they on namecoin. They rarely have an answer. Sure maybe namecoin wont explode like bitcoin, then again 5 months ago you could have said the same about bitcoin. People like to think of themselves as unlucky when many of them wouldnt have taken the risk had it presented itself.

[wumpus]

See it as a great oppertunity. At least all those people complaining about early adopters have a chance to hop in now.

LOL "BUT IT IS FALLING NOW!! it's all over.. it would be dumb to but now"

LOL +1

I now it's vain hope. They will be complaining again when it goes up.

How do you know for sure it will go up again? You don't! So now you understand the enormous amount of risk early adopters took...

[N12]

I now it's vain hope. They will be complaining again when it goes up.

How do you know for sure it will go up again? You don't! So now you understand the enormous amount of risk early adopters took...

Yeah, I can’t imagine how stressful a life must have been where you dedicate your CPU to Bitcoin instead of folding@home and mine a few tens of thousand BTC. Not only is your room much hotter and louder than usual, but you also have to worry about how much electricity is consumed and how you’re ever going to pay it off with Bitcoins in their unprofitable state.

[fastandfurious]

The prices are still very high, if you look at the market depth again it will show you that you only need 4700 bitcoins to get to 7,60 dollar. That is with all the data I have explained earlier a very very low number. We should be glad if it just ends at 5-6 dollars, I'm saying this as a owner to a mining rig.

[ManOfKnight]

I would not mind if they were in the $5 range...I think bitcoins have been overpriced for a while.  Look at the run it has had this year.  When CNN and Foxnews puts you on, you become popular.  Unfortunately, the DDoS, hacks, massive sell in June, and recession striking the world have had an impact.  While I think bitcoin has its place...I don't think its place is $15.  I am thinking $8 or so now with MARGINAL increases...not massive ones.