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Author Topic: Are we about to witness something epic?  (Read 5484 times)
Oldminer
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August 14, 2011, 08:32:33 PM
 #41

$11 and going strong  Grin

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TraderTimm
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August 16, 2011, 08:44:29 PM
 #42

I wouldn't mind a gradual increase of $1/week in the price. Keeps things running smoothly. The difficulty drop may be the harbinger of future price increases - based on the last time that happened.

Watching the charts...

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August 16, 2011, 09:28:36 PM
 #43

I wouldn't mind a gradual increase of $1/week in the price. Keeps things running smoothly. The difficulty drop may be the harbinger of future price increases - based on the last time that happened.

Watching the charts...
A $1 every 2 weeks would be even better. Slow and steady is the way to go if we ever want this "experiment" to work, and turn into a viable currency.

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coined
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August 16, 2011, 09:49:23 PM
 #44

I wouldn't mind a gradual increase of $1/week in the price. Keeps things running smoothly. The difficulty drop may be the harbinger of future price increases - based on the last time that happened.

Watching the charts...
A $1 every 2 weeks would be even better. Slow and steady is the way to go if we ever want this "experiment" to work, and turn into a viable currency.

if it did go up slow and steady, after a while It would start to look like a safe investment, and the speculators would be all over it, driving the price up , which would cause panic buying Grin then eventually the surge runs out of steam... oh no!  SELL! SELL! SELL!

is that pattern even avoidable?
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August 16, 2011, 10:05:21 PM
 #45

I wouldn't mind a gradual increase of $1/week in the price. Keeps things running smoothly. The difficulty drop may be the harbinger of future price increases - based on the last time that happened.

Watching the charts...
A $1 every 2 weeks would be even better. Slow and steady is the way to go if we ever want this "experiment" to work, and turn into a viable currency.

if it did go up slow and steady, after a while It would start to look like a safe investment, and the speculators would be all over it, driving the price up , which would cause panic buying Grin then eventually the surge runs out of steam... oh no!  SELL! SELL! SELL!

is that pattern even avoidable?

Afraid not, bitcoin follows the swings generated by it's milestones good and bad. We haven't even reached V1 yet of the client, so there's a lot to happen yet. Also a few million is very little of a unit to have in circulation, any relatively small movement on an international scale can have a massive impact on price. It will be a long, long while until the price settles in to an equilibrium if ever, as bitcoin has behaved more like a commodity than a currency due to it's scarceness. Currencies fluctuate mildly(on the macro scale at least) just on the basis of their vast quantities in circulation.
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August 16, 2011, 10:43:45 PM
 #46

I wouldn't mind a gradual increase of $1/week in the price. Keeps things running smoothly. The difficulty drop may be the harbinger of future price increases - based on the last time that happened.

Watching the charts...
A $1 every 2 weeks would be even better. Slow and steady is the way to go if we ever want this "experiment" to work, and turn into a viable currency.

if it did go up slow and steady, after a while It would start to look like a safe investment, and the speculators would be all over it, driving the price up , which would cause panic buying Grin then eventually the surge runs out of steam... oh no!  SELL! SELL! SELL!

is that pattern even avoidable?

Afraid not, bitcoin follows the swings generated by it's milestones good and bad. We haven't even reached V1 yet of the client, so there's a lot to happen yet. Also a few million is very little of a unit to have in circulation, any relatively small movement on an international scale can have a massive impact on price. It will be a long, long while until the price settles in to an equilibrium if ever, as bitcoin has behaved more like a commodity than a currency due to it's scarceness. Currencies fluctuate mildly(on the macro scale at least) just on the basis of their vast quantities in circulation.
Thank you for explaining this as I have been trying to tell my friends for weeks why Bitcoin is going to have a hard time catching on as a "currency". Regardless it's an awesome commodity which does have it's own value.

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August 16, 2011, 11:05:58 PM
 #47

I wouldn't mind a gradual increase of $1/week in the price. Keeps things running smoothly. The difficulty drop may be the harbinger of future price increases - based on the last time that happened.

Watching the charts...
A $1 every 2 weeks would be even better. Slow and steady is the way to go if we ever want this "experiment" to work, and turn into a viable currency.

if it did go up slow and steady, after a while It would start to look like a safe investment, and the speculators would be all over it, driving the price up , which would cause panic buying Grin then eventually the surge runs out of steam... oh no!  SELL! SELL! SELL!

is that pattern even avoidable?

Afraid not, bitcoin follows the swings generated by it's milestones good and bad. We haven't even reached V1 yet of the client, so there's a lot to happen yet. Also a few million is very little of a unit to have in circulation, any relatively small movement on an international scale can have a massive impact on price. It will be a long, long while until the price settles in to an equilibrium if ever, as bitcoin has behaved more like a commodity than a currency due to it's scarceness. Currencies fluctuate mildly(on the macro scale at least) just on the basis of their vast quantities in circulation.
Thank you for explaining this as I have been trying to tell my friends for weeks why Bitcoin is going to have a hard time catching on as a "currency". Regardless it's an awesome commodity which does have it's own value.
We all know Gold was a commodity when they first found that stuff Wink
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August 16, 2011, 11:25:51 PM
 #48

I agree on the slow-and-steady pattern. What will ultimately get things going is more market depth, and then the final transition where you can actually live on bitcoins. But that is quite a ways off. Can't wait, myself.

fortitudinem multis - catenum regit omnia
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August 17, 2011, 02:11:11 AM
 #49

I agree on the slow-and-steady pattern. What will ultimately get things going is more market depth, and then the final transition where you can actually live on bitcoins. But that is quite a ways off. Can't wait, myself.
Do you think that people can get past the psychological barrier of paying with a deflationary currency?

For example if deflationary currency is possible things will cost 0.00000021BTC in the future. We are literally asking people to count backwards, and it's a totally new concept that would seem not work in a practical every day environment.

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Piper67
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August 17, 2011, 02:29:58 AM
 #50

I agree on the slow-and-steady pattern. What will ultimately get things going is more market depth, and then the final transition where you can actually live on bitcoins. But that is quite a ways off. Can't wait, myself.
Do you think that people can get past the psychological barrier of paying with a deflationary currency?

For example if deflationary currency is possible things will cost 0.00000021BTC in the future. We are literally asking people to count backwards, and it's a totally new concept that would seem not work in a practical every day environment.

When I was born, about 100,000 of the currency of my native country would have bought you a house. By the time I turned 12, two zeroes had been removed, but the same 100,000 could only buy you a carton of milk. Around my 17th birthday, another four zeroes were gone, and it couldn't buy you a single match or a candy.

I can live with a deflationary currency, trust me. Just move the decimal place every five years or so.
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August 17, 2011, 02:47:28 AM
 #51

I agree on the slow-and-steady pattern. What will ultimately get things going is more market depth, and then the final transition where you can actually live on bitcoins. But that is quite a ways off. Can't wait, myself.
Do you think that people can get past the psychological barrier of paying with a deflationary currency?

For example if deflationary currency is possible things will cost 0.00000021BTC in the future. We are literally asking people to count backwards, and it's a totally new concept that would seem not work in a practical every day environment.

When I was born, about 100,000 of the currency of my native country would have bought you a house. By the time I turned 12, two zeroes had been removed, but the same 100,000 could only buy you a carton of milk. Around my 17th birthday, another four zeroes were gone, and it couldn't buy you a single match or a candy.

I can live with a deflationary currency, trust me. Just move the decimal place every five years or so.

that's backwards
GeniuSxBoY
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August 17, 2011, 02:56:25 AM
 #52

BULLS VERSUS THE BEARS!!!!










FIGHT!!!!
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August 17, 2011, 03:45:34 AM
 #53

Also a few million is very little of a unit to have in circulation, any relatively small movement on an international scale can have a massive impact on price.

Actually there are 21,000,000 x 1,000,000,000. Think about it  Wink
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August 17, 2011, 05:17:45 AM
 #54

Also a few million is very little of a unit to have in circulation, any relatively small movement on an international scale can have a massive impact on price.

Actually there are 21,000,000 x 1,000,000,000. Think about it  Wink
Your saying each coin can be divided a billion times? Can you please explain to me how this will look in price tags? Will there be some type of symbol to signify all the zeros that you will have to deal with if this currency every takes off?

What will a 0.000000025 price tag look like is my question?

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August 17, 2011, 05:46:46 AM
 #55

Also a few million is very little of a unit to have in circulation, any relatively small movement on an international scale can have a massive impact on price.

Actually there are 21,000,000 x 1,000,000,000. Think about it  Wink
Your saying each coin can be divided a billion times? Can you please explain to me how this will look in price tags? Will there be some type of symbol to signify all the zeros that you will have to deal with if this currency every takes off?

What will a 0.000000025 price tag look like is my question?

It would look like "25 Satoshi."

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August 17, 2011, 07:13:48 AM
 #56

Also a few million is very little of a unit to have in circulation, any relatively small movement on an international scale can have a massive impact on price.

Actually there are 21,000,000 x 1,000,000,000. Think about it  Wink
Your saying each coin can be divided a billion times? Can you please explain to me how this will look in price tags? Will there be some type of symbol to signify all the zeros that you will have to deal with if this currency every takes off?

What will a 0.000000025 price tag look like is my question?

It would look like "25 Satoshi."


It's not yet divisible to 9DP - only 8
so it's 21,000,000 x 100,000,000

So that would be 2.5 Satoshi      -  not currently possible in the bitcoin client (or on the network I think)





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August 18, 2011, 12:00:07 AM
 #57

I have a feeling epic is about to happen. At least... a little bit of epic, haha. Those walls are building below 11, and we are almost at the daily high on mtgox which seems to have psychological importance. Various analysts have good things to say. Fingers crossed.  ; Cheesy
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