Chapter 2 in the life of Bitcoin

[Oldminer]

I'll call this 'Chapter 2 in the life of Bitcoin' as the first thread was sorta the first chapter since the first big move in the life of Bitcoin (a drop to $6) since its lofty high of $32 and the MtGox hack.

As I type this I know this thread will shortly enter the dark and dusty archives of bitcointalk.org however I think it would be fun to refer back to it at some stage in the future (when Bitcoin hits the lofty height of $100 per BTC perhaps  ). It feels kind of odd in a way looking at the price chart and seeing Bitcoin in single digits yet no-one really seems to want it? Only a few short weeks ago many of us would have sold our grandmothers to get Bitcoin at this price. Of course all of us would like to see Bitcoin hit its dizzy heights of just 2 months ago but right at the moment, in my opinion, that seems some way off and in fact even the mere suggestion of Bitcoin getting back to $30 a piece is occassionally ridiculed. On the plus side however we have an ever evolving community of lovers of Bitcoin and everything it stands for. New apps and services are being developed every day. In this respect I believe Bitcoin has a healthy, happy, and prosperous future.

It is my opinion that Bitcoin value needs to drop. Primarily because there are currently just too many coins to spend. Bitcoin's value is over-inflated. There are those that will flame me for saying that but that's ok. They know I speak the truth. Let me put it this way - How many of you would sit back and not buy Bitcoins if they were say $1 - $2 each knowing the potential value this currency may hold? What Bitcoin needs right now more than anything, to increase in value - is demand. No commodity on earth has a value higher than its demand. When Bitcoin is an affordable and a low-risk investment demand will follow. Then and only then can we expect Bitcoin price to reach new heights.

So..where to from here? Bitcoin is currently worth $9.30. What will it be worth tomorrow and into next week? Lets have a poll and see if the forum members here today have a realistic understanding of Bitcoins current true worth because the market will determine the value regardless of your expectations or desires. How accurate are we here in estimating its current worth? What will the value of Bitcoin be in 1 week from now?

Let chapter 2 in the life of Bitcoin begin...

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[Serge]

market depth is looking rather interesting right now on mtgox

total bids: $415806
total asks: $242569

[proudhon]

market depth is looking rather interesting right now on mtgox

total bids: $415806
total asks: $242569

That's encouraging.

[Bigpiggy01]

With a bit of luck, that could kick of a fairly decent rally 

[KMBTC11]

I voted $13-$15.  There's a lot of talk about a coming event that will cause a price bump by new investors/speculators entering the market following news stories about said event.  Leading up to the event I suspect there will be upward price pressure as speculators stock up in anticipation of the flood of interest.

Op your post is too rational in a such a highly risky and speculative market.  I agree that we are above the true value of BTC based on current supply and lack of demand.  Once the temporary interest of new money entering into the market subsides the price will gradually follow.  For the long term BTCs need to have a usefulness beyond speculative trading.  If merchants don't enter the market before interest wanes we will likely see a rather deep crash. 

Personally I would like to see $12+ in the near term so I can offload a few coins at a nice profit.

* puts away crystal ball *

[grod]

Everyone's aware of the press event and IMO we've already priced in a bunch of appreciation.  If there are no new slaves building the pyramid after the event we may be saying hello to $6 again.

I'm hoping for $12 before $6 myself.  Been mostly hoarding mined coins for 2 weeks now and I know I'm not alone.

[indio007]

Mtgox full fees are going back into effect. Anyone running HFT trading programs will have to start limiting their gaming. I think the increase in fees is worth a few bucks.

[FlipPro]

10% is 100+

[Oldminer]

10% is 100+

72% say < $12

10% say < $5

[Bitcoin Swami]

10% is 100+

72% say < $12

10% say < $5

I voted for >1 because I was drunk when I saw teh poll but I think around 10 to 12 also.  I also leave myself open to the fact the people might go crazy and start buying next week and we'll be in bubble mode.  I'm also open to the fact that a solar flare can hit the earth and fry all of my electronics tomorrow.