It's about to get ugly on mtgox

[NUFCrichard]

Because people can buy thousands of mBTC without pushing the price up on a "whole" BTC at all.

The average person is willing to pay a lot more for 100 mBTC than for 0.1 BTC, even though they're the same thing. It's basic human psychology. Therefore, shifting to mBTC (or similar denominations) would drive up the price.

I wouldnt pay more for 100cents than for $1, the system isnt revolutionary!

[Lloydie]

The demand is not there for expensive bitcoins, this is probably the reason why the price is not going higher.

This is going to be the problem, going into the future.  

And switching to mBTC doesn't help fix this.  

Because people can buy thousands of mBTC without pushing the price up on a "whole" BTC at all.

At least that's how I understand it.

1000 mbtc = 1 Btc

1000 x 1000 mbtc = 1000 Btc

And your point is???

If lots of people buy mbtcs then the effect on a whole Btc is the same. See the equation.

[HappyBitCoinUser]

Woot, another flash crash to $0.01 again! I'm a buy me 10,000 coins when it reaches that!

[Mjbmonetarymetals]

The demand is not there for expensive bitcoins, this is probably the reason why the price is not going higher.

This is going to be the problem, going into the future.  

And switching to mBTC doesn't help fix this.  

Because people can buy thousands of mBTC without pushing the price up on a "whole" BTC at all.

At least that's how I understand it.

Wait, I wasn't aware that the point of switching to mBTC was to pump the price...

Shhhhhh

The real reason must be to try and make Bitcoin look like Devcoin (no offence Devcoin) trying to make it look like your buying more Bitcoin than you are only to end up making everything priced in mbtc look expensive.

[jamesc760]

still waiting for mtgox to get ugly...

[porcupine87]

For one weeks now there is an upward trend. But you'll never know. The thread starter is aware: He could make such a predition. He could be wrong -> ok. He could be right -> he is a god.

[jamesc760]

Is the OP a perma-bear? If someone says "it's about to get ugly...," I expect the ugliness to start imminently, not 2 or more days later.

[piramida]

If you post a doom thread every day for many days, one of the days you get a little bit of applause while the price corrects 20% down. Then everybody forgets about you again.

It is actually ugly on Gox now, every bottom is higher than the previous one. Might as well crash to four digits by 2014.

[Bitcoin BEAR]

For one weeks now there is an upward trend.

What a great observation! Every bottom is getting higher, then again, every top is getting lower... Uptrend??? I don't see it! Hmm, If only there was a name, and subsequent outcome for such a pattern

[GigaCoin]

nothing happened

[_wayfarer_]

It's actually been unusually stable since the 19th

[DieJohnny]

broke above trendline in last couple hours...... panic buy about to start

[MatTheCat]

broke above trendline in last couple hours...... panic buy about to start

Really?

I amn't going to panic buy.

BTC can either prove irrefutably that the trendline is broke or go home.

[quone17]

Need to see some real upward momentum here.  It's been just drifting down for quite a while now.  Can't tell if it's just holding on or trying to form a new base.

[DPoS]

For one weeks now there is an upward trend.

What a great observation! Every bottom is getting higher, then again, every top is getting lower... Uptrend??? I don't see it! Hmm, If only there was a name, and subsequent outcome for such a pattern

Yes it is such a mysterious pattern, almost impossible to guess what's next  

doomers didn't want to see it when it was straightening out and forming uptrend...  i called it a few days ago that it broke from trending down to rather heading up to 700 (even on btce)

but they still dream of getting $100-300 bitcoins...  keep dreaming

[DieJohnny]

Need to see some real upward momentum here.  It's been just drifting down for quite a while now.  Can't tell if it's just holding on or trying to form a new base.

Look at volume trends for bitcoin over the last two years. Every slowdown in volume was followed by a big bounce. That observation combined with the trend line breakout made me turn bullish for now.


Bitcoin is not like a stock in that the market of buyers is a green field of investors that extends way beyond your stock investor. I would like to see better analysis come out of Bitcoin days destroyed and volume, maybe there is already some analytics based on those, but i haven't seen them yet.

[Oldminer]

Oh shiiiiiet, it crashed $40 upwards :s

lol

[MatTheCat]

doomers didn't want to see it when it was straightening out and forming uptrend...  i called it a few days ago that it broke from trending down to rather heading up to 700 (even on btce)

but they still dream of getting $100-300 bitcoins...  keep dreaming

Yeah.....we are definitely trending up now, probably on back of China news/rumours of being able to get money back onto exchanges.

I am still a medium term bear, but I have bought in to tune of 5K for the time being, with tentative plans to sell just short of $800 mark.

I still have 13K of buy-ins for between $100 - $250.

I am still aware that the near term fate of the Bitcoin price is based heavily around events in China and ultimately on the whims and desires of a few Chinese government officials.

With the bullish trend now seeming to have established itself, there could be a quite a decent rally yet in Bitcoin, but the entire market is still hanging by a thread as far as I can see. How anyone can come out and 'confidently' predict what BTC is going to from here on out is beyond me, unless they have a direct line to the head of the PBOC, which nobody here does.

As usual, 9/10 'forecasts' on here are simply based on what the poster 'wants' to happen.

[DPoS]

doomers didn't want to see it when it was straightening out and forming uptrend...  i called it a few days ago that it broke from trending down to rather heading up to 700 (even on btce)

but they still dream of getting $100-300 bitcoins...  keep dreaming

Yeah.....we are definitely trending up now, probably on back of China news/rumours of being able to get money back onto exchanges.

I am still a medium term bear, but I have bought in to tune of 5K for the time being, with tentative plans to sell just short of $800 mark.

I still have 13K of buy-ins for between $100 - $250.

I am still aware that the near term fate of the Bitcoin price is based heavily around events in China and ultimately on the whims and desires of a few Chinese government officials.

With the bullish trend now seeming to have established itself, there could be a quite a decent rally yet in Bitcoin, but the entire market is still hanging by a thread as far as I can see. How anyone can come out and 'confidently' predict what BTC is going to from here on out is beyond me, unless they have a direct line to the head of the PBOC, which nobody here does.

As usual, 9/10 'forecasts' on here are simply based on what the poster 'wants' to happen.

You just have to be ready to see the trend change..  I was hedged more for the downside but other factors than China seemed to fortify the $500 level and then those ascending continuous triangles emerged so why fight the momentum?

Everyone kept thinking each one was a bull trap. 

Lots of businesses are putting bitcoin into their plans...  perhaps we swoon a bit Q1 '14, but that would be a normal correction than a trend downwards

[notme]

It sure did get ugly for you bears.