over $3! almost 50% gain in 72 hours!

[adamstgBit]

Exactly.  So what if we poke up above $3 for a little bit.  I'm confident that a week from now we'll be below $3 consistent with the clear abandonment of bitcoin.

Judging from the future difficulty estimates, I'd say enough miners finally threw in the towel to bring demand in line with supply.  I think we'll probably see a slow and steady rise in price until the next difficulty reset.

supply is always the same no matter how many miner there are. their is always 7200BTC generated pre day .

i think we are seeing higher prices because, we just saw big investors cash out to cut their losses, everyone that lost faith in BTC cashed out.

the 10$ wall vanished, poeple panic sell
the 8$ wall vanished, poeple panic sell
the 5$ wall vanished, poeple panic sell
at 3$ that was it bitcoin was "dead" and everyone Sold, who bought up all these coins? the fans!

fans that wont sell

so b4 we had investors holding most of the coins
now we have many many bitcoin fans holding the coins.

i think we might just see 10$ again and SOON. with very little resistance on the way up.

after all btc is worth.... wtv the majority feels it worth.

[adamstgBit]

4750 coins where mined in the last 24 hours btw...

95 times 50

hmmm but isn't true that the same number of coins are generated no matter what the difficulty is... isn't that what they mean by "predictable supply"?

Edit: to answer my own question:

The number of bitcoins does vary somewhat, but the entire point of the changing difficulty is to keep the average new currency creation rate to 7200 per day until January of 2013.

[adamstgBit]

Umm.. if all the worlds power went out then no coins would be mined in a day... If every GPU/CPU and calculator in the world was set to mine bitcoins then it would be waaaaaay over 7200 in a day.

yes, very true but the next day the difficulty will go 100X higher, and then we are back to < 7200.

[evoorhees]

We're not going to make it beyond $3.  Go ahead, watch.

Fail.

[anu]

We're not going to make it beyond $3.  Go ahead, watch.

Fail.

Who cares for $3. The question is: Are the walls at 3.50 and 3.65 for real? We can get over 4 this weekend. Give the Bears a good squeeze.

[adamstgBit]

We're not going to make it beyond $3.  Go ahead, watch.

Fail.

Who cares for $3. The question is: Are the walls at 3.50 and 3.65 for real? We can get over 4 this weekend. Give the Bears a good squeeze.

i hope they are real, that means lots of cheep bitcoin!
but that's wishful thinking..

[adamstgBit]

Umm.. if all the worlds power went out then no coins would be mined in a day... If every GPU/CPU and calculator in the world was set to mine bitcoins then it would be waaaaaay over 7200 in a day.

yes, very true but the next day the difficulty will go 100X higher, and then we are back to < 7200.

no, if the power went out, and no one mined, the dif would not change at all... I am just saying it is not always 7200 in a day. Just look at the last 24 hours to prove that. I am not getting into the side argument about whatever it is. All I am just saying is that 7200 every day no matter what is not true...

yes i understand it can fluctuate because difficulty adjustments don't happen right away...

[ineededausername]

Ooh, netrin correctly predicted the 4th wave.  Then comes the final wave down before the big rally.

[OgNasty]

Supply from mining is always constant.

Wrong.  A drastic reduction in hashing power on the network causes significantly less blocks to be found until the difficulty is reset.  The next difficulty reset is currently expected to happen on November 1st.  Dot-bit.org currently says the last 10 blocks were found at 75% of the normal rate.  Thus at the current pace, bitcoins are being added to the market at about 3/4 of the normal mining supply.

supply is always the same no matter how many miner there are. their is always 7200BTC generated pre day .

Wrong.  See above.

I suggest you search for information from sources other than the Bitcoin forum.

https://en.bitcoin.it/wiki/Difficulty

+1

[FreeTrade]

 I wouldn't care to guess where the price will go from here.

I like your turn of phrase, Sir.

[ineededausername]

We're not going to make it beyond $3.  Go ahead, watch.

proudhon, if you have abandoned Bitcoin, how come you show more activity than before? Also, what will you do if it does break 3$?

Not that I’m saying you are wrong. This situation reminds me exactly of what happened at 7$.

Why is proudhon on the forum if all he talks about is how Bitcoin will fail?

[FreeTrade]

Why is proudhon on the forum if all he talks about is how Bitcoin will fail?

You either talk about Bitcoin because

i) you love it,
ii) you hate it and someone brought it to your corner of the web
iii) you love it want to buy it cheaper.

People who are negative about bitcoin don't talk about it unless someone else brings it up. They certainly don't stalk Bitcoin forums!

[322i0n]

iv) someone pays you to talk shit

[proudhon]

Just watch.  Next 24 hours will be dominated by selling. 

[tvbcof]

Just watch.  Next 24 hours will be dominated by selling. 

Hope so.  I got short on funds and decided I still have a taste for BTC on Friday, but Tradehill went from taking less than 6 hours to more than one day to deposit wires.   (I hope they don't decide to simply pocket the funds, but it's a chance one has to take in this game.)  Anyway, I'm in for another chunk if it goes below $2 (I suspect), so I would be delighted to see one more significant down-leg.

[BitMagic]

Why is proudhon on the forum if all he talks about is how Bitcoin will fail?

You either talk about Bitcoin because

i) you love it,
ii) you hate it and someone brought it to your corner of the web
iii) you love it want to buy it cheaper.

People who are negative about bitcoin don't talk about it unless someone else brings it up. They certainly don't stalk Bitcoin forums!

Both wrong. I can's speak for proudhon, but some of us talk shit about bitcoin because 1) It is entertaining to watch the bull insanity link arms in the face of reason, and 2) to be the face of reason for the few that will bother to listen.

[anu]

Both wrong. I can's speak for proudhon, but some of us talk shit about bitcoin because 1) It is entertaining to watch the bull insanity link arms in the face of reason, and 2) to be the face of reason for the few that will bother to listen.

So you are in Bitcoin and in particular on the speculation board because you only try to get others see the light, after their vision has been darkened by the evil forces of Bitcoin. Even though there is nothing here for you. My admiration, reverend. 

[BitMagic]

Both wrong. I can's speak for proudhon, but some of us talk shit about bitcoin because 1) It is entertaining to watch the bull insanity link arms in the face of reason, and 2) to be the face of reason for the few that will bother to listen.

So you are in Bitcoin and in particular on the speculation board because you only try to get others see the light, after their vision has been darkened by the evil forces of Bitcoin. Even though there is nothing here for you. My admiration, reverend. 

I forgot the most important one: 3) Profit off of those who don't bother to listen.

[anu]

I forgot the most important one: 3) Profit off of those who don't bother to listen.

Good luck! Being short wasn't the best strategy in the last few days, was it? Get ready for the squeeze.

[BitMagic]

I forgot the most important one: 3) Profit off of those who don't bother to listen.

Good luck! Being short wasn't the best strategy in the last few days, was it? Get ready for the squeeze.

Sorry, made my money on the bottom! Go bug the unlucky.