Over 70BTC bet that Bitcoin will be $10,000 by end of 2014

[dinofelis]

I don't know.  If he buys ONE coin at $10 500.- on an exchange, isn't the price at that moment going to spike to $10 500,- for an instant ?
He didn't say HOW LONG the price had to remain above $10 000.-, did he ?  Is 10 milliseconds enough ?

After all, he will have to spend $ 10 500.-, but he will win the bet with 70 coins, which is good for 26 000.- at the current price, isn't it ?

yes. to do that though, he will have to first buy *all* the coins on that exchange that are less than that (BTC-e in this case as per bet conditions)

yes, you're right...

[STT]

But then he can sell them back ?   not impossible to move a price and make it worth it, they do this with options expiry and try to make the largest number of punters lose the most money.   They profit from expired unused options and yet still own the original commodity which can be dealt back into market fairly easily as the parties involved are primary market makers.  Possibly btc has less volume for these kinds of tricks

[sgbett]

But then he can sell them back ?   not impossible to move a price and make it worth it, they do this with options expiry and try to make the largest number of punters lose the most money.   They profit from expired unused options and yet still own the original commodity which can be dealt back into market fairly easily as the parties involved are primary market makers.  Possibly btc has less volume for these kinds of tricks

Yes he could, then it's slippage incurred moving the market vs payoff on bet. It might work, but in a market as volatile as BTC it's a hug risk. If you are the single person that moved the market 250fold then can you be sure that you are going to have enough buyers at sufficient bid to offload back to market?

I'd want a much bigger return on the wager, or I'd need to be in a position where I was quite happy to keep all the btc bought and be prepared to prop the price up until it found natural market support (which could be hella expensive) so I'd need to have billions in play money.

I'd need to be a bank, or the fed

[rogerdonkey]

of course not, maybe one day bitcoin price $10.000. hope so

[bornil267645]

I am betting on BTC to stay steady for the rest of the year.

[Swordsoffreedom]

Well this was a long bet but resolved early
Makes sense doubt we could do something that crazy in a month.
Resolved: 3 days 20 hours ago (29-11-2014)

[cellard]

So who wins these 70 BTC once OP loses in a couple weeks? us?

[joksim299]

Good profit for opposite bettors...

[v0yager]

10,000 is much more crazy, obviously it not gonna happen,even stand at the 1,000.

[Sevvero]

http://bitbet.us/bet/635/1btc-10-000-usd/

Which side do you think is right?

It's tough to predict so early, but I'm quite sure it won't be $10,000 for at least a few years.

Wow, talk about idiocity.

[spazzdla]

So who wins these 70 BTC once OP loses in a couple weeks? us?

The OP was just pointing out the bet not making it..?

[rogerdonkey]

$10.000 end of year 2014 it's impossible.

[_chance_]

No way, i i'm on the no side too. Maybe in some years but after this action seems it'll go down but not that high.

[Brewins]

http://bitbet.us/bet/635/1btc-10-000-usd/

Which side do you think is right?

It's tough to predict so early, but I'm quite sure it won't be $10,000 for at least a few years.

Wow, talk about idiocity.

The bet was made in march.

A valid question at that time, considering that Bitcoin recently came from a 10x rise in less than 2 months and BTC acceptance was increasing