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Author Topic: This lack of volatility almost makes Bitcoin look... civilized  (Read 3074 times)
P4man
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December 19, 2011, 12:54:12 PM
 #21

Looks like someone just touched the ball and it got rolling. So much for the stability.

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December 19, 2011, 12:57:53 PM
 #22

Hah lack of volatility. About 6 hours ago there was a 10 cent spread with people selling at 3.30 and buying at 3.20 changing back and forth multiple times per second. Now this massive rally/short-squeeze/whatever up to 3.60.
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December 19, 2011, 12:58:59 PM
 #23

Hah lack of volatility. About 6 hours ago there was a 10 cent spread with people selling at 3.30 and buying at 3.20 changing back and forth multiple times per second. Now this massive rally/short-squeeze/whatever up to 3.60.

I feel lucky to have been asleep durring that exchange because I would have been tempted to get in on it and could have ended up on the wrong side.
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December 19, 2011, 01:28:57 PM
 #24

look how long that "stability" lasted.

(BFL)^2 < 0
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December 19, 2011, 02:45:17 PM
 #25

this volatile price rise will Doom the Bitcoin economy.  all the merchants will be forced to go away. Grin
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December 19, 2011, 04:12:44 PM
 #26

this volatile price rise will Doom the Bitcoin economy.  all the merchants will be forced to go away. Grin
Bitcoin is neither fish nor fowl, desert topping or floor wax.

On the one hand it trades like the cheesiest sub-penny stock ever, offering a combination of tiny total market capitalization, lack of transparency, and very few interested participants of size that takes me back to when the "pink sheets" were really listed on pink pieces of paper that got physically passed around. In this regard it's a toy for all practical purposes, an amusing diversion.

As a medium of exchange it offers a requirement of unusual determination to actually use it for its own sake, the wide acceptance and universal recognition associated with cowrie shells, and an ability to store a relatively fixed value for hours at a time. Thank goodness for the drug trade which generates enough volume for the speculators to have something to play with, for otherwise the "bitcoin economy" would likely be much, much smaller.

However, let's not overlook it's utility for money laundering, transaction fees for placement of many small amounts filtering through a number of addresses are much better than old-fashioned vehicles like Cayman banks and single premium life insurance policies. Too bad it's not big enough to absorb the demand and still keep laundering somewhat hidden.

So, all in all, bitcoin is a pretty interesting online game/simulation. Isn't that good enough?

It's time for the U.S. to throw Israel under the bus. The pure avarice of a colonial land grab by European colonists after WWII has nothing to do with religious tolerance or freedom, to the contrary, it mocks both by hiding behind them.
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December 19, 2011, 06:26:13 PM
 #27

I'm sure there is still some dickbag out there wanting to exit BTC that accumulated a lot early that has no clue about trading volumes and sustainable sales.

Although... if prices are rising, I think you'll see fewer people jumping ship in earnest and less downward pressure.
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December 19, 2011, 06:34:55 PM
 #28

So, all in all, bitcoin is a pretty interesting online game/simulation. Isn't that good enough?

As someone else said, this has a great deal to do with market cap.  While gold certainly has SOME value in electronics manufacturing or for jewelry, the price of it has very little to do with these things.  It has a great deal instead to do with speculation.  The price of gold would likely be only a fraction of what it is without said speculation and as such, ultimately is subject to the same inflationary pressures as other commodities.

In this way, the value of gold as an investment instrument has very much to do with speculation and not at all with consumption.  Similarly, if BTC are seen to have value as a relatively liquid, semi-untraceable currency... it could achieve the same perception.  Similarly, BTC as a transaction medium will become a sort of consumptive good as well.  So to some degree consumption will drive price moderately (as with gold), but maintain its value primarily on speculation (as with gold).

The reality is that BTC has a substantial value as a medium for transaction.  It will grow as does the technology to utilize it easily.  It will also grow with a greater market cap and relative stability.  

I think deriding its long term prospects because of volatility and such ignores that other commodities depend on like factors and mostly social psychology grants them their value.
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