xb0x (OP)
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Activity: 181
Merit: 100
Better don't say if you don't know!
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April 01, 2014, 03:46:20 AM |
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tldr: Bitcoin has a number of headwinds which is keeping the price in check. I’m expecting it to stabilize around the $400 mark for at least the next quarter (although predictions in the Bitcoin space are very hard to do past a couple of weeks).
As Bitcoin stabilizes below $500 for the first time since it’s eye-popping run to over $1,000 in November 2013, many crypto pundits are scratching their heads and trying to make sense of the current weakness — especially given the excitement & innovation that we are seeing within the global Bitcoin community. Venture capital has also been pouring into Bitcoin startups at a rabid pace (north of $100m so far this past year). However, over the past couple of days, I’ve had numerous friends contact me asking the same question : “What’s happening with Bitcoin?”.
Bitcoin is currently trying to finding an equilibrium point — at least at the current volume levels — given all the recent disruptions to the ecosystem (including the recent MtGox collapse). Equilibrium would be defined for me as the point of stability in price where there is symetric volume and consistent growth on a daily basis between buyers and sellers (utopian, but right now there is asymmetric growth which is not being quantified — so traders are having a problem predicting where it would go).
History shows that it needs to find a very stable price point for a few months before it can really retest any previous highs. External factors like Russia, Ukraine, China, etc will contribute to Bitcoin volatility and changes in the supply/demand... Full story here: https://medium.com/p/ba5f3fcce103 |
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Bitcoin Magazine
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April 01, 2014, 03:49:19 AM |
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The true value is 1 50 BTC block because that's all a Quantum Miner can fork the chain into  |
i am here.
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FreeJack2k2
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April 01, 2014, 04:37:21 AM |
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I still strongly feel that the price is being manipulated. It's too easy to do, with Bitcoin being in relatively few hands and a very small percentage of the Bitcoin in circulation being traded on exchanges, determining the value of it. Knowing that very large investors are transacting off the exchanges, it makes sense that they would use a negative news story to trigger panic selling with a large sell order, driving down the price and giving themselves a cheaper entry point for the next large buy. It really doesn't take much to cause a $100 swing during a time when people are already bearish.
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Beliathon
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April 01, 2014, 04:48:30 AM
Last edit: April 01, 2014, 07:26:20 AM by Beliathon |
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Price follows utility, speculation follows stupidity. The world hasn't yet figured out just how far ahead of fiat cryptocurrency is, technologically speaking. When the use of cryptocurrency reaches an unknown critical mass, fiat money will rapidly become relatively worth-less. In the meantime, it's a stepwise logarithm.  |
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skooter
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Activity: 70
Merit: 10
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April 01, 2014, 04:50:58 AM |
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Bitcoin has 0 intrinsic value and 0 utility.
It's worth what someone's willing to pay for it.
The true value is thus the current market price. Right now that's about $460
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Beliathon
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April 01, 2014, 04:52:17 AM |
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Bitcoin has 0 intrinsic value and 0 utility. Right, except this:  |
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jonald_fyookball
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Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
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April 01, 2014, 04:59:25 AM |
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Bitcoin has 0 intrinsic value and 0 utility.
Skooter has 0 idea what "intrinsic value" is. |
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Bit_Happy
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Activity: 2114
Merit: 1040
A Great Time to Start Something!
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April 01, 2014, 06:20:03 AM |
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Finding Equilibrium?
It's way too early.
BTC is growing fast, money is pouring in, and time is needed to recover from Gox Hell.
We might have a few slow weeks but.... Equilibrium is not an option.
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Phinnaeus Gage
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Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
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April 01, 2014, 06:30:17 AM |
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"Stay hungry. Stay Foolish." |
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Phinnaeus Gage
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Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
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April 01, 2014, 06:36:35 AM |
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Finding Equilibrium?
It's way too early.
BTC is growing fast, money is pouring in, and time is needed to recover from Gox Hell.
We might have a few slow weeks but.... Equilibrium is not an option.
Equilibrium be damn!  |
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Bit_Happy
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Activity: 2114
Merit: 1040
A Great Time to Start Something!
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April 01, 2014, 06:57:41 AM |
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Finding Equilibrium?
It's way too early.
BTC is growing fast, money is pouring in, and time is needed to recover from Gox Hell.
We might have a few slow weeks but.... Equilibrium is not an option.
Equilibrium be damn! Movement is much more exciting.  |
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Beliathon
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April 01, 2014, 07:22:24 AM |
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Finding Equilibrium?
It's way too early.
BTC is growing fast, money is pouring in, and time is needed to recover from Gox Hell.
We might have a few slow weeks but.... Equilibrium is not an option.
Equilibrium be damn! Indeed, and more to the point:  The next time Bitcoin kisses gold, it will never look back. And the world will be changed forever. For the better. |
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jonald_fyookball
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Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
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April 01, 2014, 07:23:38 PM |
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Finding Equilibrium?
It's way too early.
BTC is growing fast, money is pouring in, and time is needed to recover from Gox Hell.
We might have a few slow weeks but.... Equilibrium is not an option.
Equilibrium be damn! Indeed, and more to the point: The next time Bitcoin kisses gold, it will never look back. And the world will be changed forever. For the better. I'm bullish on bitcoin too, however this is just wishful thinking. There's no correlation of BTC and gold. Price in any market can always do whatever it wants, especially in a market as thin as BTC. |
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