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Author Topic: $5 for the New Year  (Read 1365 times)
Nekrobios
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December 31, 2011, 04:07:37 PM
 #1

Yes or No?
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ineededausername
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December 31, 2011, 04:09:07 PM
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Let's do this! Prove proudhon wrong!

Some kind soul needs to use his $100k to get us there though.  Anyone who does this will profit immensely, because it'll cause a giant short squeeze and there's almost no depth up there.  Any takers? cypherdoc? Smiley

(BFL)^2 < 0
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December 31, 2011, 04:11:06 PM
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Make it so!  Grin
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December 31, 2011, 04:12:47 PM
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I'm all-in and Bitcoinica currently won't let me buy more on leverage :p But please make this happen people Cheesy

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December 31, 2011, 04:24:09 PM
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Let's do this! Prove proudhon wrong!

Some kind soul needs to use his $100k to get us there though.  Anyone who does this will profit immensely, because it'll cause a giant short squeeze and there's almost no depth up there.  Any takers? cypherdoc? Smiley

Down, boy, down!
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December 31, 2011, 05:53:55 PM
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10k to $4.98.  Let's do this!

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December 31, 2011, 07:56:53 PM
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$4.98, here we come!

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December 31, 2011, 08:02:49 PM
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6$ here we come!  Grin

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December 31, 2011, 08:28:18 PM
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6$ here we come!  Grin

There's no depth beyond $5, you're right! 40k to $5.9, let's do this.

(BFL)^2 < 0
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December 31, 2011, 08:30:22 PM
 #10

Weekly averages with all indicators:

http://i.imgur.com/kJHIz.png
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December 31, 2011, 08:38:55 PM
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I'm guessing there's no depth because all the miners holding BTC right now are thinking, "Gosh, how far will people push the bubble this time? I guess I'll stop selling for now and see if anyone is crazy enough to value these Bitcoin at more than $10!" As soon as things start trending down, watch how fast the sells pile up. And no, I'm not short right now (got liquidated on that back at $4.31 a week or two back). But, I'll hold my 10 BTC that I mined and see if I can get more for them, as long as others are willing to part with something they can use for real goods and services (USD) in order to buy something that can only be used once it's converted back into fiat. Smiley

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December 31, 2011, 09:00:13 PM
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I'm guessing there's no depth because all the miners holding BTC right now are thinking, "Gosh, how far will people push the bubble this time? I guess I'll stop selling for now and see if anyone is crazy enough to value these Bitcoin at more than $10!" As soon as things start trending down, watch how fast the sells pile up. And no, I'm not short right now (got liquidated on that back at $4.31 a week or two back). But, I'll hold my 10 BTC that I mined and see if I can get more for them, as long as others are willing to part with something they can use for real goods and services (USD) in order to buy something that can only be used once it's converted back into fiat. Smiley

Or you could open your eyes and spend your BTC with merchants... I've spent over 100btc on various goods.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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trogdorjw73
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December 31, 2011, 09:08:34 PM
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I'm guessing there's no depth because all the miners holding BTC right now are thinking, "Gosh, how far will people push the bubble this time? I guess I'll stop selling for now and see if anyone is crazy enough to value these Bitcoin at more than $10!" As soon as things start trending down, watch how fast the sells pile up. And no, I'm not short right now (got liquidated on that back at $4.31 a week or two back). But, I'll hold my 10 BTC that I mined and see if I can get more for them, as long as others are willing to part with something they can use for real goods and services (USD) in order to buy something that can only be used once it's converted back into fiat. Smiley

Or you could open your eyes and spend your BTC with merchants... I've spent over 100btc on various goods.
There are very few merchants that accept BTC relative to those that accept fiat, and even fewer that offer goods or services that I want. Got a local grocery store that will accept BTC and has prices that are at least competitive? I surely don't. What about a gas station that will accept BTC? Hmmm... nope. My landlord certainly won't accept BTC for rent, and neither will banks. There are certainly things that can be purchased for BTC, but right now there's nothing that I want/need. And for the record, while you've spent 100BTC, that amounts to less than $500. In the past six months, I've spent about $30,000 USD on various goods and services that I wanted/needed, and not a single one of the items I purchased was available for BTC. But then, I've also converted BTC into USD for some of those purchases, and as long as mining is profitable I will continue to do so. By all means, keep going up BTC price, because right now my mining is netting me 10x as much as when the price was in the low $2 range!

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December 31, 2011, 09:19:29 PM
 #14

The end of the year is a great time to squirrel money away into an untraceable store such as bitcoin...taxes and all that jazz...I wouldn't be surprised if some of this climb isn't people burning/laundering their under the table funds.
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