Atlas_ (OP)
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April 18, 2011, 07:40:29 PM |
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This is the highest it is going to get for awhile. It cannot be sustained above 1.10 for too long. I recommend you sell and profit while you still can. There hasn't been that big of an increase in adoption since the inception of this rally.
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"You Asked For Change, We Gave You Coins" -- casascius
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tomcollins
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April 18, 2011, 07:44:53 PM |
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This is the highest it is going to get for awhile. It cannot be sustained above 1.10 for too long. I recommend you sell and profit while you still can. There hasn't been that big of an increase in adoption since the inception of this rally.
Yes please sell, I want to buy more and want to do it cheaper. |
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BitterTea
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April 18, 2011, 07:45:09 PM |
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This is the highest it is going to get for awhile. It cannot be sustained above 1.10 for too long. I recommend you sell and profit while you still can. There hasn't been that big of an increase in adoption since the inception of this rally.
That's a lot of statements of fact. On what data are you basing your analysis? The only thing(s) required for a sustained increase in the price of Bitcoins (relative to the dollar) is an increase in the demand for Bitcoins, decrease in the demand for the dollar, or increase in supply of the dollar. |
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jimbobway
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April 18, 2011, 07:48:37 PM |
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This is the highest it is going to get for awhile. It cannot be sustained above 1.10 for too long. I recommend you sell and profit while you still can. There hasn't been that big of an increase in adoption since the inception of this rally.
I will buy from you...$1 per bitcoin...maybe. |
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Atlas_ (OP)
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Activity: 56
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April 18, 2011, 07:52:32 PM |
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This is the highest it is going to get for awhile. It cannot be sustained above 1.10 for too long. I recommend you sell and profit while you still can. There hasn't been that big of an increase in adoption since the inception of this rally.
That's a lot of statements of fact. On what data are you basing your analysis? The only thing(s) required for a sustained increase in the price of Bitcoins (relative to the dollar) is an increase in the demand for Bitcoins, decrease in the demand for the dollar, or increase in supply of the dollar. We are living during the record breaker. Statistically a record has never been sustained for a long time. |
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infra172
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April 18, 2011, 07:53:56 PM |
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If you look at the data, the spike occurring now and the one in February coincide with spikes in U.S. gas prices. The federal reserve is printing money causing inflation. That's not going to stop any time soon. Bitcoins aren't becoming more valuable as much as the dollar is becoming less valuable.
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dust
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April 18, 2011, 08:02:36 PM |
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There hasn't been that big of an increase in adoption since the inception of this rally.
Some guy posted asking for advice regarding buying 200k-400k BTC. Maybe he was serious. There have also been the poker site seizures (leading to interest from poker communities such as 2+2) and some more press exposure (TIME, reddit). |
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tomcollins
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April 18, 2011, 08:43:24 PM |
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This is the highest it is going to get for awhile. It cannot be sustained above 1.10 for too long. I recommend you sell and profit while you still can. There hasn't been that big of an increase in adoption since the inception of this rally.
That's a lot of statements of fact. On what data are you basing your analysis? The only thing(s) required for a sustained increase in the price of Bitcoins (relative to the dollar) is an increase in the demand for Bitcoins, decrease in the demand for the dollar, or increase in supply of the dollar. I think you guys are putting way too many factors into play. This is not due to dollar weakening or oil price spikes. Almost all of this rise is due to speculation. BitCoins are not terribly useful right now to most people. There is pretty much very little reason to buy them with cash in terms of being useful. It's all about people who think they *might* be useful in the future. The BitCoin economy is super small. 6 million bitcoins at $1.15 each is nothing but a drop in the bucket. If even one minor industry started even having one minor player start use bitcoins heavily, the value skyrockets. Why? Because there aren't enough compared to the amount of cash people need to inject into it. But since its all speculative, it requires people absorbing the supply being mined each day and then sold. So far, it's been happening. You could buy out all the supply of mtgox for under $50k. That's a tiny market. There are speculators right now buying stuff, but not too much to rise the price too much. No one is buying to hedge against 15% increases in energy prices or 15% falls in the dollar. People are gambling that their $100 or $1000 they put into BitCoin turns out to be a 20x investment or more. And if one valid use pops up, 20x will be the minimum. |
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FreeMoney
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Activity: 1246
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Strength in numbers
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April 18, 2011, 08:47:16 PM |
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But since its all speculative, it requires people absorbing the supply being mined each day and then sold. So far, it's been happening. You could buy out all the supply of mtgox for under $50k. That's a tiny market. There are speculators right now buying stuff, but not too much to rise the price too much.
You can buy what's visible for $50k, but everyday lately $50k sells and there's $50k more waiting. There are dark pool asks and there are people willing to buy and sell at some price who just haven't declared yet. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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mjsbuddha
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yung lean
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April 18, 2011, 08:48:15 PM |
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During my short time on this forum, I've learned to more or less ignore anything Atlas says.
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tomcollins
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April 18, 2011, 09:07:07 PM |
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But since its all speculative, it requires people absorbing the supply being mined each day and then sold. So far, it's been happening. You could buy out all the supply of mtgox for under $50k. That's a tiny market. There are speculators right now buying stuff, but not too much to rise the price too much.
You can buy what's visible for $50k, but everyday lately $50k sells and there's $50k more waiting. There are dark pool asks and there are people willing to buy and sell at some price who just haven't declared yet. That's fine, but there is "only" 6M Bitcoins out there. No one could ever have more. A lot of people aren't going to sell theirs unless the price grows a ton more. $5M is nothing in a speculative market. Say someone can even get a .1% market share gambling with bitcoins. That alone would make things go up by 20x. Of course, i should just be quiet until I get a few grand in BTC before I pump things up too much. |
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MoonShadow
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April 18, 2011, 09:21:59 PM |
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No one is buying to hedge against 15% increases in energy prices or 15% falls in the dollar.
Speak for yourself. I'm not about to sell the silver that I presently own, but hedging in Bitcoin is much easier than trudging down to the local dealer to buy more metal. That and I also get the possible benefit of speculative gain. Speculation isn't an exclusive motive. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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marcus_of_augustus
Legendary
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Activity: 3920
Merit: 2348
Eadem mutata resurgo
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April 18, 2011, 09:51:42 PM |
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This is the highest it is going to get for awhile. It cannot be sustained above 1.10 for too long. I recommend you sell and profit while you still can. There hasn't been that big of an increase in adoption since the inception of this rally.
That's a lot of statements of fact. On what data are you basing your analysis? The only thing(s) required for a sustained increase in the price of Bitcoins (relative to the dollar) is an increase in the demand for Bitcoins, decrease in the demand for the dollar, or increase in supply of the dollar. I think you guys are putting way too many factors into play. This is not due to dollar weakening or oil price spikes. Almost all of this rise is due to speculation. BitCoins are not terribly useful right now to most people. There is pretty much very little reason to buy them with cash in terms of being useful. It's all about people who think they *might* be useful in the future. The BitCoin economy is super small. 6 million bitcoins at $1.15 each is nothing but a drop in the bucket. If even one minor industry started even having one minor player start use bitcoins heavily, the value skyrockets. Why? Because there aren't enough compared to the amount of cash people need to inject into it. But since its all speculative, it requires people absorbing the supply being mined each day and then sold. So far, it's been happening. You could buy out all the supply of mtgox for under $50k. That's a tiny market. There are speculators right now buying stuff, but not too much to rise the price too much. No one is buying to hedge against 15% increases in energy prices or 15% falls in the dollar. People are gambling that their $100 or $1000 they put into BitCoin turns out to be a 20x investment or more. And if one valid use pops up, 20x will be the minimum. I think you are under estimating the current, real-world usefulness bitcoin already has to a certain sector of society, black and grey markets. It maybe difficult and tricky but it is getting better and already better than some of the alternatives ..... while this demand exists there will be 'real trade' floor under the market that is not speculative. |
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MoonShadow
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April 18, 2011, 09:58:44 PM |
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I think you are under estimating the current, real-world usefulness bitcoin already has to a certain sector of society, black and grey markets. It maybe difficult and tricky but it is getting better and already better than some of the alternatives ..... while this demand exists there will be 'real trade' floor under the market that is not speculative.
After all, many of the world's most successful financial institutions have their roots in various black or grey markets. Bitcoin certainly isn't the first system to depend upon nefarious activities in it's infancy. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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Thndr
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Activity: 78
Merit: 10
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April 18, 2011, 10:04:54 PM |
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I've been away for a little, so what caused the spike in the first place?
I only have 6 BTC at the moment, but once it starts trending down I'll sell and keep some in a MTGOX account to buy more at a low price.
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Anonymous
Guest
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April 19, 2011, 02:10:24 AM |
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I don't know what I'm talking about. I only made this in my irrational attempt to short-shell.
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Nefario
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April 19, 2011, 02:23:43 AM |
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I've been away for a little, so what caused the spike in the first place?
I only have 6 BTC at the moment, but once it starts trending down I'll sell and keep some in a MTGOX account to buy more at a low price.
You need a minimum of 10btc to be able to sell on mtgox (AFAIK) |
PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com |
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NghtRppr
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April 19, 2011, 02:34:00 AM |
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I've been away for a little, so what caused the spike in the first place?
I only have 6 BTC at the moment, but once it starts trending down I'll sell and keep some in a MTGOX account to buy more at a low price.
You need a minimum of 10btc to be able to sell on mtgox (AFAIK) No minimums and no transaction fees here.  |
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Anonymous
Guest
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April 19, 2011, 02:39:19 AM |
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Bitcoin is incredibly useful for witcoin.com Micro patronage just isn't possible using any other method. Try withdrawing .01 paypal dollars to your own account and see how much you end up with.  |
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Littleshop
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Activity: 1386
Merit: 1003
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April 19, 2011, 02:46:24 AM |
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I've been away for a little, so what caused the spike in the first place?
I only have 6 BTC at the moment, but once it starts trending down I'll sell and keep some in a MTGOX account to buy more at a low price.
There was a spike in Feb from Slashdot and now I think the spike is from a Time magazine internet story. |
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