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blatchcorn (OP)
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May 31, 2014, 09:16:29 AM |
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Hypothetically, if Amazon announced that they were accepting bitcoin today, how high would the price go?
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TERA
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May 31, 2014, 09:22:31 AM |
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It might not affect the price at all as the price is mostly controlled by an accumulation/distribution cycle of whales.
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blatchcorn (OP)
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May 31, 2014, 09:26:58 AM |
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It might not affect the price at all as the price is mostly controlled by an accumulation/distribution cycle of whales.
 Would you be willing to place a 0.5 BTC bet? If the price goes up during the 24 hour period after Amazon announces they are accepting bitcoin, you give me 0.5 BTC. If the price goes down or remains exactly unchanged during the 24 hour period after Amazon announces they are accepting bitcoin, I give you 0.5 BTC. If Amazon never accepts bitcoin, the bet is void. |
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TERA
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May 31, 2014, 09:35:40 AM |
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It might not affect the price at all as the price is mostly controlled by an accumulation/distribution cycle of whales.
Would you be willing to place a 0.5 BTC bet? If the price goes up during the 24 hour period after Amazon announces they are accepting bitcoin, you give me 0.5 BTC. If the price goes down or remains exactly unchanged during the 24 hour period after Amazon announces they are accepting bitcoin, I give you 0.5 BTC. If Amazon never accepts bitcoin, the bet is void. No. My post starts off with "it might", meaning it's not something I'm betting on as a certainty. In addition, the terms of your bet are ridiculous in betting that the price wouldn't increase at all during the day - bitcoin price is very volatile and could rise a little due toe the volatility or due to the rally that is currently going on without neccessarily being the effect of Amazon news. |
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blatchcorn (OP)
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May 31, 2014, 09:38:45 AM |
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It might not affect the price at all as the price is mostly controlled by an accumulation/distribution cycle of whales.
Would you be willing to place a 0.5 BTC bet? If the price goes up during the 24 hour period after Amazon announces they are accepting bitcoin, you give me 0.5 BTC. If the price goes down or remains exactly unchanged during the 24 hour period after Amazon announces they are accepting bitcoin, I give you 0.5 BTC. If Amazon never accepts bitcoin, the bet is void. No. My post starts off with "it might", meaning it's not something I'm betting on as a certainty. In addition, the terms of your bet are ridiculous in betting that the price wouldn't increase at all during the day - bitcoin price is very volatile and could rise a little due toe the volatility or due to the rally that is currently going on without neccessarily being the effect of Amazon news. This bet is no less ridiculous than your bearish stance on Amazon accepting bitcoin |
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TERA
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May 31, 2014, 09:40:27 AM |
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It might not affect the price at all as the price is mostly controlled by an accumulation/distribution cycle of whales.
Would you be willing to place a 0.5 BTC bet? If the price goes up during the 24 hour period after Amazon announces they are accepting bitcoin, you give me 0.5 BTC. If the price goes down or remains exactly unchanged during the 24 hour period after Amazon announces they are accepting bitcoin, I give you 0.5 BTC. If Amazon never accepts bitcoin, the bet is void. No. My post starts off with "it might", meaning it's not something I'm betting on as a certainty. In addition, the terms of your bet are ridiculous in betting that the price wouldn't increase at all during the day - bitcoin price is very volatile and could rise a little due toe the volatility or due to the rally that is currently going on without neccessarily being the effect of Amazon news. This bet is no less ridiculous than your bearish stance on Amazon accepting bitcoin How is it a bearish stance? I did not say that prices would decline. My stance is simply that news does not always have an immediate cause and effect relationship with price. |
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raskul
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May 31, 2014, 09:43:30 AM |
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I wouldn't expect the price to rise by much if amazon were to start accepting bitcoin, to be honest.
basically, bitcoin is a cryptocurrency and price fluctuations already take into consideration, the fact that this is the purpose of bitcoin in the first place.
amazon is just another retailer at the end of the day and bitcoin is just another method of payment.
currently, TERA is correct, the bitcoin market is controlled by the trading which takes place on bitcoin as a commodity.
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tips 1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
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haploid23
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May 31, 2014, 09:49:51 AM |
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Would you be willing to place a 0.5 BTC bet? If the price goes up during the 24 hour period after Amazon announces they are accepting bitcoin, you give me 0.5 BTC. If the price goes down or remains exactly unchanged during the 24 hour period after Amazon announces they are accepting bitcoin, I give you 0.5 BTC. This is a terrible bet because btc price most likely has zero correlation to whether Amazon accepts btc payments or not. During this 24hour period, what if Satoshi decides to dump his btc's? Or what if Warren Buffett decides to buy up the whole market? Examples are a bit extreme, but you get the point. Or, when Amazon announces btc payment option, it could just simply be normal market fluctuations, nothing to do with the announcement. |
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dreamspark
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May 31, 2014, 10:14:34 AM |
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To be fair you didnt state any time period in your OP, if they started accepting it today Im sure at some point in the infinate period of time specified the price would rise  |
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segeln
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May 31, 2014, 11:05:23 AM |
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to all OPs:
it would be at least a psychological issue and the Price will rise
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GoofyUK
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May 31, 2014, 11:07:54 AM |
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to all OPs:
it would be at least a psychological issue and the Price will rise
this ^ people will be like OMG EVERYONE IS ADOPTING BITCOIN TO THE MOON!! BETTER BUY UP BEFORE I MISS OUT! price will rally up and hodl'ers will reap the rewards |
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raskul
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May 31, 2014, 11:09:25 AM |
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to all OPs:
it would be at least a psychological issue and the Price will rise
this ^ people will be like OMG EVERYONE IS ADOPTING BITCOIN TO THE MOON!! BETTER BUY UP BEFORE I MISS OUT! price will rally up and hodl'ers will reap the rewards this is a possibility, but then again 'everyone' may actually equate to a small number in comparison to the number who are already day-trading and as a result 'everyone' would, in essence, be a small number of buyers. |
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inca
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May 31, 2014, 11:13:33 AM |
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It might not affect the price at all as the price is mostly controlled by an accumulation/distribution cycle of whales.
You know about as much about economics as John Snow.  |
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segeln
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May 31, 2014, 11:22:05 AM |
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It might not affect the price at all as the price is mostly controlled by an accumulation/distribution cycle of whales.
You know about as much about economics as John Snow. which John Snow do you mean? |
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zimmah
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May 31, 2014, 11:24:17 AM |
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It might not affect the price at all as the price is mostly controlled by an accumulation/distribution cycle of whales.
You know about as much about economics as John Snow. which John Snow do you mean? On-topic: I guess if amazon accepts bitcoin it will have a positive effect on price and as well on the amount of sales on amazon. It'd be good for both parties. But i think amazon will wait a while before it will accept bitcoin. The larger the company the longer they wait with new technology. |
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DolanDuck
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May 31, 2014, 01:02:12 PM |
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When (not if ) amazon will accept bitcoins the price will grow up a bit but as always the skyrocket train isn't caused by the good news. |
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RyanMilligan1
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May 31, 2014, 01:11:00 PM |
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It might not affect the price at all as the price is mostly controlled by an accumulation/distribution cycle of whales.
I agree to an extent. Whales are human though, they'd see that as an opportunity to make money, lots of buying/dumping happening, but if Amazon accept, so will a huge amount of others and ultimately the price would rise in my opinion |
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TERA
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May 31, 2014, 01:12:22 PM |
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The skyrockets generally happen when new exchanges open and volume picks up there. Infrastructure improvements allow the price to go up.
Right now the price is already increasing as fast as the present infrastructure will allow. Everyone who is willing to buy bitcoins on bitstamp,coinbase,etc is already as bullish as possible and buying as fast as possible, so making them even more bullish via amazon news will not affect anything.
The big money will come in when they have a way to purchase coins that is regulated, completely secure, and based in their own country.
The laws of economics that apply to stocks and traditional financial assets don't apply as well to bitcoin because bitcoin has infrastructure limitations/growth and is not part of the same global system where you can buy traditional financial assets.
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RyanMilligan1
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May 31, 2014, 01:20:46 PM |
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The skyrockets generally happen when new exchanges open and volume picks up there. Infrastructure improvements allow the price to go up.
Right now the price is already increasing as fast as the present infrastructure will allow. Everyone who is willing to buy bitcoins on bitstamp,coinbase,etc is already as bullish as possible and buying as fast as possible, so making them even more bullish via amazon news will not affect anything.
The big money will come in when they have a way to purchase coins that is regulated, completely secure, and based in their own country.
The laws of economics that apply to stocks and traditional financial assets don't apply as well to bitcoin because bitcoin has infrastructure limitations/growth and is not part of the same global system where you can buy traditional financial assets.
Not everyone is buying, I have six figures I could spend on BTC in fiat, but I already have a huge amount invested in BTC. If Amazon accept, mastercard, visa, paypal; they all start taking it more series. Higher adoption, means more avaliable people to buy, more buyers, more $ in the market - then I'd start buying again. Although if we ever hit £3000 a coin, I'm all out and retiring before 21 hopefully. |
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snowcrawl
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May 31, 2014, 01:22:57 PM |
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The core group of bitcoin users is savvy enough to figure out that they can already shop at Amazon using bitcoin purchased gift cards from gyft or egifter. So the assumption must be that Amazon accepting bitcoin payments directly will encourage the creation of new bitcoin users who are just barely able to figure out how to use bitcoin. There is going to be a limit to how many of those kind of users you can attract with that particular carrot stick, because of the technological hurdle, and their lack of confidence or understanding of that new payment option.
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