adamstgBit
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April 18, 2012, 02:58:41 AM |
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You may be right... 10 cents and people are going crazy over the massive action.
It is massive in relative terms. Meh... ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fbitcoincharts.com%2Fcharts%2Fchart.png%3Fwidth%3D940%26m%3DmtgoxUSD%26SubmitButton%3DDraw%26r%3D180%26i%3D6-hour%26c%3D1%26s%3D2011-10-21%26e%3D2012-04-18%26Prev%3D%26Next%3D%26t%3DS%26b%3DB%26a1%3D%26m1%3D50%26a2%3D%26m2%3D200%26x%3D0%26i1%3D%26i2%3D%26i3%3D%26i4%3D%26v%3D1%26cv%3D1%26ps%3D0%26l%3D0%26p%3D0%26&t=665&c=nIYhFnSYWQoEQQ) Well, granted, the chart you linked makes this move look minute, but perhaps it was the necessary nudge to possibly ignite a rally. In a market that used to see $.10 moves 10 times a day, then to have two solid weeks in a ten cent range, or the last month in about $.20 range, I don't think it's exactly overreaction to get excited. We're about to break the $5.07 resistance too. Maybe this was the kick in the ass people needed to act upon. 5.09899 ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) breaking 5$ over and over, and now a bid wall fallowing the rally = Bye bye 4.xx$ for good i think the price will "cost up" how high will it cost before we see serious resistance again? 8$
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proudhon (OP)
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April 18, 2012, 03:34:29 AM |
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You may be right... 10 cents and people are going crazy over the massive action.
It is massive in relative terms. Meh... ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fbitcoincharts.com%2Fcharts%2Fchart.png%3Fwidth%3D940%26m%3DmtgoxUSD%26SubmitButton%3DDraw%26r%3D180%26i%3D6-hour%26c%3D1%26s%3D2011-10-21%26e%3D2012-04-18%26Prev%3D%26Next%3D%26t%3DS%26b%3DB%26a1%3D%26m1%3D50%26a2%3D%26m2%3D200%26x%3D0%26i1%3D%26i2%3D%26i3%3D%26i4%3D%26v%3D1%26cv%3D1%26ps%3D0%26l%3D0%26p%3D0%26&t=665&c=nIYhFnSYWQoEQQ) you see the volume is still their, so why in the world is bitcoin "stable" my guess is: bitcoin is growing, but at the same time the "lucky bitcoin millionaires" are looking to secure at least part of their well earned bitcoin wealth, by cashing out and buying gold or something. once they have all cashed out, the selling pressure will stop. breaking 5$ was a big signal, the lucky bitcoin millionaires are running low on bitcoins. this is very good news, bitcoin user base expanding, coins more evenly divided bitcoiners are becoming more financially secure, and less effected by price swings, allowing them to more effectively "back" bitcoin Not impressed. I don't think things are going to look much different a month or so out. How many times have we broken $5 now?
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Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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arepo
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this statement is false
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April 18, 2012, 03:36:58 AM |
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Not impressed. I don't think things are going to look much different a month or so out. How many times have we broken $5 now?
there is ample reason to believe that this time will be different
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this sentence has fifteen words, seventy-four letters, four commas, one hyphen, and a period. 18N9md2G1oA89kdBuiyJFrtJShuL5iDWDz
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adamstgBit
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April 18, 2012, 03:38:24 AM Last edit: April 18, 2012, 06:16:26 AM by adamstgBit |
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You may be right... 10 cents and people are going crazy over the massive action.
It is massive in relative terms. Meh... ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fbitcoincharts.com%2Fcharts%2Fchart.png%3Fwidth%3D940%26m%3DmtgoxUSD%26SubmitButton%3DDraw%26r%3D180%26i%3D6-hour%26c%3D1%26s%3D2011-10-21%26e%3D2012-04-18%26Prev%3D%26Next%3D%26t%3DS%26b%3DB%26a1%3D%26m1%3D50%26a2%3D%26m2%3D200%26x%3D0%26i1%3D%26i2%3D%26i3%3D%26i4%3D%26v%3D1%26cv%3D1%26ps%3D0%26l%3D0%26p%3D0%26&t=665&c=nIYhFnSYWQoEQQ) you see the volume is still their, so why in the world is bitcoin "stable" my guess is: bitcoin is growing, but at the same time the "lucky bitcoin millionaires" are looking to secure at least part of their well earned bitcoin wealth, by cashing out and buying gold or something. once they have all cashed out, the selling pressure will stop. breaking 5$ was a big signal, the lucky bitcoin millionaires are running low on bitcoins. this is very good news, bitcoin user base expanding, coins more evenly divided bitcoiners are becoming more financially secure, and less effected by price swings, allowing them to more effectively "back" bitcoin Not impressed. I don't think things are going to look much different a month or so out. How many times have we broken $5 now? thats just the thing "How many times have we broken $5 now?" many times... why is this time different from the other times? because the other times we broke 5$ only a few times, and now its many times, get it? ![Cool](https://bitcointalk.org/Smileys/default/cool.gif)
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miscreanity
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April 18, 2012, 04:08:10 AM |
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Weak leveraged positions have been mostly wrung out. External sources of demand for Bitcoins have remained steady, and there remains a consistent inflow - it takes about USD$250,000 per week to maintain the $5/BTC level. I think the situation is similar to that in the gold futures market - forced liquidation of leveraged positions allows for suppression, but only to the point where there are no more weak margin trades left to squeeze. We're now at that point - there aren't enough distressed sellers, so it's time for whatever pump & dump shenanigans to be executed by those with enough resources to do it ( bankers). If malicious whales can get away with it in markets that are supposed to be regulated, you bet they'll do it in a market that has no regulation at all.
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publio
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April 18, 2012, 05:16:27 AM |
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I'm not sure we can count all, maybe most, mining revenue as an outflow ($250,000/week).
People mine either because of their interest in bitcoin, or for profit. If it's for profit, the miner must think that the price of bitcoins will not fall below a certain level for an extended period of time (until they breakeven). I think such trust suggests that they're at least slightly bullish. These miners probably keep some of their earnings.
As for costs, such as hardware/electricity? This is the cost of buying (mining) coin.
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terrytibbs
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April 20, 2012, 09:09:35 PM |
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G... Gavin? Is... Is that you?
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miscreanity
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April 20, 2012, 10:01:12 PM |
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I'm not sure we can count all, maybe most, mining revenue as an outflow ($250,000/week).
There's nothing explicitly involving miners or profitability, I'm just referring to the exchange valuation. An expanding unit base dilutes the value of all units within the Bitcoin system. To keep the exchange rate stable, that currently requires about $250k of wealth flowing into the Bitcoin economy each week from outside sources (EUR, GBP, JPY, USD, etc). With the kick above $5/BTC to ~$5.40 now, the weekly inflow necessary to maintain the exchange rate is a little over $270k.
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Agent Provocateur
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April 20, 2012, 10:08:01 PM |
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G... Gavin? Is... Is that you?
obviously not! ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fi1264.photobucket.com%2Falbums%2Fjj488%2Fspinegod%2Fgifs3%2F45e5568b.gif&t=665&c=E6aU6MfVyFgmYg)
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Sitarow
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April 20, 2012, 10:10:27 PM |
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I'm not sure we can count all, maybe most, mining revenue as an outflow ($250,000/week).
There's nothing explicitly involving miners or profitability, I'm just referring to the exchange valuation. An expanding unit base dilutes the value of all units within the Bitcoin system. To keep the exchange rate stable, that currently requires about $250k of wealth flowing into the Bitcoin economy each week from outside sources (EUR, GBP, JPY, USD, etc). With the kick above $5/BTC to ~$5.40 now, the weekly inflow necessary to maintain the exchange rate is a little over $270k. You forgot about groups that plan to keep their Mined BTC. Instead of pulling out they reinvest into BTC that way.
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miscreanity
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April 20, 2012, 10:47:05 PM |
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You forgot about groups that plan to keep their Mined BTC. Instead of pulling out they reinvest into BTC that way.
That has basically the same effect as bank reserves not being lent out: it just delays things - in this case exchange rate movement. The aggregate effect would be like pooling the weekly inflow requirements and unleashing it monthly instead, necessitating $1mm rather than $250k (or ~$36k/day). Reinvesting can actually generate real wealth, which is a whole 'nother (potentially very powerful) dynamic. I do expect that to build, but right now the economy is so small that the effect is minimal.
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proudhon (OP)
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May 08, 2012, 09:20:23 PM |
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Still on track despite worries of another big drop. ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fi46.tinypic.com%2F15hl9cp.gif&t=665&c=3ciZNP-bQqHXnQ)
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Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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waspoza
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May 09, 2012, 06:57:47 AM |
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We are stable forever! ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2Ff3ykK.gif&t=665&c=VGnuIypgbY3RHA)
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old_engineer
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May 09, 2012, 08:59:04 AM |
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It's been almost a month, doesn't look like that particular bump over $5 was different, does it? ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) I've been all out for a few months now, and if price drops to $4.50, I'd put in $20k USD or so. But that's almost noise at that point, seeing as how it's $177K USD to $4.80. "I used to be a player, but now I'm just noise." - old_engineer
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waspoza
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July 28, 2012, 02:14:49 PM |
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Thats it! We are stable forever! ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2F9HDZR.gif&t=665&c=wCV8CpDNbbETXw)
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SkRRJyTC
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July 29, 2012, 05:47:11 PM |
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If there is no trading volume the price will stay the same right?
Stability!
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SkRRJyTC
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August 24, 2012, 11:38:32 AM |
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If there is no trading volume the price will stay the same right?
Stability!
Ha! I was the last one to bump this... $10 FOREVER ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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BTCurious
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August 24, 2012, 11:58:55 AM |
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If there is no trading volume the price will stay the same right?
Stability!
Ha! I was the last one to bump this... $10 FOREVER ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) Hahahaha ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) Yep. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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molecular
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August 24, 2012, 12:02:47 PM |
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If there is no trading volume the price will stay the same right?
Stability!
Ha! I was the last one to bump this... $10 FOREVER ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) Hahahaha ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) Yep. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) selling options?
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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