Bitcoin BULL/Rally Forming?

[darkota]

So I seen we've climbed overall from around $400 to $600 with bitcoin, then stopped at around $600. If it repeats, then we should be at $800 soon enough.

[iluvpie60]

So I seen we've climbed overall from around $400 to $600 with bitcoin, then stopped at around $600. If it repeats, then we should be at $800 soon enough.

No...

As adoption by companies goes up the supply of places to use BTC goes up. As users of BTC go up the demand goes up. Right now we are in a massive company sweep, where more and more companies are accepting BTC. The "supply" of companies accepting BTC is far outweighing the "demand" for using said BTC.


In other words when looking at a rough supply/demand chart, US, the PEOPLE, are the demand. The companies are the supply. There is TOO MUCH supply coming in vs demand coming in, to make the price go up right now.

That is the most simplistic I can explain that. I vote to sticky this please so we can stop talking about it until tons of people are using btc. k thx.

[darkota]

So I seen we've climbed overall from around $400 to $600 with bitcoin, then stopped at around $600. If it repeats, then we should be at $800 soon enough.

No...

As adoption by companies goes up the supply of places to use BTC goes up. As users of BTC go up the demand goes up. Right now we are in a massive company sweep, where more and more companies are accepting BTC. The "supply" of companies accepting BTC is far outweighing the "demand" for using said BTC.


In other words when looking at a rough supply/demand chart, US, the PEOPLE, are the demand. The companies are the supply. There is TOO MUCH supply coming in vs demand coming in, to make the price go up right now.

That is the most simplistic I can explain that. I vote to sticky this please so we can stop talking about it until tons of people are using btc. k thx.

Lol, What you've said truly makes no sense....Do you know how this all even works?

Ok, I'll give you the run down.

Someone buys Bitcoin

They use that Bitcoin to buy something on Overstock.com

Overstock sells the bitcoin for usd after that Person has bought w/e


There, The person buying the bitcoin, and Overstock selling the bitcoin cancel each other out, so it has No effect on the price. Learn how markets move sir. Then you have to factor in the newcomers, coming in and buying bitcoin because they heard/saw on tv that another company is accepting bitcoin(dell, expedia etc etc). That causes the price to Rise.

PS: I loled when you said the companies coming in are the Supply, please go RESEARCH before making stupid comments, thanks.

[Painful Truth]

So I seen we've climbed overall from around $400 to $600 with bitcoin, then stopped at around $600. If it repeats, then we should be at $800 soon enough.

Define soon. I think we might see $800 in Fall the earliest, not before. Too much selling pressure and bearish sentiment an the moment.

[LiteCoinGuy]

price declined today. so bitcoin will fade away 

[Rampton]

Complete baseless speculation. Nothing can be predicted in bitcoin, people should know that by now. This thread also belongs in speculation.

[iluvpie60]

So I seen we've climbed overall from around $400 to $600 with bitcoin, then stopped at around $600. If it repeats, then we should be at $800 soon enough.

No...

As adoption by companies goes up the supply of places to use BTC goes up. As users of BTC go up the demand goes up. Right now we are in a massive company sweep, where more and more companies are accepting BTC. The "supply" of companies accepting BTC is far outweighing the "demand" for using said BTC.


In other words when looking at a rough supply/demand chart, US, the PEOPLE, are the demand. The companies are the supply. There is TOO MUCH supply coming in vs demand coming in, to make the price go up right now.

That is the most simplistic I can explain that. I vote to sticky this please so we can stop talking about it until tons of people are using btc. k thx.

Lol, What you've said truly makes no sense....Do you know how this all even works?

Ok, I'll give you the run down.

Someone buys Bitcoin

They use that Bitcoin to buy something on Overstock.com

Overstock sells the bitcoin for usd after that Person has bought w/e


There, The person buying the bitcoin, and Overstock selling the bitcoin cancel each other out, so it has No effect on the price. Learn how markets move sir. Then you have to factor in the newcomers, coming in and buying bitcoin because they heard/saw on tv that another company is accepting bitcoin(dell, expedia etc etc). That causes the price to Rise.

PS: I loled when you said the companies coming in are the Supply, please go RESEARCH before making stupid comments, thanks.

You need to improve your reading comprehension. There is too much supply so price of BTC has been going down. There are too many places to spend the BTC compared to the people willing to spend the BTC(demand). So when any of those places gets BTC they have to hurry up and get rid of it(what bitpay does). Thus creating a temporary market effect of companies selling under the average price which brings the average down. Why else is BTC down to like 560 right now? It isn't because so many people are using it.


Please save the talking down of people for someone who is dumber than you.


@ your PS comment, how can you ever logically conclude that BTC is the supply in this scenario. Are you joking or are you actually this confused? We are not talking about the supply of BTC keeping the price at X. We are talking about the Supply of companies accepting the Demand of BTC keeping the price at x.

jeez dude....

[darkota]

So I seen we've climbed overall from around $400 to $600 with bitcoin, then stopped at around $600. If it repeats, then we should be at $800 soon enough.

No...

As adoption by companies goes up the supply of places to use BTC goes up. As users of BTC go up the demand goes up. Right now we are in a massive company sweep, where more and more companies are accepting BTC. The "supply" of companies accepting BTC is far outweighing the "demand" for using said BTC.


In other words when looking at a rough supply/demand chart, US, the PEOPLE, are the demand. The companies are the supply. There is TOO MUCH supply coming in vs demand coming in, to make the price go up right now.

That is the most simplistic I can explain that. I vote to sticky this please so we can stop talking about it until tons of people are using btc. k thx.

Lol, What you've said truly makes no sense....Do you know how this all even works?

Ok, I'll give you the run down.

Someone buys Bitcoin

They use that Bitcoin to buy something on Overstock.com

Overstock sells the bitcoin for usd after that Person has bought w/e


There, The person buying the bitcoin, and Overstock selling the bitcoin cancel each other out, so it has No effect on the price. Learn how markets move sir. Then you have to factor in the newcomers, coming in and buying bitcoin because they heard/saw on tv that another company is accepting bitcoin(dell, expedia etc etc). That causes the price to Rise.

PS: I loled when you said the companies coming in are the Supply, please go RESEARCH before making stupid comments, thanks.

You need to improve your reading comprehension. There is too much supply so price of BTC has been going down. There are too many places to spend the BTC compared to the people willing to spend the BTC(demand). So when any of those places gets BTC they have to hurry up and get rid of it(what bitpay does). Thus creating a temporary market effect of companies selling under the average price which brings the average down. Why else is BTC down to like 560 right now? It isn't because so many people are using it.


Please save the talking down of people for someone who is dumber than you.

That's funny because you stated the The Companies are the Supply.

That statement alone shows you have no idea what you're talking about genius. I'm not even gonna bother reading this paragraph. LOL

[iluvpie60]

So I seen we've climbed overall from around $400 to $600 with bitcoin, then stopped at around $600. If it repeats, then we should be at $800 soon enough.

No...

As adoption by companies goes up the supply of places to use BTC goes up. As users of BTC go up the demand goes up. Right now we are in a massive company sweep, where more and more companies are accepting BTC. The "supply" of companies accepting BTC is far outweighing the "demand" for using said BTC.


In other words when looking at a rough supply/demand chart, US, the PEOPLE, are the demand. The companies are the supply. There is TOO MUCH supply coming in vs demand coming in, to make the price go up right now.

That is the most simplistic I can explain that. I vote to sticky this please so we can stop talking about it until tons of people are using btc. k thx.

Lol, What you've said truly makes no sense....Do you know how this all even works?

Ok, I'll give you the run down.

Someone buys Bitcoin

They use that Bitcoin to buy something on Overstock.com

Overstock sells the bitcoin for usd after that Person has bought w/e


There, The person buying the bitcoin, and Overstock selling the bitcoin cancel each other out, so it has No effect on the price. Learn how markets move sir. Then you have to factor in the newcomers, coming in and buying bitcoin because they heard/saw on tv that another company is accepting bitcoin(dell, expedia etc etc). That causes the price to Rise.

PS: I loled when you said the companies coming in are the Supply, please go RESEARCH before making stupid comments, thanks.

You need to improve your reading comprehension. There is too much supply so price of BTC has been going down. There are too many places to spend the BTC compared to the people willing to spend the BTC(demand). So when any of those places gets BTC they have to hurry up and get rid of it(what bitpay does). Thus creating a temporary market effect of companies selling under the average price which brings the average down. Why else is BTC down to like 560 right now? It isn't because so many people are using it.


Please save the talking down of people for someone who is dumber than you.

That's funny because you stated the The Companies are the Supply.

That statement alone shows you have no idea what you're talking about genius. I'm not even gonna bother reading this paragraph. LOL

Nobody on here is going to agree with you.

@ your PS comment, how can you ever logically conclude that BTC is the supply in this scenario. Are you joking or are you actually this confused? We are not talking about the supply of BTC keeping the price at X. We are talking about the Supply of companies accepting the Demand of BTC keeping the price at x.

jeez dude....

[Beliathon]

So I seen we've climbed overall from around $400 to $600 with bitcoin, then stopped at around $600. If it repeats, then we should be at $800 soon enough.

This belongs in the speculation sub-section. Flagging for move.

[btchaste]

Yes, wrong section, but returning IT I think that the price will drop again before rising.

[franky1]

iluvepie60:
im sorry but here is some minor corrections
1. bitpay doesnt sell to the exchange markets. they have private investors throwing dollars at them and getting the bitcoin in return away from the markets. bitpay only uses the 'price' as a guide to valuate how much to give to investors in return for their investments. however if you mentioned coinbase.. then you would have had a point about merchants getting coin and immediately selling back to fiat.

2. even if there were 1 merchant or 500,000 merchants the number does not make an impact. if people do not want to use their btc because they are in a holding pattern.. they will hold. and simply use their fiat bank accounts to buy goods the old fashioned way.

3. overstock are hoarding coins, not selling them... need i explain more about this point?

4. instead of last year when people would sell coins on exchanges to cash out, they are now spending with merchants. so at this point(A) less coins are being sold on exchanges. once a merchant receives them 100% of coin does not hit an exchange(point B) so imagine these 2 scenario's
s: 1000 people want to buy a $600 computer from bestbuy in august 2012, they have to cashout 3btc($200x3) each and then walk into store to buy a computer.

s: this year 1000 want to buy a $600 computer from overstock, they spend 1btc each. none of which hits an exchange at point A or B. meaning no exchange sell-off.

5. the reason the prices are more stable and not seeing rapid spikes, is because large investors are not using exchanges anymore (point1 explains one reason why) the other is that exchanges are now more AML compliant so people cant simply throw over $10k at a wire transfer like before. thus exchanges are now doing little trades not large 200-1000 bitcoin trades in one order. so the volatility has slowed down and larger trades are done privately so you wont see large dumps from payment gateways, or large spikes by investors.

6. to cause a $50 price decline in any 1 day would take a couple thousands bitcoins to be sold in a fast and continuous fashion. that would mean 1000 people will need to buy a dell PC in only a few hours. yet so far dell may get 200,000 deals a year, (after all dell CEO got over excited about a 85btc order in one day, so its expected that is the largest amount of btc they have seen so far)

Recieved PowerEdge server order @ http://dell.com  for more than 85 #bitcoin (~$50K USD) http://dell.com/bitcoin  #Dellbitcoin

have a nice day

[topman21]

As i see BTC price is keeping move down since the first week of the month is still value about $630 till $650. But currently become lower than $600 for 1 btc.

[jaredboice]

bahahaha!  Iluvpie60 thinks that companies accepting Bitcoin are increasing the supply of Bitcoin

 

It appears basic economics was thrown right out the window of the WTC7 Penthouse

 

[iluvpie60]

bahahaha!  Iluvpie60 thinks that companies accepting Bitcoin are increasing the supply of Bitcoin

 

It appears basic economics was thrown right out the window of the WTC7 Penthouse

 

Quote me where I said that. L2 read.

[franky1]

bahahaha!  Iluvpie60 thinks that companies accepting Bitcoin are increasing the supply of Bitcoin

 

It appears basic economics was thrown right out the window of the WTC7 Penthouse

 

Quote me where I said that. L2 read.

nice edit to add the words "places to use". just a shame for you that we seen the pre-edit with our own eyes.

In other words when looking at a rough supply/demand chart, US, the PEOPLE, are the demand. The companies are the supply. There is TOO MUCH supply coming in vs demand coming in, to make the price go up right now.

care to edit the part highlighted in red too?

[iluvpie60]

bahahaha!  Iluvpie60 thinks that companies accepting Bitcoin are increasing the supply of Bitcoin

 

It appears basic economics was thrown right out the window of the WTC7 Penthouse

 

Quote me where I said that. L2 read.

nice edit to add the words "places to use". just a shame for you that we seen the pre-edit with our own eyes.

In other words when looking at a rough supply/demand chart, US, the PEOPLE, are the demand. The companies are the supply. There is TOO MUCH supply coming in vs demand coming in, to make the price go up right now.

care to edit the part highlighted in red too?

in his quote I say Places to use also...

[iluvpie60]

which is why I later said...

the Supply of companies accepting the Demand of BTC keeping the price at x.

[iluvpie60]

bahahaha!  Iluvpie60 thinks that companies accepting Bitcoin are increasing the supply of Bitcoin

 

It appears basic economics was thrown right out the window of the WTC7 Penthouse

 

Quote me where I said that. L2 read.

nice edit to add the words "places to use". just a shame for you that we seen the pre-edit with our own eyes.

In other words when looking at a rough supply/demand chart, US, the PEOPLE, are the demand. The companies are the supply. There is TOO MUCH supply coming in vs demand coming in, to make the price go up right now.

care to edit the part highlighted in red too?

You took that out of context, read everything in order and then it flows. You can't just take that part out because then it makes it "seem like" I am saying companies are the supply of bitcoin(which i didnt). The reason I worded it that way is because companies do not demand bitcoin, they supply products which are paid for in a nominal value such as monetary or crytpo, which is then implies bitcoin is the demand in the aforementioned example.

[franky1]

you do know that apart from small mom and pop stores using coinbase.

the majority of merchants are beginning to hoard or atleast the payment gateway(bitpay mainly) are using non public exchange methods. (as i said in earlier post). and here is another point. when these large hoards are ready to sell. they wont do it on bitstamp(AML large payment flags), they wont do it on btc-e(AML large payment flags). they probably wont do it on coinbase as a large hoard sell-off would devalue their own holdings. instead these merchants would do private trading.

so the only worry you really have in regards to merchants, is the small merchants that use coinbase that dont hoard.

on average for every 1btc that would have been sold on an exchange to cash-out to fiat and then buy goods,  less than 20% of bitcoin would end up on an exchange if customers spent that btc with merchants instead.

so stop trying to say merchants are bad for bitcoin!