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thoughtfan
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January 20, 2013, 10:09:27 AM |
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Too many people saved their fiat for the weekend, hoping for a "Weekend deep". When the weekend came and "The Deep" turned out to be nothing but a fizzle... What do you do with all this red-hot fiat now?
I think the change of MtGox price behavior that we see now is fundamental. The coins are becoming fundamentally more scarce. Miners only produce half of what they used to, and tend to hoard bigger portion to themselves. With impending ASIC disruption, the mined coins will be even harder to come by. The piles of "old money" dwindled, and what is left is not for sale at this level.
Coin holders who are bearish on the currency had every chance to sell into the steady price appreciation we've seen since September event. And most of them did, their selling reaching its peak in mid-December when the price "stalled". Bears just do not posses enough coins to make difference any longer.
So, the end result is that in reality the coins are currently much more scarce than the market assumes. The realization of this fact is now slowly trickling into a price action. It will be interesting to see at what price point the supply will increase enough to balance the increased demand.
+1 |
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"Bitcoin: mining our own business since 2009" -- Pieter Wuille
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420
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January 20, 2013, 10:09:44 AM
Last edit: January 20, 2013, 10:50:21 AM by 420 |
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BINGO low post count bear has given a bullish oracle
EDIT: some big dumps added shortly ago
somewhat large walls to get to $16 now
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Donations: 1JVhKjUKSjBd7fPXQJsBs5P3Yphk38AqPr - TIPS
the hacks, the hacks, secure your bits!
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robocoin
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January 20, 2013, 03:45:45 PM |
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Price movement? Are you guys crazy? Yes you are! And that is great.  First ASICs shipped... Oh you guys, I think everyone is at a boiling point because of the delays made by our competitors.
We shipped, website will be updated shortly.
First unit goes to Jeff Garzik in honor for the work he has done for the bitcoin codebase being the only developer who ordered from us.
we also arranged to ship a unit to the Bitcoin Foundation, whom is going to do a demo.
The avalon team on the other hand is going to make sure the whole shipping process go smoothly. like handling DHL/EMS problem, and other custom issues.
cheers.
You still think its going to have any effect on the market? I don't think about sick spikes like we've seen last week. But a strong faith in Bitcoins is an indicator,too. For my part it means to hoard more. XD |
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mccorvic
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January 20, 2013, 05:28:46 PM |
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The market realizes that any price under $15.50 is a steal for BTC and $15 is too good to pass up. I believe I said this Friday when all the bears were trying to say otherwise  |
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420
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January 20, 2013, 07:10:55 PM |
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short spike. as dozens of asic's come on online I smell a selloff
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Donations: 1JVhKjUKSjBd7fPXQJsBs5P3Yphk38AqPr - TIPS
the hacks, the hacks, secure your bits!
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adamstgBit (OP)
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January 20, 2013, 07:15:17 PM |
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short spike. as dozens of asic's come on online I smell a selloff
na asic shipping is crazy bullish. |
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adamstgBit (OP)
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January 20, 2013, 07:35:17 PM |
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bitcoin will rocket, litecoin will crash. Major trading opportunity is coming soon soon i will use my over priced bitcions to buy undervalued litcoins.  |
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jasinlee
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January 20, 2013, 07:37:52 PM |
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bitcoin will rocket, litecoin will crash. Major trading opportunity is coming soon soon i will use my over priced bitcions to buy undervalued litcoins. I think that will be the initial reaction, then it will flip for both once the asics go online and demolish the walls sitting on the gox. |
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420
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January 20, 2013, 07:49:58 PM |
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bitcoin will rocket, litecoin will crash. Major trading opportunity is coming soon soon i will use my over priced bitcions to buy undervalued litcoins. hope. but who's even working on the Litecoin software? https://bitcointalk.org/index.php?topic=137485 |
Donations: 1JVhKjUKSjBd7fPXQJsBs5P3Yphk38AqPr - TIPS
the hacks, the hacks, secure your bits!
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Kupsi
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9.9.2012: I predict that single digits... <- FAIL
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January 20, 2013, 07:50:19 PM |
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soon i will use my over priced bitcions to buy undervalued litcoins. Ouch... Good luck with that. Edit: You shouldn't post here when you are smoking your stuff |
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Hexadecibel
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I still <3 u Satoshi
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January 20, 2013, 07:55:06 PM |
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soon i will use my over priced bitcions to buy undervalued litcoins. Ouch... Good luck with that. Yeah, that is like the definitive of throwing good money after bad... Don't do that dude, your a young man (I assume) |
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adamstgBit (OP)
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January 20, 2013, 08:01:10 PM |
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soon i will use my over priced bitcions to buy undervalued litcoins. Ouch... Good luck with that. Yeah, that is like the definitive of throwing good money after bad... Don't do that dude, your a young man (I assume) litcoin and bitcoin are nearly identical... if GPU miners start crashing LTC prices and at the same time bitcoin is going into bubble mode...I'm buying LTC with my BTC... |
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thoughtfan
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January 20, 2013, 09:17:40 PM
Last edit: January 20, 2013, 09:32:45 PM by thoughtfan |
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Last chance for a while to get Bitcoins at less than £10?
If anyone has GBP on mtgox right now before the Japanese banks open up, anything over £58's worth is available for £9.66 (up to £1233)!
Edit: Doh - novice error - I just got that totally wrong!! What the orderbook actually says is if anyone wants to sell more than £58's worth of BTC for GBP they'll only get £9.66 for that portion over £58. Tempted to delete the post but I shouldn't fear looking stupid!
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uhoh
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January 20, 2013, 09:22:03 PM |
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Sorry to say it but it's not gonna hold..
U
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Hexadecibel
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I still <3 u Satoshi
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January 20, 2013, 09:25:35 PM |
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Sorry to say it but it's not gonna hold..
U
Don't be sorry. It's a good thing for those of us who want to buy more. |
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adamstgBit (OP)
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January 20, 2013, 09:34:27 PM |
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ups and downs with an upward drift until the end of bitcoin itself  |
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Spaceman_Spiff
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₪``Campaign Manager´´₪
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January 21, 2013, 12:53:58 AM |
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Haha, check that bid wall 11200 @15.62  Looks like somebody is daring a whale-bear to dump  (or they are tricky and actually want to sell their stuff, but want to comfort the smaller buyers, but that is risky behavior given the possibility of a mega-dump) |
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keewee
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January 21, 2013, 01:01:30 AM |
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1keewee2vRp63UWvPBynT55ZYw6SUCKDB
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keewee
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January 21, 2013, 01:18:17 AM |
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Haha, check that bid wall 11200 @15.62 Looks like somebody is daring a whale-bear to dump (or they are tricky and actually want to sell their stuff, but want to comfort the smaller buyers, but that is risky behavior given the possibility of a mega-dump) It's most likely they are the the whale-bear and are trying to push up the bids in preparation for their dump in the near future |
1keewee2vRp63UWvPBynT55ZYw6SUCKDB
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Spaceman_Spiff
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January 21, 2013, 01:21:42 AM |
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Haha, check that bid wall 11200 @15.62 Looks like somebody is daring a whale-bear to dump (or they are tricky and actually want to sell their stuff, but want to comfort the smaller buyers, but that is risky behavior given the possibility of a mega-dump) It's most likely they are the the whale-bear and are trying to push up the bids in preparation for their dump in the near future But in the process they are allowing other bears to do a big dump without much price depreciation too, no? |
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