Volume dropping way low

[stic.man]

calm before the storm as people's accounts are credited at dwolla/mtgox after this week's press or a trend to hoarding?

[1714063090]

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[kiba]

We are going into a correction phrase that may last a few months or so S3052 said.

[bcpokey]

Probably neither, looks more like declining interest in bitcoins. I see thousands of coins for sale still, but they're at ridiculous prices (perhaps people expecting prices to follow difficulty) while there are only hundreds of buy orders, at prices far below what people are asking.

What this spells for the future I can't predict obviously, but seems like people were betting on continuing influx of people and money and increase in prices to match increasing difficulty, and they may find themselves in for a rude awakening. Hopefully it won't lead to anything too disastrous.

[kiba]

Probably neither, looks more like declining interest in bitcoins. I see thousands of coins for sale still, but the're at ridiculous prices (perhaps people expecting prices to follow difficulty) while there are only hundreds of buy orders, at prices far below what people are asking.

It doesn't mean anything other than the price are dropping. You can have enormous interest in bitcoin flowing but the market does not react. There had always been low and high volume.

[FreeMoney]

I remember days of $200 volume. $120k doesn't seem low to me at all.

[tomcollins]

calm before the storm as people's accounts are credited at dwolla/mtgox after this week's press or a trend to hoarding?

Volume is down because price is higher.  Trading 10,000 BTC a day when the price was $.70 is like selling 1,000 a day when it's at $7.

[kiba]

I remember days of $200 volume. $120k doesn't seem low to me at all.

We gone beyond 400 K USD before.

[kiba]

Volume is down because price is higher.  Trading 10,000 BTC a day when the price was $.70 is like selling 1,000 a day when it's at $7.

If you look at it in term of bitcoin, yes. Not true for dollars.

[tomcollins]

Volume is down because price is higher.  Trading 10,000 BTC a day when the price was $.70 is like selling 1,000 a day when it's at $7.

If you look at it in term of bitcoin, yes. Not true for dollars.

I think we agree.  Looking at the volume in terms of how many dollars are traded is very important.  But as the price rises, it takes more and more cash to absorb the 7200 BTC/day mined.  That's over $50,000 a day!  Either someone is hoarding it or selling it.  If they are hoarding it, they value $7 less than a BTC.  If they sell, they must find someone else who values 1 BTC more than $7.  That's a ton of new demand that must be filled every single day.  I'd like to see a volume chart in dollars.  We probably are not far off the peak (which probably occurred during the mad rush last week).

[MemoryDealers]

We need to find more ways to encourage people to use bitcoins as money that they trade for goods and services.
If everyone just tries to trade their BTC for USD right away,  the price will go down.

Go use your bitcoins to buy something other than USD!

I will gladly accept bitcoins for everything in my online store.
www.memorydealers.com

[tomcollins]

We need to find more ways to encourage people to use bitcoins as money that they trade for goods and services.
If everyone just tries to trade their BTC for USD right away,  the price will go down.

Go use your bitcoins to buy something other than USD!

I will gladly accept bitcoins for everything in my online store.
www.memorydealers.com

Even if you spend it on a business, that business is going to have to sell some BTC to keep the business going (in most cases).

[Nefario]

We need to find more ways to encourage people to use bitcoins as money that they trade for goods and services.
If everyone just tries to trade their BTC for USD right away,  the price will go down.

Go use your bitcoins to buy something other than USD!

I will gladly accept bitcoins for everything in my online store.
www.memorydealers.com

This is already being done, just most are for I.T. services, in which bitcoin is really the easiest method to pay with.

Servers, hosting, programming, design etc.

[Ϛ]

We need to find more ways to encourage people to use bitcoins as money that they trade for goods and services.
If everyone just tries to trade their BTC for USD right away,  the price will go down.

Go use your bitcoins to buy something other than USD!

I will gladly accept bitcoins for everything in my online store.
www.memorydealers.com

Even if you spend it on a business, that business is going to have to sell some BTC to keep the business going (in most cases).

Unless that business quickly spends the coins on another business.

[kiba]

What you guys need is ever more division of labors. Web programmers and more web programmers isn't much of a divison of labor. Go specialize in a technical trade or something.

Granted....I am a web programmer too...

[kiba]

Unless that business quickly spends the coins on another business.

Look at the supply chain and see if you can get your manufacturer to be paid in bitcoin.

[Vandroiy]

The last two days, we had volumes of the order three times coin generation.

Given that most BTC activity is speculation and many miners being speculators as well -- which I still find strange -- the volume is well within the range to be expected.

Nothing has changed, speculators just adjusted price to the media attention, which increased Bitcoin success chances. The rest was probably chart hyping until people ran out of USD. This is all very nice, but remember that pure trading activity is still nowhere near to sustaining current price.

If you want trade volume, you need something else than speculators. What you actually want is real productivity paid in BTC; trade volume on mtgox is mostly something like gambling on price movements. That marks far less productivity than a similar BTC movement would that comes from trading.

[tomcollins]

Unless that business quickly spends the coins on another business.

Look at the supply chain and see if you can get your manufacturer to be paid in bitcoin.

Not just supply chain but also your employees.  Then employees are gonna need to eat, pay rent, etc...

[anisoptera]

We need to find more ways to encourage people to use bitcoins as money that they trade for goods and services.
If everyone just tries to trade their BTC for USD right away,  the price will go down.

Go use your bitcoins to buy something other than USD!

I will gladly accept bitcoins for everything in my online store.
www.memorydealers.com

This is already being done, just most are for I.T. services, in which bitcoin is really the easiest method to pay with.

Servers, hosting, programming, design etc.

As it becomes harder to mine, and less profitable to outright buy, I think we will see a lot more services accepting btc appear over the next few months. BTC is also a really good currency to use to sell random odds and ends over the Internet, because of the way it favors the seller. These next few months will determine where we go from here. Bitcoin now unquestionably has value, it's now a matter of building the economy to support it.

Many opportunities to make money here, few established sites take btc currently and even if the thing you want to do already exists it's likely not so entrenched that you can't do better and take over. We just need enough people to stop seeing bitcoin as something that will make them rich fast and start seeing it for what it is - a fledgling anonymous, borderless, and lawless economy.

We're still in the gold rush days. The hills just look different now.

[Nefario]

We need to find more ways to encourage people to use bitcoins as money that they trade for goods and services.
If everyone just tries to trade their BTC for USD right away,  the price will go down.

Go use your bitcoins to buy something other than USD!

I will gladly accept bitcoins for everything in my online store.
www.memorydealers.com

This is already being done, just most are for I.T. services, in which bitcoin is really the easiest method to pay with.

Servers, hosting, programming, design etc.

As it becomes harder to mine, and less profitable to outright buy, I think we will see a lot more services accepting btc appear over the next few months. BTC is also a really good currency to use to sell random odds and ends over the Internet, because of the way it favors the seller. These next few months will determine where we go from here. Bitcoin now unquestionably has value, it's now a matter of building the economy to support it.

Many opportunities to make money here, few established sites take btc currently and even if the thing you want to do already exists it's likely not so entrenched that you can't do better and take over. We just need enough people to stop seeing bitcoin as something that will make them rich fast and start seeing it for what it is - a fledgling anonymous, borderless, and lawless economy.

We're still in the gold rush days. The hills just look different now.

+1, we are on the cusp of something truely great. A society that is....free for better or worse it's just going to be plain free.

[JohnDoe]

Probably neither, looks more like declining interest in bitcoins. I see thousands of coins for sale still, but they're at ridiculous prices (perhaps people expecting prices to follow difficulty) while there are only hundreds of buy orders, at prices far below what people are asking.

What this spells for the future I can't predict obviously, but seems like people were betting on continuing influx of people and money and increase in prices to match increasing difficulty, and they may find themselves in for a rude awakening. Hopefully it won't lead to anything too disastrous.

There's already been a lengthy bull flag period, yet we are still here.