Who is buying expensive bitcoins?

[CoinCidental]

Hope intersango dies with bitcoinica, withdrawl your bitcoins now they can't be trusted

lowest ask there now is 8.45GBP which is $13.35 and people are still picking up coins at that price

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[phantomcircuit]

This thread is kind of amusing.

I'll give you a clue.

Today the deposit issue with metro bank got solved.

[n8rwJeTt8TrrLKPa55eU]

Why someone need to buy in big chunks and influencing the price up in quick moves
instead be patient and buy in small chunks cheapper but longer in time?

Maybe what seem like big chunks to you, are actually small chunks to them.

Imagine some libertarian-leaning billionaire like Peter Thiel or Kyle Bass decides he likes Bitcoin, and wants to diversify into it to the tune of 10 million.  He knows he can't move in all at once, but instead orders his investment advisor to buy, say 10000 coins every  week, first by patiently waiting on the bid side or, if no one is biting that week, snap up enough asks to move price by no more than 10%.  Such a buying program would lend strong support, could take many weeks to play out, and could account for big "impatient" buying to the extent that the buyer has a weekly quota to fill.

[cypherdoc]

This thread is kind of amusing.

I'll give you a clue.

Today the deposit issue with metro bank got solved.

Patrick, so Metro Bank is some sort of major bank that will facilitate fund movement in and out of Intersango?  I'm neutral and unaffected by any of the Bitcoinica issues.

[Vladimir]

Why someone need to buy in big chunks and influencing the price up in quick moves

Maybe someone stopped selling in big chunks and buyers are starting getting impatient and start competing with each other to get their daily fix. How's this for a theory?

[Bitcoin Oz]

The only way to exit intersango is withdrawing bitcoins which explains the high demand to buy them and withdraw seemingly at any price. Panic is one thing that overrides rationality.

[cypherdoc]

For the most part, I've never heard anything too negative about how Intersango functions as an exchange.  In fact, I think many ppl moved their accts over there last year when Gox was having its troubles.

If I were Patrick, Donald, or Amir I would do everything in my power to maintain the integrity and profitability of Intersango to help them payoff their pending legal fees.  If Bitcoin continues to increase in value like it has, Intersango could become a huge cash cow as it was one of the leaders.

What they should probably do is consider bringing in respected members of the community who can also infuse capital into Intersango to stabilize and legitimize the situation to tie them over this mess with Bitcoinica.  I think they provide a valuable service for the community.

[sunnankar]

Maybe someone stopped selling in big chunks and buyers are starting getting impatient and start competing with each other to get their daily fix. How's this for a theory?

At risk of spamming my 9 June 2012 post I will direct you there.

FYI, had lunch with three friends today and called another on the phone. Chatted with all of them about bitcoins, again. We had talked about it several times before and a few have made some token moves into it. All of them, theoretically, like it tremendously. All are successful self-made entrepreneurial multi-millionaires.

Reminded them about the 20k bitcoins I offered them at $5/apiece about 90 days ago but some declined. At the table when the check came I got out my trusty bitcoin app and calculated how much 20k bitcoins are worth at the current market prices.

The real fun though is brainstorming how we are going to throw a bunch of creative entrepreneurial energy and resources behind various bitcoin related strategies.

They picked up the tab for lunch. 

[cypherdoc]

Maybe someone stopped selling in big chunks and buyers are starting getting impatient and start competing with each other to get their daily fix. How's this for a theory?

At risk of spamming my 9 June 2012 post I will direct you there.

FYI, had lunch with three friends today and called another on the phone. Chatted with all of them about bitcoins, again. We had talked about it several times before and a few have made some token moves into it. All of them, theoretically, like it tremendously. All are successful self-made entrepreneurial multi-millionaires.

Reminded them about the 20k bitcoins I offered them at $5/apiece about 90 days ago but some declined. At the table when the check came I got out my trusty bitcoin app and calculated how much 20k bitcoins are worth at the current market prices.

The real fun though is brainstorming how we are going to throw a bunch of creative entrepreneurial energy and resources behind various bitcoin related strategies.

They picked up the tab for lunch.  

at the risk of spamming you, i keep asking you about your current stance on gold.  the reason i ask is that you were one of the reasons i got into gold/silver back btwn 2005-8.  since then, i sold all my silver and most of my gold last year as most here know in favor of Bitcoin.  am interested in what you think...

edit: perhaps you can't answer for conflict of interest reasons.  feel free to say so.

[smoothie]

Hope intersango dies with bitcoinica, withdrawl your bitcoins now they can't be trusted

lowest ask there now is 8.45GBP which is $13.35 and people are still picking up coins at that price

Uhh i see them for 7.37 GBP not 8.45.

[majamalu]

Maybe someone stopped selling in big chunks and buyers are starting getting impatient and start competing with each other to get their daily fix. How's this for a theory?

At risk of spamming my 9 June 2012 post I will direct you there.

FYI, had lunch with three friends today and called another on the phone. Chatted with all of them about bitcoins, again. We had talked about it several times before and a few have made some token moves into it. All of them, theoretically, like it tremendously. All are successful self-made entrepreneurial multi-millionaires.

Reminded them about the 20k bitcoins I offered them at $5/apiece about 90 days ago but some declined. At the table when the check came I got out my trusty bitcoin app and calculated how much 20k bitcoins are worth at the current market prices.

The real fun though is brainstorming how we are going to throw a bunch of creative entrepreneurial energy and resources behind various bitcoin related strategies.

They picked up the tab for lunch.  

at the risk of spamming you, i keep asking you about your current stance on gold.  the reason i ask is that you were one of the reasons i got into gold/silver back btwn 2005-8.  since then, i sold all my silver and most of my gold last year as most here know in favor of Bitcoin.  am interested in what you think...

edit: perhaps you can't answer for conflict of interest reasons.  feel free to say so.

I'm subscribing just to read the answer - if it comes.

[Nesetalis]

not sure who buys.. My personal belief is that bitcoin is worth about 6.5$ right now. So I'm selling off a few on the hike up, but keeping the majority in savings (and spending a handful)

[Yuhfhrh]

not sure who buys.. My personal belief is that bitcoin is worth about 6.5$ right now. So I'm selling off a few on the hike up, but keeping the majority in savings (and spending a handful)

My personal belief is that bitcoins are worth about $10 each right now.

[myrkul]

If my calculations are correct then Pirate needs to buy at least 3k BTC per day.
That's about 5% of the trade volume on Mt. Gox.

Actually Pirate does not need to buy anything to pay interest to his lenders, he can just use the funds of new loans coming in, at least till the influx of new funds declines significantly, like a market saturation would cause. Dont know if we are there yet.

That sounds an awful lot like a ponzi scheme - using an increasing amount of new users to make payments to existing users.

Yes, yes it does.

[kentrolla]

my personal belief is that bitcoins are worth about $11.15 right now

[CoinCidental]

Hope intersango dies with bitcoinica, withdrawl your bitcoins now they can't be trusted

lowest ask there now is 8.45GBP which is $13.35 and people are still picking up coins at that price

Uhh i see them for 7.37 GBP not 8.45.

it can change in seconds  ,they were that price when i posted it and soon after started dropping
im sure there is some chart somewhere that will confirm intersango prices last night

[FreeMoney]

my personal belief is that bitcoins are worth about $11.15 right now

What a coincidence, me too. Else I would sell (or buy) them until the ones I had left were that precious to me.

[FreeMoney]

Hope intersango dies with bitcoinica, withdrawl your bitcoins now they can't be trusted

lowest ask there now is 8.45GBP which is $13.35 and people are still picking up coins at that price

Uhh i see them for 7.37 GBP not 8.45.

it can change in seconds  ,they were that price when i posted it and soon after started dropping
im sure there is some chart somewhere that will confirm intersango prices last night

Confirmed, IntersangoGBP high of 9.00 according to bitcoinwatch.com.

[FreeMoney]

For the most part, I've never heard anything too negative about how Intersango functions as an exchange.  In fact, I think many ppl moved their accts over there last year when Gox was having its troubles.

If I were Patrick, Donald, or Amir I would do everything in my power to maintain the integrity and profitability of Intersango to help them payoff their pending legal fees.  If Bitcoin continues to increase in value like it has, Intersango could become a huge cash cow as it was one of the leaders.

What they should probably do is consider bringing in respected members of the community who can also infuse capital into Intersango to stabilize and legitimize the situation to tie them over this mess with Bitcoinica.  I think they provide a valuable service for the community.

If you were them would you have gotten involved with Bitcoinica? If you did would you do a damn thing about fixing it? I think you have better judgement than them.

The way to have integrity and make a cash cow is not to overextend and get involved with projects you can't handle.

I never used them since I asked them a question and got the lawyer brush off six months ago, but if people are paying 15%+ to get funds off of a site immediately that's telling.