I admit that there are probably several assumptions in my post, but like pretty much everythinrelated to economics, there are lots of assumptions. The largest one in my post is that the market depth graph is a perfect picture of the market, which it is not. People can join or leave at any time and their "bid" price is not shown.
The part about buyers being "impatient" comes from what the buyer has control of: the bid price. If the buyer is unwilling to wait for the lowest bit to drop to where the bid is at, he can raise the bid to match an existing offer or get in front of more people. I have never used mtGOX, so I am making an assumption about how it matches the offers.
Personally, I think having bitcoin trading for 30 USD at the end of the week would not be a good thing. The only way I see that happening is massive speculation. I would much prefer nice steady growth that flattens off in several years as bitcoin reaches its maximum market size and inflation of the supply from mining ends. I would consider that a sign the underlying bitcoin economy was stable. I doubt that it will actually unfold this way, but rather just my desires for bitcoin.
Topic: Bitcoin Rise - page 2. (Read 2470 times)
Looks like mtgoxUSD is also continuing its rise. This sort of thing tends to happen when there are more buyers than sellers.
Really? How can there be more buyers than sellers? Every trade needs one buyer and one seller exactly, would you not agree?Maybe you mean more people are willing to match the higher Asks?
You are right that the trades need a buyer and seller matched. However, the number of bids to purchase bitcoin is currently larger than the number of offers to sell according to the current market depth charts I've been looking at on bitcoincharts.com for the past week or so. That leads me to believe that the price is going to rise as people get impatient and raise their bids in order to get bitcoin sooner. The opposite, where people lower their asking price is not going to move the price down very much becase it will just fill one of the many sanding bids at a price near the latest trades.
See the piercing bars? Breakout from the sideways range? This will be at 30 USD again in no time.
j/k
j/k
What are these silly £ you speak of?
Looks like mtgoxUSD is also continuing its rise. This sort of thing tends to happen when there are more buyers than sellers.
Really? How can there be more buyers than sellers? Every trade needs one buyer and one seller exactly, would you not agree?Maybe you mean more people are willing to match the higher Asks?
You are right that the trades need a buyer and seller matched. However, the number of bids to purchase bitcoin is currently larger than the number of offers to sell according to the current market depth charts I've been looking at on bitcoincharts.com for the past week or so. That leads me to believe that the price is going to rise as people get impatient and raise their bids in order to get bitcoin sooner. The opposite, where people lower their asking price is not going to move the price down very much becase it will just fill one of the many sanding bids at a price near the latest trades.
Me tarzan you jane. hope that helps.
Is it really rising that much?
I'd say within the next few weeks
How long will it take before bitcoin reaches £5 per BTC?
Looks like mtgoxUSD is also continuing its rise. This sort of thing tends to happen when there are more buyers than sellers.
Really? How can there be more buyers than sellers? Every trade needs one buyer and one seller exactly, would you not agree?Maybe you mean more people are willing to match the higher Asks?
Looks like mtgoxUSD is also continuing its rise. This sort of thing tends to happen when there are more buyers than sellers.
I am on MT.Gox and the price of 1 bitcoin is £3.40. It was £3.20 a few weeks ago. Are bitcoin prices rising?
Thanks!
Thanks!
Hope you didn't sell at £3.40.
- http://bitcoincharts.com/charts/mtgoxGBP#rg30zigDailyztgSzm1g10zm2g25zx
A picture speaks...
http://bitcoincharts.com/charts/mtgoxUSD#rg180zigDailyztgOzm1g10zm2g25zxzvzl
http://bitcoincharts.com/charts/mtgoxUSD#rg180zigDailyztgOzm1g10zm2g25zxzvzl
Really? That's neat, I remember when they had risen all the way to $30. It seems like they're going back up to a more reasonable number since the crash.
I am on MT.Gox and the price of 1 bitcoin is £3.40. It was £3.20 a few weeks ago. Are bitcoin prices rising?
Thanks!
yes Thanks!
I am on MT.Gox and the price of 1 bitcoin is £3.40. It was £3.20 a few weeks ago. Are bitcoin prices rising?
Thanks!
Thanks!
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