wow, zombie thread.
Wait, you mean the TradeHill codes in the signatures are no good anymore?
Topic: Bitcoin to rally to $50+ - page 2. (Read 10454 times)
Wait, you mean the TradeHill codes in the signatures are no good anymore?
wow, zombie thread.
Because of the impending rise in difficulty, next time Bitcoin rallies its going to top $50US..it may even go to $100
Discuss
Discuss
I don't see no 50 bucks
He didn't give a timeframe there, he just said "next time Bitcoin rallies". I think bitcoin has started going back up again, so maybe he will be right this time around?
Because of the impending rise in difficulty, next time Bitcoin rallies its going to top $50US..it may even go to $100
Discuss
Discuss
I don't see no 50 bucks
We should be asking when other currency's stability will start to be judged by their exchange rate to Bitcoin.
quite possible
Just thought I would add my view.
The only real value of bitcoin at the moment is speculation. Everything always boils down to supply and demand. Eventually bitcoin will stabalise as the market starts to agree on the value of a bitcoin. Because it is early days, we will see massive jumps in price due to increase of market participents plus people holding onto their bitcoins selling when price looks tasty. Anyone that says there is no danger of bitcoin crashing and just going into the history books as a failed currency, should be carefull. I would however tend to agree that bitcoin is most likely here to stay, at least for the medium term. There would not even need to be an adoption of it as a currency/payment for it to sustain itself, since it has become a tradable asset.
The only real value of bitcoin at the moment is speculation. Everything always boils down to supply and demand. Eventually bitcoin will stabalise as the market starts to agree on the value of a bitcoin. Because it is early days, we will see massive jumps in price due to increase of market participents plus people holding onto their bitcoins selling when price looks tasty. Anyone that says there is no danger of bitcoin crashing and just going into the history books as a failed currency, should be carefull. I would however tend to agree that bitcoin is most likely here to stay, at least for the medium term. There would not even need to be an adoption of it as a currency/payment for it to sustain itself, since it has become a tradable asset.
it hit something like 10.50 last night :p
It was undervalued and I don't think that will happen again.
it hit something like 10.50 last night :p
I think it is bottomed out right now, +/- $1.
I didn't read page 2 or 3, but I dunt thinks I need to.
Bitcoin fell from USD 30 to USD 23 today + some of yesterday because Silk Road closed registration. It's that simple.
Bitcoin fell from USD 30 to USD 23 today + some of yesterday because Silk Road closed registration. It's that simple.
We should also be asking ourselves when the price will bottom out again so we can buy.
You can see resistance to price movement on mtgoxlive.com.
See that wall of downside resistance at $20?
See that green line bouncing sharply off the $20 line? That was the local bottom.
The nearly instant recovery from $20 is a very bullish sign!
I've got buy orders at $18.50. That's the price floor we need to protect to avoid a crash to below $15.
If you want to help maintain the value of bitcoins and prevent chart damage, put some of your mtgox profits back into bitcoins at the price levels where resistance is highest.
Look for the orange cliffs and stand guard over those walls.
Sell the rips, and buy the dips. Raise loads of cash and FOR THE LOVE OF MERKLE HELP ME HOLD THE LINE.
Amen!
I'd buy it with both hands around 25. Hell, I already have.
Stick to your guns, we'll be laughing about how this price level got left in the dust a few weeks later.
Stick to your guns, we'll be laughing about how this price level got left in the dust a few weeks later.
We should also be asking ourselves when the price will bottom out again so we can buy.
You can see resistance to price movement on mtgoxlive.com.
See that wall of downside resistance at $20?
See that green line bouncing sharply off the $20 line? That was the local bottom.
The nearly instant recovery from $20 is a very bullish sign!
I've got buy orders at $18.50. That's the price floor we need to protect to avoid a crash to below $15.
If you want to help maintain the value of bitcoins and prevent chart damage, put some of your mtgox profits back into bitcoins at the price levels where resistance is highest.
Look for the orange cliffs and stand guard over those walls.
Sell the rips, and buy the dips. Raise loads of cash and FOR THE LOVE OF MERKLE HELP ME HOLD THE LINE.
We should also be asking ourselves when the price will bottom out again so we can buy.
I'm of the opinion it already has.
And like I just posted, the adoption of BTC right now is most a small subsection of geeks and computer-literate who can read and understand what BTC is and how it works. To the average person it must seem completely hokey, to others who find about it later don't want to get into a market this volatile. What other demographics of people that have yet to hear about BTC are going to be willing to buy in to BTC at a $20 - $30 price range with the 'legal system' still out to lunch regarding what to do about these markets? That truly is the question we should be asking ourselves.
Bitcoin will never have a stable price, it is not supposed to have a stable price. The economic model was constructed specifically so that its price would never be stable.
It will be significantly more stable when more people use it to buy and sell services'n'stuff than people using it to sell and buy money. That's where Bitcoin needs to go to be disruptive. The question is: Do people want a decentralized digital payment method, or a commodity for speculation to make quick bucks. ATM, it looks like greed has taken over which most likely will do no good to anybody.
You are correct, the purchasing power of bitcoin will be more stable when it stores a significant share of more people's value.
But remember that even today the purchasing power of the dominant currencies fluctuates significantly year-to-year (anywhere from 3%-10% depending on the estimate).
As for the fact that greed is what is driving the interest in trading of bitcoin, it will significantly speed up the adoption of bitcoin. Which is good for every bitcoin user.
I believe the drop today can be completely explained by the two exchange sites both experiencing unclear problems with USD transfer out (problems that are now resolved). I know this was because of API upgrades at Dwolla, but that wasn't explained anywhere on those sites. All most users saw were two things, 1) Senator Schumer saying he was going to shut down bitcoin, then 2) USD transfers suddenly stop working. All of this combined with the general background noise on the hate-bitcoin sites saying this is a scam, ponzi, etc, caused a crisis in confidence. Hopefully it will resolve itself.
It's nice in our "society of laws" we live in that Senator Schumer is essentially sending the AG after BTC without any legal authority for doing so. Is the AG his own private goon? Shouldn't he be proposing a bill on this? Is Schumer part of the executive branch? What type of gulag are we living in?
Difficulty follows price. It is the change in price which results in a change in Difficulty, not the other way around. The data shows that changes in Difficulty lag changes in price.
Again, this is only half of the equation. Changes in difficulty lag changes in price during times of increased value because the higher price motivates more people to become miners, thus increasing the number of hashes per second computed by the network as a whole.
To see the other half of the equation, look at the times when it appeared that BTC's value was going to tank, note the point at which the market value refused to go any lower. Plot these low points over time and they also correspond to difficulty, in a much tighter curve than the highs or averages do, actually. This is the low point beyond which the miners are hesitant to sell. This is because unlike investors, most miners have ongoing costs to cover and a profit to make for this to be worth their time/effort. I know my electric bill is certainly high enough that I'd be hesitant to sell below a certain point...
I agree. Price and difficulty are correlated indicators, with price leading and difficulty lagging. Lagging indicators "confirm the strength of a trend".
The empirical data shows correlation, but there is no control group with which to perform an experiment and determine the causal relationship.
When the difficulty rises to support a higher price floor, difficulty is effectively driving the price. By this argument, the causality goes both ways (two-way causality).
Bitcoin will never have a stable price, it is not supposed to have a stable price. The economic model was constructed specifically so that its price would never be stable.
It will be significantly more stable when more people use it to buy and sell services'n'stuff than people using it to sell and buy money. That's where Bitcoin needs to go to be disruptive. The question is: Do people want a decentralized digital payment method, or a commodity for speculation to make quick bucks. ATM, it looks like greed has taken over which most likely will do no good to anybody.
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