Bitcoin will reach 5-6 dollars within 1-2 months

grod

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Quote from: molecular on September 15, 2011, 03:02:29 PM

Maybe this calls for acyclic action. Buy mining hardware now Wink

Oh I may, I may. But not video cards -- I'm waiting for the FPGA miner guys to get a clue and slap at least 6 of the $158 spartan 6s on their board instead of just 1 or 2. At that point the FPGA setup won't be much more than a mining rig, and once again have a 90% gross margin on cost to produce each coin.

We're one genius move on the part of hardware devs and a few dollars to the downside short a giant shift in the way bitcoins are valued.

molecular

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Quote from: Jack of Diamonds on September 15, 2011, 10:04:10 AM

Well, I for one will quit next week given the prices stay at current levels.
Absolutely zero incentive to keep mining at this point.

Of course, if difficulty drops to say 400-500k before christmas, a $4-5 price point will be excellent.

Sounds like a feedback loop to me. Regulation works.

Maybe this calls for acyclic action. Buy mining hardware now Wink

fastandfurious

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Quote from: Minsc on September 15, 2011, 02:32:01 PM

In one or two months it might bounce back up to $5-6, you think?

Very short time period maybe, but don't bet on it. It is much more likely to continue the down trend.

Minsc

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In one or two months it might bounce back up to $5-6, you think?

fcmatt

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Quote from: Minsc on September 15, 2011, 12:28:32 PM

Quote from: fcmatt on September 15, 2011, 12:25:38 PM

Yea, 6000-7000 transactions a day from miners wanting to sell their coins and pools sending them out.
Has anyone analyzed those transactions for any clue of what is going on with them if possible?

I've spoken to miners and most claim to be saving them for a price rise. There are a lot of people selling on MtGox. I don't know if it's hackers or investors.

Yes.. but every time they send coins from a pool to their own client that is a transaction... now multiply that
by everyone mining.. which could be a significant percentage of transactions per day just from that alone.

Minsc

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Quote from: fcmatt on September 15, 2011, 12:25:38 PM

Yea, 6000-7000 transactions a day from miners wanting to sell their coins and pools sending them out.
Has anyone analyzed those transactions for any clue of what is going on with them if possible?

I've spoken to miners and most claim to be saving them for a price rise. There are a lot of people selling on MtGox. I don't know if it's hackers or investors.

fcmatt

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Yea, 6000-7000 transactions a day from miners wanting to sell their coins and pools sending them out.
Has anyone analyzed those transactions for any clue of what is going on with them if possible?

Technomage

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Affordable Physical Bitcoins - Denarium.com

Quote from: symbian on September 15, 2011, 09:54:43 AM

To start up-trend we need any expanding sources of BTC demand. I don't see any of it for now. We still have constant supply of BTC.

Bitcoin is just starting, the demand so far has been small, even at the peak. Currently we're at 6000-7000 transactions per day which is quite an improvement from the 1000 per day at the start of the year.

I am very surprised if we're not seeing 10000+ again before the end of the year, especially when services like this pop up: https://bitcointalksearch.org/topic/ann-bit-pay-mobile-checkout-this-changes-everything-44076

It's clear now that the bubble has deflated. What is not clear is whether the Bitcoin-economy will rise after leveling off or drop further, to levels lower than before the bubble. This is not crystal clear yet but I find a growing economy much more likely. Nothing has killed Bitcoin itself, services are getting better, there are simply no signs of a death of any sort.

Jack of Diamonds

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Quote from: NetTecture on July 29, 2011, 08:22:55 AM

That said, the poster may be right. I was ready to signa contract for a larger data center installation for bitcoin mining and just called it off - the numbers did not work, not the least because pretty much everyone on the other side of the game decided to demand more money. Too much risk, too high price. Especially with the rent up. I expect quite a lot of people will loose their guts at one point - not everone pays 15 US cents or lower, some pay significantly more and for the mmining is less and less efficient.

Well, I for one will quit next week given the prices stay at current levels.
Absolutely zero incentive to keep mining at this point.

Of course, if difficulty drops to say 400-500k before christmas, a $4-5 price point will be excellent.
I don't see that happening though..

symbian

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To start up-trend we need any expanding sources of BTC demand. I don't see any of it for now. We still have constant supply of BTC.

fastandfurious

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As you can see, 6000 bitcoins out on the market on the bid side just this minute.

fastandfurious

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Quote from: S3052 on September 14, 2011, 09:07:19 AM

our technical analysis has also predicted that btcusd even broke 5$.
After the low at just above 4$, we may now see base building before potentially rally again.

I could give you many reasons that it will continue going down. Rally in very extreme short term is the only possibility, besides that there is no signs of a strong rally. I think the likelihood of BTC going to 3 dollars is much higher then let say 9 dollars.

S3052

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our technical analysis has also predicted that btcusd even broke 5$.
After the low at just above 4$, we may now see base building before potentially rally again.

symbian

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As I've predicted we are now at 5-6$ for 1 BTC.

Minsc

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Quote from: fastandfurious on July 29, 2011, 07:23:24 AM

I'm also guessing that there are 10-50 people that have 50 000 bitcoins each or more (the early early adapters). This group have a big impact on the price as well. If just a couple of them decides to cash out, the price will drop substantially.

I think a lot of them sold and it's people like satoshi buying back that is keeping the price from plumetting.

BBanzai

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Feelings are great for writing poetry and wondering whether or not you'll have the chicken or the fish. It will go down farther before it goes up. Its like dropping an egg and hoping that your feelings will inform you about what will happen next.

Bazil

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Quote from: FlipPro on August 07, 2011, 12:04:32 AM

Quote from: GeniuSxBoY on August 06, 2011, 07:34:12 PM

Op was wrong. It took 1 week.

Whats crazy is it can go up just as fast..

I have a feeling that's going to blow up, but maybe I'm wrong

FlipPro

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Quote from: GeniuSxBoY on August 06, 2011, 07:34:12 PM

Op was wrong. It took 1 week.

Whats crazy is it can go up just as fast..

BBanzai

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Yep - bought at $6, sold at $7, made like $5 Tongue

SCORE!!!!! The overall curve did not spike upwards with the US credit downgrade. Interesting.

bitcon

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maybe he should re-title the thread as $0.50-$1 within 4-6 weeks.

Topic: Bitcoin will reach 5-6 dollars within 1-2 months (Read 7653 times)