Topic: BTC price shooting up to $24/BTC (Read 4398 times)

The supply of Gold is nigh infinite with electric powered particle accelerators. 

I'm not too educated on the topic... but from what I've heard gold isn't exactly rare but controlled. I guess the same applies for Bitcoin in a way with hoarders, but Bitcoin is transparent. We know how many there are and we know there are limits (there are no secret deposits of Bitcoins 10000s of feet into the ocean or in some undiscovered area of land), whereas with gold it's  matter never truly lost or destroyed since it's constant... simply broken down into smaller pieces to be discovered later. Bitcoin, however, if you lose a wallet the coins are gone forever not broken up to be rediscovered. I hope the gist is somewhat gotten, I'm not the best at defining thoughts and I'm tired..

Correct me if I am wrong but I don't see the point of really comparing the two in the long run.

d silver a well undervaluated.. The gold price should be arround 33 000$ / ounce if it has followed the last 40 years of inflation, the the CPI supposed inflation.. My guess is gold @ more than 5k$ before 2015 !

Don't tell anyone, but precious metals are overvalued right now too.

+1

Just stumbled upon that today myself.

no sorry I only participate in bets that I'm certain I'll win, and predicting btc price is not one of those

am I late to this bet? since I've seen 24.60 transactions several minutes ago...

am I late to this bet? since I've seen 24.60 transactions several minutes ago...

Alright im pretty sick and tired of this greed shit, You think that bitcoin is being manipulated heavily right now? are you willing to wager, I will put 250 USD bet on the fact that Bitcoin will not go below 24.75 in the next 5 days, even with the RSI as high as it is, I believe right now most news is good and relative stability is what we have been seeing,

You want to talk shit or put money where your mouth is because if you want to wager more im willing to.

Edit:

Looks like a good time as we are seeing some drops but the bet is still live,

this is true. but greed is a quantifiable thing. take that the bitcoin market behaves in an extremely volatile manner compared to commodities with massive market caps:

the basic hypothesis is that people are irrational and will overestimate rewards vs risk. this will manifest itself in a game of musical chairs where everyone plays along until we reach a really unstable state where everyone rushes to sell sell sell. last one out loses (net loss) because trading is a zero-sum game. this state is "unstable" as the price exhibits extreme volatility, which sometimes can hide the underlying deflation.

while this occurs in all markets, with bitcoin it is exacerbated by the smallness of the market cap. the mechanism for this is related to the interplay between the relative sizes of the trade volume and the market cap. (if mean volume is large in proportion to the market cap, single buys and sells more drastically affect the market).

in other words, this rally could be a 'fluctuation' much larger than the underlying deflationary nature that gold and silver exhibit. the btcusd rate should increase over time, but that does not necessarily mean that this price event is due to that effect.

it could just as easily be musical chairs...

also


>the situation we are in now is 100000000000x different
>100000000000x different

That is true, but you should not forget that BUY limit on coinbase is 100 btc while SELL limit is 10x more - 1000 BTC,

I think there's another component to the recent price rise that I never hear mentioned: it's simply easier now for anyone to buy bitcoins.  Coinbase in particular lets anybody sign up and buy coins immediately with a direct bank transfer.