Topic: Exchanges 5% up in the last couple of hours (Read 1992 times)

I wasn't aware of bitcoin in this respect until March 2014...two months ago - ish - ...and it was dropping into the 425 level. I got set up but was thwarted waiting on coinbase's waiting period which was killing me. I was soooo ready to start playing...and it dropped to under 400 and I was like HURRREEEEEETHEHELLUPCOINBASEPLLEEEESSSE...but but the time I was able to do anything it'd started moving back up so I got my first one at 399/400. Then it went all the way up to the 440s and friggen stayed there ever since until yesterday. Of course it did this after I made 2 $25 payments just to get familiar with how easy it is moving money around...

And on that note I have to say that almost felt like I did it wrong because it was too easy and fast...I've been conditioned to know there's a catch. How sad. It was as simple as sending an email, push the button, DING...and notice on my phone. And it's deducted from my account. It was really interesting watching the confirmations kick in too.

So I've gained much more hands on confidence in using bitcoin and will be in for the long haul. I was really excited yesterday when I saw it suddenly shoot up to 490s and then watched it hit the 500 mark (and that I was fast enough to make the post about it )

There's another way to go about it, when moving money...tell someone I'd prefer to be paid in bitcoin and then just help them get an account set up to "accommodate you" so they can send it that way...once they do it the first time they'll see it's way easier - save but the verification part.

you are so far off

Bitcoin is so much more than simply a currency, it's a protocol that can and will host many applications, currency is just one of many things bitcoin can do

Saying bitcoin is just currency is like saying the internet is just email.

Also, owning bitcoins is lke owning a little bit of the bitcoin network and mining is also like being a stakeholder in the bitcoin network. Both will pay off if bitcoin gains popularity and utility. Since people have financial incentive in spreading bitcoin, they will be likely to convince others to also look into bitcoin. This will cause an exponentially growing amount of people who will use bitcoin (due to the network effect) and like facebook it will grow at an exponential rate, which will also cause the price to grow at an exponential rate. At least until we hit the upper limit because there are only so many people on the earth and not every single one of them will use bitcoin.

So let's say about 3 billion people will eventually use bitcoin in the end. For that to happen the price needs to increase many times over (probably about 2000~4000 times or so)

Is 3 billion far-fetched? I think it can happen, since facebook already has 1.2 billion users or so (and is still growing, although at slower rate) and although facebook is a great platform for applications and sharing, bitcoin is has so much more utility. Anyway we are currently not even close to a billion users, in fact we're most likely still under a million users (hard to tell exactly) so there's a lot of room left for exponential growth.

Because people use fiat to get into bitcoin world, the time you buy a miner is an investment, the time you trade on exchange is an investment, the time you pay your electricity bill is an investment ... so bitcoin is an investment right now, I don't know how people going to use it in the future, maybe when people start use it the same way people use fiat money we can treat bitcoin as money and maybe Nakamoto will touch his btcs... for while we still a small community, early adopters investing in bitcoin's future

Overstock, for example, is converting only 90% of their bitcoin turnover into Dollar, they keep 10% in BTC in order to pay employees and vendors in the future. But in a speculation forum we will talk about bitcoin as an investment most of the time, that's just logical. Nevertheless, I do spend some from time to time, whenever I have the possibility.

If Bitcoin is an investment and doesn't earn money, how can it be an investment? That is quite literally the definition of a ponzi scheme (what you feel Bitcoin is). That is NOT how it is designed, nor how it's meant to be utilized.

for while I don't see bitcoin as money .. I don't receive my salary in bitcoin, I don't pay my tax in bitcoin, etc ... I think most of all people sees bitcoin as investment .. and everybody wants to get ROI ... in the future maybe it will be different .. but not now..

Facebook is a company that brings in revenue. Bitcoin is simply a form of currency. You can't even begin to compare the two because they are so different.

reminds that facebook market captalizations is 152.54B ... and we ..

http://blockchain.info/charts/market-cap

 

FB is 25 times bigger ... people invest in something because the potencial ROI ... I do agree that the whole bitcoin ecosystem can be bigger than that ... just look how big linux community became ...

c'mon guys, my 500 ghash miner can get me BTC0.0284 every day.  And I might break even in 80 days....assuming I get a block....and the difficulty doesn't change.  

You are absolutely correct.

The trick I've found is that it is almost always more profitable to buy Bitcoin than to buy mining hardware. The only time it may be profitable to buy mining hardware is when we are on a clear downtrend in price and it is least profitable to mine, and you should only do it if you can get super-cheap mining rates or specialized hardware that gives you an edge over the large datacenter miners.

Now, this might sound counter-intuitive, but uptrends (See GPU mining in 2010, FPGA mining in early 2012) start very slowly once mining gets back into diverse hands that hold the coin instead of immediately sell it. Mining should be unprofitable for reasonably-long periods of time to revert the big-house mining (and immediate selling to cover costs) that happens and put the control back into the hands of smaller-scale operations. I suspect this trend will be necessary for Bitcoin to reach wider adoption and higher acceptance worldwide. Right now the power is concentrated into the hands of too few mining operations, so it is MORE beneficial for the price to fall and individuals operate/mine at a loss and accumulate coin.

So your question of why should you mine at a loss? To help the network and foster the right kind of miner. This topic has come up before in late 2011, and I addressed it here.

I would guess not. I think momentum has been building for the price to start trending upward for awhile now.

And there's the hard part. Knowing when to buy and sell. I bought a 7950 for mining (had to get a new PSU as well, so $400) when Bitcoin was $50. I could have bought 8 BTC. Instead, since that time I've mined less than 0.5 BTC, and it's already almost not profitable anymore. I essentially lost 3.5k (as of today's rate) by making the wrong choice.

And continue to hold.

When Bitcoin hit $1k, even I sold, but it was still 5% or less of my total holdings.

Was that a failure? I could have sold 100% and bought back in now for less than half the value!

I'm not sure the price is necessarily going up, but I would never spend more than 20% of my net worth in fiat to buy Bitcoin at once and I would never spend more than 20% of my Bitcoin to buy fiat at once. :/

i have bought and sold my 10 coins over 3 times in the last 10 days. profit margin between 2-4% every flip, until today. I am obviously buying back as soon as the trend is going down. Quadriga CX is great as people seem to be trding 15$ CND higher than bitstamp and prices are much more volatile than bigger exchange with higher volume.

Cool.  But you may want to read about bitcoin's history of bubbles and buy back in.  You don't want to miss $5000-$6000 per coin.

The people that have made the most money are those that bought and held for a LOOOONG time.

Despite the occasional high-profile business failure, the fundamentals of bitcoin haven't changed - it's still a decentralized peer to peer value transfer protocol and asset register. People want a piece of that.
There has been a ton of good news overshadowed by gox. Bitcoin atms going up everywhere. Brick and morter banks/exchanges in cyprus and hong kong. And the most important chart imo is still looking good.
Also, yesterday was monday my guess is that all of the noobies are getting their accounts verified creating a spike in demand.

I agree...buyers confidence is not yet established for people to hold for the long run.

The problem is that most people bought above this price range. As it continues to go up, people are going to cash out at their break even (or slight profit) marks.

I would not be surprised to see price going back to 430-440 within 48h. I am hoping anyway, so i can buy back and wait for next bubble.

According to Bitcoin Exchange Calculator a single bitcoin is $476.998. If this has to do with Richard Branson $30 millions investment in BitPay (https://bitcointalksearch.org/topic/richard-branson-invests-30-millions-in-bitpay-bitcoin-about-to-take-off-616850) it's going to short live...if not, Bitcoin is about to explode.

What are your thoughts?