Topic: Its been $800 for a reeeeeallly long time..... - page 2. (Read 4195 times)

imho stamp seems the playground of a bot programmed to keep price at 800 with scarce action beyond that.

I would guess that most traders are waiting for MtGox to finally explode before getting back into the market, it just seems like way too large of an event to be trading in front of.

Could just be that there are large buyers and large sellers that want to enter the market and exit the market without moving the price too much?

By god. You have those two so much the wrong way around it is unreal. I take it you are a holder who is getting a bit bored with the lack of movement in the Bitcoin price, suspects that there is market manipulation holding the price in a range, but doesn't want to consider the fact that the manipulators may actually be protecting the value of your vaporous assets until 'reinforcements' can be sent (a genuine organic market demand returns to Bitcoin).

If you were watching these markets as closely as an obsessive compulsive day trader might, who is looking for both long and short opportunities, then you would be fully aware that these markets are being mostly held up, not capped.

The primary reason that people own bitcoin (I believe) is bc they are looking for a place to store wealth and to speculate.  The idea is that as sovereign currencies implode bc of government printing and spending, an alternative will be sought.  Gold is one such place, but bitcoin is a better one bc, in addition to being limited in nature, it has the ease of transferring money cheaply and easily and globally.  But make no mistake, however - the vast majority of people would not get into bitcoin if its only feature was this ability to transfer.  It must have a possibility to increase dramatically for people to invest in it, and its market cap must go up dramatically for greater acceptance and liquidity. 

Anyone who has watched the bitcoin price closely can see that the price is being kept at just over $800 so that the bitcoin advocates can yell out "SEE HOW STABLE AND NON-VOLATILE IT IS NOW"  These large bitcoin holders, who have more bitcoin than they know what to do with, think that they are helping bitcoin by stablizing the price by capping it (mostly) and putting in a floor (occasionally).  For all their good intentions, they do not know that they are actually hurting bitcoin.

The reason that you are not seeing headlines like "bitcoin rallies on Argentina's peso decline" or "on Turkey's Lira's decline" or "on Puerto rico bonds to junk status" is bc of these huge bitcoin holders are holding the price at current levels.  When Cyprus had its debt issue last April, the price exploded.  Somewhat similar debt issues are taking place now, but no movement in the price whatsoever!

There's no mystery here. Most of the bears and bulls are waiting on regulatory and other legal decisions to guage whether bitcoin will take off with the general public or be viewed as a novelty. The market has already taken into account some of the bigger news stories this year also. Expect this kind of boredom until late March or early April.

That was only in the first six weeks. March, April and May were similar or even calmer than now.

You actually saw many ~25% weekly swings in that period. That would currently equal price going to 600 or 1000.

The first six months of 2012 were also a bit of a snooze-fest. The price in June was pretty similar to the price in January.

yep...silver has been much more volatile than Bitcoin in recent weeks.

Because the mining cost also stayed relatively stable at this level for some time, the ant miner brought a new wave of cheap mining rigs. Although using BFL rigs the cost is much higher than $800, using ant miner can still keep the per coin cost at $800

that is actually right. going from sub 150 (for ages) to 1100 and falling back to 800 is not really a bubble. maybe that is exactly what makes people nervous. it would really look strange on the chart if it would keep rising again now 

That's bullshit. You could also say that many of the speculators have already left in December, since the value right now is still 30% lower than it was at the top. Also historically it's just not true that after long periods of stability people somehow get bored and leave bitcoin. December 2012 for example was a very stable month at $13, or February-June 2012 at $5. Both saw amazing rallies after those periods of stability. The opposite actually hasn't happened that often, and when it did the stable period was a lot shorter. The period before we dropped to $65 in June/July 2013 for example was far from stable if you look at the charts there.

But now nobody will buy because bitcoin is known and wanted for it's insane daily fluctuations. It's like an easy woman that now won't accept one night stands for money anymore but wants a 'stable' relationship

Bitcoin always finds brief stability just before a major move...

It's like riding a roller coaster while blindfolded... You don't know whats next but you know the track won't stay straight forever.

The chinese are still on holiday until the end of the week. From what I've read their banks are closed. I'm hoping for a breakout next week, otherwise we will still be stuck in the 800 for a while.

That's what I thought, thanks.


This was my thinking as well.  We have seen bubbles....sure.  But this $800 price seems more like Bitcoin hitting the mainstream than anything. I don't think we ever "crashed" from the Chinese, and I don't think we will.

Low volume could just mean that people are holding in speculation of an increase soon. I've recently upp'd my bitcoin investment due to current stability and being able to pick up some bitcoin at a "cheap" price in my book. I see btc hitting $1000 again easily with any bad economic fiat news

Yes, that is absolutely possible

This is exactly my thought on the issue. Stability with a very gradual rise would be best in terms of the long term, rather than up and down rollercoster that is unpredictable.