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Topic: this is insane again (Read 7021 times)

newbie
Activity: 28
Merit: 0
April 18, 2013, 09:48:08 PM
#70
It seemed like this crazy bullride started with some hardcore manipulation with the 1 million+ holding on 70, then again around 90.

What the heck is driving this now?  Just panic buying?  

I really can't understand it. In less than 72 hours we are from 55 USD per BTC on the 120 USD per BTC. Like 218%, really??

In 18 hours we gained 30 USD - from 90 USD to 120 USD so we are basically at 133%.

Welcome to Bitcoin. Enjoy your stay. The show never gets old.

I can't agree more. It just lost 9 USD (10 %) in about 3 minutes?

And it gained it back Smiley
full member
Activity: 188
Merit: 108
April 18, 2013, 09:44:49 PM
#69
It seemed like this crazy bullride started with some hardcore manipulation with the 1 million+ holding on 70, then again around 90.

What the heck is driving this now?  Just panic buying?  

I really can't understand it. In less than 72 hours we are from 55 USD per BTC on the 120 USD per BTC. Like 218%, really??

In 18 hours we gained 30 USD - from 90 USD to 120 USD so we are basically at 133%.

Welcome to Bitcoin. Enjoy your stay. The show never gets old.

I can't agree more. It just lost 9 USD (10 %) in about 3 minutes?
sr. member
Activity: 448
Merit: 250
April 18, 2013, 09:39:53 PM
#68
Oh I see you like big numbers too.
It's fascinating to see the this cargo cult evolving.


So, not only are you an official Occupy Wall St. Bear, you also don't understand math at all? $5 bitcoins times 21 million = $105 million dollars. Enough to support any reasonable amount of economic activity via a global currency, and also provide stability? Lol. Thanks for reminding me yet again why your "Ignore" button is highlighted orange.  Cheesy Cheesy Cheesy
legendary
Activity: 2576
Merit: 2267
1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k
April 18, 2013, 09:37:01 PM
#67

Wow, I never knew that many American households had airplanes. 100% ? Shocked

It's misleading because it's per-capita. Some of us like to keep an extra for just the weekends and special occasions.

*ahem*
full member
Activity: 188
Merit: 108
April 18, 2013, 09:34:25 PM
#66
It seemed like this crazy bullride started with some hardcore manipulation with the 1 million+ holding on 70, then again around 90.

What the heck is driving this now?  Just panic buying? 

I really can't understand it. In less than 72 hours we are from 55 USD per BTC on the 120 USD per BTC. Like 218%, really??

In 18 hours we gained 30 USD - from 90 USD to 120 USD so we are basically at 133%.
legendary
Activity: 1512
Merit: 1000
April 18, 2013, 09:25:23 PM
#65
Bitcoin will be more stable (there will never be perfect stability) when its utility is fully understood. Its utility is a dynamic proprety that depends on a wide variety of factors, and a widespread understanding of this could occur at numerous different price levels. For example if banks decide to do some serious innovation, the mainstream public could disregard bitcoin entirely (not worth it for them), and it could be reduced to a very low price level supported only by Silk Road. There is no binary option of 0 or 10 billion. It's all market forces, cultural shifts, society-wide perspectives, etc.
It's really pretty simple.

When we get to the top of the adoption curve, or if Bitcoin fails entirely, the value will be stable.



Until then, it's going to be bumpy.
[/quote]

Wow, I never knew that many American households had airplanes. 100% ? Shocked
MOB
hero member
Activity: 493
Merit: 504
April 18, 2013, 08:58:42 PM
#64
It seemed like this crazy bullride started with some hardcore manipulation with the 1 million+ holding on 70, then again around 90.

What the heck is driving this now?  Just panic buying? 
legendary
Activity: 1400
Merit: 1013
April 18, 2013, 08:56:47 PM
#63
Bitcoin will be more stable (there will never be perfect stability) when its utility is fully understood. Its utility is a dynamic proprety that depends on a wide variety of factors, and a widespread understanding of this could occur at numerous different price levels. For example if banks decide to do some serious innovation, the mainstream public could disregard bitcoin entirely (not worth it for them), and it could be reduced to a very low price level supported only by Silk Road. There is no binary option of 0 or 10 billion. It's all market forces, cultural shifts, society-wide perspectives, etc.
It's really pretty simple.

When we get to the top of the adoption curve, or if Bitcoin fails entirely, the value will be stable.



Until then, it's going to be bumpy.
legendary
Activity: 1400
Merit: 1013
April 18, 2013, 08:54:04 PM
#62
shit there's only 7 billion people, oh well i get bitcoin will never be stable.  Wink
Users include businesses and other organizations, not just individuals.
legendary
Activity: 1904
Merit: 1037
Trusted Bitcoiner
April 18, 2013, 07:46:12 PM
#61
Bitcoin will not be stable until it is at a MUCH higher valuation.
Bitcoin will be only be stable with 10 billion users or with zero users.

shit there's only 7 billion people, oh well i get bitcoin will never be stable.  Wink
 
legendary
Activity: 1400
Merit: 1013
April 18, 2013, 07:25:34 PM
#60
Bitcoin will not be stable until it is at a MUCH higher valuation.
Bitcoin will be only be stable with 10 billion users or with zero users.
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
April 18, 2013, 07:21:44 PM
#59
Great, more people who don't understand markets or currencies. Bitcoin will not be stable until it is at a MUCH higher valuation. You come across like an angry emo kid in the OP, so if the price action bothers you, just leave bitcoin for another year or so.
When mBTC is $1 then we can talk about stability. You can daydream all you want about a slow, stable increase of 1%/month for the next 10 years but the fact is, people want Bitcoin and they want it now, stability just can't happen at $0.01/mBTC, bitcoin is behaving like a penny stock but since its value is displayed as a mature stock, it seems to be far more volatile than it should be.

Oh I see you like big numbers too.
It's fascinating to see the this cargo cult evolving.
sr. member
Activity: 448
Merit: 250
April 18, 2013, 07:19:59 PM
#58
Great, more people who don't understand markets or currencies. Bitcoin will not be stable until it is at a MUCH higher valuation. You come across like an angry emo kid in the OP, so if the price action bothers you, just leave bitcoin for another year or so.
When mBTC is $1 then we can talk about stability. You can daydream all you want about a slow, stable increase of 1%/month for the next 10 years but the fact is, people want Bitcoin and they want it now, stability just can't happen at $0.01/mBTC, bitcoin is behaving like a penny stock but since its value is displayed as a mature stock, it seems to be far more volatile than it should be.
hero member
Activity: 602
Merit: 500
April 18, 2013, 07:05:43 PM
#57
Nice times to rake some profit daytrading. Never did that actively, but its very profitable indeed Cheesy


Been daytrading for over 15 years and I have to say I have yet to see anyone get rich at it.  Lot's of guys who made a quick million and then lost it all though.  You can't predict a panic sell off and can easily lose weeks of profit in one day.  Anyone who replies claiming to be getting rich on Bitcoin daytrading please show us your statemtents and continue to show them from now on.  I doubt you will see this.

Doing well enough thank you kindly.

Do not delude yourself, ManBearPig is telling the truth, the more you trade the more certain is your loss.


Vladimir is correct. so is ManBearPig. day trading when it was just going up is fine. picking tops and bottoms unless you have enough capital to move things will probably wind up being worse than just being long
sr. member
Activity: 350
Merit: 250
"Don't go in the trollbox, trollbox, trollbox"
April 18, 2013, 04:50:25 PM
#56
Nice times to rake some profit daytrading. Never did that actively, but its very profitable indeed Cheesy


Been daytrading for over 15 years and I have to say I have yet to see anyone get rich at it.  Lot's of guys who made a quick million and then lost it all though.  You can't predict a panic sell off and can easily lose weeks of profit in one day.  Anyone who replies claiming to be getting rich on Bitcoin daytrading please show us your statemtents and continue to show them from now on.  I doubt you will see this.

Doing well enough thank you kindly.
sr. member
Activity: 303
Merit: 250
April 18, 2013, 04:37:35 PM
#55
If you are trading relatively small potatoes (a couple hundred BTC and under), CampBX seems nice. Liquidity is not the best (though there is a dark pool) but ive never had a problem with lag or missed orders, etc.

They tend to trade about $1-5 cheaper than Gox.
legendary
Activity: 966
Merit: 1004
CryptoTalk.Org - Get Paid for every Post!
April 17, 2013, 06:03:48 PM
#54
Wish more folks would switch from MTGOX though... you'd think we'd have learned that by now...

Well the current exchange i was using just went belly up i think .. or something is going on with bitfloor.
They just asked the whole lot to pull funds out ..btc or USD and all trading has stopped!



So ... where is a halfway decent exchange??? I was thinking bitstamp but .. i need to pull out USD easy. Bitfloor did just that!

Direct deposit was a sinch..just gave it my routing and bank name . .. Think it was 2 1/2 days funds were in my account!


Im approaching all exchanges with a 50 ft poll from now on.. I really liked bitfloor hope they arent gone for good. Sad


newbie
Activity: 56
Merit: 0
April 17, 2013, 05:37:11 PM
#53
full member
Activity: 233
Merit: 101
April 17, 2013, 04:50:07 PM
#52
Guys, remember that if bitcoins become widely adopted (greater than 1% of the population), bitcoins will necessarily have to cost more than $1,000 (probably more like $10,000). It has to get to that price SOMEHOW, and I don't see any possible way it could get there without a lot of volatility.

Yes, I would also like bitcoin to have a relatively stable price, but I'm not expecting or hoping for that until it's a trillion dollar market (like gold, which can still be fairly volatile).

True, patience is what everyone needs.  Adoption comes, value goes up and stability comes.  Don't expect stability to come before adoption.  It wont happen.

Agreed.

This stuff is definiely not good for Bitcoin. It won't be widely accepted as long as it's dancing like this, it'll just be a speculation asset.

The short term thinking in these threads is remarkable to me. As stated above, Bitcoin will not be a truly viable exchange medium or "universal" store of value until the price of bitcoin is in the order of magnitude of $10K/coin. Before that it is almost useless on a large scale (except for a few people to move small amounts of money around).

Arguments about "what is bad for bitcoin" are truly irrelevant to the ultimate adoption or failure of the coin. There will bubbles (many I believe) over the next few years and there will be crashes. That is the nature of the beast. Complaining about "manipulators" and "speculators" is just plain silly and naive. That is always the nature new ideas and technologies.

I have worked with dozens of vc funded start-ups. Many die. Some make it long enough to get 2nd and third round funding. Those that do are often bought by larger firms or explode out on their own. I have never seen one that did not have wild swings in "valuation" along the way - however you choose to measure that. Will bitcoin survive? I don't know. If it solves an existing problem (or many) and does it better than the competition, it will thrive. If not it will die.

My bet is it will live. Bitcoin is strong and will get stronger as it is tested. Just my opinion.

But all this hand wringing and anger about what "they" are doing to you and hurting bitcoin by trading and speculating is just nonsense and a misreading of what is required - and inevitable- at this time in the bitcoin adoption phase. We are involved in a high-risk venture capital long-term investment (some more than others Grin And something that no one has ever seen before. It is going to be messy for long time.
legendary
Activity: 2212
Merit: 1008
April 17, 2013, 04:15:45 PM
#51
Like I said yesterday, this are looking pretty hopeful, actually.  Again, the price is going to wiggle and wobble (pretty significantly compared to most other markets) on its way back up, but I do think the bottom was put in place.


i miss the old proud who was predicting single digits a few days ago.
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