Interestingly when I tried to enter a purchase order at SecondMarket today I received this email:
Unfortunately it is unlikely that we will be able to sell you... BTC today… we have a fairly large Bitcoin Investment Trust order that we have to fill ahead of selling BTC to other counterparties.
Bullish?
bullish.
It is still pretty fucked that they do NOT have enough coins... maybe they should have been accumulating so they could fill all new orders.. dumb asses.
there accumulating now....
they can't instantly buy 3K bitcoins to satisfy orders that would move price up, and they want cheap coins, like everyone else...
Well my 420 Cough yes saying the same thing because I was waiting for it to occur is finally starting to happen
Now I have a real question in your opinion should I calculate lower or keep the same price target
My logic:
With over $250 million vc investment poring in from this year alone, over 8 $1+ billion dollar companies entered the space, over 6 new bitcoin ETF's launching by end of year, with an expected 100k merchants by end of year.
The price is going to drop significantly due to conversions as most BTC are being used for currency purposes now which is great but means a structural downtrend in the short run, the stronger the adoption the larger the price drop in the short term.
The value is not derived from the price, it is derived from the technology and the technology so far has proved to be resilient, global, and amazing. Bitcoin is moving at break neck speeds with adoption rates faster than facebook/twitter and the internet itself.
So value wise it will rise at breakneck speeds later but in this run the price will keep falling, my question is what the bottom for now will be.
http://www.cryptocoinsnews.com/bitcoin-price-goes-down-good/Either way it is getting interesting
http://www.coindesk.com/downward-pressure-bitcoin-price-declines-to-near-400/
