Topic: We're breaking $35 - new all time high - page 2. (Read 3413 times)
$36
Just looked it up: There's only about 27.000 BTC for sale for under 50 USD on Mt.Gox. Thats not much market depth on the ask side (1.074.909 USD) and explains the upwards pressure. Buying 2.7 million USD worth of BTC would move the price to 100 USD.
For comparison: Dumping a million USD worth of BTC on the market would just move the price down to 31.15.
Dumping 2.7 million USD would move it to 19.50.
Source: http://bitcoincharts.com/markets/mtgoxUSD_depth.html
For comparison: Dumping a million USD worth of BTC on the market would just move the price down to 31.15.
Dumping 2.7 million USD would move it to 19.50.
Source: http://bitcoincharts.com/markets/mtgoxUSD_depth.html
Yes, but that's only what's showing on the books. There are a lot more BTC (and probably also USD and fiat) sitting on MTGox and not showing on the order book. If someone started to buy relentlessly, you'd see BTC popping up out of nowhere.
Isn't it a bit over the top to call USD the authoritative price? The exchange is in Japan, and it is entirely plausible that someday the market of another currency becomes even larger than that of USD, it's better to trade USD as yet another currency. Besides, it may be even more useful to display the last price in all currencies-a user may trade in many different currencies.
The US American user base of bitcoin is very large, I'd guess if you go by trade volume a majority of bitcoin users are US Americans. Something like 90% of my customers are US Americans. I'm not from the states myself, but using the USD exchange rate as the key value indicator of bitcoin seems logical to me.
I guess this is partly related to the gold rush at 1849, strong culture and history support. Around 300,000 people went to california and they averagely mined 40 ounce gold per person in the first 5 years
At that time, a small team could mine millions worth of today's USD in a several months' period
Isn't it a bit over the top to call USD the authoritative price? The exchange is in Japan, and it is entirely plausible that someday the market of another currency becomes even larger than that of USD, it's better to trade USD as yet another currency. Besides, it may be even more useful to display the last price in all currencies-a user may trade in many different currencies.
The US American user base of bitcoin is very large, I'd guess if you go by trade volume a majority of bitcoin users are US Americans. Something like 90% of my customers are US Americans. I'm not from the states myself, but using the USD exchange rate as the key value indicator of bitcoin seems logical to me.
Showing the latest price in all currencies could definitely be helpful in a number of use cases, especially since you don't need to be reside in a certain nation to trade in its market--one advantage of bitcoin, it's also a bit more politically correct.
Actually I am yet to figure out the connection between different markets, before $35 was broken I saw ask orders of exactly the same sizes popping up in USD/EUR/GBP markets, what was happening?
Just looked it up: There's only about 27.000 BTC for sale for under 50 USD on Mt.Gox. Thats not much market depth on the ask side (1.074.909 USD) and explains the upwards pressure. Buying 2.7 million USD worth of BTC would move the price to 100 USD.
For comparison: Dumping a million USD worth of BTC on the market would just move the price down to 31.15.
Dumping 2.7 million USD would move it to 19.50.
Source: http://bitcoincharts.com/markets/mtgoxUSD_depth.html
For comparison: Dumping a million USD worth of BTC on the market would just move the price down to 31.15.
Dumping 2.7 million USD would move it to 19.50.
Source: http://bitcoincharts.com/markets/mtgoxUSD_depth.html
Isn't it a bit over the top to call USD the authoritative price? The exchange is in Japan, and it is entirely plausible that someday the market of another currency becomes even larger than that of USD, it's better to trade USD as yet another currency. Besides, it may be even more useful to display the last price in all currencies-a user may trade in many different currencies.
The US American user base of bitcoin is very large, I'd guess if you go by trade volume a majority of bitcoin users are US Americans. Something like 90% of my customers are US Americans. I'm not from the states myself, but using the USD exchange rate as the key value indicator of bitcoin seems logical to me.
Either way, it should be the same for the last, high, low, and weighted average. It looks ridiculous and illogical to see the Last being higher than the High.
I'd go as far as to say that it damages the image of Mt. Gox for new users. Any investor looks at that and goes, "They can't even get their ticker right??"
I'd go as far as to say that it damages the image of Mt. Gox for new users. Any investor looks at that and goes, "They can't even get their ticker right??"
Gox falls short in many ways, you can't even make a stop loss order with their platform. Why it is so dominant can only be attributed to the fact that it is probably the only exchange today which you can entrust with millions of dollars of money.
Funny how nobody wants to sell and hoard because they think it will climb even higher.
Because nobody wants to sell..
Because nobody wants to sell..
Yeah I do. I just did. That doesnt make me a bear, i wouldnt be surprised if kept climbing to over $50, but a 6x increase is good enough for me to lock in some profits.
I'm sick of reading that shit. You're not locking in any profits... bitcoin is money and in the long run the USD is toilet paper. What are you going to buy when the FIAT currencies of the world hit the fan? Gold? Real estate? Shares in companies? I have a slight suspicion you might buy back at some point.
After cooling down (sorry had to vent this at some point) I can admit that I also sold some of my bitcoins (about 5%) on the way from 12 to 35 and I can understand your fear. I have it, too, but I'm resisting pretty well so far.
I haven't sold a bitcent yet. Got enough of toilet paper.
Funny how nobody wants to sell and hoard because they think it will climb even higher.
Because nobody wants to sell..
Because nobody wants to sell..
Yeah I do. I just did. That doesnt make me a bear, i wouldnt be surprised if kept climbing to over $50, but a 6x increase is good enough for me to lock in some profits.
I'm sick of reading that shit. You're not locking in any profits... bitcoin is money and in the long run the USD is toilet paper. What are you going to buy when the FIAT currencies of the world hit the fan? Gold? Real estate? Shares in companies? I have a slight suspicion you might buy back at some point.
After cooling down (sorry had to vent this at some point) I can admit that I also sold some of my bitcoins (about 5%) on the way from 12 to 35 and I can understand your fear. I have it, too, but I'm resisting pretty well so far.
Either way, it should be the same for the last, high, low, and weighted average. It looks ridiculous and illogical to see the Last being higher than the High.
I'd go as far as to say that it damages the image of Mt. Gox for new users. Any investor looks at that and goes, "They can't even get their ticker right??"
I'd go as far as to say that it damages the image of Mt. Gox for new users. Any investor looks at that and goes, "They can't even get their ticker right??"
just seen a last trade price of $36 !! whats going on on mt gox today its going crazy
I will explain again in place of MagicalTux before he go to your house with a shotgun tired of explaining this all the time:
the last price reflects the last price in ANY currency in mtgox (converted to USD), so if someone crazy buy 1 BTC for 1000 EUR you will see a last price of 1300 USD
Haha - so much easier if he could just always put the last price only for USD, since this is the authorative price. Then visitors could have the option of selecting 'any currency' over this if they wanted to. Too bad he doesn't look at this as the most logical thing to do. Nobody would complain about that, as it is now, everybody complains.
Isn't it a bit over the top to call USD the authoritative price? The exchange is in Japan, and it is entirely plausible that someday the market of another currency becomes even larger than that of USD, it's better to trade USD as yet another currency. Besides, it may be even more useful to display the last price in all currencies-a user may trade in many different currencies.
just seen a last trade price of $36 !! whats going on on mt gox today its going crazy
I will explain again in place of MagicalTux before he go to your house with a shotgun tired of explaining this all the time:
the last price reflects the last price in ANY currency in mtgox (converted to USD), so if someone crazy buy 1 BTC for 1000 EUR you will see a last price of 1300 USD
Haha - so much easier if he could just always put the last price only for USD, since this is the authorative price. Then visitors could have the option of selecting 'any currency' over this if they wanted to. Too bad he doesn't look at this as the most logical thing to do. Nobody would complain about that, as it is now, everybody complains.
just seen a last trade price of $36 !! whats going on on mt gox today its going crazy
I will explain again in place of MagicalTux before he go to your house with a shotgun tired of explaining this all the time:
the last price reflects the last price in ANY currency in mtgox (converted to USD), so if someone crazy buy 1 BTC for 1000 EUR you will see a last price of 1300 USD
I know this, The old saying: something is worth what people are willing to pay for it.
just seen a last trade price of $36 !! whats going on on mt gox today its going crazy
I will explain again in place of MagicalTux before he go to your house with a shotgun tired of explaining this all the time:
the last price reflects the last price in ANY currency in mtgox (converted to USD), so if someone crazy buy 1 BTC for 1000 EUR you will see a last price of 1300 USD
just seen a last trade price of $36 !! whats going on on mt gox today its going crazy
Funny how nobody wants to sell and hoard because they think it will climb even higher.
Because nobody wants to sell..
Because nobody wants to sell..
Yeah I do. I just did. That doesnt make me a bear, i wouldnt be surprised if kept climbing to over $50, but a 6x increase is good enough for me to lock in some profits.
ok, just broken. pat on the back to all the bears, now that's definitely a top 
Funny how nobody wants to sell and hoard because they think it will climb even higher.
Because nobody wants to sell.. the sell volume decreases and the price rise and the new media hype the bidding volume increases.
And cause of this effect the price of bitcoin rises all the time.... Funny, if you think about it.
Because nobody wants to sell.. the sell volume decreases and the price rise and the new media hype the bidding volume increases.
And cause of this effect the price of bitcoin rises all the time.... Funny, if you think about it.
Congratulations, you just uncovered how price grows for *everything* that was ever traded! When demand growth over current supply, and growing price shortens supply even further. Funny if you think about it!
And what is even funnier: had the bears unloaded all the bitcoins they dispensed with in the series of dumps we have seen in one go, they probably would have already created the crash they want to see, now probably they are just out of ammunition.
The current upward momentum is pretty sick.
Funny how nobody wants to sell and hoard because they think it will climb even higher.
Because nobody wants to sell.. the sell volume decreases and the price rise and the new media hype the bidding volume increases.
And cause of this effect the price of bitcoin rises all the time.... Funny, if you think about it.
Because nobody wants to sell.. the sell volume decreases and the price rise and the new media hype the bidding volume increases.
And cause of this effect the price of bitcoin rises all the time.... Funny, if you think about it.
Congratulations, you just uncovered how price grows for *everything* that was ever traded! When demand growth over current supply, and growing price shortens supply even further. Funny if you think about it!
And what is even funnier: had the bears unloaded all the bitcoins they dispensed with in the series of dumps we have seen in one go, they probably would have already created the crash they want to see, now probably they are just out of ammunition.
Yay. inb4 btc $40
Jump to: