Where are all these bought bitcoins going?

cypherdoc

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Quote from: sunnankar on January 10, 2012, 12:36:34 AM

Quote from: Desolator on January 09, 2012, 01:25:30 PM

Assuming you people are correct about it being a distributed buying, it's so "all at once" that something must have triggered it. It took a few days but not long enough to convince people it was a long term trend so it's not just everyone hopping on the bandwagon and buying. So something made enough people suddenly want to buy it within like a 2-3 day period to raise it by $2+. Anyone have any ideas as to what it was?

This 19 Dec 2011 article on a blog had an interesting analysis and prediction at the end. Assuming people started opening accounts and wiring money with the holidays and banks closed, etc. then it would have taken about that many days to start the breakout on 1 Jan.

Quote

Taking the current price of $4.00, the 200 day moving average of about $8.50 and extrapolating this upleg with a 12x 200dma top we could see a price of around $80.00 per BitCoin. Is this speculative? Yes. Would I bet on seeing $80 per BitCoin by around June or July? Maybe if the odds are around 5%. But I would take a bet for BitCoins to hit $7.50 by June or July at around a 50-70% probability.

Bill, i don't think Trace's article can be pinpointed as the trigger.

Many of us on our blogs and here within the community were calling for the bottom. it was quite evident that the selling pressure had abated and there were plenty of indicators that i've outlined ad nauseum around here that called for the bottom.

it was time.

sunnankar

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Quote from: Desolator on January 09, 2012, 01:25:30 PM

Assuming you people are correct about it being a distributed buying, it's so "all at once" that something must have triggered it. It took a few days but not long enough to convince people it was a long term trend so it's not just everyone hopping on the bandwagon and buying. So something made enough people suddenly want to buy it within like a 2-3 day period to raise it by $2+. Anyone have any ideas as to what it was?

This 19 Dec 2011 article on a blog had an interesting analysis and prediction at the end. Assuming people started opening accounts and wiring money with the holidays and banks closed, etc. then it would have taken about that many days to start the breakout on 1 Jan.

Quote

Taking the current price of $4.00, the 200 day moving average of about $8.50 and extrapolating this upleg with a 12x 200dma top we could see a price of around $80.00 per BitCoin. Is this speculative? Yes. Would I bet on seeing $80 per BitCoin by around June or July? Maybe if the odds are around 5%. But I would take a bet for BitCoins to hit $7.50 by June or July at around a 50-70% probability.

Crypt_Current

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Shame on everything; regret nothing.

Quote from: arepo on January 09, 2012, 07:30:40 PM

Quote from: Crypt_Current on January 09, 2012, 07:27:05 PM

Quote from: Edward50 on January 09, 2012, 05:53:05 PM

I think it is just pump and dump. To get most of the lemmings to start buying you pump up the price. You then can dump many bitcoins this way.

It is the only thing that makes sense. I have seen 50K bidwalls get sold into at around the $2.00 range, they needed to unload many of these.

It is easy to get the price moving up by just buying a certain amount of coins, then you get the lemmings to start buying into it, thinking the price is going to raise above $100. Even makes me get the urge to start buying, but I am smart enough to know that bitcoin prices will go nowhere, and every failed rally attempt will always go back to new lows.

Eventually they will have to sell and let the price drop back down again.

Happens everytime, watched it everytime from the high of $30.00.

People with money can make money very easily, this is just a way to do it.

Bitcoins are also not used up like commodities, so all the bitcoins transfered around are still around. Everyone who held off during this rally, need to unload.

There will be lots of sell pressure now, good chance will we see $2.00 again.

This is the most ridiculous thing I have read all day, so far.

+100

it's alright crypt. you and i know that this is bullshit. these kinds of posts confuse everyone else and make them make the wrong decisions, which makes you and i money Grin

I'm a bit ashamed to admit that they actually waste extra time of mine, because they force me to think about whether the post was initiated because A) The poster is attempting reverse psychology on the market, or B) The poster genuinely does not have a global enough understanding of life to see the potential of cryptocurrency.

One reason is sly at best; the other is just downright tragic.

arepo

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this statement is false

Quote from: Crypt_Current on January 09, 2012, 07:27:05 PM

Quote from: Edward50 on January 09, 2012, 05:53:05 PM

I think it is just pump and dump. To get most of the lemmings to start buying you pump up the price. You then can dump many bitcoins this way.

It is the only thing that makes sense. I have seen 50K bidwalls get sold into at around the $2.00 range, they needed to unload many of these.

It is easy to get the price moving up by just buying a certain amount of coins, then you get the lemmings to start buying into it, thinking the price is going to raise above $100. Even makes me get the urge to start buying, but I am smart enough to know that bitcoin prices will go nowhere, and every failed rally attempt will always go back to new lows.

Eventually they will have to sell and let the price drop back down again.

Happens everytime, watched it everytime from the high of $30.00.

People with money can make money very easily, this is just a way to do it.

Bitcoins are also not used up like commodities, so all the bitcoins transfered around are still around. Everyone who held off during this rally, need to unload.

There will be lots of sell pressure now, good chance will we see $2.00 again.

This is the most ridiculous thing I have read all day, so far.

+100

it's alright crypt. you and i know that this is bullshit. these kinds of posts confuse everyone else and make them make the wrong decisions, which makes you and i money Grin

antoineph

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Quote from: Crypt_Current on January 09, 2012, 07:24:57 PM

Quote from: ripper234 on January 09, 2012, 04:47:39 PM

Quote from: Crypt_Current on January 09, 2012, 12:02:28 PM

Remember when only churches had the right to marry people (I don't either -- it was hundreds of years ago).

In Israel, if you're a Jew, you can only be married by a rabby, not by the state Sad

My wife and I actually flew to Europe to get married because we wanted a civil marriage. Sad.

This is a prime example of the inconveniences generated from traditionalism trying desperately to cling to obsolete methods.

In a similar vein, my prediction is that soon people will have to relocate en masse due to their governments trying their best to enforce obsolete methods of trade.

The ONLY constant is change. Never say never or always, but MAYBE, just maybe...

u just said never

Crypt_Current

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Shame on everything; regret nothing.

Quote from: Edward50 on January 09, 2012, 05:53:05 PM

I think it is just pump and dump. To get most of the lemmings to start buying you pump up the price. You then can dump many bitcoins this way.

It is the only thing that makes sense. I have seen 50K bidwalls get sold into at around the $2.00 range, they needed to unload many of these.

It is easy to get the price moving up by just buying a certain amount of coins, then you get the lemmings to start buying into it, thinking the price is going to raise above $100. Even makes me get the urge to start buying, but I am smart enough to know that bitcoin prices will go nowhere, and every failed rally attempt will always go back to new lows.

Eventually they will have to sell and let the price drop back down again.

Happens everytime, watched it everytime from the high of $30.00.

People with money can make money very easily, this is just a way to do it.

Bitcoins are also not used up like commodities, so all the bitcoins transfered around are still around. Everyone who held off during this rally, need to unload.

There will be lots of sell pressure now, good chance will we see $2.00 again.

This is the most ridiculous thing I have read all day, so far.

Crypt_Current

hero member

Activity: 686

Merit: 500

Shame on everything; regret nothing.

Quote from: ripper234 on January 09, 2012, 04:47:39 PM

Quote from: Crypt_Current on January 09, 2012, 12:02:28 PM

Remember when only churches had the right to marry people (I don't either -- it was hundreds of years ago).

In Israel, if you're a Jew, you can only be married by a rabby, not by the state Sad

My wife and I actually flew to Europe to get married because we wanted a civil marriage. Sad.

This is a prime example of the inconveniences generated from traditionalism trying desperately to cling to obsolete methods.

In a similar vein, my prediction is that soon people will have to relocate en masse due to their governments trying their best to enforce obsolete methods of trade.

The ONLY constant is change. Never say never or always, but MAYBE, just maybe...

Qoheleth

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Spurn wild goose chases. Seek that which endures.

Quote from: Desolator on January 09, 2012, 01:24:12 AM

stay at just barely above the average cost of electricity on a mining rig

Bitcoins will be around the cost to mine forever because the cost to mine adjusts itself to the market value (via the Difficulty calculation and basic profit principles); the market value itself is in no way stabilized by this.

cheat_2_win

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Quote from: Edward50 on January 09, 2012, 05:53:05 PM

I think it is just pump and dump. To get most of the lemmings to start buying you pump up the price. You then can dump many bitcoins this way.

It is the only thing that makes sense. I have seen 50K bidwalls get sold into at around the $2.00 range, they needed to unload many of these.

It is easy to get the price moving up by just buying a certain amount of coins, then you get the lemmings to start buying into it, thinking the price is going to raise above $100. Even makes me get the urge to start buying, but I am smart enough to know that bitcoin prices will go nowhere, and every failed rally attempt will always go back to new lows.

Eventually they will have to sell and let the price drop back down again.

Happens everytime, watched it everytime from the high of $30.00.

People with money can make money very easily, this is just a way to do it.

Bitcoins are also not used up like commodities, so all the bitcoins transfered around are still around. Everyone who held off during this rally, need to unload.

There will be lots of sell pressure now, good chance will we see $2.00 again.

Why only $2.00 and not lower? /sarcasm

Edward50

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Activity: 602

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I think it is just pump and dump. To get most of the lemmings to start buying you pump up the price. You then can dump many bitcoins this way.

It is the only thing that makes sense. I have seen 50K bidwalls get sold into at around the $2.00 range, they needed to unload many of these.

It is easy to get the price moving up by just buying a certain amount of coins, then you get the lemmings to start buying into it, thinking the price is going to raise above $100. Even makes me get the urge to start buying, but I am smart enough to know that bitcoin prices will go nowhere, and every failed rally attempt will always go back to new lows.

Eventually they will have to sell and let the price drop back down again.

Happens everytime, watched it everytime from the high of $30.00.

People with money can make money very easily, this is just a way to do it.

Bitcoins are also not used up like commodities, so all the bitcoins transfered around are still around. Everyone who held off during this rally, need to unload.

There will be lots of sell pressure now, good chance will we see $2.00 again.

DeathAndTaxes

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Gerald Davis

Quote from: Desolator on January 09, 2012, 01:25:30 PM

Assuming you people are correct about it being a distributed buying, it's so "all at once" that something must have triggered it. It took a few days but not long enough to convince people it was a long term trend so it's not just everyone hopping on the bandwagon and buying. So something made enough people suddenly want to buy it within like a 2-3 day period to raise it by $2+. Anyone have any ideas as to what it was?

Why does the stock market trade sideway for 3 months and then move more in a week then it did in the prior 10? Sometimes rallies (and corrections) are self fulfilling.

ripper234

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Ron Gross

Quote from: Crypt_Current on January 09, 2012, 12:02:28 PM

Remember when only churches had the right to marry people (I don't either -- it was hundreds of years ago).

In Israel, if you're a Jew, you can only be married by a rabby, not by the state Sad

My wife and I actually flew to Europe to get married because we wanted a civil marriage. Sad.

P4man

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Activity: 518

Merit: 500

I know exactly what it is:

Desolator

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Assuming you people are correct about it being a distributed buying, it's so "all at once" that something must have triggered it. It took a few days but not long enough to convince people it was a long term trend so it's not just everyone hopping on the bandwagon and buying. So something made enough people suddenly want to buy it within like a 2-3 day period to raise it by $2+. Anyone have any ideas as to what it was?

kjlimo

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Quote from: casascius on January 09, 2012, 01:16:19 AM

Everyone I tell about Bitcoins who can afford some wants a few. They want to hold them long term because that's what I'm suggesting they do and that's what I'm doing. But they don't know much about them. So they buy them and shove them in a drawer or something (paper wallet or physical bitcoins).

This scenario has to be happening all over the place.

+1

Crypt_Current

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Shame on everything; regret nothing.

Quote from: ripper234 on January 09, 2012, 07:37:49 AM

Quote from: casascius on January 09, 2012, 01:16:19 AM

Everyone I tell about Bitcoins who can afford some wants a few. They want to hold them long term because that's what I'm suggesting they do and that's what I'm doing. But they don't know much about them. So they buy them and shove them in a drawer or something (paper wallet or physical bitcoins).

This scenario has to be happening all over the place.

I'm very enthusiastic, but for some reason less convincing than you. I've been talking and blogging about Bitcoin since last April, yet only 4-5 friends actually bought any (these purchases were around April-June last year).
I've explained Bitcoin to a lot more people than that, but they usually just ended up saying "it's too dangerous, the value fluctuates too much" and watching from a far.

At first I talked about it so they could have the same chance I had to invest in Bitcoin at low low prices (anywhere under $100-$1000 is low), but after a while I had to stop pushing it so I don't come off like a pyramid scam artist.

Yeah, I've tried explaining BTC / cryptocurrency to certain elderly family members, and the general reaction is "sounds like a scam to me!" Lol, well then I'll just keep this BTC to myself!

Ya know, some people are just set in their ways. These are the same people that thought email / Internet was dangerous because it stepped on territory that "only governments SHOULD have the right" to walk on.

And then there's people that are younger and not so set in their ways, but just don't have the intelligence / global paradigm to soak it all in, or the time to get to that point (too much spent on their 9-5, 3.2 kids, mortgage, etc.)

Remember when only churches had the right to marry people (I don't either -- it was hundreds of years ago).
Everything happens in cycles and quantum jumps.
Nice blog, btw

GeniuSxBoY

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Quote from: proudhon on January 09, 2012, 07:50:26 AM

Quote from: P4man on January 09, 2012, 07:48:13 AM

Quote from: Desolator on January 09, 2012, 01:24:12 AM

Every indicator that involves reality instead of pure math said 2 weeks ago BTC was going to either crash permanently or stay at just barely above the average cost of electricity on a mining rig forever. Who would want to invest in that?

Sigh. How often do we need to explain that mining cost is NOT a factor deciding btc price? Mining difficulty (and therefore cost) is an direct result of btc price, not the other way around.

This massive sell-off is a good thing, I think. Those coins got distributed pretty widely judging by the way bids were stacked up before the dump. In the long run I think the fewer people with many 10s of thousands of coins, the better.

Like I said... they have 10s of thousands of coins in US dollar form. All they have to do is change it back to btc whenever they want.... possibly gaining more bitcoins than they had before!

proudhon

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Quote from: P4man on January 09, 2012, 07:48:13 AM

Quote from: Desolator on January 09, 2012, 01:24:12 AM

Every indicator that involves reality instead of pure math said 2 weeks ago BTC was going to either crash permanently or stay at just barely above the average cost of electricity on a mining rig forever. Who would want to invest in that?

Sigh. How often do we need to explain that mining cost is NOT a factor deciding btc price? Mining difficulty (and therefore cost) is an direct result of btc price, not the other way around.

This massive sell-off is a good thing, I think. Those coins got distributed pretty widely judging by the way bids were stacked up before the dump. In the long run I think the fewer people with many 10s of thousands of coins, the better.

P4man

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Quote from: Desolator on January 09, 2012, 01:24:12 AM

Every indicator that involves reality instead of pure math said 2 weeks ago BTC was going to either crash permanently or stay at just barely above the average cost of electricity on a mining rig forever. Who would want to invest in that?

Sigh. How often do we need to explain that mining cost is NOT a factor deciding btc price? Mining difficulty (and therefore cost) is an direct result of btc price, not the other way around.

Elwar

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Viva Ut Vivas

There is also the announcement that bit-pay will be allowing people to buy Bitcoins at the CES trade show using credit cards.

They will need to buy a large amount of bitcoins in order to ensure that they have enough for the show.

That is one place where they are going.

I had personally jumped out a long time ago when it crashed below $4. I jumped out because I was setting up a buy around $1.

I jumped back in because I knew that there was enough going on that the price was primed for a possible jump the likes of June's $30 rally.

Topic: Where are all these bought bitcoins going? (Read 3044 times)