Why has the price of Bitcoin become stable recently? - page 2.

Frozenlock

sr. member

Activity: 434

Merit: 250

Quote from: glendall on June 04, 2013, 04:01:26 PM

2 cents from the peanut gallery: the bubble of about 2 months ago now completed it's cycle. It came and left. What we have now is Bitcoin returning to it's performance before the bubble happened, with a return to the stability as well. Bitcoin should be about 120 - 130 right now if you follow the trend line that has being going on for over a year.

Bubble grew, then blew up, things are back to BTC normal.

You miss one step: despair.

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

Stable.

bitcoinbear

hero member

Activity: 518

Merit: 500

Quote from: davidpbrown on June 04, 2013, 02:28:04 PM

So we seem to have had a month of relatively stable price in BTC, obviously BTC value is growing slowly and in line with the long term trend and perhaps there is a compound and exponential ahead of us but what changed from the previous six weeks instability? Obviously, a few dash for cash investors got burned but that's not repeated in the way that it could have done.

Are there now fewer miners, more deliberate with setting a price they know will sell or some great attractor to stability? Do miners or buyers have more control over the market now or does no-one really know wtf is going on? I noticed a lot of fractional buying a selling on MtGox when they were talking of DDos; would those fractions be just miners selling and there is less of that now the difficulty has risen?

Starting in January/February the bitcoin market went through a correction. Now the market has reached a point where it is comfortable. The price will stay about where it is now until something happens to change the equilibrium of the market.

Miners get 3600 bitcoins per day. Adding the top 10 markets from bitcoincharts.com gives a 24 h volume of about 50300 btc, or about 14 times the number of bitcoins mined. So clearly the traders have a much bigger control than the miners. (and I didn't even count the amount over OTC, which I have seen around the forum claimed is larger than MtGox.)

counter

hero member

Activity: 798

Merit: 500

Time is on our side, yes it is!

I think all the media exposure a positive news in the past month has really made an impression on bitcoiners. A lot of faith has been restored since the crash with talk of building an infrastructure, new exchanges and seeing more users flock too existing exchanges and not only Mtgox.

As for the miners, I don't t know what they got planned but I suspect it will be along the lines of taking profits and maintaing the security of their investments and future profits.

glendall

legendary

Activity: 2156

Merit: 1018

Buzz App - Spin wheel, farm rewards

^^^ wow thanks man. That was a really impressive contribution to this discussion. You seem really mature; are you 16?

wopwop

sr. member

Activity: 252

Merit: 250

Quote from: glendall on June 04, 2013, 04:01:26 PM

2 cents from the peanut gallery: the bubble of about 2 months ago now completed it's cycle. It came and left. What we have now is Bitcoin returning to it's performance before the bubble happened, with a return to the stability as well. Bitcoin should be about 120 - 130 right now if you follow the trend line that has being going on for over a year.

Bubble grew, then blew up, things are back to BTC normal.

15yo has spoken

glendall

legendary

Activity: 2156

Merit: 1018

Buzz App - Spin wheel, farm rewards

2 cents from the peanut gallery: the bubble of about 2 months ago now completed it's cycle. It came and left. What we have now is Bitcoin returning to it's performance before the bubble happened, with a return to the stability as well. Bitcoin should be about 120 - 130 right now if you follow the trend line that has being going on for over a year.

Bubble grew, then blew up, things are back to BTC normal.

wopwop

sr. member

Activity: 252

Merit: 250

The only thing that changed in the last month is that there is currently $9.000.000 per month of electricity wasted to keep bitcoin healthy as opposed to $6.000.000 per month 4 weeks ago

miners are going to start taking profits soon enough.. and some have been doing in the past few days as we've seen

goodluck to you if you hold bitcoins trying to make a profit

source: http://blockchain.info/stats

davidpbrown

sr. member

Activity: 531

Merit: 260

Vires in Numeris

Yes, I remember when they were handing out four digit user numbers :0

ThatDGuy

hero member

Activity: 728

Merit: 500

Quote from: wachtwoord on June 04, 2013, 02:30:16 PM

Quote from: davidpbrown on June 04, 2013, 02:28:04 PM

So we seem to have had a month of relatively stable price in BTC, obviously BTC value is growing slowly and in line with the long term trend and perhaps there is a compound and exponential ahead of us but what changed from the previous six weeks instability? Obviously, a few dash for cash investors got burned but that's not repeated in the way that it could have done.

Are there now fewer miners, more deliberate with setting a price they know will sell or some great attractor to stability? Do miners or buyers have more control over the market now or does no-one really know wtf is going on? I noticed a lot of fractional buying a selling on MtGox when they were talking of DDos; would those fractions be just miners selling and there is less of that now the difficulty has risen?

Go through the history. There are many long stretches of price stability. Take a seat and relax

Interestingly enough, OP registered in 11/2010!

As for the stability, I think it's remarkable that BTC has shown so much of it considering the events that have happened during the month of May.

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: davidpbrown on June 04, 2013, 02:28:04 PM

So we seem to have had a month of relatively stable price in BTC, obviously BTC value is growing slowly and in line with the long term trend and perhaps there is a compound and exponential ahead of us but what changed from the previous six weeks instability? Obviously, a few dash for cash investors got burned but that's not repeated in the way that it could have done.

Are there now fewer miners, more deliberate with setting a price they know will sell or some great attractor to stability? Do miners or buyers have more control over the market now or does no-one really know wtf is going on? I noticed a lot of fractional buying a selling on MtGox when they were talking of DDos; would those fractions be just miners selling and there is less of that now the difficulty has risen?

Go through the history. There are many long stretches of price stability. Take a seat and relax

davidpbrown

sr. member

Activity: 531

Merit: 260

Vires in Numeris

So we seem to have had a month of relatively stable price in BTC, obviously BTC value is growing slowly and in line with the long term trend and perhaps there is a compound and exponential ahead of us but what changed from the previous six weeks instability? Obviously, a few dash for cash investors got burned but that's not repeated in the way that it could have done.

Are there now fewer miners, more deliberate with setting a price they know will sell or some great attractor to stability? Do miners or buyers have more control over the market now or does no-one really know wtf is going on? I noticed a lot of fractional buying a selling on MtGox when they were talking of DDos; would those fractions be just miners selling and there is less of that now the difficulty has risen?

Topic: Why has the price of Bitcoin become stable recently? - page 2. (Read 3783 times)