Topic: With BTC at an all-time high (what's new), whats the demand for? (Read 1650 times)

Now is a good time to sell, It peaked at $50 then the sell off started and the price tanked to around $38, It's gone parabolic and when the bubble pops again you might see BTC at 2011 prices again, That's my thoughts on it anyway.

I don't think $45 - $50 is a valid price for BTC.

Believe it, I too have been told the same thing by many miners all whom have a very large stake in mining.

*gasp*

You mean the idea of ceteris paribus is impractical in the real world?

You're saying there's a chance that ASICS were already priced into the markets!?  

I can believe that.

But I don't think it's far fetched to think that a new technology will bring down the short term price of bitcoin.  I mean, this may be simple minded - but when new technologies make it more efficient to do something, won't the price go down?

The hash rate per watt of electricity will continue to decrease.  Meanwhile, it will become more common for miners to put more competitive prices of BTC/$ because more and more miners will be able to accept a smaller ROI due to the competition on the exchanges.

Also, bitcoin in it's CURRENT stage is an inflationary asset.  Inflation will continue to remain positive for many more years before official deflation hits.  But what do I know - the markets may have priced this in already as well.

you are failing to understand how markets work. Sure all things being equal an increase in supply will lead to a decrease in price but markets price these things in gradually over time. the switch to asics for example was probably priced in over a year ago.

Silver is one of the most useful materials on the planet. it has many amazing and unique properties that make it useful in electronics, photography, medicine, solar technology, mirror fabrication and of course as money. Silver has the highest conductivity to density ratio, it is a natural anti-microbial, it is the most conductive raw element as well as the most reflective substance in the universe. Im not saying that you should chose one over the other, but i will say they are both great investments and you would probably be wise to diversify into silver atleast a little.

Its not like mining is something new, people are mining everyday and some like you said, are cashing out to cover the bills. But why would the ratio of cashing out change?  I dont see the new rigs being able to create a sell frenzy. You may think this is a good time to sell while others disagree. This is all pure speculation all based on our "in-mind" scenarios but the fact remains that if more and more people get into bitcoins then supply and demand will come into play like it is now and the price will steadily rise to numbers we could only imagine. Here's to wishing!

You can be right - but this is a statement based on a scenario - on the scenario that miners will save / hoard their bitcoins.  IMHO this has many ill effects.  Whether or not you (hypothetical) as a miner will sell your produced bitcoins, there will be a miner who will. 

My personal insight regarding my mining output and other miner's outputs is sell like crazy when bitcoin is as expensive as it is today.  Not only is this happening, but it SHOULD happen.  Miners are there to make sure that the price of bitcoin doesn't spiral out of control.  They're also there to make sure bitcoin is trading at a fair price.  At the end of the day, honest miners need to pay for electricity.  Electricity payments aren't accepted in bitcoin - yet.

Sorry buddy but I think your wrong here and I'll explain why. Even once the new asics are out and mining, there's still only going to be 25 coin rewards, the only thing that having an asic now will do for you is allow you and your pool to have more power and as such earn more of the rewards then normal, there wont be an abundance of coins because of the abundance of power.

I assume any smart miner will stack his newly acquired asic mining coins and not  cash them out every day upon payment. If anything the new asics will raise the price, because more people will believe in mining and get into it, and they'll do that by buying BTC and then spending them on miners, especially if Avalon only takes BTC!

The initial increase in bitcoins prior to the mining difficulty adjustment will most likely cause a pullback due to supply demand metrics.  Using supply demand metrics this will likely cause a short term pull back in price.

-ak

Spend bitcoins on getting more bitcoins:

Not only that, but silver is one of the few PMs that is "used" for things like medical x-rays, etc.  Once it's used, you can't recover it.  Silver has always been a favorite of mine, and with BTC being up and silver being down taking a little BTC off the table is a no-brainer.

How would the entrance of ASICs make the price tank?

 I don't think too many people on these forums would agree with that. Bitcoin has a use and so does silver. I don't think this can be argued in any way.

Silver is FAR from useless. Not only has it served as a way to store wealth for thousands of years, but its use in industry is ever-increasing. Silver is the greatest conductor of heat and electricity. Not to mention, its a lot of fun to collect.

The way i look at it is silver and gold are insurance and bitcoin is the greatest "lottery ticket" type opportunity in the history of man (atleast in the early adoption phase). very different functions imo.

LOL silver is useless..

Honestly.. If somebody isn't manipulating the BTC market right now, then I would say drugs is supporting >70% of the BTC market. A lot of traffic is starting to come through from poker players, waiting for sites like infiniti poker to finally drop so they can play "legally" from the US. There are some smart traders & young entrepreneurs out there definitely starting to take notice in the BTC market with this price jump.

I know BIG time players such as Morgan Stanley & Goldman Sachs are said to be active in the bit coin market. They would NOT be active unless they thought it had serious potential.

BTC is definitely on an upwards swing. IMO I think it will adjust more and hit a safe median price where it will stay for a bit and it will rise more & more along with the demand.


Silver on the other hand is a great buy under $35/ozt. I just bought $20.00 FV of 90% junk last week mainly because my LCS wont sell any bullion at these prices 

Just remember, there is always a risk of something being worth NOTHING. In the end if BTC loses its value, your beat from every angle you look at it. If silver loses its value, your still left with a pretty coin. LOL

In realistic sense, silver & gold have been sought after & used as a type of currency for hundreds, if not thousands of years. Bitcoins has been around for 2 1/2 years.

Silver is useless, Bitcoin is not

Everyone stating silver is on the right page.  The fact that BTC1 > 1 OZ .999 Silver is so cool!  Most of us looking to hold an asset should take advantage of this.

Everyone sees the price jump from 15$ one month to 31$ the next they're obviously speculating that it will continue to rise(which it is/will) and I believe(in the partially inebriated mind of mine right now) that the newcomers are collecting to horde and the old-timers are selling like no tomorrow because they KNOW asic's are coming and that the price will probably tank soon.

Also, I think some of you misinterpreted my question. But I was curious WHY Bitcoins have gone up so much. What I was asking is essentially are people buying/saving because of this high? And if they are buying, what are they buying?