Bitcoin's and the future of online banking - Page 12

http://bitcoincharts.com/markets/mtgoxUSD.html

so much bid volume

However, the chinese market has more asking volume.

http://bitcoincharts.com/markets/btcnCNY.html

Chinese driving it hard right now.

On November 17 2013 19:49 Gnarly wrote: So 1000 anyone? from 150-200, that's 700-500% increase, which is in line for a small bubble.

I don't know how much you have been following but the higher the price goes the more attractive bitcoins become.

670 right now holy lol.

ive been watching it closely the last few days, have friends who own a lot of bitcoins and it made me jealous so i started to do a bit of thinking on it.

its clearly gonna crash again. there are a limited number of bitcoins, when one guy decides he wants to book a profit and sell 5000 of them the value of all of them drops and then people will start jumping. its gonna peak somewhere between 700 and 1500 and then drop down to 20-40% of its peak value and stabilize.

some questions:
-how hard is it for competition to enter the fray? would it take lots of time or could someone do it basically overnight?
-are the issues people saw as issues back in 2012 still problems? i.e. not being backed by currency, lack of trust in the security, bitcoins being lost if you dont have your password, etc
-are bitcoins only created when they are mined (and the mining process is slowing down and reaching a cap correct)? or is there an outside force that can create a bunch of bitcoins out of thin air and enter them into the system?

On November 18 2013 13:10 Daut wrote: ive been watching it closely the last few days, have friends who own a lot of bitcoins and it made me jealous so i started to do a bit of thinking on it. its clearly gonna crash again. there are a limited number of bitcoins, when one guy decides he wants to book a profit and sell 5000 of them the value of all of them drops and then people will start jumping. its gonna peak somewhere between 700 and 1500 and then drop down to 20-40% of its peak value and stabilize. some questions: -how hard is it for competition to enter the fray? would it take lots of time or could someone do it basically overnight? -are the issues people saw as issues back in 2012 still problems? i.e. not being backed by currency, lack of trust in the security, bitcoins being lost if you dont have your password, etc -are bitcoins only created when they are mined (and the mining process is slowing down and reaching a cap correct)? or is there an outside force that can create a bunch of bitcoins out of thin air and enter them into the system?

i can be totally wrong as what i am about to say is based on what i've read elsewhere

- you mine bitcoins with a dedicated machine that costs a couple of hundred more than you make in the first month, which is pretty much guaranteedso your risk is limited and can be calculated
- backed by currency? i know you can trade bitcoins for eur/usd/other
- it appears bitcoins are mined and it takes longer because more and more people are jumping on the bandwagon

Why are bitcoins more attractive than other forms of investment? Because others have and you can make some money easily? I think we can agree on the fact that bitcoins are volatile. This coupled with me being clueless about how bitcoins value can be measured makes this an unattractive proposition. Did you arrive on the 700-1500 and then dropping to 20-40% of peak by method of technical analysis or some other way?

Mining bitcoins is pretty much impossible nowadays. The difficulty is far too high to make it worth it. (plus it'd cost you more in electricity than you get in bitcoins)

The security issue depends on where you hold your coins. Some places have better security than others.

I think there might possibly be a way to introduce new coins into the mix, and that would pretty much be the "central bank" of bitcoins. I don't see how you couldn't put in more bitcoins, especially being the ones who made the damned things.

I would think that a price of 150-200 is where the crash stabilize. Look how price took off last time it was around those levels.

On November 18 2013 13:54 Gnarly wrote: Mining bitcoins is pretty much impossible nowadays. The difficulty is far too high to make it worth it. (plus it'd cost you more in electricity than you get in bitcoins) The security issue depends on where you hold your coins. Some places have better security than others. I think there might possibly be a way to introduce new coins into the mix, and that would pretty much be the "central bank" of bitcoins. I don't see how you couldn't put in more bitcoins, especially being the ones who made the damned things. I would think that a price of 150-200 is where the crash stabilize. Look how price took off last time it was around those levels.

apparently there is a senate hearing today to argue in favor of bitcoins. should mean a higher stabilization than the past.

as for how i arrived at my numbers: basically pulling them out of my ass based on the past trends and what i think people will think. i think after senate hearing they will really skyrocket, then a bunch of investors will sell a large amount of bitcoins dropping the price, lots of small investors will jump out, it will hit 150-200 as a floor and then restabilize a bit higher, probably around 300. but since there are so few bitcoins in existence (i believe 12 million?), one guy selling a large number really drops the price quite a bit. and of all the big investors in bitcoin, you do want to be the first to leave (after you leave others follow), but you also want to wait as long as possible before leaving so that its maximized price before you sell

There are two sides in a transaction. When someone sells another buys. A bitcoin merely changes hands.
How accurate do you believe your assumptions to be and is it enough to actually get money involved?

http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html

senate hearing is positive, immediately shoots up to 775

On November 18 2013 15:47 cariadon wrote: There are two sides in a transaction. When someone sells another buys. A bitcoin merely changes hands. How accurate do you believe your assumptions to be and is it enough to actually get money involved? http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html

not confident at all. posted them here cause i wanted to see if people agreed or disagreed since i have never played the stock market or anything like this before. but it seems like a pure speculation idea and its value is what people value it at, so we should be able to reason through the thought process in the coming days and predict whats going to happen

893 good god, this is painful to watch. almost bought at 200 3 weeks ago but my mom berated me and convinced me not to. what an idiot i am

Listening to mom for investing sounds solid advice :D

Got a buddy who bought 500 when the value was $10. Think he sold some when it got to $200 the first time but he still has the majority.

Jealous :x

But clearly from your 3 questions I can see that you do not yet understand bitcoins and just want to get in because you saw people winning money with it. Start reading some stuff on it like wikipedia etc. because I think this is truly a game changing technology for the economy but you would not want to invest in something that you don't know first.

Now where it is going... I am completly clueless. Each time I think it can not go faster it always does, so I would not be surprised to see it back to 300 as I would not be surprised to see it at 2000 either in 2 weeks

And anybody can copy bitcoins, the code is open source. The problem is always the same first mover has an advantage and bitcoins already has everything you would want from a currency so there is no need for a competitor.

Why would anybody use DautCoin if bitcoin already exists and does already all the same things

890 will sound like peanuts in the coming years. Theres only 12 million available. 21 ever gonna be available. More people will jump in the boat faster then what will be created.

On November 18 2013 19:29 Emi wrote: And anybody can copy bitcoins, the code is open source. The problem is always the same first mover has an advantage and bitcoins already has everything you would want from a currency so there is no need for a competitor. Why would anybody use DautCoin if bitcoin already exists and does already all the same things

because there can never be more than 21 million in existence, they are hard to get a hold of now and there may be an easier cheaper alternative. feel like this is always a problem in something really going logarithmic value wise. i understand that these will have a certain value that people think they have, but doesnt that value drop when other things pop into the market, and other things pop into the market when these are unobtainable. its a very strange brand of economics, but one that seems forced

basically, the moment a competitor hits the market, that competitor is printing money and stealing away EV from every single bitcoin cause now supply is raised. i dont think there are too many barriers to entry here for another to pop up and start gaining traction. it will take time to build reputation but everything happens at increased speed nowadays, i expect a legitimate competitor that enters the market today to be accepted widely in a few months

and people might not want DautCoin, but they sure as shit would want AppleCoin or GoogleCoin, etc. these companies if they realize this can just jump in and MURDER

Wish I had some LTC/BTCs last night. I was watching that pair, figuring it was going to shoot up today.

http://www.cryptocoincharts.info/#jump-ltc-btc

Such a shame missing out.

It's both utterly insane and so fascinating to watch. While I'm still utterly convinced BitCoin's price has skyrocketed due to all the investing fish, why wouldn't one play where all the fish are?