Really interesting to see volumes and how they adjust. Buyers volumes powered through $200 but are not met with some more selling between the US$230-250 mark. Yet, a ridiculous number of people are queuing to get onto MtGox. I too keep a close look on the volumes, really helps to get a feel for the market. We'll see where this takes us.
Was just down at uMart (pc shop) for work, and saw some guy buying up a new system and 2 graphics card for mining, he was talking about it to his mate. Guys behind counter then commented on how many people are buying stuff!
Lol a btc based recovery.. Thinking it might create fiat deflation also as people spend fiat on btc.. Or would that increase the velocity and create more price inflation.. I'm thinking the latter Goooooooood for gold
I just had a guy at work so desperate to get his hands on Bitcoin's asap that he paid me 20% over current Mt Gox sell price for a few as long as I sent them straight away - it seems all this mainstream media attention is working!
So again I thought about it... Only 21,000,000 Bitcoins can ever be mined. This is suspected to be achieved close to the year 2140. However, they're being removed from circulation every single day. * Someone formatted their PC (and Bitcoins) * Transaction fees from wallet to wallet * You forgot your password Unlike normal fiat currency, where the mint can just print new pieces of paper endlessly, Bitcoins could effectively (although totally unlikely) be reduced to zero?
Ironically, it's going way down. A 620w Avalon ASIC yeilds 60,000Mh/s. A single 6990 GPU needs 375w to touch 850Mh/s.
Either bitcoin shoots to the moon = I win. Bitcoin crashes and people run back to PMs = I win. I like my odds.
The bitcoin bubble explained: Understanding the mathematics of the inevitable bitcoin crash Disclaimer: I know very little about the BTC phenomenon (other than I seem to have missed the boat) but thought I'd share the above article
^The above is the exact same for gold or anything. Commodity, share, currency, whatever... Things are only worth what other people (the market in total) think they are worth and everything is relative.
That article is a fantastic description of how bubbles happen. My question isn't whether bitcoin is in a bubble phase right now (it's champagne), but rather how high can it go before the gravy train is derailed? The buy:sell ratio is so incredibly screwed due to Mt Gox being overwhelmed that if they stopped receiving new registrations tomorrow there would still be a line of willing buyers to keep the market afloat into May. I'll consider selling when BTC hits $600 USD per. At that price, I can cash out BTC 1:1 for mint sealed tubes of ASEs. Unless or until that day comes: Easy come, easy go. This is money that didn't exist in my savings account a month ago, and as a stacker I laugh in the face of volatility.
I'm with you there, totally missed it though I should have paid more attention when I first took note about a year ago. Thanks for the article and links. I had this discussion with a teacher at high school once about the value of things. I didn't agree with him at the time because I was defensive over how much my things were worth and I still don't see it as black and white as he did. I don't think this BTC thing will last long (in this format at least) but who knows. I'm not being sour about missing out, like others have said it's like any investment; get in early and you'll make your money. BUT... I do think that this USD 'value' will change, either the bubble will burst or someone will try to manipulate it. Great idea though, perhaps one not for this place in time? Are we as humans ready for a digital currency (we've been using one for a while really... "oh look I have numbers when I log into my bank account!") And I'm off on a tangent again
Spill the beans please :| EDIT: Here's what I am using for LTC, getting around 620 KH for those that care:
