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Discussion => Off topic => Topic started by: dolfan2500 on December 11, 2011, 09:14 am

Title: What up with Bitcoin Price Rising?
Post by: dolfan2500 on December 11, 2011, 09:14 am
Is it gonna keep rising? Right now its at $3.22 BTC.  Is it gonna keep going up or come back down to about$2.90 something like it was?  Whats is yas opinion?
Title: Re: What up with Bitcoin Price Rising?
Post by: godofall2 on December 11, 2011, 09:51 am
this happens every mo or 2. what i think it is someone with money is buying a ton of coins to make the cost go up. then ppl see it going up thinking i better buy at the same time the 1st buy wait for a bit then when we think the time is right he sell all the coins he got. so at the same time all these ppl go yea a way for me to make money he sell them the coin he got to make it go up. then with all the coins he just sold makes it go back to what it was or a bit lower.
Title: Re: What up with Bitcoin Price Rising?
Post by: TravellingWithoutMoving on December 11, 2011, 10:29 am
"Why is Bitcoin Market necessary?

Like all currencies and commodities, the value of Bitcoins will fluctuate over time as supply and demand change. This market facilitates a real-time Bitcoin-to-USD exchange rate. Bitcoin Market DOES NOT CREATE the exchange rate or the issuance of new Bitcoins. It is to bring Bitcoin traders together. The traders' actions will determine the exchange rate. The issuance of new Bitcoins is an altogether separate matter determined by the Bitcoin program."
Title: Re: What up with Bitcoin Price Rising?
Post by: Sal on December 11, 2011, 05:17 pm
Bitcoins are too volatile for me.  In the course of a message composition it can fluctuate a dime or more USD.  I keep my cash parked in USD until the second before I purchase on SR before exchanging to BTCs via TradeHill. 
Title: Re: What up with Bitcoin Price Rising?
Post by: E=daveCĀ² on December 11, 2011, 06:18 pm
I suspect they'll go back down after New Years when the demand goes back down. Buy now, sell at the end of December, and make some money if you're lucky. I agree it's too volatile for a stable market. It's like paying with stock where value can go up or down a lot in just a few hours. I only get my money right before buying and spend it all within a day or two.
Title: Re: What up with Bitcoin Price Rising?
Post by: TravellingWithoutMoving on December 11, 2011, 06:19 pm
..and it can takes days to actually get bitcoins....

 >:( >:( >:( >:( >:( >:( >:( >:( >:( >:( >:( >:( >:( >:(
Title: Re: What up with Bitcoin Price Rising?
Post by: Smiletabs on December 11, 2011, 07:19 pm
I suspect they'll go back down after New Years when the demand goes back down. Buy now, sell at the end of December, and make some money if you're lucky. I agree it's too volatile for a stable market. It's like paying with stock where value can go up or down a lot in just a few hours. I only get my money right before buying and spend it all within a day or two.

Thanks for your answer I never thought about it that way. A very high demand right now for New Years. I believe I will stick with them and see where it goes. I bought the sellers account at 3.44perBTC a month or more ago. It is just getting back to that market now. Thanks for everyones answers. Lets try to keep this thread going if anyone else has anything to say. I believe all points are covered though.
Title: Re: What up with Bitcoin Price Rising?
Post by: k4rts on December 11, 2011, 07:24 pm
I bought some last night for a future order at 3.05 per coin. Woke up this morning and saw they shot up to ~3.30. 8)
Title: Re: What up with Bitcoin Price Rising?
Post by: TravellingWithoutMoving on December 11, 2011, 10:26 pm
...ok, well i'm no economist ...but think that explanation is plausible as with most things there may be other factors but least thats a summary.

Title: Re: What up with Bitcoin Price Rising?
Post by: CaptainWilly on December 11, 2011, 11:22 pm
BTC prices rise and fall like any other floating currency, based on supply and demand. Similar to stock price or ForEX Prices. The christmas demand is likely increasing the price.
Title: Re: What up with Bitcoin Price Rising?
Post by: dolfan2500 on December 12, 2011, 03:10 am
Thanks everyone for commenting on this thread i started.  I do the samething as some of you guys.  I wait untill im ready to make another purchase and i go to the bank, deposit my cash and get my bitcoins.  Then as soon as their in my SR account I buy whatever it is that i want at the time.  Got a question for ya, has anyone used that new guy on SR thats selling BTC for the moneypaks? I cant remember his name but its only a few days old?  Because I would like to try it so I could get my BTC alittle faster for once.  I know you can get bitcoins fast and safe but not fast and safe at the sametime lol.
Title: Re: What up with Bitcoin Price Rising?
Post by: PumpkinYeti on December 12, 2011, 03:14 am
Seems to me that because bitcoins are released slower and slower over time, and I see no reason whatsoever for demand to drop, that the prices would HAVE to rise over time...
Title: Re: What up with Bitcoin Price Rising?
Post by: Sal on December 12, 2011, 08:16 am
Seems to me that because bitcoins are released slower and slower over time, and I see no reason whatsoever for demand to drop, that the prices would HAVE to rise over time...

I may be (read: probably am) mistaken, but my understanding is that the value of BTC is based more so on the volume of trading and the trading done than the actual number of blocks to date.  Scarcity and lack of supply don't necessarily mean demand will increase as well, though it usually works that way.  If we all decided tomorrow that we had no desire to trade BTCs the value would plummet due to lack of demand, regardless of the decreasing amount of blocks left to be solved.

When we'll see the inevitable and constant price increase is when ALL of the bitcoins have been issued.  Assuming BTCs are still in demand, this is when the value has nowhere to go but up.  There is no way to recover a lost BTC or a BTC sitting idle in a wallet, so the actual amount of BTCs in circulation will steadily decline and drive prices up as the production of BTCs is halted. 

If BTC can survive until it reaches maturity, the volatility will greatly decrease and it will become a good investment to hold BTCs after the last one has been "created."
Title: Re: What up with Bitcoin Price Rising?
Post by: oppyate on December 12, 2011, 09:26 pm
Quote
I may be (read: probably am) mistaken, but my understanding is that the value of BTC is based more so on the volume of trading and the trading done than the actual number of blocks to date.  Scarcity and lack of supply don't necessarily mean demand will increase as well, though it usually works that way.  If we all decided tomorrow that we had no desire to trade BTCs the value would plummet due to lack of demand, regardless of the decreasing amount of blocks left to be solved.

Sal, you are correct that Value of BitCoin is based on Volume. Supply and Demand usually Do Not Impact Currencies. Like The U.S. Dollar, which is a Note, can appear from thin air, so do BC's. Many Moons ago I used to Trade Paper. I'm very familiar with Patterns. I'm very big into what is know as Kondroitiv Wave Theory. Basically, If Stalin had not Executed Kondroitiv, he would have received a Nobel Peace Prize. anyway, if you look at the recent Trend Of BC's, you will see that Twice, BC's broke through 3.11. This is called a Head & Shoulders Pattern. The great thing here is that there was a 3rd Attack past 3.11 and it made it! This is great news! Usually when you see a pattern like this, you can affirm that 3rd Try is The Charm. If I were me, I would buy as Many BC's right now as I can. Try not to spend too many as I really feel BC will travel further up. Add to that, let's just say on a Particular Date, close time range, everyone of like mindedness Bought BC's. Be it 1 or 10 or 100 Bc's. That would bust BC's Nutz and who knows how far BC could go. If you want to get fancy, you can use CampBx, which allows you to Buy on Margin and Execute "Limit Orders." Granted, unless you know what your doing, I wouldnt dabble too much. Good Luck to All!
Title: Re: What up with Bitcoin Price Rising?
Post by: oppyate on December 12, 2011, 09:44 pm
30 Day BC Trend. You can actually see the Waves at:
 http://bitcoincharts.com/charts/mtgoxUSD#rg30ztgMza1gSMAzm1g10zm2g25zv
Title: Re: What up with Bitcoin Price Rising?
Post by: CaptainWilly on December 19, 2011, 09:13 pm
Quote
I may be (read: probably am) mistaken, but my understanding is that the value of BTC is based more so on the volume of trading and the trading done than the actual number of blocks to date.  Scarcity and lack of supply don't necessarily mean demand will increase as well, though it usually works that way.  If we all decided tomorrow that we had no desire to trade BTCs the value would plummet due to lack of demand, regardless of the decreasing amount of blocks left to be solved.

Sal, you are correct that Value of BitCoin is based on Volume. Supply and Demand usually Do Not Impact Currencies. Like The U.S. Dollar, which is a Note, can appear from thin air, so do BC's. Many Moons ago I used to Trade Paper. I'm very familiar with Patterns. I'm very big into what is know as Kondroitiv Wave Theory. Basically, If Stalin had not Executed Kondroitiv, he would have received a Nobel Peace Prize. anyway, if you look at the recent Trend Of BC's, you will see that Twice, BC's broke through 3.11. This is called a Head & Shoulders Pattern. The great thing here is that there was a 3rd Attack past 3.11 and it made it! This is great news! Usually when you see a pattern like this, you can affirm that 3rd Try is The Charm. If I were me, I would buy as Many BC's right now as I can. Try not to spend too many as I really feel BC will travel further up. Add to that, let's just say on a Particular Date, close time range, everyone of like mindedness Bought BC's. Be it 1 or 10 or 100 Bc's. That would bust BC's Nutz and who knows how far BC could go. If you want to get fancy, you can use CampBx, which allows you to Buy on Margin and Execute "Limit Orders." Granted, unless you know what your doing, I wouldnt dabble too much. Good Luck to All!

Very good analysis.
Title: Re: What up with Bitcoin Price Rising?
Post by: TravellingWithoutMoving on December 19, 2011, 10:43 pm
...not sure which parts of the chit chat are facts..
...btc been rising this week again..
Title: Re: What up with Bitcoin Price Rising?
Post by: onestopshop on December 20, 2011, 02:57 am
Quote
I may be (read: probably am) mistaken, but my understanding is that the value of BTC is based more so on the volume of trading and the trading done than the actual number of blocks to date.

I would buy as Many BC's right now as I can. Try not to spend too many as I really feel BC will travel further up.

This is what I did, you got a good knack for spotting patterns mate, I normally just use the "profits" to re-invest in the more posh/fancier quality stuff on SR.
Title: Re: What up with Bitcoin Price Rising?
Post by: PriscillaMarie90 on December 20, 2011, 06:12 am
I say.... GO GO GO GO GOOOO BITCOINS!




Edit:
WAIT NO I JUST REMEMBERED THAT I SOLD MY 4 BITCOINS A FEW HOURS AGO FOR $3.27 NOOOOOOOOOOOOOOOO!!!!!!
Title: Re: What up with Bitcoin Price Rising?
Post by: ExtraSheets on December 20, 2011, 06:14 am
It was at $4.48 about 15 minutes ago, now we're back down to $4.17.

What the hell is going on?
Title: Re: What up with Bitcoin Price Rising?
Post by: zerg on December 20, 2011, 01:05 pm
It was at $4.48 about 15 minutes ago, now we're back down to $4.17.

What the hell is going on?

Someone bought 12,000 coins in one shot, after which the price spiked and now the market has corrected. http://bitcoincharts.com/charts/mtgoxUSD#rg1zig1-minztgMzm1g10zm2g25zv
Title: Re: What up with Bitcoin Price Rising?
Post by: crooky1690 on December 20, 2011, 07:47 pm
I am gutted at the fluctuation of bitcoins i saw rise by 33% in the time it took me to get any.... not happy ... :'(
Title: Re: What up with Bitcoin Price Rising?
Post by: oppyate on December 24, 2011, 12:41 pm
Quote
the market has corrected. http://bitcoincharts.com/charts/mtgoxUSD#rg1zig1-minztgMzm1g10zm2g25zv

zerg, I looked at chart you pointed out but there are some items you should consider. Set Time Period default at 10 days and Hourly, Chart Type at Median Price, and set Price Brand at Envelope SMA (moving Average) and as you look at The wave, you'll Note a true Correction will occur when BC breaks under 3.40. The New Break Out Upwards is 4.90. If it Breaks out of 4.90 then BC will be all over map but will continue trend higher based on the wave that is Sinusoid. Then repeats itself hopefully trending upwards
Title: Re: What up with Bitcoin Price Rising?
Post by: oppyate on December 31, 2011, 10:56 am
Quote
Someone bought 12,000 coins in one shot

In The World of Finance, that Tells you Someting Big is Comming!
 Someone doesnt just doesnt dump 12k into bitcoincs at 3 without knowing something is going to shake,
Title: Re: What up with Bitcoin Price Rising?
Post by: envious on December 31, 2011, 01:19 pm
RALLY MY PRECIOUS MUAHAHA
Title: Re: What up with Bitcoin Price Rising?
Post by: oppyate on January 01, 2012, 08:39 pm
Graph seems to show BC hitting 6 soon then probably correcting 20% or more. That would be perfect time to Buy
Title: Re: What up with Bitcoin Price Rising?
Post by: oppyate on January 07, 2012, 12:42 am
Well I was close. Resistance at 7 and now Correction.  My 100 BC's at 3 and some change went from 310 to over $700? Should have bought more.
Title: Re: What up with Bitcoin Price Rising?
Post by: freebeer on January 07, 2012, 01:33 am
BTC has built in deflation, the price will raise dramatically once BTC production is halved sometime this year, people are just anticipating this event.
Title: Re: What up with Bitcoin Price Rising?
Post by: MrDdroMcGillacutty on January 07, 2012, 02:40 am
BTC is not a stock and is a very cruel byiotch. Bitcoin cares NOTHING for you and she NEVER will. She's a wild one not to be taken lightly.  I've seen $18 each and I've seen $3 and less each. With every twist and dip in between. Her mood and mind change very often. IF you can make a buck, do it.

I've been on both sides and the down really sucks. When to cut expected losses and real losses? Sell at $12.. No wait, $11.35 BTC will go back up, I just know it. Famous second to last words. Followed by swearing.  All the sudden bitcoin is at $8 and you don't know what to do. So you sell. BTC shoots back up to $10 and you kick yourself and swear. 3 days later btc in the gutter at $4 and falling. Now you dont feel so bad. BUT STILL think about $10+. That is a stressful ordeal!!! Sell and make your money while the money is there to get. You could almost always do better or worse after the fact. But you have to do something. SELL and get that money.  :D
Title: Re: What up with Bitcoin Price Rising?
Post by: oppyate on January 08, 2012, 01:13 am
MrDdroMcGillacutty

Your Experience is right on. Reminds me of bi-polar relationship I was in...
good thing is I'm using Limit Orders to take out the guessing.
Wish me luck w her.
Title: Re: What up with Bitcoin Price Rising?
Post by: MrDdroMcGillacutty on January 14, 2012, 06:38 am
Lol Good luck. Knowing your limits is what its all about. I discourage the casual investor here from ;) "investing" ;) in bitcoins. They'd hold them for years like stock. Lol. They don't understand the liquidity or volatility.