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Old 03-16-2013, 09:33 PM   #61
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Old 03-18-2013, 05:36 PM   #62
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New all time high.... 51!
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Old 03-18-2013, 06:00 PM   #63
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Ah yes... the almighty "bitcoin"
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Old 03-18-2013, 06:15 PM   #64
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Anenome, how do you see the price reacting to the Mar 22 move?
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Old 03-18-2013, 07:17 PM   #65
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Been an exciting day. Some dude said he was gonna spend $1m on bitcoin and the price shot up to 48, then 52 shortly after, now settled around $51.


*edit: back up to $52 while I was typing :P
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Old 03-18-2013, 07:36 PM   #66
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Anenome, how do you see the price reacting to the Mar 22 move?
Well, you know I'm long-term quite bullish.

Coinlab opening lends both further legitimacy and confidence to bitcoin and will make it much easier for regular people to buy who feel stymied right now.

I'm trying to get into Coinlab myself even. I'd expect it to become the #1 exchange in no time, as 80% of bitcoin activity is US based right now.

Easier access means more demand, and with a fixed supply, more demand means a higher price. Could we see $100+ by the end of the year? It's possible. Might depend on how the Euro does. Bank runs may be on the horizon.

With the haircuts (government bank robbery) in Cyprus lately, I hear people in Greece, Spain, Russia, and Ireland have been increasingly downloading bitcoin related apps.

Quote:
Interestingly enough, several Bitcoin-related apps started spiking on the Spanish iPhone market over the weekend. Bitcoin Gold shot up in the Spanish iPhone Finance category from 498 to 72, and another app called Bitcoin Ticker zoomed from 526 to 52 in just one day. A leading service called Bitcoin App jumped from 194 to 151 between Friday and Sunday as Spaniards brooded over the Cyprus crisis.
$5m worth of bitcoin was traded today alone.



There was a government FinCen ruling on Bitcoin today as well which was received generally favorably.

Someone asked me recently where we see the price going assuming bitcoin were to realize 1% of its potential market share. Here was my reply:

Quote:
"US GDP 2011: $15 trillion.

1% = $150 billion

$150b / 11 million bitcoin = $13,363.

But it wouldn't be that neat, currency value total lags behind actual GDP by let's say 10-15%

$11,590 to $12,272 is more realistic.

The immediately important figure is online transactions, which are the low-hanging fruit for Bitcoin.

While in-store transactions are essentially online already when paid with a credit-instrument (when's the last time you saw anyone write a check), let's not include these sales for now and keep to the low-hanging fruit:
The U.S. Census Bureau estimates e-commerce shipments, sales and revenues for 2007 to be $3.333 trillion. Of this, $3.082 trillion were accounted for by business-to-business transactions. Only $251 billion of this total is accounted for by business-to-consumer transactions.
We can likely expect consumer spending to begin biting as bitcoin before B2B transactions. So, 1% of, let's say $300b in today's spending (being conservative):

$300b * 1% / 11m btc = $272 per BTC, and that's our more short-term figure that is certainly achievable within the next year or three."
I probably should've gone on to do the b2b calculation too.

$3.5t * 1% / 11m = $3,181 per BTC.

I only become "rich" if btc hits five digits, so it's a long wait for me :P All the way to 3% at least. And that's just US... hmmm, might happen sooner than we think if btc sweeps online stores due to its lower transactions costs, risks, and higher profit margin. Still, that's a good place to be

It's important to remember that bitcoin can function as a medium of exchange equally regardless of price. $10k a bitcoin? No problem. $100k? Also no problem. There's no upward limit, and actually the price rising would improve liquidity and allow further adoption to take place. For instance, for B2B transactions and large singular transactions, such as pricing oil in bitcoin.
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Old 03-18-2013, 07:52 PM   #67
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Also I heard rumblings that Coinlab might not open fully until early April. We'll see if it produces much of a price push or not, but I think most people are expecting it to produce an increase. Question is to what magnitude. Probably nothing too dramatic.
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Old 03-18-2013, 08:21 PM   #68
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You might find this an interesting read too:

https://bitcointalk.org/index.php?topic=154705.0

Quote:
i have information stating that there are over $50,000,000.00 in deposits waiting for coinlab / mtgox deal to close... that should push price up to around $300.00 pretty fast.

my source may or may not be reliable
Tons of hyperbole, but who knows :P
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Old 03-19-2013, 01:12 AM   #69
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First Cyprus, now Italy.
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Old 03-19-2013, 03:55 PM   #70
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Price shot up to $62 overnight then settled at ~$58, over news of the favorable US government FinCen guidance, which basically gives the nod to virtual currencies and defines who needs to register and do FinCen stuff, which they said was only those who 'create virtual currency' meaning the miners and also the exchanges, but regular users are fine.

This opens the door to mainstream business acceptance, and silicon valley is likely to jump on-board now, as well as various investment funds and the like. Soon anyway, still need Coinlab to open up, that will be where the landslide begins.

I'm surprised as this growth tho, even for being bullish, we could see $100 before June at this rate.

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Old 03-19-2013, 04:49 PM   #71
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Well, I just bought 10 more, at 58.550, so expect the price to drop again :P
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Old 03-19-2013, 04:59 PM   #72
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Is my Coinbase account the same as a Mt Gox account? I signed up for the waiting list on Coinlabs, but it asked for my Mt Gox username. Do I need to make another discrete account?
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Old 03-19-2013, 07:04 PM   #73
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Well, I just bought 10 more, at 58.550, so expect the price to drop again :P
Haha, well, I doubt it, since I've seen a lot of 1st hand reports that Coinbase is experiencing very high demand right now. They put a 24-hour moratorium on any purchases at all, due to coin scarcity and high demand. That appears to still be in effect right now. I've never heard of them doing that before. And hey, it's 59.60 right now, so you're up $10 so far :P

Did they drop after your first purchase too? I've actually not seen it drop after any of my purchases, quite the opposite.

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Is my Coinbase account the same as a Mt Gox account? I signed up for the waiting list on Coinlabs, but it asked for my Mt Gox username. Do I need to make another discrete account?
Coinbase and Coinlab are separate companies, Coinbase has nothing to do with Mt Gox.

Mt Gox sold Coinlab it's North American customer base and will provide back-end support.

So, existing NA Mt Gox customers will be transitioned into Coinlab when they get up and running, that's why Coinlab asked for your name and passwored. My advice, go to Mt Gox and setup an account then go to Coinlab and put in your Mt. Gox password and get into the queue thereby.
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Old 03-20-2013, 03:29 PM   #74
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Today the price shot up to $65 when someone bought 25,000 bitcoins.

Had you bought in at $23 when I started this thread on feb 10th, you'd have about tripled your money >_>

Here comes the ride to $100.
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Old 03-20-2013, 08:06 PM   #75
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My biggest concern with the bitcoin is it's lack of use as an actual currency versus the wealth store it's being used as now. The comparison to gold is very apt in this regard. It's understandable. Sure, I could go spend 4 bitcoins on a printer, but why would I, when those same 4 bitcoins will be worth two printers in a matter of months? It just strikes me as a cause for concern.
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Old 03-21-2013, 01:11 AM   #76
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My biggest concern with the bitcoin is it's lack of use as an actual currency versus the wealth store it's being used as now. The comparison to gold is very apt in this regard. It's understandable. Sure, I could go spend 4 bitcoins on a printer, but why would I, when those same 4 bitcoins will be worth two printers in a matter of months? It just strikes me as a cause for concern.
Less than 0.029% of humanity owns any bitcoin at all right now. So yes, demand is going to increase as people and businesses realize its advantages over dollar payments online.

As for actual use, most people seem to be taking the position that you will buy whatever you'd normally buy, just with bitcoin, and save what you can.

So, many people if they need to buy a printer will buy bitcoin enough to buy the printer immediately. Then it's like if you spent dollars, but you'd spending into bitcoin at the same time, and it costs you nothing, you were already going to buy the printer with those dollars, and you likely get a discount for using bitcoin too (no credit card fees for the merchant, etc).

One day people will be paid in bitcoin at work and will spend it to take care of daily necessities. Whether you're holding bitcoin or not, you've still got to live.

If you were being paid in bitcoin at wok this would be a non-issue, you'd save what you could and spend what you had to.

Most people are using it as value store because they don't get paid in bitcoin. There do exist a few worksites paying workers in bitcoin right now tho.

There are also people selling cars and houses for bitcoin, and people are willing to pay.
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Old 03-21-2013, 02:23 AM   #77
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The Bitcoin Singularity is Near
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Old 03-21-2013, 03:00 PM   #78
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$74.9 today, stabilizing at $72.9 right now. I've more than doubled my money now. Coinlab sent me an email saying they're just about ready to get going, various details. I tried to buy on Coinbase all yesterday but there's too much demand still!

Bitcoin on Bloomberg, again.

Here's some buying advice:
Quote:
I would try using Bitfloor. Sign up for a CapitalOne360 (formerly ING Direct) checking account and you directly transfer to Bitfloor with 0 fee. You can also use CashTill via Bank Of America to deposit cash to Bitfloor if one is near you, but that has a fee. This is the easiest route for US customers at the moment, from what I can see. Coinbase is great but they are overwhelmed with customers right now.
I might try this out. No idea when Coinbase will get their shit together.
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Old 03-21-2013, 03:29 PM   #79
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This was really interesting to read from the beginning. To see the little jumps of value across the month and half period. Seems like it got a little high for me to invest in at this point though.
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Old 03-21-2013, 03:48 PM   #80
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This was really interesting to read from the beginning. To see the little jumps of value across the month and half period. Seems like it got a little high for me to invest in at this point though.
It does seem like it's a very high price right now comparatively. Some are thinking we might well be into the bubble stage at this point--markets tend towards over-exuberrance. But on the other hand, a lot of people are just discovering bitcoin and realizing it could solve a problem they're currently having. For people who want wealth store primarily, bitcoin is a good option, and they're hedging that price will stay at its current or rise long-term, rather than risk the government taking their deposits :P

This latest rise could be merely from the nations nervous about haircuts, Russia, Greece, Spain, Italy. Italians took a haircut in 1992, so they are already wary.

So, personally, I'm still trying to buy.



Here's a bitcoin app for Android that was sponsored by the hardcore bitcoin peeps over at Bitcointalk.org, the place where all the insiders go, and was both crowdsourced there and entirely funded with bitcoin:

Article:
http://www.adaptiveglass.com/?p=642

App:
https://play.google.com/store/apps/d...m.btc.ounce.me

Long term, if btc takes over internet sales, we're still in the cheap phase.
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