21–30 of 94 posts
On a volume of 53,896 btc since midnight. For some perspective.
Here's a quick realtime view of the markets Mt. Gox included. http://bitcoincharts.com/markets/ There's pretty decent volume and the bid/ask spread is gradually tightening. Just for some perspctive, the US Dollar index futures trade about 15,000 contracts a day, (granted they are much easier to convert). I'll keep an eye on this...
So say I'd have a blog with a huge reach. I hear about bitcoins. I buy a million for $4 each. I blog about it. Next day it's at $8. I'd sell the bitcoins, maybe 10000 a day to not let the market crash, and in 3.5 months I've got $4 million more than I used to.
> Dark pools allow you to trade large quantities without moving the market.
Four days ago, Bitcoin was under $2 USD. Now it's over $4 USD (depending on when you refresh the page). There are 6 million bitcoins in existence, and trade volume is only about 54,000 according to the biggest exchange. There aren't enough bids/asks to soak up more than about $100 USD without throwing the exchange rate one direction or the other. For example, right now (as I write this) exchanging $1000 USD for some…
Moreover, I tend to be fatalistic about the price of bitcoin. Whether or not the market is manipulated, as long goods and services are popping up in the bitcoin economy, we'll be alright in the long run.
Four days ago, Bitcoin was under $2 USD. Now it's over $4 USD (depending on when you refresh the page). There are 6 million bitcoins in existence, and trade volume is only about 54,000 according to the biggest exchange. There aren't enough bids/asks to soak up more than about $100 USD without throwing the exchange rate one direction or the other. For example, right now (as I write this) exchanging $1000 USD for some…
As a bitcoin veteran, I expect carnage, always. I learn that the hard way several months ago. Moreover, I tend to be fatalistic about the price of bitcoin. Whether or not the market is manipulated, as long goods and services are popping up in the bitcoin economy, we'll be alright in the long run.
Earlier quoted context omitted.
Here's a quick realtime view of the markets Mt. Gox included. http://bitcoincharts.com/markets/ There's pretty decent volume and the bid/ask spread is gradually tightening. Just for some perspctive, the US Dollar index futures trade about 15,000 contracts a day, (granted they are much easier to convert). I'll keep an eye on this...
A US dollar futures contract represents 1,000 dollars. So that's $15 million per day.
This is either a bubble or probably the most awesome J-curve of the decade. Either way, I am waiting to see what happens. I have more than enough bitcoin for a black swan hedge. I am also going to be with bitcoin to the bitter end or the ultimate victory over state-controlled monetary system.
If anyone's in SF and wants to stop by Noisebridge, we're having a BitCoin party today until 5 pm.
Four days ago, Bitcoin was under $2 USD. Now it's over $4 USD (depending on when you refresh the page). There are 6 million bitcoins in existence, and trade volume is only about 54,000 according to the biggest exchange. There aren't enough bids/asks to soak up more than about $100 USD without throwing the exchange rate one direction or the other. For example, right now (as I write this) exchanging $1000 USD for some…
As a bitcoin veteran, I expect carnage, always. I learn that the hard way several months ago. Moreover, I tend to be fatalistic about the price of bitcoin. Whether or not the market is manipulated, as long goods and services are popping up in the bitcoin economy, we'll be alright in the long run.
Wouldn't that include being more stable? Or am I missing something?
Earlier quoted context omitted.
As a bitcoin veteran, I expect carnage, always. I learn that the hard way several months ago. Moreover, I tend to be fatalistic about the price of bitcoin. Whether or not the market is manipulated, as long goods and services are popping up in the bitcoin economy, we'll be alright in the long run.
As a bitcoin veteren, what, if any, do you expect will be the US reaction once it becomes big enough to cause problems?