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TinyUrl.com/About BITCOINS : DATA, Trading and Price Dynamics

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If Bitcoins continue, you may soon see Bitcoin futures traded somewhere

 

I found a website, where you can Vote on where Bitcoin prices might be in Six Months time.

Here's the Latest guess:

 

 

Daily

Up 77%

Neutral 5%

Down 18%

===

http://bitcoins.tumb...s-about-bitcoin

 

The should produce a chart showing how the Net Vote tracks over time

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I am sure that people will jump on it especially fast, now that the success of the original Bitcoin has been so recognised.

If the NEXT Bitcoin corrects some of the security issues, it should do well.

 

What security issues are these?

 

There seems to be a lack of understanding of the technical details of Bitcoin in this thread and a lot of conflating problems encountered by ancillary service providers with a problem in Bitcoin itself.

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Whomever had their Coins stolen may think there is a problem

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There have been a few issues with people having bitcoins stolen by hackers. At least if you have your money in the bank, and there's a bank robbery, it's not your money that gets stolen. Except if your money is stolen from you by the bank as per Cyprus.

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...Except if your money is stolen from you by the bank as per Cyprus.

 

And that may be increasingly likely, if your money is regarded as Black money.

Another coming problem, is that it may be harder and harder to move big sums from Bank to Bank.

Bitcoin is an alternative, but that may become harder to move or use too

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MORE BITCOIN Newsflow...

 

Russians most interested in Bitcoin

 

Telegraph.co.uk-2 hours ago

The virtual currency, which allows users to circumvent the banks, burst into the mainstream as the price of a Bitcoin rose to $147 (£96) against ...

. . .

Russia is the country now performing the most internet searches for the term “Bitcoin”, according to Google figures, followed by Estonia, the United States and Finland. The UK is not in the top 10.

 

The data gave weight to the belief that the recent price spike was driven by the crisis in Cyprus, as cuts to depositors’ savings planned under its bail-out further undermined faith in the global banking system.

 

Russian businesses were thought to account for €19bn of deposits held in Cypriot banks as of September last year, due to tax advantages, cultural links and, in some cases, for reasons of tax evasion.

 

(2)

Could bitcoins crash in a cyberversion of financial bubble?

The Seattle Times-35 minutes ago

 

(3)

Paying your bar tab with Bitcoins?

MarketWatch-13 hours ago

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This one was interesting ...

 

(Before the Bitcoin prices crash, they will trigger some parallel investments)

 

Why VCs Love The Bitcoin Market

 

TechCrunch-Apr 5, 2013

As a VC, my interest in the Bitcoin ecosystem is not ideological but mercenary. I see the opportunity for Bitcoin to disrupt multi-billion-dollar .

. . .

WHAT DOES IT MEAN FOR STARTUPS?

Not all big markets are opportunities for startups. Bitcoin has some attractive characteristics because it is so disruptive to the current system. The innovator’s dilemma may keep the big players in payments out of the market for a long time, as they may fear cannibalizing their current very attractive margins. But one day that competition will come.

The key questions for any startup are: What is your competitive advantage and how do you defend against a large late entrant? For exchanges, liquidity is the barrier to entry. Although there have been examples where new entrants have cracked open marketplace businesses, it is hard. For wallet and merchant services, it is less clear what the barriers to entry will be.

The risks associated with Bitcoin are worth mentioning as well. The six biggest hacking, theft andfraud incidents involving Bitcoin exchanges, wallets, or investment vehicles have resulted in a total 1.2 million Bitcoins being stolen, out of a total of 11 million Bitcoins in existence. This means that more than 10 percent of all Bitcoin has been stolen, and this does not include many smaller thefts and losses from individual wallets. Just this week, another wallet service was shut down after suffering an attack. Given this environment, Bitcoin startups cannot remain bootstrapped for long and will need to raise more substantial capital from VCs to mitigate these risks with better security and proactive regulatory functions.

In all the scenarios that I’ve painted above, Bitcoin prices need to go up by 100x or more. If that were the case, then maybe just buying Bitcoin is a better investment than putting money into a Bitcoin startup.

 

= = (2) = = Re: the cause of the Big price rise...

 

Bitcoin promoters credit new interest by venture capitalists. Yet Wall Street analysts who follow bitcoin say there is no indication that major investors are seriously dabbling in the currency. Critics say those paying hefty fees for bitcoins are investing in a ghost currency whose value is fictional.

“What’s behind that billion-dollar value? Nothing, except some people would claim a billion dollars’ worth of burned electricity,” said Ben Laurie, a software engineer and visiting fellow at Cambridge University.

Though critics warn that current buyers will be burned if the price collapses, bitcoin’s rise has early merchants ruminating about what might have been. George’s Famous Baklava in New Hampshire, for instance, sold a pan of dark-chocolate pastry online for 14 bitcoins in 2012 — a sum worth about $1,890 today. “I’m already looking back on that and smiling,” the company’s owner, George Mandrik Skouras, wrote in an email.

===

/see: http://seattletimes....nbubblexml.html

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What happened to Max's Hair - did he just hit the Reset Button ?

 

http://www.youtube.com/watch?v=KP6pBS6uptE

 

Max talks about Bitcoins reaching: $100,000 to $1 million each...

 

Published on 2 Apr 2013

 

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the elbowed dreams and broken markets that continue to apparently thrive while a hedge fund managers advice for young people is 'get a job' (in a hollowed-out wasteland of an economy) and 'save for retirement' (with the same banks that have stolen trillions from the global investor). In the second half of the show, Max Keiser talks to entrepreneur and inventor, William Mook, about a near future when bitcoin means banks will not even be needed and 3D printing makes factories obsolete but a present day in which financial wise guys have stopped investing in the economy because there is no fuel supply to support the growth.

 

FOLLOW Max Keiser on Twitter: http://twitter.com/maxkeiser

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ARE BITCOINS A THREAT ?

 

PF-AA633_smbitc_F_20110609130036.jpg

 

Bitcoin Really Is an Existential Threat to the Modern Liberal State

 

What's going on? First, a global shift to mobile payments and credit and debit cards. Second, a rise in online retail -- one that could put 15 to 20 percent of all retail sales online in the U.S., U.K., China, and Europe, according to Bain & Company.

 

Electronic payments aren't new. Bitcoin's only innovations are its status as an independent currency and its decentralized network design. But those differences might make Bitcoin -- or rather, crypto-currency in general -- an existential threat to the modern liberal state. If widely adopted, crypto-currencies would cripple government in three central functions: taxation, police and macroeconomic stabilization. That is exactly what Bitcoin's biggest fans are hoping.

  • Taxation: How do governments collect taxes on transactions in Bitcoin? The answer is they don't, and they can't...
     
  • Police: It would be almost impossible for states to detect certain crimes. One of the major alleged uses of Bitcoin -- though, of course, one can never truly know -- is buying illicit drugs...
     
  • Macroeconomic policy: A Bitcoin economy would undermine the power of real-world central banks to make monetary policy... Bitcoin also threatens their ability to finance public debt. In a world where many transactions are anonymous...

If Bitcoin remains on the fringes, then the state is safe. The question is, if it shows signs of becoming a widely used currency, what could governments do to crush it?

===

/more-detail : http://www.bloomberg...eral-state.html

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In the second half of the show, Max Keiser talks to entrepreneur and inventor, William Mook, about a near future when bitcoin means banks will not even be needed and 3D printing makes factories obsolete but a present day in which financial wise guys have stopped investing in the economy because there is no fuel supply to support the growth.

 

(Here's more from William Mook - his comments on YT, after the video):

  • William Mook 1 day ago
    The world has sufficient resources to supply over 50 billion people with a lifestyle equivalent to the average US citizen in 1965 and do so sustainably. This analysis includes wood, food, fiber, raw materials and energy. scribd (dot) com (stroke) doc (stroke) 106112900 (stroke) Resources*
    All scarcity is artificial.
    Reply · 2
  • photo.jpg
  • William Mook 1 day ago
  • Coins derive their value from the intrinsic value of precious metals which are mined from a sea of rock and dirt and lesser valued metals. Bitcoins derive their value from the intrinsic value of precious numbers which are mined from the sea of lesser valued numbers. Just as you don't need an authority to tell you gold is valuable, you don't need an authority to say precious numbers are valuable. Bitcoins have the advantage they are totally digital and you can encrypt them for total privacy.
    Reply · in reply to Lumin0us7
  • William Mook 1 day ago
    OPEC pulls the plug on the US dollar by accepting Euros in addition to dollars. The dollar falls at about 2% per day for 90 days until things in America are 3x more expensive than they are now. (read Chalmers Johnson's NEMESIS) The IMF introduces a world currency. People jump into it to save themselves. Bitcoin interferes with that plan. So, it must be taken out. So create a bubble collapse it, at the same time the US economy collapses. Otherwise bitcoin will compete with the IMF currency
  • William Mook 1 day ago
    As a graduate student at the Ohio State University I had the great opportunity to participate in a research program that resulted in some of the first space colony studies. Here we had the task of supporting 10,000 people in space using only sunlight and moon rocks with no inputs from the outside. The amazing thing is that we could maintain a very high living standard with only 2 hours of work a week. So where is all our wealth going on Earth? Now we know,to the corrupt banking system owners

===

Link to Document: http://www.scribd.co...12900/Resources

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It's all happening today in Bitcoinland, Butterfly labs who sell the bitcoin miners are no longer offering for sale the above product but appear to have nearly doubled their prices today. They no longer sell the one above but one of slightly less power, a 50 GH/s one for $2499!

 

Check it out - http://www.butterflylabs.com/landing/landing-ls.php

 

 

And here's how the ebay auction finished;

 

bitcoin_zps243fe7e7.png

 

That's over 3 times the price that the manufacturer was selling them for on their website earlier today! The person selling the machine doesn't even have - it's a pre-order.

 

Someone else on ebay purchased 1 single bitcoin for £245 earlier today.

 

Crazy.

 

 

Another of these bitcoin mining machines just sold on ebay for £3869. That's about 4.5 times what the manufacturer was selling them for on their website a few days ago!

 

 

EDIT - Scratch that - another has sold for £4,919, that 5.75 times the price the manufacturer was selling them for on Thursday. Just unbelievable. I'm starting to think people are going to look back on this as being the 21st century equivalent of the Tulipmania.

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Another of these bitcoin mining machines just sold on ebay for £3869. That's about 4.5 times what the manufacturer was selling them for on their website a few days ago!

 

Another sign of a Bubble Top.

 

All the supposed VC activity (Bitcoin ATMs) is yet another sign

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Pssst!

 

http://www.youtube.com/watch?v=L6kRZo63IPE

 

"Bitcoin can protect people from their own government."

"There's a Silk Road website, where people sell nasty stuff... like Heroin."

"There are lots of reasons for wanting privacy, not only illegal ones."

"It allows people to evade taxes... we need people to pay for things government does."

 

"Senator Schumer is trying to ban Bitcoins... but they cannot get their hands on it."

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Oh my god

 

OMG_zpsc3bbb90b.png

 

:lol: :lol: :lol:

 

One of these machines sold for $21,100 on ebay.com

 

Actually that seems a bit dodgy to me, surely no-one would bid that high.

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Oh my god

One of these machines sold for $21,100 on ebay.com

Actually that seems a bit dodgy to me, surely no-one would bid that high.

 

It is probably manipulation : Bidding the price up, so they can sell other machines for more.

The sharks are going to flood into anything connected with Bitcoins : Just watch it happen

 

greatwhiteshark.jpeg

 

I call this one: "Max"

 

Meantime, Bitcoin Mining is going to become HIGHLY competitive now - The high price guarantees that, I think.

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It is probably manipulation : Bidding the price up, so they can sell other machines for more.

The sharks are going to flood into anything connected with Bitcoins : Just watch it happen

 

greatwhiteshark.jpeg

 

Meantime, Bitcoin Mining is going to become HIGHLY competitive now - The high price guarantees that, I think.

 

The problem with Bitcoin mining is that that as the capacity of the mining network increases the difficultly level to obtain bitcoins through mining is increased. Law of diminishing returns.

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The problem with Bitcoin mining is that that as the capacity of the mining network increases the difficultly level to obtain bitcoins through mining is increased. Law of diminishing returns.

 

Exactly : and that is part of the genius of the way that Bitcoins are set up.

As the price rises, they become harder to get a hold of more, tightening supply.

(That, and the built-in cutback in supply over time.)

 

But the reverse can operate on the way down.

When prices fall enough, some people will stop mining, making it easier to get hold of them.

 

Many other "assets" (say, most commodities): the Supply will rise, in response to rising Prices - But not here.

 

The things is set up to create parabolic price moves.

 

Just wait for Bitcoins-v.2, and see how quickly people will jump in.

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The Start-ups are going crazy, like this:

 

I'm working on a new Bitcoin lending platform and I need your help ...

 

Mar 7, 2013 –

Hello,

I'm working on a new P2P Bitcoin lending platform: think of it as LendingClub or Prosper but with Bitcons.

It will be very similar to btcjam.com and we're hoping to be the viable competitor in the field. We're trying to build a product that will increase Bitcoin adoption and at the same time serve the lending needs of the Bitcoin community.

 

You will notice that we only have a landing page at our domain and that's because we're at a closed alpha stage. If anybody is willing to help us test it out, then please PM me or submit your e-mail on our landing page and I will send you a link to the closed alpha. Your feedback will be greatly appreciated and it will have an immediate impact on our development efforts. I think we have a great product and we hope that the Bitcoin community will love it as much as we do :).

Cheers,

BitLendingClub

 

"The lending needs of the Bitcoin community" ???

 

I did not know there were Lending Needs.

Who can take the risk of borrowing these things?

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The things is set up to create parabolic price moves.

 

 

I would say it has been set up in order to enrich early adopters, exactly like that of a ponzi scheme, but under the pretence of being an alternative decentralised currency (a very idealistic and noble aim that happens to chime with the zeitgeist very well).

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I would say it has been set up in order to enrich early adopters, exactly like that of a ponzi scheme, but under the pretence of being an alternative decentralised currency (a very idealistic and noble aim that happens to chime with the zeitgeist very well).

 

Exactly.

The "chime with the zeitgeist" part allows the profiteers to feel good about the profits - especially while prices are rising.

 

I don't think this game is necessarily over - this could be the Third Wave.

And after a big correction, lasting many weeks or months perhaps, we may get an even more higher Wave 5 up,

until governments move to slam on the breaks.

 

If politically powerful elites (such as banksters) were onboard, the phenomenon might last even longer.

But I do not see them joining the party.

 

This is something historic going on. It is almost as if we are living through another South Sea Island bubble.

 

the-south-sea-bubble.jpg : a 10X move

 

The thing with the SSIB was : Once it was over, it was over. No second life in that Cat.

 

Famously, however, things did not work out as planned. A roughly ten-fold decrease in the price of South Sea stock between 1720 and 1721 ruined countless families and sent shockwaves through the popular culture of Western Europe. No less a personage than Isaac Newton was reported to have lost the huge sum of roughly £20,000 (millions in the US dollar of today). Perhaps apocryphally, the astronomer remarked that he could "calculate the movement of the stars, but not the madness of men."

 

As I said above, historians and economists have shed a lot of ink on this subject. But the popular culture of the South Sea Bubble strikes me as less well covered. For instance, I was interested to discover that playing cards seem to have been a popular means of commemorating the financial failure. Perhaps the juxtaposition of economic catastrophe with the small-scale world of gambling was a form of sly social commentary? Below are some images of 'Bubble Cards' and other printed ephemera from the 1720-21 period

 

South_Sea_Bubble_Cards-Tree.png

 

===

/more: http://resobscura.bl...01_archive.html

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About Bitcoins - A Summary Guide to Bitcoin "Mining" and Price Dynamics

Bitcoin Charts :: site: http://bitcoincharts.com/ : charts: http://bitcoincharts...Szm1g10zm2g25zv

 

Prices have continued to push higher: http://bitcoincharts...Szm1g10zm2g25zv

 

bitcoinchart.png

 

bitcoinchart2.png

 

NEW HIGHS in Bitcoin ($170), but on weaker and weaker Volume.

 

(Approx. figures)

Recent: $170 x 3.5k = $ 595K

Earlier : $140 x 9.0k = $1,260K

 

Less and less money is buying in...

Wait for it...

The Sellers may come in soon, and CRUSH the waning buying interest.

 

(in edit... Higher still):

 

bitcointop.png

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If this keeps up there will be stories of people exchanging their homes for bitcoins as people did for tulip bulbs a few centuries ago...

 

tulipomania_vd_eijck.jpg

 

 

But wait....

 

 

this-time-is-different.jpg

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Prices still rising with some near parabolic action...

But the volume on each recent drops is normally exceeding the volume on rises - that's not an indication of strength

 

bitcoint2.png

 

That jump over $180 before 9am, could be one of the last good volume upwards thrusts, ...or not.

We shall see.

 

(In edit:)

Just after I posted that, Volume flooded in with the start of Normal NYC trading hours - and a New High - at just over $190 !

 

bitcoint2.png

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If this keeps up there will be stories of people exchanging their homes for bitcoins as people did for tulip bulbs a few centuries ago...

 

I already saw a story like that - I cannot recall the details.

 

This sorts of parabolic moves never end well. History teaches that much.

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