Bitcoins

[Hack&Lube]

Yeah, human nature is what drives Bitcoins, not quantifiable market factors (until new technology/game changers like ASICs come in). Hopefully Mt Gox stabilizess. One good thing about trading on other exchanges is that it usually takes awhile for the trends from Mt Gox to affect the others so you have some head warning about what's going to happen so you have some lag time to plan and act.

[Thor]

Well now Bitcoins are here to stay, look who claims to have 11 million in bitcoins.

http://www.huffingtonpost.com/2013/0...n_3063831.html

Cameron and Tyler Winklevoss have been many things in a short time: Olympic rowers. Nemeses of Mark Zuckerberg. Characters on “The Simpsons.” Now they can add a new label: bitcoin moguls.

The 31-year-old identical twins have amassed since last summer what appears to be one of the single largest portfolios of the online currency that has caused such a stir in financial and technology circles.

An array of speculators have now bid up the price of the bitcoin to the point where the outstanding supply of the digital money was worth $1.3 billion at last count. The Winklevii — as they are popularly known — say they own nearly 1 percent of that, or some $11 million.

The decision by the brothers to go public with their position signals a new stage for what has been an experimental alternative to national currencies. Created in 2009 by a programmer or programmers known only by a pseudonym, the bitcoin world has been dominated by anonymous programmers and traders.

[Daradon]

Hahah, the Winklevii pretending to understand the internet again. I can't really see their bitcoin position improve by this point, as I mentioned in my last post. Cow's Bre-x comparison probably being far more likely.

[Thor]

Put me on the side thinking this could turn out to be something quite big, the more I've read and spoke to a number of people, the more I see this worth a small investment risk.

I see the last few days and I get excited, not worried. But I am crazy, so there is that too.

[Azure]

At this point we all might as well wait until they drop to rock bottom, and then buy as many as we can to drive the price up again so we can all sell them again and turn a tidy profit.

Rinse, repeat until we're all very rich.

[Azure]

Mt. Gox opened up for trading, and their BTC price has now dropped to $78.

Hopefully it drops to like $1, so I can buy lots.

[rubecube]

Originally Posted by Azure

At this point we all might as well wait until they drop to rock bottom, and then buy as many as we can to drive the price up again so we can all sell them again and turn a tidy profit.

Rinse, repeat until we're all very rich.

Haha I was just thinking this. Since it's not a real market, I doubt this is illegal. I'm going to put $500 in my account and just wait to for it to drop and then start buy up bitcoins. We should all almost collude on a price point we like.

[Thor]

lol I was just doing this, waiting for a bit lower, hoping for at least 50

[Caged Great]

Originally Posted by Thor

lol I was just doing this, waiting for a bit lower, hoping for at least 50

I think it might bottom out around 25 as most people are likely cashing in

[Thor]

I can only hope, I´m not buying tons or anything, just looking at 50 to 100 if possible.

Well another endorsement, if the facebook twins wasnt enough, how about the dragons den, Kevin O high on himself.

http://video.ca.msn.com/watch/video/...257c%257c%257c

[Cowperson]

Originally Posted by Thor

Well now Bitcoins are here to stay, look who claims to have 11 million in bitcoins.

Cameron and Tyler Winklevoss have been many things in a short time: Olympic rowers. Nemeses of Mark Zuckerberg. Characters on “The Simpsons.” Now they can add a new label: bitcoin moguls.

The 31-year-old identical twins have amassed since last summer what appears to be one of the single largest portfolios of the online currency that has caused such a stir in financial and technology circles.

An array of speculators have now bid up the price of the bitcoin to the point where the outstanding supply of the digital money was worth $1.3 billion at last count. The Winklevii — as they are popularly known — say they own nearly 1 percent of that, or some $11 million.

The decision by the brothers to go public with their position signals a new stage for what has been an experimental alternative to national currencies. Created in 2009 by a programmer or programmers known only by a pseudonym, the bitcoin world has been dominated by anonymous programmers and traders.

http://www.huffingtonpost.com/2013/0...n_3063831.html

Not quite the same thing but starting to sound a bit like the Hunt Brothers trying to corner the silver market in the 1970's-80's. They caught regulators off guard at first, accumulating 77% of the world's supply of silver, but then the rules tightened and were changed, basically targetting them, eventually forcing a collapse and bankruptcy.

Fed Chairman Volker gave approval for a bailout plan for the brothers fearing a financial disaster. A group of banks agreed to loan the brothers 1.1 billion dollars. The family had to put up 8 billion in collateral with the banks. The brother’s older sister, Margaret finally put her foot down after the silver collapse and demanded to know just what Bunker had intended to accomplish? Bunker sheepishly replied, “I was just trying to make some money”.

More on it . . . http://www.traderslog.com/hunt-brothers-silver/

Cowperson

[Thor]

1% though is quite small, there is lots of conspiracy theories abound though, one of the most popular is crime syndicates in eastern EU and Russia stealing and coercing exchanges like Mtgox to grab as much bitcoin as they can.

These ddos attacks target the main exchanges to cause selling panic, so there is most definitely attempts to play on the human fears of bubbles to get coins at low prices.

The only way to deal with this is to grow much more, and decentralize the exchanges, mtgox has 80% of the trading volume last year, they need to be under 20% at least if we want more stability.

[Azure]

Price seems to be slowly inching its way back on up. Low of $58 today, and it just hit $100.

[rubecube]

Originally Posted by Azure

Price seems to be slowly inching its way back on up. Low of $58 today, and it just hit $100.

I think we're going to see it jump and crash between $50 and $100 for the next little while. People are going to play it safe until it hits a certain point and then there will be a rash of sales that will knock it back down. Rinse, repeat.

EDIT: I dumped $500 into my account today. They charge me a $10 transaction fee to withdraw, so I'm just going to let it sit there until I see a price I like. If I don't see one, then $10 isn't that big of a deal.

[Thor]

I think $50 is a must buy price point, $75 very safe, and I think over the next few months it will probably fluctuate around $100.

My guess anyhow.

[topfiverecords]

Anyone planning on daytrading these with such a high fluctuation in price?

[rubecube]

Originally Posted by Thor

I think $50 is a must buy price point, $75 very safe, and I think over the next few months it will probably fluctuate around $100.

My guess anyhow.

If you get them for anywhere between $50 - $75, you gotta think $150 is a very good offload price as well. At least if it climbs above that, set that as your sell limit.

[Thor]

Well I'm going into mining, so looking further down the road, long term with my plans.

I will be on the look out for good spots to sell so I can pay off the money for my equipment but yeah, $150 especially after this week is very solid, but I do think we will see the 300s this year, probably by another bubble.

[Cowperson]

Why Bitcoin and the like will never be anything more than a novelty. . . .

http://www.washingtonpost.com/blogs/...money/?hpid=z2

Cowperson

[Thor]

You surprised the Washington post would say that?