The Bitcoin Tracking Thread

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Originally Posted by madfranks

The thing I can't figure out though - while I believe much of this increase is due to the Chinese waking up to bitcoin in the last couple months and really getting into it, are they buying to hold it, or are they buying to sell for a profit? If they're buying to hold, the price should stabilize. If they're buying to sell for a profit, that profit taking could happen any time. I can't tell which is which, and because of that I'm not going to sell even at $400 right now. I just can't shake the feeling though, that this is similar to the last run up around $260 when it dropped back down real quick.

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Asians think long term. They also love gambling. Doesn't it feel like gambling when buying BTC? I think they'll get addicted to it. Also, bitcoin is extremely effective for actual gambling. Think statoshi dice, or the many sites where you can gamble on real-world things. Then there's the whole "cold hard cash" aspect of it which I think they also like.

This guy on Zerohedge has an interested perspective regarding Bitcoin price increase.

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But it's the third blow off top for bitcoin in 3 years.

And each time, bitcoin has had its normal price exceed the high of the top in 9 months to a year. And then go on to 5-10X higher. If this top follows that pattern, we could get over $1K USD/XBT before the pop.

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And each time, bitcoin has had its normal price exceed the high of the top in 9 months to a year. And then go on to 5-10X higher. If this top follows that pattern, we could get over $1K USD/XBT before the pop.

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It's because there is a FIXED amount of 21 million, there will never be more than this. It only takes a fraction of the world population interested enough to own only 1 BTC to propel this thing to the stratosphere.

And we have our correction... Not sure how major or minor it will be. But I sold just in time. :)

Sold at Mtgox for 373
Sold at BTC-e for 360

current prices:

MtGox: 353.00
BTC-e: 321.09

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Originally Posted by Ares

And we have our correction... Not sure how major or minor it will be. But I sold just in time. :)

Sold at Mtgox for 373
Sold at BTC-e for 360

current prices:

MtGox: 353.00
BTC-e: 321.09

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Nice going!
You keep this up and you'll be looking for your dream bugout property (thanks to bitcoin), 20 acres with a pond in the hills?

I'm not convinced at all that this is the correction... we were at $200 a week and a half ago, currently at between $320-350 isn't a correction to me.

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Originally Posted by madfranks

I'm not convinced at all that this is the correction... we were at $200 a week and a half ago, currently at between $320-350 isn't a correction to me.

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Still trending down

MtGox: 333.05
BTC-e: 304.59

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Originally Posted by EE_

Nice going!
You keep this up and you'll be looking for your dream bugout property (thanks to bitcoin), 20 acres with a pond in the hills?

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I'm working for it.. lol Whether it's dollars, silver, gold, or bitcoin, or litecoins. I'm working for it.

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Originally Posted by madfranks

I'm not convinced at all that this is the correction... we were at $200 a week and a half ago, currently at between $320-350 isn't a correction to me.

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Gee, and I thought finding a quotation price for construction materials in dollars was hard enough.

I would need another terabyte program to track, and the quotes valid for only 24 hours.

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Originally Posted by Horn

Gee, and I thought finding a quotation price for construction materials in dollars was hard enough.

I would need another terabyte program to track, and the quotes valid for only 24 hours.

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Ha ha, at this point, I'd never contract for anything denominated in BTC. It's still so young it's trying to find it's closest market value. That might take a few years, but when it stabilizes, it'll be as useful, if not more so, than dollars for pricing goods and services.