The Bitcoin Tracking Thread

[Neuro]

Most got sold at the last rally IMO.

Perhaps, do you have data on the trading volumes? I think it is unlikely that most were sold, if say the trading data would show that less than ten times of what they hold was traded in the last month leading up to the crash, I would say it is very unlikely that they sold more than half their holdings, so what would that be 50 million bitcoins, or 2 million per day, unless of course they sold them in back room deals to some bankster. But then of course situation would be worse...

[Neuro]

Found trading data last month was 1.8 million bitcoins traded, last run-up I doubt it was that many traded. They can't have sold that many before the flash crash a few hundred thousand perhaps, out of the easily mined 5 or so million they have, unless in a back room deal to a bankster!

http://bitcoincharts.com/markets/mtgoxUSD_trades.html

[madfranks]

If what is said about the block sizes increasing indefinitely to huge sizes, it may at some point become impractical for the average person to use bitcoins. Having to download terabytes of data just to buy something for $2 online wouldn't be attractive.

You don't have to download tons of data to use bitcoins. Right now you could open a new bitcoin wallet, buy a bitcoin on ebay and within a few hours you'd have it in your wallet. Then you'd have a funded wallet and you haven't downloaded a thing.

[sirgonzo420]

Current price: $68.87


the thread title hasn't been accurate for a little while .... Bitcoin is over double silver spot.



(of course, Bitcoin is not superior to silver, but it sure is an interesting and increasingly popular piece of "experimental" software!)

[madfranks]

Current price: $68.87


the thread title hasn't been accurate for a little while .... Bitcoin is over double silver spot.



(of course, Bitcoin is not superior to silver, but it sure is an interesting and increasingly popular piece of "experimental" software!)

I'm going to start a new thread called "The Bitcoin Tracking Thread" and move a large portion of this thread over to the new one.

[Golden]

Ya know what hasn't been accurate for a little while? ..... F@$%ING PRICES111

[chad]

i just don't understand paying $60 something for an electronic bit when you could buy 2 morgans for that.

[madfranks]

I moved the bulk of the other bitcoin thread to this one, I think this thread title is a bit more fitting.

[madfranks]

i just don't understand paying $60 something for an electronic bit when you could buy 2 morgans for that.

Try to stop thinking of bitcoins and gold/silver as equivalents, they're not. Morgans are great, but they are physical. Bitcoins are digital and give you the benefits of gold/silver in the digital world. I'm not saying it's better, it's just different.

[sirgonzo420]

Try to stop thinking of bitcoins and gold/silver as equivalents, they're not. Morgans are great, but they are physical. Bitcoins are digital and give you the benefits of gold/silver in the digital world. I'm not saying it's better, it's just different.

Exactly.

I am not buying bitcoins at this price, but I can surely trade bitcoins obtained at a much lower price for very real, tangible silver and gold. Here is one such place to do such a thing: http://bitcoincommodities.com/

Bitcoin, since it's inception just a few years ago, has seen more than a 6,799,900% rise in FRN-value. That rise in value can be applied to all manner of physical things, including gold and silver.


EDIT: Current BTC price: $71

EDIT one hour later: Current BTC price: $74