Silk Road forums
Discussion => Silk Road discussion => Topic started by: ukmj on November 22, 2012, 11:10 am
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$350k of BTC were purchased at market rate yesterday. It shifted the price by $0.20 cents per coin.
A sign our favourite currency is becoming immune to single large players?
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Yep.. Everything's coming up millhouse.
I personally have invested a decent chunk in BTC over the past 6 months.
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Someone's doing their laundry
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Total noob question, but can anyone speculate on how high BTC could hit ??
I've read a few old articles about the road and the authors used lines like '.... purchased are made using Bitcoins which equate to around $5-6 each'... etc.
Now it's around 12 ish.
Interesting stuff, wish I bought some more earlier - or is there are real risk of the currency taking a nose dive??
Thanks,
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Historically BTC has done well in terms of increasing value, however it can still fall in value and the higher it goes the more value it could potentially lose. Sometime in the next 2 weeks the reward from mining will halve, that is expected to put upward pressure on the price. Probably what triggered this 350k investment. I imagine the buyer intends to sell asap if there is a significant hike in value. A purchase of apprx 30k btc would net the buyer a 10% return if the price went up to $13, not bad for a 2 week investment.
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Yep.. Everything's coming up millhouse.
I have nothing of value to contribute here, I just +1'd you cause that made me giggle a lot.
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or is there are real risk of the currency taking a nose dive??
Yes that is a huge risk. There are a lot of unknowns in the near future for bitcoins.
1) Silk Road needs to stay up - it's responsible for a large piece of bitcoin transactions.
2) The bitcoin block reward for mining will be cut in half soon. I would think that this will cause the price to go up, but who knows? I'd guess that's why this large purchase was made, to capitalize on any sharp increase.
3) New bitcoin mining hardware is also coming soon that will greatly increase the rate at which bitcoins are mined. Supply & demand says if they're mined faster/easier, price will drop, but who knows?
4) Regulations could make bitcoin less attractive, and drive away users which brings less demand, lowering the price.
And tons of other things. BTC is very volatile.
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I guess this is slightly off topic but does it not strike you as odd that the reward is being halved at around the same time that these new ASIC devices are coming to market? I have a feeling I'm going to be bashed for saying this as i maybe completely misunderstanding the fundamentals of bitcoin protocol but its just a thought I've had for a while.
Hmm
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"Yes that is a huge risk. There are a lot of unknowns in the near future for bitcoins.
1) Silk Road needs to stay up - it's responsible for a large piece of bitcoin transactions."
Your experience of bitcoin is colouring your view here, yes you use it for SR and so does everyone else here, however bitcoin is less dependent on SR than SR is on BTC.
2 - i dont disagree
3 - bitcoins will be mined at the same rate, that is 25 coins per 10 minutes, at present it is 50 but the reward halving will occur before the new tech is online. New mining tech is an arms race, keep up or lose out, you dont get to make more money you just keep yourself level with your opponents.
4 - bitcoin cannot be regulated, sure govts may try but it isnt worth their time at present, of course long term it may come to notice but without worlwide cooperation it would be impossible to prevent, even with cooperation it doesnt mean they could do anything.
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$350k of BTC were purchased at market rate yesterday. It shifted the price by $0.20 cents per coin.
A sign our favourite currency is becoming immune to single large players?
It seems to have gotten the market going now!
Forgive my ignorance, but how can you see individual purchases like this? Blockchain.info?
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mtgox.com and you can watch the chart up top...
or mtgoxlive.com i believe.
i remember when i first start browsing here btc was like 5.5 per btc.
and they did hit 80 at one point i believe.. 60-80.
350k of BTC.. lol.
how the FUCK... do you cash that out unseen? lolol..
350k in btc.. lol.. load that onto a fucking card, ffs. :)
well.. everyone just keep an eye on the coin..
it will always be running up and down.
enjoy the stock market! ;)
/thumbs
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we are expecting the value of coin to go up to $25 usd per coin
Happy thanksgiving everybody
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we are expecting the value of coin to go up to $25 usd per coin
Happy thanksgiving everybody
"we"?
are you btc as a whole? or just a spokesperson.
no one knows what BTC is going to do..
BTC is its own person.. it has its own soul.
everyone give yourself to the Coin!
/thumbs
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Talawtam - the reward halving gas been written into the bitcoin code since the beginning (early 2009). ASIC release is based on ASIC companies any link is entirely one way and nithing to do with BTC. BTC was designed with CPU mining in mind, that was superseded by GPU, then FPGA and eventually by ASIC. Something else may be introduced after ASICs because someone will always be looking for a way to maximise the hashrate they are getting.
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4 - bitcoin cannot be regulated, sure govts may try but it isnt worth their time at present, of course long term it may come to notice but without worlwide cooperation it would be impossible to prevent, even with cooperation it doesnt mean they could do anything.
Is that why bitinstant requires a name and date of birth now? That example is easy to get around, but that could be just the tip of the iceburg. Now, things like this aren't going to kill bitcoin themselves. But if it becomes increasingly difficult to exchange bitcoins for standard currency anonymously, people will be driven away from it. So, yes, bitcoin can be regulated.
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localbitcoins.com
you can buy them person to person, sometimes with a bank transfer to a private account, no way to stop things like that.
an anonymous Tor messaging board and you are away.
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If you wash your coins before cashout, you have nothing to worry about.
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If you wash your coins before cashout, you have nothing to worry about.
Besides finding a way to justify the income. Oh, and giving half your money to the gov that forces your work into the shadows.
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If you wash your coins before cashout, you have nothing to worry about.
Besides finding a way to justify the income. Oh, and giving half your money to the gov that forces your work into the shadows.
+1