I think you guys are looking too narrow, any day now we could see a blowup. The market is not very mature yet... $1.5B market cap is not much in all actuality. There really are many people out there with hundreds of millions of dollars that can severely shock the market. All it takes is someone like my friend's grandma (who has about $200 million dollars) to decide to put 10 percent into Bitcoin...and
BAM! the price is driven over $1,000 instantly, shocks the whole community and market, and you will have wilder volatility than you could ever imagine.
We haven't seen nothing yet! If you think April was volatile, just wait...
I'm sure it will happen again.
You're a little confused if you think 20 mill would take the price over 1000.
Our friendly whale who put in about 4 mill brought the price up from $1XX to $148.90. And thats with a few more million from other people. So, 8 mill -> $40
But 20 mill [and lets say, 40 mill] -> +900? Dont think so.
Of course if your friend grandma is braindead and clicks market order 20millUSD, then yes, around 10kUSD/BTC spike.
There must be a reason most mega-wealthy people have bothered to put a couple million into bitcoin.
LOL yeah! Well the people I know are of the kind of personality that would so something like that (buy $20 mil market order) just to see the affect and have fun with it haha. I'm sure they'd get a good laugh about it. Although she is the kind of person who has her assets in money markets and stuff, and is not so risk averse, so it might not happen anytime soon until she passes away or something and the inheritance is passed on to her children/grandchildren.
That would be a very dumb decision, since the investor could get much better price for most of the coins by buying it gradually and systematically. People acting like you've described never make big money or quickly lose it. They aren't doing haha while getting worse deal than they could have. Sorry, but your posts sound like childish nonsense.
wtf girls and guys, is 123 the new 5?
I was thinking about the same today.
Furthermore, from 5 it went only higher.
perhaps they have a threshold. if you're withdrawing more than XXX coins (worth $XXX USD), then you must be verified.
speculating.
It used to be up to 100 BTC daily. But JimboToronto now says he is unable to withdraw 50 without the verification. So they changed requirements, and I speculate there might be varying conditions upon which Gox decides what verification bullshit is required for a customer. Like country of residence, desired deposit/withdrawal method, and amount you wish to deposit/withdraw. There are 3 levels of account status - unverified, verified and trusted - the last one is with notarized and translated documents, but this used to be required only for big transactions.
This BIT will almost certainly utilize fractional reserve, as all the similar gold and silver entities have done, and act as an agent of price manipulation. (If not, the relevant authorities will shoot it down or make sure it won't even launch.)
He stated himself that they are providing investors the appropriate tools (bitcoin addresses) to prove that the bitcoins are there. It's up to the investors to keep him honest, but with Bitcoin its so easy.
That'll get leaked. For sure.
Once enough HNW individuals figure out that infos about the activity of their investments can be leaked via traffic analysis that anyone can to—they'll all be clamoring for Zerocoin.
Or they'll just invest in funds like BIT, where their individual activity leaves no trace in blockchain.
The BIT wallets would though. And the'll be wanting to close that leak except to the select who have signed NDA's. A lot of their investors will want that potential leak closed to the public as well.
Yes, I misunderstood Holliday's post, and realized that only after I hit the Post button...
Just a piece of speculation, nothing that I advocate, but I believe I'm not alone to think about this.
Gox is likely sitting at nice stash of btc, and if they are insolvent, they might want to sell large portion of btc at the highest possible price.
So gox manipulates the price and makes others to follow, until volume there is enough high to make them so.
Rising price can also induce more interest in bitcoin and thus influx of newcomers buying into btc (most of them may not be buying at gox, but still easing their effort by eating sell walls at other exchanges). Also, here could be helpful the secondmarket news, to which the rally would be accredited in media, thus finding more plausible and bullish explanation for the raise.
Where that goes is clear. In later stage of rally gox starts to dump (not only on their own exchange of course). Also more players exit their positions. With gox losing its market share and ask sum at other exchanges growing, the market peaks and a crash follows.
Just a piece of speculation, nothing that I advocate, but I believe I'm not alone to think about this.
Gox is likely sitting at nice stash of btc, and if they are insolvent, they might want to sell large portion of btc at the highest possible price.
So gox manipulates the price and makes others to follow, until volume there is enough high to make them so.
Rising price can also induce more interest in bitcoin and thus influx of newcomers buying into btc (most of them may not be buying at gox, but still easing their effort by eating sell walls at other exchanges). Also, here could be helpful the secondmarket news, to which the rally would be accredited in media, thus finding more plausible and bullish explanation for the raise.
Where that goes is clear. In later stage of rally gox starts to dump (not only on their own exchange of course). Also more players exit their positions. With gox losing its market share and ask sum at other exchanges growing, the market peaks and a crash follows.
MtGox' market share is worth so much more than what they could gain with such a scheme.
Hypothetically, if gained profit could help them to resolve the issue with withdrawals, their decline in the market share would stop.
Just a piece of speculation, nothing that I advocate, but I believe I'm not alone to think about this.
Gox is likely sitting at nice stash of btc, and if they are insolvent, they might want to sell large portion of btc at the highest possible price.
So gox manipulates the price and makes others to follow, until volume there is enough high to make them so.
Rising price can also induce more interest in bitcoin and thus influx of newcomers buying into btc (most of them may not be buying at gox, but still easing their effort by eating sell walls at other exchanges). Also, here could be helpful the secondmarket news, to which the rally would be accredited in media, thus finding more plausible and bullish explanation for the raise.
Where that goes is clear. In later stage of rally gox starts to dump (not only on their own exchange of course). Also more players exit their positions. With gox losing its market share and ask sum at other exchanges growing, the market peaks and a crash follows.
MtGox' market share is worth so much more than what they could gain with such a scheme.
Hypothetically, if gained profit could help them to resolve the issue with withdrawals, their decline in the market share would stop.
Also, MtGox does not influence the broad trend. Check out this chart and spot the period when MtGox was closed for 8 days, when it had a much larger market share (80%) than today.
http://bitcoincharts.com/charts/mtgoxUSD#rg60zigDailyzczsg2011-05-02zeg2011-09-01ztgSzm1g10zm2g25zvHmmmm... I'm not sure how to interpret this. Doesn't it say opposite? Price didn't change much when they re-opened , since everybody was waiting on them?
It shows that the market did not crash when mtgox went away. It just continued from the same level as before. It means the following scenario is unlikely.
... With gox losing its market share and ask sum at other exchanges growing, the market peaks and a crash follows.
Oh well, I see. But similar situation can result differently, when circumstances have changed.