It is good to remember that there are no fake bid walls, but fake ask walls abound...
It seems quiet, but be ready for serious action to the upside any time from now. If the sellers are not staring their screens, there is not much for sale once we clear the resistances of $167 and $267.
no fake bid walls wat???
That will probably never happen. BTC would still be a running success if 10-50M people used it daily. What would you reckon the price range would be? 500 to 2500 USD (pro-rata or some other factor might apply?)
You made my day
I bet you were serious
I am. His calculation is based on gold, so he simply swaps Bitcoin for gold. Using historical data for gold, rounding errors and whatnot and he obtains a nice round figure of 300.000USD (2013 value) per Bitcoin. But that's only when everyone uses Bitcoin (I'm counting 6 billion people, which might be a little too low). It's quite a simple calculation.
https://bitcointalk.org/index.php?topic=174620.msg1886147#msg1886147The problem is whether this can stand the reality test. Maybe his assumptions are wrong etc. Bitcoin is not tied to a physical item, so, unlike gold, it can vanish. Will that risk factor be included in the price? OTOH, you can absolutely store paper wallets. You could thus make Bitcoin banknotes (or IOUs), so the market cap could be multiplied (but then we're right back where we started: a debt ridden system).
Anyway, the whole Bitcoin experience is very interesting.
Man, $300k per BTC this year is just a delusion of a crazy guy. You have to be as dumb as you could possibly get to do not see that
Bitcoin's infrastructure is too weak to support that kind of adoption. The blockchain is not technically ready to support that kind of use (block size hard limit, etc.), let's leave apart Gox and the other exchanges managing that kind of "singularity" (LOL) in just a few months from now.
Everybody in here sees the amazing potential of BTC. How it can go to the moon and skrocket very fast. We all see that, you don't need to be a Supernode 1337 trad3r. But the difference between the sane and the crazy guy is the latter loses touch with reality, being blind to hard facts like the very real limits of Bitcoin's infrastructure.
That's why you should never trust your money to a guy like Rpietila, because when he goes nuts he loses sight with reality's knocking on his door. And he may very well end up leaving your BTC's in a Sauna.
I not sure the Bitcoin infrastructure has to support it in the sense you may mean. The blockchain can handle any particular price, all that would happen is buying bitcoins would be too expensive except for the ultra rich and big corps and govs, which would use bit coins to do things like store wealth, big currency swaps, big deals and balance the nightly's
I'm not saying BTC will go to 300K though.
If you are bored LTC had a nice suckers rally today. (Like you can't already tell by the suckers making threads here
)
Why are they rallying? They shouldn't be being so pegged to btc as they are..
apparently not quite as pegged as thought!
If you are bored LTC had a nice suckers rally today. (Like you can't already tell by the suckers making threads here
)
Why are they rallying? They shouldn't be being so pegged to btc as they are..
apparently not quite as pegged as though!
Are you saying they wanna be THE GUY ?
could be in 2 years we are see-ing BTC as fractions of LTC, if the inter tubes has taught us one thing, its the first majour out the gate always falls, Mosaic fell, most pre microsoft os fell to minor players, nokia fell, xerox parc os fell,......NeXT fell, Basic fell....the list goes on...
when I look at the sell wall there seems nothing to sell after $500 to about $1000+ as if no one is selling??