Bitcoins

csm888

Satoshi wrote: »

the 'market cap' of bitcoin is currently $
Peter schiff makes a good point about 10mins in, if lots of the bitcoin millionaires who bought lots before they went up so much decided to cash out, would there be enough buyers to put all those units of fiat currency into bitcoin?

The answer is yes, the price would collapse, and when the price got low enough someone would buy all of them. Same for everything else, gold, silver, stock, dollars. In fact this is what has been happening over the last week, many early adopters have been cashing out some of their coins and becoming millionaires. The market is soaking them up, because of all the new money coming in. Early adopters won't dump their coins unless the market is deep enough to allow their sells without minimal slippage.

BoracicLint

The price of Bitcoin seems to be testing the previous all time high of £550, currently at £540. Once this breaks through I think we'll soon see the magic $1000 (£625).

Russtavo

Can any experts offer me advice? I bought a few Bitcoins last year using blockchain.info and would like to sell them.

Tried to read up but my head is swimming. I think I need to transfer the Bitcoins to a Bitcoin Exchange to sell them- is that right? Any recommendations? I just want to withdraw the ££ into my bank. Thanks in advance.

BoracicLint

Russtavo wrote: »

Can any experts offer me advice? I bought a few Bitcoins last year using blockchain.info and would like to sell them.

Tried to read up but my head is swimming. I think I need to transfer the Bitcoins to a Bitcoin Exchange to sell them- is that right? Any recommendations? I just want to withdraw the ££ into my bank. Thanks in advance.

Go to Localbitcoins.com and sign-up. You will then need to send your Bitcoins from your current wallet to the Localbitcoins wallet.

Click the 'sell' link and look for a reputable member to sell to. Once you initiate the sale, send the seller your bank details. The Bitcoin will go into Escrow. Once you have received the funds in your bank account, click 'Release Coins' and complete the sale. (note: make sure you have received cleared payment in your bank before you release the Escrow).

Hope that helps.

csm888

Why can't I ever predict the Bitcoin price movement, last night I was almost sure we were running out of steam and we were going to correct back down to $500-$600, I was on the point of going 100% fiat, and look at it today up 12%. Crazy, so glad I bottled out. But I was sort of hoping for a Lotus Elise this week without reducing my holding in coins... oh well... buy and hold, buy and hold.

Satoshi

csm888 wrote: »

Why can't I ever predict the Bitcoin price movement, last night I was almost sure we were running out of steam and we were going to correct back down to $500-$600, I was on the point of going 100% fiat, and look at it today up 12%. Crazy, so glad I bottled out. But I was sort of hoping for a Lotus Elise this week without reducing my holding in coins... oh well... buy and hold, buy and hold.

There will be a pullback next bit of negative news, a new silkroad take down or something. Or a better competitor to bitcoin which irons out all the problems. At the moment its a bullish talk everywhere.

People are saying there are not enough bitcoins for the world and then they think about it and say there are enough its just the value of each 0.0000001BTC needs to go up a long way.

Satoshi

csm888 wrote: »

The answer is yes, the price would collapse, and when the price got low enough someone would buy all of them.

Buy all the remaining available ounces of silver?

You are talking about similar to the Hunt brothers in the 70's. Well there is less silver now, any individual billionaire or a group of them could buy all the remaining above ground silver. They could succeed where the Hunts failed. But there is not enough silver available for all their fiat currency to go into, and then the rest of their fiat would become worth less as the manipulation of silver ends.

JohnRo

If you believe the concept won't get killed off by the crooks, then I reckon it's wise to only use btc to make purchases of something you want and planned to purchase anyway, and if that's not yet possible then just hold them until you can.

There is a market waiting to be tapped by retailers and they'll soon be queuing up once there's some sort of geopolitical coherence and clarity on the subject, Germany have moved first and others will be forced to follow, so called leaders can't just stick their heads in the sand and hope it'll all go away.

The higher the btc price goes the more stability will be introduced as individual speculators will be forced into moving smaller btc denominations. That'll generate stability and a gravitational pull as there is a vast amount of dissatisfaction with the privilege, greed and corruption in the banking sector and a stable, incorruptible, democratic alternative will only continue to be well received. At least by those who don't have a vested interest in preserving the cleptocracy.

The next ten or twenty years could see some truly amazing developments.

[Deleted User]

https://bitcointalk.org/index.php?topic=583.msg11405#msg11405

As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose

and one special, magical property:
- can be transported over a communications channel

If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.

Maybe it could get an initial value circularly as you've suggested, by people foreseeing its potential usefulness for exchange. (I would definitely want some) Maybe collectors, any random reason could spark it.

I think the traditional qualifications for money were written with the assumption that there are so many competing objects in the world that are scarce, an object with the automatic bootstrap of intrinsic value will surely win out over those without intrinsic value. But if there were nothing in the world with intrinsic value that could be used as money, only scarce but no intrinsic value, I think people would still take up something.

(I'm using the word scarce here to only mean limited potential supply)

Satoshi

Next episode just released

https://www.youtube.com/watch?v=OQWMd_NPSBA

Very interesting this is one of the best episodes. Makes you think about bitcoin and what is money and what is currency.