Bitcoin mining

Dj_Jestar said:
Yet at the time he posted, it was $116 :confused: How can you not see that? EDIT: At 16:30 on the 11th of April, BTC-e's own graph shows the price at $150-$159...

http://bitcoinity.org/markets

All markets are up, except for MtGox which has a small downturn just before they went offline.. which isn't surprising because they were going offline...
Click to expand...

lol I don't care what those graphs say, they cannot be accurate.

I am 100% sure when I first started writing my post it was $65, midway through $63, then in my edit at 16:31 it was $60. Again, without a shadow of a doubt that was the price.
 
Bitcoin is behaving to me is more like shares. A very volatile one at that. But one that with no legal entity to back onto. All it takes is for someone, a large company or country to make a statement about it and watch those value tumble. The only way it goes up in value is if people want it, people will stop wanting it when it disappears from the headline and it is forgotten. The next big thing will hit the news (Litecoin) and that will go up. Rinse and repeat ? It seems all these coins can be made up far too easily and the more of these are created, the lesser value they are.
 
RichIbizaSport said:
lol I don't care what those graphs say, they cannot be accurate.

I am 100% sure when I first started writing my post it was $65, midway through $63, then in my edit at 16:31 it was $60. Again, without a shadow of a doubt that was the price.
Click to expand...

I've worked it out. It's is running on gmt, we're on gmt+1. Look at the raw data (button at the bottom) for 15:28 here:

http://bitcoincharts.com/charts/btceUSD#rg1zig1-minzczsg2013-04-11zeg2013-04-12ztgMzm1g10zm2g25zv

It just so happens the 10 minute window I posted in, it dropped to $60 then rose again to $80.

Timestamp Open High Low Close Volume (BTC) Volume (Currency) Weighted Price
2013-04-11 15:24:00 65 66 63.284 65 171.77 11147 64.89
2013-04-11 15:25:00 65 64.99 59.99 60.01 760.42 45686.48 60.08
2013-04-11 15:26:00 60.01 62.999 60 60.013 73.96 4496.42 60.8
2013-04-11 15:27:00 60.013 62 59 59 65.01 3903.62 60.05
2013-04-11 15:28:00 59 62 59.2 59.2 105.34 6262.12 59.45
2013-04-11 15:29:00 59.2 64 59.2 60 78.73 4839.26 61.46
2013-04-11 15:30:00 60 60 59.3 59.3 0.5 29.38 59.31
2013-04-11 15:31:00 59.3 63.899 58.2 60.602 117.61 7059.42 60.02
2013-04-11 15:32:00 60.602 69 55 62.697 361.79 21144.61 58.44
2013-04-11 15:33:00 62.697 69 62.697 67.65 53.04 3551.96 66.97
2013-04-11 15:34:00 67.65 82.336 67 79.9 153.88 11872.17 77.15
2013-04-11 15:35:00 79.9 82.998 77.151 80 54.02 4377.33 81.03
2013-04-11 15:36:00 80 83.671 79.901 83.352 37.97 3107.76 81.86

I knew I wasn't going insane.
 
My view is that it has peaked, get out now while you can, while it is still profitable.

It is a giant bubble that is about to burst or leaking very quickly. A big ass "I told you so" waiting to happen.

I mean how can it rise even more in value? The part where it hit the news headline and into average every day joe blogg's lifes has happened and over. That was it's 15 minutes of fame. There are probably a lot more miners because of that media exposure than it was a month ago and supplier will outstrip demand in the not too distance future. Those people are probably still mining for a few coins and then will get out.
 
Raymond Lin said:
My view is that it has peaked, get out now while you can, while it is still profitable.

It is a giant bubble that is about to burst or leaking very quickly. A big ass "I told you so" waiting to happen.

I mean how can it rise even more in value? The part where it hit the news headline and into average every day joe blogg's lifes has happened and over. That was it's 15 minutes of fame. There are probably a lot more miners because of that media exposure than it was a month ago and supplier will outstrip demand in the not too distance future. Those people are probably still mining for a few coins and then will get out.
Click to expand...
Supply cannot simply outstrip demand (but yes, demand can dwindle beneath supply), especially as the supply is deterministic and degrading over time. This price spike is partly due to the number of bitcoins per block mined halving from 50 coins to 25.
 
Jesus christ, look at the following figures

Timestamp Open High Low Close Volume (BTC) Volume (Currency) Weighted Price
2013-04-11 15:24:00 65 66 63.284 65 171.77 11147 64.89
2013-04-11 15:25:00 65 64.99 59.99 60.01 760.42 45686.48 60.08
2013-04-11 15:26:00 60.01 62.999 60 60.013 73.96 4496.42 60.8
2013-04-11 15:27:00 60.013 62 59 59 65.01 3903.62 60.05
2013-04-11 15:28:00 59 62 59.2 59.2 105.34 6262.12 59.45
2013-04-11 15:29:00 59.2 64 59.2 60 78.73 4839.26 61.46
2013-04-11 15:30:00 60 60 59.3 59.3 0.5 29.38 59.31
2013-04-11 15:31:00 59.3 63.899 58.2 60.602 117.61 7059.42 60.02
2013-04-11 15:32:00 60.602 69 55 62.697 361.79 21144.61 58.44
2013-04-11 15:33:00 62.697 69 62.697 67.65 53.04 3551.96 66.97
2013-04-11 15:34:00 67.65 82.336 67 79.9 153.88 11872.17 77.15
2013-04-11 15:35:00 79.9 82.998 77.151 80 54.02 4377.33 81.03
2013-04-11 15:36:00 80 83.671 79.901 83.352 37.97 3107.76 81.86

Was it or was it not, trading at $60 when I posted at 16:30 (15:30 GMT)? You blatantly have some money invested in bitcoin and so I shall say no more on the matter.
 
He was being sarcastic... He's right about the raw data at BTC-e. Your averages must be a throwback from the high values earlier in the day. The point is, at the time he posted, there were trades at around $60. No need to be so unnecessarily pedantic.
 
Dj_Jestar said:
What can I say? You post wrong info, you gonna get called up on it. "Well and truly popped" bitcoin is not.
Click to expand...

My original post:
RichIbizaSport said:
Lol $60 now, that's the bubble well and truly popped. Mt Gox stopped trading.
Click to expand...

I took the $60 from the very top bar of the btc-e website, where it says
Last Price: xx.xx USD.

The following is raw data from btc-e (not graph data which is averaged). Please note the GMT and GMT+1 difference. The 15:30 time listed is actually 16:30 our time.

Timestamp Open High Low Close Volume (BTC) Volume (Currency) Weighted Price
2013-04-11 15:24:00 65 66 63.284 65 171.77 11147 64.89
2013-04-11 15:25:00 65 64.99 59.99 60.01 760.42 45686.48 60.08
2013-04-11 15:26:00 60.01 62.999 60 60.013 73.96 4496.42 60.8
2013-04-11 15:27:00 60.013 62 59 59 65.01 3903.62 60.05
2013-04-11 15:28:00 59 62 59.2 59.2 105.34 6262.12 59.45
2013-04-11 15:29:00 59.2 64 59.2 60 78.73 4839.26 61.46
2013-04-11 15:30:00 60 60 59.3 59.3 0.5 29.38 59.31
2013-04-11 15:31:00 59.3 63.899 58.2 60.602 117.61 7059.42 60.02
2013-04-11 15:32:00 60.602 69 55 62.697 361.79 21144.61 58.44
2013-04-11 15:33:00 62.697 69 62.697 67.65 53.04 3551.96 66.97
2013-04-11 15:34:00 67.65 82.336 67 79.9 153.88 11872.17 77.15
2013-04-11 15:35:00 79.9 82.998 77.151 80 54.02 4377.33 81.03
2013-04-11 15:36:00 80 83.671 79.901 83.352 37.97 3107.76 81.86

Now answer this question:

Was it or was it not, trading at $60 at the time of my posting?

*and yes, I was being sarcastic :P
 
Seriously though, what is the point of it anyway?

People who are mining are mining it for money, real money.

People who are trading are doing it for money, real money. Large or small quanities, they are hoping the market will rise so they can cash in. Note, CASH in. Something that bitcoin isn't.

It is just a way for people to make money. It is the real reason. You can say people in black market uses it, well when the value hits the floor then they will go back to the dollar. Honestly, how exactly would you do trade with a currency that fluctuate by 50% in a single day? If you agree on a price and finds it is now worth twice as much would you sell or would you wait? On the other side, how would you feel if you all of the sudden need twice as much bitcoin as yesterday?!

And it always come back to this, the whole thing is measured against the dollar. For people like you and me, the only way this bitcoin is of any use is to cash out and get some real money from it. If I can't buy my lunch with it, it is worthless to me.
 
This thread and the whole Bitcoin saga is rather ammusing and really interesting in my opinion. Its quite remarkable seeing how people can place value in random things. Then to assign a "real world money value" to it.

I personally have nothing to do with bitcoins. But I still find it extremely interesting to read about.
 
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