[ExI] Bitcoin

[Mirco Romanato]

Il 10/04/2013 01:18, Gordon ha scritto:
> 
> Mirco Romanato <painlord2k at libero.it> wrote:

>>It is 400% in 30 days.
>>Not bad, indeed.

> Now trading at about 236 USD! The market cap of Bitcoin doubled from $1
> billion to more than $2 billion in just 11 days. Remarkable! 

> A correction in the market seems inevitable. What do you suppose might
> trigger it?

Someone cashing it and needing fiat currencies.
It is underway today.
The price spiked to 260 than fall back to 240, back to 250 and down to
200 now (150).

As the wise men say, sell off in a bullish market are to keep the
suckers out and rally in a bear market is to keep them in.

Just from the previous weeks, a correction of few hours, days, of 20-25%
is naturally bullish in the following days.

> One concern I have is that for transactional purposes--for
> purposes of buying and selling goods and services--a relatively stable
> currency is best. BTC is anything but stable at this point, making it
> difficult for buyers and sellers to make rational decisions in their
> commerce.

The payment processors like Bitpay, I suppose, must have a adequate
reserve of bitcoin, so they can sell as the payment is done.
People must pay 300$, the processor ask to pay 1.5 BTC (with a BTC bid
at 200$ for at least 1.5 BTC), the processor sell the BTC immediately as
it see the transaction done, so its balance in BTC is stable and the
balance in $ o € change.

Biggest the load of payments, biggest must be the quantity of BTC
multiplied by the current price in $ hold by the payment processor.

Mirco

P.S.
Today a lot of weak hands was pruned.
It is good.