Quote from: European Central Bank on July 10, 2016, 01:32:41 PM

Quote from: TrueCryptonaire on July 09, 2016, 10:14:32 PM

Quote from: European Central Bank on July 09, 2016, 09:06:12 PM

Quote from: TrueCryptonaire on July 09, 2016, 08:37:57 PM

Not all the bitcoins are for sale at any price.
If you go to the bitcoin exchanges, only a fraction of current money supply is for sale there (both in asks and in selling reserves). The majority of bitcoins are held in cold storages "for ever".

sure, but a $100,000 price would certainly tempt some lost coins out of the ether. i guess it would depend on the nature of the rise. if it looked like it was sticking around then sellers would sit back and do nothing. if it was a parabola then the fall would be brutal and swift.

0 to 1-10 billion market cap can happen without alot of people or money and can happen over and over again.

to get into the trillions, even when it's just market cap, that's a once in a bunch of generations deal and will not happen in a couple of years. maybe bitcoin is it. we'll see.

Each time the price rises the coins of weak hands will get redistributed to fresh hands who get only smaller portion of coins and they are dreaming of becoming a millionaire one day. Therefore their target is higher price and they will not sell before their target has been met which works as self-fulfilling prophecy.
Price will not shoot to 100 000 usd overnight. It takes around 24 months (in my speculation). Basically, what it requires is that it rises to 10 000 within upcoming 12 months, and from 10k to 100 000 within the next period of 12 months. Judging the past behavior of bitcoin it is not impossibility. 24 months is after all relatively long time in crypto and a lot can happen. Basically I think this block halving is even more serious than the one in 2012 because now the annual inflation rate approaches the inflation rate of fiat money. I think the bankers will get interested in bitcoin if it hits 100 000 usd and that also can mean they start a bidding war of the coins. The bidding war will take bitcoin to another new level, and there is a possibility the Central banks will start accumulate bitcoins as well in the same manner they are accumulating gold bullion.

You seem to think rises take place in a vacuum. For something that big it takes millions and millions of real people putting their real money in.

A 0-10 billion rise only needs a few tens of thousands. I can't see any sign of millions of new people all pumping at once on the horizon.

No I don't think it is a vacuum. Even now the price is hoovering between 610 and 690 for some days, and that's not a vacuum. There are real buyers and real sellers. However, I think 1000 usd was unsustainable 2013 because of inflation which generated 3600 new coins each day (around 10 % pa back then). I think you did not read my message carefully enough. Wink

It is FOMO that makes these extreme highs with btc. First the price of bitcoin rises slowly and steadily to 3000 usd, then some early gamblers buy in and tell others also to buy which pushes the price to 10 000 usd. After that there is a crash to 1000-2000 usd and then stability over there for a while. Once the price has been stagnant for a while, smart money starts to move in and the price rises around 5000-7000 usd and then some early gamblers will enter, also a bankers and Wall Street might buy in and if that happens, the price of bitcoin will for sure go to 1000 000 usd/btc.