Re: When do you expect and when do you want BTC to go over 30 bucks again?
@chodpaba
I'm not quite sure whether I got everything right in your post.
I don't get why they should convert Dollars to BTC and then directly sell the BTC to get dollars out again. And especially I don't get why this should drive the price up if everyobody is trying to sell their freshly converted BTC.
Why should the price increase if everyone is cashing out their Bitcoins?
Or are you referring to a simple withdrawal in both cases? Aka, convert to BTC and immediately send all BTC to their wallet?
Don't you see a chance of people wanting to fire-sale all their BTC because they lost their confidence in the whole system, leading towards a crash? (I think it's more probable that they only lost confidence in MtGox rather than BTC itself, though)
Agreeing with the gyrations, though
Best regards
I'm not quite sure whether I got everything right in your post.
There are Bicoins as well as Dollars stuck in Mt. Gox. For many of those who wish to move their funds out it will be cheaper and faster to get them out if they are converted to Bitcoin first, which would cause the price to increase.
Why couldn't they just demand their dollars back?I don't get why they should convert Dollars to BTC and then directly sell the BTC to get dollars out again. And especially I don't get why this should drive the price up if everyobody is trying to sell their freshly converted BTC.
If they already have the bulk of their funds in Bitcoin and move it out it will tend to reduce the amount of available Bitcoin compared to Dollars and cause the price to increase.
Same goes here.Why should the price increase if everyone is cashing out their Bitcoins?
Or are you referring to a simple withdrawal in both cases? Aka, convert to BTC and immediately send all BTC to their wallet?
Don't you see a chance of people wanting to fire-sale all their BTC because they lost their confidence in the whole system, leading towards a crash? (I think it's more probable that they only lost confidence in MtGox rather than BTC itself, though)
Even after withdrawing a portion of their funds some will realize there are instant profits to be made even if they initially cancelled all of their orders.
What kinds of profits are you speaking about here? The ones when people mass-withdraw and the remaining notice the rocketing price?I expect there will be some pretty big gyrations for a couple of days... And then there is the weekend...
Fun stuff.
I'm quite new to all this, but eager to learn. In what way does the weekend come into play?Fun stuff.
Agreeing with the gyrations, though
Best regards