When having a look at one of the virtual currencies trading sites (crypto-trade.com) it is interesting to notice that you can buy bitcoins for $815, but you can sell them at $753, while for the EUR it is worse: buy it at EUR 650 and eventually sell it at EUR 370. One has bought and sold about 1000 EUR-worth bitcoins, and about 4000 USD-worth bitcoins on 26th of November 2013. It definitely looks good from the point of view of the trading sites.
For 26th of November 2013, on intersango.com, at 7PM GMT there was a request
- of 679 EUR for 1.79 BTC, with an average price of 377 EUR,
- of 6568 EUR in further 58 Bc with an average price of 113 EUR.
Next interested buyer was for 1,000 BTC for 0.12 EUR each. This makes 60 BTC sold at an average price of 120 EUR.
- If you have 100 BTC to sell, you will sell them for an average price of EUR 72.
- If you have 1000 BTC, you’ll sell them for an average price of 7 EUR.
Given that there are already 12 000 000 BTC in total, and the price is exponentially descending with the sold BTC-amount, how could one say that the Market Capitalisation is 8,000,000, 000 EUR?
The value of a thing is the amount of money the other are prepared to pay and its liquidity. And, if you want to speculate on BTC, how much are your bitcoins really worth?