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Comment by johnyzee | Hacker News Reader

All buyers, no sellers, price will continue up. There is a steady stream of new people hearing about Bitcoin, believing in the idea, and wanting a piece of it for when it becomes a dominant world currency. Everybody is holding, nobody's selling. This will continue for a good long while - there are still very few people outside tech circles who own bitcoins.

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my (nontechy) mother in law mentioned them to me yesterday, I (techy) bought 2 kebabs last night with bitcoin (through takeaway.com). I think you're right that mainly techy people have them at the moment, but I also think that with the right friendly UX exchange we could soon be approaching a tipping point.

Another thing; I didn't buy from my usual takeaway because they didn't accept bitcoin. So bitcoin acceptance was the primary factor in making me choose a new takeaway.

When someone without knowledge in the markets tells you to buy something, it's time to get out. They either heard that golden advice either on TV, the radio or read it in a newspaper but the common denominator was that it was probably a paid ad by someone who wants to offload as much as possible to the next sucker^Winvestor.

So remember, when your bus drivers or barista tells you to buy Microsoft shares, it's probably best to consider Put options.

> When someone without knowledge in the markets tells you to buy something

You're probably right, but she wasn't saying "buy it" just mentioning its existence.

And the buy/sell mentality only really applies if you're planning on "cashing out" at some point.

Which is how the bubble burst. Lots of people who are holding might think "Oh I'll just sell a bit".

....and what happens when one sells? another buys? I don't get your argument there! Purely exchange, over a million coins are traded daily!

So, there is no bubble in my opinion, there will be ups and downs without a doubt, but I see this out lasting all of us in some form or another!

Buyers and sellers need to agree on a price, it is not always the case that they agree for the listed price, hence bid and ask prices are different. For example, when thousands of people want to sell at $1000, then there will be downward pressure on the bitcoin. When someone tries to sell out $1,000,000 worth of bitcoin, he will need to find a buyer that is willing to part with $1,000,000 USD. Good luck!

...or 200 buyers willing to part with $5,000. Exchanges can aggregate orders and don't need a 1:1 match. Stock exchanges do this all the time.

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