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It's already profitable... has been for at least a year now.
by nym 14y ago
It's already profitable... has been for at least a year now.
- kogir 14y agoI think you underestimate the volatility of bitcoin. Right now there's not enough you can do with them in their native form, and converting them to cash would make make the price crash. I also doubt there's any exchange with enough funds to actually support such a conversion.
- nym 14y agoI don't underestimate the volatility... I watch the price very carefully, and understand how volatile it is. Bitcoins are converted to USD and back to BTC every day. If you were to try to sell ALL the bitcoins in one day that would clear out the order books, and would likely cause a crash and then rally, much like we saw when there was a bug in the blockchain. The price dropped to $37, and quickly went back to the original price due to the demand. The volume of MTGOX-USD is $69M for a 30 day period, which is about $2.3M a day. Source: http://bitcoincharts.com/markets/mtgoxUSD.html http://bitcoincharts.com/markets/mtgoxUSD.html