I knew nothing about bitshares before noticing high volume trading on the BTER exchange last week. Within 15 minutes I put all my Bitcoin into bitshares and watched in disbelief. Buy walls of 25 bitcoin remained untouched. Sell walls being consumed in seconds.
Before going to sleep last night I picked a high value sale price for my bitshares, not really expecting it could rise so abruptly (unless I was awake and saw it happening with my own lying eyes).
Needless to say the bitshares had been sold when I woke up, presenting me with a mixture of delight and concern. How to get back on the runaway train...at a higher price.
Moving away momentarily from the arguably shallow world of trading for profit which I unashamedly inhabit, having profited in the interregnum despite ignorance of the underlying value the price was actually purchasing, I think I can see where this is going now. I am going to hold on to my bitshares. I reasonably believe you guys have achieved something remarkable. Bitshares may actually exceed the value of Bitcoin at some point. But even if they do not do so, prices of 0.05 BTC per bitshare are not merely possible. I think them ultimately inevitable. Thank you for making a trader oblivious to your ingenuity more money than he deserved.
Tell your friends!
Before seeing your response, I did indeed mention bitshares to a couple of friends, both much bigger players than I (one of whom is a fund manager).
Fund managers tend to be ultra conservative at the moment, but this may change.
Anyway I sent them some data and asked them to take a closer look. I lack the motivation to publicise bitshares more widely at this point because I intend to buy more at the end of the month. A lower buy price suits me for the moment (actually I am hoping the price stays below 7000 satoshi for a few months, unlikely though that may be).
In any event, purely upward bitshare prices are not all that exciting for traders. Cyclical movement represents opportunity. Give me a healthy sine wave over a high flat line any day. Judging short term zeniths and nadirs is the one great pleasure of trading...that is to say, the entertainment of arbitraging price differentials (whether between different exchanges or not). That the overall trajectory will most likely be upward (given sufficient elapsed time) reduces short term arbitrage risk.
My suggestion is that one avoid trying to pinpoint minima and maxima for short term trading. View the challenge at a higher level of abstraction. Accordingly, a better question to ask Is whether the sine wave is heading up or down (perhaps stating the obvious here). In essence, when dealing with a disruptive new technology such as bitshares, you can afford to take some risks because the overall trajectory is highly likely to be upward given enough delta t (elapsed time). I just love saying delta t