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Bitcoin Tops $1,000 For the First Time
An anonymous reader writes with this bit from The Next Web "Bitcoin hit a new milestone today, passing the $1,000 mark for the first time. The virtual currency is currently trading above the four-digit figure, with its highest at $1,030 on Mt. Gox, one of the largest exchanges. Last week, Bitcoin's high for the day was $632. That means its trading value has surged 62.83 percent in a week, assuming we're looking at just its high points. That figure could of course rise even further if Bitcoin continues to push further up throughout the day."
The price may go up a little more, but all indications are sell now before the crash.
If you want news from today, you have to come back tomorrow.
why didn't I buy 1,000 bitcoins when they were $50 a few years ago!!!
I'm a bitcoin miner and I do agree they are overpriced at the moment. It should be $200-300 IMHO.
... then Bitcoin is like rat poison.
Seriously, its your protection against money printing.
Man, when this cash cow comes crashing to the ground its going to make a huge ass hole. Yes, it will come crashing down and I think it will be soon.
Bitcoins are a nice idea but people are not treating them like money. They are treating them like stocks and commodities. They are not commodities, they are coins and coins are supposed to be spent.
So when the fall does happen, and it will, then maybe we can start using them for what they are supposed to be used for. An not hording them like bunch of fucking dragons.
Supporting World Peace Through Nuclear Pacification
Nope, he's old school, pickax and wheelbarrow. The black lung is a bitch though.
Yes.. ASIC blades mostly.
Really, the spike is good news because I'm making so much more money than usual (per USD), but this isn't going to last. It's not going to deflate to $0 though...
This is just a hyper-volatile investment which can be bartered against goods from people who are either gamblers or clueless.
All currencies are volatile to some extent, but this thing has no fundamentals to back it up.
With the high profile shutdown of Silk Road the number of things you can buy with Bitcoin would be considerably less. While it's true that there are other services available, it seems strange to me that so much money is being dumped into the system now. Maybe someone is trying to buy up enough coins for a trip to space? Or maybe someone is laundering a crapload of money and is having trouble on the outbound side (converting the money back into real life currency) and is creating a backlog?
Or it's an attack on the system itself, maybe someone figure out a way to race the market and make money?
I read the internet for the articles.
Oh, so he plays Minecraft too?
Dedicated Cthulhu Cultist since 4523 BC.
.Seems like March 1637 all over again.
Does anyone think that the rise in price might be a result of the new demand for Bitcoins due to Cryptolocker outbreak?
Sometimes being able to buy stuff without being fucking tracked is not only perfectly reasonable, it's a damn good idea.
Like elections.
It must have been something you assimilated. . . .
I recently had a discussion about whether or not the spike in BTC is a bubble or not and came to some interesting conclusions.
From what I can tell, essentially a bubble burst occurs when prices have become so inflated that people are priced out of buying in. This creates a lack of buyers, causing the sellers to dramatically drop their prices. For example, if I buy a house for $100,000, and then sell it for $150,000, then they sell it at $250,000, etc, etc. Eventually the price gets so high that people just won't buy the house. Leaving the last buyer to take the hit and sell at a loss (if he chooses to sell).
BTC is somewhat different though. It is divisible to 8 decimal places (infinitely divisible in theory, just need to update the clients). So people can never be "priced out" of the market, they can just buy a smaller slice of the pie if they desire. This is unlike a house where I (typically) can't buy just a fraction of it.
So the only thing I can say for sure, is that we cannot be sure whether or not the rapid rise in BTC value is a bubble which will burst or not.
I wish I had mod points ^_^ but yeah, that is an element that differs from classic bubble mechanics.
We might encounter other problems though such as traders making BTC unproductive for people using it for goods and services. It could also crash if some large (or simply enough) players cash out and deplete various exchange's ability to convert BTC into other currencies, which could cause exchanges to close shop and thus reduce the utility.
Though historically there are plenty of examples of bubbles of easily subdivided items, even including things like gold. So you can not get a housing-style bubble with BTC, but that does not make it immune from the general pattern.
I remember a lot of argument on old bitcoin posts about whether bitcoins were a deflationary currency or not. It is certainly looking that they are right now. The value of them is increasing with time allowing one bitcoin to buy more and more with each passing day. So with the current market, why would someone spend bitcoins? They can wait a day and spend less coins for the same goods, or wait two days and possibly spend even less. This will kill it as a currency. Bitcoin will be solely used as an investment for speculation soon.
Sometimes being able to buy stuff without being fucking tracked is not only perfectly reasonable, it's a damn good idea.
Like elections.
Except that several websites keep a running tally of who has donated to whom, and how much.
Sadly, the people buying elections have so much money and power that fear of discovery doesn't even cross their minds; hell, some of them are proud to be subverting the democratic process.
An enigma, wrapped in a riddle, shrouded in bacon and cheese
Buy Price $968.80 Sell Price $963.76 (Coinbase).
Coinbase prices are real, because if you sell there, you get the money. Mt. Gox prices are higher, but you can't get US dollars out.
If you buy a commodity, or any item with a static underlying value, with the expectation that you will profit from appreciation, you are a speculator. Having a years-long time horizon, or a moral commitment to the commodity, does not significantly change your status.
Don't blame me, I voted for Baltar.