What is causing it's rise and do you think there will be a sudden rush of downfall to it soon? What may cause the downfall of it?
Ask HN: Why is Bitcoin's value rising so fast?
1–10 of 42 posts
Re: Ask HN: Why is Bitcoin's value rising so fast?
#2HN guys are generally blockchain haters. Not the best place to ask...
Re: Ask HN: Why is Bitcoin's value rising so fast?
#3People use it a lot for payment and also trustworthy
Re: Ask HN: Why is Bitcoin's value rising so fast?
#4Around November 16th there will be a fork to a new coin Bitcoin2x. The moment this happens markets will put the same amount of Bitcoin you have in Bitcoin2x to your wallet. I think at least for this month this is the sole reason the prices are exploding.
Re: Ask HN: Why is Bitcoin's value rising so fast?
#5There is yet another Bitcoin fork (seg2wit) coming. If you hold BTC at the time of the fork you might get free money like with the last fork (bitcoin cash). If and when it will fall? Hard to predict, but it sure looks like a Ponzi scheme.
Re: Ask HN: Why is Bitcoin's value rising so fast?
#6HN guys are generally blockchain haters. Not the best place to ask...
What would be a good place to ask?
Re: Ask HN: Why is Bitcoin's value rising so fast?
#7Mostly a bubble. Partly more people realizing that it's interesting and wanting to try it out. Partly people wanting an alternative to their national currency when it's weak or difficult to exchange.
I'm hoping the value becomes much more stable so I can go back to using it as currency and not as a high risk "investment" that I'm afraid to spend.
Re: Ask HN: Why is Bitcoin's value rising so fast?
#8By design, Bitcoin is scarce - there will only be 20999999.9769 bitcoins ever made.
Contrast that with USD where more and more money is being printed or added to the system via:
quantative easing
increasing federal debt ceiling
So that is one factor.
The other is simple supply and demand - more and more people want to invest in bitcoin for speculative reasons, not as a means to buy goods and services but to heard in hopes that the price is going to continue going up.
That removes even more bitcoins from circulation, driving the price even higher.
To sum up: supply of bitcoin is limited by design, the shortages are made worse by speculators.
It's not too different from speculators driving iPhone or Nintendo prices up on secondary markets.
Same can be said some cars and many luxury good in general - look up veblen goods.
Re: Ask HN: Why is Bitcoin's value rising so fast?
#9From what i've read, probably people selling their alt coins and buy bitcoins to get "free money" when the hardfork happens this month. That also explains why almost every other coin is going down.
Re: Ask HN: Why is Bitcoin's value rising so fast?
#10No idea and yes. Any number of things could cause the downfall, but it may come out that some party has been pumping the value or a big sell off might occur. /comments of a bitcoin hater.