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Bitcoin Surges Past $400

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Re: Bitcoin Surges Past $400

#41

Post by dagw »

Marazan wrote: post #5

Hmm, time o check the googlentrends "bitcoin" chart vs the bitcoin price chart again. They had a 1to1 correlation last time I looked. EDIT: Just went back to look and peek Google Trends interest in Bitcoin happens prior to peek Bitcoin price so public interest leads Bitcoin price as I suggest. Trends crash before the price does.

Bitcoin was climbing steadily between Oct 19-30, and really accelerated on Oct 31. Google trends show an increase in interest from Oct 25-26. So the initial climb happened before anything showed up in google trends, but the acceleration happened after.

Re: Bitcoin Surges Past $400

#42

Post by exprx »

Zarkonnen wrote: post #17

Tulip bulbs! Got your tulip bulbs right here!

I sense unwarranted criticism here – it's not like the ups and downs of BitCoin are going to affect a major economy any time soon (or ever).

It's more a good thing there's this new game speculators can play; even if someone games the system, it isn't going to affect anything of value (e.g. a company producing something of value).

It's not like BitCoin is ever going to be a major currency, or a real currency, really. The distribution of it is even more skewed, and artificially so, than that of any real currency. (And no, it isn't analogous to early investors in a business.)

Re: Bitcoin Surges Past $400

#43

Post by eterm »

csomar wrote: post #35

There is nothing that can guarantee that this ride is real, but here are a few things: 1. However big is MMM, it's probably too small for the size of the bitcoin economy right now. Remember that if you are transacting in bitcoin, there is one party buying and the other one selling. So you are not rising the price to the moon. 2. The number of transactions has been growing again as of late. It's heating at the blockch…

Don't discount how much nefarious actions can drive bitcoin prices.

Much of the $1000 bubble is discussed in terms of mtgox and "willie", but the initial peak was triggered by another driver which was the first large wave of cryptolocker infections.

It goes without saying I'd stay well clear of bitcoin still though.

Re: Bitcoin Surges Past $400

#44

Post by csomar »

jcfrei wrote: post #38
csomar wrote: post #35

There is nothing that can guarantee that this ride is real, but here are a few things: 1. However big is MMM, it's probably too small for the size of the bitcoin economy right now. Remember that if you are transacting in bitcoin, there is one party buying and the other one selling. So you are not rising the price to the moon. 2. The number of transactions has been growing again as of late. It's heating at the blockch…

> However big is MMM, it's probably too small for the size of the bitcoin economy right now [...] That's very hard to quantify, but there might well be a feedback loop involving the media which leads to a price increase caused by MMM Global. The following Google Trends data for South Africa and the Philippines shows a nice correlation between searches for bitcoin and MMM Global: http://www.google.com/trends/explore?h…

That's why I used "probably".

The thing is, transacting with bitcoin will not raise the price exponentially. BTC is already being exchanged in many millions of dollars a day.

So unless MMM turns out to be a billion-dollar ponzi scheme I don't really think it'll affect the BTC price much.

Re: Bitcoin Surges Past $400

#45

Post by DasIch »

verroq wrote: post #14
Marazan wrote: post #13

Earlier quoted context omitted.

You're the kind of person who upon seeing a gun shot victim and as the coroner says, " He was killed by a bullet entering the body and piercing the heart" would shout out "Correlation does not imply causation" reflexively. Do you really not think the general population's interest in bitcoin has any effect on the price?

Or maybe price is driving the interest?

Both of these things are likely true. Something creates a spark that drives the price up slightly and the media creates interest that drives up the price further, which the media reports on...

This will go on just like previously until the bubble pops again.

Re: Bitcoin Surges Past $400

#46

Post by Natanael_L »

csomar wrote: post #35

There is nothing that can guarantee that this ride is real, but here are a few things: 1. However big is MMM, it's probably too small for the size of the bitcoin economy right now. Remember that if you are transacting in bitcoin, there is one party buying and the other one selling. So you are not rising the price to the moon. 2. The number of transactions has been growing again as of late. It's heating at the blockch…

> 9. If you don't own the keys, you don't own the bitcoins.

Always the most important point. You need to hold your keys, and be the only person to do so (unencrypted).

As for the rest, they can be summarized into this simple advice: If you're getting in, DO NOT spend more than you can afford to lose. You'll regret going into debt more than you'll regret not making a twice as big profit.

Re: Bitcoin Surges Past $400

#47

Post by mikeyouse »

mikeyouse wrote: post #19
est wrote: post #11

The China factor behind this "surge" is because this https://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company) started doing business in China. It's growing very huge.

There are thousands of videos popping up on YouTube with how much money these people have 'made' on MMM Global, it's sad to see; https://www.youtube.com/results?lclk=week&search_query=mmm+g... It's very likely a big part of the price increase, many of the local MMM sites advertise that they're bitcoin-only and all of the exchanges are extraordinarily shallow so small surges in demand really move prices. Here's a pret…

Side note: I don't know if anyone with the skill has the extra time on their hands, but it'd be interesting to track BTC through the MMM accounts to try and locate their largest addresses. It has to be in the millions by now if not much more..

Re: Bitcoin Surges Past $400

#48

Post by TimSchumann »

LoSboccacc wrote: post #4

I keep biting my finger off, trading bitcoins seems so nice but to enter you need to give RID access to shady merchant, which is a bummer. Anyone know an exchange where btc can be bought simply with paypal?

Ranked in order of my preference.

https://www.coinbase.com/global - Initial setup can be slow, as with identity verification, but once you're set up buying is relatively painless. Withdrawing can sometimes be slow, expect to wait 2 to 5 business days after purchasing before you can withdraw. Shadiness Level - Just shady enough it might work. 4.5 stars would cupcake again. (They're a YC company too, so you'd be helping, airquotes, the cause - as it were.

https://www.bitstamp.net/ - Better for trading, more like an actual exchange whereas Coinbase is much more of a broker/dealer. (Correct me if I'm wrong on that someone who would know better) Shadiness Level - Low. They're venture backed, Slovenian based, and good peoples in my experience.

https://btc-e.com/ - Great for variety of coins traded. Based on my experience I'd recommend. That being said... Shadiness Level - Moderate. Nobody really knows who runs the site, although there has been speculation. I think they're based out of Russia.

https://www.bitfinex.com/ - This would be my go to for actual trading if I wanted to make/lose a lot of money. Based in Singapore IIRC. Shadiness Level - Low from what I've heard, just low on the list because I haven't had any personal experience with them. Something about Singapore and Financial makes me think of super villains though.

https://localbitcoins.com/ - Limited by who is selling in your area, have to meet in person, cash only, and markup is usually high. (5% to 7.5% above market) Shadiness Level - hit-or-miss, ranges from awesome people to scum of the earth types. Make sure you meet in a public place.

Re: Bitcoin Surges Past $400

#50

Post by necessity »

exprx wrote: post #42
Zarkonnen wrote: post #17

Tulip bulbs! Got your tulip bulbs right here!

I sense unwarranted criticism here – it's not like the ups and downs of BitCoin are going to affect a major economy any time soon (or ever). It's more a good thing there's this new game speculators can play; even if someone games the system, it isn't going to affect anything of value (e.g. a company producing something of value). It's not like BitCoin is ever going to be a major currency, or a real currency, really.…

Btc is as real a currency as it gets, I bought VPSs with it just like I have bought them by unsafer payment methods in the past (supplying credit card info). Although more common in the trading of digital commodities, you can buy physical goods such as clothes and pizza with it, depending where you live. It just doesn't enjoy widespread adoption outside the digital world yet.
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