And it's starting again. Kraken is now down for me http://i.imgur.com/quLUvxf.png
Bitcoin Surges Past $400
81–90 of 260 posts
Re: Bitcoin Surges Past $400
#82There 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.
> 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.
I've not read that before (and I was pretty active on bitcoinforums during the $1000 bubble). Got a link?
Re: Bitcoin Surges Past $400
#83The price is now $500.
Re: Bitcoin Surges Past $400
#84The convoluted way they tie this to DAH is somewhat hilarious.
Re: Bitcoin Surges Past $400
#85Earlier quoted context omitted.
> 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.
> So unless MMM turns out to be a billion-dollar ponzi scheme
While I don't know much about this incarnation of MMM, the original MMM ponzi scheme in the early 90s is thought to have taken in about $10bn (not adjusted for inflation).
Re: Bitcoin Surges Past $400
#86I find it ironic that if MMM is having an impact on the price, that irrational actors (people buying into MMM) are inflating the price of Bitcoin (mainly promoted by libertarians). Anyway, the up swing is impressive now and can't be dismissed as normal volatilty: https://bitcoinwisdom.com/markets/bitfinex/btcusd There will be a big drop at some point, no one really wants to sell when it's rising like this. This sort…
If it is MMM driven then at some point the organisers will want to cash out, a huge dump/sell of coins across multiple exchanges would kill the price, however they are unlikely to be able to sell all of their coins so it would hurt their remaining assets. A slow sell off would make more sense but given the illegal nature of the scheme they may not have a choice in the matter.
Re: Bitcoin Surges Past $400
#87There 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…
> 4. I have a localbitcoins post. I usually get 1-2 requests per week. In the last few days, well, I really lost count.
Did you see a change in the type of customer?
Re: Bitcoin Surges Past $400
#88Price surge is in direct correlation with Winklevoss "Gemini" exchange going online on October 8th. https://gemini.com/ This chart shows the price surge starting the exact same day Gemini went online: http://bitcoincharts.com/charts/bitstampUSD#rg60ztgSzm1g10zm... I really hope this is genuine growth, but I have a sneaking suspicion it could be partially due to market manipulation by Gemini. The Winklevoss twins have…
Your claim is really US-centric. Most of the exchange's volume right now is from China. China is driving this and I don't see how an american-bank-only exchange would be the main reason, if there is one.
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Re: Bitcoin Surges Past $400
#89I don't know if this is good outside of just pure speculation profit. Bitcoin seemed to hit a fairly decent stable point around $250 before this new bubble.
Re: Bitcoin Surges Past $400
#90There 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.
Interesting point. I have some BTC at Coinbase. Not sure how I proceed to own the keys?