Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month • Hacker News Board

Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month

#11

Post by Djehngo » Fri, Feb 08, 2013, 5:02 PM UTC

pdog wrote: post #9

nthitz wrote: post #7

Wonder how much of that is being spent on the Silk Road?

Or the other vice, SatoshiDice[1]. [1]: http://satoshidice.com/

For those curious about the SFW-ness of the link it's the homepage for an online casino site accepting bitcoin.

Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month

#12

Post by jonknee » Fri, Feb 08, 2013, 5:02 PM UTC

johnmurch wrote: post #4

Crazy to think BTC have doubled in price since August. I wonder how many people are just buying up BTC and waiting

It's not that crazy, BTC will continue to have wild swings like any small market with a fixed supply. BTC was worth more for a short time in June 2011 and then crashed. Another crash wouldn't be surprising at all.

http://bitcoincharts.com/charts/chart.png?width=940&m=mt...;

Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month

#13

Post by robotmay » Fri, Feb 08, 2013, 5:06 PM UTC

Any word on when they'll support purchasing from a UK bank account? Most of the other options are a bit more convoluted than the straight-forward system Coinbase seems to use.

Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month

#14

Post by LatvjuAvs » Fri, Feb 08, 2013, 5:10 PM UTC

nthitz wrote: post #7

Wonder how much of that is being spent on the Silk Road?

The more the merrier :)

Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month

#15

Post by jontaylor » Fri, Feb 08, 2013, 5:10 PM UTC

Grovara123 wrote: post #6

I think Bit Coin is a fad... it will be replaced. Canada's 'Mint Chip' is catching up quickly and it is a superior product/currency.

I feel the opposite. A friend and I put a submission together for the MintChip Challenge, mintchipy.com. My bigest concern then and now is that no one can use mint chip because it's not public.

Coincidently I am working on another project now that uses BitCoin... Fad or not Bitcoin serves a very strong need for me an many others.

Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month

#16

Post by [deleted] » Fri, Feb 08, 2013, 5:14 PM UTC

gamegoblin wrote: post #10

Grovara123 wrote: post #6

I think Bit Coin is a fad... it will be replaced. Canada's 'Mint Chip' is catching up quickly and it is a superior product/currency.

How is MintChip a replacement for bitcoin? It isn't as anonympous and it isn't decentralized. It seems like they go for two entirely different goals.

[deleted]

Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month

#17

Post by px43 » Fri, Feb 08, 2013, 5:14 PM UTC

pdog wrote: post #9

nthitz wrote: post #7

Wonder how much of that is being spent on the Silk Road?

Or the other vice, SatoshiDice[1]. [1]: http://satoshidice.com/

I never understood why people put money into satoshi dice. In my opinion, betsofbitco.in is way more fun, though admittedly slower paced. Similar to intrade.

Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month

#18

Post by unix-dude » Fri, Feb 08, 2013, 5:15 PM UTC

I think bitcoin is an extremely interesting concept, and the economics around it are equally interesting. I bought a tiny amount when the prices were around the $11 mark, and its insane to think of the price-shift. I made a couple bucks off the price shift, but now I'm honestly thinking that the price will fall back down. Despite serving the needs of many SR/SatoshiDice people, I dont think they're quite at the point of being honestly valued at $21 each.

I think the fact that the price jump happened in (basically) a 12 hour period, coupled with the fact that bitcoin is traded as an investment very often makes me believe this is an artificial price jump. I'm no economics guru, but it just seems like common sense to me. Tons of people see a short burst and panic buy, this allows the sellers to ask consistently higher prices as many people panic buy (Lets face it, many, maybe the majority, including myself, in the bitcoin game, are amateurs when it comes to currency trading).

Anyway, it'll be interesting to see where this goes, and I'll almost definetly be buying when/if the price falls to ~$12/$15, which really seems much more appropriate in my opinion.

Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month

#19

Post by DanBC » Fri, Feb 08, 2013, 5:22 PM UTC

robotmay wrote: post #13

Any word on when they'll support purchasing from a UK bank account? Most of the other options are a bit more convoluted than the straight-forward system Coinbase seems to use.

I hate to "me too", but "me too".

I'd love to be able to use coinbase but I'm UK only. I'm unlikely to get involved with Bitcoin until something like Coinbase allows UK bank accounts.

(having said all that I'm going to be buying very small quantities of Bicoin.)

Re: Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month

#20

Post by mtgx » Fri, Feb 08, 2013, 5:23 PM UTC

robotmay wrote: post #13

Any word on when they'll support purchasing from a UK bank account? Most of the other options are a bit more convoluted than the straight-forward system Coinbase seems to use.

That's a good question. I'm waiting for Bitcoin-Central.net to support IBAN accounts before I intend to buy some Bitcoin myself, but it would be nice if Coinbase could do what they did so they can sell Bitcoin in Europe, and also though IBAN accounts.