Bitcoin breaks $200

#1

Post by conductr » Tue, Oct 22, 2013, 5:18 PM UTC

Bitcoin breaks $200
coinbase.com

Re: Bitcoin breaks $200

#2

Post by lectrick » Tue, Oct 22, 2013, 5:35 PM UTC

I came here to bitch that the inflated MtGox price doesn't count... Then I realized that is the non-MtGox price...

So it's officially a bubble? sigh

Re: Bitcoin breaks $200

#3

Post by swswsw » Tue, Oct 22, 2013, 5:38 PM UTC

This is a chart on coinbase.com. Interesting, for a while, coinbase prices seem to be following with bitstamp price. but at this moment, it seems to be closer to mt. gox price.

At the very moment, I see mt. gox and coinbase price at $202. And bitstamp price at $194.

Re: Bitcoin breaks $200

#4

Post by torhorway » Tue, Oct 22, 2013, 5:38 PM UTC

lectrick wrote: post #2

I came here to bitch that the inflated MtGox price doesn't count... Then I realized that is the non-MtGox price... So it's officially a bubble? sigh

You don't really know what a bubble means do you...

Re: Bitcoin breaks $200

#5

Post by jnbiche » Tue, Oct 22, 2013, 5:40 PM UTC

The fact that the Gox gap is closing makes me suspect that a lot of this rise is coming from new money. I'm guessing few new Bitcoin purchasers are buying through Mt. Gox, which is driving the price up on other exchanges, and closing the gap due to Gox's illiquidity.

Re: Bitcoin breaks $200

#6

Post by jaekwon » Tue, Oct 22, 2013, 5:41 PM UTC

lectrick wrote: post #2

I came here to bitch that the inflated MtGox price doesn't count... Then I realized that is the non-MtGox price... So it's officially a bubble? sigh

On a related note, ever heard of the bubble theory of money? The theory goes, that good money is essentially a bubble that can't be popped easily. People compare Bitcoin to the tulip mania, but that is a wrong analogy, given that tulips can be cultivated by anyone to any degree -- whereas Bitcoins are capped by design.

Re: Bitcoin breaks $200

#7

Post by rdmcfee » Tue, Oct 22, 2013, 5:41 PM UTC

I wonder why the coinbase prices are inflated to almost the GOX price. Are there market makers and scalp traders driving up the coinbase prices now? From my experience coinbase doesn't have the withdrawal issues like gox

Re: Bitcoin breaks $200

#8

Post by Fuzzwah » Tue, Oct 22, 2013, 5:44 PM UTC

All those new ASIC miners coming online?

The difficulty jump over the last month is intense: http://bitcoindifficulty.com

edit: This is a pretty good quick wrap up of what I think is going on here: http://chralash.wordpress.com/2013/09/17/the-new-pseudo-bubb...

Re: Bitcoin breaks $200

#9

Post by presidentender » Tue, Oct 22, 2013, 5:45 PM UTC

jaekwon wrote: post #6

lectrick wrote: post #2

I came here to bitch that the inflated MtGox price doesn't count... Then I realized that is the non-MtGox price... So it's officially a bubble? sigh

On a related note, ever heard of the bubble theory of money? The theory goes, that good money is essentially a bubble that can't be popped easily. People compare Bitcoin to the tulip mania, but that is a wrong analogy, given that tulips can be cultivated by anyone to any degree -- whereas Bitcoins are capped by design.

Furthermore, bitcoins are fungible, while the tulips grown from each bulb had different characteristics.

Re: Bitcoin breaks $200

#10

Post by astrodust » Tue, Oct 22, 2013, 5:51 PM UTC

Fuzzwah wrote: post #8

All those new ASIC miners coming online? The difficulty jump over the last month is intense: http://bitcoindifficulty.com edit: This is a pretty good quick wrap up of what I think is going on here: http://chralash.wordpress.com/2013/09/17/the-new-pseudo-bubb...

If anything that should drive down prices.