Bitcoin breaks $200

Post by TylerE » Tue, Oct 22, 2013, 5:55 PM UTC

simplemath wrote: post #11

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...

I personally think critical mass has been reached, and unless someone actually cracks the protocol (which I seriously doubt) and brings down the txn network, BTC is here to stay. Quibbling about the current valuation misses the point. The secure transfer mechanism is the real value, and is not getting shoved back in the bag. Bet long on BTC and I doubt very highly you'll regret it, even if you get in at 200US and los…

Post by immad » Tue, Oct 22, 2013, 5:55 PM UTC

Post by clarkm » Tue, Oct 22, 2013, 5:57 PM UTC

jnbiche wrote: post #5

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.

Post by Fuzzwah » Tue, Oct 22, 2013, 5:59 PM UTC

TylerE wrote: post #12

simplemath wrote: post #11

Earlier quoted context omitted.

I personally think critical mass has been reached, and unless someone actually cracks the protocol (which I seriously doubt) and brings down the txn network, BTC is here to stay. Quibbling about the current valuation misses the point. The secure transfer mechanism is the real value, and is not getting shoved back in the bag. Bet long on BTC and I doubt very highly you'll regret it, even if you get in at 200US and los…

That's what the btc crowd has said every time it bubbles How about you guys go 12 months without losing 25%+ of value in a single day before you start talking about being "here to stay".

Post by klochner » Tue, Oct 22, 2013, 5:59 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.