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Bitcoins reached $300

news.ycombinator.com

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Re: Bitcoins reached $300

#41

Post by fit2rule »

shubhamjain wrote: post #4

When Silkroad went down I expected bitcoin to take quite a slump but what has happened is contrary. I am not implying that anonymous transaction s for illegal use are the only thing bitcoins are good for but its my guess that it forms a major part of the group that actually use bitcoins for buying stuff. I am not sure why would anyone would get troubled in buying bitcoins for purchasing rather than punching a CC numb…

Bitcoin is still very, very - VeRY - obscure to most of the world. Hardly anyone 'gets it' but every time something to do with Bitcoin appears in the news, a few thousand more people get interested enough in the subject to educate themselves about it, and invest in Bitcoins. This strengthens the currency - for as long as it continues to 'get known about' by the general population, the value will rise. It is still very obscure.

Re: Bitcoins reached $300

#42

Post by atmosx »

Awesome. I wish (as always) I hadn't sold mine earlier. But if I didn't I would probably sold them now and wait to see what happens.

Thing is, this fluctuations are not connected with any sort of events that make sense or justify the price sky-rocketing which makes me think that the whole thing is driven, manually.

When the whale leaves the sea, BTC will turn into peanuts. Till then...

Re: Bitcoins reached $300

#43

Post by valevk »

ck2 wrote: post #13

Somewhere buried on my hard drive I have a fraction of a bitcoin that people were giving out for free when bitcoin first came out to encourage adoption. I really need to find it, it's actually worth money now... ps. that pizza is now worth $3 Million

What about Ebay announcing that they might accept Bitcoins?

Re: Bitcoins reached $300

#44

Post by user24 »

netcan wrote: post #24
user24 wrote: post #12

Earlier quoted context omitted.

people have suggested mBTC or "millibits". I think it's not something that can be mandated. A new terminology will naturally arise if the need is genuine.

I don't think it'll be needed until/unless bitcoin stablises enough that people start quoting prices in bitcoin. Right now, advertising a computer at 3 bitcoins is not practical. The value of those bitcoins change to fast.

> Right now, advertising a computer at 3 bitcoins is not practical.

Only if you're seeing the "real" value as the USD. No-one says "$100 is meaningless because its conversion to Thai Baht varies so wildly".

The only thing that will kill bitcoin is stability without utility.

Re: Bitcoins reached $300

#45

Post by dagw »

bgaluszka wrote: post #39
dagw wrote: post #31

Earlier quoted context omitted.

It was very 'popular' in the 80's and 90's for countries coming out of high inflation. Off the top of my head, Brazil, Peru, Russia, Poland, Yugoslavia, Turkey and Bulgaria all cut three or 4 zeros from their currency to make the numbers easier to handle and to try to mark a psychological end to previous inflation. Zimbabwe did it about once every other year or so back in the mid 2000's.

Mathematically speaking you are talking about dividing but GP talks about multiplying. That I've never heard of too.

Sorry. Realized I completely misread both posts.

Re: Bitcoins reached $300

#47

Post by jaibot »

jackgolding wrote: post #2

Looking at the chart it doesn't seem as volatile as mainstream media leads us to believe.

The fuck? USD changes less than 2% a year. Within the last _six months_ BTC has been valued at anywhere from $65 to $321 USD (http://bitcoinity.org/markets). It would be incredibly difficult to oversell how volatile BTC is - it's really, really, really, really fucking volatile.

Re: Bitcoins reached $300

#48

Post by laichzeit0 »

pera wrote: post #32
vinchuco wrote: post #22

where do you personally buy/sell BTC ?

I prefer localbitcoin and bitcoin-otc, but I do have an verified account in MtGox.

I wouldn't trust Gox as far as I could throw a piano right now.

I've been waiting more than 24 hours for a BTC withdrawal. It's not even showing up on blockchain.info yet. Search the forums there are a lot of people this is happening to. Some with more than 3 days.

I'd be EXTREMELY cautious and suspicious about Mt.Gox right now. Make very sure you can get your BTC/USD out of Gox before you trust it.

Re: Bitcoins reached $300

#49

Post by Buge »

dagw wrote: post #31
svantana wrote: post #23

Earlier quoted context omitted.

>Bitcoins should lose 3 zeros, like many countries do to their currencies. I've never heard of that, although the opposite has been done plenty of times. But that's rarely a sign of a healthy economy, most of the time it's done out of desperation I would think.

It was very 'popular' in the 80's and 90's for countries coming out of high inflation. Off the top of my head, Brazil, Peru, Russia, Poland, Yugoslavia, Turkey and Bulgaria all cut three or 4 zeros from their currency to make the numbers easier to handle and to try to mark a psychological end to previous inflation. Zimbabwe did it about once every other year or so back in the mid 2000's.

Zimbabwe removed 25 zeros (in 3 stages).
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