11–20 of 56 posts
This is wrong. Need to put them in quotes like so: http://www.google.com/trends/explore#q=%22buy%20bitcoin%22&d... and for the sell side: http://www.google.com/trends/explore#q=%22sell%20bitcoin%22&...
Correlates nicely with its price. Check for example at https://www.bitstamp.net/
2013 April-March had a similar hype https://www.google.com/trends/explore#q=bitcoin&cmpt=q
I think that's the trick with Bitcoin. The price is pretty much solely based on consumer interest. People get mad when I call it a scheme (they claim to be all hyped on tech & I'm not). Look the tech is fine (digital currency) but the way they set it up all pump-and-dump with diminishing returns is messy. That whole "deflationary" scheme or whatever they call it to make it sound like an economist would approve of it…
1) Regarding volatility, I compare Bitcoin to what would happen if a small startup were publicly traded - of course it's going to be volatile. Over time the bubbles will get less bubbly and the price will smooth out. This is already happening, even if it doesn't seem like it.
2) Bitcoin is not just a currency, it's a distributed ledger which can be used to track ownership of any virtual or even physical property, including other currencies. There are a number of people working on these layers on top of Bitcoin already. Eventually you'll be able to get some of the advantages of Bitcoin-the-distributed-ledger without being exposed to Bitcoin-the-currency (expect perhaps for transaction fees).
Correlates nicely with its price. Check for example at https://www.bitstamp.net/
Correlates with about a 5-7 day delay due to needing verification before you can purchase. In other words: now is a pretty good time to buy before the crowd arrives that juts heard about bitcoin because of the Senate hearing...
I suspect we're in for another gradual climb with occasional dips and peaks until there's yet another media blitz around it. Whether it will reach a tipping point and become actual, you know, currency, for a large percentage of people is up in the air. But, it's already got some value for a lot of people.
Earlier quoted context omitted.
Correlates with about a 5-7 day delay due to needing verification before you can purchase. In other words: now is a pretty good time to buy before the crowd arrives that juts heard about bitcoin because of the Senate hearing...
Coinbase removed that delay. It's possible to sign up and buy within a few minutes. The coins are locked in a "pending" state, until you've verified your account quite thoroughly...but, they are bought on your behalf immediately. I think we've seen the spike from the senate hearings already, and have seen the correction afterward...setting a new lower bound for BTC (about $500USD), assuming nothing catastrophic happe…
For one thing, Coinbase has consistently run out of Bitcoins the last few days.
For another, I think a lot of folks will make their first purchase on Bitstamp, since it's really the biggest exchange now, and one of the most professionally run.
2013 April-March had a similar hype https://www.google.com/trends/explore#q=bitcoin&cmpt=q
I think that's the trick with Bitcoin. The price is pretty much solely based on consumer interest. People get mad when I call it a scheme (they claim to be all hyped on tech & I'm not). Look the tech is fine (digital currency) but the way they set it up all pump-and-dump with diminishing returns is messy. That whole "deflationary" scheme or whatever they call it to make it sound like an economist would approve of it…
With a perfectly deflationary currency, this is false. And the yearly average Bitcoin exchange rate has shown to be perfectly deflationary, so far. And this can go on forever as long as the gross product of the Bitcoin economy grows (even slightly) year after year.
In other words: if everyone who bought bitcoins averaged their buys over one year, and held them for at least one year, they would have made money:
- the average price of a Bitcoin in 2010 was $0.05 (order of magnitude)
- the average price of a bitcoin in 2011 was $5 (order of magnitude)
- the average price of a bitcoin in 2012 was $10 (order of magnitude)
- the average price of a bitcoin in 2013 was $100 (order of magnitude)
2013 April-March had a similar hype https://www.google.com/trends/explore#q=bitcoin&cmpt=q
I think that's the trick with Bitcoin. The price is pretty much solely based on consumer interest. People get mad when I call it a scheme (they claim to be all hyped on tech & I'm not). Look the tech is fine (digital currency) but the way they set it up all pump-and-dump with diminishing returns is messy. That whole "deflationary" scheme or whatever they call it to make it sound like an economist would approve of it…
Earlier quoted context omitted.
Correlates with about a 5-7 day delay due to needing verification before you can purchase. In other words: now is a pretty good time to buy before the crowd arrives that juts heard about bitcoin because of the Senate hearing...
Coinbase removed that delay. It's possible to sign up and buy within a few minutes. The coins are locked in a "pending" state, until you've verified your account quite thoroughly...but, they are bought on your behalf immediately. I think we've seen the spike from the senate hearings already, and have seen the correction afterward...setting a new lower bound for BTC (about $500USD), assuming nothing catastrophic happe…
Earlier quoted context omitted.
Correlates with about a 5-7 day delay due to needing verification before you can purchase. In other words: now is a pretty good time to buy before the crowd arrives that juts heard about bitcoin because of the Senate hearing...
Coinbase removed that delay. It's possible to sign up and buy within a few minutes. The coins are locked in a "pending" state, until you've verified your account quite thoroughly...but, they are bought on your behalf immediately. I think we've seen the spike from the senate hearings already, and have seen the correction afterward...setting a new lower bound for BTC (about $500USD), assuming nothing catastrophic happe…