2013 April-March had a similar hype https://www.google.com/trends/explore#q=bitcoin&cmpt=q
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Google Trend for "Buy Bitcoin" over last 90 days
21–30 of 56 posts
Re: Google Trend for "Buy Bitcoin" over last 90 days
#22Earlier quoted context omitted.
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…
"if you gain it will be at someone else's loss" 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 le…
if bitcoin were such a great currency mofos like u wouldn't have to constantly compare it to USD just to figure out how much it's supposedly worth. If i sold you a magic rock and told you it's value would be multiplied by 10 every year you'd fk me with a splintered baseball bat.
yet this is bitcoin, so people believe because... well because they've wasted so much damn time and money setting up server rigs to solve contrived hash equations. real currencies don't have to incentivize/trick their user-base in order to grow
Re: Google Trend for "Buy Bitcoin" over last 90 days
#23Bitcoin price is heavily influenced by public interest, which will show up in Google Trends and some other places
I used Trends, MtGox order data and a few other variables plugged into a spreadsheet that I updated every hour to successfully trade through the last Apr-March bubble and exit 6-12 hours from the top[0].
It doesn't work as well during this price hike, since the growth is coming from places that we can't see as well and aren't as transparent.
Re: Google Trend for "Buy Bitcoin" over last 90 days
#24Earlier quoted context omitted.
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…
It's interesting that you call bitcoin a scheme and yet you're using the argument from someone who says he is putting all his savings into bitcoin - http://falkvinge.net/2011/05/29/why-im-putting-all-my-saving...
yea well of course... the early adopters want to convince the whole world to buy bitcoin, they just have to make that dare seem convincing. Hope for his sake he takes his money out before the bitcoin apocalypse hits
Re: Google Trend for "Buy Bitcoin" over last 90 days
#25Earlier quoted context omitted.
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…
Couldn't someone use that to send false orders and then leave them there until they are cancelled? in order raise the price?
Coinbase has talked about fraud a few times. They obviously have a strong interest in preventing fraud, since they would be left holding the bag, if a massive price spike were followed by a massive drop.
They reportedly prevent about 3% of orders from going through for that reason (and I seem to recall there was someone complaining about it here in a previous HN thread, as they'd run into the fraud filters and couldn't place an order as rapidly as they wanted).
They also limit less verified accounts to buying (I think) 1BTC per day, so someone doing it to manipulate the market (rather than simply by BTC fraudulently) would need to create hundreds or thousands of fraudulent accounts, back them up with a US bank account (or some other supported funding source), and then get past the fraud filters.
To raise the daily buying limit you have to verify a credit card, and perform other verification steps. I think it's more careful than my bank about security; at least on the surface.
Re: Google Trend for "Buy Bitcoin" over last 90 days
#26Earlier quoted context omitted.
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…
A major retailer choosing to accept BTC as payment would be a logical next step for a media blitz. Think someone like Google accepting BTC as payment on the Google Play Store.
Agreed. If someone were planning the PR for Bitcoin, that'd be where they'd probably be working. It could be anything big, really...Heck, Starbucks isn't even that outlandish of a thought. It'd get Starbucks a lot of press, too.
Re: Google Trend for "Buy Bitcoin" over last 90 days
#27Earlier quoted context omitted.
"if you gain it will be at someone else's loss" 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 le…
if bitcoin were such a great currency mofos like u wouldn't have to constantly compare it to USD just to figure out how much it's supposedly worth. If i sold you a magic rock and told you it's value would be multiplied by 10 every year you'd f k me with a splintered baseball bat. yet this is bitcoin, so people believe because... well because they've wasted so much damn time and money setting up server rigs to solve c…
Watch your mouth! I will not tolerate insults.
To answer your ramblings: you are wrong, currencies have to be compared to other currencies to estimate their worth. The Euro is compared to the US dollar. The Japanese Yen is compared to the British Pound. Etc. So it is normal to compare Bitcoin to other currencies.
The "contrived hash equations" are necessary to make it decentralized, which is the greatest property that Bitcoin has over other currencies. If you don't understand why decentralization is important, I suggest reading: http://bitcoinmagazine.com/7798/decentralization-key-to-bitc...
Re: Google Trend for "Buy Bitcoin" over last 90 days
#28Earlier quoted context omitted.
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…
I disagree. I think that there will still be a delay of another 3-4 days before the crowd that started getting interested around the senate hearings start to purchase. 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.
I've very rarely seen Bitstamp come up in any of these conversations. I know nothing about them...but, looking at their site, I can see that there's no way they will be preferred for first time BTC buyers from the US. It's not even a contest, because Bitstamp isn't even in the running for US buyers. Coinbase will fund your account via ACH from a US bank. Nobody else will. Thus, anybody wanting to start with Bitcoin in the US is going to go with Coinbase.
I'm gonna assume you're outside of the US; the difficulty and expense of sending an international wire from a US bank is rarely grasped by people outside of the US. My bank charges $40 for a wire transfer in US dollars, and more for one in the destination currency. My first BTC purchase was only ~$300...the wire transfer would have been more than 10% of that.
I agree that Coinbase running out of coins would have had an impact. But, I noticed that they were replenishing them relatively quickly...I tried to make a buy one evening, was told the daily coin limit had been reached, and an hour later was able to buy, and bought a little more the next morning.
I suspect they were sitting at their computers all night during the run up to $1000, trying to manage fraud while also trying to buy and sell as many BTC as possible.
Anyway, I'd be surprised if there's another big spike...but, a gradual climb back up to $1k and beyond does seem entirely realistic to me.
Re: Google Trend for "Buy Bitcoin" over last 90 days
#29Earlier quoted context omitted.
if bitcoin were such a great currency mofos like u wouldn't have to constantly compare it to USD just to figure out how much it's supposedly worth. If i sold you a magic rock and told you it's value would be multiplied by 10 every year you'd f k me with a splintered baseball bat. yet this is bitcoin, so people believe because... well because they've wasted so much damn time and money setting up server rigs to solve c…
Watch your mouth! I will not tolerate insults. To answer your ramblings: you are wrong, currencies have to be compared to other currencies to estimate their worth. The Euro is compared to the US dollar. The Japanese Yen is compared to the British Pound. Etc. So it is normal to compare Bitcoin to other currencies. The "contrived hash equations" are necessary to make it decentralized, which is the greatest property tha…
tolerate it -- http://www.phauna.org/papers/freecoin/freecoin.pdf
i hope the next bitcoin scammer who tries to change my mind doesn't send me to "Bitcoin Magazine". That's like Amway convincing you they're legit by sending you to the company site. Plus I have no issue with the decentralized aspect & some of the finer points of digital currency. It's just that this wild value swing is absolutely not a sign of Bitcoin's success. It's utter failure.
Re: Google Trend for "Buy Bitcoin" over last 90 days
#30Bitcoin price is heavily influenced by public interest, which will show up in Google Trends and some other places I used Trends, MtGox order data and a few other variables plugged into a spreadsheet that I updated every hour to successfully trade through the last Apr-March bubble and exit 6-12 hours from the top[0]. It doesn't work as well during this price hike, since the growth is coming from places that we can't s…
> It doesn't work as well during this price hike since the growth is coming from places that we can't see as well and aren't as transparent.
I'm pretty sure it didn't work during this publicity wave because it was so large and fast that many U.S. sellers ran out of coins (including Coinbase).