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Bitcoin goes up $10 in just one hour

bitcoinity.org

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Re: Bitcoin goes up $10 in just one hour

#11

Post by ricardobeat »

EduardoBautista wrote: post #9

Isn't anyone worried about the Bitcoin bubble bursting? The price is going to get really high because of all the exposure it is receiving right now and people buying a bunch of it hoping that it will just keep going up and up and up.

More adoption means it can only go up.

Maybe too optimistic, but read http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin...

edit: yeah, brainfart. I meant to say that "people buying a bunch of it" can only make it go up, not that it can't (or won't) go down again.

Re: Bitcoin goes up $10 in just one hour

#12

Post by jlgreco »

EduardoBautista wrote: post #9

Isn't anyone worried about the Bitcoin bubble bursting? The price is going to get really high because of all the exposure it is receiving right now and people buying a bunch of it hoping that it will just keep going up and up and up.

It's happened already. Everyone (who tries to store wealth in it) just gambles that they won't be the people who lose out.

Re: Bitcoin goes up $10 in just one hour

#14

Post by jonknee »

ricardobeat wrote: post #11
EduardoBautista wrote: post #9

Isn't anyone worried about the Bitcoin bubble bursting? The price is going to get really high because of all the exposure it is receiving right now and people buying a bunch of it hoping that it will just keep going up and up and up.

More adoption means it can only go up. Maybe too optimistic, but read http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin... edit: yeah, brainfart. I meant to say that "people buying a bunch of it" can only make it go up, not that it can't (or won't) go down again.

And people always need a place to live, but that didn't stop the housing bubble.

Re: Bitcoin goes up $10 in just one hour

#18

Post by nevster »

navpatel wrote: post #15
nevster wrote: post #13

And there it goes - crashing down $10 in the last minute or so...

I happened to click the link exactly when it started falling. I wasn't sure if this was some kind of a joke. And the "&sarcasm=yes" doesn't help either

Volatility much! Watching it swing up and down between 36 and 41 is just crazy.

Re: Bitcoin goes up $10 in just one hour

#19

Post by bluedanieru »

ricardobeat wrote: post #11
EduardoBautista wrote: post #9

Isn't anyone worried about the Bitcoin bubble bursting? The price is going to get really high because of all the exposure it is receiving right now and people buying a bunch of it hoping that it will just keep going up and up and up.

More adoption means it can only go up. Maybe too optimistic, but read http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin... edit: yeah, brainfart. I meant to say that "people buying a bunch of it" can only make it go up, not that it can't (or won't) go down again.

More adoption doesn't necessarily mean that. Of players who hold on to Bitcoin for longer than a few minutes, virtually all of them are speculators. If you accept Bitcoin as payment for services, your biggest technical challenge is converting them back into dollars/euros/whatever as quickly as possible. No one is accepting Bitcoin as payment and then holding on to them in order to buy something else or pay their workers.

As a long term (or medium-term anyway) store of value, Bitcoin is really quite useless for the time being.

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