Bitcoin Forum

For your reading pleasure.
http://finance.yahoo.com/news/bitcoin-spikes-70-month-nobody-203526770.html (http://finance.yahoo.com/news/bitcoin-spikes-70-month-nobody-203526770.html)

Not very informative, but still fun to see.

Many people in the comments section seem to be pro bitcoin and/or defending it from the usual Buttcoiner comments.

nice to see mainstream media with *slightly* positive coverage. and yeah, the comments are improving in these articles. more people are defending BTC; great to see.

Good points on the article and had some valuable possible reasons and yet there are still the so called "Buttcoiner's" on the comment section which I really don't get how they get to live with those brains... There was also an interesting article some where along the line of the article regarding: Bitcoin to be 6th largest reserve currency by 2030: Research (http://www.cnbc.com/2015/11/03/bitcoin-to-be-6th-largest-reserve-currency-by-2030-research.html?__source=yahoo%7Cfinance%7Cinline%7Cstory%7Cstory&par=yahoo&doc=103135027)

It's funny that they put those relatively hateful tweets as part of the article, where they practically flame bitcoin for no reason at all.
The only positive thing i have read there is " so there may be a genuine upswing in interest from that region."
Why can't they write something like bitcoin is on the path to recovery or something, instead of attributing surge to "ignorant speculators ", it's not like we
didn't have massive amount of positive news...

The title of the article has a typo, it's supposed to read "Bitcoin spikes 70% in a month; CNBC has no idea why"

I don't think the sample tweets were very negative. I think it's good that there isn't a single or obvious reason for the media to attribute to the rise - it leaves them without a "oh, this is the only reason this is happening" explanation.

The "why?" is best attributed to the lead up to the block reward halving next July-ish (http://bitcoinclock.com). Possibly prompted by the Liquid sidechain going live (https://bitcoinmagazine.com/articles/blockstream-to-launch-first-instant-settlement-sidechain-for-bitcoin-exchanges-1444755147).

Or it could probably be Willy.

;D

Hmmm... this is possible... Willy 2.0 being used by Chinese Houbi exchange?

No one knows why the U.S. Fed declined to raise interest rates or stop rebuying assets last month triggering a spike in the price of bitcoin.

Nobody knows why, offcourse there is some manipulation, but bitcoin was HEAVILY underrated this past year, the network couldnt be maintained for long with that ridiculous low price, regarding the economy and power that has been put in the protocol.

Call it Wei Li since it's a Chinese exchange. ;) Idk how to think about this seeing almost a hundred dollar gain while I sleep. It will pop soon, just being realistic.  Also, that  article seems to be funny. It's probably FOMO and Chinese who's causing this.

There are loads of speculation about China and the largest Ponzi scheme MMM pushing the price, but there are no proof of that. People are sucking this from their ass and selling it for facts. If this was massive adoption from a certain region, we would have seen something posted already.

I guess it is just a pump before the Silkroad coin auction.  ::)

I'm wondering to which extent will this affect the price, taking into account that USD Exchange Trade Volume is over $35M now and the volume of Bitcoins which will be auctioned is $19M.

This price increase in great for Bitcoin. More and more people are getting interested in Bitcoin and the demand for bitcoin has increased a lot. I think that this is why the price has increased.  The price does not automatically just rise so rapidly. More and more people are using Bitcoin in day to day life and people are also realising Bitcoin is a good investment and the currency of the future.

We might know why. The Chinese has unban bitcoin banks money transfer.

https://www.btcc.com/news/article/btcc-now-accepting-direct-bank-deposits

BTCC Now Accepting Direct Bank Deposits
Nov 02, 2015

Recent bitcoin price increases have reignited enthusiasm in buying bitcoin. BTCC is confident this trend will continue. As such, we are pleased to announce that we now accept direct deposits.
 
Customers now need only log in, click on “Account,” then “Fund,” and then select the “Bank Deposit” option to fund their BTCC accounts through their bank accounts. All customers who have Chinese bank accounts will be able to make direct deposits through ATM transfers or online banking.
 
BTCC will stop accepting customer deposits through agents on November 15.

It is great to see. I wonder if they act negative because they are jealous or just don't understand it.
Anyway, I hope articles continue to stay positive and boost the price. We need a boost before the next halving otherwise bad stuff might end up happening. Then we'll be in trouble.

the reason was already greatly explained here http://www.zerohedge.com/news/2015-11-02/reason-bitcoins-recent-surge-revealed

and the why it's pretty obvious to me, the news about the vat-free alone, can cause this spike easily, let all the other recent good news

I agree with you Amph but what has the VAT sentence to do with the chinese buying so much?
The VAT free alone should have boosted the EU market while everything started in China.

i mean they are two great news that had a great impact on the market, they don't necessarily need to have something to do with each other, to help bitcoin

i'm just saying that the vat-free news alone can move something, let alone the whole chinese story

I thought it was because of the latest pumping by chinese investors. Whatever. to the mooon!

I am hesitant to think that the demand has increased a lot.  There was no reason for demand to all the sudden in a 1 week span explode.  It makes me seriously wonder if there is some sort of coordinated whale pump behind this...

I think demand as an investment has not increased too much. The volume increase is just the result of more active trading. If the price rises slowly and with the increase of volume, then I would say the demand for bitcoin has rise.

That's huge. The big question is, how are they getting away with it? The PBC guidance indicates that banks are not allowed to handle transfers to Bitcoin exchanges.

It was a tiny phrase which give meaning to everything happen withe price of bitcoin these days and don't justify the title of the article:  Still, O'Connor said volume from the Chinese bitcoin market has been "off the charts," so there may be a genuine upswing in interest from that region.

What want more the author of article to find the why of the increase?   

As for them who tell that the price of bitcoin don't have importance because important it's the technology behind it it's a stupidity. Bitcoin and peer to peer are indivisible. Bitcoin is the first materialized product of peer to peer. As such have big importance. First of all an historical one. To not talk about its qualities as a currency. So, I think, that bitcoin has the same importance of peer to peer and its price is a sign that this firs product of this technology have future or not.

Price rise was manufactured by the US Marshalls to sell the remaining SR stash at a higher price.

http://31.media.tumblr.com/tumblr_loq5o7RD4N1qzl8s1o1_400.gif

It's not Gemini. Their volume is so dinky that it doesn't matter.

The big runup seems to have been driven by the China exchanges. Direct money transfers within China to exchanges in China seem to be possible again. Since this goes against published PBOC guidance, it's not clear how long that will continue.

Maybe just some whales who played with the market again. Reason could have been to trigger another price run, creating FOMO under the average buyers, and then dump for cash. That happened so often and isn't that difficult for huge traders.
It's always the game of fear and greed.Never forget that!

Even until this day, nobody knows why the bitcoin has risen in the last two months. There are many theories behind it.

As usual, the "major news organisations" can't be BOTHERED to actually do any research into their "news" and get it WRONG - or at least incomplete.

BTCC announcement that they were taking fiat payments again is the obvious reason the buying frenzy exploded in China that drove prices up.
 Now that the buying frenzy has spent itself, prices are heading back down again.