Bitcoin Forum

Someone was going to make the thread, but this time I am genuinely curious, so I made it.  Someone commented that China is not at play right now, and that serious money is pouring in, but mostly from Europe and the Americas.  Are you guys able to see that on the exchanges somehow? 

When the price is this high, part of me believes this is governments buying in or something ... thoughts?

Loaded.  :D

Bitcoin is still in the paperclip budget range.  A government buyer would push it to 5 figures as they buy by the $1 million.

Its recycled funds.  There are big players in here.  If you had 100,000 coins and had the motivation to do so, what would you do and how would you work a system where the average holder is in the hundreds.  

900 got broken, people think that once 900 gets broken other people will buy so they buy, price goes up, other people buy

people are slowly waking up. and some of them with deep pockets.

Do you realize there were (and still are) tons of fiat on sideways already within exchanges? With more on the way, usually game changing news (like halving of mining rewards last year) take effect on market only after a week or two.

After several days of consolidation there were really only two ways this could go  ;)

Also why do you believe that governments buy now that the price is high? Do they like buying high?  :)

+1 This. I don`t think there has to be any sophisticated reason or logic behind it.

What price would you consider to be high for an organisation that can print money? ;)

bonus question for 2 points:

How worthwhile in the long term is it trading bitcoin for fiat, when fiat is being devalued at an alarming rate?

(disclaimer: i've took a few dollars out here and there to pay a few bills, but long term I am holding as tight as I can)

Something is up.

You don't just go "horizontal" for several days and then, almost on a dime at 12 noon eastern standard time, the price starts jumping $5 every ten minutes.

Goes up almost exactly $100, Lasts for about 3 hours ... then stops on a dime.

Something happened.

I'm more curious why all the alt coins won so much the last 48hours. Nearly every seond coin made 100%. http://coinmarketcap.com/

Why do you think the price is high?  Do you think that $900 is an overvalued price for BTC?  If not, then you'll buy above $900.  If so, you'll sell them.  It's all based on speculation.  obviously those buying now think its worth a lot more than $900, which I do too.

Must be rigged, like every NFL game someone lost money wagering on.

I think you are trying hard to see a conspiracy here. Maybe the price is being manipulated in some extent but not from the government.  ::)
Don't make me wear the tinfoil hat again  :P

Cuz supply and demand.

I made more on alt-coins today and yesterday than on Bitcoin. What gives? Namecoin up to $6+, that's past what LTC's ATH was until this month. LTC up to $19+? WTF Even FEATHER COIN, that's right, fucking FEATHER COIN, is doing well. I think people are just treating the more popular alt-coins as just extensions of bitcoins.

I'm not claiming it's the government. I was just trying to think of an organization that has a lot of money. You have to admit, absolutely nothing happening for five days and then all of a sudden, on a dime, everything explodes. There's always a reason. Maybe was just another infomercial in China that 40,000 people happen to see at the same time. Maybe it was an article in Europe stating that a new chain of restaurants is accepting bitcoin. I don't know what it was, but it was something. The timing was too specific.

Don't underestimate how quickly a fool will part with his/her money.

I'm really hoping that China and others realize that each alt coin is an opportunity for speculation and investment, and return. There could be a very long, long period ahead of insane moneymaking for all of us if that's the case. Bitcoin is the only one that really needs to succeed anyways. The rest can be for speculators. This could be the new stockmarket where millions of people get rich. If they get in early enough.

Look at the long-term log chart. It's all right there. We got curvy, straightened out, and resumed straight exponential mini-trend/bubble.

I really need to get into alt coins. Never even looked into them. Feel like I've missed that boat for the most part.

By and large it's gambling. It's manipulation/greed/fantasy. Maybe litecoin deserve's it's valuation, but don't be fooled. Alt-coins are where larger holders have found a clever way to increase their bitcoin holdings at the expense of people who don't know better.

But you know- people probably said the same about bitcoin once.

Okay, I wasn't going to do it, but I'm going to do it. I'm going to drop the conspiracy theory thing.

I do know that the major exchanges have LARGE holdings of bitcoins. And I assume they themselves can put buy and sell orders into the market (with it being fairly anonymous).

That being said... I'm not saying another word.

: )

cj

alt-coins may be valuable in the future, but do your own due diligence, buy something that no-one is talking about and accept it as a sunk cost.

Every time you hear about how XXX is being pumped, or how much YYY has risen, never buy -- you're playing in their playground. I'd view any such news as an opportunity to sell.

Good to know, thanks both.

To be honest, people have been tearing their hair out for days trying to decide which way the market would go. People spent lots of coins painting that double top picture, but other big holders were fighting back. Remember that with all downturns, the real intentions of the big holders who dump on the way down is to accumulate. However, now there are so many holders that it was harder for these bears to drive the price as low as they liked, and so you could clearly see sentiment turning. A couple of stronger than expected rebounds was enough to prove that the markets still have legs, so bears got back in before it was too late. If they haven't lost all their coins, they will try again later at a big profit-taking dip.

Here's that log chart:

https://i.imgur.com/nTEOPq5.jpg

By visual analogy we appear to be in the mid- to late- March phase of the rip-dip cycle.

That's not a conspiracy. It is called price manipulation and anyone with a large stack can do it.
Concpiracy is the OP thinking that aliens and governments are behind the recent rise.

If millions of people are going to get rich, then millions of people must get poorer as well.

Yeah, the ones who don't buy for whatever reason. As I see it, bitcoin rewards intelligence and the courage to trust your own judgment. Let the millions become poor when fiat crashes, it's on their own heads. Or ours, if it goes the other way, I could live with that too.

I don't have a problem with a few million of people becoming less rich...

Hopefully it's poor people robbing rich wall street types mostly, since that's where the highest concentration of wealth is and they're probs going to want in at some point.

Those are going to get richer. It's the already rich that will choose not to enter that will become less rich  :P
Except if you think that bitcoin is a bubble  :P

people are using it more, simple as that

Why would a government have to buy Bitcoins when they can just take them from people?

The FBI currently has enough Bitcoins to fund themselves for generations to come.

Hopefully bitcoin actually represents a revolution for a world with less inequality. If this thing is going to create more inequality then it's not better than regular money and it deserves to perish the same way. What good is freedom if we live in a fucked up world?

Probably frightened banksters are now entering into play after having been scared by the Fed which promised to denude them of their money to cut interest rates on their reserves