Bitcoin Forum

I was wondering why there was a sudden surge in purchases, and price increases a couple days ago.

Someone pointed out:   Immediately after the Senate hearings on Nov 18, a ton of people registered to purchase Bitcoins, and were met with the 1 week verification period.

Then - right on schedule - exactly 1 week later - Boom .... all this happened.

Now get this:   Once you make your first purchase (at least on Coinbase) .... you get your coins (max of 10) ... and you have to wait 3-5 business days for that first purchase to go through before you can buy more.

That takes us to where all my friends currently are:

1)  They purchased their first 1 to 10 a couople days ago
2)  They're now waiting ... until December 2, 3, 4 .... when they can purchase more.

December 3-5 will be the next big surge.  Possibly bigger than this one, as there won't be a 10 BTC restriction.

This is just a theory. 

Thoughts?

I would say you're right.

What about bitstamp? or btce? why only coinbase counts?

Because OP refers to the US senate hearings, and most US people that want to buy based on regulatory legitimacy aren't going to deal with an exchange in direct violation of US regulations.

Yeah im only making a prediction based on Coinbase.

The timing was just too perfect.

Unless they all have "Registration / bank account verification 3-5 business day wait"

and then a "Must wait 3-5 business days before you can buy any more" wait ....

...

I know the buying was all over the exchanges, not just Coinbase ... but the timing was interesting.

I don't think that coinbase drives the price except if they are using other exchanges to buy and then sell bitcoins to their customers :P

Coinbase has to buy the coins from someone.

Yeah but i thought from dark pools or something not by placing bids on Gox  ::)

Changes in demand always effects price.  Those are potentially supply taken off of Gox, or even purchased on Gox by traders who sell to coinbase.

You can't just pull btc out of your ass.

Dark pools are exchanges. It's not pulling bitcoins out of your ass. Google it.

I know what a dark pool is.  My point is that "dark" trades still influence supply and demand and therefore influence price.

I think at this point if Bitstamp ever reaches the price of gold that is when the next surge will really come as gold speculators might give BTC another look at price parity,in addition I think the next surge after comes during the next US budget battle.

You think the average person is going to drop more than $10k for some new experimental currency when it's at an ATH? Surely some will... but enough to cause another "big boom?" I don't think so. Although, no one's ever lost money underestimating the stupidity of the public.

BTC don't come out of anyone's ass. They are created from thin air.

Sorry, couldn't resist.