Bitcoin Forum

Someone informed, inform me. Please. As of February 18 2016, what at this current moment is driving the bitcoin value, if anyone has any ideas. Next climb? Support level?!

Every bit of news about bitcoin actually seem to have an effect to its value, the hospital computer hacker may even have an effect.. just read the threads in this section and you'll see some that mentions why a sudden move of price.
Also check the popular blogs like coindesk and the rest.

The growth of bitcoin and increase in the price is due to the markets that are facing growth. You make it clear of your question
whether asking What the F**k going on or what the fast bitcoin going on?

ETH dump, apparently. it's diving down like crazee for the past few days. since feb 15 the price went down for about 50% and market cap down by $180M (35%).

few weeks it was doge and now ether, these pump and dump does occur now and then and that it keeps on happening

Well I believe the support level was at about %375 wherein it settled there for some time before starting to go up recently. The only reason that I could see that might had an impact was regarding the hospital funding that hacker but other factors could also come into consideration like increase in demand or maybe another whale manipulating the market (hopefully not).

okey the next Climb is february 30  2016 #kidding :D
i think it's very hard to predict bitcoin with 100% right, more people says bitcoin will be up before block halving, and im sure it we can reach $500, $600, 4700 maybe $1000

It's nothing surprising, BTC values were undervalued for a long time now. I think new floor is around $390 for the moment.

How will dumping ETH help the bitcoin price? It is not like people are buying more bitcoin after dumping bitcoin, they are actually holding the bitcoins then.

In my view it would be more logical if the bitcoin price dropped due to people cashing out their ETH profits for fiat.

Guess the market is just recovering from the Hearn news and is now headed back in the orignial direction, which is over 500.

actually when people dump altcoin their first choice is always btc or fiat. so sell ETH -> buy BTC/fiat. some people who will get no profit because they bought ETH just before it went down will look for other options, while the ones who believe they can secure profit in BTC will go with BTC.
simply look at the volume of ETH/BTC on some exchanges.

there are of course other possibilities. but this one is the most logical conclusion because the price started to climb when ETH went down.

Either ETH or shorts closing, beware of the hype

It was to be expected. I don't know how people could have invested in this so massively and so fast.... When you have an investment with 250% growth you KNOW it can't be stable...

you should not ask why the price is moving up, because thats normal, what was not normal was the dump under 400, instigated by fud like mike hearn and crap like that

Actually no one can answer you precisely. Reading others speculation might lead you to so much different ideas.

Just ride the current price trend of price. The result will be ride away or washed away. Be ready.

Traders don't have anywhere to go right now with what's going on with ETH so everybody's fund is in BTC.

What a lot of shite.

People buy BTC...and with that, they buy BTC....

When people cash out of ETH...they cash out into BTC....if those people who made a killing in ETH wanted to really cash out....then this is bad for Bitcoin, cos they would sell ETH for BTC, and then BTC for USD.



This is possible.

If 'they' think that the hopsital authorites are going to be forced to cave into the hacker and buy around 7500 BTC (this is real purchasing....not en-exchange volume ramping or traders back n forth between positions), then 'they' are likely to want to make the hopsital pay as much as possible for those Bitcoin. Why allow the hopsital to buy the BTC for $480, when you can charge em $430?

Edit: I see the hospital have reportedly paid the hackers $17'000 in BTC. I wouldnt have expected them to have admited to paying them anything. I wonder how much they really forked over.

Europe is near to the point to fail.
China markets are a bad joke.

People that want to invest moved to something else. Bitcoin.
It may last or not... we'll see. Bitcoin is still under-valuated at this price.

.....and how is it undervalued?

Over $400 for a piece of fucking computer code.....'undervalued' you say?

Bitcoin is a high risk, highly unstable, brazen gravy train venture.....don't go deluding yourself otherwise.

Jump on by all means, but be prepared to jump off at the right moment, otherwise, you will be toast......(the majority who get involved with Bitcoin will lose.....that is a certainty and a fact of markets and life that provides opportunity to the minority)

bad or not, it's still a high possibility.


oh come on. 40 btc is too small amount to make a dent on the price. and the news is not exactly good enough to trigger a rise either.

Unless the Hospital are lying (for obvious reasons), and they did indeed pay the hackers thier 3.4 Million USD?

What are they gonna do?

Just let patients lie around in hopsital without medical staff having access to what the fuck is wrong with them, what medication they are on, etc etc?

The hospital either paid the hackers their 3.4 Million, most of the 3.4 million, or the hackers had a turn of heart, a crisis of conscience at depriving a lot of patients from their medical treatment, and caved in and accepted only 40 BTC for all their troubles, and risk of lengthy prison sentences.

We are slowly beginning to see the price increase everyone was hoping for and it will continue and speed up until July, nothing else. People who support 2MB blocks can now support Bitcoin classic but the majority of nodes are still Core nodes, so there will be no fork anytime soon either. This is calming down the market a bit and the result is up, up, up!

Well it's more because of China crash INMO

Whatever is the case I hope this upward trend will go steady and slowly in this direction. BTC needs to grow in value becuase its ecosystem can't be based on a such a smaller price. Anyone (I mean mostly all of us ;D) needs to pay the bills here (unfortunately).

Why do people always think someone somewhere knows the answer to this? You could just pull a work of fiction from your own rear end.

Where is this info please?

Here you go; http://time.com/4228837/hospital-bitcoin-ransom-hackers/

Price is rising now, easy to know that i think, and it will rise more and more  now

the internet? just google "hospital ransom 17k" and you'll surely find it. nvm Paashaas posted an article. the first time I saw that I thought they paid the rumored $3.4M. now that will make the market move.

Appreciate it thanks  :) I wonder how many hacks occur daily on a global scale relating to BTC ransoms? How many go un-reported and how many are paid off?

the flow is now again up and up and away, so we better take this oppurtunity to earn with bitcoin we all know that it will be more than in the future..

Your all very insightful, I'm still new to btc trends and such, thank you all for your answers!

A few things :
-the Chinese are gradually returning from holiday for the Chinese New Year.
-press, both good and bad are exposure for Bitcoin.
-uncertainty in the markets make people move money around.

According to this https://en.bitcoin.it/wiki/Controlled_supply if my maths are right continuing on from the approx 4 years between halving, BTC will continue to be mined until the year 2144 (give or take for adjustment) and if the previous halving in 2012 is anything to go off price wise then we're in for a treat  :D

Horizontal channel. The most boring one, especially for new investors looking for quick bucks. Sit down, relax and observe the price moving between $350 and $415 couple of more times, till we get really close to the halving or there is something really important for bitcoin happening, e.g., block size agreement. Enjoy!

If 90% of the miners support the Bitcoin Classic, does it matter if majority of the nodes support the Core?

Throw a dart at an open newspaper and whatever story it hits, say bitcoin is going up or down or sideways because of that.  And it'll be just as true as anything else.   And that's basically all financial pundits do.

I'm not surprised to see bitcoin going back up or back down.

That's just how this bitcoin market works. It goes up and down all the time.

i think it's because the mike hearn drama ended, plus something related to stock market and ETH pump

after all the dump that lead us below 400 was unwarranted, was a fake dump like i've said many times...

and so was the recent rise to 430. We are in the no man's land currently and there are no reasons to move either down or up. We just follow between $350 and $415 for another month or two, till we get closer to halving, or something important pops up. Yes, sometimes Bitcoin price action can be boring, too.

Bitcoin's naturally movement is a perpetual UP. What you should ask is why it's going down when it goes down, and as usual, it's always related to FUD rather than an actual problem, right now we have the Classic bullshit as the biggest FUD generator but we will get through that.

I don't agree. Currently the main force behind any price movement in Bitcoin, either up or down, is speculation. Therefore, it shouldn't surprise anyone if out of a sudden we start losing $50 in less than a day. Same as the movement in the opposite direction. The only question is, the size of the pocket of the whale who decided to manipulate the price this current time.

bitcoin price is kinda fluctuating right now, but i can see a lot of positive tendencies as the price is going up

Well right now it's more the down of Chinese currency that's backing the bitcoin rise ;)

The Bitcoin price has been fluctuating since its first exchange listing. It's just normal as people are used to it nowadays. Those who aren't used to it will most likely panic when they see a sharp dump.

Still fluctuation is most of the time linked to something specific!

Just regular volatility... we've actually been pretty sideways since we lasthit $500

I think a big push from the ETH gains are coming in as well, not all of it but some of the reason

Doesn't seem like simple volatility no, much more upper trend than normal volatility ;)

that is a good point actually. Chinese do not need further recommendations to get into Bitcoin, as soon as their economy experiences further difficulties. So one may eventually count on new money flowing into Bitcoin. They would be interesting in getting at the lowest price possible, though.

People are probably reinvesting the profits they made with going short on the ETH value. So they gain even
more Bitcoins. They sold at a high price, bought cheap ETH, sold them when they saw a collaps coming and
now the re-buy Bitcoins at a lower price  ;D

Problem with that non-theory is that people invest into ETH via BTC. People then cash out of ETH, via BTC. If anything, people gonna want to take cash profits from ETH, which means that they cash out through BTC.

or, they can choose to hold btc because it is rising. people don't always dump to fiat.

What you mean with comming in as well? The profits in ETH are mostly all in BTC, so how can it affect the price other than for the bad?

Yes.....but you miss the point. People coming out of ETH and into BTC, aint gonna make BTC rise against the USD. Folks putting BTC into ETH, already exchanged thier USD for BTC.

ahhh. damn how did I overlook that simple fact?  :-\ it does make sense that btc/eth trades will only affect btc/eth price and not btc/usd. it was so basic, I'm feeling a bit stupid now.

But the Ethereum/BTC volume is too small to affect the bitcoin price. The recent bitcoin price is affected by the block size issue.

I don't even think that's the best way to make any money. It's like gambling. What if you bought BTC thinking it's going to go up then it goes down?

I see more media reports about the bitcoin and other digital currencies. It will take some time for bitcoin to be used widely.

it does mean that ETH's value still depend on BTC just like the rest of the alt coins.

if btc goes down then theres nothing left to do but wonder and wait till it goes up again  ;D

I do not think the Ethereum price is dependent on the bitcoin price. The Ethereum price has risen 10 times against bitcoin recently.

But the Ethereum price is going down now. Maybe the pump has just finished and it is being dumped.

Okay, then what does it rely on then?

Does ETH have some demand because some major site uses it and thats what it requires? please educate me what a alt coin relies on if its not bitcoins price.

if theres no pillars to support a price, its most likely a bubble.

There are some shops accepting the bitcoin. I have used the bitcoin to buy computers and pay phone bills.

The Steam has accepted the bitcoin now. If 1% of the steam members are converted, that is a big boost.

1% would only mean 1M users, who would use bitcoin regularly, if we assume the same proportion, this mean only 25% increase in global value versus the current 3M users base

so they could bring the price to 600

I thought there are only 0.5 million active bitcoin users. Where did you get that 3 million user figure?

There is no way to find out how many users Bitcoin really has. 500K is a bit on the lower side. My guess is somewhere around 1000K.

"Active" users number around 250K.

Do you have any proof for that? Maybe an article or statistics. It's easy to say "there are 1mil active users" "no there are 500k" "active users are around 250k" with scant information.

Bitcoin is getting more worth and that is perfect for the people that is already using Bitcoin because than they can make maybe more profit in the future.
And that would be perfect for them if that is possible for them.

i know there is a significant difference between users in total and active users as you also mentioned. what number of users do you consider the "non active" users to be?

it was estimated long time ago based on the number transaction, it's still an estimate, but it appear to be near 3M, 0.5 is very low it can be that low with 200k transaction going on each day

As I said before, there is really no way to find out how many users there are. That's why I'm interested in finding out how you came to that what I consider to be a low number.

So we have the use the number of transactions. We need to exclude the low value transactions.