I repeat: every move of the price since Oct/2013 correlates with events in China, starting with the opening of the Mainland Chinese market a couple of months before. The crash of early december, the recovery in late decenber/january, the decline since february - all can be explained with China only, with no obvious sign of influence from Western events.
Understandably, bitcoin enthusiasts and entrepreneurs in the West must hate the idea that bitcoin price is set by Chinese speculators, at the mercy of an extremely "statist" foreign government. How can you promise profits and security to investors in that context?
Okay well for a start Chinese markets were open as early as 2011 so your mistaken there.
That came only after the Oct/Nov rally. By early december there were still many who claimed that MtGOX withrawals were mostly working, only a bit slow.
The dollar withdrawal delays explained why MtGOX prices were 10% higher than those in other exchanges, but they cannot possibly explain the 1000% increase.
Right and you don't think an exchanges price rising has an effect of dragging the others up. Yes it was 10% higher a lot of the time but the fact is when there is a decline in price as was seen mid to late last year because you couldn't get fiat out people would catch the falling knife quicker and thus would hold up other exchanges. As you have seen over the last several months arbitrage holds exchanges prices closely together so you don't have to be a brain surgeon to see the effect this has on the overall market.
I cannot follow that reasoning. The busting of SR made people realize that bitcoin transactions were not invisible to the FBI at all. How could that have helped other uses?
The "cleansing"of bitcoin's image (which did not actually happen, it is still the "coin of crime" for many people) cannot possibly explain a rise of 1000% in 2 months. "Other uses" could not and did not expand that fast. The Chinese market could and did.
By the way, I still don't know what caused the April/2013 jump. Some said it was videos on YouTube; perhaps. Could it have been the opening of the illegal drug market by SilkRoad? Or was it the initial opening of the non-Mainland Chinese market by BTC-China?
Thats because you weren't involved with Bitcoin earlier than last year. The only thing people like you had to say about BTC was its just used for buying drugs theres no other reason for it etc etc. Well look , the price didn't go to $0 as many were trying to say guess what that does? All the detractors who wrote it off as drug money are suddenly very interested, I mean how can something that was only used to buy drugs have value outside of drugs
Really with the same old rhetoric ? The dollar and its ponzi scheme is the coin of crime.
Silk Road was open in 2011 so no. Your research is terrible and it makes your points almost laughable. How can I take you views seriously when you can't even find out when Silk Road opened, its even got a Wikipedia page.
No, only that the "positive" things that happened outside China had very small effect, because they were relevant to only a small part of the market. Why would the Chinese care about things like Overstock or SMBIT?
Besides, the rise from 100$ to 1000$ took less than 2 months. What earth-shaking bitcoin developments happened in that interval?
Moreover many of those "positive" things were just vaporware or fizzled, and others had a negative impact when they failed.
The market went from 2 to 30, 15 - 266 in those sorts of time frames as well. Whats your point? It doesn't need earth shattering developments. Just like your seeing now good news came out and developments were happening all the time in the run up to November but the price hardly moves then all of a sudden the price starts rising. All the bears stand around wondering why even though they've just sat around for two months listening to all the developments, no doubt the same will happen this time. You seem to think the market is 100% speculation and needs 'news' to move. The market can move by normal dynamics such as adoption as well you know.
As it currently stands millions of dollars of vc funds and normal investors are building Bitcoin businesses, everyday those services open and gain a wider customer base. In time no doubt the price will rise again to accommodate this and you will be one of those screaming it back down saying how irrational it is. Its very easy to be like you in a bear market I can't wait to see what nonsense you produce in a bull one.
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