Sublime is actually right that thinking of Bitcoin as a currency now is the biggest misconception in Bitcoin. The "collectible" thing and many of his other arguments are silly, but he is spot-on that this is a crucial misconception. I reality, at present, something like 1% of Bitcoin's usefulness is as a currency, maybe 9% is as a way of sending money, and 90% is as a store of value based on the future promise of the other two functions (as well as others, like contracts, stocks, escrow, etc.).

Mandatory reading, the best explanation of this I've found on this subtle concept: http://www.reddit.com/r/Bitcoin/comments/1mb27q/bitcoins_vast_overvaluation_appears_caused_by/cc7i6y8

Without a precise understanding of this it is really hard to understand why Bitcoin is so highly valued today. It's Gold 2.0 and the ultimate investment because of ultimate future promise not yet realized today for reasons that are only temporary. That Bitcoin should be judged on its present-day utility as a currency is truly the most widespread misconception in Bitcoin, and it's a pivotal one to get right.

The Bitcoin waits for no one.

Very nice reasoning here. Yet another way Bitcoin self-corrects.

I spent a few hours yesterday talking to a Japanese lawyer about Bitcoin, at his request. Last year he was asking me about gold as he's familiar with the issues surrounding central banking. He gets it, and he's well-connected and telling his friends. He agrees with me that Bitcoin is still almost completely unknown in Japan, and that when Japan bites it will bite BIG.

Bad timing, as the rally is getting temporarily overheated and this is a perfect time to take a little bit of profit. Don't gox me bro!

China's 2-year log chart vs. MtGox's.

Could be next month, or even this month if things go a certain way.

Checked the gold price. Ouch! But that's just the jobs report, which is smoke and mirrors. Still, compared to Bitcoin gold is sinking like a brimstone.

Anything planned for quintuple digits? (+10,000%)

Indeed, the initial news stories all mentioned that they source from miners and other dark/off-exchange sources.

Nice to see you back, proudhon! You should change your avatar to white instead of gray, as a symbol of resurrection.

The growth rate we seem to be following now is the same growth rate we followed in Jan-March 2013: the price doubles every three weeks or so. We have 2.5 of these doublings left in the year, bringing us roughly to $1600 if the trend holds (and it did hold in Jan-March). 

I guess this question is answered: yes, don't be scared to buy. These price moves are the toenails of the colossus.

Who says they did?

China + BIT + news = BOOM.

That was basically my thesis:


China has really followed through, with investor excitement and repeated national news agency support. The only question was whether wealthy investors would actually buy the BIT, or if it was just a gimmick. Turns out they did, to the tune of $15 million in six weeks so far, and likely to grow massively from there. There haven't even been any haircuts yet.

We rockin' now baby!

It really seems China is calling the shots. Good. This should be explosive, like some dynamite Sichuan dish.

Cooling off a bit, as it had to.

$1600 would be surprising, but only mildly. The key thing here, in addition to China, is that the BIT took off. That was the x-factor: are people actually buying the BIT or is it just languishing? People are buying, bigtime ($15 million invested in 6 weeks so far). Now that it has a track record of big gains, more will pile in. This is going to be huge, as a severe coin shortage happens due to them all being vacuumed up by Second Market, and it will manifest as a sort of organic series of little panic buys as we have been seeing.

Take a deep breath and let it all in. Double check your security because the bullseye on your stash is growing exponentially as well.

Feels good. I like what China did with the peak at 1888. Getting a little bubbly on the intraday, probably due for a good sized correction, but this thing is HOT.

Global rally! Amazing how predictable this was this time. I had it even down to the week. I know some others did, too. Cheers, gentlemen (and ladies, if there are any here).

1847 = $303