BTC price shooting up to $24/BTC

[Monster Tent]

Bitcoin = Tulip Mania

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[notig]

Are people finally beginning to realize how awesome bitcoin is ?    Less chance for me to buy more

[twolifeinexile]

People are taking a look at Bitcoin now, a year or so later, and it is going strong.
The code is good. Community is growing.... Their trust factor increases.
The decision to park some wealth in bitcoins is made.

This is happening at a growing rate. Consequently the price per coin is going up.

Bitcoin, like gold, is a value store. ... easy transactions are just a bonus.

Easy transaction is BIG factor, as well as it is not easy to confiscate,

[evolve]

From a practical standpoint, if we are to consider btc as a currency, its relative value (as pegged to another currency, such as usd or eur) should be meaningless. In other words, when I spend a dollar, I don't worry about its value relative to the yen, or stress if it lost 8 pips to the euro. 

Don't tell anyone, but precious metals are overvalued right now too.

Show me a superior store of value. Show me a superior currency. If you can, I would seriously consider trading some of my Bitcoins for whatever it may be.

I don't think you really want my answer, but...

If I am looking to store or grow wealth, I'm going to diversify to reduce risk; I'm certainly not going to throw everything into precious metals and call it a day. Do metals have a place in an investors portfolio? Certainly, (as do a number of investment vehicles) but it isn't the be-all-end-all....just ask anyone who bought silver in Jan 1980....





I dont know how a currency can be "superior", but if you dropped me in a random country, I can get a lot further with a hand full of USD than I can with a wallet full of BTC.

[oakpacific]

Greed.

This is like saying nothing.

[sublime5447]

BTC is not a store of value!!! I hate seeing this. BTC has been around 3 years! and during that span lost 90% of its value. It is not real!  Dont you get that?
1's and 0's are not wealth there is no comparison between BTC and gold or silver, copper, lumber, BTC has 0 value and is not a commodity. BTC is a currency not a retirement plan.

[Spaceman_Spiff]

BTC has been around 3 years! and during that span lost 90% of its value.

wut?

[nobbynobbynoob]

It's a damn fine currency though because in the long run it's inflation-proof. In this regard it's kind of like digital gold.

[sublime5447]

It's a damn fine currency though because in the long run it's inflation-proof. In this regard it's kind of like digital gold.

I agree 100% all it needs is a competitor to give it price stability.

[Spaceman_Spiff]

BTC is not a store of value!!!

I think BTC is an interesting case because if it works as intended and no superior alternatives arise, I think it is one of the best stores of values you'll ever get.
On the other hand, it still has quite some "track record proving" to do to exit the "experimental phase".

It is not real!  Dont you get that?

Please give me your definition of reality.  Something big enough for your eyes to see without equipment, something big enough for your skin sensors to feel?
Or maybe it's all in the atoms you say, so a couple of tubes of paint and a blank canvas are just as valueful as a picasso painting?

1's and 0's are not wealth

Tell that to Bill Gates.

BTC has 0 value

If you believe that, why are you still here?

[Spaceman_Spiff]

It's a damn fine currency though because in the long run it's inflation-proof. In this regard it's kind of like digital gold.

I agree 100% all it needs is a competitor to give it price stability.

What, you just bought litecoins and now you start peptalking it?
Give me 1 rational explanation why "a competitor" would give price stability.
I am feeling mightily tempted to push the troll-ignore button...

[ajk]

 Store of value - To act as a store of value, these forms must be able to be saved and retrieved at a later time, and be predictably useful when retrieved.

this is dictionary definition of store of value,

No where does it say it has to be physical or non physical

Hm I can store my bitcoins in my wallet, and retrieve them at a later time, damn these things cant be that useful (Sarcasm) the current price is only 24.41 ? Weird

[solex]

Are people finally beginning to realize how awesome bitcoin is ?    Less chance for me to buy more

+1000

Fill in the blank...

Email                   is to    Snail mail
World Wide Web   is to    Bricks and Mortar shops
Bitcoin                 is to    ..............

I can't understand anyone who follows this forum and does not have at least 10% of their spare/investment money in a bitcoin holding.
If it blows up, unfortunate, sad. If it succeeds it will kill most of the world's fiat. Hello long and happy retirement.

[Melbustus]

BTC is not a store of value!!! I hate seeing this. BTC has been around 3 years! and during that span lost 90% of its value. It is not real!  Dont you get that?
1's and 0's are not wealth there is no comparison between BTC and gold or silver, copper, lumber, BTC has 0 value and is not a commodity. BTC is a currency not a retirement plan.

Ok, now those few sentences are just wrong. I get it - you're locked in your thinking to some arcane/misleading notion of "intrinsic value". There are lots of people like that. You've got an intellectual wall you need to get over. You'll get there in time if you think about it enough.

As I've said a number of times on this forum recently, Bitcoin and PMs (not copper or lumber, just the metals whose exchange value is not primarily driven by industrial demand) are very similar, with Bitcoin taking their market-dominant monetary properties to an intellectual extreme. Bitcoin also happens to be fantastic for actual transactions in the modern era. So, double booya.

[Melbustus]

Bitcoin and PMs are very similar, with Bitcoin taking their market-dominant monetary properties to an intellectual extreme. Bitcoin also happens to be fantastic for actual transactions in the modern era.

This is a fantastic way to describe Bitcoin. I hope you don't mind if I borrow it from time to time?

Please do!

[notme]

the only logical answer that was said here was supply and demand,

I dont understand how greed would come into play here, and like most who have followed bitcoin the situation we are in now is 100000000000x different than the crash we experienced 1 year ago, the run up and down happened in such a short period of time and  back then all it took was one big sell/buy to cause the market to panic in either direction because of how few were involved in bitcoin

What does greed have to do with this at all? or the reference with musical chairs?

bitcoin aside of getting press from some decent sources mainly because of how well it is performing to other financial assets, securities, you name it bitcoin is beating it. but where does greed fall into the mix? its not like MTGox,someone who has a insane amount of coins or DPR of SR are going around on every forum advocating to the world how amazing bitcoin is, the world is just slowly realizing it one by one as people see the true benefit to bitcoin

Lol @ your comments man seriously, Gold and Silver being over priced? it just makes sense when something that is limited in supply starts being bought up, not to mention that a majority of the stuff is stashed away in banks or reserves so what there is available to be bought is limited, as well as the limited amount of new gold/silver being introduced, With a setup like this how can the price not go up?

Bitcoin is essentially the same as gold, it is mined, big stashes of it are stored away by big players, and now people are beginning to notice it, its only a matter of time til bitcoin destroys its last high of 32 and it will hopefully get there in a slow and steady fashion like it has been doing the past year,

You say that anyones guess is good but that isnt true when someone also says one of the options is wizards,

Bitcoin is going up. Why ? Because fundamentally it has to just like gold and silver did,

The musical chairs reference is a perfect example of demand exceeding supply.

Also when you start making statements like "how can the price not go up" you have found the sucker.  He's the one looking back at you from the mirror.

[ajk]

oh really im the sucker? please let me know if my "how can we not go up" statement has been wrong this past year,

Oh wait no it hasnt. Like you super bears im on the other side of the spectrum and would say im a super bull, doesnt mean im not going to change my position if the market says so, right now it is Retarded to be a bear so why would i be fighting for the losing side,

Til the market says otherwise Im speaking on behalf of the drection its moving, til it happens Im a bull

[sublime5447]

if the demand was exceeding supply we would be seeing a lower bitcoin price

Really?

[TraderTimm]

A simple analogy:

Raw Ore --> Mine Processing --> Gold Ingots :: Raw Bits --> Miner Hashing --> Bitcoin Blocks

Sure, it remains to be seen how bitcoin performs as things scale, but there are inherent advantages when it comes to digital versus physical. For one, I don't have to rent out a big vault or storage box, and I don't have to worry that the government has a record of my purchase at the dealer.

Precious metals have their place, but I think Bitcoin will prove itself worthy as well in the world of bits and bytes.

[Spaceman_Spiff]

BTC has been around 3 years! and during that span lost 90% of its value.

wut?

Ya it went from 31 to 4 . A store of value has to past the test of time. BTC has not.  

I think we have different definitions for store of value.  You seem to appreciate low volatility.  I appreciate retaining value over long periods of time, such as gold has done over the past couple thousands of years, despite being volatile at times.

EDIT: if you are saying something has to have passed the test of time: what would you say to the persons who first started trading gold back in the day?  That it was not a store of value?