2013-02-19 gizmag.com: 300 million dollars out of thin air: Bitcoin turns four

[genuise]

http://www.gizmag.com/bitcoin-creation-value-overview/26325/

300 million dollars out of thin air: Bitcoin turns four and approaches $30 value

This could turn out to be one of the most remarkable stories of our era – or one of the biggest scams in human history. Bitcoin, the anonymous digital currency, is more than four years old now, and a single bitcoin has gone from being worth literally nothing in 2009 to being worth nearly US$30 at current market values. Here's a quick primer on the Bitcoin system, how some anonymous programmers managed to create 300 million dollars out of thin air, what you can do with bitcoins, and a few words of warning.

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[Akka]

Right now, it's riding higher than it ever has and spiking upwards like crazy, and there's every chance you can still make money as a speculator –

Welcome, welcome new "investors".



I wondered when we see the first of those articles. If we break our all time high, I expect to see a lot of them.
Then we will be bubbling like crazy (again).

[ShadowOfHarbringer]

Welcome, welcome new "investors".
I wondered when we see the first of those articles. If we break our all time high, I expect to see a lot of them.
Then we will be bubbling like crazy (again).

Nothing surprising here.

This is normal with any new currency or any new market. There will be speculation, there will be bubbles. Lots of them.

[FreddyFender]

Alastair Carnegie
Anybody see this in comments section? duh, erp derp!

FF

[FreddyFender]

Alastair Carnegie
Anybody see this in comments section? duh, erp derp!

FF

I just read Gavin's response.

[sunnankar]

Alastair Carnegie
Anybody see this in comments section? duh, erp derp!

FF

I just read Gavin's response.

Yeah, too funny.

[marcus_of_augustus]

Generally pretty good article for we are at in the adoption curve i thought.

The comments are quite illustrative also. Still a big range of opinions, from outright disgust (likely a manifestation of freaked-out denial) to pumped up exuberance.

" A deer in the headlights" reaction hasn't shown itself as far as I can make out ... but surely it must have gotten some people involved with money and finance wondering? ... like when the water-goes-out-before the-tsunami kind of curious wondering maybe is all this stage?

[iHeartSmartArt]

I read a rare book called The Spiral Calender about stocks mimicking the "divine proportion" or golden ratio, ΦBTCΦBTCΦ
I overlapped an image of the Phi ( Φ = 1.618033988749895) golden mean ratio spiral over the same bit chart in the article and found..

the 300 million seems to be predicted by the spiral placed at the peak in 2011. I call it the Golden Bit Spiral,

[mrb]

iHeartSmartArt, this technique is snake oil. I hope you realize this. A 2-year old can position and resize the spiral to match any part of the price curve going up or down. Or even sideways

[Gabi]

Here is the truth:

[cho]

Gabi you made my day thank you so much