Why bitcoin exploded in price

[the founder]

Bitcoin exploded in price (live feed of price indexes) with everyone asking why. Well there are a few perfect storm reasons it exploded, and it exploded in a big way.

http://www.adaptiveglass.com/?p=619

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[SgtSpike]

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

[mccorvic]

Oh, I almost forget the third reason. Because of that license to operate, bitcoin is about 2 inches from taking on paypal, square, visa and mastercard….

Giggity

[phillipsjk]

What Sgt. Spike said.

[Vince Torres]

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

[mccorvic]

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

Please excuse me while I guffaw.  Please, explain to me how one gets to 200 posts on bitcointalk.org and still have no idea the basics of bitcoin.

[ShadowOfHarbringer]

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

You are so wrong (and ignorant) that even explaining you why you are wrong is a waste of time of biblical proportions.

Better go back being a slave of your bankster overlords. That's what you do best, apparently.

[Rincewind]

Bitcoin has little to no practical and no tangible value.

In that case, I'll gladly take your bitcoins off your hand.

[Sukrim]

Buying gold or other metals would still be easier in all 3 of these countries than getting a serious amount of BTC (Cyprus is for example thinking about exempting accounts below 20k EUR). Look what the 800k USD buy today did to the exchange rate!

[SgtSpike]

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

So no one on this forum lives in Italy?  Or Cyprus?  Or NZ?

I'd imagine all Euro citizens are getting a bit nervous as well, wondering if their bank account balances are next.  Any of them who already know about Bitcoin and have money on exchanges probably bought in yesterday.  And more of them are most certainly going to hear about Bitcoin in the coming weeks as they look for alternative places to store their wealth, out of the reach of governments.

I hope you shorted Bitcoin hard.  

[Wekkel]

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

When given hard thoughts, euro's do not have tangible value either. It all boils down to trust, the same as with Bitcoin.

[Melbustus]

Bitcoin has little to no practical and no tangible value.

There are some respectable arguments against the current price of bitcoin. ^ This is not one of them. Furthermore, this indicates a total misunderstanding on your part of what makes a good money, and why humans give such things value.

[Gabi]

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

So no one on this forum lives in Italy?  

Italian here 

Problem is, the reason why the PIIGS nations are in a bad shape is related to why so few people from these countries are in bitcoin. Less people using internet, less people willing to inform, and so on. People here keep voting fail politicians too! What to you expect from us? 

[Lethn]

Bitcoin has little to no practical and no tangible value.

In that case, I'll gladly take your bitcoins off your hand.

gief all your Bitcoins.

[Mosper]

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

When given hard thoughts, euro's do not have tangible value either. It all boils down to trust, the same as with Bitcoin.

Modern money is backed up by the ability of the country to which it belongs to backup the given worth/value most notably through factoring things like GDP/debt/deficit. Bitcoin has nothing behind it and is given value purely through speculation and an assumed worth. It is more of a penny stock or commodity than a currency and an extremely volatile one at that. I think it has its uses but I think they are niche and anyone investing their life savings or mortgage into it has lost their damn minds.


The pair of socks I'm wearing right now is pretty rare as they are one of a kind but that doesn't make them valuable.

This isn't even mentioning how bad of an idea deflationary currency is as an actual currency.

[Haole]

The perils of transferring money a day or two too late.

Can't believe I just bought a bunch at >CAD$60/BTC.

[Vince Torres]

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

When given hard thoughts, euro's do not have tangible value either. It all boils down to trust, the same as with Bitcoin.

Euro, the dollar and GDP are all backed by major governments and can be used to purchase a wide variety of goods and services.

[Elwar]

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

When given hard thoughts, euro's do not have tangible value either. It all boils down to trust, the same as with Bitcoin.

Euro, the dollar and GDP are all backed by major governments and can be used to purchase a wide variety of goods and services.

math > governments

[meebs]

You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

easy.. more people want to buy it then sell it.

Gold alone is pretty damned useless as well. Can't eat it, it wont cook your food.. it has very little literal value (outside of electrical conduction)... yet its $1600 AN OUNCE.

...Because more people want it than there is of the material.

[happywarrior]

The pair of socks I'm wearing right now is pretty rare as they are one of a kind but that doesn't make them valuable.

No, what makes it valuable right now is the possibility that a lot of people in the future will desire it as a store of value.

This isn't even mentioning how bad of an idea deflationary currency is as an actual currency.

The market prefers commodities that are both scarce and durable to act as money, all else being equal. Bitcoin manifests these properties even more perfectly than gold. You can argue about the macro-economic effects, but in the end, it's what the market will choose if given the option.