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Author Topic: Wow, when did bitcoin become so expensive?  (Read 3738 times)
Liam W
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March 24, 2013, 05:21:30 PM
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So, coming back to bitcoin after at least half a year of forgetting about it. I look on intersango and see that it says that 1 BTC is around £50. I check on MT.Gox and it says the same thing...

When did bitcoin start being worth so much?!?
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Vladimir
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March 24, 2013, 05:22:51 PM
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while you were out, obviously  Wink

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Liam W
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March 24, 2013, 05:37:50 PM
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while you were out, obviously  Wink


Oh, hardy ha Wink

Seriously, last time I checked before today 1 BTC = £4. Now it's like 1BTC = £42...
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March 24, 2013, 06:19:57 PM
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Welcome to the phenomena that is Bitcoin.
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March 24, 2013, 07:29:42 PM
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So, coming back to bitcoin after at least half a year of forgetting about it. I look on intersango and see that it says that 1 BTC is around £50. I check on MT.Gox and it says the same thing...

When did bitcoin start being worth so much?!?

The last two months.

http://bitcoincharts.com/charts/mtgoxUSD#rg360ztgSzm1g10zm2g25zv

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Britainacoin
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March 24, 2013, 07:35:24 PM
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I bought some in November at £7 a coin. I came back a couple of months not really expecting much, maybe a rise of a couple of pounds, but certainly nothing like the level it's become.
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March 24, 2013, 07:48:44 PM
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while you were out, obviously  Wink

Oh, hardy ha Wink

Seriously, last time I checked before today 1 BTC = £4. Now it's like 1BTC = £42...

The answer to your question (if you are actually looking for an answer) depends on what you mean by "so expensive".

If you are asking when in the past 12 months did the MtGox rate first increase above £4 the answer is June 15, 2012.

If you are asking when in the past 12 months did the MtGox rate first increase above £42 the answer is March 20, 2013.

Liam W
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March 24, 2013, 09:46:15 PM
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while you were out, obviously  Wink

Oh, hardy ha Wink

Seriously, last time I checked before today 1 BTC = £4. Now it's like 1BTC = £42...

The answer to your question (if you are actually looking for an answer) depends on what you mean by "so expensive".

If you are asking when in the past 12 months did the MtGox rate first increase above £4 the answer is June 15, 2012.

If you are asking when in the past 12 months did the MtGox rate first increase above £42 the answer is March 20, 2013.

Nice reply Wink

So, the last few months? Damn, I should've bough some cheap earlier Sad
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March 24, 2013, 09:50:56 PM
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I came back after mining a few coins over the summer of 2011, and stopped in the winter when I couldn't get free power from a solar array anymore. I think they were about ~$5 when I stopped looking.. I just kept what I had and forgot about it. Very happy to see the price increase when I checked a few weeks ago.. started mining a lil bit again too Smiley

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March 24, 2013, 10:18:53 PM
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So, coming back to bitcoin after at least half a year of forgetting about it. I look on intersango and see that it says that 1 BTC is around £50. I check on MT.Gox and it says the same thing...

When did bitcoin start being worth so much?!?
Ok,A lot of things have changed since then and most people avoid intersango!!!!!!

The real price spikes started I think around late ~Jan. and has had very large price swings forward followed by a period of cooling but the important thing is that the value remained after the spikes.Someone or a group of individuals has been buying very large amounts of BTC and so far it hasn't stopped!

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March 25, 2013, 12:12:55 AM
 #11

Speculators and traders are riding the Cypriot wave at the moment. 

There's a widely held belief that if Cyprus does default then people will see any way possible to smuggle money out of Cyprus.  Bitcoin would be one such way.  They're also betting on the Italians, Greeks and Spanish behaving the same way once they too fear their bank accounts being cut or frozen.

If things calm down in Cyprus I wouldn't be surprised at all to see bitcoin return to high 50s/ low 60s and stay there for a while.  It's still incredibly high compared to January 2013 of course.

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March 25, 2013, 12:14:32 AM
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Speculators and traders are riding the Cypriot wave at the moment. 

There's a widely held belief that if Cyprus does default then people will see any way possible to smuggle money out of Cyprus.  Bitcoin would be one such way.  They're also betting on the Italians, Greeks and Spanish behaving the same way once they too fear their bank accounts being cut or frozen.

If things calm down in Cyprus I wouldn't be surprised at all to see bitcoin return to high 50s/ low 60s and stay there for a while.  It's still incredibly high compared to January 2013 of course.

This. +21000000
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March 25, 2013, 12:41:24 AM
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Speculators and traders are riding the Cypriot wave at the moment. 

There's a widely held belief that if Cyprus does default then people will see any way possible to smuggle money out of Cyprus.  Bitcoin would be one such way.  They're also betting on the Italians, Greeks and Spanish behaving the same way once they too fear their bank accounts being cut or frozen.

If things calm down in Cyprus I wouldn't be surprised at all to see bitcoin return to high 50s/ low 60s and stay there for a while.  It's still incredibly high compared to January 2013 of course.

I agree, except maybe we stay in a higher range. This would great IMO - we need to base for a while. Get seriously coiled for the next move.
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March 25, 2013, 04:03:33 AM
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I bought my first bitcoins at £4.50, about 2 weeks after discovering it. Over the next few months I spent a lot of time reading up about it, how the protocol works and the safest way to store coins. A few months later I felt confident to make a reasonable investment, by which time the price was £7.50. It's been a lot of fun since then   Grin

Recently, however, I think the price has been rising too quickly. Too high too fast is bad news, as it increases the chances of another major crash. I'm hoping we can settle down for a while so people can get used to this price, before we carry on upwards. Unfortunately I won't be at all surprised if we continue to see a stupid amount of growth next week.

Long term however, I remain optimistic - I see no reason why we shouldn't see coins go for over £1000, so long as there are no major flaws discovered in the protocol. Based on this, I would say that the simplest strategy is to invest an amount that you're willing to lose, and then forget about it for the next few years. You may well be pleasantly surprised when you return to it. I think trying to follow the market and sell the tops is a bad idea for most people, you may win once or twice but eventually you'll get caught out and could lose quite a lot. I'm sure many others here would second this opinion.
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March 25, 2013, 04:10:02 AM
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I still believe the "Cyprus effect" is overrated regarding bitcoin. I would be inclined to think otherwise if gold had been rallying at the same time, as it tends to during times of financial panic/unrest.

Bitcoin price has risen because of a sudden rush of demand, but the "Cyprus effect" has not played a great rôle in that demand, even if a few more Spaniards have downloaded bitcoin apps on their phones or whatever.

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March 25, 2013, 04:18:29 AM
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I bought my first bitcoins at £4.50, about 2 weeks after discovering it. Over the next few months I spent a lot of time reading up about it, how the protocol works and the safest way to store coins. A few months later I felt confident to make a reasonable investment, by which time the price was £7.50. It's been a lot of fun since then   Grin

Recently, however, I think the price has been rising too quickly. Too high too fast is bad news, as it increases the chances of another major crash. I'm hoping we can settle down for a while so people can get used to this price, before we carry on upwards. Unfortunately I won't be at all surprised if we continue to see a stupid amount of growth next week.

Long term however, I remain optimistic - I see no reason why we shouldn't see coins go for over £1000, so long as there are no major flaws discovered in the protocol. Based on this, I would say that the simplest strategy is to invest an amount that you're willing to lose, and then forget about it for the next few years. You may well be pleasantly surprised when you return to it. I think trying to follow the market and sell the tops is a bad idea for most people, you may win once or twice but eventually you'll get caught out and could lose quite a lot. I'm sure many others here would second this opinion.

I agree, but all growth comes in fits and spurts; it's unreasonable to expect a straight line on a small scale. I think next week will test where bitcoin prices can go ($100+), but there will then be a pull-back. These pull-backs help people regain confidence. The spurts are just as important though, as they test the ceiling.

Definitely agree it is pointless to day-trade; the risks are too high. As a long-term investment though things still look solid.

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March 25, 2013, 08:12:38 AM
 #17

People say news isn't part of the fundamentals, but it is when most people have never even heard of Bitcoin and getting the word out is the biggest challenge. One very important fundamental number for Bitcoin is simply the number of people who've heard about it.
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March 25, 2013, 11:42:04 AM
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People say news isn't part of the fundamentals, but it is when most people have never even heard of Bitcoin and getting the word out is the biggest challenge. One very important fundamental number for Bitcoin is simply the number of people who've heard about it.

Yes I agree.
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March 25, 2013, 01:42:41 PM
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People say news isn't part of the fundamentals, but it is when most people have never even heard of Bitcoin and getting the word out is the biggest challenge. One very important fundamental number for Bitcoin is simply the number of people who've heard about it.

Yes, with all the newcomers there is a lot of money entering the market.
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March 25, 2013, 01:47:18 PM
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So, coming back to bitcoin after at least half a year of forgetting about it. I look on intersango and see that it says that 1 BTC is around £50. I check on MT.Gox and it says the same thing...

When did bitcoin start being worth so much?!?

Check the exponetial curve upwards.  "Clearly related" to the growth in BTC transactional value, or maybe to do with it's "gold backing" oh....

I think it grew because, people like you see it growing, hey it might grow to $200.... and sadly most people are optimistic and greedy.

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