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Author Topic: Wow, when did bitcoin become so expensive?  (Read 3739 times)
b!z
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March 25, 2013, 01:48:01 PM
 #21

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.



Optimism is fine, it's greed that is a problem.
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AndyRossy
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March 25, 2013, 01:49:54 PM
 #22

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.



Optimism is fine, it's greed that is a problem.

I guess it depends what one's optimistic about, if they're optimistic about bitcoins underlying value, I think it's dangerous. I think most people buying bitcoin at least inside accept it's speculation on it's value rising, more so than it having any real "value" to the hashes.
Liam W
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March 25, 2013, 04:20:41 PM
 #23

Hu, that's rare. A thread by me on any forum that has more than 2 pages of replies Wink

Anyhow, thanks for all your replies Smiley Shame I didn't save the 2BTC I had at one point, really wouldn't have minded the money now Wink

Liam
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March 25, 2013, 04:42:00 PM
 #24

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.



Optimism is fine, it's greed that is a problem.

I guess it depends what one's optimistic about, if they're optimistic about bitcoins underlying value, I think it's dangerous. I think most people buying bitcoin at least inside accept it's speculation on it's value rising, more so than it having any real "value" to the hashes.

The value of a Bitcoin lies not in the bitcoin itself, but in the transaction network the bitcoin allows you yo utilize.  No other solution can send money to the opposite side of the globe so quickly or so cheaply.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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March 25, 2013, 04:46:59 PM
 #25

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.
I completely agree.  The fact that the queue of people waiting to be verified at MtGox keeps growing (now 5,500+?), that coinbase keeps selling out of Bitcoins, and that nearly every Bitcoin-related website is continuing to show a large increase in traffic all are very bullish signs to me.  Even if the price drops, there's at least 5,500 more people waiting to buy and bring the price back up.
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