bitcoin crossed 150$, 200$ & soon 500$

[Benson Samuel]

This looks like someone big is coming onboard Bitcoin.

Nothing can grow Market Cap like this unless someone was planning on involving in million/billion+ dollar transactions.

This is a market pump. May be a true valuation, but expect a nasty drop when 'Mr Big' decides to come onboard finally.

'Mr Big' will also be the cause for 500$ and maybe even $750.

[Benson Samuel]

Any possibility of converting this thread to INR rather than USD?

[Pinwheel]

that is not one man behind or group. Started from Cyprus, fear to loose their savings pushing people toward btc. that is some serious money and a lot of rush.

[Benson Samuel]

Follow the money Mr Pinwheel.
You will be surprised as to how many people are really really contributing to BTC right now.

[Benson Samuel]

Dat Bitcoin is gonna make 10K USD before I wake up.

WTF is it doing?

[dishwara]

Converting to INR, instead of USD is not easy.
The main & most trading is done in USD & EUR only.
If some able to write a script or something to convert USD to INR, it may show in INR.
The price buysellbitco.in asks can be used, still the variations are very much & very fast.

3000 INR to 14280.11 INR in a month is very fast.

[Benson Samuel]

Update this thread with INR Dishwara,

It is what we really need and you are the most experienced person here to bring us this data accurately and honestly.

[dishwara]

The truth behind Mr.BIG, is same as the illegal or dirty work done in any country, in the name of corruption.

Before the ASIC starts mining, the price MUST be increased, then only many can't/won't enter mining easily.
AMD cards available everywhere, so GPU mining became a profitable & next step in mining.
The next step after GPU must be a shady one, coz from simple experiment, bitcoin turned in to a serious "THE ONE" way of money making, which never happened in this world for the past 10000+ years.

If any one can get powerful chips & mine, then where is the control?
Yes, bitcoin is decentralized, BUT controlled by people, who in this community called by the name "MINERS".

Miners control price according to difficulty, so that bitcoin difficulty can be CONTROLLED & can be mined the way they want.
supply and demand.

Price will become stable, once the miners find mining with ASIC or whatever ABC, is profitable to them & it can't be mined by others.
Bitcoin is corporate now.

[Pinwheel]

The truth behind Mr.BIG, is same as the illegal or dirty work done in any country, in the name of corruption.

Before the ASIC starts mining, the price MUST be increased, then only many can't/won't enter mining easily.
AMD cards available everywhere, so GPU mining became a profitable & next step in mining.
The next step after GPU must be a shady one, coz from simple experiment, bitcoin turned in to a serious "THE ONE" way of money making, which never happened in this world for the past 10000+ years.

If any one can get powerful chips & mine, then where is the control?
Yes, bitcoin is decentralized, BUT controlled by people, who in this community called by the name "MINERS".

Miners control price according to difficulty, so that bitcoin difficulty can be CONTROLLED & can be mined the way they want.
supply and demand.

Price will become stable, once the miners find mining with ASIC or whatever ABC, is profitable to them & it can't be mined by others.
Bitcoin is corporate now.

ASIC is mining already, first was ASICminer (China), after GPU step is already going on for more then one year called FPGA.

[dishwara]

Their is difference between 10 Gh/s & 10 Th/s.
Bringing ASIC or whatever huge mining power will increase the difficulty very much, but the coins going to be mine won't increase.
This makes mining not profitable.
To make mining profitable, price must increase.
Even though all saying, use bitcoins as currency, miners see them as commodity only.
Miners pay for everything in fiat currencies, so btc value in usd & other fiat currency must increase.
Increasing price will increase difficulty again, so they will increase mining power.
An endless loop.
Miners decide when to increase price & how much to increase.

https://bitcointalk.org/?topic=7427.0

[Pinwheel]

Their is difference between 10 Gh/s & 10 Th/s.
Bringing ASIC or whatever huge mining power will increase the difficulty very much, but the coins going to be mine won't increase.
This makes mining not profitable.
To make mining profitable, price must increase.
Even though all saying, use bitcoins as currency, miners see them as commodity only.
Miners pay for everything in fiat currencies, so btc value in usd & other fiat currency must increase.
Increasing price will increase difficulty again, so they will increase mining power.
An endless loop.
Miners decide when to increase price & how much to increase.

https://bitcointalk.org/?topic=7427.0

at current bitcoin price mining is very profitable, regardless of difficulty spike.

[dishwara]

@pinwheel, what you trying to say?
Just saying opposite to my post, make me feel, you trolling.

[buysellbitcoin]

@pinwheel, what you trying to say?
Just saying opposite to my post, make me feel, you trolling.

I think what Pinwheel is saying is Bitcoin Mining is at its best profitable stage due to sudden rush in BTC USD prices. All Pinwheel is emphasizing that holding bitcoin or mining bitcoin will be much more profitable even if ASIC/orXChip come in to the radar.

While your point is more related to Economy and mining in general. You are trying to put light on one of the bigger aspects, that how this economy may/is/can being/be controlled by Mining...

Cheers

[Pinwheel]

@pinwheel, what you trying to say?
Just saying opposite to my post, make me feel, you trolling.

what I'm saying is what I'm saying, with bitcoins now 248,  people now back mining with GPU and making good money like never before regardless of difficulty factors been on highest level 7672999.92016

and you writing - "This makes mining not profitable." and what I'm saying is that your assumption is WRONG

mining at current difficulty level with three 7970 GPU at 1950 mh/s will give you more then usd1000 per month. same rig was giving usd180 per month at difficulty level 4672999 and bitcoin cost 27

does it look like trolling to you

[dishwara]

Yes, mining become profitable after the price increase.
Also mining litecoins & selling it for bitcoin gives maximum profit now.

[dishwara]

@buysellbitcoin
You can update this thread with INR value, which will help Indians who calculate in INR.

[skang]

Going on 20,000 Rs any minute now!

[tryingtobeperfect]

It fell from $260 to $190:(

[Benson Samuel]

That, my fellow enthusiasts is the weakness of today's Bitcoin markets.

Pump & Dump will never go away in the Bitcoin world. It is the easiest way for few people to get rich.

[StLucifer]

That, my fellow enthusiasts is the weakness of today's Bitcoin markets.

Pump & Dump will never go away in the Bitcoin world. It is the easiest way for few people to get rich.

i read somewhere that it was a panic sell off due to DDoS attack on mtgox...
if you search bitcoin news in google, the first few articles say this.. dunno how reliable.

If its true, this is just temporary.