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Question: What has caused the recent rise in Bitcoin value?  (Voting closed: September 08, 2013, 01:11:27 PM)
ASIC miners coming online - 6 (20%)
New methods of buying - 4 (13.3%)
Support in existing payment systems (Paypal, debit cards etc) - 0 (0%)
Media coverage - 6 (20%)
General development of currency - 3 (10%)
Increased confidence in the currency (existing investors) - 9 (30%)
Other (You can change your vote if desired) - 2 (6.7%)
Total Voters: 30

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Author Topic: What has caused the recent rise in Bitcoin value? (Poll updated)  (Read 600 times)
Galahad
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September 03, 2013, 01:11:27 PM
 #1

What has caused the sudden rise in value of Bitcoin from $50 - $130? I'm interested in hearing comments as well.
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ronimacarroni
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September 03, 2013, 01:28:16 PM
 #2

Well for me it was new methods of buying.
If it wasn't for coinbase it would have been a pain in the rear.
And I wasn't too enthusiastic about spending $20 or so for a wire transfer.
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September 03, 2013, 01:35:56 PM
 #3

MtGox not allowing USD withdrawals
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September 03, 2013, 01:59:35 PM
 #4

People started to know about Bitcoin during the big bubble ($250). Now people who weren't too interested at the time are starting to catch on and see how Bitcoin can be useful to make payments (not invest).
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September 03, 2013, 10:09:53 PM
 #5

hope it hits 200 again
JakeGold
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September 03, 2013, 10:11:00 PM
 #6

MtGox not allowing USD withdrawals

LOL, the most ignored user gets it right.  Cheesy

"But greed is the only snake that cannot be charmed"
Athanasios Motok
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September 03, 2013, 11:07:02 PM
 #7

MtGox not allowing USD withdrawals

LOL, the most ignored user gets it right.  Cheesy

Why is the user so ignored?
B(asic)Miner
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September 04, 2013, 04:50:16 PM
 #8

When you do a poll, it helps to add an option for "OTHER REASON: (EXPLAIN!)" for those who don't agree with any of your options.  There will always be some hahaha.

My theory is fear, strangely enough.  So many people are coming into the market with these new boxes getting coins, prepared to cash out and use the money for expenses and other things.  Then the Dwolla raid happens and everyone is either dumping their Bitcoins or spending them.  The spending is the part I'm focused on.  They spend them so quickly, it causes the market to think that the inherent value is increasing since more people are now buying things with Bitcoins instead of hoarding them (in preparation for unloading them when the value hits $250 again) ... hoarding is what keeps the value low, spending the money increases confidence.  When people got scared, they spent coins, trying to wrestle out some of the value they couldn't get as cash now that Mt. Gox stopped trading.  This spending was like a signal to the market that Bitcoins are being valued for exchanges, thus driving the value of the coins up.  The more spending that occurs (especially from the newbies coming in getting their new coins), the higher the value will go (just like before) until it hits the Bubble where reality does not meet the expectation or the hope ... and then POP!  Back down to $40 again.

Better buy up what you can (if you can't cash out) once the value reaches 250 again or close to it.  And be ready to buy a host of new coins once they drop to $40.  Sell (or trade high) and buy cheap, remember!

"All achievements, all earned riches, have their beginning in an idea." --Napoleon Hill.

"More gold has been mined from the thoughts of men than has been [mined] from the earth." --Napoleon Hill.
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September 04, 2013, 04:51:30 PM
 #9

MtGox not allowing USD withdrawals

Yes, it might be the start Smiley



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September 04, 2013, 05:53:35 PM
 #10

MtGox not allowing USD withdrawals

Yes, it might be the start Smiley
I think it's the main cause because most BTC<--->USD (or other fiat currencies) trades went through Mt. Gox. Now that people can't withdraw fiat, the demand starts to rise while the supply doesn't cover it. Thus the price rises. Such rise is noticed by people on other exchanges whose main intention is to sell high so the bitcoin price rises at least a bit in all exchanges.


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Galahad
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September 05, 2013, 12:11:00 PM
 #11

When you do a poll, it helps to add an option for "OTHER REASON: (EXPLAIN!)" for those who don't agree with any of your options.  There will always be some hahaha.

I've added in Other now. I know people may say that this distorts the results to change the poll after people have made their decisions but you can change your vote if you like which may balance it out a bit. I've advertised the change to the forum by altering the title.
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