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Author Topic: Why has bitcoin jumped recently?  (Read 2252 times)
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September 04, 2013, 08:33:58 AM
 #1

Any pointers to informative threads ?
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According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
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September 04, 2013, 08:43:35 AM
 #2

i would say there is no one single event causing this one, but here are some idea's

1) the standard summer slump for retail stocks, so investors are looking for something to play with before moving it back to retail stocks ready for christmas period.

2) US EU and UK governments acknowledging bitcoins existence

3) mining difficulty rise, causing an initial drop in BTC compared income. thus a push on raising the exchange rate to ensure miners keep to a maintained lifestyle

4) more bitcoin related conferences, meetups, buttonwood style exchanges happening this year, compared to previous years

5) least likely, but it adds to the cauldron of reasons.. more wars declared causing people to question money spending by government and looking for alternatives

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September 04, 2013, 08:46:39 AM
 #3

People are going back to school = They need drugs.
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September 04, 2013, 08:52:30 AM
 #4

People are going back to school = They need drugs.

nah,

most 'drugies' convert into bitcoin and most dealers convert out of bitcoin. so there is not much impact.

the more impactful things are when people buy into bitcoin and don't sell

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September 04, 2013, 09:02:30 AM
 #5

People are going back to school = They need drugs.
Oh, no...

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September 04, 2013, 09:04:25 AM
 #6

i would say there is no one single event causing this one, but here are some idea's

1) the standard summer slump for retail stocks, so investors are looking for something to play with before moving it back to retail stocks ready for christmas period.

2) US EU and UK governments acknowledging bitcoins existence

3) mining difficulty rise, causing an initial drop in BTC compared income. thus a push on raising the exchange rate to ensure miners keep to a maintained lifestyle

4) more bitcoin related conferences, meetups, buttonwood style exchanges happening this year, compared to previous years

5) least likely, but it adds to the cauldron of reasons.. more wars declared causing people to question money spending by government and looking for alternatives

Nice ideas.

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▐█=
║█
██                                         ¡▄▄▄▄▄▄▄▄┌
██M                                  ╒▄▄▄▄█▀    ▂▂ ╙▀▀▆▄
██▌                                ╓, ,██╨      ▀▀▀    ╜▀█▌
███                                ▀▀██╙     ▄▄▄▄▄      ╓█L
█ █▌                            ▄▄▄▄█▀          └▀▀▀▀█Φ█▀"
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September 04, 2013, 09:46:04 AM
 #7

because bitcoin goes up, then down, then up, then down, then up ..... spot the pattern? Nobody said markets were logical.
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September 04, 2013, 09:48:42 AM
 #8

The price goes up because Bitcoin is amazing. It goes down because people temporarily got too excited about how amazing Bitcoin is.

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September 04, 2013, 09:53:17 AM
 #9

People are going back to school = They need drugs.

nah,

most 'drugies' convert into bitcoin and most dealers convert out of bitcoin. so there is not much impact.

the more impactful things are when people buy into bitcoin and don't sell

I'm selling bitcoins in cash and I can tell you the kids need drugs to handle school.
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September 04, 2013, 10:39:20 AM
 #10

Mainstream awareness.
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September 04, 2013, 10:48:48 AM
 #11

I hope the price will stay at 130 for while, would be really good in terms of stabilization.

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September 04, 2013, 10:54:05 AM
 #12

The price goes up because Bitcoin is amazing. It goes down because people temporarily got too excited about how amazing Bitcoin is.

Good one.
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September 04, 2013, 01:11:26 PM
 #13

just speculation related with Syria
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September 04, 2013, 02:52:12 PM
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6) Many people were waiting on the sidelines to get into bitcoin but they wanted to see the bubble deflate first. After hitting $65 some people just couldn't wait any longer and decided to buy which ignited a chain reaction lasting until this day.

Bitcoin = Gold on steroids
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September 04, 2013, 02:59:10 PM
 #15

Feedback from the mtgox liquidity crisis, nothing else.
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September 04, 2013, 03:07:35 PM
 #16

American Government behind all this  Tongue

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September 04, 2013, 03:26:38 PM
 #17

Still in price discovery phase, bitcoins wil end up being worth gazillions of dollars so a long way up still to go
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September 04, 2013, 03:32:56 PM
 #18

The price goes up because Bitcoin is amazing. It goes down because people temporarily got too excited about how amazing Bitcoin is.

^ This.

Ignore all the short-term thinking and other small-mindedness.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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September 04, 2013, 03:44:29 PM
 #19

Feedback from the mtgox liquidity crisis, nothing else.

That's the same as saying that the crash from $266 happened because of DDoS, nothing else.

Bitcoin = Gold on steroids
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September 04, 2013, 03:55:05 PM
 #20

Feedback from the mtgox liquidity crisis, nothing else.

That's the same as saying that the crash from $266 happened because of DDoS, nothing else.

Not really, there were DDoS attacks all the way back during the rally which hadn't had any dramatic effect.

What remains is Technical Analysis which acts as an amplifier for volatility.
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