Why the sudden price rise?

[wachtwoord]

*Remember March 11? Slow orphan blocks, hard fork, double-spend --> FLASH CRASH --> price ultimately unaffected, proving in people's minds that the growth from January through March 11 wasn't just silly speculation and vapors but real support, so then people threw caution to the wind and piled in without reservation

March 11th orphan blocks were slow 
Doubters panicked and let their Bitcoins go

[ehoffman]

*Remember March 11? Slow orphan blocks, hard fork, double-spend --> FLASH CRASH --> price ultimately unaffected, proving in people's minds that the growth from January through March 11 wasn't just silly speculation and vapors but real support, so then people threw caution to the wind and piled in without reservation

March 11th orphan blocks were slow 
Doubters panicked and let their Bitcoins go

Hoooooooold...  for the longest time

[theonewhowaskazu]

*Remember March 11? Slow orphan blocks, hard fork, double-spend --> FLASH CRASH --> price ultimately unaffected, proving in people's minds that the growth from January through March 11 wasn't just silly speculation and vapors but real support, so then people threw caution to the wind and piled in without reservation

I actually thought that was a much more legitimate reason to be worried for Bitcoin. I haven't been genuinely so worried for Bitcoin since, even when the huge crash happened. If orphan blocks happen, Bitcoin, the actual protocol, is threatened. As long as the Bitcoin protocol is working, it'll eventually have to increase in price, since its finite by design. But that type of shit can actually destroy the protocol, and screw everyone over.

Disclaimer: I did let many of my Bitcoins go then.   If I hadn't done that I'd have about 20% more Bitcoins right now (assuming I didn't lose them in some other stupid manner).

[rocks]

The total network hash power just rose like 500T in just a weekend, it is getting difficult to get bitcoin every passing day, many miners will stop mining and start to purchase coins soon, and before they do that, smart money will buy all the coins available on the market

^^ This

I did just this starting a few weeks ago. Shutdown the old FPGAs (which were hardly yielding anything anymore) and activated a small weekly purchase to replace mining.

There were a lot of small scale GPU/FPGA miners who used mining as a way to acquire BTC, but who were not able to get into the ASIC game. Folks in this category can now either just sit on their balance, or switch to purchasing BTC from time to time. I believe many still want to acquire BTC, and now the only way is through purchasing. Also, sites like coinbase make it very easy to actively steady small weekly (or even daily) purchases that can replicate mining in a sense.

If this is the case, that will translate into constant upward support on the price.

[6raygp]

Will this be a sustained price rise?

[theonewhowaskazu]

Will this be a sustained price rise?

No, it will either be a bubble, a bull trap, a head-and-shoulders, a triangle, a reverse head-and-shoulders, or a reverse-psychology-beartrap.

[600watt]

Will this be a sustained price rise?

No, it will either be a bubble, a bull trap, a head-and-shoulders, a triangle, a reverse head-and-shoulders, or a reverse-psychology-beartrap.

where are we ?



what are we (like) ?




no matter which curve you choose, there is plenty of room. get your coins when they are cheap. everything below 1000 $ is cheap 

[LOADING.READY.RUN]

One more possible reason: China's biggest search engine baidu began to accept BTC:

https://bitcointalk.org/index.php?topic=310962

[PrintMule]

One more possible reason: China's biggest search engine baidu began to accept BTC:

https://bitcointalk.org/index.php?topic=310962

goddamn,just when i converted some to fiat to pay bills

*butthurt*

[smoothie]

Gox pays out just fine in Japan, I can tell you.

Another thing: http://www.businessweek.com/articles/2013-10-14/chinas-state-press-calls-for-building-a-de-americanized-world

I forgot that everyone lives in Japan again, DOH!

This made me chuckle.

[ehoffman]

One more possible reason: China's biggest search engine baidu began to accept BTC:

https://bitcointalk.org/index.php?topic=310962

Accepted answer!   Indeed, that make sense...

[al.matic]

New 28nm asics are increasing total hashing power drastically, which drives the cost of mining up for old miners. New miners are not yet cashing in, old miners are selling at higher prices to pay for electricity. So the bubble will burst when new miners start to sell coins.

[600watt]

New 28nm asics are increasing total hashing power drastically, which drives the cost of mining up for old miners. New miners are not yet cashing in, old miners are selling at higher prices to pay for electricity. So the bubble will burst when new miners start to sell coins.

maybe other way around: knc has generated most of its possible turnover already, pre-sales of hashfast/cointerra had their peak already. no one sane is ordering 28mm currently. so, slowly the cash redirects towards direct purchase of btc = price goes up. which brings the others back into the game. eh.. what ?

[cheech300]

New 28nm asics are increasing total hashing power drastically, which drives the cost of mining up for old miners. New miners are not yet cashing in, old miners are selling at higher prices to pay for electricity. So the bubble will burst when new miners start to sell coins.

Mmmh, i don't think so. In long term the bitcoineconmy will grow faster then miners are able to produce coins! It's 3600 btc a day! I remember just a couple of month i hardly could find pressreleases about btc.... Today there are loads of em, each day the acceptance all over the World increases! Each day new Start ups where raised! Next year just Big Players are able to mine Btc. Look at the Map btc is like a good virus entring the planet. The experiment seems working! And from Day to Day it will be harder to destroy btc.....believe me, btc=the future. It's a Chance to getting a step further in the evolution. Btc is for all of us....

Cheech300

[al.matic]

Yes, but we are talking about just a couple of weeks here. The only significant event related to bitcoin is KnC shipping in last two weeks. It is the simplest solution.

[600watt]

Yes, but we are talking about just a couple of weeks here. The only significant event related to bitcoin is KnC shipping in last two weeks. It is the simplest solution.

well not exactly. as any asic producer knc milked millions of $ from bitcoin people ready to invest in either miners or... bitcoin itself (!) between june and today. and i guess rather in the beginning of this period then at the end.

[al.matic]

Just look at this mining operating margin chart http://blockchain.info/charts/miners-operating-profit-margin (clearly, the chart is invalid for KnC, but they only have like 20% of the total power, and the chart is probably valid for old miners)

[theonewhowaskazu]

Will this be a sustained price rise?

No, it will either be a bubble, a bull trap, a head-and-shoulders, a triangle, a reverse head-and-shoulders, or a reverse-psychology-beartrap.

where are we ?



what are we (like) ?




no matter which curve you choose, there is plenty of room. get your coins when they are cheap. everything below 1000 $ is cheap 

I'd say we're currently in the chasm between visionaries and pragmatists.

[wachtwoord]

Will this be a sustained price rise?

No, it will either be a bubble, a bull trap, a head-and-shoulders, a triangle, a reverse head-and-shoulders, or a reverse-psychology-beartrap.

where are we ?



what are we (like) ?




no matter which curve you choose, there is plenty of room. get your coins when they are cheap. everything below 1000 $ is cheap 

I'd say we're currently in the chasm between visionaries and pragmatists.

If the scale is anything to go on we are at the alfa test and not even the end of it.

[johnyj]

The sentiment this year is very different than GPU mining era. The investors in ASIC mining rigs will never ROI at current difficulty rising speed, the only way for them to recoup the loss is to hold all the mined coins hoping for a future appreciation of bitcoin. This dramatically reduced the daily coin supply, and coins that cashed out from previous investors are drying out quickly...