Bitcoin Price?!

[TR4L]

I've been scanning the forums for a reason why the BTC price jumped and the only thing I came across was that China traded a bunch of them but I'm still not sure why it's above $200.  Anyone with more knowledge care to expound?

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[Phrenico]

Sentiment has been positive. In part, due to Silk Road shutting down and the subsequent mini-crash and quick rebound. This is bullish long-term because it helps to disassociate bitcoin from illegal activity and should make it seem less threatening to regulators.

[BitAddict]

- Baidu, largest China searching website, accepting and supporting bitcoin.
- Some USA banks don't allow to send wire transfer anymore.
- Silk Road closed, a lot of news about this on worldwide TV. Also good news because you are not full anonymous with bitcoin.
- In EU they're talking about stealing 10% citizens wealth.

Also bitcoins is a great tech and is growing more and more.

[empoweoqwj]

Bitcoin price has been rising since inception, and will continue to do so for years to come. Its increased something like 15x in the last year.

You can attempt to isolate "mini-events" which are driving the price up, but in the end, all you need to know is that despite the volatility, the price will be a lot higher in another 12 months time than it is today. Limited supply, together with greatly increased demand.

[1Pakis]

Also good news because you are not full anonymous with bitcoin.

You can be fully anonymous if you want to, using tor.

May I add:
- An incredible jump in difficulty with no foreseeable stop.

[greyhawk]

Also good news because you are not full anonymous with bitcoin.

You can be fully anonymous if you want to, using tor.

Hahahahahahahaahahaha, no.

[teukon]

The Xinwen Lianbo appearance is probably having a significant effect.

Note in particular the Chinese Wikipedia Bitcoin page traffic for the last 90 days (taken from page 4 of the above linked thread)

[1Pakis]

Hahahahahahahaahahaha, no.

Can you elaborate on that?

[Mitchell]

Hahahahahahahaahahaha, no.

Can you elaborate on that?

It seems that nobody reads the wiki anymore:
http://en.bitcoin.it/wiki/anonymity

[1Pakis]

OK. How many Bitcoins do I control.
Take the address from my signature and try to find out?

[Mitchell]

OK. How many Bitcoins do I HAVE.
Take the address from my signature and try to find out?

No thanks. I have better stuff to do. Anyway it's pseudo-anonymous, not anonymous. You should know that.

[Corelianer]

There is a weird thing going on that fucks everything up, well at least a liddle bit.....

If you go to Mt. Gox and cannot exchange your Bitcoins into fiat, the only thing you can do is:
- Wait with your fiat to buy Bitcoins later
- Buy Bitcoins now

So either way the Bitcoin prices goes up...

Let's say all people want their Coins exchanged in fiat... Mt. Goxs says
Oh sorry the US-Gov seized 5 Mio. So we can't exchange you....
Quote: "With $5 million in frozen assets, the company simply didn’t have enough funds in dollars to convert Bitcoin to USD."
So almost all Coins at Mt. Gox are worthless...

The moral of the story...

- Don't use Gox
- If an exchange gets seized, the value of Bitcoin has to go down, if not, Bitcoin is overvalued...
- Don't buy your coins now, because nobody seems to have realized that fact
- If the Gov seizes all fiat from the exchanges Bitcoin becomes worthless (unless there is an unlimited supply of people still want to buy bitcoins for fiat)

[barbs]

There is a weird thing going on that fucks everything up, well at least a liddle bit.....

If you go to Mt. Gox and cannot exchange your Bitcoins into fiat, the only thing you can do is:
- Wait with your fiat to buy Bitcoins later
- Buy Bitcoins now

So either way the Bitcoin prices goes up...

Let's say all people want their Coins exchanged in fiat... Mt. Goxs says
Oh sorry the US-Gov seized 5 Mio. So we can't exchange you....
Quote: "With $5 million in frozen assets, the company simply didn’t have enough funds in dollars to convert Bitcoin to USD."
So almost all Coins at Mt. Gox are worthless...

The moral of the story...

- Don't use Gox
- If an exchange gets seized, the value of Bitcoin has to go down, if not, Bitcoin is overvalued...
- Don't buy your coins now, because nobody seems to have realized that fact
- If the Gov seizes all fiat from the exchanges Bitcoin becomes worthless (unless there is an unlimited supply of people still want to buy bitcoins for fiat)

This is what concerns me that we haven't seen a greater sell off - the fact that well you just can't pay out from Gox... how the hell are we supposed to all agree this is the correct price when the only way to pull your fiat out after a sale is ... to buy bit coins again and move them to bitstamp or btc-e

This is the number one reason i'm nervous about the price.  the largest exchange still won't pay out.

[Corelianer]

There is a weird thing going on that fucks everything up, well at least a liddle bit.....

If you go to Mt. Gox and cannot exchange your Bitcoins into fiat, the only thing you can do is:
- Wait with your fiat to buy Bitcoins later
- Buy Bitcoins now

So either way the Bitcoin prices goes up...

Let's say all people want their Coins exchanged in fiat... Mt. Goxs says
Oh sorry the US-Gov seized 5 Mio. So we can't exchange you....
Quote: "With $5 million in frozen assets, the company simply didn’t have enough funds in dollars to convert Bitcoin to USD."
So almost all Coins at Mt. Gox are worthless...

The moral of the story...

- Don't use Gox
- If an exchange gets seized, the value of Bitcoin has to go down, if not, Bitcoin is overvalued...
- Don't buy your coins now, because nobody seems to have realized that fact
- If the Gov seizes all fiat from the exchanges Bitcoin becomes worthless (unless there is an unlimited supply of people still want to buy bitcoins for fiat)

This is what concerns me that we haven't seen a greater sell off - the fact that well you just can't pay out from Gox... how the hell are we supposed to all agree this is the correct price when the only way to pull your fiat out after a sale is ... to buy bit coins again and move them to bitstamp or btc-e

This is the number one reason i'm nervous about the price.  the largest exchange still won't pay out.

All comments here are so bullish, seems like just a few start seing the clouds on the sky...

[BitcoinAshley]

I don't get why people are so freaked out about Gox still. Are there people who can get their money out? FUCKING YES, so stop bitching. Sure, most small traders have to sell on another exchange. But the whales are doing just fine and anyone in Japan is doing just fine. If it were a problem we'd see equal sells on other exchanges due to folks cashing out, and we likely do hence the spread, and price is still rising on all exchanges. So STFU. "It's all gox" is just as annoying as "Omg 10% spread, the higher exchange is automatically fake," and "OMG 0% trading fees, therefore ALL the china volume is fake therefore BTC price is fake therefore the rally is fake therefore CRAAAASH." If there is a 10% spread, why don't we assume the lower exchange is 5% "too low" and the other is 5% too high? That's too complicated so we have all these "Goxbux are fake" comments. They're not fake if you live in japan or are rich. Again, HENCE THE FUCKING SPREAD, it's there for a reason, people selling Goxbux and buying CampBXbux or Stampbux or BTC-ebux.

So anyways now that we've got that nonsense cleared up, here is the good news:
-SR rebound shows resilience and schools the "bitcoin rides on silk road" fagtards
-Debt ceiling and shutdown bullshit slightly weakens confidence in fiat
-Increased capital controls in U.S. placed by private banks (significantly reduced accesibility/increased price for int'l wires, doing away with them for most customers)
-Moneera startup operating from financial-business-friendly Uruguay promises full suite of BTC services including sending/receiving via SMS
-One of Baidu's services (Jiasule, a hosting service IIRC) accepts BTC (but not Baidu itself)
-Winklevoss ETF not approved yet, but template page has shown up on trading sites. Appears to be moving forward. This is more long-term bullish.
-Increased activity in China
-Xinwen Lianbo appearance (basically means that the communist party in China doesn't hate BTC and wouldn't mind if chinese folk bought a few. Xinwen Lianbo is more or less the state news program.)

Conclusion: 2 Da Moon!

[MAbtc]

Also good news because you are not full anonymous with bitcoin.

You can be fully anonymous if you want to, using tor.

Wow. I feel bad for all the newbs that believe this -- it seems to be a prevalent attitude.

[Corelianer]

I don't get why people are so freaked out about Gox still. Are there people who can get their money out? FUCKING YES, so stop bitching. Sure, most small traders have to sell on another exchange. But the whales are doing just fine and anyone in Japan is doing just fine. If it were a problem we'd see equal sells on other exchanges due to folks cashing out, and we likely do hence the spread, and price is still rising on all exchanges. So STFU. "It's all gox" is just as annoying as "Omg 10% spread, the higher exchange is automatically fake," and "OMG 0% trading fees, therefore ALL the china volume is fake therefore BTC price is fake therefore the rally is fake therefore CRAAAASH." If there is a 10% spread, why don't we assume the lower exchange is 5% "too low" and the other is 5% too high? That's too complicated so we have all these "Goxbux are fake" comments. They're not fake if you live in japan or are rich. Again, HENCE THE FUCKING SPREAD, it's there for a reason, people selling Goxbux and buying CampBXbux or Stampbux or BTC-ebux.

So anyways now that we've got that nonsense cleared up, here is the good news:
-SR rebound shows resilience and schools the "bitcoin rides on silk road" fagtards
-Debt ceiling and shutdown bullshit slightly weakens confidence in fiat
-Increased capital controls in U.S. placed by private banks (significantly reduced accesibility/increased price for int'l wires, doing away with them for most customers)
-Moneera startup operating from financial-business-friendly Uruguay promises full suite of BTC services including sending/receiving via SMS
-One of Baidu's services (Jiasule, a hosting service IIRC) accepts BTC (but not Baidu itself)
-Winklevoss ETF not approved yet, but template page has shown up on trading sites. Appears to be moving forward. This is more long-term bullish.
-Increased activity in China
-Xinwen Lianbo appearance (basically means that the communist party in China doesn't hate BTC and wouldn't mind if chinese folk bought a few. Xinwen Lianbo is more or less the state news program.)

Conclusion: 2 Da Moon!

Sorry for breaking your balls bro. Didn't knew you where so sensitive there...

[Zangelbert Bingledack]

Just verified again today that MtGox fiat withdrawals work fine in Japan. 3 business days.

If you had any idea how much money MtGox made this year, not to mention that the owner was already an early adopter in Bitcoin and a well-off businessman, I don't think $5 million is making more than a minor dent in their war chest. It's also almost unbelievable that they wouldn't have bank issues, given the archaic Japanese system of zombie banks and the US's long arm regulation on top of how unconventional their operations and how rapidly growing their cash volume has been. I think the Gox factor is way overplayed.

[windjc]

Just verified again today that MtGox fiat withdrawals work fine in Japan. 3 business days.

If you had any idea how much money MtGox made this year, not to mention that the owner was already an early adopter in Bitcoin and a well-off businessman, I don't think $5 million is making more than a minor dent in their war chest. It's also almost unbelievable that they wouldn't have bank issues, given the archaic Japanese system of zombie banks and the US's long arm regulation on top of how unconventional their operations and how rapidly growing their cash volume has been. I think the Gox factor is way overplayed.

I agree.

[superresistant]

200 USD is the new base. The resistance is too strong for the price to go under.