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Wekkel
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November 06, 2013, 12:27:33 PM
 #21

Guys, what is the reason of this sudden price rise? Any fundamental changes happening somewhere?

Please learn one thing and only this thing when trading: the price rises because there are more people buying than selling.

If more stuff is bought than sold, where does the stuff come from that is only bought, but not sold?
Why is someone buying so much stuff is the question. What changed ?

You cannot possibly look into the heads of all individual market participants making a choice to buy or sell. Therefore, any rationale for a price movement is just a best guess at the most, and pure fiction at the worst. Dont bother with fairy tails, just look at the price movements.

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November 06, 2013, 12:56:36 PM
 #22

If for some reason the Chinese government decides to put some of its trillions of dollars in T-bonds into Bitcoin... Seem ridiculous

Putting all the foreign currency reserves into Bitcoin would indeed be ridiculous. It was their mistake to build up a huge stack of essentially worthless currency and it looks like they are committed to correct that as far as possible in the time they have left until Western currencies approach their intrinsic value: Zero.

I doubt that the PBOC is in Bitcoin. It is just that the Chinese people see the writing on the wall just as the Chinese government does and a small percentage of them buys Bitcoin.

As a result, Bitcoin moves East, just as everything else.

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Wekkel
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November 06, 2013, 03:18:54 PM
 #23

If for some reason the Chinese government decides to put some of its trillions of dollars in T-bonds into Bitcoin... Seem ridiculous

It was their mistake to build up a huge stack of essentially worthless currency ....


I think you are mistaken, my friend. China build a whole industry in four decades while the West destroyed its industrial base by unsound monetary policies. We have sold the rope that China will use to hang us, as a figure of speech.

After the crash, China will easily absorb the hit and still have an industry whereas we will only have angry EBT card holders and lawyers/bankers/realtors without a job.

Mission accomplished.

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DeepOnion
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theecoinomist
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November 06, 2013, 10:27:36 PM
 #24

Guys, what is the reason of this sudden price rise? Any fundamental changes happening somewhere?

Please learn one thing and only this thing when trading: the price rises because there are more people buying than selling.

If more stuff is bought than sold, where does the stuff come from that is only bought, but not sold?
Why is someone buying so much stuff is the question. What changed ?

I think a lot of people discovered the bitcoins during the recent media buzz.. the fact people need a few weeks to get fiat into an exchange and read up on bitcoin/crypto etc, I suppose its normal to be delayed a few weeks..

calian
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November 06, 2013, 11:58:46 PM
 #25

Saw this awesome bear necro from Reddit.

http://forumserver.twoplustwo.com/showpost.php?p=25785005&postcount=2

Quote from: bjornb
They are trading at a ridiculous 70 cents USD which is hilarious for a currency that no one uses.
jojo69
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November 07, 2013, 12:00:15 AM
 #26

really?  just 2 exclamation points?   Roll Eyes

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
anu
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November 07, 2013, 12:05:19 AM
 #27

If for some reason the Chinese government decides to put some of its trillions of dollars in T-bonds into Bitcoin... Seem ridiculous

It was their mistake to build up a huge stack of essentially worthless currency ....


I think you are mistaken, my friend. China build a whole industry in four decades while the West destroyed its industrial base by unsound monetary policies. We have sold the rope that China will use to hang us, as a figure of speech.

I completely agree with this side of the equation. But it was a mistake to build up that stack of fiat of that size, and it seems like the Chinese government agrees and tries to correct it. Otherwise they would not buy gold in such quantities that their holding will soon surpass that of the US (assuming it is still there). Otherwise they would not buy 5% of Ukraine.

Bitcoin is a tiny part of the equation, but it fits in the general pattern.

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