Bitcoin at $600 dollars

[ripple]

Bitcoin reaching $600 is a significant breakthrough as the price a year ago was around $12, which is a 50 times increase (or near 5,000%).

Two years ago on 14th November 2011 was only $3, which is a staggering 200 times increase (near 20,000%).

The price has been rising at a magnificent rate proving Bitcoins are in huge demand around the world.

Congrats to those producing or buying Bitcoins a year ago! And even more celebrations to those mining two years ago!  

Even those joining the bandwagon in April this year, the time of the Bitcoin crash, when Bitcoins tumbled from $250 to $80, have seen a profitable increase in Bitcoin prices.

At this rate the price could soon reach $800 and mining rigs put on hold may be worthwhile again.

Of course a word of caution before you buy the latest mining rig, or spend your life savings on Bitcoins... Just ask yourself if you can afford to lose a significant portion of what you buy if the price reverses for a period of time. Temporary swings occur in all assets and if gold bullion can be used as an example, this took a 28% dive (from $1,774 to $1,284) in the last year after a ten year steady rise.

$1,000 or bust! :-)

[1715116995]

1715116995

[1715116995]

1715116995

[1715116995]

1715116995

[ajw7989]

we will see what happens after the congress meeting today in the USA. It could very well plummet

[moderate]

The price has been rising at a magnificent rate proving Bitcoins are in huge demand around the world.

I'm interested in knowing about this sudden huge demand, can you explain it? I certainly cannot understand why it is raising $100 each couple days.

[MGUK]

The price has been rising at a magnificent rate proving Bitcoins are in huge demand around the world.

I'm interested in knowing about this sudden huge demand, can you explain it? I certainly cannot understand why it is raising $100 each couple days.

Nobody can explain it. Some will say the chinese discovering it (to them, I would say, what happened when the West discovered it in 2011...?) others say it's with silkroad being gone (to them I would say: why is a few hundred million dollars worth of bitcoin not being spent yearly a good thing?)

Some will say it's hype, a rise in value without anything to back it up. People getting excited for no reason. Sort of like what happen in a bubble....

Make your own mind up. Don't take what anyone says as fact without learning why.

[MoreFun]

The price has been rising at a magnificent rate proving Bitcoins are in huge demand around the world.

I'm interested in knowing about this sudden huge demand, can you explain it? I certainly cannot understand why it is raising $100 each couple days.

Noone can understand with certainty (maybe excange owners cause they should know who is buying and depositing money).

[kokojie]

The price has been rising at a magnificent rate proving Bitcoins are in huge demand around the world.

I'm interested in knowing about this sudden huge demand, can you explain it? I certainly cannot understand why it is raising $100 each couple days.

Nobody can explain it. Some will say the chinese discovering it (to them, I would say, what happened when the West discovered it in 2011...?) others say it's with silkroad being gone (to them I would say: why is a few hundred million dollars worth of bitcoin not being spent yearly a good thing?)

Some will say it's hype, a rise in value without anything to back it up. People getting excited for no reason. Sort of like what happen in a bubble....

Make your own mind up. Don't take what anyone says as fact without learning why.

I'd say the silkroad bust increased illegal business on TOR, the news reached many people that probably didn't know TOR stuff existed. Then with minimal effort, they can proceed to find other market place such as "sheep market" or BMR.

[cho]

The facts that the price is higher on BTC China, and that BTC China has taken such a huge share of bitcoin trade, let me think China is leading the raise.

[MGUK]

...

I'd say the silkroad bust increased illegal business on TOR, the news reached many people that probably didn't know TOR stuff existed. Then with minimal effort, they can proceed to find other market place such as "sheep market" or BMR.

Not sure, transaction volume isn't actually going up though.

The facts that the price is higher on BTC China, and that BTC China has taken such a huge share of bitcoin trade, let me think China is leading the raise.

I agree with this. China is leading the rise, because they're discovering Bitcoin. But as I said, it's rising too quick, same as when the west discovered bitcoin in 2011 causing the first bubble.

[kokojie]

...

I'd say the silkroad bust increased illegal business on TOR, the news reached many people that probably didn't know TOR stuff existed. Then with minimal effort, they can proceed to find other market place such as "sheep market" or BMR.

Not sure, transaction volume isn't actually going up though.

The facts that the price is higher on BTC China, and that BTC China has taken such a huge share of bitcoin trade, let me think China is leading the raise.

I agree with this. China is leading the rise, because they're discovering Bitcoin. But as I said, it's rising too quick, same as when the west discovered bitcoin in 2011 causing the first bubble.

um transaction has gone WAY up compared to before silkroad bust:
http://blockchain.info/charts/n-transactions-excluding-popular

[cryptoanarchist]

we will see what happens after the congress meeting today in the USA. It could very well plummet

LOL...I'd buy that dip!

[cryptoanarchist]

The facts that the price is higher on BTC China, and that BTC China has taken such a huge share of bitcoin trade, let me think China is leading the raise.

That, and that the price moves up faster during China daylight hours.

[mvidetto]

All the meanwhile, over at bitstamp the price is $520.

[MicroGuy]

But as I said, it's rising too quick, same as when the west discovered bitcoin in 2011 causing the first bubble.

I think you are correct in saying this is bubble.

[piramida]

bitstamp - hard to get money in, easy out (coinbase). gox - hard to get money out, easy in. makes sense. there's a million dollars per hour waiting for someone who can establish arbitrage between the two banking systems

[MGUK]

...

I'd say the silkroad bust increased illegal business on TOR, the news reached many people that probably didn't know TOR stuff existed. Then with minimal effort, they can proceed to find other market place such as "sheep market" or BMR.

Not sure, transaction volume isn't actually going up though.

The facts that the price is higher on BTC China, and that BTC China has taken such a huge share of bitcoin trade, let me think China is leading the raise.

I agree with this. China is leading the rise, because they're discovering Bitcoin. But as I said, it's rising too quick, same as when the west discovered bitcoin in 2011 causing the first bubble.

um transaction has gone WAY up compared to before silkroad bust:
http://blockchain.info/charts/n-transactions-excluding-popular

I stand corrected. I should have said something more along the lines of "transaction volume isn't going up at anywhere near the same rate as the price"

Still though, the transaction volume is only 15% higher than in April so doesn't fully explain the 100%+ increase in price.

[BittBurger]

But as I said, it's rising too quick, same as when the west discovered bitcoin in 2011 causing the first bubble.

I think you are correct in saying this is bubble.

Yawn.

Says the guy on the dev team  of a competing cyrptocurrency.

Why are humans so simple ... / predictable / basic / obvious ...