Explanation for today's boom?

[Zangelbert Bingledack]

I'm not claiming it's the government. I was just trying to think of an organization that has a lot of money. You have to admit, absolutely nothing happening for five days and then all of a sudden, on a dime, everything explodes. There's always a reason. Maybe was just another infomercial in China that 40,000 people happen to see at the same time. Maybe it was an article in Europe stating that a new chain of restaurants is accepting bitcoin. I don't know what it was, but it was something. The timing was too specific.

Look at the long-term log chart. It's all right there. We got curvy, straightened out, and resumed straight exponential mini-trend/bubble.

[Crazy]

Cuz supply and demand.

I made more on alt-coins today and yesterday than on Bitcoin. What gives? Namecoin up to $6+, that's past what LTC's ATH was until this month. LTC up to $19+? WTF Even FEATHER COIN, that's right, fucking FEATHER COIN, is doing well. I think people are just treating the more popular alt-coins as just extensions of bitcoins.

I'm really hoping that China and others realize that each alt coin is an opportunity for speculation and investment, and return. There could be a very long, long period ahead of insane moneymaking for all of us if that's the case. Bitcoin is the only one that really needs to succeed anyways. The rest can be for speculators. This could be the new stockmarket where millions of people get rich. If they get in early enough.

I really need to get into alt coins. Never even looked into them. Feel like I've missed that boat for the most part.

[crazy_rabbit]

Cuz supply and demand.

I made more on alt-coins today and yesterday than on Bitcoin. What gives? Namecoin up to $6+, that's past what LTC's ATH was until this month. LTC up to $19+? WTF Even FEATHER COIN, that's right, fucking FEATHER COIN, is doing well. I think people are just treating the more popular alt-coins as just extensions of bitcoins.

I'm really hoping that China and others realize that each alt coin is an opportunity for speculation and investment, and return. There could be a very long, long period ahead of insane moneymaking for all of us if that's the case. Bitcoin is the only one that really needs to succeed anyways. The rest can be for speculators. This could be the new stockmarket where millions of people get rich. If they get in early enough.

I really need to get into alt coins. Never even looked into them. Feel like I've missed that boat for the most part.

By and large it's gambling. It's manipulation/greed/fantasy. Maybe litecoin deserve's it's valuation, but don't be fooled. Alt-coins are where larger holders have found a clever way to increase their bitcoin holdings at the expense of people who don't know better.

But you know- people probably said the same about bitcoin once.

[BitcoinTraderFX]

Okay, I wasn't going to do it, but I'm going to do it. I'm going to drop the conspiracy theory thing.

I do know that the major exchanges have LARGE holdings of bitcoins. And I assume they themselves can put buy and sell orders into the market (with it being fairly anonymous).

That being said... I'm not saying another word.

: )

cj

[BitPirate]

alt-coins may be valuable in the future, but do your own due diligence, buy something that no-one is talking about and accept it as a sunk cost.

Every time you hear about how XXX is being pumped, or how much YYY has risen, never buy -- you're playing in their playground. I'd view any such news as an opportunity to sell.

[Crazy]

By and large it's gambling. It's manipulation/greed/fantasy. Maybe litecoin deserve's it's valuation, but don't be fooled. Alt-coins are where larger holders have found a clever way to increase their bitcoin holdings at the expense of people who don't know better.

But you know- people probably said the same about bitcoin once.

alt-coins may be valuable in the future, but do your own due diligence, buy something that no-one is talking about and accept it as a sunk cost.

Every time you hear about how XXX is being pumped, or how much YYY has risen, never buy -- you're playing in their playground. I'd view any such news as an opportunity to sell.

Good to know, thanks both.

[BitPirate]

Okay, I wasn't going to do it, but I'm going to do it. I'm going to drop the conspiracy theory thing.

I do know that the major exchanges have LARGE holdings of bitcoins. And I assume they themselves can put buy and sell orders into the market (with it being fairly anonymous).

That being said... I'm not saying another word.

: )

cj

To be honest, people have been tearing their hair out for days trying to decide which way the market would go. People spent lots of coins painting that double top picture, but other big holders were fighting back. Remember that with all downturns, the real intentions of the big holders who dump on the way down is to accumulate. However, now there are so many holders that it was harder for these bears to drive the price as low as they liked, and so you could clearly see sentiment turning. A couple of stronger than expected rebounds was enough to prove that the markets still have legs, so bears got back in before it was too late. If they haven't lost all their coins, they will try again later at a big profit-taking dip.

[Zangelbert Bingledack]

I'm not claiming it's the government. I was just trying to think of an organization that has a lot of money. You have to admit, absolutely nothing happening for five days and then all of a sudden, on a dime, everything explodes. There's always a reason. Maybe was just another infomercial in China that 40,000 people happen to see at the same time. Maybe it was an article in Europe stating that a new chain of restaurants is accepting bitcoin. I don't know what it was, but it was something. The timing was too specific.

Look at the long-term log chart. It's all right there. We got curvy, straightened out via consolidation, and resumed straight exponential mini-trend/bubble.

Here's that log chart:

[aminorex]

Here's that log chart:

By visual analogy we appear to be in the mid- to late- March phase of the rip-dip cycle.

[PenAndPaper]

Okay, I wasn't going to do it, but I'm going to do it. I'm going to drop the conspiracy theory thing.

I do know that the major exchanges have LARGE holdings of bitcoins. And I assume they themselves can put buy and sell orders into the market (with it being fairly anonymous).

That's not a conspiracy. It is called price manipulation and anyone with a large stack can do it.
Concpiracy is the OP thinking that aliens and governments are behind the recent rise.

[Buffer Overflow]

This could be the new stockmarket where millions of people get rich.

If millions of people are going to get rich, then millions of people must get poorer as well.

[Ibian]

This could be the new stockmarket where millions of people get rich.

If millions of people are going to get rich, then millions of people must get poorer as well.

Yeah, the ones who don't buy for whatever reason. As I see it, bitcoin rewards intelligence and the courage to trust your own judgment. Let the millions become poor when fiat crashes, it's on their own heads. Or ours, if it goes the other way, I could live with that too.

[PenAndPaper]

This could be the new stockmarket where millions of people get rich.

If millions of people are going to get rich, then millions of people must get poorer as well.

I don't have a problem with a few million of people becoming less rich...

[emanymton]

This could be the new stockmarket where millions of people get rich.

If millions of people are going to get rich, then millions of people must get poorer as well.

Hopefully it's poor people robbing rich wall street types mostly, since that's where the highest concentration of wealth is and they're probs going to want in at some point.

[PenAndPaper]

This could be the new stockmarket where millions of people get rich.

If millions of people are going to get rich, then millions of people must get poorer as well.

Hopefully it's poor people robbing rich wall street types mostly, since that's where the highest concentration of wealth is and they're probs going to want in at some point.

Those are going to get richer. It's the already rich that will choose not to enter that will become less rich  
Except if you think that bitcoin is a bubble 

[Amph]

people are using it more, simple as that

[Luckybit]

Bitcoin is still in the paperclip budget range.  A government buyer would push it to 5 figures as they buy by the $1 million.

Why would a government have to buy Bitcoins when they can just take them from people?

The FBI currently has enough Bitcoins to fund themselves for generations to come.

[Odrec]

Hopefully bitcoin actually represents a revolution for a world with less inequality. If this thing is going to create more inequality then it's not better than regular money and it deserves to perish the same way. What good is freedom if we live in a fucked up world?

[deisik]

Someone was going to make the thread, but this time I am genuinely curious, so I made it.  Someone commented that China is not at play right now, and that serious money is pouring in, but mostly from Europe and the Americas.  Are you guys able to see that on the exchanges somehow? 

When the price is this high, part of me believes this is governments buying in or something ... thoughts?

Probably frightened banksters are now entering into play after having been scared by the Fed which promised to denude them of their money to cut interest rates on their reserves