What Just Happened to Bitcoin?

[TERA]

Just look at the price on any other exchange.

Bitstamp for example:

[JimboToronto]

conflicting SAR charts

LOL  

It's open to interpretation, I see.

[grifferz]

Both axes are different scales in the two graphs. Scale them the same and they'll look the same.

[keithers]

I am doing nothing right now.   I am hanging onto all of my btc, and I have more money to throw at it, if it gets back into the $500 range (or below).   I really feel that it can go either way right now, but I don't see it dipping too low, nor going to ATH any time soon.   I think we are going to be hanging in the $585-$675 range for a decent amount of time.   

[JessyMatt]

Bitcoin values according to http://www.bitcoinvalues.net
Real Time BTC Prices:
Last: 278,   High: 411,   Low: 263.101,   Avg: 317.160007277,   Vol: 50482,   Buy: 276.77722,   Sell: 277.9

You are quoting the value of bitcoin as seen at MtGox. MtGox isn't the only place you can buy bitcoins. Arguably MtGox isn't even a place you can buy bitcoins, since you can't withdraw them.

It makes no more sense than me saying you can buy BTC from me at $1 each, but I will not tell you when I will send them to you, and then having a site quote my $1 as the price of bitcoin.

Just look at the price on any other exchange.

You just made the case for a single bitcoin market / exchange. Bitcoin needs regulation and needs it fast. We can't have one place going down, one going....Too much uncertainty.

[codezilla]

You should have an answer for spending. I'm not spending all of my bitcoin, but I have spent a bunch on all kinds of stuff from overstock and tigerdirect.

[keithers]

I think its actually a good time to sit on the sidelines for a few days. I have more money that I am ready to throw on some more btc, but I think there is still a strong chance of being able to get them slightly cheaper than right now. Yes it may go up instead, but the liklihood of another slight downswing is greater than the chances of a strong rally, given the past few weeks.

[grifferz]

You just made the case for a single bitcoin market / exchange. Bitcoin needs regulation and needs it fast. We can't have one place going down, one going....Too much uncertainty.

If you find the concept of a commodity being sold at different prices in different places to be "too much uncertainty" then I do strongly suggest that you stop looking into bitcoin. I don't wish to be rude but you started this thread with grave misconceptions about how bitcoin exchanges work, and just a couple of posts in you are telling us what bitcoin "needs".

There is no case for a single exchange any more than there is a case for a single world-spanning grocery store or Internet service provider. What there is a case for, is better exchanges. Guess what regulation and a single mandated exchange would bring? Mediocrity at best.

Rather than asking for innovation to be killed, I suggest you don't get involved until much further down the line when solutions are shiny and shrink-wrapped and risk-free. Assuming bitcoin is still in existence then, it will be a lot less fun, but it will also be a lot less… uncertain.

Regulation is neither needed nor possible, all it can do is make things harder.

[JimboToronto]

Bitcoin needs regulation and needs it fast. We can't have one place going down, one going....Too much uncertainty.

I just had a conversation about this sort of thing over the weekend. The reason some people join the military or monasteries, or intentionally re-offend as a means to becoming incarcerated, is that they want to be told when to wake up and go to bed, and what to wear, eat, and do while they're awake. They don't want "too much uncertainty" in their lives.

What isn't forbidden should be mandatory. All hail conformity, doing what you're supposed to do.

You can't let any individual, let alone a market, think for him/herself. That's the government's bunch of politicians'/civil servants' job.

 

[igorr]

I'm trying to wrap my head around what just happened to the value of bitcoin! Oh darn it. This is really scary. What are your thoughts bitcoin lovers?

The price is three times was artificially raised by mining hardware manufacturer in cooperation with MtGox currency exchange,
and no more interest in it, because mining has become impossible, mining factor is below 9 cent per Gh at 24h

View Screen Capture

[raid_n]

Bitcoin needs regulation and needs it fast. We can't have one place going down, one going....Too much uncertainty.

Bitcoin was created as a distributed p2p cryptocurrency where no single entity (should) have control over it

If you want to continue to be a sheep then stick with your government issued currency, bitcoin is not for you.
(the next thing you might propose is that your beloved government may take complete control over the network, change the 21 million btc cap and issue them at their own will.
They will then call it "Dollars" and even print them for ease of use! )

[keithers]

Bitcoin needs regulation and needs it fast. We can't have one place going down, one going....Too much uncertainty.

Bitcoin was created as a distributed p2p cryptocurrency where no single entity (should) have control over it

If you want to continue to be a sheep then stick with your government issued currency, bitcoin is not for you.
(the next thing you might propose is that your beloved government may take complete control over the network, change the 21 million btc cap and issue them at their own will.
They will then call it "Dollars" and even print them for ease of use! )

+1, regulation will not bring crypto currency certainty.  The only certainty it would bring is control to one governing body.  That would actually undermine the entire purpose of it's creation.   Yes, some regulations to deter illicit activities may help make bitcoin a little more mainstream, but other than that, it would be creating another mini federal reserve (which I think we can all agree that we don't want/need).