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Author Topic: Why is the price going up?  (Read 1891 times)
SgtSpike
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November 30, 2011, 05:47:56 PM
 #1

Come on... I just sold 30 @ $2.50 a couple of days ago, now it's almost touching $3.00?  Ergghhh... that little extra would have definitely helped with the electric bill!
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According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
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FlipPro
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November 30, 2011, 06:28:12 PM
 #2

Simple, fundamentals are there for the price to go up.

Bitcoin (because of its nature) will have dramatic price drops/increases for many years to come.

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PatrickHarnett
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November 30, 2011, 08:07:29 PM
 #3

demand
BTCurious
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November 30, 2011, 08:08:38 PM
 #4

Because I bought bitcoins with new money.

Dansker
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November 30, 2011, 09:15:29 PM
 #5

Maybe because the rest of the worlds currencies is turning to shit?

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November 30, 2011, 09:15:49 PM
 #6

Maybe because the rest of the worlds currencies is turning to shit?
+1

MoonShadow
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November 30, 2011, 09:18:06 PM
 #7

Anyone who claims to be able to answer this title question with any certainty should not be trusted.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
Jered Kenna (TradeHill)
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November 30, 2011, 10:03:13 PM
 #8

Anyone who claims to be able to answer this title question with any certainty should not be trusted.

I gave up trying to predict this market. It is fun though.
I think people are too concerned with the price. Of course you can use it as an investment but if you use it as a medium of exchange then the price is far less relevant.

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December 01, 2011, 01:34:31 AM
 #9

Anyone who claims to be able to answer this title question with any certainty should not be trusted.

I gave up trying to predict this market. It is fun though.
I think people are too concerned with the price. Of course you can use it as an investment but if you use it as a medium of exchange then the price is far less relevant.
Says the owner of the number 2 Bitcoin exchange  Tongue.

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Jered Kenna (TradeHill)
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December 01, 2011, 03:09:02 AM
 #10

Anyone who claims to be able to answer this title question with any certainty should not be trusted.

I gave up trying to predict this market. It is fun though.
I think people are too concerned with the price. Of course you can use it as an investment but if you use it as a medium of exchange then the price is far less relevant.
Says the owner of the number 2 Bitcoin exchange  Tongue.

Obviously I benefit more from the price going up but even more so from the volatility. Not trying to hide that fact.
 
That's not the point I'm trying to make though.
 If BTC is $10,000 today and I want to buy a car priced at $2000 USD I need to pay .2 BTC
If BTC is $1 I need to pay 2000 BTC

If I am buying BTC for this transaction the price doesn't matter much and the car costs me the same either way (in USD).

The price isn't really relevant if it's a medium of exchange. The same would go for gold, a year ago I would have sold the car for 20 oz now I want 10 oz. If you're taking your currency and then using BTC to buy something you don't expose your self to any serious currency risk assuming BTC isn't flying up and down in minutes.

Now obviously volatility is bad because we would like to be able to hold our BTC without worrying about losing value. Expecting this to happen anytime relatively soon isn't very logical though.

Jered
 

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Andrew Vorobyov
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December 04, 2011, 07:09:05 PM
 #11

A lot of for-profit miners died recently.. Bitcoin supply goes to the exchanges more slowly.. It kind of stability but very fragile..

JayCoin
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December 07, 2011, 11:01:50 PM
 #12

$3.00 seems to be a magic number.

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boonies4u
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December 08, 2011, 05:56:27 AM
 #13

$3.00 seems to be a magic number.

I could probably grab a random novel and find the number 3 recurring throughout. You don't have to read the market to know that 3 is a magic number. Tongue
finway
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December 08, 2011, 07:05:16 AM
 #14

Because people buys,
there are CONFIDENCE in Bitoin Community,
Bitoin is beautiful.

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December 09, 2011, 02:01:25 PM
 #15

3 is a magic number. Tongue
De La Soul - The Magic Number

Tongue

I deal in Bitcoins: 1ANtpQH5UKKYrd9619VSSibL76uzjZGH1D
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December 13, 2011, 02:50:18 PM
 #16

The price is going up because the speculators who created the last massive boom in the first half of 2011 are coming back on board after the price stabilized. Bring on spec boom 2.0
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