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Author Topic: May be the reason that bitcoin price boomed today  (Read 2230 times)
best-miner.com
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May 21, 2014, 01:09:26 AM
 #1

The Federal Advisory Council (FAC), a group that consults with the Federal Reserve on all matters under the US central bank’s jurisdiction, and the Federal Reserve Board of Governors recently discussed bitcoin and its potential benefits at a quarterly meeting.

Held on 9th May, the FAC and the Board of Governors debated whether bitcoin posed a threat to the traditional banking system, economic activity or financial stability, ultimately issuing a surprisingly positive two-and-a-half-page assessment of the technology.

Perhaps most notably, the meeting focused on how bitcoin could empower a new wave of commerce innovation – opening new markets to merchants, driving capital flows to the developing world and increasing global economic consumption.


For details, pls check coindesk...

http://www.coindesk.com/federal-reserve-bitcoin-potential-boon-global-commerce/


Yesterday, okcoin btc and huobi's btc trade volume is about 15000btc, and bitstamp is about 4000btc,

Now in last 24 hours, okcoin and huobi is 62000btc and bistamp is 29000 btc.

Here we think is the news from FAC infect the btc boomed.

So what's your opinion, talk about it here.

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Beliathon
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May 21, 2014, 02:00:42 AM
 #2

There is really no way to know for sure what caused it, but I will tell you I noticed several BIG buys, 400+ BTC at a time ($200,000+), so somebody has some money.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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May 21, 2014, 02:12:41 AM
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The measures that has been taken to keep banks too big to break from actually go bankrupt. Not to mention all the protection we have seen government give to the banks involved in money laundry.

Long story short, I would't be so optmistic / open towards their supposedly non agressive approach. Actions tell so much more than words and are more reiable as well.

Therefore, base on all the concrete actions Government has showed. Let's be careful. We know what kind of interests they obbey, and it's beyond doubt that BTC WILL HARM those BADLY.

Beware with the Trojan Horse.


Cheers Mates,
AMVM
Ron~Popeil
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May 21, 2014, 02:46:47 AM
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I would prefer to keep the US government and the fed away from bit coin. Both organizations are rotting corpses of corruption and greed. 

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May 21, 2014, 02:52:59 AM
 #5

the us govt will cycle between positive and negative towards bitcoin

there are pro and anti bitcoiners in govt

but in the end it dosnt matter bitcoin will survive as long as the internet survives

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Ron~Popeil
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May 21, 2014, 03:07:25 AM
 #6

the us govt will cycle between positive and negative towards bitcoin

there are pro and anti bitcoiners in govt

but in the end it dosnt matter bitcoin will survive as long as the internet survives

The FEC gave us a gift when they decided to allow campaign donations in bit coin. Rand Paul doesn't understand it yet but is really open and positive about bit coin. The rest of them will have to at least publicly support it or risk losing donations. The government really made a tactical error on that one. Smiley

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May 21, 2014, 03:52:47 AM
 #7

but in the end it dosnt matter bitcoin will survive as long as the internet survives
Oh but it does matter. It matters a great deal.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
haploid23
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May 21, 2014, 04:02:11 AM
 #8

There is really no way to know for sure what caused it, but I will tell you I noticed several BIG buys, 400+ BTC at a time ($200,000+), so somebody has some money.

+1

You can't really attribute this small increase in value as a result of the FAC and Feds. You don't really know for certain, but what I really think caused a small bump in price is simply an overdue correction. $50 increase is hardly a "boom" in price.

mkc
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May 21, 2014, 05:40:56 AM
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Price fluctuates, $50 or less is hardly any meaningful thing. Just my thoughts, if the price break previous high ($550), then it will become significant. I would love to see the price goes up as well.
qwerty555
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May 21, 2014, 06:07:33 AM
 #10

Speculation...as this is what it is as no one can actually know why

That said the fundamentals of supply/demand ,increased awareness worldwide and usage in commerce are positive!


The timing of the increase suggests Asian markets took the lead and this could well be connected with recent press about Li ka shing backing it.
Whether it is him et al or others in the region who believe " if he thinks its good then we better get in there" it  is a positive step.
A person of that size has the financial muscle to buy buy buy. even to buy enough to "manipulate" such a small market.

Those in the West waiting on the sidelines to see which way the "wind blows" with respect to the price will need to jump on quick (as soon as they wake up today) which may well push the price to over $600 in a short period of time, as in this current market most will be holding and only few will be selling and new buyers will have to chase the few bitcoin available

The May 20 2014 chart here shows that bitcoin has broken upward as opposed to downward and therefore should push on to test previous highs of $1,000 + (I hope so).

http://afbitcoins.wordpress.com/

Divinespark
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May 21, 2014, 06:09:25 AM
 #11

I doubt that the upmove was driven by any fundamental news!
Feels more like noise, doubt it will sustain

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E-C.Guru
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May 21, 2014, 08:38:14 AM
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Perhaps most notably, the meeting focused on how bitcoin could empower a new wave of commerce innovation – opening new markets to merchants, driving capital flows to the developing world and increasing global economic consumption.




This right here is such a big and stupid lie it actually made me laugh.


What I do find believable and really hope for though is that all theese analysts and think-tanks that discuss bitcoin see it as "small potato" on the big buisiness scene and at the same time find its potential in investing Your own personal Money. Perhaps they will all own bitcoin during next rise, or shortly after. Will it then ever be named a terrorist currency by Law?

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openyourmind
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May 22, 2014, 12:35:08 PM
 #13

I don't know the reasons I'm pretty sure that this upmove wasn't driven by any fundamental news.
Ludi
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May 22, 2014, 12:36:42 PM
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People always try connect it to some news but sometimes it's just natural.

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May 22, 2014, 12:41:37 PM
 #15

$512 now on coinbase....

go go go!  Smiley

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May 22, 2014, 12:46:56 PM
 #16

Price fluctuates, $50 or less is hardly any meaningful thing. Just my thoughts, if the price break previous high ($550), then it will become significant. I would love to see the price goes up as well.

yeah correct I dont consider this is a boom remember a few months ago we were at 550 a btc, so this is really nothing, kinda funny how people tend to think a price goes up 60 bucks is a boom.  People scream 40 dollar drop a crash, how ironic.

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May 22, 2014, 01:27:50 PM
 #17

The measures that has been taken to keep banks too big to break from actually go bankrupt. Not to mention all the protection we have seen government give to the banks involved in money laundry.

Long story short, I would't be so optmistic / open towards their supposedly non agressive approach. Actions tell so much more than words and are more reiable as well.

Therefore, base on all the concrete actions Government has showed. Let's be careful. We know what kind of interests they obbey, and it's beyond doubt that BTC WILL HARM those BADLY.

Beware with the Trojan Horse.


Cheers Mates,
AMVM


You are right. It might be just a matter of time when we see a war on ''financial terrorism'' (= bitcoin). Many powerful people have a lot to loose...

I hope bitcoin can withstand.

ya.ya.yo!
tuneman1980
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May 22, 2014, 01:30:08 PM
 #18

There is really no way to know for sure what caused it, but I will tell you I noticed several BIG buys, 400+ BTC at a time ($200,000+), so somebody has some money.

+1

You can't really attribute this small increase in value as a result of the FAC and Feds. You don't really know for certain, but what I really think caused a small bump in price is simply an overdue correction. $50 increase is hardly a "boom" in price.

$50 was over 10% in one day.  That's huge compared to traditional financial investments.

I mean look at those numbers.  http://cryptocoinstats.com/performancetracker.php

They are still spectacular.

http://cryptocoinstats.com/

BTC: 19YQqtEdtuWhT6nk6ArBgMTiKMEjoJ5eww  LTC: Li1RLpZm8Rx7txSnQdvZvtLMsd4XDN2vMJ  FTC: 6qAU4vtyf9LPW4yV4m4Vx1jm4ZkXJHTFP7
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May 22, 2014, 01:46:57 PM
 #19

The measures that has been taken to keep banks too big to break from actually go bankrupt. Not to mention all the protection we have seen government give to the banks involved in money laundry.

Long story short, I would't be so optmistic / open towards their supposedly non agressive approach. Actions tell so much more than words and are more reiable as well.

Therefore, base on all the concrete actions Government has showed. Let's be careful. We know what kind of interests they obbey, and it's beyond doubt that BTC WILL HARM those BADLY.

Beware with the Trojan Horse.


Cheers Mates,
AMVM


You are right. It might be just a matter of time when we see a war on ''financial terrorism'' (= bitcoin). Many powerful people have a lot to loose...

I hope bitcoin can withstand.

ya.ya.yo!


Bitcoin will withstand. But most in countries that have had their governments and banks to try and ban it thus forcing it to become something of an underground grass-root movement. In the US it's too much reliant on media, investors, regulators etc. In Russia, for example, it's user to user. Person to person. Governments can't ban that.

Last website update: Monday 13.05
b!z
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May 22, 2014, 01:50:47 PM
 #20

It was bound to happen. We've been waiting long enough.
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