what caused the rise to $1100 last year?

[arbitrage001]

I would say China was the main factor involved in the rising bitcoin prices during November 2013
The breaker was mtgox and several legal regulations regarding Bitcoin being set
Although the USA senate hearings were part of the bull run at that time.

I was watching both China exchange and bitstamp/bitfinex at that time.

Can pretty much confirm the rise is close to 100% due to China and people doing arbitrage from the rest of the world.

Senate hearing and Mtgox have little bearing on the rise.

[1714945099]

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[1714945099]

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[1714945099]

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[okthen]

It was started by china's interest, and followed by the rest of the world due to panic buying.
Maybe this next bubble will be the same, but started by wallstreet/whatever big business.

[DolanDuck]

This rise is starting because major companies are showing much interest in cryptos and because bitcoin was way too undervalued in these months.

[dukegamsta]

well what drove the chinese interest in bitcoin?

[okthen]

well what drove the chinese interest in bitcoin?

If I remember correctly they had a documentary on the chinese state tv about bitcoin. In late spring I think. It took a while, and for sure many other factors (as an eminent bubble pending with or without china), but I guess that was the start of it.

[mediogreFIN]

I believe it was mostly because of sudden interest from people in China but also with exchange(s) manipulating markets. At the same time there were lil' bit of hype, lil' bit of new partners and all new fresh wave of people that took the step from being speculator jumping in shoes of bitcoin owner.

well what drove the chinese interest in bitcoin?

Poor people wanted freedom (they don't have minimum wages so they really really don't get paid well.. some of them bought some btc in hope that it will raise)

Then there's also the people that have some money (there are also jobs that pay well.. and someone also owns those factories where the "slaves" work for almost free)

Some farmers managed to fulfill their dreams with bitcoin.

--

I believe that we will get Chinawave part 2 and also i think that we could get Russiawave, Indiawave and massadaption in western countries (US&Europe).

Also there are many new spectators.. many of those are sceptic but when someone they appreciate says something good about bitcoin, they will join in btc-community..  

[dukegamsta]

well i dont believe bitcoin is accesible to the poor people of china - although i hope very much bitcoin will be the currency of choice for the third world countries one day.

in any case it doesnt seem a documentary would make any one but the uber rich of china invest in bitcoin....it seems a lot of people are saying rhe spike in btc price is due to the chinese but why??

[Ron~Popeil]

I believe it was mostly because of sudden interest from people in China but also with exchange(s) manipulating markets. At the same time there were lil' bit of hype, lil' bit of new partners and all new fresh wave of people that took the step from being speculator jumping in shoes of bitcoin owner.

well what drove the chinese interest in bitcoin?

Poor people wanted freedom (they don't have minimum wages so they really really don't get paid well.. some of them bought some btc in hope that it will raise)

Then there's also the people that have some money (there are also jobs that pay well.. and someone also owns those factories where the "slaves" work for almost free)

Some farmers managed to fulfill their dreams with bitcoin.

--

I believe that we will get Chinawave part 2 and also i think that we could get Russiawave, Indiawave and massadaption in western countries (US&Europe).

Also there are many new spectators.. many of those are sceptic but when someone they appreciate says something good about bitcoin, they will join in btc-community..  

If the far East wants to sit on the sidelines of the peaceful revolution they do so at their own peril. It took them long enough to even get within sight of the industrialized economies. To take a step back now would be senseless and tragic for their people.

[okthen]

I believe it was mostly because of sudden interest from people in China but also with exchange(s) manipulating markets. At the same time there were lil' bit of hype, lil' bit of new partners and all new fresh wave of people that took the step from being speculator jumping in shoes of bitcoin owner.

well what drove the chinese interest in bitcoin?

Poor people wanted freedom (they don't have minimum wages so they really really don't get paid well.. some of them bought some btc in hope that it will raise)

Then there's also the people that have some money (there are also jobs that pay well.. and someone also owns those factories where the "slaves" work for almost free)

Some farmers managed to fulfill their dreams with bitcoin.

--

I believe that we will get Chinawave part 2 and also i think that we could get Russiawave, Indiawave and massadaption in western countries (US&Europe).

Also there are many new spectators.. many of those are sceptic but when someone they appreciate says something good about bitcoin, they will join in btc-community..  

If the far East wants to sit on the sidelines of the peaceful revolution they do so at their own peril. It took them long enough to even get within sight of the industrialized economies. To take a step back now would be senseless and tragic for their people.

I think they'd be stupid not to get on board.
But then, I recall that they have a lot of internet censorship still. So maybe their governments aren't that bright...

[Ron~Popeil]

I believe it was mostly because of sudden interest from people in China but also with exchange(s) manipulating markets. At the same time there were lil' bit of hype, lil' bit of new partners and all new fresh wave of people that took the step from being speculator jumping in shoes of bitcoin owner.

well what drove the chinese interest in bitcoin?

Poor people wanted freedom (they don't have minimum wages so they really really don't get paid well.. some of them bought some btc in hope that it will raise)

Then there's also the people that have some money (there are also jobs that pay well.. and someone also owns those factories where the "slaves" work for almost free)

Some farmers managed to fulfill their dreams with bitcoin.

--

I believe that we will get Chinawave part 2 and also i think that we could get Russiawave, Indiawave and massadaption in western countries (US&Europe).

Also there are many new spectators.. many of those are sceptic but when someone they appreciate says something good about bitcoin, they will join in btc-community..  

If the far East wants to sit on the sidelines of the peaceful revolution they do so at their own peril. It took them long enough to even get within sight of the industrialized economies. To take a step back now would be senseless and tragic for their people.

I think they'd be stupid not to get on board.
But then, I recall that they have a lot of internet censorship still. So maybe their governments aren't that bright...

State run media and command economies tend to create an echo chamber. You would think they learned that innovation is a key part of a healthy society when they murdered all the innovators during their revolution.  

[Rub3n]

Buyers did.

[pozmu]

http://willyreport.wordpress.com/

[okthen]

I believe it was mostly because of sudden interest from people in China but also with exchange(s) manipulating markets. At the same time there were lil' bit of hype, lil' bit of new partners and all new fresh wave of people that took the step from being speculator jumping in shoes of bitcoin owner.

well what drove the chinese interest in bitcoin?

Poor people wanted freedom (they don't have minimum wages so they really really don't get paid well.. some of them bought some btc in hope that it will raise)

Then there's also the people that have some money (there are also jobs that pay well.. and someone also owns those factories where the "slaves" work for almost free)

Some farmers managed to fulfill their dreams with bitcoin.

--

I believe that we will get Chinawave part 2 and also i think that we could get Russiawave, Indiawave and massadaption in western countries (US&Europe).

Also there are many new spectators.. many of those are sceptic but when someone they appreciate says something good about bitcoin, they will join in btc-community..  

If the far East wants to sit on the sidelines of the peaceful revolution they do so at their own peril. It took them long enough to even get within sight of the industrialized economies. To take a step back now would be senseless and tragic for their people.

I think they'd be stupid not to get on board.
But then, I recall that they have a lot of internet censorship still. So maybe their governments aren't that bright...

State run media and command economies tend to create an echo chamber. You would think they learned that innovation is a key part of a healthy society when they murdered all the innovators during their revolution.  

I wonder if they have a way out of it.
So many years of brain washing and controlling, even if they become a real democracy tomorrow, it would take decades to change mentalities...

[Harley997]

The rise that bitcoin had at the end of last year was largely caused by the vast amount of media attention that Bitcoin received after Ross Ulbright got arrested and Silk Road was taken down.

The media brought attention to a vast number of features that Bitcoin offers (p2p transactions, anonymity, near instant confirmation - every 10 minutes, but once a tx is broadcast throughout the network it is nearly unreversible, very low fees).

The decline of the price of bitcoin early this year was the result of MtGox failing similar to how a major bank failing would hurt the underlying currency that it generally deals in.

[Justine]

http://willyreport.wordpress.com/

The demand of bitcoin largely come from China.

The author of the report is just painting a picture with misleading causation.

[bananas]

http://willyreport.wordpress.com/

The demand of bitcoin largely come from China.

The author of the report is just painting a picture with misleading causation.

He is not, you can analyze the leaked files yourself. All majot rises were created by at least two known bots controlled by Mt Gox, i did analyze myself before those articles. There is one bot that would only buy at high and sell at low, at large amounts. And another one that could only buy.

[Yakamoto]

I think the rise was due to bots, two of which were named "Markus" and "Willy", I believe it was, respectively.

Willy bought BTC for millions of dollars, markus bought and sold at random prices.

So I really have no idea what else to think, but it seems that that is the most logical cause. Price will probably rise (Without bots) to maybe $700, depending on how accepted it gets.

[RoadStress]

I vote for bots and China!

[okthen]

I think the rise was due to bots, two of which were named "Markus" and "Willy", I believe it was, respectively.

Willy bought BTC for millions of dollars, markus bought and sold at random prices.

So I really have no idea what else to think, but it seems that that is the most logical cause. Price will probably rise (Without bots) to maybe $700, depending on how accepted it gets.

I still do not understand the concept of bots making price go up.
Bots make volume go up, which then leads to people getting exciting and buying, and then snowball effect.
Or am I dead wrong?

[jeffersonairplane]

Mostly due to the fact of Mt. Gox.