Is the recent fast increase of bitcoin value a bubble waiting to burst?

[stakhanov]

I'm pretty sure most of us are wondering, so I thought it would be interesting to get the feeling of the community on this issue.

[kiba]

Let the market do its thing. Whether or not it burst, we must keep moving forward, building the services and goods that prop up the price of bitcoin.

[stakhanov]

Let the market do its thing. Whether or not it burst, we must keep moving forward, building the services and goods that prop up the price of bitcoin.

I agree, the market will do its thing, and bitcoin will go on, no matter what.

It doesn't make this question less interesting

[Prze_koles]

IMO It's a bubble. Although not a big one, we have new users constantly joining in so it's normal that the price is going up.

[Nefario]

It's likely a bubble, however the alternate choice is that bitcoin has just been grossly undervalued for the last month or two.

[proudhon]

Bitcoin has had a lot of big-ish news exposure in the past few weeks that it hasn't really had since its inception.  People are starting to talk and news is beginning to spread.  Hell, I heard about it on a philosophy podcast I listen to.  The case for bitcoin is pretty compelling, and the more people who know about it and appreciate its value, the higher the price will go.  That's something that's really hard to predict, and it mitigates my concerns that this is a bubble.

[ribuck]

Those who are not selling don't think that it's a bubble, even if they say it is.

[hazek]

In such a super shallow market it's super hard to tell what's going on. We have 6.053mio BTC in existence atm and only around 100k are being traded on a daily basis. Because the market is so shallow I'd imagine it is super susceptible to manipulation and speculation. Who knows what the real price is right now, only time will tell.

[proudhon]

I think we're very close to two things happening that will both serve to increase the value in a way that, from our current point of view, we just aren't able to predict.  First, I think we're on the verge of much wider media exposure, and, second, I think we're on the verge of a more fluid market where getting bitcoin is a lot easier than it is right now.  When those events transpire, I think the value will go up a lot.

[Nefario]

Those who are not selling don't think that it's a bubble, even if they say it is.

Well I wouldn't really be selling at any price, right now everything I buy online is priced for me in bitcoin, if it's not then I dont buy.

If I didn't have to pay for food and stuff with local currency then I wouldnt.

[proudhon]

In such a super shallow market it's super hard to tell what's going on. We have 6.053mio BTC in existence atm and only around 100k are being traded on a daily basis. Because the market is so shallow I'd imagine it is super susceptible to manipulation and speculation. Who knows what the real price is right now, only time will tell.

Sure, but I think it's inevitable that media exposure will get much wider than it is now, and when you have millions of people interested in bitcoin, then even if half of the entire bitcoin supply were on the market, I think the price would still go up considerably.  I think it's likely that we'll reach that point.

[stakhanov]

No matter how many times you put word bubble into the thread name it will not change the exchange rate or influence the market... unless you are Forbes.

That's good, because I'm not trying in any way to change the exchange rate or influence the market.