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Author Topic: What spurred the New Rally to $6?  (Read 4557 times)
Jeffpod
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May 11, 2011, 01:10:25 PM
 #1

I was expecting BTC to blowup for a couple of days, but when they finally did, it was far beyond my expectations.  Whats up with that?
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Jr00t
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May 11, 2011, 01:12:48 PM
 #2

Gavin was on thisweekin.com talking about btc
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May 12, 2011, 04:20:53 AM
 #3

Additional factors:

- Mt. Gox exchange had, days earlier, difficulties due to DDoS attack.  
  - There might have been pent-up buying pressure that was put to work once defenses to repel the DDoS proved relatively effective.
  - The exchange has stopped accepting wire transfer / ACH from the U.S. .  Not sure on the timing, but maybe there was a "last call" rush to add funds before that method got halted.
  - New "easy" funding method made available (for those in the U.S.): Dwolla ($0.25 per trx)

- Viral growth continues:
  - http://www.google.com/trends?q=bitcoin&ctab=0&geo=all&date=ytd&sort=0

- Forbes readers finally pulling the trigger?

- Network is protected even more from an attack using "massive computing power" now that there is over 1 Thash/s of hashing.

- The technical analysis indicating that further upside still kept the exchange rate within the trading channel.

- panic buyers realizing that if there is panic buying, it is better to be one of the first panic buyers.  :-)

- the crap on wall street, D.C. and elsewhere continuing, providing plenty of motivation for alternatives.
   (see: http://www.rollingstone.com/politics/news/the-people-vs-goldman-sachs-20110511 )

tomcollins
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May 12, 2011, 02:39:36 PM
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More people wanting to buy than sell at the old price.
barbarousrelic
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May 12, 2011, 02:45:37 PM
 #5

Publicity in India, perhaps?

http://www.thehindu.com/news/cities/Bangalore/article2001732.ece

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
humble
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May 12, 2011, 02:51:39 PM
 #6


Interesting that Canada is leading that, followed by Australia and then the US.
ribuck
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May 12, 2011, 03:07:00 PM
 #7

Interesting that Canada is leading that, followed by Australia and then the US.
And yet the top language is Russian? Those stats don't look very sound...
Jaime Frontero
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May 12, 2011, 04:43:23 PM
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Interesting that Canada is leading that, followed by Australia and then the US.
And yet the top language is Russian? Those stats don't look very sound...

sure they do.

the russians are generally *much* more security conscious - more likely to use Tor, etc.

so even though their connection cannot be traced back to russia - and may in fact indicate that any given russian user has a tcp/ip address originating in guam or costa rica - they're still *speaking/writing* in russian.

makes perfect sense.
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May 12, 2011, 04:46:31 PM
 #9

Interesting that Canada is leading that, followed by Australia and then the US.
And yet the top language is Russian? Those stats don't look very sound...

sure they do.

the russians are generally *much* more security conscious - more likely to use Tor, etc.

so even though their connection cannot be traced back to russia - and may in fact indicate that any given russian user has a tcp/ip address originating in guam or costa rica - they're still *speaking/writing* in russian.

makes perfect sense.
You're missing the point.

Canada is the top "country" making those searches.

Russian is the top "language" making those searches.

Russia itself isn't even on the list of top countries.
deadlizard
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May 12, 2011, 04:49:22 PM
 #10

Interesting that Canada is leading that, followed by Australia and then the US.
Really? I'm in Australia and I see us at #7

btc address:1MEyKbVbmMVzVxLdLmt4Zf1SZHFgj56aqg
gpg fingerprint:DD1AB28F8043D0837C86A4CA7D6367953C6FE9DC

ribuck
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May 12, 2011, 04:50:41 PM
 #11

Russian is the top "language" making those searches.

Russia itself isn't even on the list of top countries.
I think SgtSpike is suggesting that the Russian-language users are being counted under the country of their Tor exit nodes.
Jaime Frontero
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May 12, 2011, 04:51:11 PM
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You're missing the point.

Canada is the top "country" making those searches.

Russian is the top "language" making those searches.

Russia itself isn't even on the list of top countries.

it doesn't matter what country is listed as the top country - if a significant number of users are hiding their country of origin by masking their real IP address.

look - if you're a russian, and you're manipulating your IP address to show that it's originating in canada, then that's one more 'canadian' connection - right?  and one less russian.

but the language you use cannot be hidden.  right?
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May 12, 2011, 05:06:13 PM
 #13

Russian is the top "language" making those searches.

Russia itself isn't even on the list of top countries.
I think SgtSpike is suggesting that the Russian-language users are being counted under the country of their Tor exit nodes.
Either that, or there's a vast underground movement of Russian immigration to Canada.
dvigatel
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May 12, 2011, 08:33:53 PM
 #14

I don't know what spurred it, but a couple of observations.

The "situation" caught my eye about a week ago, upon wanting to sell the remains of a generated block (after sending some away as donations) on "bitmarket.eu" to cover the purchase of some electric vehicle batteries.

- observing the situation, I could note that with the price increase, the market volume tended to decrease

- further, I could note that the mean size of a transaction tended to be 10 BTC

- I could observe no meaningful geographical pattern in ask vs. bid offers

- I could observe no meaningful transaction type pattern (local wire vs. international wire vs. paypal)

Either way, it looks like a deflationary spiral, and makes me concerned. What is causing the typical transaction size I don't know. I hope that people who sell goods and services can keep up with adjusting their prices downwards. Either way, such a rapid change in exchange rates is not contributing to a healthy and stress-free trading environment. I do hope this passes, but people's behaviour is hard to predict. It might slow down, it might burst like a bubble, it might do many things.. first time I see such a thing, and this ain't the most usual economy.
* dvigatel goes to wonder more about it

Help bitcoin stay decentralized - mine solo or in small pools!
SgtSpike
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May 12, 2011, 08:36:00 PM
 #15

The 10BTC thing may be due to deepbit.  The default automatic payment is 10BTC, and most people probably think that sounds like a good number to withdraw at, so they just keep it.  Since there are so many users on deepbit, it's probably what makes up a good portion of those 10BTC transactions.
kiba
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May 12, 2011, 09:06:39 PM
 #16


Either way, it looks like a deflationary spiral, and makes me concerned.

There is nothing to be concerned when there is more trading than ever before.

dacoinminster
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May 12, 2011, 10:03:48 PM
 #17

I know why the price is going up so much. It's in the new signature I just made:

deadlizard
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May 13, 2011, 06:10:17 AM
 #18

What spurred the New Rally to $7?  Cool

btc address:1MEyKbVbmMVzVxLdLmt4Zf1SZHFgj56aqg
gpg fingerprint:DD1AB28F8043D0837C86A4CA7D6367953C6FE9DC

Zamicol
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May 13, 2011, 09:37:18 AM
 #19

What spurred the New Rally to $8?  Cool

FTFY  Smiley

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TurboK
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May 13, 2011, 11:32:49 AM
 #20

What spurred the New Rally to $7?  Cool
8$ now.

12zJNWtM2HknS2EPLkT9QPSuSq1576aKx7

Tradehill viral bullshit code: TH-R114411
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