Bitcoin Rise

[Ravious]

I am on MT.Gox and the price of 1 bitcoin is £3.40. It was £3.20 a few weeks ago. Are bitcoin prices rising?

Thanks!

[Graet]

I am on MT.Gox and the price of 1 bitcoin is £3.40. It was £3.20 a few weeks ago. Are bitcoin prices rising?

Thanks!

yes

[ceciliacent]

Really? That's neat, I remember when they had risen all the way to $30. It seems like they're going back up to a more reasonable number since the crash.

[Newar]

A picture speaks...
http://bitcoincharts.com/charts/mtgoxUSD#rg180zigDailyztgOzm1g10zm2g25zxzvzl

[Stephen Gornick]

I am on MT.Gox and the price of 1 bitcoin is £3.40. It was £3.20 a few weeks ago. Are bitcoin prices rising?

Thanks!

Hope you didn't sell at £3.40.



 - http://bitcoincharts.com/charts/mtgoxGBP#rg30zigDailyztgSzm1g10zm2g25zx

[teknomunk]

Looks like mtgoxUSD is also continuing its rise. This sort of thing tends to happen when there are more buyers than sellers.

[Newar]

Looks like mtgoxUSD is also continuing its rise. This sort of thing tends to happen when there are more buyers than sellers.

Really? How can there be more buyers than sellers? Every trade needs one buyer and one seller exactly, would you not agree?

Maybe you mean more people are willing to match the higher Asks?

[Ravious]

How long will it take before bitcoin reaches £5 per BTC?

[lafiamafia]

I'd say within the next few weeks

[Ravious]

Is it really rising that much?

[dancupid]

Me tarzan you jane. hope that helps.

[teknomunk]

Looks like mtgoxUSD is also continuing its rise. This sort of thing tends to happen when there are more buyers than sellers.

Really? How can there be more buyers than sellers? Every trade needs one buyer and one seller exactly, would you not agree?

Maybe you mean more people are willing to match the higher Asks?

You are right that the trades need a buyer and seller matched. However, the number of bids to purchase bitcoin is currently larger than the number of offers to sell according to the current market depth charts I've been looking at on bitcoincharts.com for the past week or so. That leads me to believe that the price is going to rise as people get impatient and raise their bids in order to get bitcoin sooner. The opposite, where people lower their asking price is not going to move the price down very much becase it will just fill one of the many sanding bids at a price near the latest trades.

[imsaguy]

What are these silly £ you speak of?

[Newar]

See the piercing bars? Breakout from the sideways range? This will be at 30 USD again in no time.

j/k

[Newar]

Looks like mtgoxUSD is also continuing its rise. This sort of thing tends to happen when there are more buyers than sellers.

Really? How can there be more buyers than sellers? Every trade needs one buyer and one seller exactly, would you not agree?

Maybe you mean more people are willing to match the higher Asks?

You are right that the trades need a buyer and seller matched. However, the number of bids to purchase bitcoin is currently larger than the number of offers to sell according to the current market depth charts I've been looking at on bitcoincharts.com for the past week or so. That leads me to believe that the price is going to rise as people get impatient and raise their bids in order to get bitcoin sooner. The opposite, where people lower their asking price is not going to move the price down very much becase it will just fill one of the many sanding bids at a price near the latest trades.

Not sure about that "impatient" bit. Seems like a lot of assumption to me. Wouldn't mind being wrong ;-)

[teknomunk]

I admit that there are probably several assumptions in my post, but like pretty much everythinrelated to economics, there are lots of assumptions. The largest one in my post is that the market depth graph is a perfect picture of the market, which it is not. People can join or leave at any time and their "bid" price is not shown.

The part about buyers being "impatient" comes from what the buyer has control of: the bid price.  If the buyer is unwilling to wait for the lowest bit to drop to where the bid is at, he can raise the bid to match an existing offer or get in front of more people.  I have never used mtGOX, so I am making an assumption about how it matches the offers.

Personally, I think having bitcoin trading for 30 USD at the end of the week would not be a good thing. The only way I see that happening is massive speculation. I would much prefer nice steady growth that flattens off in several years as bitcoin reaches its maximum market size and inflation of the supply from mining ends. I would consider that a sign the underlying bitcoin economy was stable.  I doubt that it will actually unfold this way, but rather just my desires for bitcoin.

[Unacceptable]

Well,I think whats happening,in part now,is there are accounts being hacked on MTgox,any cash in your account is converted to coins & they are bought at whatever the current price is.So in effect its a "false rise",just a theory BTW.Since me & several others have had this done to us 

[Stephen Gornick]

Well,I think whats happening,in part now,is there are accounts being hacked on MTgox,

I doubt your 15 BTC that you lost is moving the market that much.  There were a total of three reports of Mt. Gox accounts being hacked.  Yours was likely due to your using a password that is just 8 characters long including a five letter dictionary word and three digits (as you've described in another thread).  Sorry that ended badly, but that was only a matter of time before that would be cracked.

Most people with larger amounts of funds have already implemented Yubikey, and those that haven't yet now have Google Authenticator as an option as well.

[Unacceptable]

Well the amount I lost was 37 BTC,but how many have NOT reported thier loss & will never do so............................it all ADDS up.

An 8 digit PW is not bad,its fuckers doing anything they can (greedy) to steal from us honest folk..........& a slight lack in security by MTgox.

[Hexadecibel]

my.gox could have world leading security, but it wouldn't matter because people will still get key logged because THEY DON'T TAKE PERSONAL RESPONSIBILITY FOR THEIR OWN SECURITY.

8 characters is too few for a password in my opinion.


use clean systems to access my.gox. easy as booting a live session of Ubuntu.

 buy a yubi key (same thing as a blizzard authenticator)

use a more secure password.

change your passwords regularly.

don't whine and moan when your own negligence rob's you of your money. you are basically handing the hackers your bitcoins .

Edit: Oh, and your gox account is only as secure as your email. keep that in mind.