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greatwolf (OP)
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June 16, 2012, 06:28:10 AM |
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Look at the mtgox price now it's up to $6.50 usd per bitcoin! What's the explanation for the sudden increase in price?
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In order to get the maximum amount of activity points possible, you just need to post once per day on average. Skipping days is OK as long as you maintain the average.
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vssa
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June 16, 2012, 06:30:53 AM |
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justusranvier
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June 16, 2012, 06:34:44 AM |
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BitInstant has made it a lot easier for people to get Bitcoins now so they can play SatoshiDice.
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Graet
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June 16, 2012, 09:35:24 AM |
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Look at the mtgox price now it's up to $6.50 usd per bitcoin! What's the explanation for the sudden increase in price?
more people buying than selling its sorta how a free market works  |
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Technomage
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Affordable Physical Bitcoins - Denarium.com
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June 16, 2012, 10:20:31 AM |
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My bet on the biggest reason is the media blitz regarding the flow of money from EUR to BTC. In fact the articles themselves were of the "buy bitcoins" kind. Other reasons include easier ways to actually buy bitcoins, mostly because of BitInstant. They seem to be stepping it up with the BitcoinSpinner integration and hints at ways of withdrawing bitcoins to cash. Meanwhile we've had Bitcoin Magazine which just announced it's going to be at Barnes & Nobles. We have Bitcoincard, Ellet... there is dozens of big things going on.
There is no single thing that explains the price increase. My understanding of the situation is that Bitcoin is simply growing overall, on many different areas. There has been an evolving megatrend going on for months which is now starting to accelerate, which means that we have more and more positive news, less negative news and fundamentally there is all kinds of fascinating stuff going on.
The bigger picture for Bitcoin is simply bright right now and that is causing the rally. I don't believe that there is significant manipulation going on, it's simply time. In fact with everything going on I would be surprised as hell to not see the price rocket. With a scarce money supply it's simply not sustainable to stay at $5 forever if Bitcoin continues to grow. With the rate of new coins coming in staying at $5 is growth by itself but it seems Bitcoin is growing faster than that.
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Technomage
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June 16, 2012, 11:02:24 AM |
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Or maybe he just wants to buy bitcoins, plain and simple. A direct buy would cause a spillage to $7 if he bought just now. One strategy is to simply wall in and hope someone sells. |
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proudhon
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June 16, 2012, 12:41:47 PM |
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My bet on the biggest reason is the media blitz regarding the flow of money from EUR to BTC. In fact the articles themselves were of the "buy bitcoins" kind.
The funny thing about that is that there wasn't really much evidence that Europeans were moving into bitcoin any more than before. Those articles, if they did anything, created the movement on which they were attempting to report. |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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organofcorti
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Poor impulse control.
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June 16, 2012, 12:46:48 PM |
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GLBSE is seeing a lot of action now. The price of btc in usd started to increase not long after bonds became so popular. It might be that this sudden popularity of bonds (especially pirate pass throughs and mining bonds) might be in part driving the demand for btc, but probably not the past day's spike.
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Technomage
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June 16, 2012, 12:47:43 PM |
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The funny thing about that is that there wasn't really much evidence that Europeans were moving into bitcoin any more than before. Those articles, if they did anything, created the movement on which they were attempting to report. Well, there is evidence. I've checked from Bitcoincharts that EUR volume has been increasing significantly. The least amount of increase is from Gox but overall the volume is up at least 50% lately. And I checked these numbers before the recent rally, now we've had nice EUR volume of course. I do agree that Bitcoin is marginal as a safe haven asset so in regards to that the articles were very overblown. But EUR volume has increased, that's a fact. |
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FreeMoney
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Strength in numbers
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June 16, 2012, 02:36:09 PM |
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Look at the mtgox price now it's up to $6.50 usd per bitcoin! What's the explanation for the sudden increase in price?
more people buying than selling its sorta how a free market works Not really. One person could buy as much as everyone combined sells and the effect on price would be the same. And buying and selling are always equal in terms of amount sold. The price went up because people value it more (with respect to supply), that's how a free market works. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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Vitalik Buterin
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June 16, 2012, 08:08:16 PM |
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That was written in January. Things like this are a good reason why I'm skeptical. |
Argumentum ad lunam: the fallacy that because Bitcoin's price is rising really fast the currency must be a speculative bubble and/or Ponzi scheme.
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evoorhees
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Democracy is the original 51% attack
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June 16, 2012, 10:14:55 PM |
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BitInstant has made it a lot easier for people to get Bitcoins now so they can play SatoshiDice.
I like both parts of this answer But certainly, BitInstant's ongoing improvements to the ease of Bitcoin acquisition has been a huge part of it. With every solid improvement in Bitcoin infrastructure, with other factors held constant, we should expect the price to rise by X amount since the utility of the system is higher than the day prior. |
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TraderTimm
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June 17, 2012, 12:51:23 AM |
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Probably a bit late, but if I was doing the BitInstant strategic marketing - I'd get my ass to Greece and take advantage of the rampant fear these guys have over reverting to the Drachma. Euro to Bitcoin, I'd shout it in the streets, spread flyers, etc..
We're talking about a country where there are no more safe-deposit boxes to be had, because people are stuffing them with euros and other things.
Anyway, I think it would be an opportunity for bitcoin to shine. If I had the ability I'd be over there in a second, networking and getting bitcoin adoption going.
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fortitudinem multis - catenum regit omnia
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kwukduck
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June 17, 2012, 01:00:57 AM |
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nothing really, just a fake wall, in a day or two it will be back where it was last week.
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14b8PdeWLqK3yi3PrNHMmCvSmvDEKEBh3E
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wrend
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June 17, 2012, 02:00:36 AM |
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Or maybe he just wants to buy bitcoins, plain and simple. A direct buy would cause a spillage to $7 if he bought just now. One strategy is to simply wall in and hope someone sells. Nah around 10k BTC was removed if I saw that right..
if 10K was later removed (as hazek writes), and not placed at lower ask price, then the "maybe he just wants to buy bitcoins" reason will only accommodate for 15k that were sold into market and not the last 10k. |
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hardpick
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June 17, 2012, 02:01:08 AM |
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Look at the mtgox price now it's up to $6.50 usd per bitcoin! What's the explanation for the sudden increase in price?
I not sure if I understand what has being said in the forum correctly but sometime in December the reward for mining will half (50 to 25 block and difficulty will stay the same) So for a miner to make the same $ he will have to double his hashing power -- I would think miners would expect bitcoins to be around $10 in December – so incomes stay about the same |
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giszmo
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WalletScrutiny.com
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June 17, 2012, 04:36:01 AM |
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nothing really, just a fake wall, in a day or two it will be back where it was last week.
"Fake" walls are walls in the second row making the users bullish or bearish. I saw that 25k wall at first front and it was completely teared down by sales and not just removed by the trader. If I have 25k*6.5$, why would I put that money in one order like the way he did? Does he like nice wall pictures? If this was a fake wall it was an expensive fake as fake would mean it was the trader himself who sold his own 25k BTC to himself. Maybe MtGox should provide a feature to buy slowly, like x BTC every y minutes. |
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WalletScrutiny checks if wallet builds are reproducible, a precondition for code audits to be of value. | ɃɃ |
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evoorhees
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Democracy is the original 51% attack
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June 17, 2012, 04:51:03 AM |
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Look at the mtgox price now it's up to $6.50 usd per bitcoin! What's the explanation for the sudden increase in price?
I not sure if I understand what has being said in the forum correctly but sometime in December the reward for mining will half (50 to 25 block and difficulty will stay the same) So for a miner to make the same $ he will have to double his hashing power -- I would think miners would expect bitcoins to be around $10 in December – so incomes stay about the same The price has nothing to do with what miners want. |
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