Greed.
This is like saying nothing.
Topic: BTC price shooting up to $24/BTC - page 3. (Read 4398 times)
From a practical standpoint, if we are to consider btc as a currency, its relative value (as pegged to another currency, such as usd or eur) should be meaningless. In other words, when I spend a dollar, I don't worry about its value relative to the yen, or stress if it lost 8 pips to the euro.
Don't tell anyone, but precious metals are overvalued right now too. 
Show me a superior store of value. Show me a superior currency. If you can, I would seriously consider trading some of my Bitcoins for whatever it may be.
I don't think you really want my answer, but...
If I am looking to store or grow wealth, I'm going to diversify to reduce risk; I'm certainly not going to throw everything into precious metals and call it a day. Do metals have a place in an investors portfolio? Certainly, (as do a number of investment vehicles) but it isn't the be-all-end-all....just ask anyone who bought silver in Jan 1980....
I dont know how a currency can be "superior", but if you dropped me in a random country, I can get a lot further with a hand full of USD than I can with a wallet full of BTC.
People are taking a look at Bitcoin now, a year or so later, and it is going strong.
The code is good. Community is growing.... Their trust factor increases.
The decision to park some wealth in bitcoins is made.
This is happening at a growing rate. Consequently the price per coin is going up.
Bitcoin, like gold, is a value store. ... easy transactions are just a bonus.
Easy transaction is BIG factor, as well as it is not easy to confiscate, The code is good. Community is growing.... Their trust factor increases.
The decision to park some wealth in bitcoins is made.
This is happening at a growing rate. Consequently the price per coin is going up.
Bitcoin, like gold, is a value store. ... easy transactions are just a bonus.
Are people finally beginning to realize how awesome bitcoin is ? 
Less chance for me to buy more
Less chance for me to buy more 
Bitcoin = Tulip Mania
People are taking a look at Bitcoin now, a year or so later, and it is going strong.
The code is good. Community is growing.... Their trust factor increases.
The decision to park some wealth in bitcoins is made.
This is happening at a growing rate. Consequently the price per coin is going up.
Bitcoin, like gold, is a value store. ... easy transactions are just a bonus.
The code is good. Community is growing.... Their trust factor increases.
The decision to park some wealth in bitcoins is made.
This is happening at a growing rate. Consequently the price per coin is going up.
Bitcoin, like gold, is a value store. ... easy transactions are just a bonus.
Now this is something I would +1
Every passing day the strongest hands involved in bitcoin are getting stronger, veteran small ballers are getting rich, Anyone involved in bitcoin the past year is getting rich, in no way will bitcoin be valueless til EVERYONE meaning all 100% of those involved in bitcoin says so, so even if 2 are involved it is still valuable to those 2,
See you all at 1000 ill be on my island,
the only logical answer that was said here was supply and demand,
I dont understand how greed would come into play here, and like most who have followed bitcoin the situation we are in now is 100000000000x different than the crash we experienced 1 year ago, the run up and down happened in such a short period of time and back then all it took was one big sell/buy to cause the market to panic in either direction because of how few were involved in bitcoin
What does greed have to do with this at all? or the reference with musical chairs?
bitcoin aside of getting press from some decent sources mainly because of how well it is performing to other financial assets, securities, you name it bitcoin is beating it. but where does greed fall into the mix? its not like MTGox,someone who has a insane amount of coins or DPR of SR are going around on every forum advocating to the world how amazing bitcoin is, the world is just slowly realizing it one by one as people see the true benefit to bitcoin
Lol @ your comments man seriously, Gold and Silver being over priced? it just makes sense when something that is limited in supply starts being bought up, not to mention that a majority of the stuff is stashed away in banks or reserves so what there is available to be bought is limited, as well as the limited amount of new gold/silver being introduced, With a setup like this how can the price not go up?
Bitcoin is essentially the same as gold, it is mined, big stashes of it are stored away by big players, and now people are beginning to notice it, its only a matter of time til bitcoin destroys its last high of 32 and it will hopefully get there in a slow and steady fashion like it has been doing the past year,
You say that anyones guess is good but that isnt true when someone also says one of the options is wizards,
Bitcoin is going up. Why ? Because fundamentally it has to just like gold and silver did,
I dont understand how greed would come into play here, and like most who have followed bitcoin the situation we are in now is 100000000000x different than the crash we experienced 1 year ago, the run up and down happened in such a short period of time and back then all it took was one big sell/buy to cause the market to panic in either direction because of how few were involved in bitcoin
What does greed have to do with this at all? or the reference with musical chairs?
bitcoin aside of getting press from some decent sources mainly because of how well it is performing to other financial assets, securities, you name it bitcoin is beating it. but where does greed fall into the mix? its not like MTGox,someone who has a insane amount of coins or DPR of SR are going around on every forum advocating to the world how amazing bitcoin is, the world is just slowly realizing it one by one as people see the true benefit to bitcoin
Lol @ your comments man seriously, Gold and Silver being over priced? it just makes sense when something that is limited in supply starts being bought up, not to mention that a majority of the stuff is stashed away in banks or reserves so what there is available to be bought is limited, as well as the limited amount of new gold/silver being introduced, With a setup like this how can the price not go up?
Bitcoin is essentially the same as gold, it is mined, big stashes of it are stored away by big players, and now people are beginning to notice it, its only a matter of time til bitcoin destroys its last high of 32 and it will hopefully get there in a slow and steady fashion like it has been doing the past year,
You say that anyones guess is good but that isnt true when someone also says one of the options is wizards,
Bitcoin is going up. Why ? Because fundamentally it has to just like gold and silver did,
Gold is a commodity, why wouldn't I peg its value to a currency?
Well thats because you are talking about relative value of that gold to USD or euro or such like.
evolve only cares about being right, he will never modify his position even if bitcoin continues its track of success. there will be people like this every step up. same exact thing happened as gold went from $200 to $2,000
Don't tell anyone, but precious metals are overvalued right now too.
I would agree that there have been some changes in the bitcoin ecosystem in the last couple of years, but I think the price is being driven up by speculation, not usability.
From a practical standpoint, if we are to consider btc as a currency, its relative value (as pegged to another currency, such as usd or eur) should be meaningless. In other words, when I spend a dollar, I don't worry about its value relative to the yen, or stress if it lost 8 pips to the euro.
But that's not what we see with bitcoin. Every other thread has a prediction about btc being worth $100,000 in a few years. That says to me that bitcoin is being used primarily as a speculative vehicle, and that speculation (greed) is what drives the price.
Just my opinion though....
From a practical standpoint, if we are to consider btc as a currency, its relative value (as pegged to another currency, such as usd or eur) should be meaningless. In other words, when I spend a dollar, I don't worry about its value relative to the yen, or stress if it lost 8 pips to the euro.
But that's not what we see with bitcoin. Every other thread has a prediction about btc being worth $100,000 in a few years. That says to me that bitcoin is being used primarily as a speculative vehicle, and that speculation (greed) is what drives the price.
Just my opinion though....
evolve only cares about being right, he will never modify his position even if bitcoin continues its track of success. there will be people like this every step up. same exact thing happened as gold went from $200 to $2,000
My guess would be fear. Last year, people were still scared from the $32 crash. As to why this fear went away, who knows...memories are short, and greed is strong, I guess.
Or, perhaps, a new influx of members that weren't around for the last crash (or all the hacks and scams) have more confidence than the older members and are creating a new bubble.
Or wizards.
Really, there is likely no one reason that this is happening and anyones guess is as good as the next one.
Or, perhaps, a new influx of members that weren't around for the last crash (or all the hacks and scams) have more confidence than the older members and are creating a new bubble.
Or wizards.
Really, there is likely no one reason that this is happening and anyones guess is as good as the next one.
I know your position about the recent price rise and that's fine, but to imply that the bitcoin ecosystem is similar to how it was during the 2011 spike is absurd. Doesn't bitpay alone have 2000 merchants signed up? We've gone through a nasty process of developing more professionalism and smarter best practices through that series of hacks and scams. To be sure, that stuff will always happen from time to time, but I'm hopeful that the relentless rash of it which we saw in mid 2011 through the pirate fiasco last summer is over.
Plus higher profile press coverage (obv, Wordpress, Bloomberg, Forbes, NPR), with more reasoned, accurate, less-negative tone/content too. Higher hash-rate, more transaction volume, longer history without *any* fundamental protocol breach (in my experience, this is actually a big one for older guys who tend to have a "wait and see" approach to new stuff).... Just a healthier ecosystem all around. Does that justify $24/btc right now? I don't know. Personally, I'm long, but I can certainly see the case for waiting for a correction if one is good at market timing. That's a different matter, though.
My guess would be fear. Last year, people were still scared from the $32 crash. As to why this fear went away, who knows...memories are short, and greed is strong, I guess.
Or, perhaps, a new influx of members that weren't around for the last crash (or all the hacks and scams) have more confidence than the older members and are creating a new bubble.
Or wizards.
Really, there is likely no one reason that this is happening and anyones guess is as good as the next one.
Or, perhaps, a new influx of members that weren't around for the last crash (or all the hacks and scams) have more confidence than the older members and are creating a new bubble.
Or wizards.
Really, there is likely no one reason that this is happening and anyones guess is as good as the next one.
It can still be fear I think, just fear of not owning BTC when the price goes up.
My guess would be fear. Last year, people were still scared from the $32 crash. As to why this fear went away, who knows...memories are short, and greed is strong, I guess.
Or, perhaps, a new influx of members that weren't around for the last crash (or all the hacks and scams) have more confidence than the older members and are creating a new bubble.
Or wizards.
Really, there is likely no one reason that this is happening and anyones guess is as good as the next one.
Or, perhaps, a new influx of members that weren't around for the last crash (or all the hacks and scams) have more confidence than the older members and are creating a new bubble.
Or wizards.
Really, there is likely no one reason that this is happening and anyones guess is as good as the next one.
Then why wasn't "greed" a reason for this last year, or why demand all of a sudden jumped up? I just got back into it, so don't know if a few large companies or individuals started to buy up a shit ton of BTC to inflate the price.
God i hate that game!
This is good reading:
http://www.runtogold.com/2012/12/during-2012-fiat-currencies-and-gold-collapse-against-bitcoin/
http://www.runtogold.com/2012/12/during-2012-fiat-currencies-and-gold-collapse-against-bitcoin/
+1
Just stumbled upon that today myself.
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