Topic: Can anyone explain to me the bitcoin explotion price in septmber-dezember 2013? (Read 901 times)

The price had been stable (and slightly declining) for far too long...if you look at a log chart the price was far below the line by the time October came around but I think people were just stuck in the mindset that the price was what it was supposed to be so nobody risked going too high or too low.

Then Silk Road was busted and the price dropped about 40% shaking things up, then the price came back up.

This got a lot of media attention along with the idea that the fact that the Bitcoin price was still back to where it was and a little higher meant that Bitcoin wasn't just a bunch of drug users on Silk Road. So the price started going up slowly.

Then China started buying. The price correction of such a long stagnant price combined with the idea that the Chinese would be huge adopters sent the price up higher and higher. This created some media buzz around Bitcoin and more people started jumping in both in the US and in China.

Looking at a log scale again you would see that the price went above the line.

News about China "banning" Bitcoin dropped the price down and it started moving back to where the price should be on the log scale after a while.

The MtGox fiasco has kept us on the low end of the log scale and every piece of news about MtGox pushes the price lower.

Check this chart to see it a bit more clearly:
https://www.tradingview.com/v/7YEmxS3K/

Rise AND fall explained:

1. Greed
2. Obedience
3. Fear

Sooner or later, greed beats fear and obedience.

1. US Senate hearing
2. China
3. People slowly starting to understand the HUGE potential of Bitcoin

I agree that there are most likely important people concerned about bitcoin and they will try everything to get in the way. Bitcoin its like the antagonist of the worlds banksystem. In my opinion Bitcoins price will slowly rice for the next years and the market will wait until there are world financial crisis of some kind, then the value of bitcoin will be really reaaaaaaally high.

My guess is that the senator hearing in the US was the main reason

How do you think the price should go up? Do you think it should go up in a straight line? Can you think of any other financial asset that has appreciated linearly? The answer to your question is that there is nothing to explain.

from what i remembered

during that time, lots of chinese bought into bitcoin as btcchina set their trading commission to zero

the demand for btc on btcchina skyrockted during that time.

now btcchina just set their trading commission back to zero to stimulate demand of btc

Speculation / major investors expressed interest / plenty of media coverage (good or bad, most people don't know what BTC is, so any coverage helps).

I actually think there is a lot of merit in the price rise being down to the amount of BTC being invested in mining gear at the time. Whilst there was a lot of good news, there was also bad news not to dissimilar to what has been newsworthy recently... hacking, theft and collapse of exchanges. Most of the good news was actually following the increase in price where people became aware of their huge gains and found lost coins. The death of SR is over played in my opinion and likely didn't have a huge positive impact on price.

Your post is completely pointless in regards to the OP.

And NO, these "incidents" all happened at more or less the same time.
So, either, all these exchanges decided to scam people at the same time or someone or a group of people are behind this.
Just my opinion.

But in regards to the OP your post is not really helping.

 

The "incidents" you speak of were going to happen no matter what.  You can't stop them, they were coming regardless of what anyone did.  When anything new hits the scene, people flock for everywhere trying to exploit weaknesses & bugs & overlooked security flaws.  It's a fact of life and it didn't just start with Bitcoin.

 Security has been a huge issue EVERYWHERE, it was just a matter of time before hackers exploited the shit out of things.  The thing is, Bitcoin survived.  Bitcoin grew.  Exchanges survived.  Developers learned.  Users are still learning and always will be.  Hackers will always try to stay ahead, but hopefully someday developers/businesses security practices will be so strong and robust that common everyday people can use cryptocurrencies with second-nature-type-security-practices.  Right now, if I taught my parents/grandparents a crash course on Bitcoin, I would honestly expect that within a few months they would have either lost their Bitcoins or had them stolen.  Once that problem is solved, then we're really getting somewhere.  

Well, it had demand.
And it was normal for it's price to rise and it should have been higher by now if it weren't for several "incidents".

Which brings me to this question:
All of these "hacker" attacks seem to me that were organized.

Is someone trying to crush Bitcoin?
The NSA maybe?

Because this sort of attacks IS within their powers.

Just a thought here.....

Hi.. I was wondering what happend there with bitcoin´s prices.. was it because the difficulty riced exponentially with  ASIC miners? or just press and speculation?