Explanation for BTC price surge? - page 2.

evoorhees

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Democracy is the original 51% attack

Quote from: mufa23 on February 12, 2013, 05:54:46 AM

Back in September, I knew it was going to spike shortly after the New Year due to all the ASIC's coming out. I originally guessed the end of January back then, so I guess I wasn't too far off. Even guessed it would be $25~. Buyers are trying to get some last few coins before ASIC really hits the pools. And miners aren't selling, cause we all know it going even higher than $25. Difficulty is going to go up 20 fold, and everyone's going to be selling off their videocards and/or switching over to Litecoin. You "might" see a surge in LTC in the coming months. I already anticipated this awhile back, and bought a ton. So hopefully both my Bitcoin and Litecoin are soon going to worth a whole hell of a lot more.

Why do people keep saying this?? ASIC has nothing (or little) to do with the price of bitcoin. It does not change supply. Even if people were buying coins to purchase ASIC's, those coins are being sold for USD.

The only real effect ASIC can/should have on the market price is that they make the network safer. This fact alone doesn't justify a doubling of the btc price though.

There are lots of reasons why the price is high right now, it has nothing to do with ASIC's or mining in any way.

siggy

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Quote from: Xian01 on February 12, 2013, 05:43:32 AM

Quote from: lebing on February 12, 2013, 05:15:23 AM

It's the market finally catching up with the organic growth & big speculative news we've seen over the last few months. Just look at google trends, the casino announcement in the US, wordpress etc.

I disagree. This is not the market catching up. This is something else. Feels like a classic bubble brought on by irrationality.

I hope I am wrong.

It feels to me like someone "knows something" and is accumulating in anticipation of some major announcement.. If I had to make a completely unsubstantiated guess.. I'd say some major online gambling site is going to start taking bitcoins soon, and the insiders are stocking up in anticipation of the major price spike they expect this will cause.

Sigg

YipYip

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Quote from: mufa23 on February 12, 2013, 05:54:46 AM

Back in September, I knew it was going to spike shortly after the New Year due to all the ASIC's coming out. I originally guessed the end of January back then, so I guess I wasn't too far off. Even guessed it would be $25~. Buyers are trying to get some last few coins before ASIC really hits the pools. And miners aren't selling, cause we all know it going even higher than $25. Difficulty is going to go up 20 fold, and everyone's going to be selling off their videocards and/or switching over to Litecoin. You "might" see a surge in LTC in the coming months. I already anticipated this awhile back, and bought a ton. So hopefully both my Bitcoin and Litecoin are soon going to worth a whole hell of a lot more.

Shhh ! ... Cheesy

mufa23

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I'd fight Gandhi.

Back in September, I knew it was going to spike shortly after the New Year due to all the ASIC's coming out. I originally guessed the end of January back then, so I guess I wasn't too far off. Even guessed it would be $25~. Buyers are trying to get some last few coins before ASIC really hits the pools. And miners aren't selling, cause we all know it going even higher than $25. Difficulty is going to go up 20 fold, and everyone's going to be selling off their videocards and/or switching over to Litecoin. You "might" see a surge in LTC in the coming months. I already anticipated this awhile back, and bought a ton. So hopefully both my Bitcoin and Litecoin are soon going to worth a whole hell of a lot more.

arepo

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this statement is false

Quote from: Xian01 on February 12, 2013, 05:43:32 AM

Quote from: lebing on February 12, 2013, 05:15:23 AM

It's the market finally catching up with the organic growth & big speculative news we've seen over the last few months. Just look at google trends, the casino announcement in the US, wordpress etc.

I disagree. This is not the market catching up. This is something else. Feels like a classic bubble brought on by irrationality.

I hope I am wrong.

i too am suspicious of organic growth alone being the sole motivator of 500% ROI yearly growth.

i was trying to talk about this over in the economics mainforum but i just got shat on. it's partly a deflation event. the google trends data is telling; demand is growing rapidly but supply is limited.

Xian01

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Christian Antkow

Quote from: lebing on February 12, 2013, 05:45:43 AM

This alone is insanely bullish, not bubblish.

So there we have it then ? This bubble brought to us by insane bulls ? Wink

lebing

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Enabling the maximal migration

Quote from: Xian01 on February 12, 2013, 05:43:32 AM

Quote from: lebing on February 12, 2013, 05:15:23 AM

It's the market finally catching up with the organic growth & big speculative news we've seen over the last few months. Just look at google trends, the casino announcement in the US, wordpress etc.

I disagree. This is not the market catching up. This is something else. Feels like a classic bubble brought on by irrationality.

I hope I am wrong.

Coinbase did over a million dollars last month (and they are just barely open now). This alone is insanely bullish, not bubblish.

Xian01

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Christian Antkow

Quote from: lebing on February 12, 2013, 05:15:23 AM

It's the market finally catching up with the organic growth & big speculative news we've seen over the last few months. Just look at google trends, the casino announcement in the US, wordpress etc.

I disagree. This is not the market catching up. This is something else. Feels like a classic bubble brought on by irrationality.

I hope I am wrong.

lebing

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Enabling the maximal migration

Sigh, how many threads do we have to see like this.

It's the market finally catching up with the organic growth & big speculative news we've seen over the last few months. Just look at google trends, the casino announcement in the US, wordpress etc.

BitcoinRate.com

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#1 reason of the surge in my opinion is people don't want to miss the boat and see prices rise every day - reinforcing that feeling, making people buy, reinforcing the surge. And round and round we go - until this bubble collapses.

Don't get me wrong, I love bitcoin and all it's possibilities and advantages, but the surge we see right now however is in my opinion a classic bubble - not anything in particular of the 5 things you mention.

🏰 TradeFortress 🏰

vip

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👻

#5 is ridiculous. You don't exactly kill bitcoin by buying up a large amount of bitcoin.. that just increases the value of everyone else's.

abbyd

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Quote from: lucif on February 12, 2013, 04:31:30 AM

Look at s&p500 for past two months and look at Bitcoin. It's a wall street bucks.

Definitely a correlation there, but bitcoin has almost doubled since Jan '13.
Also I wouldn't be surprised if bitcoin was going up while the market is heading
down.

lucif

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Clown prophet

Look at s&p500 for past two months and look at Bitcoin. It's a wall street bucks.

abbyd

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I'm no expert on financial markets, so can anyone explain the strong upward trend in BTC/USD?
My current theories are (not mutually exclusive, in descending order of likelihood):

* big shot financial people joining speculation
* positive press coverage creating a seller's market
* people hedging against impending fiat currency inflation
* bitcoin is becoming more useful for money laundering
* someone is trying to corner the market (NOT NECESSARILY FOR PROFIT)

On this last point (keep in mind that I regard this as the least likely cause of the up-rush) -
I do find it plausible that a large monetary entity could be fearful of bitcoin. In this scenario,
it would make sense to soak up as many bitcoins as possible to take them out of circulation.
Basically they would be seeking to stall the bitcoin economy. A few hundred million is nothing
to a huge financial entity.

Topic: Explanation for BTC price surge? - page 2. (Read 2903 times)