Pages:
Author

Topic: Explanation for today's boom? (Read 3328 times)

legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
November 27, 2013, 09:36:00 AM
#39
Someone was going to make the thread, but this time I am genuinely curious, so I made it.  Someone commented that China is not at play right now, and that serious money is pouring in, but mostly from Europe and the Americas.  Are you guys able to see that on the exchanges somehow? 

When the price is this high, part of me believes this is governments buying in or something ... thoughts?

Probably frightened banksters are now entering into play after having been scared by the Fed which promised to denude them of their money to cut interest rates on their reserves
member
Activity: 112
Merit: 10
November 27, 2013, 09:20:34 AM
#38
Hopefully bitcoin actually represents a revolution for a world with less inequality. If this thing is going to create more inequality then it's not better than regular money and it deserves to perish the same way. What good is freedom if we live in a fucked up world?
hero member
Activity: 714
Merit: 510
November 27, 2013, 09:00:02 AM
#37
Bitcoin is still in the paperclip budget range.  A government buyer would push it to 5 figures as they buy by the $1 million.

Why would a government have to buy Bitcoins when they can just take them from people?

The FBI currently has enough Bitcoins to fund themselves for generations to come.
legendary
Activity: 3248
Merit: 1070
November 27, 2013, 08:42:32 AM
#36
people are using it more, simple as that
sr. member
Activity: 252
Merit: 250
November 27, 2013, 07:59:12 AM
#35
This could be the new stockmarket where millions of people get rich.

If millions of people are going to get rich, then millions of people must get poorer as well.


Hopefully it's poor people robbing rich wall street types mostly, since that's where the highest concentration of wealth is and they're probs going to want in at some point.

Those are going to get richer. It's the already rich that will choose not to enter that will become less rich  Tongue
Except if you think that bitcoin is a bubble  Tongue
full member
Activity: 219
Merit: 106
November 27, 2013, 07:46:22 AM
#34
This could be the new stockmarket where millions of people get rich.

If millions of people are going to get rich, then millions of people must get poorer as well.


Hopefully it's poor people robbing rich wall street types mostly, since that's where the highest concentration of wealth is and they're probs going to want in at some point.
sr. member
Activity: 252
Merit: 250
November 27, 2013, 06:47:22 AM
#33
This could be the new stockmarket where millions of people get rich.

If millions of people are going to get rich, then millions of people must get poorer as well.


I don't have a problem with a few million of people becoming less rich...
legendary
Activity: 2268
Merit: 1278
November 27, 2013, 06:41:11 AM
#32
This could be the new stockmarket where millions of people get rich.

If millions of people are going to get rich, then millions of people must get poorer as well.


Yeah, the ones who don't buy for whatever reason. As I see it, bitcoin rewards intelligence and the courage to trust your own judgment. Let the millions become poor when fiat crashes, it's on their own heads. Or ours, if it goes the other way, I could live with that too.
legendary
Activity: 1652
Merit: 1016
November 27, 2013, 06:33:17 AM
#31
This could be the new stockmarket where millions of people get rich.

If millions of people are going to get rich, then millions of people must get poorer as well.

sr. member
Activity: 252
Merit: 250
November 27, 2013, 06:22:49 AM
#30
Okay, I wasn't going to do it, but I'm going to do it. I'm going to drop the conspiracy theory thing.

I do know that the major exchanges have LARGE holdings of bitcoins. And I assume they themselves can put buy and sell orders into the market (with it being fairly anonymous).

That's not a conspiracy. It is called price manipulation and anyone with a large stack can do it.
Concpiracy is the OP thinking that aliens and governments are behind the recent rise.
legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
November 27, 2013, 12:31:41 AM
#29

Here's that log chart:



By visual analogy we appear to be in the mid- to late- March phase of the rip-dip cycle.
legendary
Activity: 1036
Merit: 1000
November 26, 2013, 09:15:44 PM
#28
I'm not claiming it's the government. I was just trying to think of an organization that has a lot of money. You have to admit, absolutely nothing happening for five days and then all of a sudden, on a dime, everything explodes. There's always a reason. Maybe was just another infomercial in China that 40,000 people happen to see at the same time. Maybe it was an article in Europe stating that a new chain of restaurants is accepting bitcoin. I don't know what it was, but it was something. The timing was too specific.

Look at the long-term log chart. It's all right there. We got curvy, straightened out via consolidation, and resumed straight exponential mini-trend/bubble.

Here's that log chart:

full member
Activity: 238
Merit: 100
RMBTB.com: The secure BTC:CNY exchange. 0% fee!
November 26, 2013, 09:15:04 PM
#27
Okay, I wasn't going to do it, but I'm going to do it. I'm going to drop the conspiracy theory thing.

I do know that the major exchanges have LARGE holdings of bitcoins. And I assume they themselves can put buy and sell orders into the market (with it being fairly anonymous).

That being said... I'm not saying another word.

: )

cj

To be honest, people have been tearing their hair out for days trying to decide which way the market would go. People spent lots of coins painting that double top picture, but other big holders were fighting back. Remember that with all downturns, the real intentions of the big holders who dump on the way down is to accumulate. However, now there are so many holders that it was harder for these bears to drive the price as low as they liked, and so you could clearly see sentiment turning. A couple of stronger than expected rebounds was enough to prove that the markets still have legs, so bears got back in before it was too late. If they haven't lost all their coins, they will try again later at a big profit-taking dip.

full member
Activity: 182
Merit: 106
November 26, 2013, 09:14:24 PM
#26
By and large it's gambling. It's manipulation/greed/fantasy. Maybe litecoin deserve's it's valuation, but don't be fooled. Alt-coins are where larger holders have found a clever way to increase their bitcoin holdings at the expense of people who don't know better.

But you know- people probably said the same about bitcoin once.

alt-coins may be valuable in the future, but do your own due diligence, buy something that no-one is talking about and accept it as a sunk cost.

Every time you hear about how XXX is being pumped, or how much YYY has risen, never buy -- you're playing in their playground. I'd view any such news as an opportunity to sell.

Good to know, thanks both.
full member
Activity: 238
Merit: 100
RMBTB.com: The secure BTC:CNY exchange. 0% fee!
November 26, 2013, 09:10:36 PM
#25
alt-coins may be valuable in the future, but do your own due diligence, buy something that no-one is talking about and accept it as a sunk cost.

Every time you hear about how XXX is being pumped, or how much YYY has risen, never buy -- you're playing in their playground. I'd view any such news as an opportunity to sell.
member
Activity: 98
Merit: 10
November 26, 2013, 09:09:15 PM
#24
Okay, I wasn't going to do it, but I'm going to do it. I'm going to drop the conspiracy theory thing.

I do know that the major exchanges have LARGE holdings of bitcoins. And I assume they themselves can put buy and sell orders into the market (with it being fairly anonymous).

That being said... I'm not saying another word.

: )

cj
legendary
Activity: 1204
Merit: 1002
RUM AND CARROTS: A PIRATE LIFE FOR ME
November 26, 2013, 09:06:36 PM
#23
Cuz supply and demand.

I made more on alt-coins today and yesterday than on Bitcoin. What gives? Namecoin up to $6+, that's past what LTC's ATH was until this month. LTC up to $19+? WTF Even FEATHER COIN, that's right, fucking FEATHER COIN, is doing well. I think people are just treating the more popular alt-coins as just extensions of bitcoins.

I'm really hoping that China and others realize that each alt coin is an opportunity for speculation and investment, and return. There could be a very long, long period ahead of insane moneymaking for all of us if that's the case. Bitcoin is the only one that really needs to succeed anyways. The rest can be for speculators. This could be the new stockmarket where millions of people get rich. If they get in early enough.
I really need to get into alt coins. Never even looked into them. Feel like I've missed that boat for the most part.

By and large it's gambling. It's manipulation/greed/fantasy. Maybe litecoin deserve's it's valuation, but don't be fooled. Alt-coins are where larger holders have found a clever way to increase their bitcoin holdings at the expense of people who don't know better.

But you know- people probably said the same about bitcoin once.
full member
Activity: 182
Merit: 106
November 26, 2013, 09:03:44 PM
#22
Cuz supply and demand.

I made more on alt-coins today and yesterday than on Bitcoin. What gives? Namecoin up to $6+, that's past what LTC's ATH was until this month. LTC up to $19+? WTF Even FEATHER COIN, that's right, fucking FEATHER COIN, is doing well. I think people are just treating the more popular alt-coins as just extensions of bitcoins.

I'm really hoping that China and others realize that each alt coin is an opportunity for speculation and investment, and return. There could be a very long, long period ahead of insane moneymaking for all of us if that's the case. Bitcoin is the only one that really needs to succeed anyways. The rest can be for speculators. This could be the new stockmarket where millions of people get rich. If they get in early enough.
I really need to get into alt coins. Never even looked into them. Feel like I've missed that boat for the most part.
legendary
Activity: 1036
Merit: 1000
November 26, 2013, 09:02:43 PM
#21
I'm not claiming it's the government. I was just trying to think of an organization that has a lot of money. You have to admit, absolutely nothing happening for five days and then all of a sudden, on a dime, everything explodes. There's always a reason. Maybe was just another infomercial in China that 40,000 people happen to see at the same time. Maybe it was an article in Europe stating that a new chain of restaurants is accepting bitcoin. I don't know what it was, but it was something. The timing was too specific.

Look at the long-term log chart. It's all right there. We got curvy, straightened out, and resumed straight exponential mini-trend/bubble.
hero member
Activity: 924
Merit: 1001
November 26, 2013, 08:21:04 PM
#20
Cuz supply and demand.

I made more on alt-coins today and yesterday than on Bitcoin. What gives? Namecoin up to $6+, that's past what LTC's ATH was until this month. LTC up to $19+? WTF Even FEATHER COIN, that's right, fucking FEATHER COIN, is doing well. I think people are just treating the more popular alt-coins as just extensions of bitcoins.

I'm really hoping that China and others realize that each alt coin is an opportunity for speculation and investment, and return. There could be a very long, long period ahead of insane moneymaking for all of us if that's the case. Bitcoin is the only one that really needs to succeed anyways. The rest can be for speculators. This could be the new stockmarket where millions of people get rich. If they get in early enough.
Pages:
Jump to: