Interest in bitcoin at an ALL TIME HIGH!

AlgoSwan

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ancap

Quote from: Zangelbert Bingledack on April 13, 2013, 10:24:48 AM

Quote from: simplydt on April 13, 2013, 09:42:48 AM

In the end, there is still only 3600 new coins per day, what changes is who gets them.

This is what people don't realize. ASICs change nothing except making the network more secure, which can only be called bullish.

I agree on this. I never meant ASICs invasion to BTC mining could be a bearish sign. The very opposite is true. It will make the network more secure, if only miners hold their BTC's or exchange it with other cryptocurrencies or tangible goods (via shopping or whatever). This is so important. If this new miners or old miners with new hardwares (ASICs) accept any fiat money for their hard-earned (mined) BTCs, this will open a door to new manipulations on both sides (up and down). By accepting any fiat for your BTC you simply selling this lovely innovation to bad guys. It simply ruins it. You want a proof? Just check out last 80 years of financial history of the world.

Zangelbert Bingledack

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Quote from: simplydt on April 13, 2013, 09:42:48 AM

In the end, there is still only 3600 new coins per day, what changes is who gets them.

This is what people don't realize. ASICs change nothing except making the network more secure, which can only be called bullish.

b!z

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AWW YESS. MY CHEAP COINS ARE GOING TO PAY OFF Cheesy

Comodore

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Quote from: Akka on April 13, 2013, 09:34:38 AM

Quote from: Mark Oates on April 13, 2013, 09:32:26 AM

Oh god, looks like we're headed for a super bubble...

Yes, just imagine the madness if this was just the first sell off:

I'm not serious, though.

This had definitely been a first sell off.

simplydt

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Quote from: AlgoSwan on April 13, 2013, 08:59:31 AM

Quote from: hacknoid on April 13, 2013, 08:40:07 AM

I don't understand all this focus on the miners and ASICs. Fundamentally the new hardware doesn't change anything.

Are you sure? It will change everything from ATI card prices to BTC/USD, LTC/BTC or even NMC/BTC prices. Come on, we're talking about monsters here! designed only for mining cryptocurrencies with most energy efficient way.

I also tink the new ASICs wont affect the price, as said, the number of new bitcoins remains the same; what goes up is the barrier to entry to essentially make the same profits. Obviously, the ones who get the ASICs first, make more profits but thats because they've increased the barrier of entry so much that all GPUs FPGAs become invalidated. Hope this makes sense. Tongue

In the end, there is still only 3600 new coins per day, what changes is who gets them.

Akka

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Quote from: Mark Oates on April 13, 2013, 09:32:26 AM

Oh god, looks like we're headed for a super bubble...

Yes, just imagine the madness if this was just the first sell off:

I'm not serious, though.

Mark Oates

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Oh god, looks like we're headed for a super bubble...

AlgoSwan

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ancap

Quote from: hacknoid on April 13, 2013, 08:40:07 AM

I don't understand all this focus on the miners and ASICs. Fundamentally the new hardware doesn't change anything.

Are you sure? It will change everything from ATI card prices to BTC/USD, LTC/BTC or even NMC/BTC prices. Come on, we're talking about monsters here! designed only for mining cryptocurrencies with most energy efficient way.

Quote from: hacknoid on April 13, 2013, 08:40:07 AM

the difficulty will adjust to the new hashing power and the reward rate will remain the same - ~3600 new coins per day. Gox alone on a bad day trades 10x that number of coins.

10x is a trading volume of BTC. And most of this trading volume done by big guys and they make multiple trades in a day. So your 10x number have no meaning to ~3600 new coins per day by miners.

Quote from: hacknoid on April 13, 2013, 08:40:07 AM

No its pure speculation that is driving the price and I think this will only increase. I personally don't see this as a bubble - certainly not any traditional one. This whole thing is so new that nobody really understands how it will play out. Pick your side and make your bets... we'll see in a year where we are.

I'm with you with this one!

hacknoid

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Proud Canuck

Quote from: AlgoSwan on April 13, 2013, 07:51:44 AM

Quote from: Zotia on April 13, 2013, 04:19:41 AM

If it's the new normal maybe we should stop calling it a bubble.

Yeah, we should stop calling it a bubble. But also we should learn from this: It was a manipulation on both sides first spike to $260 and then chrash into $55. Now, with the new monster ASICs becoming to the town, the prices will be decided by this huge monsters and its owners a.k.a miners. If they're not interested neither in fiat money nor in any other cryptocurrencies for their newly minted BTCs and hold them until some short time of period (maybe 3 months or so) we will see new all-time highs, otherwise we will enter long long consolidation period and very wide trading range between $40 to $150.

I don't understand all this focus on the miners and ASICs. Fundamentally the new hardware doesn't change anything - the difficulty will adjust to the new hashing power and the reward rate will remain the same - ~3600 new coins per day. Gox alone on a bad day trades 10x that number of coins. And many of the current miners are buying the new hardware (myself included).

No its pure speculation that is driving the price and I think this will only increase. I personally don't see this as a bubble - certainly not any traditional one. This whole thing is so new that nobody really understands how it will play out. Pick your side and make your bets... we'll see in a year where we are.

AlgoSwan

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ancap

Quote from: Zotia on April 13, 2013, 04:19:41 AM

If it's the new normal maybe we should stop calling it a bubble.

Yeah, we should stop calling it a bubble. But also we should learn from this: It was a manipulation on both sides first spike to $260 and then chrash into $55. Now, with the new monster ASICs becoming to the town, the prices will be decided by this huge monsters and its owners a.k.a miners. If they're not interested neither in fiat money nor in any other cryptocurrencies for their newly minted BTCs and hold them until some short time of period (maybe 3 months or so) we will see new all-time highs, otherwise we will enter long long consolidation period and very wide trading range between $40 to $150.

John Self

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Quote from: Luckybit on April 13, 2013, 07:36:33 AM

Quote from: John Self on April 13, 2013, 06:09:05 AM

This is an oversimplified analysis. A lot of the press has been bad in recent days. A lot of people like me are forming early impressions, so the bad press will put a dampener on growth. I predict a much slower climb back to bubble prices- after then, who knows.

There has been bad press all along. I think people know the so called crash was more of a fluke than natural.

If the crash had happened on its own without market manipulation to force a crash then maybe we wouldn't still be bullish but in this situation the price was going up and up and then some hacker pricks decided to crash it single handedly. This is a problem which could be fixed and if the infrastructure problem didnt exist then it might have hit $1000 and beyond.

You have it wrong, the site crashed due to high volume, check the mtgox news section.

skull88

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Quote from: Akka on April 13, 2013, 06:12:18 AM

Just something to get you back to the bottom a bit:

http://www.google.com/trends/explore#q=bitcoin%2C%20PayPal&date=1%2F2010%2041m&cmpt=q

We have still a long way to go!

For April it's 31/100 btc/paypal

Actually that's a lot compared to previous months, the interest in bitcoins is almost 1/3th of the interest for paypal. Shocked

Luckybit

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Quote from: John Self on April 13, 2013, 06:09:05 AM

This is an oversimplified analysis. A lot of the press has been bad in recent days. A lot of people like me are forming early impressions, so the bad press will put a dampener on growth. I predict a much slower climb back to bubble prices- after then, who knows.

There has been bad press all along. I think people know the so called crash was more of a fluke than natural.

If the crash had happened on its own without market manipulation to force a crash then maybe we wouldn't still be bullish but in this situation the price was going up and up and then some hacker pricks decided to crash it single handedly. This is a problem which could be fixed and if the infrastructure problem didnt exist then it might have hit $1000 and beyond.

Luckybit

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Quote from: Zotia on April 13, 2013, 04:19:41 AM

Google trend traffic about bitcoin is DOUBLE that of last week: http://www.google.com/trends/explore#q=bitcoin&date=today%201-m&cmpt=q

"buy bitcoin" is up from last week: http://www.google.com/trends/explore#q=%22buy%20bitcoin%22&date=today%201-m&cmpt=q
"buy bitcoins" is also up from last week: http://www.google.com/trends/explore#q=%22buy+bitcoins%22&date=today+1-m&cmpt=q

It looks like we might go straight into another bubble.

If it's the new normal maybe we should stop calling it a bubble.

shibaji

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Good to know - this is just starting.

just1nmc

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The bitcoin subreddit also shows this (30% growth this week).
http://stattit.com/r/bitcoin/

And likely this forum, which is at 8,300 new users so far this month. On track to pass the June 2011 record.
https://bitcointalk.org/index.php?action=stats

Zotia

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TokenUnion-Get Rewarded for Holding Crypto

Quote from: John Self on April 13, 2013, 06:09:05 AM

This is an oversimplified analysis. A lot of the press has been bad in recent days. A lot of people like me are forming early impressions, so the bad press will put a dampener on growth. I predict a much slower climb back to bubble prices- after then, who knows.

Why would the "buy bitcoin" and "buy bitcoins" searches increase, then?

Kupsi

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9.9.2012: I predict that single digits... <- FAIL

Wikipedia confirms an all time high interest in Bitcoin.

http://stats.grok.se/en/latest90/bitcoin

Akka

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Just something to get you back to the bottom a bit:

http://www.google.com/trends/explore#q=bitcoin%2C%20PayPal&date=1%2F2010%2041m&cmpt=q

We have still a long way to go!

NamelessOne

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Quote from: John Self on April 13, 2013, 06:09:05 AM

This is an oversimplified analysis. A lot of the press has been bad in recent days. A lot of people like me are forming early impressions, so the bad press will put a dampener on growth. I predict a much slower climb back to bubble prices- after then, who knows.

The climb will attract people as they realized the bad press didn't damage prices. The paradox feedback loop will continue.

Topic: Interest in bitcoin at an ALL TIME HIGH! (Read 2012 times)