Topic: The current rally is driven by widespread bitcoin adoption. (Read 1488 times)
Block reward halving is also to be blamed.
mega does not accept bitcoin, that is just a reseller.
that's the same thing with dominos pizza.
that's the same thing with dominos pizza.
Interesting post. However, I myself have also looked into this, and noted that
1) The current rally started around January the 15th
2) All news posts you link in your article are from February, some of which are only 1 day old:
Hosting.co.uk : Feb 15
Btc ATM: Feb 25
Internet Archive: Feb 21
Mega: Feb 13
Reddit: Feb 16
Namecheap: Feb 20
HumbleBundle (saying they WON'T accept BTC): Feb 26
FrankDomains: Feb 26
3) Setting up an account on MtGox and transfering money there so you can start buying BTCs takes from 2 to 3 weeks.
Therefore, we can safely say that this rally was not caused by the "widespread bitcoin adoption". Maybe the reverse is true, but who knows. What is true is that given the big influx of BTC news this february, we should expect more players to enter the market around next month, but who knows if that will drive the price up or down.
1) The current rally started around January the 15th
2) All news posts you link in your article are from February, some of which are only 1 day old:
Hosting.co.uk : Feb 15
Btc ATM: Feb 25
Internet Archive: Feb 21
Mega: Feb 13
Reddit: Feb 16
Namecheap: Feb 20
HumbleBundle (saying they WON'T accept BTC): Feb 26
FrankDomains: Feb 26
3) Setting up an account on MtGox and transfering money there so you can start buying BTCs takes from 2 to 3 weeks.
Therefore, we can safely say that this rally was not caused by the "widespread bitcoin adoption". Maybe the reverse is true, but who knows. What is true is that given the big influx of BTC news this february, we should expect more players to enter the market around next month, but who knows if that will drive the price up or down.
I think it's quite likely that people who have insider knowledge of X service accepting Bitcoin started the rally beforehand. Kim Dotcom for example.
Interesting post. However, I myself have also looked into this, and noted that
1) The current rally started around January the 15th
2) All news posts you link in your article are from February, some of which are only 1 day old:
Hosting.co.uk : Feb 15
Btc ATM: Feb 25
Internet Archive: Feb 21
Mega: Feb 13
Reddit: Feb 16
Namecheap: Feb 20
HumbleBundle (saying they WON'T accept BTC): Feb 26
FrankDomains: Feb 26
3) Setting up an account on MtGox and transfering money there so you can start buying BTCs takes from 2 to 3 weeks.
Therefore, we can safely say that this rally was not caused by the "widespread bitcoin adoption". Maybe the reverse is true, but who knows. What is true is that given the big influx of BTC news this february, we should expect more players to enter the market around next month, but who knows if that will drive the price up or down.
1) The current rally started around January the 15th
2) All news posts you link in your article are from February, some of which are only 1 day old:
Hosting.co.uk : Feb 15
Btc ATM: Feb 25
Internet Archive: Feb 21
Mega: Feb 13
Reddit: Feb 16
Namecheap: Feb 20
HumbleBundle (saying they WON'T accept BTC): Feb 26
FrankDomains: Feb 26
3) Setting up an account on MtGox and transfering money there so you can start buying BTCs takes from 2 to 3 weeks.
Therefore, we can safely say that this rally was not caused by the "widespread bitcoin adoption". Maybe the reverse is true, but who knows. What is true is that given the big influx of BTC news this february, we should expect more players to enter the market around next month, but who knows if that will drive the price up or down.
2013-01-10: Coinbase raises bitcoin buying limit to 100 BTC per day for verified customers.
2013-01-15: The approximate start of the rally as noted above.
2013-02-08: Coinbase announces that customers are buying $1 million worth of bitcoins per month.
2013-02-26: Coinbase announces that customers are buying $3 million worth of bitcoins per month.
Coinbase tapped into a a large reservoir of previously unmet demand by allowing people in the US to buy bitcoins in significant quantities via ACH.
Therefore, we can safely say that this rally was not caused by the "widespread bitcoin adoption". Maybe the reverse is true, but who knows. What is true is that given the big influx of BTC news this february, we should expect more players to enter the market around next month, but who knows if that will drive the price up or down.
Nah, the rally is more likely to have been caused by current BTC users speculating the effects of an increase in adoption based on press (and a small amount of actual increased adoption b/c of the rally starting in january attracting folks thinking "Ahh shit if only I'd gotten on the wagon in December"
).
The current users would be seeing all the new adoptions and press, and speculating that new users will come on the scene. Obviously, we haven't had time to really see the new users, so I can only logically blame this rally on the current users expecting new users. It took me almost a month to download & verify the blockchain on a really slow computer (2 weeks), start an ING account and an exchange account, verify with my current bank account, transfer cash, then transfer again to an exchange that accepted ING P2P transfers for free, etc. etc. I was lucky enough to buy chump change at $13 just before the rally.
So, another rally next month? I'm buying.
IMO, the current rally isn't going to be over soon. The biggest reason why the bitcoin price is increasing is because Bitcoin adoption is increasing like never before.
I'm sure you've seen a lot of the following links already, but please take a look at the dates.
"Hosting.co.uk Adds BitCoin, the World's First Startup Digital Currency, to Available Transaction Methods"
http://finance.yahoo.com/news/hosting-co-uk-adds-bitcoin-163100416.html
"Startup attempts to bring Bitcoins to the real world with a Bitcoin ATM"
http://www.geek.com/articles/geek-cetera/new-startup-offers-a-bitcoin-atm-20130225/
"After employees opt to be paid in Bitcoin, the Internet Archive asks for donations in the digital currency"
http://thenextweb.com/insider/2013/02/21/after-employees-opt-to-be-paid-in-bitcoin-the-internet-archive-asks-for-donations-in-the-digital-currency/
"Mega update: Dotcom’s service now accepts Bitcoin, will expand into email, chat, voice, video, and mobile"
http://thenextweb.com/insider/2013/02/16/mega-update-dotcoms-service-now-accepts-bitcoin-will-expand-into-email-chat-voice-video-and-mobile/
"Reddit will accept bitcoin payment for premium service"
http://www.pcworld.com/article/2028299/reddit-will-accept-bitcoin-payment-for-premium-service.html
"Namecheap to accept Bitcoin"
http://news.ycombinator.com/item?id=5284116
"Response from Eva Galperin (EFF Global Policy Analyst) after the Humble Bundle issue"
http://www.reddit.com/r/Bitcoin/comments/199iik/response_from_eva_galperin_eff_global_policy/
"From now on you may pay with Bitcoin for domain names and services @ FrankDomains.com"
http://www.reddit.com/r/Bitcoin/comments/1971gp/from_now_on_you_may_pay_with_bitcoin_for_domain/
All of them are from this month, and there's a lot more that I can dig up. Bitcoin is on the path to becoming mainstream as internet money, and we've seen small price blips that were unable to bring down this rally. There's no question that this will end, but it will only end because of a new development. Large sell orders and walls aren't able to stop this other than a temporary correction.
I'm sure you've seen a lot of the following links already, but please take a look at the dates.
"Hosting.co.uk Adds BitCoin, the World's First Startup Digital Currency, to Available Transaction Methods"
http://finance.yahoo.com/news/hosting-co-uk-adds-bitcoin-163100416.html
"Startup attempts to bring Bitcoins to the real world with a Bitcoin ATM"
http://www.geek.com/articles/geek-cetera/new-startup-offers-a-bitcoin-atm-20130225/
"After employees opt to be paid in Bitcoin, the Internet Archive asks for donations in the digital currency"
http://thenextweb.com/insider/2013/02/21/after-employees-opt-to-be-paid-in-bitcoin-the-internet-archive-asks-for-donations-in-the-digital-currency/
"Mega update: Dotcom’s service now accepts Bitcoin, will expand into email, chat, voice, video, and mobile"
http://thenextweb.com/insider/2013/02/16/mega-update-dotcoms-service-now-accepts-bitcoin-will-expand-into-email-chat-voice-video-and-mobile/
"Reddit will accept bitcoin payment for premium service"
http://www.pcworld.com/article/2028299/reddit-will-accept-bitcoin-payment-for-premium-service.html
"Namecheap to accept Bitcoin"
http://news.ycombinator.com/item?id=5284116
"Response from Eva Galperin (EFF Global Policy Analyst) after the Humble Bundle issue"
http://www.reddit.com/r/Bitcoin/comments/199iik/response_from_eva_galperin_eff_global_policy/
"From now on you may pay with Bitcoin for domain names and services @ FrankDomains.com"
http://www.reddit.com/r/Bitcoin/comments/1971gp/from_now_on_you_may_pay_with_bitcoin_for_domain/
All of them are from this month, and there's a lot more that I can dig up. Bitcoin is on the path to becoming mainstream as internet money, and we've seen small price blips that were unable to bring down this rally. There's no question that this will end, but it will only end because of a new development. Large sell orders and walls aren't able to stop this other than a temporary correction.
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