You all are right this does not prove anything. correlation between these two prior to Feb 2014 was non existant. now for 12 months they look tied to each other. the chances of that happening randomly "seems" low.
If the same correlation holds true to btc/gold, btc/steel btc/copper btc/OJ btc/pork bellies then I would say there is nothing to the correlation. Anyone want to do that research?
Topic: Trading Oil for BTC? - page 2. (Read 1840 times)
No its just that both of them are falling at the same pace since they are both the same volatility as commodities. This means that they are falling the same % against USD therefore being stable with each other price % ratio wise.
i never knew you could buy oil with bitcoin hehe
I'm in the "there's no evidence for this" camp. And logically, I just don't see a basis for it in reality. What is bitcoin's market cap again? Like $5 billion? LOL.... 
the only relationship is they both are making me lose money lol 
This forum is full of irrelevant correlations.
There is a website called dubious correlations, I think this belongs there.
I don't see global oil production or usage bring linked to the bitcoin price at all!
I don't see global oil production or usage bring linked to the bitcoin price at all!
This forum is full of irrelevant correlations.
There is a website called dubious correlations, I think this belongs there.
I don't see global oil production or usage bring linked to the bitcoin price at all!
I don't see global oil production or usage bring linked to the bitcoin price at all!
It is really fresh idea about the correlation between oil and bitcoin. It needs more wide time span to verify your theory.
Or maybe I am over analyzing it. Oil is a value of energy, it takes energy to generate bitcoin.
I had an observation I wanted to share. notice the drop of USD/BTC and the drop USD/Barrel of Oil.
I did a very crude analysis using monthly average prices USD/ Barrel; USD/BTC then calculated the BTC/Barrel. Recently It looks like oil is backing the value of BTC. Even though the $$/Barrel is dropping, the buying power of BTC is constant when purchasing oil. It sure seems like a coincidence but someone told me things never happen by coincidence. That is almost 12 months the value BTC/Barrel has remained fairly constant. Looks like it started around February 2013 (before then BTC/Barrel is OFF the chart)
Maybe China is buying Oil from Iran with BTC?? Or maybe someone in the USA is doing that and importing the oil from a different port??
[edit: the dates on the chart were originally messed up]
Here is the data, some of the last months usd/btc average price was a quick estimate,
Date USD/Barrel USD/BTC BTC/Barrel
August 2013 108.16 105.80 1.02
Sept. 30, 2013 108.76 124.33 0.87
October 2013 105.43 156.50 0.67
November 2013 102.63 517.00 0.20
December 2013 105.48 799.00 0.13
January 2014 102.10 818.00 0.12
February 2014 104.83 659.00 0.16
March 2014 104.04 594.00 0.18
April 2014 104.87 461.00 0.23
May 2014 105.71 486.00 0.22
June 2014 108.37 615.00 0.18
July 2014 105.23 615.00 0.17
August 2014 100.05 535.00 0.19
Sept. 30, 2014 95.85 375.00 0.26
October 2014 86.08 345.00 0.25
November 2014 76.99 375.00 0.21
December 2014 60.70 290.00 0.21
I did a very crude analysis using monthly average prices USD/ Barrel; USD/BTC then calculated the BTC/Barrel. Recently It looks like oil is backing the value of BTC. Even though the $$/Barrel is dropping, the buying power of BTC is constant when purchasing oil. It sure seems like a coincidence but someone told me things never happen by coincidence. That is almost 12 months the value BTC/Barrel has remained fairly constant. Looks like it started around February 2013 (before then BTC/Barrel is OFF the chart)
Maybe China is buying Oil from Iran with BTC?? Or maybe someone in the USA is doing that and importing the oil from a different port??
[edit: the dates on the chart were originally messed up]
Here is the data, some of the last months usd/btc average price was a quick estimate,
Date USD/Barrel USD/BTC BTC/Barrel
August 2013 108.16 105.80 1.02
Sept. 30, 2013 108.76 124.33 0.87
October 2013 105.43 156.50 0.67
November 2013 102.63 517.00 0.20
December 2013 105.48 799.00 0.13
January 2014 102.10 818.00 0.12
February 2014 104.83 659.00 0.16
March 2014 104.04 594.00 0.18
April 2014 104.87 461.00 0.23
May 2014 105.71 486.00 0.22
June 2014 108.37 615.00 0.18
July 2014 105.23 615.00 0.17
August 2014 100.05 535.00 0.19
Sept. 30, 2014 95.85 375.00 0.26
October 2014 86.08 345.00 0.25
November 2014 76.99 375.00 0.21
December 2014 60.70 290.00 0.21
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