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Topic: what caused the rise to $1100 last year? - page 3. (Read 4983 times)

hero member
Activity: 490
Merit: 500
I believe it was mostly because of sudden interest from people in China but also with exchange(s) manipulating markets. At the same time there were lil' bit of hype, lil' bit of new partners and all new fresh wave of people that took the step from being speculator jumping in shoes of bitcoin owner.

well what drove the chinese interest in bitcoin?

Poor people wanted freedom (they don't have minimum wages so they really really don't get paid well.. some of them bought some btc in hope that it will raise)

Then there's also the people that have some money (there are also jobs that pay well.. and someone also owns those factories where the "slaves" work for almost free)

Some farmers managed to fulfill their dreams with bitcoin.

--

I believe that we will get Chinawave part 2 and also i think that we could get Russiawave, Indiawave and massadaption in western countries (US&Europe).

Also there are many new spectators.. many of those are sceptic but when someone they appreciate says something good about bitcoin, they will join in btc-community..  

If the far East wants to sit on the sidelines of the peaceful revolution they do so at their own peril. It took them long enough to even get within sight of the industrialized economies. To take a step back now would be senseless and tragic for their people.

I think they'd be stupid not to get on board.
But then, I recall that they have a lot of internet censorship still. So maybe their governments aren't that bright...

State run media and command economies tend to create an echo chamber. You would think they learned that innovation is a key part of a healthy society when they murdered all the innovators during their revolution.  

I wonder if they have a way out of it.
So many years of brain washing and controlling, even if they become a real democracy tomorrow, it would take decades to change mentalities...
hero member
Activity: 770
Merit: 504
(っ◔◡◔)っ🍪
hero member
Activity: 563
Merit: 501
S> Cheap SocialMedia Hype's
Buyers did.
sr. member
Activity: 406
Merit: 250
I believe it was mostly because of sudden interest from people in China but also with exchange(s) manipulating markets. At the same time there were lil' bit of hype, lil' bit of new partners and all new fresh wave of people that took the step from being speculator jumping in shoes of bitcoin owner.

well what drove the chinese interest in bitcoin?

Poor people wanted freedom (they don't have minimum wages so they really really don't get paid well.. some of them bought some btc in hope that it will raise)

Then there's also the people that have some money (there are also jobs that pay well.. and someone also owns those factories where the "slaves" work for almost free)

Some farmers managed to fulfill their dreams with bitcoin.

--

I believe that we will get Chinawave part 2 and also i think that we could get Russiawave, Indiawave and massadaption in western countries (US&Europe).

Also there are many new spectators.. many of those are sceptic but when someone they appreciate says something good about bitcoin, they will join in btc-community..  

If the far East wants to sit on the sidelines of the peaceful revolution they do so at their own peril. It took them long enough to even get within sight of the industrialized economies. To take a step back now would be senseless and tragic for their people.

I think they'd be stupid not to get on board.
But then, I recall that they have a lot of internet censorship still. So maybe their governments aren't that bright...

State run media and command economies tend to create an echo chamber. You would think they learned that innovation is a key part of a healthy society when they murdered all the innovators during their revolution.  
hero member
Activity: 490
Merit: 500
I believe it was mostly because of sudden interest from people in China but also with exchange(s) manipulating markets. At the same time there were lil' bit of hype, lil' bit of new partners and all new fresh wave of people that took the step from being speculator jumping in shoes of bitcoin owner.

well what drove the chinese interest in bitcoin?

Poor people wanted freedom (they don't have minimum wages so they really really don't get paid well.. some of them bought some btc in hope that it will raise)

Then there's also the people that have some money (there are also jobs that pay well.. and someone also owns those factories where the "slaves" work for almost free)

Some farmers managed to fulfill their dreams with bitcoin.

--

I believe that we will get Chinawave part 2 and also i think that we could get Russiawave, Indiawave and massadaption in western countries (US&Europe).

Also there are many new spectators.. many of those are sceptic but when someone they appreciate says something good about bitcoin, they will join in btc-community..  

If the far East wants to sit on the sidelines of the peaceful revolution they do so at their own peril. It took them long enough to even get within sight of the industrialized economies. To take a step back now would be senseless and tragic for their people.

I think they'd be stupid not to get on board.
But then, I recall that they have a lot of internet censorship still. So maybe their governments aren't that bright...
sr. member
Activity: 406
Merit: 250
I believe it was mostly because of sudden interest from people in China but also with exchange(s) manipulating markets. At the same time there were lil' bit of hype, lil' bit of new partners and all new fresh wave of people that took the step from being speculator jumping in shoes of bitcoin owner.

well what drove the chinese interest in bitcoin?

Poor people wanted freedom (they don't have minimum wages so they really really don't get paid well.. some of them bought some btc in hope that it will raise)

Then there's also the people that have some money (there are also jobs that pay well.. and someone also owns those factories where the "slaves" work for almost free)

Some farmers managed to fulfill their dreams with bitcoin.

--

I believe that we will get Chinawave part 2 and also i think that we could get Russiawave, Indiawave and massadaption in western countries (US&Europe).

Also there are many new spectators.. many of those are sceptic but when someone they appreciate says something good about bitcoin, they will join in btc-community..  

If the far East wants to sit on the sidelines of the peaceful revolution they do so at their own peril. It took them long enough to even get within sight of the industrialized economies. To take a step back now would be senseless and tragic for their people.
newbie
Activity: 9
Merit: 0
well i dont believe bitcoin is accesible to the poor people of china - although i hope very much bitcoin will be the currency of choice for the third world countries one day.

in any case it doesnt seem a documentary would make any one but the uber rich of china invest in bitcoin....it seems a lot of people are saying rhe spike in btc price is due to the chinese but why??

newbie
Activity: 28
Merit: 0
I believe it was mostly because of sudden interest from people in China but also with exchange(s) manipulating markets. At the same time there were lil' bit of hype, lil' bit of new partners and all new fresh wave of people that took the step from being speculator jumping in shoes of bitcoin owner.

well what drove the chinese interest in bitcoin?

Poor people wanted freedom (they don't have minimum wages so they really really don't get paid well.. some of them bought some btc in hope that it will raise)

Then there's also the people that have some money (there are also jobs that pay well.. and someone also owns those factories where the "slaves" work for almost free)

Some farmers managed to fulfill their dreams with bitcoin.

--

I believe that we will get Chinawave part 2 and also i think that we could get Russiawave, Indiawave and massadaption in western countries (US&Europe).

Also there are many new spectators.. many of those are sceptic but when someone they appreciate says something good about bitcoin, they will join in btc-community..  
hero member
Activity: 490
Merit: 500
well what drove the chinese interest in bitcoin?

If I remember correctly they had a documentary on the chinese state tv about bitcoin. In late spring I think. It took a while, and for sure many other factors (as an eminent bubble pending with or without china), but I guess that was the start of it.
newbie
Activity: 9
Merit: 0
well what drove the chinese interest in bitcoin?
full member
Activity: 196
Merit: 101
This rise is starting because major companies are showing much interest in cryptos and because bitcoin was way too undervalued in these months.
hero member
Activity: 490
Merit: 500
It was started by china's interest, and followed by the rest of the world due to panic buying.
Maybe this next bubble will be the same, but started by wallstreet/whatever big business.
legendary
Activity: 1067
Merit: 1000
I would say China was the main factor involved in the rising bitcoin prices during November 2013
The breaker was mtgox and several legal regulations regarding Bitcoin being set
Although the USA senate hearings were part of the bull run at that time.


I was watching both China exchange and bitstamp/bitfinex at that time.

Can pretty much confirm the rise is close to 100% due to China and people doing arbitrage from the rest of the world.

Senate hearing and Mtgox have little bearing on the rise.
sr. member
Activity: 406
Merit: 250
hello, i'm relatively new to the bitcoin scene and wanted to ask a kind of noob question to introduce myself to the forum.

what is the general consensus around the cause of bitcoin reaching a valuation of around $1100 in november 2013 - looking at this chart it seem like a pretty accelerated spike in a short period of time.
http://bitcoincharts.com/charts/bitstampUSD#rg730ztgTzm1g10zm2g25zv

i'm guessing the 50% drop in january was related somehow to the mt.gox fiasco but i wasnt too sure what had caused the price to go up so much in the period of roughly 1 month around november 2013, any insights would be appreciated!

The primary reason behind the dramatic rise in the price of BTC was the media attention that was given to silk road. In this attention bitcoin was discussed. The discussion of bitcoin lead to more public awareness which lead to greater public adoption. 

That was pretty negative attention. I think it is the positive stuff that brings new adapters. Luckily in the cases of Silk Road and the Gox meltdown the average westerner has the attention span of a gnat.
member
Activity: 70
Merit: 10
Faith and the massive boom in exposure
When it hit $1k it was all over the news....then of course the mtgox crash ruined it all as people were not actually getting coins
If mtgox was legit the price would be through the roof as people would have actually been buying in rather than putting their money into nothing
member
Activity: 104
Merit: 10
hello, i'm relatively new to the bitcoin scene and wanted to ask a kind of noob question to introduce myself to the forum.

what is the general consensus around the cause of bitcoin reaching a valuation of around $1100 in november 2013 - looking at this chart it seem like a pretty accelerated spike in a short period of time.
http://bitcoincharts.com/charts/bitstampUSD#rg730ztgTzm1g10zm2g25zv

i'm guessing the 50% drop in january was related somehow to the mt.gox fiasco but i wasnt too sure what had caused the price to go up so much in the period of roughly 1 month around november 2013, any insights would be appreciated!

The primary reason behind the dramatic rise in the price of BTC was the media attention that was given to silk road. In this attention bitcoin was discussed. The discussion of bitcoin lead to more public awareness which lead to greater public adoption. 
legendary
Activity: 2212
Merit: 1199
hello, i'm relatively new to the bitcoin scene and wanted to ask a kind of noob question to introduce myself to the forum.

what is the general consensus around the cause of bitcoin reaching a valuation of around $1100 in november 2013 - looking at this chart it seem like a pretty accelerated spike in a short period of time.
http://bitcoincharts.com/charts/bitstampUSD#rg730ztgTzm1g10zm2g25zv

i'm guessing the 50% drop in january was related somehow to the mt.gox fiasco but i wasnt too sure what had caused the price to go up so much in the period of roughly 1 month around november 2013, any insights would be appreciated!

I will tell you what was the most important IMO in this case :

"Demand". Smiley

Isn't what is making prices on a markets go up?


but not only demand. People understood how great bitcoin really is. Difficult is goin' up. Hashrates are going up. Imagine mining if price of BTC would be 80% lower Smiley ROI.


This is just a sum of few indicators which are operating  a price Smiley

ps. I am not any economy expert so mind me if I forgot about something very important in this case.

legendary
Activity: 2884
Merit: 1115
Leading Crypto Sports Betting & Casino Platform
I would say China was the main factor involved in the rising bitcoin prices during November 2013
The breaker was mtgox and several legal regulations regarding Bitcoin being set
Although the USA senate hearings were part of the bull run at that time.
sr. member
Activity: 406
Merit: 250
Rises and falls are never one single factor. Events drive markets. No single bot can drive a bubble like that nor can any single country. 
newbie
Activity: 52
Merit: 0
For me it was 100% CHINA.
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