4 ms·

Don't discount how much nefarious actions can drive bitcoin prices. Much of the $1000 bubble is discussed in terms of mtgox and "willie", but the initial peak

by eterm 11y ago

Don't discount how much nefarious actions can drive bitcoin prices. Much of the $1000 bubble is discussed in terms of mtgox and "willie", but the initial peak was triggered by another driver which was the first large wave of cryptolocker infections. It goes without saying I'd stay well clear of bitcoin still though.

davedx 11y ago
> Much of the $1000 bubble is discussed in terms of mtgox and "willie", but the initial peak was triggered by another driver which was the first large wave of cryptolocker infections. I've not read that before (and I was pretty active on bitcoinforums during the $1000 bubble). Got a link?
- eterm 11y ago
  Here's the google trends for cryptolocker: https://www.google.com/trends/explore#q=cryptolocker https://www.google.com/trends/explore#q=cryptolocker Looks remarkably like the bitcoin price graph doesn't it?
pmorici 11y ago
You are working with a limited view of Bitcoin price history if you think there have only been two prior bubbles or peaks. There have been something like 6 Bitcoin 'bubbles' and busts since 2011. The very first major bubble is attributed to Senator Chuck Schumer in June 2011 advertising to the world that you could buy drugs with Bitcoin on silk road. That took the price from $1 to $32 before crashing. http://www.reuters.com/article/2011/06/08/us-financial-bitcoins-idUSTRE7573T320110608#y6ffPlSzVU9XKRxc.97 http://www.reuters.com/article/2011/06/08/us-financial-bitco... http://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history-of-bitcoin-crashes/ http://www.forbes.com/sites/timothylee/2013/04/11/an-illustr...
- tedks 11y ago
  I remember that summer. Such a beautiful and simple time for bitcoin. I frantically unloaded the bitcoins I bought at $8 when the price crashed from $30 at around $15/coin, withdrawing my entire initial investment and feeling bummed about not getting out when the getting was good. Then in a few months the 2 coins I kept were worth hundreds apiece.

by eterm 11y ago

davedx 11y ago

> Much of the $1000 bubble is discussed in terms of mtgox and "willie", but the initial peak was triggered by another driver which was the first large wave of cryptolocker infections. I've not read that before (and I was pretty active on bitcoinforums during the $1000 bubble). Got a link?

eterm 11y ago
Here's the google trends for cryptolocker: https://www.google.com/trends/explore#q=cryptolocker https://www.google.com/trends/explore#q=cryptolocker Looks remarkably like the bitcoin price graph doesn't it?

pmorici 11y ago

You are working with a limited view of Bitcoin price history if you think there have only been two prior bubbles or peaks. There have been something like 6 Bitcoin 'bubbles' and busts since 2011. The very first major bubble is attributed to Senator Chuck Schumer in June 2011 advertising to the world that you could buy drugs with Bitcoin on silk road. That took the price from $1 to $32 before crashing. http://www.reuters.com/article/2011/06/08/us-financial-bitcoins-idUSTRE7573T320110608#y6ffPlSzVU9XKRxc.97 http://www.reuters.com/article/2011/06/08/us-financial-bitco... http://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history-of-bitcoin-crashes/ http://www.forbes.com/sites/timothylee/2013/04/11/an-illustr...

tedks 11y ago
I remember that summer. Such a beautiful and simple time for bitcoin. I frantically unloaded the bitcoins I bought at $8 when the price crashed from $30 at around $15/coin, withdrawing my entire initial investment and feeling bummed about not getting out when the getting was good. Then in a few months the 2 coins I kept were worth hundreds apiece.