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Eehhh, I've been skeptical of Bitcoin in the past because of its volatility, but this is very unusual. It's been rather stable on a week-to-week basis for a lon

Eehhh, I've been skeptical of Bitcoin in the past because of its volatility, but this is very unusual. It's been rather stable on a week-to-week basis for a long time.

Analemma_ 10y ago
The SEC declining to approve some investment vehicle is not unusual at all. Compare that to the USD, where nothing short of global nuclear war is going to cause a 10-minute 25% swing.
- danielweber 10y ago
  "This is unusual" is "the 25% drop." Over the past year, it's been pretty boring.
- cestith 10y ago
  On 2001-09-11 gasoline tripled, food doubled, and bottled water as much as quadrupled or quintupled in dollar pricing in parts of the US in less than a day. Yes, there were in fact $4/gallon, $5/gallon, and even $8/gallon gasoline and diesel prices posted, many by noon. This also increased the price of everything shipped by truck for a while, too. Prices came off that peak quickly, but took months to years to revert completely.
  - eli 10y ago
    I don't think storing value in diesel fuel is a good idea either.
    - shitgoose 10y ago
      you'll be surprised to find out where your pension fund stores your money.
  - slg 10y ago
    Gas prices actually dropped in the months after 9/11 [1]. Any place that was charging $8 per gallon day of was guilty of price gouging. Either way, you are comparing an SEC decision to the aftermath of the largest terrorist attack in history. Don't you think the scale of these two events is a little different? [1] - https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=EMM_EPMR_PTE_NUS_DPG&f=W https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=E...
    - cestith 10y ago
      Parent post said "nothing short of a global nuclear war". Don't you think that's yet another difference in scale?
  - cowsandmilk 10y ago
    That wasn't a swing in the value of the dollar, that was a swing in the value of those goods. The price of a christmas tree drops precipitously the ~9PM on christmas eve every year, that says nothing about the value of a dollar.
    - dandrino 10y ago
      Well, to be fair, the value of the dollar is determined by its buying power. If goods widely increased in cost, then the effective value of the dollar has decreased. Not saying that's what did or didn't happen on 9/11, though.
      - Hannan 10y ago
        Yes, if all goods widely increased in cost (or at least, most). If it's only the goods that people buy in anticipation of (e.g.) a catastrophe, or goods that rely on those aforementioned goods to be manufactured and/or delivered, then the above comment is correct.
  - hueving 10y ago
    There is a difference between localized price gouging and the value globally of a dollar. If I charge $1000 to eat a cracker from my cupboard, the value of a dollar didn't suddenly decrease by 99.99%.

Eehhh, I've been skeptical of Bitcoin in the past because of its volatility, but this is very unusual. It's been rather stable on a week-to-week basis for a long time.

Analemma_ 10y ago

The SEC declining to approve some investment vehicle is not unusual at all. Compare that to the USD, where nothing short of global nuclear war is going to cause a 10-minute 25% swing.

danielweber 10y ago
"This is unusual" is "the 25% drop." Over the past year, it's been pretty boring.
cestith 10y ago
On 2001-09-11 gasoline tripled, food doubled, and bottled water as much as quadrupled or quintupled in dollar pricing in parts of the US in less than a day. Yes, there were in fact $4/gallon, $5/gallon, and even $8/gallon gasoline and diesel prices posted, many by noon. This also increased the price of everything shipped by truck for a while, too. Prices came off that peak quickly, but took months to years to revert completely.
- eli 10y ago
  I don't think storing value in diesel fuel is a good idea either.
  - shitgoose 10y ago
    you'll be surprised to find out where your pension fund stores your money.
- slg 10y ago
  Gas prices actually dropped in the months after 9/11 [1]. Any place that was charging $8 per gallon day of was guilty of price gouging. Either way, you are comparing an SEC decision to the aftermath of the largest terrorist attack in history. Don't you think the scale of these two events is a little different? [1] - https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=EMM_EPMR_PTE_NUS_DPG&f=W https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=E...
  - cestith 10y ago
    Parent post said "nothing short of a global nuclear war". Don't you think that's yet another difference in scale?
- cowsandmilk 10y ago
  That wasn't a swing in the value of the dollar, that was a swing in the value of those goods. The price of a christmas tree drops precipitously the ~9PM on christmas eve every year, that says nothing about the value of a dollar.
  - dandrino 10y ago
    Well, to be fair, the value of the dollar is determined by its buying power. If goods widely increased in cost, then the effective value of the dollar has decreased. Not saying that's what did or didn't happen on 9/11, though.
    - Hannan 10y ago
      Yes, if all goods widely increased in cost (or at least, most). If it's only the goods that people buy in anticipation of (e.g.) a catastrophe, or goods that rely on those aforementioned goods to be manufactured and/or delivered, then the above comment is correct.
- hueving 10y ago
  There is a difference between localized price gouging and the value globally of a dollar. If I charge $1000 to eat a cracker from my cupboard, the value of a dollar didn't suddenly decrease by 99.99%.