4 ms·

Bitcoin hits new all time high on Mt. Gox

28 points by clarkm 14y ago

The previous high of $31.91/BTC was set back on June 8, 2011. As of this posting, it is trading for over $33/BTC. Some good sites for charts and order books are: http://bitcoin.clarkmoody.com/ http://mtgoxlive.com/ http://bitcoincharts.com/ http://bitcoinity.org/markets

agorabinary 14y ago
Ladies and gentlemen, this is just the beginning.
- RobertHoudin 14y ago
  Well that is the million dollar question, isn't it.
jiggy2011 14y ago
I wonder how much of bitcoin's value is related to it's ability to buy illegal drugs?
- nthitz 14y ago
  I posited a similar question on a previous BitCoin post and received this response: http://news.ycombinator.com/item?id=5189994 http://news.ycombinator.com/item?id=5189994 "but odds are that the vast majority of Bitcoin usage still isn't on the Silk Road."
  - RobertHoudin 14y ago
    What is the best way to buy Bitcoin, assuming one wanted to maximise their anonymity?
- hendzen 14y ago
  Even if this was true, does it matter? At the end of the day, value is value. I know there's a lot of fatigue on HN about bitcoin stories from the initial spam when it first broke into the mainstream (well, the tech mainstream at least) but it really is a game changer IMO. By the way, I have never owned any bitcoin. I just find it fascinating.
  - jiggy2011 14y ago
    It might matter. If the main incentive to buy bitcoin is to buy drugs and there is suddenly a crackdown from law enforcement you can expect the value to tank pretty fast.
    - drewblaisdell 14y ago
      Actually, I think law enforcement backing off of drugs (decriminalization, etc) would hurt bitcoin more than the opposite.
      - jiggy2011 14y ago
        Sure, but which is more likely to happen?
- feverishaaron 14y ago
  I was wondering if this is a reaction to the whole 6 strikes thing, and the desire to avoid detection with a seedbox or VPN. Of course, which you would want to pay for anonymously.
- runn1ng 14y ago
  I would say a lot. If you think - why would you use anonymous and basically untracable currency for? Turns out it is used mostly for drugs and anonymous online services. And a little for online casinos.
elux 14y ago
http://bitcoinmagazine.com/bitcoin-price-breaks-all-time-high/ http://bitcoinmagazine.com/bitcoin-price-breaks-all-time-hig...
russellallen 14y ago
Large value movements, up or down, are not a good thing.
- geuis 14y ago
  Can you explain why? Maybe give some historical examples?
  - russellallen 14y ago
    If I want it to be a useful currency, I want it stable and predictable. Otherwise I have to mitigate my currency risk by hedging or taking out forward exchange contracts (assuming that I can find someone prepared to offer that service for bitcoins)
martythemaniak 14y ago
First of all, I'm a fan of bitcoin and I do wish it becomes successful. Having said that, can someone explain to me why bitcoin folk watch and cheer on when BTC/USD goes up? It seems like a terrible metric to watch. This figure going up is not necessarily indicative of bitcoin's success and may in fact impede it. In my mind, the question "what is the size of the bitcoin economy" is a far better question and will give you a much better indication of what's actually happening to bitcoin. BTC/USD * # of bitcoin will not. In startup terms (ie, "You make what you measure"), it seems like the bitcoin community is optimizing the wrong metric.
- thirtyseven 14y ago
  Probably because it makes them richer.
- drewblaisdell 14y ago
  How do you determine the size of the bitcoin economy without using relative terms?
FireBeyond 14y ago
Highly useless link. The post linked to consists of no more text than three graphical emoticons. Flagged.
deleted 14y ago
[deleted]
clarkm 14y ago
The previous high of $31.91/BTC was set back on June 8, 2011. As of this posting, it is trading for over $33/BTC. Some good sites for charts and order books are: http://bitcoin.clarkmoody.com/ http://bitcoin.clarkmoody.com/ http://mtgoxlive.com/ http://mtgoxlive.com/ http://bitcoincharts.com/ http://bitcoincharts.com/ http://bitcoinity.org/markets http://bitcoinity.org/markets

28 points by clarkm 14y ago

agorabinary 14y ago

Ladies and gentlemen, this is just the beginning.

RobertHoudin 14y ago
Well that is the million dollar question, isn't it.

jiggy2011 14y ago

I wonder how much of bitcoin's value is related to it's ability to buy illegal drugs?

nthitz 14y ago
I posited a similar question on a previous BitCoin post and received this response: http://news.ycombinator.com/item?id=5189994 http://news.ycombinator.com/item?id=5189994 "but odds are that the vast majority of Bitcoin usage still isn't on the Silk Road."
- RobertHoudin 14y ago
  What is the best way to buy Bitcoin, assuming one wanted to maximise their anonymity?
hendzen 14y ago
Even if this was true, does it matter? At the end of the day, value is value. I know there's a lot of fatigue on HN about bitcoin stories from the initial spam when it first broke into the mainstream (well, the tech mainstream at least) but it really is a game changer IMO. By the way, I have never owned any bitcoin. I just find it fascinating.
- jiggy2011 14y ago
  It might matter. If the main incentive to buy bitcoin is to buy drugs and there is suddenly a crackdown from law enforcement you can expect the value to tank pretty fast.
  - drewblaisdell 14y ago
    Actually, I think law enforcement backing off of drugs (decriminalization, etc) would hurt bitcoin more than the opposite.
    - jiggy2011 14y ago
      Sure, but which is more likely to happen?
feverishaaron 14y ago
I was wondering if this is a reaction to the whole 6 strikes thing, and the desire to avoid detection with a seedbox or VPN. Of course, which you would want to pay for anonymously.
runn1ng 14y ago
I would say a lot. If you think - why would you use anonymous and basically untracable currency for? Turns out it is used mostly for drugs and anonymous online services. And a little for online casinos.

elux 14y ago

http://bitcoinmagazine.com/bitcoin-price-breaks-all-time-high/ http://bitcoinmagazine.com/bitcoin-price-breaks-all-time-hig...

russellallen 14y ago

Large value movements, up or down, are not a good thing.

geuis 14y ago
Can you explain why? Maybe give some historical examples?
- russellallen 14y ago
  If I want it to be a useful currency, I want it stable and predictable. Otherwise I have to mitigate my currency risk by hedging or taking out forward exchange contracts (assuming that I can find someone prepared to offer that service for bitcoins)

martythemaniak 14y ago

First of all, I'm a fan of bitcoin and I do wish it becomes successful. Having said that, can someone explain to me why bitcoin folk watch and cheer on when BTC/USD goes up? It seems like a terrible metric to watch. This figure going up is not necessarily indicative of bitcoin's success and may in fact impede it. In my mind, the question "what is the size of the bitcoin economy" is a far better question and will give you a much better indication of what's actually happening to bitcoin. BTC/USD * # of bitcoin will not. In startup terms (ie, "You make what you measure"), it seems like the bitcoin community is optimizing the wrong metric.

thirtyseven 14y ago
Probably because it makes them richer.
drewblaisdell 14y ago
How do you determine the size of the bitcoin economy without using relative terms?

FireBeyond 14y ago

Highly useless link. The post linked to consists of no more text than three graphical emoticons. Flagged.

deleted 14y ago

[deleted]

clarkm 14y ago

The previous high of $31.91/BTC was set back on June 8, 2011. As of this posting, it is trading for over $33/BTC. Some good sites for charts and order books are: http://bitcoin.clarkmoody.com/ http://bitcoin.clarkmoody.com/ http://mtgoxlive.com/ http://mtgoxlive.com/ http://bitcoincharts.com/ http://bitcoincharts.com/ http://bitcoinity.org/markets http://bitcoinity.org/markets