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Bitcoin shoots past $150 today
- chm 14y agoThe CAD market is even more insane. It's hit $CAD 173.9 on http://cavirtex.com http://cavirtex.com .
- BrokenPipe 14y agoIn UK it is even worst, the equivalent of US $177, check on bitbargain.co.uk/buy or localbitcoins.com.
- chm 14y agoHeh. I have tried to buy BTC for the past two days, but nobody was interested in selling at the last lowest ask price. On the Canadian exchange, it seems as if some people are controlling the market by buying and selling to themselves. I understand that the ask prices are going up in part because of increased demand, but the constant ratcheting up of asks smells fishy.
- ISL 14y agoIf these things are true, why isn't someone making a killing in arbitrage?
- chm 14y agoProbably because quite a lot of people who buy and sell bitcoins do not understand financial markets and their regulations.
- gwern 14y agohttp://www.reddit.com/r/Bitcoin/comments/1b8mtn/the_largest_bitcoin_exchange_in_brazil_gets/#siteTable_t1_c94lvi8 http://www.reddit.com/r/Bitcoin/comments/1b8mtn/the_largest_...
- Oculus 14y agoThis look eerily familiar to the NASDAQ in February/March of 2000. Plus there's no recent financial news to justify such a huge jump in value in such a short time. This bubble will burst. It will burst soon and it will burn the people who just jumped in and bought the new mining-specific machines that recently came on the market.
- ISL 14y ago"In the short term the market is a popularity contest; in the long term it is a weighing machine." - Buffett If you'd like to hold BTC for 10-20 years, they may be quite cheap at the moment, as most of them have already been made. If you're looking for returns/stability/growth over the next six months, look out. As a medium of exchange, the BTC is presently sub-par; it's just too volatile. I can't be certain that, if I exchange USD for BTC in a wallet on my phone, that it will be worth within 1% of what I paid by the time I walk to a store to spend it.
- betterunix 14y ago"If you'd like to hold BTC for 10-20 years, they may be quite cheap at the moment, as most of them have already been made." That fact that most have already been computed has little bearing on the future price of BTC. What matters in the future is whether or not people will actually use Bitcoin as a currency (it has no other use); I am still not convinced that it will ever become mainstream. I hear about all sorts of places that accept Bitcoin payments, but I have yet to see anything that matters -- I cannot buy diesel with it, I cannot pay rent with it, I cannot pay utility bills with it, my local supermarket does not take it, and I cannot pay taxes with it. Even for black market transactions (drugs, guns, etc.) Bitcoin is obscure; even with all the sales that happen on Silk Road, you are looking at a tiny fraction of the market for illegal drugs. Bitcoin is in a very precarious position. Most of the cost of buying in is the result of speculation about its future use, which is fueled by the media coverage it receives on tech news sites. A lot of the hype is based on questionable assumptions about Bitcoin's security and about the lack of authorities in the system. Bitcoin's ability to survive when the hype dies down and the assumptions are challenged is doubtful, at least from where I sit.
- StavrosK 14y agoWelp, time to sell.
- loceng 14y agoI can imagine it's investor-minded people who are just trying to ride the wave. We'll know what the floor is at some point over and over again, which would be the only time to buy - unless society starts to distrust it - which might be good at least for keeping the investment-profit schemed people out.
- StavrosK 14y agoYeah, as far as I'm concerned, the floor is around $20ish.
- imatworkyo 14y agoSo many people are waiting for a crash so they can buy in. The floor is much higher - if it does crash, i'd say either the historical $30 mark. Or somewhere 50+ like $70 At $20 I feel there would be so much renewed demand from such a low price it would never stay there, almost an immediate rebound.
- gojomo 14y agoYou could have also said that 19 days ago, when it was at $50. Oh, look, someone did: https://news.ycombinator.com/item?id=5397922 https://news.ycombinator.com/item?id=5397922 There seems a Sunday-Tuesday surge in prices, perhaps as people who learned they wanted some over the weekend in Asia-Europe-Americas get their funds in and make their purchases. So Tuesday may be a better time - I have a hunch it'll break $200 by then. Still, as suggested in my downvoted reply to the above 'sell at $50' comment, $500 would be a better time for some profit-taking.
- miles 13y agoWelp, time to sell. The price two days later: $234. Up $84. Required reading for prognosticators: I'm Raising My Bitcoin Price Target To $400 http://www.businessinsider.com/im-raising-my-bitcoin-price-target-to-400-2013-4 http://www.businessinsider.com/im-raising-my-bitcoin-price-t...
- impostervt 14y agoBuyers keep entering the market. Mt. Gox is so inefficient at "approving" new users that it may actually be slowing down the crazy growth. Last I heard, there were over 9,000 people waiting to be approved on Mt. Gox.
- dcc1 14y agoWhy in gods name would anyone want to use MtGox? Their verification requirements are ridiculous (they dont accept watermarked passport scan), why in gods name would anyone upload good document scans to what is essentially the money laundering arm of the Japanese Yakuza! Aint the whole point of bitcoin is that one doesnt have to use centralised systems like Paypal who love to freeze your accounts, MtGox do the same now, they freeze an account until you "verify" which might take months if ever all while your bitcoins are sitting in their account
- dangrossman 14y agoIt takes days, not months, to get verified, and a cell phone camera picture of a drivers license and utility bill will go through fine.
- dcc1 14y agoNo it wont, I uploaded a 200dpi scan and they refused saying they wanted a 300dpi scan, without the words Mtgox watermarked in red text across it What sort of fools upload hiqh quality passport scans to shady sites online who can uses these to steal your identity with great ease
- dangrossman 14y agoIt will, because that's all I gave them when I verified my account.
- dcc1 14y agoWell then you are lucky, in meantime I will use bitstamp who dont fuck around freezing your bitcoins and dont ask for documents unless you are adding/withdrawing thousands.
- siscia 14y agoYou can say whatever you want about this bubble, but a couple of days ago it was around 100 $ who bought it 2 days ago now have earned the 50%... In 2 days... It is just crazy. I can remember the HN post of "BitCoin just hit 10$" and I remember to say to my brother... Whooa that stuff really worth something, we should start mining it... Plus if there is more than 9000 people waiting to buy more than 50.000 dollars of bitcoin, the price is gonna raise again... I might buy some...
- incision 14y agoI have some bitcoin that I've been sitting on for 2 years which I'd like to liquidate, but the spotty track record of bitcoin exchanges makes me wary of providing the kind of identifying/financial information that seems to be required.
- verbalist 14y agoYou could probably sell some in person if you live in a major metro area; for example if you're in SF I'll buy them off you today (in person).
- btipling 14y agoWhy would you buy bit coin? What value does it have for you?
- verbalist 14y agoYou think it's hard to hire developers right now? Well guess what, there are a bunch of talented ones who only want payment in Bitcoin.
- SilasX 14y agoWha? Who? Super-secretive coders that you can only talk to via the darknets? Edit: Perhaps a sentient paperclip maximizer with no other way of interacting with the human financial system: http://lesswrong.com/lw/4cs/making_money_with_bitcoin/ http://lesswrong.com/lw/4cs/making_money_with_bitcoin/
- untog 14y agoWhat possible reason could they have for that? How do you file it a business expense?
- waterlesscloud 14y agoHow would you file it if you paid someone in Euros?
- deleted 14y ago[deleted]
- heifetz 14y agoit's $172 on mtgox, went up another $20 today. This is not a natural movement. This thing is a bubble that can pop any point, but at the same time, I won't be surprised if it goes to $1000 first. Like the .com bubble, you just hope that you can cash out before it crashes.