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Bitcoin Tops $1,000 Again as Zynga Accepts Virtual Money
- kolev 13y agoWell, I heard it was primarily because of Sina launching a Bitcoin news portal.
- trekky1700 13y agoI heard it was because the last Son of Nebulus, ruler of the Five Realms had returned.
- nhangen 13y agoThis article speaks as if it was 100% certainty that Zynga's announcement caused the fluctuation. Doesn't feel entirely accurate.
- mikeyouse 13y agoI guess Bitcoin's finally made it to the big leagues. It's similar to every single day's coverage of financial stocks -- "The stock is up 1% on the expected change in the price of tea in china." Worthless.
- fragsworth 13y agoThat's the first impression I got from it as well. I think there's another factor that is driving the price up more than anything else - serious hoarding by people who are just now beginning to understand the system and how it works.
- Cthulhu_ 13y agoI'm not sure they actually do. What people see is a virtual commodity that seems to be worth a lot of non-virtual money when bought low and sold high.
- barce 13y agoYa, the Stossel Show on Fox re-aired at around the time of the spike and a Libertarian was telling a bunch of folks to get into Bitcoin. My hunch is this was more influential in getting ma & pop to invest in bitcoin given Fox's viewership.
- baddox 13y agoAny talk like that is fundamentally flawed, because the market price is simply a reflection of individuals buying and selling. No one has the information about the motivations behind every single buy and sell.
- dschiptsov 13y agoSell call. But I guess there is not much demand at this price.)
- mcv 13y agoThe price can only be that high if there is demand. The big question is the volume of the demand. If everybody suddenly starts selling, the price will quickly collapse again. Not sure what I'll do. I bought mine at the low a few weeks ago, so this would already be unbelievable profit. But it might go up even further.
- orthecreedence 13y agoI'm thinking I'll give it another year before I sell. Only more companies are going to jump on the bandwagon, which means more money pouring into bitcoin and upping the value. Obviously, nothing is certain, but I think altcoins have some serious growth potential over the next few years as they gain mainstream adoption.
- LAMike 13y agoZynga didn't do this
- Cakez0r 13y agoBut this is probably why they did it :)
- firegrind 13y agoThe headline and the article do not propose causality, but coincidence.
- n3m6 13y agoDead cat bounce!
- wellboy 13y agoIt was most likely the Zynga announcement. 10M monthly users is quite something and there were no other relevant news around over the last couple of days.
- okamiueru 13y agohttp://www.coindesk.com/chinese-web-giant-sina-launches-bitcoin-information-pages/ http://www.coindesk.com/chinese-web-giant-sina-launches-bitc...
- Sprint 13y agoThey don't accept Bitcoin as Bitcoin. They only employ a third-party service to take Bitcoin on their behalf and exchange them for US dollars. It's not showing any trust in Bitcoin, just hopping on a bandwagon for PR.
- jasonlingx 13y agoJust goes to show, you don't need to trust bitcoin to use bitcoin ;)
- josu 13y agoHow is that different from accepting credit cards via a third party?
- xander7b 13y agoIf they had faith on the long-term future of BitCoin, they would have accepted them as BitCoins and stored them as some sort of an investment rather than immediately converting them to USD.
- yelnatz 13y agoIt's still a method of accepting payment.
- pandler 13y agoIsn't that a bit paradoxical? If the long term success of BitCoin rides on people using it to make transactions (e.g. paying for games by zynga), then what good is it for businesses to hoard large amounts of it for speculation?
- pandler 13y agoIsn't that a bit paradoxical? If the long term success of BitCoin rides on people using it to make transactions (e.g. paying for games by zynga), then what good is it for businesses to hoard large amounts of it for speculation?
- merloen 13y ago