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If what you said was true the exchange rate would have collapsed in the last 2 years (BitPay and Coinbase accumulated 60,000+ merchants who began accepting Bitc

by mrb 12y ago

If what you said was true the exchange rate would have collapsed in the last 2 years (BitPay and Coinbase accumulated 60,000+ merchants who began accepting Bitcoin over the last 2 years and most of them automatically convert BTC to USD). But instead, the exchange rate rose from $10 to $580: http://bitcoincharts.com/charts/bitstampUSD#rg730ztgSzm1g10zm2g25zl http://bitcoincharts.com/charts/bitstampUSD#rg730ztgSzm1g10z... Why? Because as Bitcoin is accepted in more and more places, it increases its subjective value, so more and more people are looking to get some bitcoins, which counterbalances the downward selling pressure.

onestone 12y ago
I'm not sure why you disagree. Of course there are multiple factors and some of them counterbalance. And of course what I mentioned is just one of these factors.
farmdve 12y ago
The price rose primarily because of the Willy bot, aka Mark Karpeles artificially inflating the price. Read the willy report.
- freework 12y ago
  Willy wasn't the only reason bitcoin bubbled a few months ago
- mrb 12y ago
  You cannot claim the current ~$600 level is still due to Willy. Willy stopped running 6 months ago, so the market has already corrected itself by now.