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BitCoin is rocketing on this news it seems: * https://btc-e.com/ https://btc-e.com/ * https://www.cryptsy.com/markets/view/2 https://www.cryptsy.com/markets/v

BitCoin is rocketing on this news it seems: * https://btc-e.com/ https://btc-e.com/ * https://www.cryptsy.com/markets/view/2 https://www.cryptsy.com/markets/view/2 * https://www.bitstamp.net/ https://www.bitstamp.net/

waterlesscloud 12y ago
My instinct says it will be a spike that trends back down fairly soon, but my instinct about btc rates has frequently been wrong.
- kolev 12y ago
  Weak spike. If this news doesn't break $450, we're gonna see $350 soon.
  - scottcanoni 12y ago
    Agreed, I would expect news like this to cause a much much bigger spike.
bdcravens 12y ago
Rocketed up to 450, dropped to 430 within minutes. Looking like it'll level out a little higher.
sillysaurus3 12y ago
Correction: Bitcoin traders were looking for an excuse to buy a lot of Bitcoin. Your eyes are deceiving you. The way it works is, they buy in order to jump the price. Then other people buy and continue the momentum upwards. Then, in a few days, they sell, and thus capitalize on everyone else's belief. This is how it's been for almost a year now. Ask yourself: Why use Bitcoin? What is the value proposition for consumers apart from sending money to friends? That's valuable, but it's not multi-billions of dollars worth of valuable. Examine the fundamentals before you jump into a gambler's market.
- scarmig 12y ago
  What's the value proposition of money? Sending money to people. Bitcoin is silly in lots of ways, but what something like it could potentially do is revolutionary. PayPal is worth billions; retail banking is a 12-figure yearly revenue industry. That's a whole lot of money on the table.
  - drcode 12y ago
    Of course, the rub is Bitcoin is _already_ worth billions... Paypal is kind of a "small fish" by bitcoin standards (not that it isn't welcomed news)
- joshuaxls 12y ago
  This has been a bear market for bitcoin for months—many of the bears have been rooted out. It's not a conspiracy that bulls are coming in and pushing the price up. It's expected. Not every bull will close their position immediately. That's too simple of a view of how markets work. There is massive value in bitcoin. Payments, asset tracking, international remittances, etc. Take just one of those markets, and just one company—say Western Union and international remittances. That's $8.7B worth of market cap that bitcoin obsoletes.
  - sillysaurus3 12y ago
    Heard that before. The question to answer is, "Why now?" What's different now? Nothing. Not yet. This will change someday, but I don't think that's today. The day Bitcoin gets FDIC protections is the day it can go mainstream.
    - joshuaxls 12y ago
      The point of bitcoin is that you don't need FDIC protection. You need FDIC protection with a bank because the bank isn't required to hold enough reserve to cover its deposits. If there's a run on the bank, and everyone wants to pull their deposits out, and the bank is insolvent, then the government guarantees to protect consumers by printing more money (inflation) to fulfill the bank's reserve requirements. With bitcoin, you either have it or you don't. You can run your own bank, as long as you know how to safely store a private key.
jarek 12y ago
> BitCoin is rocketing on this news it seems: For values of "rocketing" approaching "down 6% on the week, 13% on the month"
- runeks 12y ago
  and ~250% on the year [1] :) [1] http://bitcoincharts.com/charts/bitstampUSD#rg360ztgSzm1g10zm2g25zvzp http://bitcoincharts.com/charts/bitstampUSD#rg360ztgSzm1g10z...
  - atmosx 12y ago
    How the year standings have anything to do with the news at hand is beyond me.
    - danbruc 12y ago
      It provides a bigger picture because the current situation is not representative at all. Admittedly everybody who cares about Bitcoin is aware of that but it may still be a valuable information for the random reader without much Bitcoin background.
- javert 12y ago
  Perhaps you don't understand the meaning of the phrase "on this news." Perhaps you do understand, but it makes you feel good to say something nasty about bitcoin. And that feeling is more important to you than honest discussion.
  - jarek 12y ago
    Is context undesirable in honest discussions about Bitcoin then?
    - lytedev 12y ago
      The given context was "on this news," explicitly referring to the single period of time since this information was made public. In that time and that time alone, bitcoin has come up a few dollars. Nobody is denying the fact that bitcoin is still down from last week - or even last month, but the context in question is the past 4ish hours.

waterlesscloud 12y ago

My instinct says it will be a spike that trends back down fairly soon, but my instinct about btc rates has frequently been wrong.

kolev 12y ago
Weak spike. If this news doesn't break $450, we're gonna see $350 soon.
- scottcanoni 12y ago
  Agreed, I would expect news like this to cause a much much bigger spike.

bdcravens 12y ago

Rocketed up to 450, dropped to 430 within minutes. Looking like it'll level out a little higher.

sillysaurus3 12y ago

Correction: Bitcoin traders were looking for an excuse to buy a lot of Bitcoin. Your eyes are deceiving you. The way it works is, they buy in order to jump the price. Then other people buy and continue the momentum upwards. Then, in a few days, they sell, and thus capitalize on everyone else's belief. This is how it's been for almost a year now. Ask yourself: Why use Bitcoin? What is the value proposition for consumers apart from sending money to friends? That's valuable, but it's not multi-billions of dollars worth of valuable. Examine the fundamentals before you jump into a gambler's market.

scarmig 12y ago
What's the value proposition of money? Sending money to people. Bitcoin is silly in lots of ways, but what something like it could potentially do is revolutionary. PayPal is worth billions; retail banking is a 12-figure yearly revenue industry. That's a whole lot of money on the table.
- drcode 12y ago
  Of course, the rub is Bitcoin is _already_ worth billions... Paypal is kind of a "small fish" by bitcoin standards (not that it isn't welcomed news)
joshuaxls 12y ago
This has been a bear market for bitcoin for months—many of the bears have been rooted out. It's not a conspiracy that bulls are coming in and pushing the price up. It's expected. Not every bull will close their position immediately. That's too simple of a view of how markets work. There is massive value in bitcoin. Payments, asset tracking, international remittances, etc. Take just one of those markets, and just one company—say Western Union and international remittances. That's $8.7B worth of market cap that bitcoin obsoletes.
- sillysaurus3 12y ago
  Heard that before. The question to answer is, "Why now?" What's different now? Nothing. Not yet. This will change someday, but I don't think that's today. The day Bitcoin gets FDIC protections is the day it can go mainstream.
  - joshuaxls 12y ago
    The point of bitcoin is that you don't need FDIC protection. You need FDIC protection with a bank because the bank isn't required to hold enough reserve to cover its deposits. If there's a run on the bank, and everyone wants to pull their deposits out, and the bank is insolvent, then the government guarantees to protect consumers by printing more money (inflation) to fulfill the bank's reserve requirements. With bitcoin, you either have it or you don't. You can run your own bank, as long as you know how to safely store a private key.

jarek 12y ago

> BitCoin is rocketing on this news it seems: For values of "rocketing" approaching "down 6% on the week, 13% on the month"

runeks 12y ago
and ~250% on the year [1] :) [1] http://bitcoincharts.com/charts/bitstampUSD#rg360ztgSzm1g10zm2g25zvzp http://bitcoincharts.com/charts/bitstampUSD#rg360ztgSzm1g10z...
- atmosx 12y ago
  How the year standings have anything to do with the news at hand is beyond me.
  - danbruc 12y ago
    It provides a bigger picture because the current situation is not representative at all. Admittedly everybody who cares about Bitcoin is aware of that but it may still be a valuable information for the random reader without much Bitcoin background.
javert 12y ago
Perhaps you don't understand the meaning of the phrase "on this news." Perhaps you do understand, but it makes you feel good to say something nasty about bitcoin. And that feeling is more important to you than honest discussion.
- jarek 12y ago
  Is context undesirable in honest discussions about Bitcoin then?
  - lytedev 12y ago
    The given context was "on this news," explicitly referring to the single period of time since this information was made public. In that time and that time alone, bitcoin has come up a few dollars. Nobody is denying the fact that bitcoin is still down from last week - or even last month, but the context in question is the past 4ish hours.