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Bitcoin Tops $1,000 For the First Time

Unknown Lamer posted about 7 months ago | from the from-the-top-you-can-only-go-down dept.

Bitcoin 371

An anonymous reader writes with this bit from The Next Web "Bitcoin hit a new milestone today, passing the $1,000 mark for the first time. The virtual currency is currently trading above the four-digit figure, with its highest at $1,030 on Mt. Gox, one of the largest exchanges. Last week, Bitcoin's high for the day was $632. That means its trading value has surged 62.83 percent in a week, assuming we're looking at just its high points. That figure could of course rise even further if Bitcoin continues to push further up throughout the day."

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371 comments

Sell now. (5, Insightful)

Frosty Piss (770223) | about 7 months ago | (#45539921)

The price may go up a little more, but all indications are sell now before the crash.

Re:Sell now. (-1)

Anonymous Coward | about 7 months ago | (#45539939)

This is from Frosty Piss. You assholes HBT.

Re:Sell now. (5, Funny)

Anonymous Coward | about 7 months ago | (#45539945)

Nonsense, it'll keep skyrocketing in perpetuity! Adios Beanie Babies, daddy found himself a new gravy train. Choo choo!

I feel me some Monty Python! (-1)

Anonymous Coward | about 7 months ago | (#45540521)

*Cue Viking*
Scam! Scam! Scam! Scam! Scam!

Staying away from this Ponzi and its pump and dump cycle.

Re:Sell now. (5, Insightful)

Ralph Wiggam (22354) | about 7 months ago | (#45539965)

Tons of people said that when the price spiked from $4 to $20.

Re:Sell now. (2)

rasmusbr (2186518) | about 7 months ago | (#45540199)

Tons of people said that when the price spiked from $4 to $20.

The grandparent didn't specify, but I think he's talking about day trading. If you sell now at $1000 and buy back at $500 you'll have doubled the amount of Bitcoin that you own, assuming it falls down to $500 and assuming you have the nerve and patience to wait for it.

Re:Sell now. (1)

aliquis (678370) | about 7 months ago | (#45540249)

They may have been right, in some time frame. (or they wasn't.)

Re:Sell now. (0)

Anonymous Coward | about 7 months ago | (#45540393)

Tons of people said that when the price spiked from $4 to $20.

Many people fail to realize just how many fools there are.

Re:Sell now. (2)

iluvcapra (782887) | about 7 months ago | (#45540507)

I sold when it broke $150 earlier this year. Then I bought back in at $70, and sold earlier this week at $800. When you're up over 1000% in 6 months you don't tempt fate.

Re:Sell now. (1)

Anonymous Coward | about 7 months ago | (#45540563)

Good investments occur when you invest when the economy is bad, and then you make money when the value goes up when the economy improves. On the other hand, alternative currencies become popular during downturns of economies. They disappear after. Hence, exciting, but bad investment -- just another sign that the economy is not doing so hot right now.

Re:Sell now. (5, Interesting)

Njovich (553857) | about 7 months ago | (#45539999)

Great! Lets do a 100 dollar bet: if the price at January 1st is lower than now I pay you $100, otherwise you pay me $100. You're in?

Re:Sell now. (1)

Anonymous Coward | about 7 months ago | (#45540403)

How the fuck is this a "Troll"? This moderator abuse gets worse every day.

Re:Sell now. (5, Insightful)

CanHasDIY (1672858) | about 7 months ago | (#45540041)

The price may go up a little more, but all indications are sell now to kickstart the crash.

FTFY.

Most market crashes are triggered by large sell-offs; by imploring people to sell, sell, sell, you're doing your part to make the prophecy self-fulfilling.

Re:Sell now. (1)

bob_super (3391281) | about 7 months ago | (#45540073)

As long as you sell first...

Re:Sell now. (3, Funny)

CanHasDIY (1672858) | about 7 months ago | (#45540115)

Hey, shut up, man, I'm trying to give myself an edge over these suckers!

Er, I mean... Ah... pay no attention to the man behind the curtain! Sell bad!

Re:Sell now. (0)

Anonymous Coward | about 7 months ago | (#45540103)

'S alright.

You can then buy, buy, buy some more with your profits to amend for your sell, sell, sell (and wait for next peak).

Re:Sell now. (0)

Anonymous Coward | about 7 months ago | (#45540095)

What exactly are these indications?

Re:Sell now. (1)

aliquis (678370) | about 7 months ago | (#45540241)

lol @ 5 insightful.

Sure no (?) parabolic prize moves really continue into infinity, last time it stopped at $200 and fell back to $50. But the people who kept are at a pretty good position now. Frosty piss won't be able to tell the peak and the bottom (not that you have to to make it worth while but chances are you're not successful anyway. I can't see ask and bid price on mtgox so I don't know how large the spreads are either.

Re:Sell now. (0)

Anonymous Coward | about 7 months ago | (#45540327)

For bitcoin the exchanges share the entire orderbook:
http://btccharts.com/

Who wants to prick the bubble? (1)

Anonymous Coward | about 7 months ago | (#45539929)

Bubblicious!

Re:Who wants to prick the bubble? (3, Interesting)

MickyTheIdiot (1032226) | about 7 months ago | (#45539975)

I'm a bitcoin miner and I do agree they are overpriced at the moment. It should be $200-300 IMHO.

Re:Who wants to prick the bubble? (2)

ArchieBunker (132337) | about 7 months ago | (#45540009)

Are you using a dedicated ASIC machine?

Re:Who wants to prick the bubble? (5, Funny)

Anonymous Coward | about 7 months ago | (#45540033)

Nope, he's old school, pickax and wheelbarrow. The black lung is a bitch though.

Re:Who wants to prick the bubble? (5, Funny)

east coast (590680) | about 7 months ago | (#45540149)

Oh, so he plays Minecraft too?

Re:Who wants to prick the bubble? (3, Informative)

MickyTheIdiot (1032226) | about 7 months ago | (#45540043)

Yes.. ASIC blades mostly.

Really, the spike is good news because I'm making so much more money than usual (per USD), but this isn't going to last. It's not going to deflate to $0 though...

Re:Who wants to prick the bubble? (2)

h4rr4r (612664) | about 7 months ago | (#45540281)

SELL, SELL, SELL!!!
Take these rubes for all they are worth.

Re:Who wants to prick the bubble? (1)

MickyTheIdiot (1032226) | about 7 months ago | (#45540319)

I don't keep much BTC on hand, actually. I usually buy hardware directly with it. I did sell some yesterday when it was around $800.

Re:Who wants to prick the bubble? (0)

Anonymous Coward | about 7 months ago | (#45540457)

I don't keep much BTC on hand, actually. I usually buy hardware directly with it. I did sell some yesterday when it was around $800.

So you take your BTC and turn it into hardware that can only produce more BTC (or some other similar cryptocurrency)? You are not keeping it on hand, indeed, you are solidifying your long position on BTC.

Re:Who wants to prick the bubble? (1)

MickyTheIdiot (1032226) | about 7 months ago | (#45540531)

I can't argue with that. I am doing this for a hobby. I am not going to die if Bitcoin disappears tomorrow.

Re:Who wants to prick the bubble? (0)

Anonymous Coward | about 7 months ago | (#45540173)

Why? Based on the cost of mining? Gut feeling

It seems the fair price would be the final price, except it's impossible to know in an explosively speculative market of irrational actors.

dammit... (5, Funny)

gabereiser (1662967) | about 7 months ago | (#45539937)

why didn't I buy 1,000 bitcoins when they were $50 a few years ago!!!

Re:dammit... (1)

Ralph Wiggam (22354) | about 7 months ago | (#45539979)

You're joking, right?

Re:dammit... (1, Informative)

MickyTheIdiot (1032226) | about 7 months ago | (#45539991)

They were only $90 about six weeks ago.

Re:dammit... (1)

Anonymous Coward | about 7 months ago | (#45540171)

$90 Where? Mtgox has been over $100 for longer than that.

Re:dammit... (4, Insightful)

TubeSteak (669689) | about 7 months ago | (#45540303)

Massive currency volatility makes long term business planning impossible.
Unless bitcoin settles down, it'll never become a viable mainstream alternative.

Re:dammit... (2)

killkillkill (884238) | about 7 months ago | (#45540517)

Partly true. With companies like Bitpay the volatility is moot on one end of the market. The consumer still deals with it, but over the long term that has only proved a beneficial store of value... so far. Viability and going mainstream are the cure to the volatility. I don't think it's a chicken/egg thing. Rather, volatility and adoption will improve incrementally together.

Re:dammit... (1)

Bacon Bits (926911) | about 7 months ago | (#45540557)

There's only there's only 12 million of them in existence [blockexplorer.com] . Even at US$1000 per bitcoin, that's not enough value to be mainstream.

Re:dammit... (1)

iluvcapra (782887) | about 7 months ago | (#45540581)

Massive currency volatility makes long term business planning impossible.

What makes business impossible is having only one mainstream exchange, and that one exchange constantly changing, canceling and amending its withdrawal policies and methods.

Re:dammit... (5, Informative)

brit74 (831798) | about 7 months ago | (#45540475)

They were at $90 five months ago. (Not sure why you're modded as "informative" when you're inaccurate.) https://coinbase.com/charts [coinbase.com]

Buy buy buy! (2, Funny)

Anonymous Coward | about 7 months ago | (#45539949)

It'll keep climbing forever. Trust me.

If central bankers are like rats... (5, Funny)

Anonymous Coward | about 7 months ago | (#45539983)

... then Bitcoin is like rat poison.

Seriously, its your protection against money printing.

Re:If central bankers are like rats... (1)

Stargoat (658863) | about 7 months ago | (#45540121)

I'll stick with gold. Thanks.

Re:If central bankers are like rats... (1, Informative)

rhodium_mir (2876919) | about 7 months ago | (#45540223)

Going down with the ship, huh?

Gold Price Performance USD
Today -0.58 -0.05%
30 Days -110.80 -8.19%
6 Months -145.20 -10.47%
1 Year -508.20 -29.05%

Re:If central bankers are like rats... (1)

TheTrueScotsman (1191887) | about 7 months ago | (#45540235)

Bitcoin will soon be on a parity with gold (per ounce) and is much cheaper and easier to secure and transport.

Re:If central bankers are like rats... (1)

brokenin2 (103006) | about 7 months ago | (#45540285)

No no.. thank *you*.... Save the bitcoins for me...

November, 2013: (-1, Troll)

Anonymous Coward | about 7 months ago | (#45539993)

..still wasting your time and energy on Buttcoin.
What're you all going to do when governments decide to "confiscate" your Bitcoins and squash it out of existence as the illegitimate insurgency against legitimate currency that it is?
Seriously, isn't it mainly being used to support criminal and terrorist activites? Aren't the rest of you, who aren't criminals and terrorists, just "Useful Idiots", unwittingly facilitating crime and terrorism?
Finally, isn't this about on the same level, fundamentally, as collecting Magic or Pokemon cards (hell, or Beanie Babies for that matter)?

Not even trolling; I'm dead serious.
I'm so happy I didn't get sucked into this scam..

Re:November, 2013: (1)

CanHasDIY (1672858) | about 7 months ago | (#45540089)

Seriously, isn't it mainly being used to support criminal and terrorist activites? Aren't the rest of you, who aren't criminals and terrorists, just "Useful Idiots", unwittingly facilitating crime and terrorism?

You realize the same argument has been used by proponents of abolishing cash, right? Oh, and the anti-oil types, although in their case they're actually correct.

Sometimes being able to buy stuff without being fucking tracked is not only perfectly reasonable, it's a damn good idea.

Re:November, 2013: (1)

MickyTheIdiot (1032226) | about 7 months ago | (#45540161)

The USD is used for more criminal activity in a day than Bitcoin is for several years. The argument is tiresome.

Re:November, 2013: (0)

kaizendojo (956951) | about 7 months ago | (#45540411)

That's only because any self respecting criminal wouldn't accept Bitcoins.

Re:November, 2013: (1)

Hognoxious (631665) | about 7 months ago | (#45540449)

That's totally unfair, singling out criminals like that.

Re:November, 2013: (1)

kheldan (1460303) | about 7 months ago | (#45540193)

What about people who don't have bank accounts? Believe it or not there are many people in the world (hell, here in the U.S. even!) who are poor and don't have a bank account, living their lives entirely on cash basis. What about them? Also most banks charge fees to someone (the consumer, or the business) for EFT transactions; I see very often smaller, independent retailers won't even be set up to accept EFT or even credit card transactions, because banks are charging them too much to make it viable for them, and as we all well know, prepaid credit cards are a morass of tacked-on, hidden fees that often effectively cancel out any cash value loaded onto the card. Banks would have to be brought to heel by federal regulations, prohibiting them from charging fees like they have been, and since they have the money, they'd fight it for decades to come. Nope, I don't see cash being phased out anytime soon, and considering how public awareness of governments tracking of our everyday lives is on the rise, I'd expect more people to be using cash whenever possible in an attempt (futile as it might turn out to be, anyway) to preserve (or take back) their privacy.

Re:November, 2013: (3, Insightful)

fahrbot-bot (874524) | about 7 months ago | (#45540409)

Sometimes being able to buy stuff without being fucking tracked is not only perfectly reasonable, it's a damn good idea.

Like elections.

Big ass hole (3, Insightful)

Lord Apathy (584315) | about 7 months ago | (#45540023)

Man, when this cash cow comes crashing to the ground its going to make a huge ass hole. Yes, it will come crashing down and I think it will be soon.

Bitcoins are a nice idea but people are not treating them like money. They are treating them like stocks and commodities. They are not commodities, they are coins and coins are supposed to be spent.

So when the fall does happen, and it will, then maybe we can start using them for what they are supposed to be used for. An not hording them like bunch of fucking dragons.

Re:Big ass hole (1)

MickyTheIdiot (1032226) | about 7 months ago | (#45540117)

What is your ulterior motive behind posts like this? These aren't the clueless idiot comments about bitcoin that show up on financial websites... these type of trolls are done for a reason. Are people like you actively shorting bitcoins (by some trick I don't know about) or do you have too much invested in the current system that has the U.S. and world by the balls?

Re:Big ass hole (3, Insightful)

lxs (131946) | about 7 months ago | (#45540257)

Sour grapes. He didn't get any when they were cheap and now he missed the boat.

Re:Big ass hole (1, Informative)

Sarten-X (1102295) | about 7 months ago | (#45540335)

One simple trick to short Bitcoins:

1) Contractually agree to sell $amount Bitcoins on $date for $price near the current price.
2) When the going rate drops, actually buy $amount and hold them.
3) Wait until $date, then fulfill the contract, and sell them at the agreed $price.

You know, like shorting any other stock or commodity. The only difference is that without as large market as most stocks and commodities have, finding a schmuck to take the other side of the contract isn't so easy.

Re:Big ass hole (1)

Kjella (173770) | about 7 months ago | (#45540573)

Trolling, I guess you can't expect more from someone rigging the game to create money from thin air using ASICs. Bitcoin exists somewhere between the dotcom bubble and a pyramid scheme. You know what all those people buying Bitcoin at $1000 think? That they can soon sell it again for $10k, just like those who bought it at $100 thought they could sell it for $1000. None of the people I've heard of with Bitcoins spend it or plan to spend it, they're all speculating. You on the other hand is more like the casino, no matter who wins at the table you end up with a nice profit. But a lot of people are going to lose a lot of money when the bubble pops.

Re:Big ass hole (1)

Chris Pimlott (16212) | about 7 months ago | (#45540283)

For better or for use, people have been trading foreign currencies for ages.

Re:Big ass hole (0)

Anonymous Coward | about 7 months ago | (#45540291)

ah, but what if you have one of the "first" bitcoins? Isn't it collectible? What if you have one of the last ones created by a normal computer and not an ASIC? Isn't that a collector's item? How about a coin created in 2010? If not, they aren't coins. They are units of nothing actually. I guess you can call them units of the folly of increasing entropy for the reason of generating a number. Whoop-de-do.

Re:Big ass hole (1)

rasmusbr (2186518) | about 7 months ago | (#45540293)

Man, when this cash cow comes crashing to the ground its going to make a huge ass hole. Yes, it will come crashing down and I think it will be soon.

Bitcoins are a nice idea but people are not treating them like money. They are treating them like stocks and commodities. They are not commodities, they are coins and coins are supposed to be spent.

So when the fall does happen, and it will, then maybe we can start using them for what they are supposed to be used for. An not hording them like bunch of fucking dragons.

If people treat Bitcoin like a commodity and do so with success then Bitcoin is a commodity and not a currency.

The deflationary nature of Bitcoin and the fact that transactions can't be reversed pretty much guarantees that it will never be used as a currency, but those two features could be strengths if you think of Bitcoin as virtual gold.

Re:Big ass hole (1)

mrchaotica (681592) | about 7 months ago | (#45540317)

Bitcoins are a nice idea but people are not treating them like money. They are treating them like stocks and commodities. They are not commodities, they are coins and coins are supposed to be spent.

That's what happens when your currency is inherently deflationary.

Re:Big ass hole (-1)

Anonymous Coward | about 7 months ago | (#45540343)

It's called pyramid scheme and should be illegal in most countries.

Re:Big ass hole (2)

amicusNYCL (1538833) | about 7 months ago | (#45540359)

So when the fall does happen, and it will, then maybe we can start using them for what they are supposed to be used for.

People already are. In fact, they are both a currency and an investment. I used them like a currency. When I wanted to buy something with BTC I converted my USD, bought it, and that was it. Value fluctuations don't affect those kinds of transactions as long as you don't sit on the BTC for several days after converting (although now I wish I had - I paid $140 for them). On the other hand, if you want to treat it like an investment then you can do that too.

If you want to use them as cash though, considering how volatile they appear to be, it would not be a good idea to buy a large stockpile and then spend them here and there. Buy exactly how many you need, do your transaction, and the volatility won't affect you as long as all of that happens fast enough.

Re:Big ass hole (4, Insightful)

Lord Apathy (584315) | about 7 months ago | (#45540437)

There is no ulterior motive or even sour grapes, just pure speculation at this point. Even most bitcoin "investers" believe that bitcoins are over priced. An they would be correct.

People are hording them like stocks hoping the value will keep going up and up. While bitcoins maybe be a virtual currency and not subject to the whims and regulations of any government they are still affected by the laws of economics, human greed, and insecurity.

The higher the value that bitcoins go the more people will start to get nervous about it and start wanting to sell. When this happens more people will sell and then the market will become over saturated with sellers and not enough buyers. Then the value will crash, free fall is a better word for it.

An since bitcoins are not regulated by any government there are no safety nets in place to stop a bitcoin freefall. I don't even know if it can be stopped because of the way they work.

I'm not just pulling these theories out of my ass ether. There is precedent for just such a collapse. The stock market collapse in the late '20 and early '30 that brought on the great depression. The things that caused it are currently all in place to cause a "great bitcoin depression."

Now I'm not saying that a bitcoin free fall will cause any kind of global economic collapse. Bitcoins are not that popular or even well known to cause that. In reality a bitcoin collapse will probably be barely noticed by most people.

Good to be a Winklevii (1)

hedley (8715) | about 7 months ago | (#45540047)

They have 1% of the supply per wikipedia in 4/2013.

A good speculation for them with their FB winnings I would say.

Re:Good to be a Winklevii (1)

oodaloop (1229816) | about 7 months ago | (#45540261)

What's a Winklevii? It's fucked up Latin like this that keeps me up at night.

Re:Good to be a Winklevii (0)

Anonymous Coward | about 7 months ago | (#45540421)

It makes guys like Hedley feel "educated" and "superior".

You know, "boxen", "virii", and so on...

Just another help desk neckbeard...

Re:Good to be a Winklevii (1)

hedley (8715) | about 7 months ago | (#45540431)

Winklevoss twins. http://www.cnbc.com/id/101190181 [cnbc.com]

I you believe their comments here, @120$ in the article, they feel it has 100x to go... that would be... $12000? Still a ways to go yet if their
prediction is right.

500% ROI in a month (1)

clorkster (1996844) | about 7 months ago | (#45540055)

Not too shabby. It's most interesting to watch people I know who started kicking themselves for not getting into bitcoins when it had skyrocketed to $600. Kudos to all those who got in sub $200.

Re:500% ROI in a month (0)

Anonymous Coward | about 7 months ago | (#45540331)

I got in at $0.50. Unfortunately, it was hard to buy them from Canada back then and I was a poor student so I only bought $25 worth.

Still, I've made enough to pay off all of my student debts and then some.

Re:500% ROI in a month (1)

tompaulco (629533) | about 7 months ago | (#45540413)

I mined mine when they were trading at about $8. Then mining got too expensive for my rig because of the difficulty, and I just sat on my bitcoins and didn't think of them for awhile.
Of course, things were different back then. People were saying exactly the same things about the demise of bitcoin back then, but instead of saying it is not worth $1000, they were saying it wasn't worth $8.

Why do they call it a currency? (4, Insightful)

bob_super (3391281) | about 7 months ago | (#45540059)

This is just a hyper-volatile investment which can be bartered against goods from people who are either gamblers or clueless.

All currencies are volatile to some extent, but this thing has no fundamentals to back it up.

Re:Why do they call it a currency? (5, Insightful)

MickyTheIdiot (1032226) | about 7 months ago | (#45540087)

same ol' shit every thread.

Re:Why do they call it a currency? (2)

bob_super (3391281) | about 7 months ago | (#45540107)

At least on the bitcoin dupes, they get to change the numbers.
For /. these days, that's a lot of editing.

Re:Why do they call it a currency? (1)

DexterIsADog (2954149) | about 7 months ago | (#45540445)

And why would anyone listen to your opinion as a bitcoin booster, given that you have a financial stake in their hyperinflation?

Re:Why do they call it a currency? (2, Interesting)

jfengel (409917) | about 7 months ago | (#45540259)

I'm coming to the conclusion that there IS a fundamental basis for it: drugs, and other black-market items. They want an online currency, and there's a lot of demand for their product. Silk Road is shut down, but new ones will keep popping up. The demand is real, so even if you didn't have speculators there would be demand for the currency in which drugs are bought.

The one thing I don't quite get, though, is that Bitcoin is too traceable for a proper black-market currency. It's famously and explicitly pseudonymous rather than anonymous. Seems to me that's very dangerous for the buyers and eventually for the sellers. I'd expect somebody to come up with a less traceable model. That would be the real crash to Bitcoin.

And ironically, that would make demand for this currency even stronger and more stable. Which would, in turn, give more real-world markets an interest in accepting it. Right now, when somebody asks what the value of the dollar is, it's ultimately based in the taxes you pay for the services you receive as a citizen, even though that's very, very abstract. I don't see why it couldn't ultimately be "because a bunch of drug dealers are willing to accept it and trade it among each other": the demand for drugs is just as real a thing.

Re:Why do they call it a currency? (1)

amicusNYCL (1538833) | about 7 months ago | (#45540375)

This is just a hyper-volatile investment which can be bartered against goods from people who are either gamblers or clueless.

The sellers can avoid the volatility by cashing out their BTC as soon as they are received. But when the value is going up like this, I wouldn't expect that to happen much. I'm sure there are plenty of people who cashed out enough to basically break even and are letting the rest ride for a little while.

What are they being used for? (2)

WPIDalamar (122110) | about 7 months ago | (#45540077)

Presumably, people want Bitcoins for some reason, otherwise the price wouldn't go up. I can think of 2 reasons that could be driving it...

1. Pure speculation in a rising market and wanting to make money by investing.

2. BTC actively being used for something so they have actual value.

I've seen some minor gambling sites. And a handful of sites that accept them for services/products. There was silk road, but that's gone. With the bust, I have to imagine that people are skittish about the new silk road, so I have to believe those volumes are way down. But all that just doesn't seem to be keeping up with the extreme increase in value. Make me really think #1 is the more likely scenario.

What am I missing? How are these being used?

Side note... I've got 0.34 BTC from when I played around with it a year ago. Wasn't worth cashing in then and forgot about them. Glad I didn't lose the keys.

Re:What are they being used for? (2)

sqorbit (3387991) | about 7 months ago | (#45540133)

There's a (small) growing number of adult websites taking bitcoin now. We might possibly be witnessing the power of porn again.

Re:What are they being used for? (1)

MickyTheIdiot (1032226) | about 7 months ago | (#45540267)

There are quite a number of sites to buy computer equipment and bitcoin miners themselves. There was also a good auction site called bitmit.com that recently shut down and was quite good.

Plus gyft.com allows gift cards to be bought via bitcoin which is a good way to directly buy goods from big retailers that don't accept them directly.

So there is more than porn available. I will agree basically with the gf post that there is still not enough accepting sites out there, but with the current worth of bitcoin with it's heightening profile that could change.

Re:What are they being used for? (2)

ledow (319597) | about 7 months ago | (#45540315)

Humble Bundles.

I put £20 into Bitcoin a few months ago. Bought a shed load of Humble Bundles for myself and friends. It's now worth £100.

That's not a bad thing at all, though it's not a mass market thing it proves that it can just be "used" like Paypal or any other type of money exchange.

Re:What are they being used for? (1)

h4rr4r (612664) | about 7 months ago | (#45540357)

3. someone is doing this on purpose.

The volume of BTC traded is low enough that many investment firms could just that.

Re:What are they being used for? (1)

DroolTwist (1357725) | about 7 months ago | (#45540397)

According to a recent article, SR 2.0 is online, with plans for SR 3.0 to be activated within 15 minutes of 2.0 being shut down (if it gets shut down). There are a lot of other places on the darknet where you can get the same products/services as SR, btw.

Also, pseudo-anonymous currency isn't always used by bad people for bad things. Sometimes, people just don't want to be tracked doing legal activities. Privacy, and all that.

Where is all of this money coming from? (3, Interesting)

jandrese (485) | about 7 months ago | (#45540093)

With the high profile shutdown of Silk Road the number of things you can buy with Bitcoin would be considerably less. While it's true that there are other services available, it seems strange to me that so much money is being dumped into the system now. Maybe someone is trying to buy up enough coins for a trip to space? Or maybe someone is laundering a crapload of money and is having trouble on the outbound side (converting the money back into real life currency) and is creating a backlog?

Or it's an attack on the system itself, maybe someone figure out a way to race the market and make money?

Re:Where is all of this money coming from? (1)

wbr1 (2538558) | about 7 months ago | (#45540175)

The interesting question to me is will one of the 'alt' coins break out if BC crashes. All the other coins values seem to follow BC. I currently mine litecoin for giggles. I have good GPUs and my energy costs are negligible, so I don't have to worry on that end.

The other posters are correct though in that we need more places accepting BC. Namecheap is accepting BC, and if I make enough litecoins I will trade and apply it to my hosting bills.

Re:Where is all of this money coming from? (1)

MickyTheIdiot (1032226) | about 7 months ago | (#45540297)

My current feeling is that bitcoin isn't the final form for cryptocoin. I think it will morph. The criticism that bitcoin hashing doesn't really DO anything is valid, but I think mining could lead to other cryptocoin systems where the cycles are put to good use. We've already got one that does prime number factoring. I could see a BOINC-like structure where the cycles are doing actual problem solving of some sort.

Re:Where is all of this money coming from? (2, Informative)

Anonymous Coward | about 7 months ago | (#45540465)

The criticism that bitcoin hashing doesn't really DO anything is valid

It's not.

Mining gold doesn't (mostly) do anything, unless you count "being shinypretty on ladies' necks and fingers". Only ~10% is actually used in industry and medicine, ~70% is jewelry and the rest is piled in the vaults.

Printing money also doesn't serve any purpose - wasting all that counterfeit-proof "paper" and ink using superexpensive printing presses etc, all for those little rectangles that aren't even useful as asswipes anymore, what with making them hydrophobic and all.

Of course, that's only if you don't use that money as a token of value, then all the tricks they use to counter fakes are not a waste.

Re:Where is all of this money coming from? (0)

Anonymous Coward | about 7 months ago | (#45540565)

PeerCoin is based on Proof of Stake and addresses the hashing concerns. It also happens to be the cryptocurrency with a "unique" feature set and has the third highest market cap, behind BTC and LTC (with the latter is a 1:1 copy of the former).

That being said, I would strongly advise against investing in PeerCoin because it’s just an imaginary currency that’s really worth nothing at all. And the guy who invented it probably holds 50% of it. Oh, and unless you're Kevin Rose. https://twitter.com/kevinrose/status/404772662783643649

Re:Where is all of this money coming from? (2)

SinisterEVIL (2661381) | about 7 months ago | (#45540247)

If you use egift or gyft there are 10s of thousands of retailers you can use bitcoin with.

Re:Where is all of this money coming from? (1)

tompaulco (629533) | about 7 months ago | (#45540529)

Are you serious? The Silk Road shutdown barely caused a blip in bitcoin, and it is not trading at almost ten times what it was when Silk Road was in business. Just what percentage of bitcoin do you think was actually being used on Silk Road? My guess it was miniscule. This is another one of those "It could be used for something illegal, so shut it down" agendas. For the same reason, we should stop using guns, knives, hammers, dollars, rocks, etc.

And Obamas numbers are cratering (-1)

Anonymous Coward | about 7 months ago | (#45540131)

http://www.pocketfullofliberty.com/obamas-poll-numbers-cratering/

"A recent CNN poll is nothing but bad news for Obama. Here are some highlights:

- Asked if Obama is a strong and decisive leader, 53% said No. (46% said Yes.)

- Asked if Obama inspires confidence, 56% said No. (44% said Yes.)

- Can Obama managed the country effectively? 60% said No. (40% said Yes. – Who are these people?)

- Does Obama generally agree with you on issues you care about? 56% said No. (44% said Yes.)

- Do you admire Obama? 56% said No. (44% said Yes.)"

Yea, genius I tell you, you people are freaking geniuses for supporting this tool.

Anyone want tulips? (5, Insightful)

Anonymous Coward | about 7 months ago | (#45540151)

.Seems like March 1637 all over again.

Re:Anyone want tulips? (-1)

Anonymous Coward | about 7 months ago | (#45540277)

A Wisconsin-based company is developing an innovative way to reduce manufacturing costs of light-emitting diodes (LEDs).
With help from a $2.4 million Energy Department research grant that is matched dollar-for-dollar by the company, researchers at Eaton Corporation in Menomonee Falls, Wisconsin, are creating a manufacturing process that not only streamlines LED fixture designs but also removes unnecessary materials and parts. The new process will enable LED chips to sit directly on heat sinks, resulting in better heat transfer and ultimately increasing efficiency of LEDs.
This type of work represents one of five manufacturing research and development projects the Energy Department is funding to help strengthen the performance of LEDs and organic LEDs and improve cost-effective manufacturing techniques.

Re:Anyone want tulips? (1)

Anonymous Coward | about 7 months ago | (#45540321)

.Seems like March 1637 all over again.

At least you got a bulb back then ....

Buyers should read about The Greater Fool Theory [wikipedia.org]

Is this the peak? (0)

Anonymous Coward | about 7 months ago | (#45540203)

I mined a few Bitcoins last winter using my GPU. I needed to heat my house a bit, so the cost for me was basically nothing. Today I sold the last Bitcoin - total profit: USD 6500... Happy, but I think I'll spend the coming week second-guessing my decision to sell today.

Wow! (1)

Cro Magnon (467622) | about 7 months ago | (#45540305)

I wish I'd bought some when they were $100. Maybe I will after the next crash.

Cryptolocker Spike? (5, Insightful)

texaopian (1448137) | about 7 months ago | (#45540309)

Does anyone think that the rise in price might be a result of the new demand for Bitcoins due to Cryptolocker outbreak?

bitcoin is controlled by whales (0)

Anonymous Coward | about 7 months ago | (#45540429)

If bitcoins go down or up it's not decision that normal people will make... Price of bitcoin is controlled now by BIG players, they are like in speculate heaven, they can do here what they can't on normal stock exchange... If anyone of you saw what was going on on big sales one week ago you would know what's going on... Bots buying/selling... If u think you know if bitcoin will go up or down they you are WRONG. People still don't get it that in long run only those whales make money, on stock exchange and on bitcoin exchange tooo... They just wait for normal people to buy more and more so finally they can dump what they have making price go down so everyone thinks it's crashing and they are selling everything they have, while big players just buy it off and then make higher price again... Capitalization of the market is too low that's why that kind of things we see atm... Price of bitcoin only depends on one thing at the moment : Big players want to invest long-term in bitcoin so i it will go up more and we will see no crash in next months... or more likely scenario : they are selling slowly now and soon they will dump lot of bitcoins making the price go down big time, so ordinary people will start selling their btc while whales will buy it off them...

Reminds me of other inflated markets (2)

mark_reh (2015546) | about 7 months ago | (#45540493)

based on valueless commodities: tulip bulbs and diamonds are the first ones that come to mind. Good luck to all holding bitcoins- you're going to need it.

Too expensive to sell? (-1)

Anonymous Coward | about 7 months ago | (#45540505)

What happens if the valuation becomes so high that virtually no one is willing to buy, anticipating that the price will crash?

.
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