Bitcoin virtual currency hits (ALL-TIME) record high after exchange deal - Polidicks

I'll be very surprised if this isn't a bubble. Going to bed at $32 and seeing it the next morning at $40 is very odd. Especially for it to repeat the next day with $40 and $46.40. That's a 45% increase in two days.

I think it's a temp bubble, I don't think it will crash. Likely just the recent news has gotten people into it.

[QUOTE=Brt5470;39819246]I think it's a temp bubble, I don't think it will crash. Likely just the recent news has gotten people into it.[/QUOTE] It's probably go up and down again, but not with so aggressive bursts as before. It'll get more and more stable, unless ½ of the exchanges get's hacked at once, [B]BUT[/B] then they wouldn't have learned from the lesson of others. IN SHORT: BitCoin is slowly maturing, and at one point it'll reach a rate where it's as stable as any other currency. Unless the core security of it gets cracked.

I got a loan a few days ago, please stop going up.

[QUOTE=anis;39817534]Just an update: It's $46/BTC right now.[/QUOTE] Jesus fucking christ. I hate myself knowing I could've easily invested when it was well-under $10.

[QUOTE=anis;39817534]Just an update: It's $46/BTC right now.[/QUOTE] Looks like we hit $49 a couple of hours ago. [img]https://lh3.googleusercontent.com/-7wd_kru-lc0/UTd9WeJeL4I/AAAAAAAAI-c/yLovJ260_YU/s0/chart.png[/img] My guess would be that more and more news sites have been picking up on the record, and continued good news like [url=http://www.uptweet.com/viewStory?id=1030]bitpay integrating with fulfillment by amazon[/url]. That said, I do think the current price is a bit high, but there's just no telling with bitcoin.

It's crazy how you can see the selling and buying in relation to the prices. Just like stock.

[QUOTE=Brt5470;39820674]It's crazy how you can see the selling and buying in relation to the prices. Just like stock.[/QUOTE] Here's a live image of the market depth, so you can see how volatile the price is in both directions. Lower "walls" at further price points from the current one mean it'll take less money to push the price in that direction. [img]http://bitcoincharts.com/charts/mtgoxUSD/accumulated_orderbook.png[/img] [editline]6th March 2013[/editline] [url]http://mtgoxlive.com/orders[/url] is a better view of the same data, but it's been up and down lately. Here's a screenshot of the latest view. [img]https://lh6.googleusercontent.com/-2JVWArcVboM/UTeBU3e3a4I/AAAAAAAAI-k/XHZ9pElV364/s0/2013-03-06_12-47-51.png[/img]

[URL="http://money.cnn.com/2013/03/06/technology/innovation/bitcoin/"]Just hit the front page of CNN[/URL], expect that shit to rise sharply in the coming hours.

this is great, it rises more when it's in the news and then it gets in the news more gonna crash so hard when its over

[QUOTE=Shadaez;39820789]gonna crash so hard when its over[/QUOTE] Or it'll just stabilize. The increase in value is pretty well justified.

[QUOTE=Shadaez;39820789]this is great, it rises more when it's in the news and then it gets in the news more gonna crash so hard when its over[/QUOTE] Maybe, maybe not. The news may give confidence to current traders, which is what causes the short term rises, but it also increases adoption and means there are more people interested and possibly trying to buy coins, which causes a long term rise. I wouldn't anticipate a significant crash (>$10) unless there's suddenly some VERY bad news, which is historically what it took to put a sizable dent in the value. Even smaller exchanges getting hacked and huge ponzi schemes being revealed did little in the form of a long-term impact. [editline]6th March 2013[/editline] Here's what happened when one scammer suddenly disappeared with 500,000 coins ($5.6 million) that people had "invested" with him in the middle of August 2012 [img]https://lh5.googleusercontent.com/-m4OVJO4aUZo/UTeEzKvdYLI/AAAAAAAAI-s/M2c5_H5rr54/s0/chart.png[/img] Despite the big crash, the month still finished higher than it started.

Coinbase seems to be broken if you try to access the buy/sell page :( [url]https://coinbase.com/buys[/url]

Fuck I should put like 200 bucks in and wait now. But I'm a bit scared. I just imagine CNN doing that story, and another big theft happens and it drops down. [editline]6th March 2013[/editline] Also I don't want to be a speculator myself.

I have money sitting in my paypal that I'd love to invest but I feel like it's such a huge gamble. Nobody knows for sure what the future guarantees.

Even then, I don't see it staying this high for long. I imagine when more people go into mining and the craze slows down we might see it around 25-30 for a few months.

yeah I think we already missed our chance to buy bitcoins. I'll just set up some miners or something

[QUOTE=Starpluck;39820832]Or it'll just stabilize. The increase in value is pretty well justified.[/QUOTE] lol no it isn't. it's a purely speculative bubble

[QUOTE=Lazor;39821089]lol no it isn't. it's a purely speculative bubble[/QUOTE] Plenty of it is, though I'm sure plenty of people are joining the market due to pure interest in the idea of it and thus demand for it goes up. It's not impossible to assume it will stabilize, but I don't think it will stabilize this high, not for a long time.

[QUOTE=Lazor;39821089]lol no it isn't. it's a purely speculative bubble[/QUOTE] Every financial thing is a bubble. the real question is: if it's a [I]SUSTAINABLE[/I] bubble

[QUOTE=Van-man;39821151]Every financial thing is a bubble. the real question is: if it's a [I]SUSTAINABLE[/I] bubble[/QUOTE] It's sustainable within itself, I think - there are enough ways to convert Bitcoins to usable currency or to use them as currency, so long as no MtGox accidents happen it will always be sustainable. Compared to other currencies like actual dollars I would not want to rely on it for any sort of income though.

[QUOTE=Starpluck;39820510]Jesus fucking christ. I hate myself knowing I could've easily invested when it was well-under $10.[/QUOTE] Don't feel too bad, my friend told me to put money in when it was just over $5. He put $200 in. Last I checked with him, it was still in there. This kind of spike is exactly when I'd expect him to sell. Going to be over $2000 for him I bet.

[QUOTE=Protocol7;39821170]It's sustainable within itself, I think - there are enough ways to convert Bitcoins to usable currency or to use them as currency, so long as no MtGox accidents happen it will always be sustainable. Compared to other currencies like actual dollars I would not want to rely on it for any sort of income though.[/QUOTE] Well it's definitely a currency you'd [B]NOT[/B] mainly pay or be paid with, but it has it's uses for more than just [I]fun stuff[/I] (drugs & guns)

[QUOTE=Lazor;39821089]lol no it isn't. it's a purely speculative bubble[/QUOTE] Within the past few days Amazon bitcoin integration has been implemented, Namecheap has also started to accept bitcoin. The former is the world's largest online marketplace, you can bet the value will rise.

[QUOTE=Starpluck;39822871]Within the past few days Amazon bitcoin integration has been implemented, Namecheap has also started to accept bitcoin. The former is the world's largest online marketplace, you can bet the value will rise.[/QUOTE] Amazon didn't integrate bitcoin, bitpay integrated Amazon Fullfillment Services which is completely different. don't be disingenuous and your "currency" just lost like $2 of value in half an hour so lol [editline]6th March 2013[/editline] when i think future currency of the world i think 10 minute transaction times and a hard cap on the currency with permanent removal of the currency from the economy if someone loses their digital wallet file

[QUOTE=Lazor;39823033]Amazon didn't integrate bitcoin, bitpay integrated Amazon Fullfillment Services which is completely different. don't be disingenuous and your "currency" just lost like $2 of value in half an hour so lol[/QUOTE] The outcome is that you can now buy amazon items with bitcoin, which is obviously very useful. There were smaller, lesser-known sites that have been doing this for a while now, but they're not so official. And considering it just shot up by $10 over the last 24 hours, a correction is pretty much expected. If anything, a drop of only $2 is underwhelming. Why put currency in quotes? While bitcoin doesn't quite fit under any modern economic terms, currency is certainly the closest. [editline]6th March 2013[/editline] [QUOTE=Lazor;39823033]when i think future currency of the world i think 10 minute transaction times and a hard cap on the currency with permanent removal of the currency from the economy if someone loses their digital wallet file[/QUOTE] Transactions propagate instantly. Verifications take time depending on the fee you chose to pay. A hard cap is a good thing and poses no threat, especially when you have precision down to 8 decimal places, and possibly more in the future if needed. Permanently lost wallets also aren't an issue because it just makes the rest of the coins in circulation more valuable.

If bitcoins actually stabilize to where they don't lose or gain more than a few cents a day, I will actually use bitcoins. I really don't trust a currency which has went up in value around 40 dollars within 2 years.

[quote]Why put currency in quotes? While bitcoin doesn't quite fit under any modern economic terms, currency is certainly the closest.[/quote] because it is treated like a commodity and no, Amazon Fullfillment Services doesn't enable you to buy stuff from Amazon, it enables you to buy from people using Amazon fullfillment services on their website that also use bitpay. That is a vanishingly small amount of sellers. [editline]6th March 2013[/editline] only an idiot thinks a deflationary currency is a ~good~ thing

[QUOTE=Lazor;39823338]because it is treated like a commodity and no, Amazon Fullfillment Services doesn't enable you to buy stuff from Amazon, it enables you to buy from people using Amazon fullfillment services on their website that also use bitpay. That is a vanishingly small amount of sellers. [editline]6th March 2013[/editline] only an idiot thinks a deflationary currency is a ~good~ thing[/QUOTE] Ok, a hard cap isn't a ~good thing~ in terms of state-issued currency, but it has advantages to a cryptocurrency, and my understanding is that the main reason so many people are afraid of a deflationary currency isn't so much that it's inherently broken (yes ok, it encourages hoarding, but what good is money if you never use it?) as much as we just don't know how it would work out because there isn't something we can compare it to today. One thing we do know, however, is that there are plenty of people in the world successfully using bitcoin to make purchases and sales, so it can't be too catastrophic. [editline]6th March 2013[/editline] Also, what makes you want to call it a commodity? Bitcoins aren't inherently useful for anything, they can't be "consumed", they're just a carrier of value, which pretty clearly makes them a currency. [editline]6th March 2013[/editline] After reading [url]http://blog.bitcointitan.com/post/17789738826/what-u-s-regulations-apply-to-bitcoins-as-commodities[/url] I'll just let go of the currency/commodity talk, because it does share traits of both. I'm still of the opinion that it doesn't matter what label we apply to it, but I digress.

lol all the markets are lagging out to fuck. it's gonna tip very soon, already dropping, huge numbers of people selling... [editline]6th March 2013[/editline] [[img]http://i.imgur.com/RxwnWtY.png[/img] oop and it's gaining a bit again. i expect $40 or less in morning.