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Bitcoins Anyone?

Last posted Nov 21, 2013 at 09:44PM EST. Added Nov 18, 2013 at 06:48PM EST
7 conversations with 5 participants

Anyone follow bitcoins on here? It’s jumped like 50% today from about $515 to $788 at the time of this post. What is happening here?

Nov 18, 2013 at 06:48PM EST
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The Stare Master said:

What is happening here?

It’s called an economic bubble. Prices rapidly increase based on wild speculation until the thing pops and prices plummet to a more natural state. This is even more obvious given Bitcoins are unregulated and so there’s not even the flimsiest of things there to check the bubble from growing. What could cause the bubble to burst, you ask?

The second this becomes a possibility, is the second someone puts a needle to the bubble.

Nov 18, 2013 at 08:47PM EST
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This happens every year or so.

Nov 18, 2013 at 09:43PM EST

But this is an ultimate all time high isn’t it? I remember when they took down Silk Road prices were around $250 or so, and before that I was pretty sure it was lower. That’s a huge 3 fold increase in like 3 months. Where is the engine driving this???

Nov 18, 2013 at 10:59PM EST
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The Cute Master :3 wrote:

But this is an ultimate all time high isn’t it? I remember when they took down Silk Road prices were around $250 or so, and before that I was pretty sure it was lower. That’s a huge 3 fold increase in like 3 months. Where is the engine driving this???

Someone probably traded one for higher than usual, people saw it and said “Fuck, bitcoins must be going up” and then started trading theirs similarly. It happens in stocks all the time

Nov 18, 2013 at 11:05PM EST
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Maybe it’s because the Silk Road is literally on every news site being advertised, you know that whole negative publicity advertising method. Or maybe people are finding different websites along the same lines. It’s hard to say, I only know is what I see in articles.

Last edited Nov 19, 2013 at 12:38AM EST
Nov 19, 2013 at 12:36AM EST

Bitcoins are really damn hard to explain and understand, I’ve been looking into them heavily lately, it’s like trying to understand time from what I’m looking at. Here is the simplest and quickest explanation I can give.

The “Price” of Bitcoins is fairly similar to how the prices of stocks work. It’s based on a supply and demand market. If someone decides to buy a ton of em for a higher than market price, or hell even just a ton of em at once, it drives the price way up because the demand has risen and there is a limited supply. Bitcoin prices are really unstable because the available supply is constantly, and somewhat consistently, becoming larger.

There is a set limit to the supply of Bitcoins, but we aren’t even close to hitting that right now. Once we have the entire supply available is where prices will more than likely really settle down and become fairly consistent and not be traded so haphazardly with huge spikes and drops. I’d call the $700 price, not a bubble, but a stupid and possibly care-less investment by the part of someone or some entity. Hard to say though, just wish I had mined some or bought some up when they were only close to $40 a coin and fairly stable at that point, I would at least be able to get myself a nicer car or something.

Last edited Nov 21, 2013 at 09:45PM EST
Nov 21, 2013 at 09:44PM EST
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Skeletor-sm

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