Holy cow. Bitcoin was at $145? I wrote a comment 6 days ago expressing shock that it was at $100, since the last time I checked it had been at $60.
If a 45% rise in one week coming on the heels of a 300% rise in one month doesn't raise your eyebrows, I don't know what will.
I continue to watch this unfold, fascinated, popcorn at the ready.
It's obvious people aren't using bitcoin to shop, but instead using it as an investment.
In one quick moment heard mentality will respond by "cashing out" their bitcoins for money (something that is actually accepted and can be used to by things) and this will create a chain reaction. One by one everyone will flip out, won't want to miss out on their cash, and start purging their bitcoins for ever lower numbers until the currency is devalued.
There will be another crash, people will forget or think "things will be different this time", and will once again start building the next bitcoin bubble. I think I might actually buy some during the crash when they're real cheap. Every year bitcoin's popularity rises and more people get suckered into it.
Bitcoin only gets so many chances in the public eye.
It's broken through enough that enough people are paying attention to Bitcoin. And it's just in time to watch the textbook crash--(https://en.wikipedia.org/wiki/File:Stages_of_a_bubble.png).
"Where will Bitcoin be a year from now?" Oh--isn't that that one currency that people lost a lot of money in 2013? Litecoin? BitBucks?
Good luck getting anyone to take it seriously again.
In my opinion the current volatility is more a sign of the immaturity of the investors rather than the underlying concept being flawed (many markets are conceptually flawed and absurd from an independent viewpoint however human psychology maintains some weird interest in them that keeps them afloat)
The current volatility is clearly a bubble and the best explanation that I like is that all these computer nerds across the world who haven't been involved with stock markets before have dropped their cash on bitcoins and facilitated the bubble and are unaware of the law of bubbles; that is; that they pop
I continue to watch the Wall Street bubble unfold, fascinated, popcorn at the ready. In the end it'll be like sending herds of cattle through a cheese grater.
That said, I love the concept of BTC and could see using it at some point for some thing or other, the "investments" just give me such a sour taste that I don't even want to own any at any minor cost.
I think there are a lot of people like me, and therefore I doubt it can crash really hard. There is no panic moment because I can afford to lose all my "investements".
Just not for 150 bucks.
I want to try buying things. No one's selling for 0.6 µBTC
What does this mean, practically? A Gaussian distribution is a bad fit for the data. Using the more appropriate Normal Inverse Gaussian (NIG) distribution [1], we find that this is an event that would be expected once every 3 1/2 years. Still seems high since just last August we saw a -24% day.
The major exchange getting DDOS'd, a popular online wallet service provider getting hacked, and a plunge in the price of Bitcoins perhaps.
All of this days after the discussion around here was about BitCoins usurping major currencies. I don't get it.
everyone is finding new mines and bandits are active on the more remote ones. So prices get crazy. Bit coin will be like that until we approach the ceiling limit for bitcoins.
when that happen we will have the stable diamond market we have today. but limited by the algo and not by some cartel owning all the mines and buying all the new ones that are discovered to keep diamond supply stable artificially.
until then, enjoy the roller coast!