Bitcoin about to reach 500$ - Mt.Gox | Hacker News Reader

Bitcoin about to reach 500$ - Mt.Gox

mtgox.com

47 pointsbenigeri9 comments

Can anyone help me understand why the price is rising so rapidly? It was like $50 a while back. Now its 10x that. Is it because the difficulty to mine is rising exponentially? Or am I missing something?

Looks like the Chinese market is driving the prices up.

http://money.cnn.com/2013/11/12/investing/bitcoin-record-hig...

I'm guessing one factor is increased global media coverage, especially after the whole Silk Road incident. A lot of non-tech people are just now learning about bitcoin.

We'll see if this rally has any legs to stand on, personally I'm sure as hell not buying into anything with this much volatility.

What are the transaction fees like on these services? I mean, if you just had a lot of Bitcoins you kept cycling through several wallets and back to your real bank account, would anyone be able to tell and how much would it cost to do?

Most Bitcoin exchanges have transaction fees around 0.5-1.0%

Right, but since the value of the coins is calculated as $ to whole Bitcoins, whereas the actual transactions can be in numbers much smaller then whole Bitcoins, there's no reason you couldn't cycle say, $10 of BTC until you got to 0.01c in value.

Meantime, the exchanges would keep looking like there were "a lot" of transactions for BTC worth a huge amount.

It wasn't long ago someone dumped $5000 of BTC and the price dropped "worldwide".

I am not really sure what you are thinking of doing?

You cannot drop the price worldwide with merely $5000 of BTC. If you buy, sell, buy, sell, etc, in cycle, you are not going to cause the price to continuously increase or decrease.

You can split a sell or buy order for $5000 in numerous small transactions, but it will have no more influence than a single $5000 transaction.

There are free services that do this called "Bitcoin tumblers".

Wow. The graph isn't working but that's 10% in the last 24 hours.

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