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Bitcoin

Bitcoin Tops $1,000 For the First Time 371

Posted by Unknown Lamer
from the from-the-top-you-can-only-go-down dept.
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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Bitcoin Tops $1,000 For the First Time

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  • Sell now. (Score:5, Insightful)

    by Frosty Piss (770223) * on Wednesday November 27, 2013 @01:37PM (#45539921)

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

    • by Anonymous Coward on Wednesday November 27, 2013 @01:39PM (#45539945)
      Nonsense, it'll keep skyrocketing in perpetuity! Adios Beanie Babies, daddy found himself a new gravy train. Choo choo!
    • Re:Sell now. (Score:5, Insightful)

      by Ralph Wiggam (22354) on Wednesday November 27, 2013 @01:40PM (#45539965) Homepage

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

      • by rasmusbr (2186518)

        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.

      • by iluvcapra (782887)
        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. (Score:4, Insightful)

        by O('_')O_Bush (1162487) on Wednesday November 27, 2013 @03:32PM (#45541451)
        Tons of people said that in 2006 with their house value.
    • Re:Sell now. (Score:5, Interesting)

      by Njovich (553857) on Wednesday November 27, 2013 @01:43PM (#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?

      • by iluvcapra (782887)
        One thing that would probably do a lot to tamp down volatility would be a deep BTC options market, where you could make bets like this on a regularized basis.
    • Re:Sell now. (Score:5, Insightful)

      by CanHasDIY (1672858) on Wednesday November 27, 2013 @01:46PM (#45540041) Homepage Journal

      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.

      • As long as you sell first...

      • Most market crashes are triggered by large sell-offs

        And many run-ups are triggered by large buy orders from influential investors - that's how the market works. It's a zero sum game driven by a herd mentality in which everyone tries to guess when the herd will stop moving or start moving in the other direction. The market commonly fulfills it's own prophecies because the few influential people making the prophecies are always one step ahead of the herd.

  • dammit... (Score:5, Funny)

    by gabereiser (1662967) on Wednesday November 27, 2013 @01:39PM (#45539937)
    why didn't I buy 1,000 bitcoins when they were $50 a few years ago!!!
  • by Anonymous Coward
    It'll keep climbing forever. Trust me.
  • by Anonymous Coward on Wednesday November 27, 2013 @01:41PM (#45539983)

    ... then Bitcoin is like rat poison.

    Seriously, its your protection against money printing.

    • by Stargoat (658863)

      I'll stick with gold. Thanks.

      • by brokenin2 (103006) *

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

  • Big ass hole (Score:3, Insightful)

    by Lord Apathy (584315) on Wednesday November 27, 2013 @01:45PM (#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.

    • 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 (Score:4, Insightful)

        by lxs (131946) on Wednesday November 27, 2013 @02:03PM (#45540257)

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

      • Re: (Score:2, Informative)

        by Sarten-X (1102295)

        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.

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

    • by rasmusbr (2186518)

      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.

    • 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.

    • 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, consider

    • Re:Big ass hole (Score:5, Insightful)

      by Lord Apathy (584315) on Wednesday November 27, 2013 @02:19PM (#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.

    • Re:Big ass hole (Score:5, Insightful)

      by Bacon Bits (926911) on Wednesday November 27, 2013 @02:32PM (#45540629)

      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.

      Money is a commodity. Money markets [wikipedia.org] and foreign exchange markets [wikipedia.org] prove that it is.

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

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

    • by oodaloop (1229816)
      What's a Winklevii? It's fucked up Latin like this that keeps me up at night.
  • by bob_super (3391281) on Wednesday November 27, 2013 @01:47PM (#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.

    • by MickyTheIdiot (1032226) on Wednesday November 27, 2013 @01:49PM (#45540087) Homepage Journal

      same ol' shit every thread.

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

    • Re: (Score:3, Interesting)

      by jfengel (409917)

      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 pseud

      • Re: (Score:3, Interesting)

        by kokojie (915449)
        It is not traceable, unless you are just careless with it. Silk road itself was running a free mixer service, to make your coins untraceable.
  • by WPIDalamar (122110) on Wednesday November 27, 2013 @01:49PM (#45540077) Homepage

    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.

    • by sqorbit (3387991)
      There's a (small) growing number of adult websites taking bitcoin now. We might possibly be witnessing the power of porn again.
      • 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

    • by ledow (319597)

      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.

    • by h4rr4r (612664)

      3. someone is doing this on purpose.

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

  • by jandrese (485) <kensama@vt.edu> on Wednesday November 27, 2013 @01:50PM (#45540093) Homepage Journal
    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?
    • by wbr1 (2538558)
      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.

      • 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.

    • If you use egift or gyft there are 10s of thousands of retailers you can use bitcoin with.
    • Where is all of this money coming from?

      China. In October, bitcoin got a lot of exposure in the mainstream Chinese press. BTC China rocketed past Mt. Gox to become the biggest exchange, and prices have gone up almost 1000% since.

    • by davek (18465)

      With the high profile shutdown of Silk Road the number of things you can buy with Bitcoin would be considerably less.

      Negative. The silk road was a tiny fraction of bitcoin volume. Do you realize you can buy gift cards with bitcoin, via the Gyft website? For example, CVS sells beer, Gyft sells CVS gift cards, therefore I can buy beer with bitcoins. Problem solved.

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

      My guess is it's massive amounts of Chineese money flowing into bitcoin, as they slowly realize that the USD will soon be worth less than the paper it's printed on (or the electrons in bank computers that actually make them).

    • by LF11 (18760)

      How about this for a revolutionary idea:

      The price is going up because a lot of people are interested in it!

      This price spike is a natural result of the mainstream coverage bitcoin enjoyed last week. It takes a few days for newbies to learn how to move money into bitcoin. Many of them have figured it out, thus today's spike (and crash).

  • by Anonymous Coward on Wednesday November 27, 2013 @01:55PM (#45540151)

    .Seems like March 1637 all over again.

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

  • by texaopian (1448137) on Wednesday November 27, 2013 @02:06PM (#45540309)
    Does anyone think that the rise in price might be a result of the new demand for Bitcoins due to Cryptolocker outbreak?
  • by mark_reh (2015546) on Wednesday November 27, 2013 @02:22PM (#45540493) Journal

    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.

  • Looks like deflation (Score:5, Interesting)

    by Algae_94 (2017070) on Wednesday November 27, 2013 @03:21PM (#45541271) Journal
    I remember a lot of argument on old bitcoin posts about whether bitcoins were a deflationary currency or not. It is certainly looking that they are right now. The value of them is increasing with time allowing one bitcoin to buy more and more with each passing day. So with the current market, why would someone spend bitcoins? They can wait a day and spend less coins for the same goods, or wait two days and possibly spend even less. This will kill it as a currency. Bitcoin will be solely used as an investment for speculation soon.
  • by Animats (122034) on Wednesday November 27, 2013 @04:06PM (#45541887) Homepage

    Buy Price $968.80 Sell Price $963.76 (Coinbase).

    Coinbase prices are real, because if you sell there, you get the money. Mt. Gox prices are higher, but you can't get US dollars out.

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