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« Charlie Munger On The Bailouts: "Suck It Taxpayers!" | Main | Judge Rules In Favor Of Banks In Massive Libor Lawsuit »
Monday
Apr012013

HOLY CURRENCY: Bitcoin Up 1500% In 9 Months!

Update - Bicoin price hits $100

---

Bitcoin's 2,000 PERCENT Rally Frightens The Fed

CHART OF THE DAY: Is Bitcoin A Bubble?

Here's what the chart looked like just 2 months ago on January 27.  A nice move off the collapse lows of $2, some stability at $5 for several months, then a comfortable ride to $16 over a six-month period.

Now check out the price action since January 27.

 

Behold the spike below -- from 16 to 72 in less than 2 months, and from 2 to 72 in 18 months.

CHART: Bitcoins Priced In U.S. Dollars

Bitcoin has surged in the past 24 months, recently peaking at $72.50 after a 2011 low of $2.14, according to data from Mt. Gox, the world’s largest Bitcoin exchange.  The money, a virtual currency issued by a decentralized network of computers, has shown new strength and acceptance since collapsing in vallue from $30 to $2 in 2011.

 

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And the Fed and ECB are getting nervous.

Bitcoin’s Gains Fuel Central Bank Concerns

Bloomberg

An increase in the value of bitcoin, the world’s largest online currency, may fuel concerns that virtual money could undermine the role of central banks.

Greater demand for virtual currencies could have a negative impact on the reputation of central banks, according to a report published by the European Central Bank in October last year.  Since the report was released, use of the currency has surged.

Bitpay Inc., a bitcoin payment processing company that recently raised $510,000 in an investment round, this month announced that the number of companies using its services has increased almost 50 percent to more than 2,000 since November, when blog management firm WordPress.com said it would accept the digital currency.

“I think the ECB obviously is concerned, and it’s not reputational,” said Steve Hanke, a professor at Johns Hopkins University in Baltimore who helped to establish new currency regimes in countries such as Argentina and Bulgaria.  “I think it’s a competitive threat.  Maybe virtual currencies will be so convenient that they will pose a threat because of their ease of use.”

Virtual currencies “could have a negative impact on the reputation of central banks” if their use grows considerably, the Frankfurt-based ECB said in its research paper.  “This risk should be considered when assessing the overall risk situation of central banks.”

Continue reading...

 

 

Both great links:

More Bitcoin Charts (Showing volume and transaction growth...)

Background - How Bitcoin Works

 

 

 

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Reader Comments (21)

I think a lot of Bitcoin's use is for speculative investment.... just as if one were to invest in a startup. Once the Bitcoin network gains speed in "transactional volume" and more people start using, it's worth will increase.

The more you talk about Bitcoin, the more valuable it will get. More vendors will accept it.

That being said I think it's more profitable in the long term to get a Bitcoin "Miner" than to purchase virtual Bitcoins directly. Most likely even if Bitcoin were to fall of the face of the earth, it would be possible to reclaim the investment in hardware by re-purposing it.

It seems that many people are thinking the same way, take a look at a few of the pre-orders on EBay. The price is skyrocketing for the right to an early spot in line:

http://www.ebay.com/sch/makerofthings7/m.html?_nkw=&_armrs=1&_from=&_ipg=25&_trksid=p3686
Mar 25, 2013 at 4:29 PM | Unregistered CommenterChris L
The fork of March 2013

On 12 March 2013, a bitcoin server (also called a "miner") running the more recent "version 0.8.0" of the bitcoin protocol created a large record in bitcoin's transaction log (called the blockchain) that was incompatible with earlier versions of the bitcoin protocol due to its size. This created a split or "fork" in the transaction log. Users ran the more recent version of the protocol while accepting and building on the diverging log as other users ran older versions of the bitcoin protocol and rejected it. This split resulted in two separate transaction logs being formed without clear consensus, which allows for the same funds on both chains to be double-spent. In response, the Mt.Gox bitcoin exchange temporarily halted bitcoin deposits.[38] The price of a bitcoin fell 23% to $37 on the Mt.Gox bitcoin exchange as this event occurred but subsequently rose most of the way back to its prior level of approximately $48.[29][30]

http://en.wikipedia.org/wiki/Bitcoin

Complicated enough? It just goes on and on like this.
Mar 25, 2013 at 5:02 PM | Registered CommenterDailyBail
Mar 25, 2013 at 5:07 PM | Registered CommenterDailyBail
Chris

http://www.ebay.com/sch/makerofthings7/m.html?_nkw=&_armrs=1&_from=&_ipg=25&_trksid=p3686

This link you posted is for physical creation of the coins I assume, and is different from Bitcoin software mining...? Help us out and explain this.
Mar 25, 2013 at 5:08 PM | Registered CommenterDailyBail
How a bitcoin transaction works

http://spectrum.ieee.org/img/06Bitcoin-1338412974774.jpg

Good infographic
Mar 25, 2013 at 5:41 PM | Registered CommenterDailyBail
Ring of Bitcoins: Why Your Digital Wallet Belongs On Your Finger

http://www.wired.com/wiredenterprise/2013/03/bitcoin-ring/

Another good read.
Mar 25, 2013 at 5:47 PM | Registered CommenterDailyBail
Hackers steal over $12,000 of Bitcoins from transaction broker Bitinstant

http://www.theverge.com/2013/3/8/4080160/hackers-steal-over-12000-of-bitcoins-from-bitinstant
Mar 25, 2013 at 5:48 PM | Registered CommenterDailyBail
Mar 25, 2013 at 5:50 PM | Registered CommenterDailyBail
Bookie offers 9/4 on bitcoin value hitting $500 by year end

http://www.finextra.com/News/FullStory.aspx?newsitemid=24665
Mar 25, 2013 at 5:52 PM | Registered CommenterDailyBail
Online Gambling With Bitcoins Still Illegal

http://www.online-casinos.com/news/news2412020.asp
Mar 25, 2013 at 5:54 PM | Registered CommenterDailyBail
Bet Bitcoins on Whether or Not an Actual Human Girl Will Show Up to a Montreal Bitcoin Meetup

http://betabeat.com/2013/03/bet-bitcoins-on-whether-or-not-a-girl-will-show-up-at-the-next-montreal-bitcoin-meetup/
Mar 25, 2013 at 5:55 PM | Registered CommenterDailyBail
Bizarre Bets on Bitcoin

http://betsofbitco.in/
Mar 25, 2013 at 5:56 PM | Registered CommenterDailyBail
Mar 25, 2013 at 5:57 PM | Registered CommenterDailyBail
Why cyber currency Bitcoin is trading at an all-time high

http://money.cnn.com/2013/03/06/technology/innovation/bitcoin/
Mar 25, 2013 at 5:58 PM | Registered CommenterDailyBail
This article answers the question. And many more.

Best link I've found so far.

http://motherboard.vice.com/blog/a-guide-to-bitcoin-mining-why-someone-bought-a-1500-bitcoin-miner-on-ebay-for-20600

A Guide to Bitcoin Mining: Why Someone Bought a $1,500 Bitcoin Miner on eBay for $20,600
Mar 25, 2013 at 6:08 PM | Registered CommenterDailyBail
BitCoin New All Time High: Last price:$77.03403
Mar 25, 2013 at 9:22 PM | Unregistered CommenterDailyBail
They will outlaw this.
Mar 26, 2013 at 6:02 AM | Unregistered CommenterS. Gompers
Global viewr.com accepts Bitcoins for property around the World: http://www.viewr.com/finance/bitcoin
Mar 31, 2013 at 2:13 PM | Unregistered CommenterKarl Lingenfelder
Apr 4, 2013 at 10:50 PM | Unregistered CommenterSKINFLINT

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