7 votes

Bitcoin takes out 600 USD

Bitcoin is on a tear again.

I actually think this is a symptom of the risky position of the fiat currencies, as well as the inherent advantages of Bitcoin. We are witnessing the death of many currencies around the world.

Yes, Bitcoin is probably in overbought territory, but I don't think it is a bubble.

Edit: BTC/USD breached 800, I think it is soon time for a correction. Nothing goes straight up forever.

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I get more silver coins than Bitcoins for my buck

Also these silver coins are more practical than Bitcoins. It always mind boggled me why some people gave their money to strangers.

Up to $900, back down to $650 in 30 minutes

http://www.geekwire.com/2013/bitcoin-surges-alltime-high-800...

The Diamond Dog is a real cool cat. | Reporting on the world from an altitude of 420.

ChristianAnarchist's picture

Seems I can't ever time my

Seems I can't ever time my bitcoin purchases correctly... I just bought and now they went down, way down... :(

Beware the cult of "government"...

newbie

Where's a good place to purchase bitcoins? Also can you give me a link to set up a wallet? Thanks.

Here

At this pace Bitcoin should hit $1,000 sometime early Tuesday…followed by another spectacular collapse like the one witnessed in April.

SteveMT's picture

Bitcoin at $1,100 in China? Yup, it's true right now.

"Because at the same time, the Renminbi-denominated price of Bitcoin on BTC China, has the digital currency at 6780CNY. At a USDCNY exchange rate of 6.09, this means a price over $1100 per Bitcoin."

Bitcoin Trades Over $1000 On BTC China Exchange And Crashes 30% ... Then Rebounds
http://www.zerohedge.com/news/2013-11-18/bitcoin-trades-over...

It's a heck of a time to be

It's a heck of a time to be an active player in this market. Many millionaires will be created, some billionaires. The volatility is part of the attraction for "fast money" players.

a few thoughts

The price behavior in time of a category of somethings gives you the best indicator if there is a bubble. Bubbles are manias and their signpost is an asymptotic curve. Bet your bippy bit-coin is a bubble. Those who say it isn't a bubble...? Well, I'd like them to DEFINE a bubble such that houses in 2006 were one; NASDAQ in 2001 was one; bit-coin is "special"? Use of the word special or implication that an speculation class is special is another of the hall-marks of a bubble.

That doesn't mean this particular bubble isn't telling, though. God knows it's got the governments of the world worried that their scam clock is running low.

Bill of Rights /Amendment X: "The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."

Do you need a politician or judge to "interpret" those 28

Interesting youtube video

Interesting youtube video that seems to be prophetic:

http://www.youtube.com/watch?v=qHUPPYzzZrI

I vaguely remember that most popular ideas need 4-5 years before they become popular. This youtube video is not the first time I heard this. Doesn't matter what kind of idea, but it takes that long in order to become popular and gain exponential growth. It just so happens that BC is now 5 years old and it's just now appearing into the news. Recent price events make the youtube video seem prophetic.

Some things DID continue to grow and then never died off, like the internet. They kept growing until they reached saturation. Why didn't the internet bubble pop? Because the internet had true utility. So did facebook and twitter.

The question is, is BC's utility genuine and can it maintain its utility over time (being able to withstand forks, bugs, banks and governments)? If that answer is yes, it will most likely follow the trendline and never die off, even if a few bubbles pop here and there. If that answer is no, 0 is the likely outcome. But even if it eventually reaches 0, it may very well last a decade or two before the system fails.

I keep thinking about the college student that bought 5000 bc's

for 27 dollars and forgot about them. Now he's got 3 mil.

Good For Those Bitcoin Owners

Those guys are making a fortune. To all the people that were saying a year ago "Bitcoin is not money, it is as fiat as Reserve Notes, it has no commodity backing, it's just 0's and 1's on a computer, you are wasting your time with Bitcoin."

It makes me want to go spend a couple hundred on new crypto-currencies; LiteCoin and the others.

How would you like it if you had bought $200 worth of Bitcoin 3 years ago???

Admittedly, BC doing well

Admittedly, BC doing well proves nothing. But I do agree that anyone who had bothered to look into BC would have realized that this growth potential was possible. Gold has existed for 5000 years, but BC only for 5 years. So it's a given that there's more room for growth.

800

& climbing... uppity up..

Wow. Bubble or not, this is

Wow. Bubble or not, this is impressive.

sell sell sell

i smell another bitcoin bubble.

.

I think we need to distinguish between a bubble and a correction. People screamed "BUBBLE!!" a few months ago when Bitcoin was at 200 and something, and crashed down to almost 50. Well, it didn't take long before it climbed back up, and far beyond. That's not a bubble, it is a correction.

I agree. There will be many

I agree. There will be many more corrections as BTC continues to gain acceptance and there is a ton of speculation right now. It is THE new hot area for fast buck scammers.

More for you guys.

No offense but I'll stick to my physical stuff

There's likely gonna be a few

There's likely gonna be a few bubbles, but investors will notice that each bubble recovers faster and faster. That's because unlike Tulips, BC retains its utility, despite its propensity to form bubbles.

If a crash will permanently tank BC's price, it will be because its utility has been permanently compromised. In such a scenario, BC will never be able to recover and will go to 0. Bc will either be worth 0 or a ridiculous amount of money. There is no middle ground on this.

Why would it go to zero? It's

Why would it go to zero? It's not an all-or-none situation.

Bitcoin is the canary in the coal mine.

Of today's bubble……and people think it is different this time.

For those that don’t understand how a BID/OFFER market works you don’t understand how this is a bubble and Bitcoin will free fall at an exponential speed of its meteoric rise. You think you will get out…..you won’t even be able to get a trade off……because you don’t know how a BID/OFFER market works.

Does not matter WHAT you THINK Bitcoin is, the new gold or fiat toilet paper, when this bubble burst you will be hold a line of worthless data.

“Those that will lose….and there will be plenty, will say they were swindled but the reality is they have more money than brains and don’t understand how a BID/OFFER market works. They will cry for government intervention so this kind of thing never happens again and the government will be more than happy to oblige, because there is no better way to keep the monopoly of money in the government hands them for the people to demand it.”

Goldspan

SteveMT's picture

DOW is at an all-time high at 16,000

S&P is at an all time high at 1,800.
NASDAQ is close to 4,000 and has been going up.
Bitcoin is at an all-time high at 600.
Metals have been getting hammered & are getting hammered again today.
The metals are all at bargain prices.

Are we in the mother of all bubbles?

Do what everyone else is NOT doing & you will be happy that you did.

Warren Buffet, also being a

Warren Buffet, also being a self-interested person (as we all are), said "be fearful when others are greedy and be greedy when others are fearful".

exchanges

Which exchange(s) seems to be the most trustworthy & are relatively easy to setup?

I am leery about gox but have considered others such as btc-e, bitstamp, coinbase..

I ran across this earlier while 'googling' and would like to know if anyone has heard of/used it? :

https://giftcarddrainer.com/

I'm wondering about the same thing

I'm currently searching for the best method to sell bitcoins for FRNs.

All this and more is answerd

All this and more is answerd in my guide. If you sign up for coinbase, you can link a bank account and trade btc to and from it

This isn't a bubble by any

This isn't a bubble by any means. There is a new HUGE demand in China right now, and the way I see it, $600 is CHEAP for bitcoins... I have no doubt that within a year, you are going to see five and six figure bitcoin prices... Checkout my last price point prediction on bitcoin, it was spot on. So is this one. If you or someone you know wants to learn all you can about this awesome new frontier, I highly suggest picking up a copy of my guide. Link is in the signature.

I think the growth is

I think the growth is legitimate as well, but nothing can indefinitely increase without limit, especially where growth is truly phenominal. My guess is that the demand is legitimate, but the infrastructure is not there yet. I doubt the exchanges are ready to handle this kind of traffic. This will once more cause the rates to crash.

The skyies the limit.

There is zero risk in the stock market. The Federal Reserve Corporation will never stop printing a trillion a year for banks and Wall Street. Buy now or be priced out forever.