Bitcoin hits new all time high; current price $256.50

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Forums › Finance and wealth management › Bitcoin hits new all time high; current price $256.50

greenbone

176 posts

Master Geek
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#133884 6-Nov-2013 23:24

still a bubble? whats the general consensus

1 | 2

20515 posts

Uber Geek
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#928434 6-Nov-2013 23:28

No one knows. Speculation and greed?

1080p

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#928447 7-Nov-2013 01:57

Yep, sell if you have them and wait for Silk Road v2 to be busted then buy them back. Rinse and repeat.

Dairyxox

1595 posts

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#928522 7-Nov-2013 09:28

Bitcoin is coming up in china. Baidu is now accepting it as payment for a security suite and speculators believe that this means it has been approved for business use by 'the state'. Great news for everyone if it becomes more widely accepted in China.

Beccara

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#928527 7-Nov-2013 09:36

It's gambling and if you approach it is such and only play what you can afford to loose then good on you. Just dont drink the cool-aid this so-called new global currency's was grinding under 1 casino's transaction count

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BinaryLimited

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Ultimate Geek
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#928580 7-Nov-2013 10:41

Beccara: It's gambling and if you approach it is such and only play what you can afford to loose then good on you. Just dont drink the cool-aid this so-called new global currency's was grinding under 1 casino's transaction count

Yep, don't drink the cool-aid!
Very surprised on the price hike tho. Thought it would of vanished after silk-road got busted, considering they had a big majority!

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TwoSeven

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#928585 7-Nov-2013 10:48

Perhaps the demand is just being created from bitcoin farmers.

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jpoc

1043 posts

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#928752 7-Nov-2013 13:15

TwoSeven: Perhaps the demand is just being created from bitcoin farmers.

Most unlikely. The daily volume that is being mined is but a tiny fraction of the daily volume that is traded. Miners have little impact on the price.

TwoSeven

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#928783 7-Nov-2013 13:47

It was my understanding that the miners get a bitcoin commission from validating transaction blocks. The more people get into mining the more bitcoin commissions are paid out.

The value of a product is based on a demand and supply, so the more people that get awarded bitcoins either increases the supply, or puts up the price I would have thought. It isn't like regular currency which is based on the scarcity of a set of commodities as far as I understand it.

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jpoc

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#928854 7-Nov-2013 15:41

TwoSeven: It was my understanding that the miners get a bitcoin commission from validating transaction blocks. The more people get into mining the more bitcoin commissions are paid out.

The value of a product is based on a demand and supply, so the more people that get awarded bitcoins either increases the supply, or puts up the price I would have thought. It isn't like regular currency which is based on the scarcity of a set of commodities as far as I understand it.

Sorry but you do not understand how it works at all. It is worth reading the wikiP entry.

The number of new coins awarded to the miner who finds the next block is fixed - in the short term but is halved every few years - and the rate at which new blocks are found is also fixed. Thus the number of miners has no impact on the rate at which new Bitcoins are created. As miners add more and more computing power to the Bitcoin network, the computational difficulty of finding the next block is raised so that the rate of new block creation is kept constant. The result is that it takes more computing power (on average) to find each block so the return to miners - in terms of Bitcoins per $worth of computing power and electricity - goes down. Technology changes giving miners more power to find blocks at lower capital cost and lower power consumption are countered by the increases in difficulty. As I noted earlier, the rate at which new coins are generated is now much much less than the number that are bought and sold each day on the exchanges so the behaviour of miners has little or no impact on Bitcoin prices.