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Hawkwing74
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Bitcoin bubble-tastic??

Thu May 25, 2017 8:52 am

I have a couple work friends speculating in bitcoins. One sold 5k of company stock from the stock purchase plan and bought bitcoins.

I know I'm not generally a prophet but I think we're in bubble territory. What is the reason it's really increasing in value so rapidly other than sheer speculation?

At the end of October 2016, it was at 702.
Last Saturday, it was at 1900.
Yesterday, it was at 2450.
Today, 2760 (up 11% in one day but fluctuating).

Anyone thinking Tulip Bulbs?
 
just brew it!
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Re: Bitcoin bubble-tastic??

Thu May 25, 2017 8:58 am

Perhaps a perception among some people that we are heading for a period of global political instability? Kind of like the gold bug thing, but geekier.
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Hawkwing74
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Re: Bitcoin bubble-tastic??

Thu May 25, 2017 9:03 am

just brew it! wrote:
Perhaps a perception among some people that we are heading for a period of global political instability? Kind of like the gold bug thing, but geekier.

My thought is some of the gold bug/silver people went to these. Gold and silver have been flat since their big spike a few years back. Still historically high but not like it was when silver almost touched $50.
 
Krogoth
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Re: Bitcoin bubble-tastic??

Thu May 25, 2017 9:05 am

It is overflow from recent chinese stock market rollercoaster.
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Captain Ned
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Re: Bitcoin bubble-tastic??

Thu May 25, 2017 9:14 am

Hawkwing74 wrote:
Still historically high but not like it was when silver almost touched $50.

You mean in 1980 when the Hunt Brothers tried to corner the silver market (and pretty much wrote half the script for "Trading Places")?

https://en.wikipedia.org/wiki/Silver_Thursday
What we have today is way too much pluribus and not enough unum.
 
Hawkwing74
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Re: Bitcoin bubble-tastic??

Thu May 25, 2017 9:18 am

Captain Ned wrote:
You mean in 1980 when the Hunt Brothers tried to corner the silver market (and pretty much wrote half the script for "Trading Places")?

https://en.wikipedia.org/wiki/Silver_Thursday

Aware of that spike as well, but no, I meant the more recent one.
 
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Re: Bitcoin bubble-tastic??

Thu May 25, 2017 9:38 am

A number of financial institutions are now starting to look into crypto-currencies as a possible new asset class, due to economic instability in some parts of the world.
Hence, the jump.

Short article with links here: https://arstechnica.com/tech-policy/201 ... s-at-2400/.
 
whm1974
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Re: Bitcoin bubble-tastic??

Thu May 25, 2017 9:53 am

Hawkwing74 wrote:
just brew it! wrote:
Perhaps a perception among some people that we are heading for a period of global political instability? Kind of like the gold bug thing, but geekier.

My thought is some of the gold bug/silver people went to these. Gold and silver have been flat since their big spike a few years back. Still historically high but not like it was when silver almost touched $50.

Wouldn't you be better of buying gold and silver? I blame Trump...
 
Vhalidictes
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Re: Bitcoin bubble-tastic??

Thu May 25, 2017 9:56 am

This sounds like a microcosm of Investing in general.

I don't have any money in the market because prices are at a historical high: isn't the classic aphorism "buy low, sell high"?

Meanwhile, prices go up even more...
 
NovusBogus
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Re: Bitcoin bubble-tastic??

Thu May 25, 2017 9:54 pm

Bitcoin loves bubbles. I have a small amount of BTC from back when USB mining ASICs were a thing; think maybe it's time to unload it.

Krogoth wrote:
It is overflow from recent chinese stock market rollercoaster.

Come to think of it, Asian financial shenanigans were what caused the first great BTC bubble too. I'm sensing a trend here...
 
ozzuneoj
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Re: Bitcoin bubble-tastic??

Thu May 25, 2017 11:42 pm

I wonder if Bitcoin's repeated use in ransomware schemes has effected its popularity. The vast majority of people do not use and have likely never heard of Bitcoin, and yet if their computer suddenly tells them everything they have stored on it will be gone unless they send $300 in Bitcoin to someone, they will likely learn pretty quick what Bitcoin is.
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f0d
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Re: Bitcoin bubble-tastic??

Thu May 25, 2017 11:42 pm

stupid bitcoin - im pissed because i diddnt keep any
i used to mine bitcoins back when you mined them with 5870's and 6970's and mined hundreds of them and sold them for $1-$5 because "haha im gonna sell these while you can actually get money for them" :(
i had multiple accounts that i lost from formatting my computer that would of had 5 or 10 bitcoins on them and i forgot to backup the bitcoin software

now i cry when i see how much they are worth - if only i kept a few of them i could have bought myself a new car or even put a down payment on a house
stupid bitcoin....
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