Bitcoin is on an unending march towards mainstream adoption and with that, $100 bitcoins are nearly here. We just had a $10 jump in the last 12 hours and it’s obvious we’re on a run away freight train to the currency of the future.
I would like to formally apologize to anyone I doubted. I am truly jealous of everyone’s sage investment strategies and now I’m stuck with my dick in my hand while everyone else is getting rich. Are we going to see $1000 in the future? The captains of industry tell me so.
To Bitcoins! up uP UP!
Bitcoins rise from $3 to $7 in the last month, are we looking at a zombie currency in the coming week?
Bitcoins seem to be slowly rising from their doledrums. In the last 30 days the price of bitcoins have rising, from nearly crashing below $3 before slowly and steadily rising, just touching above $7 today. What’s going on, what’s driving this increase and what’s going on in the next week for bitcoins?
I have 3 theories myself:
1) People cashing out bitcoins after starting up school again. No time to devote to mining anymore, cash out and spend the cash on books and supplies. The price rise is normal buy-back from people still in the game.
2) Cashing out bitcoins for holiday spending. The end of the year cash crunch means that many people could be selling their bitcoins to buy Christmas presents. Price tanked around October though, which seems too early for that. Price increase was people buying back their coins.
3) Bitcoin is just being the volatile cunt it always is and who know why the fuck the price tanked.
Option 3 seems the most likely option. What’s interesting to watch out for is the upcoming episode of the hit CBS sandy-vagaina show “The Good Wife” – Bitcoin for Dummies. In fact, CBS just released a teaser trailer a couple days ago that should really get some interest in bitcoins going. Except it doesn’t mention bitcoins at all, and features that dirty fiat currency.
I think we’re going to get a flurry of interest in bitcoins next week when this episode finally airs, but is it going to do anything for bitcoins long term? Probably not. There’s going to be a bit of activity, either good or bad, but interest will wane quickly. The method for moving cash in and out to complicated, no merchants accepting bitcoins, and the bitcoin forums a bit too unfriendly. A currency that has risen from the dead, but wanders the earth aimlessly and with no purpose, feating on the flesh of news.
Should be an interesting next week.
Bitcoin forums user kiwiasian realizes that burning electricity to create Monopoly Dollars out of thin air maybe isn’t the best investment.
Seems like a good argument, not sure how you could argue with data like that. An extremely volitile “currency” that rises could just as easily fall, right?
Erm, I’m not sure you’re helping your case here. Luckily kiwiasian helpfully points this out.
Maybe The Koolio could re-evaluate his position now?
Wait, gold hasn’t crashed (it did, in the 80′s)? Oil hasn’t crashed (it did, also in the 80′s)? And what’s with the “global population” argument, that’s the exact thing that ponzi schemes like to blather on about. Luckily the irony isn’t lost on kiwiasian.
Well, when you can’t argue with facts, what do you do? Hopefully they accept his reasoning and move on?
Nope! You just confuse the shit out of everyone until something sounds right.
Well, you see, the price jumped from $1 to $2 (in a few months), a 100% increase! So naturally going from $15 to $30 (in 2 days) is another, natural, 100% increase! No volatility here my friend!
Now, he never did mention why it wouldn’t crash. Luckily billyjoeallen has a great breakdown on the strength of the buttcoin market.
You hear that? NO natural predators, like the mighty Lion in the Serengeti! Of course, the World Economy will crash (and probably have no computer networks or electricity) but I’ll be here with my Buttcoin wallet, sitting pretty.
I’ll finish off with this nutjob trying to compare buttcoin’s bubble to global warming.