Bitcoin goes up $10 in just one hour

http://bitcoinity.org/markets?exchange=mtgox&sarcasm=yes

by Amarandei • 13 years ago

33 52 13 years ago

Amarandei5• 13 years ago

I posted this just because I found it very funny that the price went down and then up and people started already writing about it. Maybe I'm the only one seeing the humor in it.

bluedanieru3• 13 years ago

It shed 25% of its worth just as quickly.

"This time it's different."

wulfen2• 13 years ago

I'm pretty sure that's the point ...

hkmurakami• 13 years ago

This reminds me of a volatile tech stock falling 15+% afterhours after a bad earnings report, only to bounce back 10+% or more the following morning.

nsrivast• 13 years ago

Uses of money:

1) medium of exchange

2) store of value

3) unit of account

4) common ground for rumor and speculation!

jacques_chester2• 13 years ago

On HN we try to upset the established order, so if you could just go ahead and rearrange your list, that would be greeaaaat

scoot• 13 years ago

Where do I short?!

tantalor• 13 years ago

https://en.bitcoin.it/wiki/MPEx#Options

jhales• 13 years ago

icbit.se

aet• 13 years ago

Time to sell...

EduardoBautista• 13 years ago

Isn't anyone worried about the Bitcoin bubble bursting? The price is going to get really high because of all the exposure it is receiving right now and people buying a bunch of it hoping that it will just keep going up and up and up.

scott_meade• 13 years ago

Anyone say "Beanie Babies"?

ricardobeat• 13 years ago

More adoption means it can only go up.

Maybe too optimistic, but read http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin...

edit: yeah, brainfart. I meant to say that "people buying a bunch of it" can only make it go up, not that it can't (or won't) go down again.

jonknee• 13 years ago

And people always need a place to live, but that didn't stop the housing bubble.

bluedanieru3• 13 years ago

More adoption doesn't necessarily mean that. Of players who hold on to Bitcoin for longer than a few minutes, virtually all of them are speculators. If you accept Bitcoin as payment for services, your biggest technical challenge is converting them back into dollars/euros/whatever as quickly as possible. No one is accepting Bitcoin as payment and then holding on to them in order to buy something else or pay their workers.

As a long term (or medium-term anyway) store of value, Bitcoin is really quite useless for the time being.

tptacek• 13 years ago

"It can only go up". Yes. Certainly. Nobody has ever said that about tulips, the South Sea company, real estate in Florida, truncated SHA256 hashes, or dot-com shares.

dylangs1030• 13 years ago

I think you might be too optimistic. "It can only go up" is pretty much the hallmark phrase thrown around right before something goes...down.

Unless you also share the cousin belief that things can become "too big to fail".

jlgreco• 13 years ago

It's happened already. Everyone (who tries to store wealth in it) just gambles that they won't be the people who lose out.

Amarandei5• 13 years ago

Of course it's a bubble. But like all bubbles, some people will profit greatly if they know when to get out of it. It's a gamble.

kenthorvath2• 13 years ago

Is freedom a bubble? There is tremendous value in freedom. Bitcoin provides this in abundance. Like P2P filesharing, no amount of legislation and regulation will wrest control of it back into the hands of the government and financial institutions - it will only continue to be embraced as public awareness grows.

It's not a bubble, it's a snowball - at least in the long run.

nevster2• 13 years ago

And there it goes - crashing down $10 in the last minute or so...

navpatel• 13 years ago

I happened to click the link exactly when it started falling. I wasn't sure if this was some kind of a joke. And the "&sarcasm=yes" doesn't help either

nevster2• 13 years ago

Volatility much! Watching it swing up and down between 36 and 41 is just crazy.

Amarandei5• 13 years ago

No one mentioned about the URL. Ok, I'll mention it :)

wulfen2• 13 years ago

Thanks, thought I was the only one :)

aarondf• 13 years ago

And it just went down $10 in a few minutes

http://aarondfrancis.clarify-it.com/d/mqvp3z

redegg2• 13 years ago

Lol @ $10 spread.

retrogradeorbit2• 13 years ago

Sorry? The spread looks to me about 30 cents. Am I missing something?

OGinparadise• 13 years ago

Pardon my Bitcoin ignorance, but you can sell, say $1 million worth of coins and not crash the price?

How thinly is this traded? 20%+ or - in hours can't be good

redegg2• 13 years ago

No, you would bring it down maybe $10-20.

jackmoore• 13 years ago

And what would it bring it down to if it that drop caused a mild panic in the market?

dj2stein9• 13 years ago

Any idea what the total volume (in $) traded per day is?

olh• 13 years ago

Mtgox is having a trade lag above 15 minutes. This is making the market/traders crazy.

jacques_chester2• 13 years ago

Lag in dynamic systems often causes humans to reach for dramatic adjustments.

cf. The Beer Game or Dietrich Dörner's thermometer experiments.

aneth42• 13 years ago

For a bitcoin newbie, what are the credible platforms to buy and trade bitcoins?

For those that follow bitcoin news, I'm sure there is a plethora of "don't do this," "those guys did this," etc., but what do I do as someone who knows nothing about bitcoins and how to keep them safe?

11001• 13 years ago

And a bonus question: what are good Canadian-friendly trading platforms?

executive• 13 years ago

i've used cavirtex.com before

ok_craig2• 13 years ago

I have found Coinbase to be pretty convenient for buying and selling bitcoins.

For how to keep them secure once you have them, I recommend simply doing some research. Coinbase provides a basic wallet and if I remember correctly, they cold store most of their coins offline.

Blockchain.info is another good option for a basic wallet. It's simple with a good amount of features. Your wallet is also decrypted in-browser and not on their server so they don't store compromising information.

There are also concepts such as a paper wallet [1] and a brainwallet [2] for extreme security. A brainwallet is basically what it sounds like - a way of storing your wallet in your head.

[1] https://en.bitcoin.it/wiki/Paper_wallet [2] https://en.bitcoin.it/wiki/Brainwallet

aneth42• 13 years ago

Tried them. It says:

"Sorry, the maximum number of purchases on Coinbase has been reached for today. Please try again in 24 hours. We'll continue raising this limit over time."

These sort of security and reliability concerns are certain to hold bitcoin back. Granted they also represent the opportunity, as surely they will be resolved.

retrogradeorbit2• 13 years ago

This is a hugely misleading statement. Zoom out. Regarding the previous 2 hours one could say "Bitcoin collapses by $10 in just two hours". Zoom further out... Look at the last year... Looks like it might recently be a bit of a bubble.

aarongolliver• 13 years ago

People on IRC keep trying to tell me bitcoin is stable. I'll never understand what their reasoning is.

TrevorJ• 13 years ago

It's a half statement without a time scale attached to it. Stable over what period? A day? A month? 5 years?

Amarandei5• 13 years ago

It wasn't meant to be misleading. It was meant to be funny. There was another post here about how Bitcoins went down $10. By the time I saw the post it already went back up. So... yeah, I just posted it more as a response to that other post.

aklemm• 13 years ago

What are the odds that the latest exposure will be followed by sabre rattling from politicians against bitcoin? And would that scare off enough people to drop the price?

teilo• 13 years ago

Want to know what the price of Bitcoin is really about? Look at the 30-day chart.

Classic hype-curve hockeystick. Everyone should by now know what comes next.

bornonmars• 13 years ago

Did you look at what's really driving the value of Bitcoin? Fine, the price will readjust, but you should forget most classic financial analysis tools atm. That said, I'm building a new little model justforfun to predict the price through some unusual growth drivers.

Bitcoin goes up $10 in just one hour

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