Bitcoin Skyrockets, Hits Record High of $1147.

[TechFan@ic]

Bitcoin value has gone through the roof after recent senate hearing regarding virtual currencies, rising from $60 after the bubble burst in April to reach a record high of over a $1000 just last week.
Even Ben Bernanke, current chairman of the Federal Reserve remarked that virtual currencies “may hold long term promise” in an open letter to Senator Thomas Carper.

Bitcoin is a highly volatile but very popular virtual currency that delivers unmatched security & anonymity.
http://www.coindesk.com/bitcoin-price-skyrockets-senate-hearing-concludes/

[AlexGoesHigh]

O_O holsy shit 

 

nvm this was the same 900 pike

[NohbdyKnows]

*ded*

[LogicDeifying]

*faints*

-Goes out and threatens someone with Bitcoins to give them to me-

[Thecrazyswede]

Soon geeks are going to be robbed and they will say GIVE ME ALL YOUR BITCOINS OR I WILL POUR WATER ON YOUR MINING RIG

[zxcvbnmmssdh]

I was thinking about buying a bitcoin when it was $93, but didn't. Now am thinking back about how I should be slapped

[Thecrazyswede]

I was thinking about buying a bitcoin when it was $93, but didn't. Now am thinking back about how I should be slapped

Every stock salesman says the same but about XXX stock.

[WereCat]

I wanted to smash my head when I heard that bitcoins were 400 that I could buy them when they were like 10.. now I smash my head that I did not get some when they were 400 ...

(lol sorry for that english!)

 

BTW: looking for time machine.. PM me if you know someone who can rent me one

 

[zxcvbnmmssdh]

Every stock salesman says the same but about XXX stock.

I realize that, but I missed out on $1000. The only reason I didn't buy it was because I was saving up for my PC (still am) and didn't want to waste the money

[my414]

I used to have 4 bitcoins when they were worth about $5 and i stopped mining on my laptop because it was not worth much and did not expect it to go up so i forgot about it and the hardrive crashed with my wallet on it so i just gave up forever.

[MariusJS]

I should have bought at 500!

[algoat]

Usually when Bitcoins go up, litecoins follow right behind.  They were $2 about 2 weeks ago, and close to $10 now.

[RuecanOnRails]

It was a coincident that the price increase occurred during, or around the US senate hearing. Bitcoin is not centered or affected by the US government. 

Bitcoin is a distributed global phenomenon, which wont be affected by any single, or group of governments. It's been the recent interest in China that has driven the price up. The Chinese exchanges have been leading the way for over a month now. BTCchina peaked at around $1300 if converted into USD. Right now, the BTCchina is trading at roughly $930 USD, while other exchanges are averaging 795

 

Everyone should remember, it's not "too late" to look into, and even invest in Bitcoin and digital Crypto-Currencies.

 

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

[xkronusx]

I used to have 4 bitcoins when they were worth about $5 and i stopped mining on my laptop because it was not worth much and did not expect it to go up so i forgot about it and the hardrive crashed with my wallet on it so i just gave up forever.

 

Well for 4 bitcoins converting to $4588, depending what currency of course, why wouldn't you send the hdd off to a data recovery center?

I can't imagine it would cost $4000 and who knows you might get a decent amount converting. 

[Lukiose]

This is the beginning of the crash, use it while you can!

[Scheer]

I really need to find my Wallet ID or w/e... I have half a bitcoin that I have no idea where it is lol.

[ultimatemythbuster]

I was thinking about buying a bitcoin when it was $93, but didn't. Now am thinking back about how I should be slapped

But how would you have felt if the value had gone done to only a few dollars?

[zxcvbnmmssdh]

But how would you have felt if the value had gone done to only a few dollars?

I would have been smart and held onto it until it went up.

[LAwLz]

It was a coincident that the price increase occurred during, or around the US senate hearing. Bitcoin is not centered or affected by the US government. 

Bitcoin is a distributed global phenomenon, which wont be affected by any single, or group of governments. It's been the recent interest in China that has driven the price up. The Chinese exchanges have been leading the way for over a month now. BTCchina peaked at around $1300 if converted into USD. Right now, the BTCchina is trading at roughly $930 USD, while other exchanges are averaging 795

 

Everyone should remember, it's not "too late" to look into, and even invest in Bitcoin and digital Crypto-Currencies.

Bitcoins are very much affected by the US government. Since the value is purely based on speculation, major events like that will affect the value. I'd even argue that Bitcoins are quite centralized because of Mt.Gox which basically has a monopoly on bitcoin exchanges, and they have proven again and again that they use their monopoly to manipulate the price of bitcoins. Every time the bubble (which it definitely is, and it has popped several times in the past) has been about to burst, Mt.Gox "crashes" and nobody can make any transfers. Users with a lot of bitcoins can manipulate the market as well, as we saw about a year ago when the bubble bursted. Users with a ton of bitcoins were transfering back and fourth with huge sums to artificially increase the average sale price.

 

Bitcoins are extremely volatile and it is a bubble/tulips. Babies first stock market. Never invest anything you can't afford to lose.

 

 

Here is a comparison of the bitcoin trend that happened a few months ago (during the last burst), the dotcom bubble, and the normal stages of a bubble.

Blue = Bitcoin prices

Think red = dotcom bubble

Thick red = normal stages of a bubble (I think it's based on the tulip crash actually)

 

Notice anything similar? Oh and this is not the first time...

 

To repeat myself, never invest anything you can't afford to lose. For every dollar someone makes out of bitcoins, someone else loses a dollar. Many people are making fortunes, and many people are losing their life savings and going into debt. It is very, very high risk.

[BookerDeWitt]

Excuse my language but that's fucking insane !

[Ramzez]

Bitcoin is currently so volatile currency that you might loose a lot if you bought bitcoins right now. It has become more and more a speculative currency for the wealthy and criminals. If earning some money is your motivation, I would suggest investing into stocks. Obviously you have to know what you are doing but you can earn decent money if you invest your money wisely. People are often interested in Bitcoin because it's potentially a fast way to earn a lot of money but with a high risk.

[Beskamir]

How much longer until people will not be able to afford it?

[Thecrazyswede]

I know alot of friends of mine that already cashed out, that now regret it a lot

[LAwLz]

I know alot of friends of mine that already cashed out, that now regret it a lot

a lot*

 

It's easy to have 20/20 hindsight. You could say the exact same thing about the stock market. You should have invested in Apple, you should have invested in Google, you should have invested in LinkedIn. The list goes on and on. People just go mad (as in crazy) if they think "I should have done X and Y instead of Z" all the time. I've seen lots of people do the exact opposite, and waited too long before they sold, and they lost thousands of dollars as a result.

[Aprime]

How much longer until people will not be able to afford it?

 

Yeah, because you can only buy individual bitcoins, right?

 

#ignoranceisvirtuous