Ninjastic
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Board Bitcoin Discussion
Re: Why bitcoin exploded in price
by
josiahgarber
on 20/03/2013, 13:21:42 UTC
Quote from: georgeu2000 on March 20, 2013, 12:57:19 PM
Quote from: Vince Torres on March 19, 2013, 05:22:26 PM
Quote from: SgtSpike on March 19, 2013, 04:47:04 PM
You forgot:
- Cypress
- NZ
- Italy

All three countries are planning or attempting to plan to confiscate a percentage of their citizens' savings accounts.  People in those countries are going to be fleeing the national currencies like a bat out of Hades, you just watch.

You're out of your fucking mind if you think people who would be effected by that have any idea Bitcoin exists. This is a self fulfilling price, people have an idea of what Bitcoin is worth therefore they won't let it reach below a certain point. Bitcoin has little to no practical and no tangible value. There is no reason it should be at this price.

This is such a silly comment, I'll just explain some reasons I think it is at this price, and why I think it will go up:

  • More people are finding out about it every day. Most of the people on this forum have know about bitcoin for months or years, but if you ask 10 people out on the street, none of them will know what bitcoin is. For every person who finds out about it, on average, they will set up some accounts and buy x bitcoins in a month .
  • People are finding out through the internet. You can see this happen with Google Trends: Bitcoin.
  • The dollar is falling in value. Governments around the world are creating money at a rate never seen before. The US government says inflation is low, but actually it is around 10% ( ShadowStats see bottom chart ).
  • Bitcoin makes it easy, fast, cheap and safe to transfer money over the internet. No more 4% for PayPal.
  • The supply is limited. It is growing at 10% per year now, and goes down each year.
  • We are heading for financial chaos. What better way to hold your savings than bitcoin?
  • Impossible for governments to confiscate.
  • There is about $50 trillion of fiat currency in the world now. And it is growing fast. If 1% moves into bitcoin, that makes $4,500,000 per bitcoin.

Well said.