100% agree, bitcoin is a total threat to citi and other banks. i wouldnt seek endorsement from banks as a legitimastion of bitcoin...

well i dont believe bitcoin is accesible to the poor people of china - although i hope very much bitcoin will be the currency of choice for the third world countries one day.

in any case it doesnt seem a documentary would make any one but the uber rich of china invest in bitcoin....it seems a lot of people are saying rhe spike in btc price is due to the chinese but why??

yes, as a fellow keiser listener and londener im surprised that london isnt more prominent in the btc market.


but....london seems to be the centre of economic fraud at the moment and perhaps the last place where btc would take adoption at the moment - even though there are many btc entrepreneurs in london i dont believe the mainstream adoption is as quite developed as the us or china.

well what drove the chinese interest in bitcoin?

I think a lot of the volume is going towards currency speculation.

it doesn't bode well seeing vast amounts of bitcoin going to 1 or 2 locations, would have been nice to see a greater representation in developing countries.

looking at this map - almost looks like a bitcoin war is going on between usa and china.

i understand china sees bitcoin as way of attacking the dollar.

agreed, excellent post Melbustus.

i almost feel like (or hope) that scenario 2 will cause a massive and long lasting spike in the value of bitcoin. as though the more effort governments backed by corrupt banks puts into squashing bitcoin - it could almost act conversely as a kind of legitimisation on the disruptive power of bitcoin in decentralizing the monopoly of wealth.

it may be a longshot but i think bitcoin is here to stay, at least on at least on the black market and/or as a form of currency in developing nations.

thanks for link minerpart.

@nickenburg - what makes me a little sceptical of this is that rise happend in such a short duration of time and also that it occured so close to the sharp drop in jan 2014. although you make a good point that where was a lot of buzz and media attention around bitcoin at the specific time.

yes it does seem to be a combination of factors. i'm hoping to be a long term investor in bitcoin so of course i hope the price stabilises and increases gradually as more and more people become aware of its paradigm changing ability.

hello, i'm relatively new to the bitcoin scene and wanted to ask a kind of noob question to introduce myself to the forum.

what is the general consensus around the cause of bitcoin reaching a valuation of around $1100 in november 2013 - looking at this chart it seem like a pretty accelerated spike in a short period of time.
http://bitcoincharts.com/charts/bitstampUSD#rg730ztgTzm1g10zm2g25zv

i'm guessing the 50% drop in january was related somehow to the mt.gox fiasco but i wasnt too sure what had caused the price to go up so much in the period of roughly 1 month around november 2013, any insights would be appreciated!