
BitCoin almost doubles previous peak. - Ihmahr
http://bitcoincharts.com/charts/mtgoxUSD#rg360zig6-hourztgSzm1g10zm2g25
======
aristidesfl
Mt.Gox is the main reason of the current raise in bitcoin price. As Mt.Gox
users have difficulty cashing out dollars, the only option they have is to
convert those dollars to bitcoin (buy bitcoins on Mt Gox), or risk loosing all
the money. At the same time spread they spread panic on forums, so a large
quantity of people who have funds in MtGox in form of dollars, is currently
trying to buy bitcoins on Mt. Gox, making the price raise. That is also the
reason Mt. Gox bitcoin price is much higher than other markets.

~~~
heliodor
Why are people still buying on MtGox? Is it easier and if so, how? I don't see
any other reason to pay more.

------
simondlr
It seems this rally has stronger market support on the downswings (ie doesn't
crash completely). I'd take that as a good thing?

~~~
rjtavares
The good thing for a currency is to have a stable value. This is certainly not
a good thing for people that want Bitcoins to be actually used instead of just
stockpiled.

------
cantankerous
I find myself wanting to get into the bitcoin speculation game, if only
nominally with some small denomination (say 0.1 BTC or something). Can anybody
else speak to or give advice on getting over the creepiness factor of finding
and using an exchange? Are some more reputable than others? Places like MtGox
don't inspire confidence and the physical location of many exchanges gives me
concerns about them in the event of some kind of dispute.

I feel like if I were to do business with an exchange, I'd need to start a
whole new bank account just to do it to keep my real account info hidden away
from exchanges and potential bad actors. Is this a completely irrational
feeling to have?

~~~
heliodor
MtGox is having its troubles right now. I've used CampBX and Coinbase reliably
without any problems about a year ago. I can't speak to the withdrawal process
though, other than to say I wouldn't do it through MtGox anytime soon.

There's enough liquidity in the top exchanges that discrepancies in sell-
prices from one exchange to another are indicative of people's trust in being
able to withdraw their money from that particular exchange.

~~~
cantankerous
Sounds good. I will check those out, thanks!

~~~
heliodor
You'll have to evaluate which exchange you want to use for each of these three
actions:

1) buying

2) holding (exchanges are targets for hackers whereas with a private wallet
you can be hacked, or you can be virused, or you can lose it of your own
fault)

3) selling & withdrawing

------
networked
As the exchange rate rises buying Bitcoin will become ever more tempting. For
those who haven't bought any Bitcoin yet do you think it's a good idea to
commit now, Odysseus-style, to _not_ buy Bitcoin as an investment for N years?

Edit: What I mean by "commitment" is that you absolutely won't invest in
Bitcoin during that time no matter what happens to the exchange rate.

~~~
Kequc
I feel that it is obviously definitely not a good time to buy Bitcoin as it is
at a peak in a speculative bubble. But additionally the world's largest
exchange of Bitcoin (the magic the gathering online exchange) isn't allowing
anyone to cash out. You are put on a waiting list.

So to actually cash out you need to visit that one ATM in Vancouver, which
gives you access to $1000/day if there's money in it. Or you need to sell your
Bitcoin to someone or buy something with them.

None of these are good reasons to buy Bitcoin.

~~~
narcissus
I don't know if it's because I have given up coffee or what, but this post
just rubbed me the wrong way for at least three reasons.

Mt.Gox is not the world's largest exchange: most would agree that BTC China
is, and possibly Bitstamp is coming in second.

Mt.Gox is called Mt.Gox. It used to stand for Magic the Gathering Online
Exchange. It does not anymore. Whatever your thoughts on the site, you have to
at least give them the fact that you can no longer exchange MtG cards on the
site, so that is no longer their market. They kept the name and pivoted what
they do. If you can't handle people pivoting on HN of all places, good luck.
Or maybe you're the kind of person that refers to LG as "that cheap ass Lucky
Goldstar" too?

Finally, Mt.Gox is definitely experiencing delays for North American
withdrawals, and to a lesser (?) extent Europe. However they're not 'not
allowing' anyone to cash out. I have no doubt, for example, that in Japan it's
all good... their problems are with their bank.

Anyway, hate on BTC and Mt.Gox for whatever reasons you want... but surely if
your going to use reasons to persuade people away from something, you should
at least use truth?

~~~
Kequc
Mt.Gox doesn't stand for "Magic the Gathering Online Exchange"? Why are you
saying I don't like LG? So when I said that when you try to withdraw funds you
are prevented from doing so and put on a waiting list, that is correct?

~~~
narcissus
Mt. Gox used to stand for that. It no longer does. There is a very distinct
difference.

I didn't say that you didn't like LG, I asked if you still referred to it as
Lucky Goldstar? My point was that LG used to stand for 'Lucky Goldstar'. Now,
it is the actual name. QANTAS used to stand for 'Queensland and Northern
Territory Aerial Services'. Now, it is the actual name. In the same vein, Mt.
Gox used to stand for 'Magic the Gathering Online Exchange'. Now, it is the
actual name.

Further to that, you referred to the site as 'the magic the gathering online
exchange'. This is obviously not true anymore: it literally cannot be used to
exchange MtG cards anymore. You cannot deny that they pivoted from exchanging
MtG cards to exchanging Bitcoins, and calling it something that it obviously
is not anymore is wrong.

Finally, when you said that "when you try to withdraw funds you are prevented
from doing so and put on a waiting list" that is not correct. You are not
prevented from doing so. Your request is processed and queued... just because
that queue takes way too long for a lot of people doesn't mean it was
prevented. Just like when I transfer money from one account to another and it
is queued and processed over night doesn't mean it was prevented. Thankfully,
however, that overnight queue is processed a lot faster than a transfer from
Mt. Gox. But again, there was nothing stopping me from initiating it.

Also, just to add to what I said in my original reply, there are no doubt a
lot of people in the world that are not having delayed processing at all...
they just don't happen to live in the USA.

Don't get me wrong: I definitely think that there are issues with Mt. Gox in
particular that are worrying. However, I would point to those things instead
of mentioning things that actually aren't true. And when I point to them, I
would point to them as problems with an exchange itself, as opposed to using
those points to say "None of these are good reasons to buy Bitcoin".

------
headgasket
The FBI is holding 1.5% of all the volume right now, consigned. So just
decreases the flow. My guess is the price will go up until Mr Ulrich has bee
found guilty. At that point they'll cash out, and the spiral downward will
start. My guess is 30$ the end of 2014, I might put some money on that if
there was a reliable and reputable derivatives market.

~~~
hughlomas
I am truly ignorant of anything relating to finance, can you explain why
dumping only 1.5% of volume would be an issue?

------
Expez
If bitcoins are going to be used for anything at all, the rise in value is
likely to continue for a while longer. One can argue, and I might agree, that
the velocity of money is greater in the bitcoin economy, but I still think the
small size of the bitcoin economy (little over $5 000 000 000 atm) is
limiting.

------
heliodor
Is there a chart of bitcoin prices that goes further back in time than
bitcoincharts.com? And preferably logarithmic scale.

~~~
josephagoss
Bitcoincharts has a log option... Its right there on the same page you just
looked at.

EDIT: Also check the date range, Bitcoincharts has almost all historical data.

~~~
heliodor
I always use that log option. It's amazing that people look at the normal
chart.

~~~
josephagoss
Jeez you made me do a doubletake! You know there is a log option! Damn I look
stupid now, haha.

So you were only asking for extended data? Does the all time option have
enough for you? I don't think Gox traded back past the data bitcoincharts have
on record.

~~~
heliodor
No worries. I'm curious to see data past what bitcoincharts.com offers. If you
look at their three years of data on a log scale, there's a very clear
trendline with gains of 6x to 10x per year.

------
a3voices
Only two more doubles to go, and I'm a millionaire. Woohoo.

~~~
josephagoss
520 Bitcoins?

~~~
a3voices
501\. So needs to go up a little more than 4x.

~~~
josephagoss
Nice work! Good luck I am sure you will be a millionaire before long. :)

~~~
a3voices
I sure hope so!

~~~
brainburn
Too bad it's in an inferior currency

~~~
cantankerous
If he somehow manages to pull a million out of it, I'm not sure it matters too
much.

