

Bitcoin about to reach 500$ - Mt.Gox  - benigeri
https://www.mtgox.com/

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alecsmart1
Can anyone help me understand why the price is rising so rapidly? It was like
$50 a while back. Now its 10x that. Is it because the difficulty to mine is
rising exponentially? Or am I missing something?

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rickyc091
Looks like the Chinese market is driving the prices up.

[http://money.cnn.com/2013/11/12/investing/bitcoin-record-
hig...](http://money.cnn.com/2013/11/12/investing/bitcoin-record-high/)

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XorNot
What are the transaction fees like on these services? I mean, if you just had
a lot of Bitcoins you kept cycling through several wallets and back to your
real bank account, would anyone be able to tell and how much would it cost to
do?

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mrb
Most Bitcoin exchanges have transaction fees around 0.5-1.0%

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XorNot
Right, but since the value of the coins is calculated as $ to whole Bitcoins,
whereas the actual transactions can be in numbers much smaller then whole
Bitcoins, there's no reason you couldn't cycle say, $10 of BTC until you got
to 0.01c in value.

Meantime, the exchanges would keep looking like there were "a lot" of
transactions for BTC worth a huge amount.

It wasn't long ago someone dumped $5000 of BTC and the price dropped
"worldwide".

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mrb
I am not really sure what you are thinking of doing?

You cannot drop the price worldwide with merely $5000 of BTC. If you buy,
sell, buy, sell, etc, in cycle, you are not going to cause the price to
continuously increase or decrease.

You can split a sell or buy order for $5000 in numerous small transactions,
but it will have no more influence than a single $5000 transaction.

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ra
Wow. The graph isn't working but that's 10% in the last 24 hours.

