
Bitcoin Tops $1,000 Again as Zynga Accepts Virtual Money - jasonlingx
http://www.bloomberg.com/news/2014-01-05/bitcoin-tops-1-000-again-on-adoption-by-zynga-amid-wider-usage.html
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Sprint
They don't accept Bitcoin as Bitcoin. They only employ a third-party service
to take Bitcoin on their behalf and exchange them for US dollars. It's not
showing any trust in Bitcoin, just hopping on a bandwagon for PR.

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jedc
I think the first half of your statement is true (employing a third-party
service to take Bitcoin) but the second half (automatically exchanging them to
USD) is an assumption that can change over time as Zynga gets comfortable
managing Bitcoin.

I would think it's valuable for the entire Bitcoin network to have more
merchants accepting it than less, so how is Zynga accepting Bitcoin a bad
thing?

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poolpool
They are not accepting bitcoin. They are partnering with a company to handle
whatever needs to be done to give them real live USD they can put in their
bank accounts.

They are still only accepting USD: just making it easier for people with
bitcoin to give USD to them.

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shawabawa3
What they do with the payment after receiving it is irrelevant. You can pay
using bitcoin. It doesn't make any difference to the customer that it's going
through another company and getting converted to USD

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poolpool
Yes and I can pay for everything with euros in the United States by that
logic. All I have to do is go to a friendly bank on the corner and convert to
USD.

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shawabawa3
No, that's completely different logic.

You can pay for something with euros in the US as long as they accept it, even
if after all they do is go to the bank and convert to USD.

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nhangen
This article speaks as if it was 100% certainty that Zynga's announcement
caused the fluctuation. Doesn't feel entirely accurate.

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mikeyouse
I guess Bitcoin's finally made it to the big leagues.

It's similar to every single day's coverage of financial stocks -- "The stock
is up 1% on the expected change in the price of tea in china."

Worthless.

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fragsworth
That's the first impression I got from it as well.

I think there's another factor that is driving the price up more than anything
else - serious hoarding by people who are just now beginning to understand the
system and how it works.

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Cthulhu_
I'm not sure they actually do. What people see is a virtual commodity that
seems to be worth a lot of non-virtual money when bought low and sold high.

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kolev
Well, I heard it was primarily because of Sina launching a Bitcoin news
portal.

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trekky1700
I heard it was because the last Son of Nebulus, ruler of the Five Realms had
returned.

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wellboy
It was most likely the Zynga announcement. 10M monthly users is quite
something and there were no other relevant news around over the last couple of
days.

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okamiueru
[http://www.coindesk.com/chinese-web-giant-sina-launches-
bitc...](http://www.coindesk.com/chinese-web-giant-sina-launches-bitcoin-
information-pages/)

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firegrind
The headline and the article do not propose causality, but coincidence.

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LAMike
Zynga didn't do this

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Cakez0r
But this is probably why they did it :)

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dschiptsov
Sell call. But I guess there is not much demand at this price.)

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mcv
The price can only be that high if there is demand. The big question is the
volume of the demand. If everybody suddenly starts selling, the price will
quickly collapse again.

Not sure what I'll do. I bought mine at the low a few weeks ago, so this would
already be unbelievable profit. But it might go up even further.

~~~
orthecreedence
I'm thinking I'll give it another year before I sell. Only more companies are
going to jump on the bandwagon, which means more money pouring into bitcoin
and upping the value.

Obviously, nothing is certain, but I think altcoins have some serious growth
potential over the next few years as they gain mainstream adoption.

