7 ms·

Bitcoin goes up $10 in just one hour

33 points by Amarandei 14y ago

Amarandei 14y ago
I posted this just because I found it very funny that the price went down and then up and people started already writing about it. Maybe I'm the only one seeing the humor in it.
- bluedanieru 14y ago
  It shed 25% of its worth just as quickly. "This time it's different."
  - wulfen 14y ago
    I'm pretty sure that's the point ...
hkmurakami 14y ago
This reminds me of a volatile tech stock falling 15+% afterhours after a bad earnings report, only to bounce back 10+% or more the following morning.
nsrivast 14y ago
Uses of money: 1) medium of exchange 2) store of value 3) unit of account 4) common ground for rumor and speculation!
- jacques_chester 14y ago
  On HN we try to upset the established order, so if you could just go ahead and rearrange your list, that would be greeaaaat
scoot 14y ago
Where do I short?!
- tantalor 14y ago
  https://en.bitcoin.it/wiki/MPEx#Options https://en.bitcoin.it/wiki/MPEx#Options
- jhales 14y ago
  icbit.se
aet 14y ago
Time to sell...
EduardoBautista 14y ago
Isn't anyone worried about the Bitcoin bubble bursting? The price is going to get really high because of all the exposure it is receiving right now and people buying a bunch of it hoping that it will just keep going up and up and up.
- scott_meade 14y ago
  Anyone say "Beanie Babies"?
- ricardobeat 14y ago
  More adoption means it can only go up. Maybe too optimistic, but read http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin-is-not-some-50-or-100-it-is-100000-to-1000000/ http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin... edit: yeah, brainfart. I meant to say that "people buying a bunch of it" can only make it go up, not that it can't (or won't) go down again.
  - jonknee 14y ago
    And people always need a place to live, but that didn't stop the housing bubble.
  - bluedanieru 14y ago
    More adoption doesn't necessarily mean that. Of players who hold on to Bitcoin for longer than a few minutes, virtually all of them are speculators. If you accept Bitcoin as payment for services, your biggest technical challenge is converting them back into dollars/euros/whatever as quickly as possible. No one is accepting Bitcoin as payment and then holding on to them in order to buy something else or pay their workers. As a long term (or medium-term anyway) store of value, Bitcoin is really quite useless for the time being.
    - rishimoko 14y ago
      > No one is accepting Bitcoin as payment and then holding on to them in order to buy something else or pay their workers. Brewster Kahle at archive.org gives his employees the option to be paid in bitcoin received by the site. > As a long term (or medium-term anyway) store of value, Bitcoin is really quite useless for the time being. That's quite incorrect. Bitcoin has proven to be an excellent tool for buying low, waiting for a price rise, trading some of the bitcoin for gold, selling some of the gold and buying more bitcoin with the proceeds. It's a great tool if you're willing to learn how to use it.
nevster 14y ago
And there it goes - crashing down $10 in the last minute or so...
- navpatel 14y ago
  I happened to click the link exactly when it started falling. I wasn't sure if this was some kind of a joke. And the "&sarcasm=yes" doesn't help either
  - nevster 14y ago
    Volatility much! Watching it swing up and down between 36 and 41 is just crazy.
Amarandei 14y ago
No one mentioned about the URL. Ok, I'll mention it :)
- wulfen 14y ago
  Thanks, thought I was the only one :)
aarondf 14y ago
And it just went down $10 in a few minutes http://aarondfrancis.clarify-it.com/d/mqvp3z http://aarondfrancis.clarify-it.com/d/mqvp3z
redegg 14y ago
Lol @ $10 spread.
- retrogradeorbit 14y ago
  Sorry? The spread looks to me about 30 cents. Am I missing something?
OGinparadise 14y ago
Pardon my Bitcoin ignorance, but you can sell, say $1 million worth of coins and not crash the price? How thinly is this traded? 20%+ or - in hours can't be good
- redegg 14y ago
  No, you would bring it down maybe $10-20.
  - jackmoore 14y ago
    And what would it bring it down to if it that drop caused a mild panic in the market?
  - dj2stein9 14y ago
    Any idea what the total volume (in $) traded per day is?
olh 14y ago
Mtgox is having a trade lag above 15 minutes. This is making the market/traders crazy.
- jacques_chester 14y ago
  Lag in dynamic systems often causes humans to reach for dramatic adjustments. cf. The Beer Game or Dietrich Dörner's thermometer experiments.
aneth4 14y ago
For a bitcoin newbie, what are the credible platforms to buy and trade bitcoins? For those that follow bitcoin news, I'm sure there is a plethora of "don't do this," "those guys did this," etc., but what do I do as someone who knows nothing about bitcoins and how to keep them safe?
- 11001 14y ago
  And a bonus question: what are good Canadian-friendly trading platforms?
  - executive 14y ago
    i've used cavirtex.com before
- ok_craig 14y ago
  I have found Coinbase to be pretty convenient for buying and selling bitcoins. For how to keep them secure once you have them, I recommend simply doing some research. Coinbase provides a basic wallet and if I remember correctly, they cold store most of their coins offline. Blockchain.info is another good option for a basic wallet. It's simple with a good amount of features. Your wallet is also decrypted in-browser and not on their server so they don't store compromising information. There are also concepts such as a paper wallet [1] and a brainwallet [2] for extreme security. A brainwallet is basically what it sounds like - a way of storing your wallet in your head. [1] https://en.bitcoin.it/wiki/Paper_wallet https://en.bitcoin.it/wiki/Paper_wallet [2] https://en.bitcoin.it/wiki/Brainwallet https://en.bitcoin.it/wiki/Brainwallet
  - aneth4 14y ago
    Tried them. It says: "Sorry, the maximum number of purchases on Coinbase has been reached for today. Please try again in 24 hours. We'll continue raising this limit over time." These sort of security and reliability concerns are certain to hold bitcoin back. Granted they also represent the opportunity, as surely they will be resolved.
retrogradeorbit 14y ago
This is a hugely misleading statement. Zoom out. Regarding the previous 2 hours one could say "Bitcoin collapses by $10 in just two hours". Zoom further out... Look at the last year... Looks like it might recently be a bit of a bubble.
- aarongolliver 14y ago
  People on IRC keep trying to tell me bitcoin is stable. I'll never understand what their reasoning is.
  - TrevorJ 14y ago
    It's a half statement without a time scale attached to it. Stable over what period? A day? A month? 5 years?
- Amarandei 14y ago
  It wasn't meant to be misleading. It was meant to be funny. There was another post here about how Bitcoins went down $10. By the time I saw the post it already went back up. So... yeah, I just posted it more as a response to that other post.
aklemm 14y ago
What are the odds that the latest exposure will be followed by sabre rattling from politicians against bitcoin? And would that scare off enough people to drop the price?
teilo 14y ago
Want to know what the price of Bitcoin is really about? Look at the 30-day chart. Classic hype-curve hockeystick. Everyone should by now know what comes next.
- bornonmars 14y ago
  Did you look at what's really driving the value of Bitcoin? Fine, the price will readjust, but you should forget most classic financial analysis tools atm. That said, I'm building a new little model justforfun to predict the price through some unusual growth drivers.

33 points by Amarandei 14y ago

I posted this just because I found it very funny that the price went down and then up and people started already writing about it. Maybe I'm the only one seeing the humor in it.

bluedanieru 14y ago
It shed 25% of its worth just as quickly. "This time it's different."
- wulfen 14y ago
  I'm pretty sure that's the point ...

hkmurakami 14y ago

This reminds me of a volatile tech stock falling 15+% afterhours after a bad earnings report, only to bounce back 10+% or more the following morning.

nsrivast 14y ago

Uses of money: 1) medium of exchange 2) store of value 3) unit of account 4) common ground for rumor and speculation!

jacques_chester 14y ago
On HN we try to upset the established order, so if you could just go ahead and rearrange your list, that would be greeaaaat

scoot 14y ago

Where do I short?!

tantalor 14y ago
https://en.bitcoin.it/wiki/MPEx#Options https://en.bitcoin.it/wiki/MPEx#Options
jhales 14y ago
icbit.se

aet 14y ago

Time to sell...

EduardoBautista 14y ago

Isn't anyone worried about the Bitcoin bubble bursting? The price is going to get really high because of all the exposure it is receiving right now and people buying a bunch of it hoping that it will just keep going up and up and up.

scott_meade 14y ago
Anyone say "Beanie Babies"?
ricardobeat 14y ago
More adoption means it can only go up. Maybe too optimistic, but read http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin-is-not-some-50-or-100-it-is-100000-to-1000000/ http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin... edit: yeah, brainfart. I meant to say that "people buying a bunch of it" can only make it go up, not that it can't (or won't) go down again.
- jonknee 14y ago
  And people always need a place to live, but that didn't stop the housing bubble.
- bluedanieru 14y ago
  More adoption doesn't necessarily mean that. Of players who hold on to Bitcoin for longer than a few minutes, virtually all of them are speculators. If you accept Bitcoin as payment for services, your biggest technical challenge is converting them back into dollars/euros/whatever as quickly as possible. No one is accepting Bitcoin as payment and then holding on to them in order to buy something else or pay their workers. As a long term (or medium-term anyway) store of value, Bitcoin is really quite useless for the time being.
  - rishimoko 14y ago
    > No one is accepting Bitcoin as payment and then holding on to them in order to buy something else or pay their workers. Brewster Kahle at archive.org gives his employees the option to be paid in bitcoin received by the site. > As a long term (or medium-term anyway) store of value, Bitcoin is really quite useless for the time being. That's quite incorrect. Bitcoin has proven to be an excellent tool for buying low, waiting for a price rise, trading some of the bitcoin for gold, selling some of the gold and buying more bitcoin with the proceeds. It's a great tool if you're willing to learn how to use it.

nevster 14y ago

And there it goes - crashing down $10 in the last minute or so...

navpatel 14y ago
I happened to click the link exactly when it started falling. I wasn't sure if this was some kind of a joke. And the "&sarcasm=yes" doesn't help either
- nevster 14y ago
  Volatility much! Watching it swing up and down between 36 and 41 is just crazy.

Amarandei 14y ago

No one mentioned about the URL. Ok, I'll mention it :)

wulfen 14y ago
Thanks, thought I was the only one :)

aarondf 14y ago

And it just went down $10 in a few minutes http://aarondfrancis.clarify-it.com/d/mqvp3z http://aarondfrancis.clarify-it.com/d/mqvp3z

redegg 14y ago

Lol @ $10 spread.

retrogradeorbit 14y ago
Sorry? The spread looks to me about 30 cents. Am I missing something?

OGinparadise 14y ago

Pardon my Bitcoin ignorance, but you can sell, say $1 million worth of coins and not crash the price? How thinly is this traded? 20%+ or - in hours can't be good

redegg 14y ago
No, you would bring it down maybe $10-20.
- jackmoore 14y ago
  And what would it bring it down to if it that drop caused a mild panic in the market?
- dj2stein9 14y ago
  Any idea what the total volume (in $) traded per day is?

olh 14y ago

Mtgox is having a trade lag above 15 minutes. This is making the market/traders crazy.

jacques_chester 14y ago
Lag in dynamic systems often causes humans to reach for dramatic adjustments. cf. The Beer Game or Dietrich Dörner's thermometer experiments.

aneth4 14y ago

For a bitcoin newbie, what are the credible platforms to buy and trade bitcoins? For those that follow bitcoin news, I'm sure there is a plethora of "don't do this," "those guys did this," etc., but what do I do as someone who knows nothing about bitcoins and how to keep them safe?

11001 14y ago
And a bonus question: what are good Canadian-friendly trading platforms?
- executive 14y ago
  i've used cavirtex.com before
ok_craig 14y ago
I have found Coinbase to be pretty convenient for buying and selling bitcoins. For how to keep them secure once you have them, I recommend simply doing some research. Coinbase provides a basic wallet and if I remember correctly, they cold store most of their coins offline. Blockchain.info is another good option for a basic wallet. It's simple with a good amount of features. Your wallet is also decrypted in-browser and not on their server so they don't store compromising information. There are also concepts such as a paper wallet [1] and a brainwallet [2] for extreme security. A brainwallet is basically what it sounds like - a way of storing your wallet in your head. [1] https://en.bitcoin.it/wiki/Paper_wallet https://en.bitcoin.it/wiki/Paper_wallet [2] https://en.bitcoin.it/wiki/Brainwallet https://en.bitcoin.it/wiki/Brainwallet
- aneth4 14y ago
  Tried them. It says: "Sorry, the maximum number of purchases on Coinbase has been reached for today. Please try again in 24 hours. We'll continue raising this limit over time." These sort of security and reliability concerns are certain to hold bitcoin back. Granted they also represent the opportunity, as surely they will be resolved.

retrogradeorbit 14y ago

This is a hugely misleading statement. Zoom out. Regarding the previous 2 hours one could say "Bitcoin collapses by $10 in just two hours". Zoom further out... Look at the last year... Looks like it might recently be a bit of a bubble.

aarongolliver 14y ago
People on IRC keep trying to tell me bitcoin is stable. I'll never understand what their reasoning is.
- TrevorJ 14y ago
  It's a half statement without a time scale attached to it. Stable over what period? A day? A month? 5 years?
Amarandei 14y ago
It wasn't meant to be misleading. It was meant to be funny. There was another post here about how Bitcoins went down $10. By the time I saw the post it already went back up. So... yeah, I just posted it more as a response to that other post.

aklemm 14y ago

What are the odds that the latest exposure will be followed by sabre rattling from politicians against bitcoin? And would that scare off enough people to drop the price?

teilo 14y ago

Want to know what the price of Bitcoin is really about? Look at the 30-day chart. Classic hype-curve hockeystick. Everyone should by now know what comes next.

bornonmars 14y ago
Did you look at what's really driving the value of Bitcoin? Fine, the price will readjust, but you should forget most classic financial analysis tools atm. That said, I'm building a new little model justforfun to predict the price through some unusual growth drivers.