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Originally Posted by DWB
It popped when it dropped from $280 and went to $50 (or whatever the exact numbers were). Now it is leveling out to where it should be, hence it is now more stable and less volatile.
Now the market will correctly dictate where it should go from here so long as they don't cripple it again with another, larger attack. But if they can fight them off, Bitcoin will go where it is supposed to be without being manipulated, making it a more reliable and more widely accepted currency.
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It shouldn't be sitting this high IMO
It's in a bubble now and I believe it will go down again within the next 2 weeks or
IF Mt Gox announce the trading of Litecoins then that'll just be the next bubble.
Quote:
Originally Posted by woj
even the biggest bitcoin supporter would see that bubble is forming when price is rising 20% per day...
but it's been pretty stable lately, and more companies in this industry are jumping on board, so bitcoin's future is actually starting to look brighter...
even I (someone who was leaning to the "hater"-side recently) am pretty close to accepting them for work...  |
Read the FBIs report on Bitcoin from April 2012, it's an interesting read. Here are the cliff notes
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• As of 18 April 2012, the third-party bitcoin trading platform Mt. Gox recorded more than $8 million in transactions conducted over the past 30 days through Mt. Gox trading, an average of more than $276,000 per day
• According to Bitcoin as of April 2012, there were more than 8.8 million bitcoins in circulation. With the average market price in April 2012 between $4 and $5 per bitcoin, the FBI estimates the Bitcoin economy was worth $35 million to $44 million. - April 2013 Bitcoin Economy Has passed $1 Billion (Current Price 20 April 2012 - $120 Per Coin)
• From May 2011 Bitcoin values fluctuated with exchange rates on Mt. Gox ranging as high as $30 in June 2011 to a low as $4 in December 2011
In July 2011 FinCEN revised the definition of “money transmission service” to mean “the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds or other value to another location or person by any means.” It is likely that the business models of many third-party bitcoin services qualify them as money transmitters, and therefore money services businesses (MSB), under 31 CR Part 1010.100(ff)(5). Third-party bitcoin services that qualify as money transmitters and who wish to operate legitimately must register with FinCEN, implement anti-money laundering programs, retain certain records, and file suspicious activity reports and currency transactions reports as required.
Additionally, since any third-party Bitcoin service that falls under the MSB rule would do so as a money transmitter, there is not a transaction threshold (such as 1,000 per day) that must be met for the regulations to apply, unlike dealers in foreign exchange or issuers or sellers of checks or monetary instruments.34 (Note: In certain states, third-party bitcoin services would also be required to obtain a state license).
Law enforcement might have opportunities to discover real user identifying information from some third-party Bitcoin services because users must provide the services with real payment account information to buy, sell, trade, and convert their bitcoins. For example, the Terms of Service for the third-party bitcoin trading platform Mt. Gox states “members agree to provide Mt. Gox with accurate, current and complete information about themselves as promoted by the registration process, and keep such information updated.
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http://www.wired.com/images_blogs/th...itcoin-FBI.pdf
Make sure the bitcoin exchange you use is registered as a Money Transmission Service kids
