Quote:
Originally Posted by matty
Here's my thesis as to why the coin has increased in value so quickly as of late: On 10/16 the difficulty level (chances of finding a block) almost doubled due to the increase in asic miners. This means if I were making $70/day mining, that 46% difficulty level increase has me making $40/day now. This means a LOT of the smaller fish with low hash rates are under water. Look at ebay, there's TONS for sale. Butterfly Labs for example. These people waited nearly a year to get the device and now they're selling it at a premium.
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Here's my
The demand is coming from China, their Bitcoin exchange BTC China is the fastest growing exchange i.e.
21.97% market share and growing
Baidu, Chinas biggest search engine has started accepting Bitcoin as payment for their Jiasule service & Merchants on China?s version of eBay are accepting Bitcoin too. This is massive for the legitimacy of Bitcoin in China.
In Western terms it's like Google & eBay allowing Bitcoin as a payment method
It's still another speculative bubble IMO but who knows, maybe this one will go much higher and last longer than the last one.
If you look at the 6 month Bitcoin chart the graph is going up almost vertical, last time it did that earlier in the year it came back down just as fast!
