In the last 48 hours Bitcoin has gained about 2.000 USD in value. (Now ~12500$)

WHAT THE FUCK

And I remember this summer when Bitcoin was at about 4000 and everybody said "naaah I'd rather not invest in Bitcoin now, it will fall in value soon"

Price is rising way too fast. When it drops, and it will, it will drop hard. And my guess is soon. Wouldn't be surprised if it corrected to 6000 or lower.

@admkx it's purely demand driven from what I know. Btc is worth exactly the amount people are willing to pay for it

It rose this much because NiceHash' bitcoin wallet got cracked and ALL of the BTC was stolen.

@admkx Russia, probably

@admkx One factor is due to how hard it is to track by the government. A lot of people who want to move their money around but don't want to get tracked will use BTC. They will dump their money into BTC, thus giving it a value jump, and then they'll take that money out, and of course, the value deflates again.

@admkx I think it is since recently legal to trade contracts on it, speculating with its value.

Sry for shit res

$15000+ now

@irene Yes the bubble will pop and people will start selling, however, bitcoin isn't locked into anything that would cause people to start selling really rapidly out of fear, unlike the stock market crash. Not only that bitcoin is deflationary, so that means a bank can't affect its value by trying to inject more money into the system to give the illusion of better value.

At the end of the day, the value is created by the interest that bitcoin holds. Interest and value are proportional to each other. So as long as there is interest there will be value

Unlike the stock market, bitcoin isn't tied to anything of real substantial value. The value that it builds is created by those with a means to an end.
For example, I want to buy something on the internet, but it requires bitcoins. I buy some bitcoins, I just gave bitcoin a small boost in value because of my interest in it, I buy what I need online and then end of story.

@iSwimInTheC Let me remind you that bitcoin garnered most of its value from the Silk Road, essentially Amazon but with drugs.

This gave bitcoin it's inherent value, but that value isn't placed into anything like stocks are. When stocks start falling businesses start failing. When bitcoin starts falling nothing really starts failing, this just means that if you want to buy something on the internet (untracked) it will require more bitcoins to buy it.

Again, these are very loose ideas of what drives bitcoin forward but don't get confused into thinking that it's like the stock market because it isn't.

@iSwimInTheC I don't think anyone uses bitcoins currently to buy anything since the trading costs have risen with the value. Its become more or less just an element of speculation.

@kolaente besides, after the AlphaBay bust, DNMs have pretty much all switched to Monero, since it's the only untraceable crypto

Saw this and thought of you.

@CodeKill hmm

@irene yes, probably. I just thought I would inject a little humour :)