Bitcoin 3.21

The price of bitcoin has jumped more than 30 percent in the past week, rallying back past $500 and raising questions of whether the spike is temporary or a new normal.

Gil Luria, managing director of Wedbush Securities, an equities firm that tracks the bitcoin market, says the recent price rally is simply because there's been "a lack of bad news" about bitcoin lately. "It's allowing bitcoin to appreciate again, " he says.

Perhaps helping fuel the good feelings about bitcoin was this month's Bitcoin 2014 Conference in Amsterdam, Luria says. "People came away feeling very optimistic about where bitcoin is headed, " he says.

Luria says that last year, concerns about the Chinese government cracking down on bitcoin usage created noise that depressed the bitcoin price. This year, the failure of Mt. Gox "caused some people to lose faith in bitcoin, " he says.

"Since then, there's been a lot of optimism, " Luria says.

Mark T. Williams, a master finance lecturer at Boston University who has been closely studying bitcoin, says this latest jump underscores "the price instability of this pseudocurrency." He says that because bitcoin is still relatively thinly traded, its price can be moved rapidly, simply through rumors or any bit of optimism or pessimism.

Luria and Williams say investors still should expect bitcoin to have its ups and downs, and that further developments will determine where the price goes.

"Unlike stocks (which tend to trade in a fairly narrow range), with bitcoin, it could end up being worth very little or it could be worth 100 times what it's worth now, " Luria says.

"927 People Own Half Of All Bitcoins"

2013-12-15 09:28:26 by can-you-say-THINLY-TRADE

927 People Own Half Of All BitcoinsRob Wile
Dec. 10, 2013, 12:19 PM 39,285 93
REUTERS/Adam Hunger

Ownership of Bitcoin appears to be highly lopsided.
This has long been a source of consternation in the Bitcoin community, and people like the FT's Izabella Kaminska have written extensively about the implications of this apparent cartel on prices — basically, they get to dictate them, and the rest of us are just price takers.
So, as of Dec. 3., using a price of $1,000 (which is basically where we are now), and assuming 12 million Bitcoins in circulation, here's the breakdown:
- 47 individuals own 28

5.27 billion euros on dutch flowers last year

2014-03-11 10:19:39 by AgedSage

Investment in tulip bulbs has paid off well for the dutch who are not the world leaders in greenhouse agriculture.
They export bulbs and flowers to the tune of billion a year, year after year.
Comparing bitcoins to a successful trade in tulip bulbs is actually quite the compliment to bitcoin.
Even if bitcoin doesn't end up being the winning cyber currency, bitcoin is pushing the gates open.

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