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think33 | 13 years ago
MtGox said they were getting 20,000 new accounts a day recently. By definition, new accounts are not "speculators" putting in trades to manipulate the price, they are people putting in trades to acquire their first bitcoins.
People rushing into a currency, right after the EU forced bank depositors to lose %40-%60 of their money in a state run bank (which was only insolvent because they were forced to buy greek debt by the very same EU) is not "speculation" -- it is seeking a safe haven.
A lot of people hope bitcoin will be a safe haven away from these increasingly manipulated and untrustworthy national currencies.
That's a huge level of success, given the limited expectations for bitcoin only a few years ago.
Suddenly it's actually considered a viable store of value for some segment of the population. Sure, it's a small percentage, but still, it's massive.
andyakb|13 years ago
What definition are you talking about? That sounds exactly like speculation. You do not need to manipulate anything to be a speculator, you simply need to be making a gamble that what you are betting on will increase [or decrease if youre betting against] in value.
penny500|13 years ago
Do you have a source for this? As far as I know, and I know this is a theory but I suspect a good theory, people used bitcoin as a currency when it was relatively stable and before it skyrocketed in value, and became extremely volatile. I highly doubt they're using it as a currency now because the value of a bitcoin changes dramatically within a day. Say it stabilizes at this price (~$95), you won't be able to transact with everyday goods because the price of 1 bitcoin is close to $100. Who would buy a hamburger for 1 bitcoin right now?
andyakb|13 years ago
deadairspace|13 years ago