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by bdr
5480 days ago
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The exchange rate stopped going up shortly after The Silk Road closed to new users. It started dropping soon after. TSR was the most compelling and publicized use of bitcoins, and I expect that if the site re-opens there'll be another round of publicity and bitcoins will rally. So sure, probably some component of the initial rise was a bubble, but it's important to remember that the actual utility of bitcoins also went down significantly preceding the price drop. |
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Perhaps people are worried about Gavin giving his CIA talk in two days. Perhaps Russians were funneling money again (like with egold when it was shut down) and completed their trial run. Perhaps some investor got wind of this cool thing called Bitcoin and told his assistant to buy in $150k (that alone would move the price +$10), then sold a week later. Or perhaps it was the non-stop increasing media coverage of Bitcoin in the past month. Or perhaps it was the weekend when it's harder to get money into MtGox and the psychological perfect storm of speculators manifested.
TSR was around since February, with steady growth up until the recent spike when they closed to new users. Perhaps that was a factor, but I doubt it was a significant one. I imagine most people who bought coins don't have Tor installed.