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4 comments

1 Amory Blaine  Sat, Jan 18, 2014 9:00:17pm

The value is so volatile, they better unload them fast.

2 Dark_Falcon  Sun, Jan 19, 2014 5:46:12am

The fact that the US government seized and now owns all those Bitcoins ought to put a crease in a few dudebros shorts.

3 Skip Intro  Sun, Jan 19, 2014 5:02:47pm

i admit I haven’t been paying much attention to this, but why do bitcoins have any value at all?

4 wheat-dogghazi  Sun, Jan 19, 2014 6:00:31pm

re: #3 Skip Intro

i admit I haven’t been paying much attention to this, but why do bitcoins have any value at all?

Short version. Because people have agreed they do. Why is gold at $1200? Because the market now has set that as the agreed-on value of an ounce of gold. I remember when it was $300.

Here’s the tl;dr version.

Bitcoins were invented in 2009, and the price against the dollar pretty much stayed between $1 and $10 until spring 2013. There was a big run on buying Bitcoins in Cyprus, after the government suggested it would seize the bank assets of Cypriot citizens. That drove up the price, since the supply of Bitcoins is limited, and people really started to pay attention to them. Then the Chinese got into the act, and the price skyrocketed to just over $1000 in early December. The Chinese government restricted banks from dealing directly with Bitcoin exchanges, and the price dropped below $500. Now it’s trading at about $830 to $900.

The Cypriots wanted to shelter their money. The Chinese want to move their money offshore and/or get dollars, euros or pounds for yuan. Bitcoins offer a secure and mostly anonymous way to stash your money.


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