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Bitcoin Continues Rapid Ascent Above $300 As Bitcoin Foundation Assuages Fears “Bitcoin Is Broken”

November 7, 2013 at 23:00 by BitcoinNews

At the moment, prices for bitcoin seem to be rising faster than it is possible to report, but at least Mt. Gox went as high as $324.20, while Bitstamp was nearly as high as $300 at $297.80 and pulled back a bit to last trade at $293.35.

It’s not clear if a bubble is building upon its own momentum, or if buyers are responding to positive developments in Bitcoin, from wider acceptance and regulation to Chief Scientist of the Bitcoin Foundation, Gavin Andreson, responding to concerns about a recent paper claiming Bitcoin is broken.

While the price of bitcoin has become much more valuable, consider spending some, for example, by donated to the Internet Archive, which recently suffered a fire in its scanning building. They claim to have lost $600,000 in equipment, but fortunately no people or data was lost.

Additionally, one is reminded of the particular security concerns of digital money when it appears more valuable, especially as an online wallet service, Inputs.io, reported that it was hacked into and had all of its 4,100 bitcoin stored irretrievably lost.

At the intersection of a novel technology and the often irrational exuberance which accompanies it, particularly where money is involved, traders could not be more strongly urged to use caution: Caveat emptor! And one piece of advice on the r/bitcoin forum in response to the Online Wallet theft was to keep a separate “Savings” in cold storage, offline that is, while having a modestly funded “hot wallet” online and possibly even smaller amounts for smartphone or brainwallet apps.

From a trading/investment perspective, it doesn’t appear, at least from a logarithmic view, that the latest move upwards in price is yet on par with either the bubbles of 2011 or of April 2013. Of course, history doesn’t repeat, but sometimes rhymes.

 

H3tgToM

 

 

 

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