Thursday, 9 June 2011

Bitcoin Economic bubble ready to pop?

Taking a quick turn of my usual blogging angle i'm going to talk about the huge bitcoin economic "bubble" that has formed.

So, In case you haven't noticed. Bitcoins are a form of online currency and in the last week, their value has shot through the roof.

"Bitcoin mining" Using your GPU (or CPU) to solve hashes to produce bitcoins, has just become very profitable indeed. People with bitcoins are now easily selling them for $30 a piece. Many miners on youtube have made videos of them selling 200-300 bitcoins for thousands.

But, will their value hold? Is it wise to sell now, or wait another week for the value to increase? The truth is nobody knows, but a lot of experts are expecting the value of bitcoins to drop in the coming days.

The picture below shows  a comparison of the current bitcoin status to a previous economic bubble and the phases it goes through.



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16 comments:

  1. prisoner art9 June 2011 at 09:46

    That chart is awesome ! It relates to all the other financial bubbles over the years - great stuff ! Keep up the good postings !

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  2. echi9 June 2011 at 14:18

    It is a pity that I have started collection bitcoins just a week ago. :)

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  3. Supernova9 June 2011 at 15:50

    That's what I've been hearing! I'll hold off on the bitcoins for now just in case.

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  4. weirdnewstories10 June 2011 at 09:55

    Bitcoins are a little iffy to me, I would never invest in something that's true value is nothing and can easily just drop.

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  5. #1910 June 2011 at 10:03

    Bitcoins really scares me, you know eventually it's going to peak and then crash, if you were lucky enough to get in really early you're in great shape but someone like me would be a fool to try and get in on it now.

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  6. Anonymous10 June 2011 at 18:14

    Bitcoin is really getting a lot of attention lately!

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  7. Kazarak11 June 2011 at 13:04

    I had so many bitcoins months ago that I foolishly spent, If only I had saved them I would have profited so nicely. Damnit.

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  8. Radux11 June 2011 at 13:17

    Never heard of bitcoin, gonna check it out.

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  9. Jujj114 June 2011 at 04:58

    This bitcoin seems to be rather interesting
    Will check it out these days

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  10. Bj Dover14 June 2011 at 05:20

    Time to do some dirty trades on the deep web, lol.

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  11. mike14 June 2011 at 07:31

    Interesting. I might invest into it, but im going to wait for the price to drop.

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  12. phosports15 June 2011 at 02:37

    certainly looks like it, cant stay that high forever

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  13. Pablo15 June 2011 at 07:33

    How much you think 00.02 btc is worth? lol!

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  14. fabio_200716 June 2011 at 09:13

    looks interesting

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  15. Platano: 365 life16 June 2011 at 10:03

    im still not sure about bitcoins..lol

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  16. Elliot MacLeod-Michael17 June 2011 at 00:06

    I still don't really understand what bitcoins are to be honest. Interesting topic, though
    +followed

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