Re:Bitcoin nearing $800/BTC
by dragonwriter on Monday November 18, 2013 @07:33PM
(#6758365)
> Could Amazon disallow that if they wanted?
It would make sense for Amazon to raise the price rather than disallowing it (specifically, because enforcing a prohibition on activity would cost Amazon money, but setting the price to be at least marginally more expensive than Amazon's expected minimal-effort realizable gain from using the GPU instances themselves would make Amazon money.)
Re:Bitcoin nearing $800/BTC
by McGlockenshire on Monday November 18, 2013 @07:48PM
(#6758454)
This is both the worst and best thing to happen to Bitcoin.
It's good because more and more people are learning about Bitcoin. It's never going to stand a chance without mindshare (ignoring any other problems it has).
It's bad because when this bubble bursts, the resulting backlash from people "investing" in it (instead of using it as a currency) is going to put people off.
Re:Bitcoin nearing $800/BTC
by oscilloscope on Monday November 18, 2013 @07:33PM
(#6758364)
That's just on Gox. On BTC China it's touched over $1000 USD in Yuan and on Bitstamp it's only $675. The global average is over $800 already. The USD only average is quite a bit below that.
Re:Bitcoin nearing $800/BTC
by gcv on Monday November 18, 2013 @07:39PM
(#6758399)
Is it actually possible to sell BTC held in a random wallet and withdraw the proceeds as USD? I'm not familiar with the intricacies of the various exchanges, and am wondering if it is truly a convertible currency. (Assume that selling ~500 BTC would not move the market.)
You need to watch the other US exchanges as well, not just MtGox. It's basically impossible to get USD from MtGox right now, making it a very poor benchmark for the actual exchange rate.
edit: Forgot to mention, only profitable with Spot instances which are significantly cheaper than the on-demand rate.
It would make sense for Amazon to raise the price rather than disallowing it (specifically, because enforcing a prohibition on activity would cost Amazon money, but setting the price to be at least marginally more expensive than Amazon's expected minimal-effort realizable gain from using the GPU instances themselves would make Amazon money.)
http://i.imgur.com/etPRM0q.png
It's good because more and more people are learning about Bitcoin. It's never going to stand a chance without mindshare (ignoring any other problems it has).
It's bad because when this bubble bursts, the resulting backlash from people "investing" in it (instead of using it as a currency) is going to put people off.
https://bitcoinaverage.com/#USD
I just did this with BTC-E.com today.
Withdrawal to a bank - depends on the method you use (SEPA, wire, etc) and the country you're in. From a few hours to a few days.
What's the best site to bookmark for a simple real time price quote?
http://bitcoinity.com/markets
You need to watch the other US exchanges as well, not just MtGox. It's basically impossible to get USD from MtGox right now, making it a very poor benchmark for the actual exchange rate.