Bitcoin Money blog (@BitcoinMoney) gives a monthly wrapup on Bitcoin for the month of January, 2013. Excerpts:
“The closing price of $20.41 USD was up nearly seven dollars from the 2012 year-end close resulting in more than a 51% increase for the month — Bitcoin’s largest monthly gain since December 2011. The one-year gain, calculated from the January 2012 close of $5.48 is whopping 272%.”
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“The 111,100 bitcoins issued which Bitcoin miners took in during the month is valued at $1.72 million using the average daily valuation for the month of $15.49. Miners had been suffering ever since the block reward subsidy “halving” that occurred in November last year.”
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“A dollar’s worth of ASIC hardware performs hashing at the rate that is nearly two orders of magnitude over what a dollar’s worth of GPU hardware does so we are likely just a couple months (or less) away from seeing the end of any GPU mining that is profitable.”
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“Certainly greater demand occurring due to Bitcoin gaining traction as a payments and money transfer system is partly responsible for a higher valuation but there appeared to be no massive jump that would account for the need for an additional $75 million worth of the currency. Thus a significant portion of the rise can only be attributed to speculative interest.”
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“Most bitcoin market exchanges provide feeds with trading results in real-time and many volume records were broken in January.”
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“Early in January Bitcoin Foundation executive director Peter Vessenes published his Quarterly Update in which he describes an increasing level of interest from investors and shared his prediction that in 2013 there would be Bitcoin ‘liquidity problems’ (price increases).”
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“Bitcoin remains an experimental currency. As the software gets poked and prodded, new vulnerabilities are discovered. Some vulnerabilities will result in funds being lost.”
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“When a SatoshiDICE, BitInstant, CoinBase, or BitPay (all angel- and venture capital-backed Bitcoin-related startups) hits a home run, every person holding a bitcoin likely sees a rising valuation as a result due to increased demand for the currency from that Bitcoin startup’s success story.”
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“Without Wall Street’s participation there are few affordable methods to take a short position or to perform price hedging. Without this relief valve, wild volatility occurs as the market tries to discover Bitcoin’s price.”
- http://www.bitcoinmoney.com/post/42429739154
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Bitcoin Money blog (@BitcoinMoney) gives a monthly wrapup on Bitcoin for the month of September, 2012. Excerpts:
“For the seventh month in a row, the BTC/USD exchange rate ended higher than the level it was at when the month had begun.”
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“The closing price of $12.40 USD was more than two dollars above the previous month’s close giving a 22% gain for the month. The second quarter had closed at $6.69 so the closing price for Q3 2012 shows a gain of 85%. For 2012, where the price opened at a $4.72 level, the price rise from January 1st now exceeds 162%.”
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“Starting the month off on the wrong foot was the security breach at the U.S. exchange BitFloor in which 24,000 bitcoins were heisted.”
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“Not only did [the Romney tax return hoax] allow the media to portray Bitcoin in a bad light, the Secret Service is now well aware of Bitcoin.”
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“That wasn’t the only interest in Bitcoin from the U.S. government this past month. It appears that the Securities and Exchange Commission (SEC) is interested in a particular high-yield investment program (HYIP) […].”
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“Additionally, Federal Reserve staff are now in possession of bitcoins.”
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“So even with these developments, why might the exchange rate be still rising? Block 210,000. […] At the moment the drop occurs (expected around November 30th) the rate of currency inflation will drop from a 25% per-year level to just 12.5%.”
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“If the block subsidy drop weren’t enough to kill off GPU mining, delivery of the order backlog from just one of these ASIC manufacturers will be enough to finish the job.”
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“In September, we heard from Digital Gold Currency (DGC) Magazine’s Julia who believes Bitcoin “opens the door” for alternatives to fiat — a sentiment echoed by GoldMoney founder James Turk.”
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“What may be a telling sign of Bitcoin’s potential is when a small Bitcoin upstart is not just seen as an attractive acquisition target but instead becomes the acquirer. This happened with Ogrr […].”
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“Bitcoin is not just some form of electronic cash. Bitcoin is the focal point of innovation that defines money on entirely new terms.”
- http://www.bitcoinmoney.com/post/32694107461
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Bitcoin Money blog (@BitcoinMoney) gives a monthly wrapup on Bitcoin for the month of August, 2012. Excerpts:
“August 2012 became the sixth month in a row that the BTC/USD exchange rate ended higher than the level it was at when the month had begun.”
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“August’s closing price of $10.16 is an 8% gain over July’s close and means that so far this quarter (Q3 2012) there has been a 51% gain.”
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“For 2012, where the price opened at a $4.72 level, the price rise from January 1st now exceeds an eye-popping 115%.”
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“The 243,950 bitcoins issued which Bitcoin miners took in during the month is valued at $2.67 million using the average daily valuation for the month of $10.94.”
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“MPEx, the largest exchange where Bitcoin options are traded, reported that in August a record 75,000 CALL and PUT option contracts were traded on its exchange platform.”
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Unlike commercial endeavors which may do phased rollouts of their offerings, one region at a time, awareness of Bitcoin is occurring organically and in numerous places across the entire globe simultaneously.”
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“This is evidenced with requests as to how bitcoins can be purchased seen for the time from Turkey, Bolivia, Iceland and elsewhere. The traffic hitting the BitcoinTalk forum has been rocketing higher recently, and several Bitcoin website owners have reported seeing the traffic growth occurring primarily from outside the U.S.”
- http://www.bitcoinmoney.com/post/30706441112
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Bitcoin Money blog (@BitcoinMoney) gives a monthly wrapup on Bitcoin for the month of July, 2012. Excerpts:
“The July BTC/USD closing price of $9.35 means a bitcoin cost two and a half dollars more than when 2Q2012 ended.”
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“For 2012, where the price opened at a $4.72 level, the price rise from January 1st now exceeds 98%.”
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“The 238,650 bitcoins issued which Bitcoin miners took in during the month is valued at $1.93 million using the average daily valuation for the month of $8.12. Along with the rising exchange rate, mining profitability has been rising as well.”
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“The trading volume at the exchanges with customers from Europe continued at a record pace in July.”
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“Once bitcoins are acquired, financial transactions no longer need to go through the banking system.This property has now been discovered by high yield investment program (HYIP) operators and the pace of participation only appears to be accelerating.”
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“Bitcoin.org lead developer, Gavin Andresen (@GavinAndresen), commented that HYIPs are ‘(almost?) always dressed-up Ponzi schemes’ and he makes a plea to participants to ‘please lick your wounds quietly when they implode’. Andresen showed prescience back at a time when bitcoins were selling for under a quarter dollar each when he remarked that ‘we are in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles.’
- http://www.bitcoinmoney.com/post/28473024447
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Bitcoin Money blog (@BitcoinMoney) gives a monthly wrapup on Bitcoin for the month of June, 2012. Exerpts:
“For the month of June, 2012 the closing price of $6.69 was a dollar and a half above the previous month’s close giving a 28% gain for the month. The first quarter had closed at $4.90 so the closing price for 2Q2012 shows a gain of 36%. For 2012, where the price opened at a $4.72 level, the price rise from January 1st now exceeds 41%.”
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“Unlike previous rallies for Bitcoin, this one occurred without there being a major story or significant level of media attention.”
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“The Bitcoin exchanges offering BTC/EUR trading all saw record monthly trading volume levels and most of the other European currency markets such as the BTC/GBP (British sterling pound) and the BTC/PLN (Polish zloty) broke monthly volume records as well.”
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“The upcoming drop in the block reward (expected to occur in early December) is likely one reason [for the price rise]. When that event occurs, the rate of currency inflation will drop from the 25% per-year level to just 12.5%.”
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“The most significant conversion of funds out of bitcoin occurring today happens to be coming from those who are, ironically, enthusiastically showing their trust in Bitcoin’s future.”
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“Miners took in the 226,750 bitcoins that were issued (also referred to as being “mined”) during the month. Using the average daily valuation of $5.99 the value of these bitcoins issued totals a little over $1.35 million.”
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“A speculator unloading bitcoins generally has one option — to cash out at an exchange, whereas smaller investors and consumers holding bitcoins can cash out by spending their coins on goods and services.”
- http://www.bitcoinmoney.com/post/26295113993
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A post on Bitcoin Money blog (@BitcoinMoney) gives a monthly wrapup on Bitcoin for the month of March, 2012. Exerpts:
“For the month the closing price of $4.90 was just four cents above the previous month’s close, but up 3.8% above the opening level at the beginning of the quarter and year when it traded at $4.72.”
“The volume of trading was way down for the month — $8.6 million worth of trades at Mt. Gox, which for comparison purposes saw $19.6 million worth of trades in January and $14.4 million worth in February”.
“For every Linode type of story that takes Bitcoin down a notch there are multiple smaller instances of forward progress for Bitcoin”.
A post on Bitcoin Money blog (@BitcoinMoney) gives a monthly wrapup on Bitcoin for the month of February, 2012. Exerpts:
“The biggest selling pressure for the month was likely a combination of the news that Paxum would no longer serve Bitcoin exchanges followed shortly by the TradeHill news.”
“A milestone of note occurred during the month when block 168,000 was reached and thus more than 40% of the 21 million bitcoins to ever be issued have now been issued.”
“A little over 217,750 bitcoins were issued (or “generated”, or “mined”) during the month worth nearly $1.1 million using the average daily valuation of $5.12.”
“The difficulty did increase but only around 5% for the month.”
A post on Bitcoin Money (@BitcoinMoney) blog gives a monthly wrapup on Bitcoin for the month of January 2012. Excerpts:
“The Bitcoin exchange rate continues its upward march with a January closing price of $5.49 USD, a number 16.3% higher than the 2011 closing price”.
“At the fundamental level, the month showed impressive growth in the number of transactions processed daily”.
“Just under a quarter-million bitcoins were issued (or “generated”, or “mined”) during the month worth nearly $1.5 million using the average daily valuation of $6.10”.
A post on Bitcoin Money blog covers how a Bitcoiner discovers that a respectable number of bitcoins that “randomly” appeared in his wallet were the result of having purchased the winning ticket to the monthly BitLotto lottery. Excerpts:
“BitLotto takes a novel approach to running a lottery. One special property of Bitcoin is that it provides a revolutionary accounting concept — triple entry”.
“The algorithm that chooses the winning BitLotto ticket uses the Mega Millions winning numbers and determines the ticket with the closest match based on each ticket’s transaction hash”.
Sunday, May 29th, 2011
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