The Bitcoin Tracking Thread

[vacuum]

The thing I can't figure out though - while I believe much of this increase is due to the Chinese waking up to bitcoin in the last couple months and really getting into it, are they buying to hold it, or are they buying to sell for a profit? If they're buying to hold, the price should stabilize. If they're buying to sell for a profit, that profit taking could happen any time. I can't tell which is which, and because of that I'm not going to sell even at $400 right now. I just can't shake the feeling though, that this is similar to the last run up around $260 when it dropped back down real quick.

Asians think long term. They also love gambling. Doesn't it feel like gambling when buying BTC? I think they'll get addicted to it. Also, bitcoin is extremely effective for actual gambling. Think statoshi dice, or the many sites where you can gamble on real-world things. Then there's the whole "cold hard cash" aspect of it which I think they also like.