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nigerweiss comments on Open thread, February 15-28, 2013 - Less Wrong Discussion
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Over the last month Bitcoin's nearly doubled in value. It's now nearly at hit historical high. http://bitcoincharts.com/charts/mtgoxUSD#tgMzm1g10zm2g25zv
Does anybody know what drives the latest Bitcoin price development?
The bitcoin market value is predicated mostly upon drug use, pedophilia, nerd paranoia, and rampant amateur speculation. Basically, break out the tea leaves.
Hey, that's almost 2.5% of the world GDP! Can't go wrong with a market this size.
As of january, the pizza-chain Dominos accepts payment in bitcoins; and as of this week, Kim Dotcoms "Mega" filehosting-service accepts them, too.
Dominos does not accept bitcoins. A third party site will order dominos for you, and you pay THEM in bitcoins.
The baseline inconvenience cost associated with using bitcoins is also really high for conducting normal commerce with them.