Bitcoin Tops $1,000 Again on Adoption by Zynga

The price of Bitcoin surpassed $1,000 again on the Mt.Gox exchange, after Zynga Inc. (ZNGA) said it would start accepting the virtual currency for some of its online social games as the digital money becomes more widely used.

Bitcoins first crossed the $1,000 threshold in late November and reached record at $1,238 on Mt.Gox on Dec. 4, but then plummeted to as low as $640 after China’s largest online market for the virtual currency stopped accepting deposits. The digital currency has rebounded as more merchants accept Bitcoins for everything from Gummi bears to smartphones on the Internet. Zynga is the latest merchant to accept Bitcoins, which can be used to buy virtual items in games.

“Bitcoin has been remarkably resilient in the face of all the bad news out of China,” Nicholas Colas, chief market strategist at ConvergEx Group, wrote in an e-mail. “The strength shows a continued interest, which is a very positive sign.”

This is great news after China banned banks from Bitcoin transactions.

I predicted the slump in mid December and also that it would go back up after Christmas. But TBH i didnt expect it to rebound this quickly. There are a lot of bitcoin haters out there who always claim 'its the end' every time bitcoin takes a major hit but time and time again its shown that it has the capacity to recover and go on to new strengths.

reply to post by PhoenixOD

The price of Bitcoin surpassed $1,000 again on the Mt.Gox exchange, after Zynga Inc. (ZNGA) said it would start accepting the virtual currency

That is certainly very good news, but the price has been rising back towards the $1K mark for a few weeks now, so I'm not convinced that Zynga really played a large role in it. Do you know when they made that announcement?

reply to post by ChaoticOrder


source

I dont know exactly when they announced it , the title of this thread is from the source article (which i forgot to link). I agree with you , there doesnt seem to be a noticeable surge along the graph other than today.

SWIM saw one time that getting a seller account on a certain former marketplace cost 25 bitcoins. Which made perfect sense when bitcoins were cheap. SWIM remembers a certain commonly prescribed pill costing 1 bitcoin each

Anyway, there must have been thousands of sellers. x25 bitcoins each.

I wonder how many bitcoins were seized when he was arrested.

I wonder who has them now?

reply to post by PhoenixOD


Haha, I got through your first sentence and I was already logging into blockchain. Nice, sure glad I didn't panic like everyone else was. You called it and I repeated it. I had good feeling too after xmas and new years.

May rise even more if Neflix becomes the next accepting Bitcoin.

We are unsure as to how legible the Netflix rumour is at this point, but it’s worth noting that Max Keiser successfully predicted the recent Zynga Bitcoin adoption before that too became public knowledge.

Source
Interesting how this may play out.

reply to post by FlySolo


So glad you didnt panic

Expecting the slump to happen i put an order to sell half my BTC when it reached £640 on the 17 December and then planned to buy it back at a much cheaper price a few days later. When i woke up the next day i found out it had topped out at £630 and then dropped rapidly! So i totally missed out on the big profit. I was not a happy bunny lol.

I was hoping it would drop more before rising again. I was waiting for the $300 mark before buying some up. Oh well.

reply to post by PhoenixOD


There must be some powerful forces behind the Bitcoin because I don't understand how else it could've survived thus far.

I think if anything we need to see what other online retailers are lining up to do business with bitcoin, try to figure out the downs (i.e govs making moves against) and rebounds when individual retailers jump on board to thumb there noses at the govs. There seems to be a trend and the people who can capitalize by doing a little research are bound to make some fiat currency in the process all the while riding the wave of the bitcoin till its the only coin around, and all trust is lost in the paper currencies that we currently hold.

My only problem being, that in my understanding bitcoins are mined by super computers figuring out complex math equations in order to "Mine" a coin. Gov recently have invoked suspicion that some in fact have "quantum" computing capabilities maybe in its infancy or complex.

So in my mind although crypto currency in somes minds are still unregulated and not manipulated by our govs what to say the current largest holders aren't the govs themselves, who's to say it isn't already the govs of the world who are in fact the largest, miners, holders, and traders and manipulators of the currencies value.

Chinese banks put a stop order on coins, value plummets, those with cash buy up, knowing full well with all bad news comes in a sense a savior (Zynga) Value takes a $400 rebound many people who anticipated the chinese news or were in the know profit grand with the rebound.

So in turn what im saying is Bitcoin still me you and jack down the way running cpu in tandem overclocking trying hard to get one coin???? or Super comps created by the same people whos control we are trying to avoid.

And as well look for any gov move against the currency, and try to see whos in talks as far a retailers online are concerned, pick up coins on gov moves and reduction, and watch to see who picks up the pieces to hold the castle together seems to always happen

SaneThinking