Bitcoins are selling for forgetTONS of money again. - Mt. Gox is down

[Nal]

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[Choi]

So why are they so expensive again?

[Nal]

So why are they so expensive again?

1 bitcoin = $660 USD

[Choi]

1 bitcoin = $660 USD

They are expensive but I'm asking about why they bumped in price

[Nikolan]

They are expensive but I'm asking about why they bumped in price

they were recognized as an official currency now

[Harm94]

So why are they so expensive again?

I'm sure someone like bisjac explain it better, but if you look at the stock market you will notice the prices of stocks rising and dropping all the time. Often due to the buying and selling of stocks and prices and the real life value of a company and commodity price going up and down.

they were recognized as an official currency now

in Germany

[Tyler66]

Right now listentobitcoin sounds like a crippled 56k modem.

[Titanium Man]

whats the point of bitcoin mining?? even having 3 7970's crossfired will yield only, what, 10 bucks a day?

[Tyler66]

whats the point of bitcoin mining?? even having 3 7970's crossfired will yield only, what, 10 bucks a day?

Not even.
GPU mining is just equivalent to mining with a CPU a year ago. The mining difficulty is so high even ASIC miners have trouble yielding any wealth right now.

[SPooK]

Some huge ones popping up.

[.:FancyPants:.]

just a theoretical question but about how quickly would a supercomputer mine bitcoins if it somehow could?
i'm no expert in computer technology, just wondering aloud.

[Blockzillahead]

Pretty sure those big bubbles are companies using their servers to mine.

[Tyler66]

just a theoretical question but about how quickly would a supercomputer mine bitcoins if it somehow could?
i'm no expert in computer technology, just wondering aloud.

Depends on the supercomputer and how the supercomputer mines.
Nowadays supercomputers are large arrays of units with dedicated/server CPUs installed. So even a supercomputer would mine at a slow speed, but it would not bring in any profit.

[Titanium Man]

Not even.
GPU mining is just equivalent to mining with a CPU a year ago. The mining difficulty is so high even ASIC miners have trouble yielding any wealth right now.

then where are all the bitcoins even coming from

[Ipquarx]

then where are all the bitcoins even coming from

Probably organized crime rings that buy up all the miners for themselves.