HOLY BIT.......Bitcoin just hit 750 dollars.

[r3VOLutionRefugee]

Seven hundred and fifty fucking US dollars to one bitcoin.   This is starting to get real.

[Syock]

Yeah, still looks suspiciously like a spike though. 

[Seth King]

There you go. Got your correction. It just shed 25% of its value in 5 minutes.

[SinCityVoluntaryist]

 It's back down to 640.

 This is happening for two reasons

1) Bernake's announcement this morning that Bitcoin was a real currency caused a demand boom. With the reserve announcing that they could not control it, people rushes to it.

2) People with large investments are probably starting to sell it off to make large amounts of money. This will probably drive the price downward starting now.

[Syock]

Considering the recent volatility against the dollar, I am curious about those that actually use bitcoin as a currency.  If everyone accepted bitcoin, I imagine the purchasing power might be rather insulated from outside influences, however I don't believe it has enough market saturation for that yet. 

Due to the lack of an entire supply market working within bitcoin (that I know of), has the purchasing power of the coin changed to reflect the value in USD?  If so, has this caused any transactions or purchasing decisions to be delayed until a new relatively stable price is found? 

[SinCityVoluntaryist]

 Bitcoin does not have a volume of popularity in the market place just yet. The demand for Bitcoin from businesses is going to correlate directly to the supply of fiat. Meaning, the more money they print, the more people will rush toward something else.

[Syock]

Bitcoin does not have a volume of popularity in the market place just yet. The demand for Bitcoin from businesses is going to correlate directly to the supply of fiat. Meaning, the more money they print, the more people will rush toward something else.

Do you do any trade with bitcoin?  I am curious about actual usage right now.  You basically just repeated what I posted. hehe

[SinCityVoluntaryist]

 Well, I have exchanged a good portion of silver for Bitcoin. There is a restaurant near me that accepts Bitcoin as payment. I had lunch with a few friends today over there.

 I'm really in it for the investment.