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Wow. Bitcoin is almost $1,500

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KB

Diamond Member
Nov 8, 1999
5,120
171
106

Yakk

Golden Member
May 28, 2016
1,574
272
81
A short time ago bitcoin forked into bitcoin and bitcash. Each bitcoin holder got an equal amount of both. The fork effectively doubled the currency and value didnt drop by 50%, instead it went up. In any other currency, the value would drop due to inflation, but not in a bubble. They should fork the code weekly and just keep printing and making money. Its interesting to watch.

https://www.cnbc.com/2017/07/31/blockchain-fork-will-create-new-digital-crypto-currency-bitcoin-cash.html
Speaks to the quality of the model really.

The fork creates a separate currency, not the same one so inflation isn't relevant. Infinitely forking a currency will just create stillborn currencies. Having a finite quality of coins keeps the value increasing, having less demand just slows down the whole system until it's profitable again.

BTW... The bubble does pop often, and it was engineered that way.
 

ponyo

Lifer
Feb 14, 2002
18,208
1,755
126
Quotes from CoinDesk

Current bitcoin price: $4,106.49
Current ethereum price: $297.05

Bubble or no bubble, some people are making serious crazy real money with digital currencies. If you are, congrats and enjoy the ride!
 

gorobei

Diamond Member
Jan 7, 2007
3,136
295
126
big money is only really made if you hold/hodl on to your coins and wait for the price to rise.

the people who are kicking themselves are the ones who used btc to buy a pizza back in 2008 when they were only worth a fraction of a cent.

also there was a guy who used an online wallet back in 2011 that "got hacked" and everything was taken/lost. he had something like $80k worth of btc back when it first hit $20. by now that would be worth 200M.
 

ultimatebob

Lifer
Jul 1, 2001
23,168
1,265
126
Yeah, I'm kinda annoyed about that flashlight that I bought with .5 bitcoin a few years ago. That was a damn expensive flashlight!
 

Yakk

Golden Member
May 28, 2016
1,574
272
81
Curious... Looks like some seriously deep pockets have been buying BTC in bulk lately.

BCH is also doing quite well for itself so far after the split.
 

KentState

Diamond Member
Oct 19, 2001
8,034
275
126
Yeah, I'm kinda annoyed about that flashlight that I bought with .5 bitcoin a few years ago. That was a damn expensive flashlight!
I paid 2+ BTC for an Xbox One. I could be rocking a Scorpion, PS4 Pro and OLED tv right now, but that's how life is. Always late in and early out.
 

ultimatebob

Lifer
Jul 1, 2001
23,168
1,265
126
does it still work?
That's the real pisser... it broke about a year after I bought it. It was one of those fancy LED "tactical" flashlights, too. I ended up replacing it with a MagLight that I paid for with an Amazon gift card.

At least the Amazon gift card didn't go up in value 1000% after I bought that one :)
 
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zinfamous

No Lifer
Jul 12, 2006
104,279
18,888
136
That's the real pisser... it broke about a year after I bought it. It was one of those fancy LED "tactical" flashlights, too. I ended up replacing it with a MagLight that I paid for with an Amazon gift card.

At least the Amazon gift card didn't go up in value 1000% after I bought that one :)
did it come in one of those "as seen on TV!" boxes? I have one of those, too. I didn't pay $2k+++ for it, though. :D
 

ultimatebob

Lifer
Jul 1, 2001
23,168
1,265
126
did it come in one of those "as seen on TV!" boxes? I have one of those, too. I didn't pay $2k+++ for it, though. :D
No, it was actually a good brand of flashlight.. a Bushnell LED model with a green "night vision" light mode. If I had to pay cash for it at the time, it would have been around $60.

Not that it matters, I guess. I used to exchange the Litecoin that I mined for Bitcoin at btc-e.com, and I see that they just got shut down by the feds. There is a good chance I would have lost it anyway if I was still in the mining biz.

Funny... they were considered to be the reliable currency exchange back then, as this was around the time that MtGox went bust.

I'm not surprised to see the FBI doing raids like this. It seems that the majority of Bitcoin transactions now go to drug dealers, child pornographers, money launders, and cryptolocker ransomers. Hell... I wouldn't be surprised if one of the reasons that the price spiked recently is because white supremacists can't use Paypal anymore.
 
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Yakk

Golden Member
May 28, 2016
1,574
272
81

ponyo

Lifer
Feb 14, 2002
18,208
1,755
126
Haven't updated this in couple months. Bitcoin price is now over $7,000. Coindesk quote is showing $7,073. Ethereum is $290.

Bitcoin is attracting big money now. It's no longer just retail. You can't have this kind of move up with just retail players. And the big institutional guys are scrambling not wanting to be left behind. Countries are now joining and about to get in the act. $10,000 was once a joke target. Now it's real and likely to hit.

When this all ends badly, everyone is going to say what the f*ck was people thinking. But until then, this is a modern day gold rush.
 

Yakk

Golden Member
May 28, 2016
1,574
272
81
Gold is moving, but not much for a variety of reasons.

Bitcoin is now on its 9th year of a wild ride. Coming up on a decade of Blockchain next year.
 

[DHT]Osiris

Diamond Member
Dec 15, 2015
8,112
3,986
146
What's fun is, I've started to actually find more places to just pay for things with BTC. Haven't spent Real People Money on Steam games in like 6 months, just bought some hoodies a week or two ago... the list seems to keep expanding.
 

Yakk

Golden Member
May 28, 2016
1,574
272
81
What's fun is, I've started to actually find more places to just pay for things with BTC. Haven't spent Real People Money on Steam games in like 6 months, just bought some hoodies a week or two ago... the list seems to keep expanding.
Just a side note... At the rate BTC is going up in the past year alone, using BTC instead of regular fiat to buy stuff is costing you quite a bit of money.
 
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Red Storm

Lifer
Oct 2, 2005
14,214
216
106
Just a side note... At the rate BTC is going up in the past year alone, using BTC instead of regular fiat to buy stuff is costing you quite a bit of money.
Yep. No way would I be spending any BTC on purchases. Only to cash out.
 

[DHT]Osiris

Diamond Member
Dec 15, 2015
8,112
3,986
146
Just a side note... At the rate BTC is going up in the past year alone, using BTC instead of regular fiat to buy stuff is costing you quite a bit of money.
True enough, it's still fun though to see it being taken more 'seriously'.
 
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