Wow. Bitcoin is almost $1,500

[zinfamous]

so this is what happens when a phantom currency's value is wholly dependent on cocaine and meth and heroine deals via the dark net?

this is nuts.

 

[Yakk]

I guess that makes it perfect for the Chicago Board Option Exchange getting in on the action...

https://www.google.ca/amp/s/www.cnb...evoss-brothers-digital-currency-exchange.html

http://www.businessinsider.com/cboe-is-making-moves-on-a-16-billion-bitcoin-opportunity-2017-10

 

[gorobei]

so this is what happens when a phantom currency's value is wholly dependent on cocaine and meth and heroine deals via the dark net?

this is nuts.

this is what happens when the US and others devalue their currency. btc is a refuge for people who dont trust their country's financial policy be it greece, spain, china or [gasp] the usa.

the news accounts of btc being the goto of dark web are a bit overblown. the ip addresses are still perfectly trackable, btc ledger simply doesnt have a name associated. law enforcement has yet to complain to congress about it and i doubt the nsa has any problem tracking it. the bulk of the money coming in now is from wall street.

the investors are jumping onboard because the returns/gains for btc are too good to resist especially since most of them dont even understand how cryptocurrencies work. the fact that they are trying to make a futures exchange for crypto is just a sign that some people have enough confidence to gamble big on it. you can look foward to seeing more market manipulation at the exchanges like the eth stop-loss event. its sad since the volatility of crypto is what keeps it from becoming the replacement for cash/credit/debitcards.

i have no doubt we will see a steep climb with tons of mini crashes as profit-taking and stop-loss selling redistributes fools from their money.

with the finance analysts predicting a 1million$ price for btc, it means crypto is approaching mainstream.

 

[ultimatebob]

so this is what happens when a phantom currency's value is wholly dependent on cocaine and meth and heroine deals via the dark net?

this is nuts.

Hey now... the kiddie porn people and cryptolocker scammers love Bitcoin as well

Of course, I doubt that most people with Bitcoin are actually spending it as this point. They are holding onto it, speculating that it's going to go above $10,000. These people remind me of the same folks who bought worthless .com stocks in 1998 or spec homes in 2006... they'll get burned eventually.

 

[[DHT]Osiris]

Hey now... the kiddie porn people and cryptolocker scammers love Bitcoin as well

Of course, I doubt that most people with Bitcoin are actually spending it as this point. They are holding onto it, speculating that it's going to go above $10,000. These people remind me of the same folks who bought worthless .com stocks in 1998 or spec homes in 2006... they'll get burned eventually.

I've actually spent it a few times, but in retrospect I overpaid for those items since the price has gone up since then.

In retrospect though, I should have lied, cheated, and stolen to get as much $$ worth of BTC as I could back when it was ~$700/BTC. So eh, I'll just enjoy my current earnings.

 

[Yakk]

.. Aaaand... First BTC exchange in Korea reached $10,000 USD.

Done.

Next!

 

[Arcadio]

I've always been amazed at the lack of enthusiasm for Bitcoin and other cryptocurrencies in this forum. A technology forum.

 

[mizzou]

Very interesting.

I wonder how many of the people who invest or put money in bitcoin have any idea how to get money out of it and spend it.

 

[Red Storm]

Very interesting.

I wonder how many of the people who invest or put money in bitcoin have any idea how to get money out of it and spend it.

Most if not all? You have to know how to get money into it, which is about the same process...

 

[Yakk]

Interesting milestones & fun facts (rounded off, BTC moves too fast) ...

$1 USD = 0.0001 BTC

1,000,000+ JPY = 1 BTC

 

[ponyo]

When I started this thread in May, I was amazed bitcoin had climbed almost to $1,500. This was after spending most of last year at around $300-400. I could've bought many as I wanted at that price and some people were telling me to buy bitcoin at $300 instead of gold. I ignored them and bought gold.

The crazy thing is even at current almost $10k price, it doesn't feel like a bubble. Bitcoin at $20k, $50k, or even $100k wouldn't surprise me.

 

[Mandres]

so this is what happens when a phantom currency's value is wholly dependent on cocaine and meth and heroine deals via the dark net?
this is nuts.

That function of btc is its only true value: anonymous (with the right precautions) transacting. The run up in value has nothing to do with that function and everything to do with the influence of speculative investors. It's the very definition of a bubble.

 

[Mandres]

-edit double post

 

[Yakk]

The crazy thing is even at current almost $10k price, it doesn't feel like a bubble. Bitcoin at $20k, $50k, or even $100k wouldn't surprise me.

BTC now ranked 30th in world currency.

... when btc reaches 10K in the western countries it'll probably tumble a few hundred to thousands on profit taking.

However, what IMO is more interesting is looking at the graphs of not BTC increasing in value compared to Fiat, but how much increasing fiat it is taking to get 1 btc. (flip the graph around to see fiat value tanking versus BTC) Those graphs show the fiat values crashing.

BTC bubble, or fiat crashing?

Many big investment funds seem to be thinking the latter more & more it seems and are wanting in and pushing hard, like CBOE and others to support BTC.

Interesting times we live in.

 

[Mandres]

What would be most interesting to me are details on who is paying you guys to pump this narrative on tech forums. It's truly a fascinating process to watch unfold in real time over the past few years. I've seen the junk bond schemes detailed in movies (Boiler Room, etc.) and of course we've all heard of the tulips, but I figured our collective investment wisdom and regulatory framework had evolved to the point I'd never see this kind of craze with my own eyes. I'd love to know what's happening behind the scenes and understand how it was possible to pull off a scheme like this.

 

[Yakk]

Here you go...

Big move today for Gold, up $10! Markets are pretty excited.

https://www.marketslant.com/article/gold-10-why-you-aint-seen-nothing-yet-skg

 

[Aikouka]

Every time I remember how foolish it was to sell a few coins for $30 each (years ago), I remember that guy that bought the pizza, and I feel a little better.

 

[FelixDeCat]

 

[ultimatebob]

Every time I remember how foolish it was to sell a few coins for $30 each (years ago), I remember that guy that bought the pizza, and I feel a little better.

Something tells me that guy had plenty of Bitcoin to spare, so we shouldn't feel too bad for them.

 

[[DHT]Osiris]

Worth noting that it hit $11,365 today on Coinbase. Good times.

 

[Yakk]

Coinbase servers actually crashed under load earlier... Really not impressed.

Other than that, very good times indeed! Just speechless.

Reading that many technical chart analysis people are also at a loss, they've just never seen anything like it before, ever, in any market. BTC even outscaling LOG charts now...

 

[[DHT]Osiris]

Coinbase servers actually crashed under load earlier... Really not impressed.

Other than that, very good times indeed! Just speechless.

Reading that many technical chart analysis people are also at a loss, they've just never seen anything like it before, ever, in any market. BTC even outscaling LOG charts now...

I have a theory that this is actually just fiat currency correcting, not BTC correcting

It's like the pigeons, the eagles (normal and LOTR), and some pterodactyls coming home to roost all at once.

EDIT: just noticed you actually posited this above, hilarious.

 

[Yakk]

I have a theory that this is actually just fiat currency correcting, not BTC correcting

It's a theory growing in popularity.

I posted about it a few posts previous above; if you flip a BTCUSD chart upside-down you can see fiat dollars collapsing into BTC like a black hole.

Start of fiat Hyperinflationary collapse? Hmmm... starting to look like it. Helps that, as of right now prior to BTC futures being issued, BTC can't be manipulated like Gold prices are to keep hyperinflation in check. It's starting to show.

 

[KB]

I am surprised by the initial growth of bitcoin, but not by the parabolic growth. Most bubbles are regional, i.e. housing, stock market etc. Bitcoin is a world wide bubble meaning more eyes, more greed and more money.

Satoshi Nakamotos bitcoin wallet has about 1 million bitcoins. At this price if you could figure out his private key you could access/transfer a wallet worth +10 billion dollars.
Anyone with access to a quantum computer want to start working on brute forcing it?

 

[Capt Caveman]

Glad I held onto my bitcoin from when I bought in at $2.5k Will buy some today to convert to bitconnect cash to lend out at 40%/month interest. Good times!