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Bitcoin Surges 10% To All-Time High Above $2,700, Has Now Doubled in May (cnbc.com)
An anonymous reader writes: In another intraday jump of more than $200, bitcoin surged to a record Thursday on strong Asian demand overnight. Bitcoin jumped more than 10 percent to an all-time high of $2,752.07, more than twice its April 30 price of $1,347.96 according to CoinDesk. The digital currency last traded near $2,726. At Thursday's record, Bitcoin has now gained more than 45 percent since last Thursday and more than 180 percent for the year so far. "There is no question that we are in the middle of a price frenzy," said Brian Kelly of BKCM, in a note to clients Thursday. "There will be a correction and it could be severe, but it's unclear if that correction will start from current prices of $2700 or from some place much higher."
"but it's unclear if that correction will start from current prices of $2700 or from some place much higher."
I wish I had a job like this. There will be a correction, but it might happen today, or 10,000 years from now.
Anybody that jumps in now is a speculator and not an investor. It will drop. But to what? I don't think it's going below $1000 again and certainly won't hit 500.
If you told me a year ago that BTC would be at $1000 today I would have nodded and have been happy.
It spiked up because Japan legitimized it a couple of months ago and shot up 1500 over the last week because China took away some of their restrictions.
BTC is here to stay. As is Eth.
If you're scared of your govt then you need to further restrict its powers
Vote 3rd Party in 2016 and beyond
You could probably manage it if you do it slow enough that it doesn't cause a panic sell, and/or do it through a number of shell accounts so it doesn't look too suspicious.
Once you've unloaded a few hundred BTC, try to dump the rest and cause a market crash, then buy back what you sold originally for a fraction of the price and wait for the next bubble.
=Smidge=
Same as your USD and Gold.
You can tell how powerful someone is by the magnitude of the crime they can commit and be able to get away with.
I think it's pretty clear that BTC - and ETH, for that matter - is in a bubble right now, but due to the relatively low trading volumes it's such a volatile entity that does not mean it's too late to buy in; you just won't have the same return as those who got in at a lower price while facing exactly the same risk of a wipe out. The trick - as with any investment bubble - is to sell before it pops and, as I doubt anyone can confidently say when that will occur, "$2,700 or from some place much higher" is probably about as good as it's going to get. Even then, there's no telling what the correction will be or (more importantly, for those that don't get out in time) how long it will take BTC to recover - if you're prepared to play the long game then riding out the correction and eventual recovery is a viable route to a profit as well.
If you're not already onboard by this point though, the smarter option might be to just wait for the all but inevitable correction, buy in during the panic selling as the price corrects, then ride the next price bubble to profits. Just be sure to sell before that bubble pops too.
UNIX? They're not even circumcised! Savages!
Idiot. Go to a major exchange. Watch the real time trades appear. Add up how long it takes for the sold volume to hit 500 bitcoins. The answer is minutes. What does the price do? Absolutely fuck all. You could cash out $1 million in minutes.
Your ability to get a dollar out of the BTC market today for a dollar put in yesterday depends heavily on the participation of others putting their dollars in today. If you examine the data behind the charts https://blockchain.info/charts... and https://blockchain.info/charts... it is very clear that speculative trading has repeatedly driven BTC values up followed by a market value collapse of BTC. People stop putting their money in and instead pull it out and the amount of time it takes to get their money out goes from minutes to days. If there is no speculation and all BTC coins are used for ephemeral transactions, then the total amount of hard currency backing BTC would be around the daily volume of BTC transactions in a day: $1 Billion dollars. However people are behaving as if all of the BTCs are worth $40 Billion dollars. The speculators are the "long-term" holders of BTC, however only a small fraction of their holdings can actually be converted to hard currency before the entire BTC system collapses ... in the 2% range. Everyone is depending on everyone else not to blink, historically not a good bet.
One cannot invest in a number on someone's computer, just as no one can invest in baseball cards or comic books. Unlike money, bitcoin has no intrinsic value - no government will adjudicate public or private debts using it.
First, if you bought that $100 worth of Bitcoin back in 2010 it's unlikely that you would even still have it today. It probably would have been stolen by now.
I suspect that there's a much simpler explanation: most of the people who bought in at $100 or mined a couple of BTC way back when, probably sold them when they hit $200 or $500 or whatever. Most of the stories about the guys who struck it rich are about people who mined a few or bought some on a lark early on, forgot they even had them, then thankfully remembered their wallet password when the hype struck and BTC was all over the news.
If construction was anything like programming, an incorrectly fitted lock would bring down the entire building...
There is bitcoin acceptance and there is bitcoin usage. The two are not the same, although when you a scrappy itty bitty currency fighting for recognition, the difference may not seem so important.
Bitcoin can be accepted and be beaten out by competing currencies. There will definitely be digital blockchain competitors in the future. Plus once we accept that bitcoin is a currency is suddenly is compared directly with the big boys, for both good and ill. Consider the USD has approximately 100% "acceptance" across the entire globe, yet no one assumes that global economic growth guarantees anything about the price of the USD.
Will you accept gold? (Assuming you are absolutely positive it is gold?)
BTC is a technology. It's value is based on the fact that you can send money from place A to place B using a P2P network and without a central authority. In the very near future this technology will be used to facilitate real estate transactions, authenticate ownership of intellectual property and much, much more. The more this technology is used the greater the value of BTC.
You're focused on the speculation over the immediate value of BTC - you should be interested in the technology and its potential for growth. It the technology isn't adopted then BTC will not have utility and the price will plummet to zero. If the technology is adopted the price will sky rocket.
If you're scared of your govt then you need to further restrict its powers
Vote 3rd Party in 2016 and beyond
No. Not yet. BTC volume is low compared to the equity trading. BTC volume is generally in the range of 50K - 200K BTC / day. And spiking much higher the last few few days
Last 24 hour trading was over 940k BTC or 2.5Billion USD https://coinmarketcap.com/curr...
By the end of the year, the price will higher than $10,000 per BTC. Also, BTC will shoot up every time there is some financial disturbance. Finally, in 10 years the value of BTC will be one million dollars per coin. Why such wild predictions, you might ask? Isn't it a redo of the Tulip mania? The answer is: no. 1. In Netherlands, there is an almost unlimited supply of tulip bulbs. 2. BTC can never be regulated (well, you can switch off the internet, or can ban by law) 3. You can actually exchange easily your BTC to some other assets No, this is not an advocacy of BTC. This is merely a confirmation of the fact, that the world is witnessing a new phenomenon, only limited by the number of participants that are living on earth.
Bitcoin has gone through many bubbles in the past where they all correct after a 5-11x in explosive growth, thus many longterm investors will likely take profits in the 5-10k USD per btc range here.
You capitalized it, which led me to believe you were talking about some product that I was unfamiliar with. If you just mean "everywhere", I should point out that "everywhere" is never everywhere everywhere, but is always everywhere in some scope .
Stocks don't really circulate anywhere that I know of. There may be country clubs where they are passed around, but I don't know of any. For the most part, they are transacted through limited access markets by specialist traders. In those markets, it may be possible to say that they circulate, but not elsewhere (maybe in the hypothetical country clubs too). Ditto most of the other stuff you listed.
Cigarettes in prison are often used as the example of an unusual currency. Debts and services, in such places, are denominated in cigarettes, and the expectation is generally that you can trade them freely - even people that are neither producers nor consumers of cigarettes. That meets circulation and (scoped) ubiquity.
Are you aware of any circulation of Disney gift certificates between people who are neither producers nor consumers of said cards? That is - of people using them as money? Someone who gets one as a gift, but has no intention of using it may sell it for money, but that chain has both a producer and a consumer occupying two of the three steps spanning production to consumption. That's not circulation.
Bitcoin, however, does have a global circulation. People who aren't miners buy it to use as money, and people accept it as money that they can use to buy other goods and services with, not just so that they can cash out. This circulation is, to be sure, relatively thin. But it is there, and the same can't be said about most other things.
See that "Preview" button?