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Bitcoin Nears $6,000 For the First Time (bloomberg.com)

Posted by msmash on from the up-next dept.

Bitcoin closed in on another milestone Friday, as the digital currency approached $6,000 for the first time to put its gain in 2017 to above 500 percent. From a report: The push higher comes just three days after bitcoin suffered its biggest one-day drop in a month on rising concern that regulators are increasingly targeting digital currencies. It's added almost $500 in value in the past two days alone.

4 of 120 comments (clear)

  1. Time to buy?? by Billly+Gates · · Score: 4, Interesting

    Normally I laugh at people foolish to buy at a high and sell low when it tanks, but I am thinking it will only go up for the following reasons:
    1. We are at an economic height now and growth we have not seen since the mid to late 1990s.
    2. Russia and other countries are launching their own bitcoins
    3. Goldman Sachs and others like this because they can do business without being taxed or have the government snoop. You can easily do commerce in bitcoins and not pay taxes

    So what makes 1 unique and retarded? Well, like gold bitcoin has an inverse relationship to the stock market. WIth over-inflated prices we know a crash is coming and recession will strike. That is the norm these days. When it does gold SPIKES. When Wall Street sees their stocks losing 1/2 it's value in just 3 months they need a safe haven to put their money. Gold and bitcoin are such.

    Even better bitcoins may skyrocket in value in such an event in a stock market collapse making thsoe who didn't get in at $6,000 a coin sorry. I am going to save this comment so I can either laugh at myself for benig moronic if I am wrong later on or will do this as a HA told ya so!

    I am seriously thinking of putting some money down but am nervous I am buying at a high.

    What do you all think>?

    --
    http://saveie6.com/
    1. Re:Time to buy?? by Tx · · Score: 4, Insightful

      There is no rational basis to predict the future behaviour of bitcoin, so if you treat it as an investment, i.e. buy in and hope/assume it will increase in value, understand that you are gambling, not investing. I say that as someone who is doing exactly that right now. I had been on a policy of ending each trading session with only cash in my trading account, expecting btc to potentially crash after events in recent weeks, and while I did make some money trading, I would have made five times as much if I had just held bitcoin until today. So I decided to become a gambler for a while and went all in on btc a few days ago. I have a fixed target to cash out at though, and as I'm only trading for fun with a few grand, I can afford to take the risk.

      --
      Oh no... it's the future.
    2. Re:Time to buy?? by Khashishi · · Score: 5, Insightful

      Currency isn't supposed to generate wealth. It supposed to store wealth and make transactions easier. If it is generating wealth then it isn't a good currency. Of course, you are talking about investment, not a currency. But my point is that as long as people are treating Bitcoin as an investment, it really isn't much good as a currency. And if it isn't good as a currency, what good is it for? You are only investing in it because you hope someone else will buy it from you for more. It has no intrinsic value. It's no good for currency since transaction times are too long and transaction costs are too high. Eventually, people will figure out that Bitcoin is worthless. The only value it generates is taken from the suckers at the bottom of the pyramid.

      If you want to design a crypto-currency that actually functions as currency, you gotta design something that isn't used as an investment. Otherwise, speculators are going to ruin it.

  2. Re:In hindsight by Cytotoxic · · Score: 5, Funny

    Yeah, I was too smart for all of this.

    We downloaded it right after it first appeared on the net to play with it. Shared computing was just becoming a thing, with folding at home. So we installed in on a couple of machines to see what it was. After playing around with it for a couple of weeks, I had 1 bitcoin and my lead developer had three. I thought it was interesting, but essentially pointless and deleted it. My buddy kept playing around and eventually amassed 7 whole bitcoins.

    They were valued at about 50 cents, theoretically, when we started. They spiked to $7 in a really short time, then back down to a buck. When they went back up over two bucks, my buddy sold out. He's no fool. We both knew a bubble scam when we saw it.