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Bitcoin Smashes Past $7,000 For the First Time (cnbc.com)
A reader shares a report: Bitcoin hit another all-time high Thursday morning, surpassing $7,000 for the first time. The cryptocurrency has had a bullish streak throughout the week following the CME's announcement that it will introduce bitcoin futures contracts. According to data from CoinDesk, the virtual currency reached an all-time high of $7,242.69 at about 7:08 a.m. ET. The jump in price saw the virtual coin rise by more than 7 percent on the day. A surge in the digital coin's value saw the total market value of all cryptocurrencies top $189 billion for the first time Thursday. The market cap of bitcoin alone is currently more than $121 billion, according to data from industry website Coinmarketcap.
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They're convinced there's $121 billion worth of illegal transactions happening with Bitcoin because that's all it's good for even though every single transaction is right there in the blockchain.
Faites vos jeux! Faites vos jeux, s'il vous plait!
Schroedinger's Brexit: The UK is both in and out of the EU at the same time!
1 Bitcoin equals 9171.40 Canadian dollars
1 Bitcoin equals 9272.12 Australian dollars
It's also fun to see how much one Bitcoin is worth in other crypto-currencies:
85 Monero
135 Litecoins
1799 Vertcoin
6250000 Dogecoins
#DeleteFacebook
Anyone who's ever studied basic Economics knows that Bitcoin is in a price bubble right now. They real question is... when is that bubble going to pop?
I sure as hell wouldn't want to be the one buying Bitcoin today, though.
If you look at the history of price in BTC/USD, the bitcoins are (relatively...) stable until end 2016/start 2017, then it went completely volatile with rising in spike, and having dropds which were higher than the full price it was end of 2016 (e.g. drop higher than 1000$). Yet the number of Tx per month did not rise in parallel to values. So what you have here is an extremly volatile speculative commodity and that's it. Anybody would be insane to use it as a currency.
C. Sagan : A demon haunted world:
http://www.amazon.com/gp/product/0345409469/
visit randi.org
Worth 7B USD at the moment. Can I have some?
You know what else just smashed past $7000?
Linux on the desktop!
AMIRIGHT?
BTC is going to $10k and it's that simple. Then it will crash to $1 where you can buy it back and ride it to $100k and repeat.
News for bag holders.....
The segwit2x fork is in a couple of weeks, and so everyone's trying to buy it up to get the free coins. The price will come back down afterwards, and I imagine most people that are trying to run this get-rich-quick scheme are going to lose out as the new coin won't be worth what they lose on selling the BTC they bought to get it for free.
https://en.wikipedia.org/wiki/Tulip_mania
Traditional methods for valuing crypto currency are not applicable. Don’t try.
Crypto currency is purely a sentiment driven asset class.
Corrections in bitcoin have been brutal, so how can traders avoid them?
We try not to participate in sentiment, but rather use Elliott Wave as a tool for finding long term entry and profit taking regions.
Is Bitcoin worth over $7000? Well, that is the price traders are bidding for it when this article was written.
Every MBA student is taught many means of evaluating or valuing securities. Discounted cash-flow and Capital Asset Pricing Models are a couple of valuation methods. Moreover, fundamental oriented stock traders tend to use ratios like Price to Sales, Price to Earnings or Price to Book to value stocks.
Do any of these methods apply to Bitcoin, or any crypto currency for that matter? Well, if you attempt to apply any of the above mentioned methods, you are missing values to insert to your formula, as assets, earnings, cash-flow don’t exist. So, basically, you’re out of luck.
What about using a means of valuing traditional currency? Balance of payments, interest rate differentials, and current accounts of sovereigns are all methods we read about.. Again, they are all useless here.
Let’s move to behavioral economics. Does bitcoin have ‘utility’, that somewhat esoteric concept that gives an asset or good a value? Ryan thinks so and could give a long talk on the issues blockchain can solve, but that is subjective.
Therefore we propose to you that since there is no means by which to value bitcoin, or any crypto currency, it is possibly the most purely sentiment driven market in existence. While participants may give subjective reasons for its value, there is no valuation model in wide acceptance. There are attempts, but even if accepted, would they work? Probably not.
While there is no objective means of valuing crypto currency, there is no shortage of bubble calls and claims that the crypto mania is akin to the tulip mania of 1636-7. And, likewise, there is no shortage of calls that bitcoin will one day be astronomical in value, including John MacAfee’s claim it will reach $500K or he’ll make a violent spectacle of himself on TV. Yet he uses subjective arguments to make this claim.
Bitcoin is supposed to be money and the basis of a payment system.......but people measure it in the fiat currency they want it to replace and the frenzy over its price and exchange means it can never be the basis of a stable payments system. Weird.
Anyone who's ever studied basic Economics knows that Bitcoin is in a price bubble right now.
And anyone who has studied economics beyond the freshman year at Ithica Community College knows that "bubble" can only be called after it pops - and only then. And those that have studied economics also know that the existence of market bubbles is debatable; meaning, is there even such a thing as a bubble. Folks have argued that it is rational market behavior.
Please. Fuck off. Give us real news. If we wish to follow the markets and everything associated to it, we'll follow price tickers. Fuck off, seriously fuck off.
Fuck your block chain
Fuck your crypto currency
Fuck your imaginary techno utopia built out of my burning world
https://motherboard.vice.com/e...
You are welcome on my lawn.
https://bitinfocharts.com/comp...
The fee are ALSO utterly volatile making it impracticable for small amount as the GP said. A week ago or so it was 8+$. Now it is in average 5+$. Again volatility at work, and making it utterly improper as currency use.
C. Sagan : A demon haunted world:
http://www.amazon.com/gp/product/0345409469/
visit randi.org
PROTIP 1: Your delusions of worth mean nothing to me. Bitcoins pose no value whatsoever, because there is no work behind them. The are only considered “worth” something, because there are morons, so stupid, that they will pay $7000 to get one. Any why do they do this? Because they heard there are morons, so stupid, that they will pay $7000 to get one. You realize the fallacy of this, right? The circular logic. Like building the 7000th floor of a skyscraper, not on 6999 floors below, but onto itself. And then acting like that's not gonna come down. --.-- ... Yeah, well... the US just put a cork into that volcano / car exhaust, and declared it solved. Until it went BIIIG BADA-BOOM. Now they installed an even stronger... cork! ... So guess what fun we will have pretty soon. :P
And yes, it's the same thing with dollars and euros and so on. Actually, two guys got the Nobel price in economics, for mathematically proving, that any speculative stock market MUST come down every ~30 years. Because that is when the speculative worth has distanced itself so far from the real worth, that it stops being believable, and people wake up. So sot only that it will happen, but that it should happen, in a controlled way, if you want to prevent an economic disaster. Like a safe volcano is one that regularly has lava coming out. Not one that’s corked and about to explode unexpectedly.
PROTIP 2: Just because there's no law against it, doesn't mean it's not a crime. You can't be this passive-thinking to believe that. It’s the USA! Barely anything affecting corporations has any laws against it! Because the government IS a corporate oligarchy. The laws that take away freedoms, are mostly just affecting the average person. ... All this "making money without doing actual work for it", that is the foundation of banking, stock markets, imaginary property and profit itself, is criminal. Because it is equivalent to stealing. Even if I do work in return, earn money for it, and then some profit on top of that; then the earned money is not criminal, but said profit is. But I'm sure this is an incomprehensible concept to somebody born right into that culture. "Fairness. Eww. Can't have that! Dog-eat-dog psycohpathy is much better! Such American. Much dream. Wow.". Actually, I'd call it the opposite of democracy and of the American dream and of a free market. And I've heard you say you cherish these things. ... So Goldman Sachs, who are now a major Bitcoin player, and is probably the most criminal non-illegal organization in the world today. ... And I don't even think Bitcoin is bad, just because somebody uses it for bad transactions. Just that... well... the above.
1. Bitcoin used to be merely a currency for convenient exchange. E.g. for micropayments.
2. Then it started to get a smell of legitimacy. The government wasn't forbidding it anymore, but taking it seriously.
3. This made the old banker and stock market boys discover it as their new gambling toy.
4. And then this shit happened. Like with literally every single thing they touch.
5. PROFIT
See also: Psycopathy; psycohpathy as the basis of US culture; cocaine; cocaine-induced over-confidence and paranoia.
That's one way to see it. The other is seeing that Quantitative easing (QE) of Western Central Banks is about to end and all will crash in 2018
gettaload of mr fancypants, thinks chocolate bars cost $5.
What goes up must come down.
Why is Snark Required?
Obviously no one around here cares about the reason bitcoin broke records and the massive developments changing its core software. Bitcoin is going to have its first major hardfork in a long time and become something much better.
Bitcoin Segwit2x is a proposed change which is intended to improve the speed and cost of Bitcoin transactions. The Segwit opens up new possibilities like the Lightning Network, Tumblebit, Schnorr Signatures, Confidential Transactions, Cross-chain atomic swaps, and so on.
I don't think any of those crazy terms are the important part. What most people don't seem to get around here is that bitcoin and blockchain technology evolves and changes like any other piece of software, so your complaints today could be gone tomorrow by writing a few lines of code.
The history of bitcoin is full of outrageous fraud. There is no reason to trust that any of the current crop of bitcoin exchanges (where you can get actual cash for your virtual bitcoin) will honor your account balance, and not simply disappear in the middle of the night. Watch this video on the history of MtGox:
https://www.youtube.com/watch?v=l70iRcSxqzo
Remember: you can make a living running a floating crap game, but it is still a floating crap game, not a real business.
PROTIP 2: Just because there's no law against it, doesn't mean it's not a crime.
Wrong.
Any basic principle in every criminal code is that no person shall be punished for an act or omission that is not prohibited by law.
I'm not a complete idiot... Some parts are missing.