Bitcoin Hits $10,000 Because Ceilings Are Just a Construct, Man (gizmodo.com)

Posted by msmash on Tuesday November 28, 2017 @07:25AM from the what-in-the-world dept.

An anonymous reader shares a report: On Tuesday, the trading price of the most prominent cryptocurrency hit $10,000 for the first time. And that nice round number will almost certainly have the kind of psychological effect that brings in new traders. Based on analysts' recent predictions, the $10,000 milestone could be the beginning of the end or just the beginning. Some thought that $2,000 would be the point at which we'd see a reversal of Bitcoin's ascent. Others predicted it would top out at $4,000. Then, $4,000 became the floor. These days, analysts with decent reputations have predicted the cryptocurrency's trading price could go as high as $50,000, $100,000, and even $1 million.

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That's not all that's spiking upwards by timholman · 2017-11-28 08:04 · Score: 5, Interesting

In related news .... the average BTC transaction fee is now at $6 USD, and climbing fast. Could be worse, however. Two weeks ago, it spiked above $19.
Does anyone seriously think that BTC is being used for anything except speculation? It sure isn't being used for "money". You've got people buying BTC using their credit cards, and converting their savings to BTC. It's a classic bubble.
It's gonna be nasty, and when the bubble pops the transaction backlog will be huge as people try to dump their BTC before they lose everything. Transaction fees will shoot through the roof. Boom or bust, the Chinese mining pools will make money hand over fist.