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

Posted by msmash on 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.

9 of 348 comments (clear)

  1. Re:5 bucks by Oswald+McWeany · · Score: 5, Funny

    Good grief! You're loaded! It's time to think about hiring a butler!

    --
    "That's the way to do it" - Punch
  2. Re:5 bucks by Anonymous Coward · · Score: 5, Insightful

    Pure speculation. It is not used (and can not be used) as currency. Somebody is just pumping the price to lure in suckers. Ironically crypto is propably most manipulated market in the world. And people just buy it with no other intention than to sell it later to somebody else for higher price. This can not and will not end well. Remember, value is not generated out of thin air, just transfered from one to another, in order for one person to get a "bitcoin millionaire" there MUST be thousand people who lose 1000$. There is no way around it.

  3. aka by grasshoppa · · Score: 5, Insightful

    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.

    In other words, they have no idea why it's doing what it's doing.

    I'm starting to think "expert" is someone who is physically unable to utter the words "I don't know".

    --
    Mod me down with all of your hatred and your journey towards the dark side will be complete!
    1. Re:aka by Oswald+McWeany · · Score: 5, Funny

      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.

      In other words, they have no idea why it's doing what it's doing.

      I'm starting to think "expert" is someone who is physically unable to utter the words "I don't know".

      I'm not an expert, but I don't know if you're right.

      --
      "That's the way to do it" - Punch
    2. Re:aka by Archangel+Michael · · Score: 5, Insightful

      They don't know, and there is a valid reason for it. The market is irrational. The market is as much about emotion as it is about fundamentals, maybe even more so. There will be a correction. The problem is, there are no forces that can take any of the irrationality out of the market. The real panic will happen when the BTC is worth 5 or 6 figures each, and corrects down to three or so. That's when people holding fair numbers of coins will start to panic, and sell off just like everyone else, trying to get any part of the profit they missed when it peaked.

      And then you'll see it normalized for a while, perhaps even disappear. People mocked when a guy bought a 20,000 BTC pizza, and now many of those same people are mocking $1000 BTC.

      --
      Agent K: A *person* is smart. People are dumb, stupid, panicky animals, and you know it.
  4. Re:DIY Cryptocurrency Mining... by Kenja · · Score: 5, Funny

    If you want mine your own crypto currency, you need a motherboard with 19 PCIe 1X slots to plug in 19 GPUs and a couple of 1200W PSUs.

    And an extension cord to steal the electricity from your neighbor.

    --

    "Have you ever thought about just turning off the TV, sitting down with your kids, and hitting them?"
  5. That's not all that's spiking upwards by timholman · · 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.

  6. In related news ... by PPH · · Score: 5, Funny

    ... the US dollar dropped to 0.0001 BTC.

    --
    Have gnu, will travel.
  7. Re:Release the Trolls by networkBoy · · Score: 5, Informative

    I really hope you are not serious mate!

    When guys doing similar enough to what you're doing now encountered 29-Oct-1929 a fair portion of them jumped out of windows...

    --
    whois gawk date unzip strip find touch finger mount join nice man top fsck grep eject more yes exit umount sleep dump