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Bitcoin Nears $17,000 After Climbing About $4,000 in Less Than a Day

Posted by msmash on from the topsy-turvy-world dept.

As economists attempt to make sense of Bitcoin, the cryptocurrency rocketed above $17,000 for the first time moments ago, adding about $4,000 to its price in fewer than 24 hours. Security reporter Brian Krebs tweeted on Thursday, "Closing in on $17k per bitcoin now (mind you, it was almost at $16k less than an hour ago. This is totally fine." Late Wednesday, finance author Ben Carlson wrote: Bitcoin has achieved something I've always wanted to see in the stock mkt - a reverse 1987 (20% gain in a single day)

18 of 464 comments (clear)

  1. More important quote from Krebs by Luthair · · Score: 3, Insightful

    "Rational"? Really? I do not think it means what you think it means.

    1. Re:More important quote from Krebs by Rob+Y. · · Score: 3, Insightful

      This quote says it all:

      Bitcoin has achieved something I've always wanted to see in the stock mkt - a reverse 1987 (20% gain in a single day)

      It's all speculation - driven on by cheerleaders on the sidelines in the financial speculation media business. Kind of like the Trump campaign/presidency is all a substanceless shitshow driven on by cheerleaders in the news shitshow business.

      --
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    2. Re:More important quote from Krebs by Joce640k · · Score: 4, Insightful

      "As economists attempt to make sense of Bitcoin"

      I can assure everybody that no true economist is trying to make sense of Bitcoin.

      Bitcoin con only go up for as long as people can manage to max out their credit cards, steal granny's savings, etc., to buy some.

      This is not infinite.

      After that it comes down. Hard. A few people will get very rich, a lot of people will get poor.

      (Remember: Bitcoin only redistributes money, it doesn't ever create anything of tangible value)

      --
      No sig today...
    3. Re:More important quote from Krebs by Joce640k · · Score: 4, Insightful

      It's perfectly possible that the rich people are offering large sums for small quantities of Bitcoin to push up the price then dumping large quantities when everybody sees it.

      (aka: "Pumping and Dumping")

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      No sig today...
    4. Re:More important quote from Krebs by LynnwoodRooster · · Score: 3, Insightful

      I pay ~$14 ($100 HKD) to wire any amount of money, anywhere, and it is guaranteed/confirmed within 1 business day. That's not frictionless? Log in on my phone, enter the amount, enter the recipient's account, and push a button. Done.

      --
      Browsing at +1 - no ACs, I ignore their posts. So refreshing!
  2. So... by Kierthos · · Score: 3, Insightful

    This is going to crash hard, and probably fairly soon, and people will react with "We could not have foreseen this at all!"

    And I will be over here, laughing at them.

    --
    Mr. Hu is not a ninja.
    1. Re:So... by religionofpeas · · Score: 4, Insightful

      Good introduction:
      https://www.youtube.com/result...

    2. Re:So... by devman · · Score: 4, Insightful

      Knowing it will crash, and knowing when it will crash are two very different feats. Saying it will crash is practically axiomatic, and in the mean time if your sitting on the sidelines you may have missed opportunities that may have led to profits even if you held through a crash.

    3. Re:So... by devman · · Score: 4, Insightful

      People said that at 100, and at at 1000. Reality is no one knows where this is going to end up. I could just as easily see it be at 10 or 100,000 by the end of next week.

      If you have a crystal ball, feel free to short BTC right now and make a fortune. My point remains, it is easier to say it will crash than say when it will crash or what fair value is.

    4. Re:So... by religionofpeas · · Score: 4, Insightful

      One cannot really use it for microtransactions

      No, not if you want every transaction on-chain. The blockchain is an expensive resource.

      You will be able to do microtransactions on the Lightning Network, where they will be done off-chain, and then only occasionally settled on the chain.

  3. will doop when some trys to cash out a big chunk by Joe_Dragon · · Score: 1, Insightful

    will doop when some trys to cash out a big chunk also even just 1 coin will trigger lot's of IRS paper work.

  4. Re:So I am going in now by Anonymous Coward · · Score: 4, Insightful

    Your scenario is unlikely, but possible. It would not surprise me if you were destitute in two weeks, and it would not surprise me that you are going to wish you actually did this. It would surprise me if nothing happened at all though.

  5. Idiot commentator by sjbe · · Score: 2, Insightful

    Late Wednesday, finance author Ben Carlson wrote:
    Bitcoin has achieved something I've always wanted to see in the stock mkt - a reverse 1987 (20% gain in a single day)

    Whoever wrote that is an idiot. No we do not want to see that kind of volatility in the market, positive or negative. That is NOT a good thing. Any time something skyrockets that fast in price it is pretty much invariably because something weapons grade irrational and/or criminal is going on. This is what happens with pump and dump schemes and those rarely end happily.

  6. Re:IRS/Secret Service Crackdown by grnbrg · · Score: 4, Insightful

    Why would the IRS care, as long as you are following the rules?

    If anyone thinks they are going to make their Bitcoin millions and not pay the government their cut, they're an idiot.

  7. Re:IRS/Secret Service Crackdown by perpenso · · Score: 5, Insightful

    I believe NASDAQ plans on introducing trading on Bitcoin futures in the first half of 2018. That's assuming that Bitcoin doesn't crash and burn before then.

    The crash is not scheduled until after the put options are in place. :-)

  8. Tulips baby. by darthsilun · · Score: 4, Insightful

    Those who cannot remember the past are condemned to repeat it. -- George Santayana

    1. Re:Tulips baby. by GameboyRMH · · Score: 4, Insightful

      And those who can remember the past are condemned to watch everyone else repeat it!

      --
      "When information is power, privacy is freedom" - Jah-Wren Ryel
  9. Re:IRS/Secret Service Crackdown by Bert64 · · Score: 4, Insightful

    If it crashes before then, buy in at the crash price... Being traded on NASDAQ will add legitimacy to bitcoin and likely cause another bubble.

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