Bitcoin and Ethereum Prices Are Surging Again (cnbc.com) 116
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.
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Or falls. Buy on the dip!
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Why do you think NVidia surged?
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Buy Dogecoins NOW! One day, its value may go up to one dollar per coin!
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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.
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The world's largest futures exchange, CME [reutersmedia.net], is planning to list bitcoin futures in the second week of December.
There you go.
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Futures for something that is already in a speculative bubble; maybe gamble commisions should take a look at this too...
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The world's largest futures exchange, CME [reutersmedia.net], 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.
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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.
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Cheese and Rice (Score:1)
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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.
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"Think of the Children!"
https://www.youtube.com/watch?... [youtube.com]
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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.
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... 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.
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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.
Re:Cheese and Rice (Score:5, Insightful)
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.
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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 sta
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I'm going to laugh my ass off when Coinbase vanishes and cashes in it's chips.
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And if you want to invest in a bubble, there's always the economic miracle of the Australian housing market.
Soon it will reach Infinity or 42 Triganic Pu (Score:3, Interesting)
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."
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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.
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Black Friday is the name for the day after Thanksgiving.
10000 (Score:3)
Once it exceeds ten grand, won't every transaction have to be reported to the Feds?
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a 'coin'/BTC is just at arbitrary name for 100 million 'satoshi' Bitcoin will total 2,100,000,000,000,000 'Satoshi's (indirectly named after Ash from Pokemon...)
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Information: I have been sentenced to a lifetime in Bucharest, and I don't even have periods.
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Why would it be? BitCoin is NOT currency, it is private (digital) property.
You don't report to the Feds when you sell 10,000 WoW gold. Bitcoin is no different.
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Aren't sales of private property are reported on Schedule D?
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The IRS would strongly disagree with you.
And in the future when people get nailed for this there will be epic pissing and moaning about it.
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Re:10000 (Score:4, Informative)
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It already is required to be reported, same as with Las Vegas. Any gain from a transaction must be reported as Income; losses are itemized separately, and cannot exceed gains. The $10K limit kicks in when a Transfer in Cash occurs, whether there is profit or loss.
Bitcoin and similar schemes walk a fine line here as declaring themselves "Virtual"; no actual money changes hands, and is thus exempt. This may work in theory... until somebody Cashes out. Instant Income. Instant Income Tax. (Like-For-Like Transac
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Move to Canada! Bitcoin has been over $10K for a over a week and it's now over $11K!
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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.
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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.
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n.b., I'm not suggesting I'm remotely competent at this game.
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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.
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Wouldn't hurt to buy $20 worth of Dogecoins.
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Last block accounting (Score:1)
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
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I sold all of my Bit coin last night (Score:5, Interesting)
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.
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https://www.cardanohub.org/ [cardanohub.org] ?
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No one ever knows until it happens.
In fact, the biggest question is - how much equity do the exchanges have, because all it would take is exchanges running out of liquidity to basically collapse the market. Right now the value of BTC is a paper value, like an overpriced Nortel stock. It means diddly squat until you cash out.
As long as the exchanges are doing well enough to convert your BTC to cash when you need it, all will be well. But whe
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When an exchange restricts cashing out, it has the effect of driving the price of bitcoin up, because the only way to get your stash off the exchange is by converting it to bitcoin first. That's what happened to Mt Gox, and the reason behind the quick rise to $1000 in 2013.
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Re:Bitcoin is unusable (Score:5, Informative)
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".
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Wow so much inaccuracy in one short paragraph.
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"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 reas
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"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.
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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.
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Re:Bitcoin is unusable (Score:5, Informative)
Informative ? Basically everything said in this post is wrong.
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Bitcoin is people paying cash for numbers somebody made up.
Better?
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