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Bitcoin The Almighty Buck

Bitcoin Pushes Past $90,000 (cointelegraph.com) 92

Posted by BeauHD from the HODL dept.
After setting a record high yesterday, Bitcoin continued its remarkable rally, briefly surging past the $90,000 mark. Since Election Day, the cryptocurrency has gained nearly 30%, adding approximately $20,000 to its value. From a previous report: Bitcoin hit a peak of $90,000 on Coinbase at 12:56 PST on Nov. 12 and is up 11% over the past day, per TradingView data. The cryptocurrency is now just over 11% away from reaching $100,000.
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Bitcoin Pushes Past $90,000 More

Bitcoin Pushes Past $90,000

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  • BUY NOW! (Score:3, Insightful)

    by dmay34 ( 6770232 ) on Tuesday November 12, 2024 @04:52PM (#64940933)

    Don't want to miss out on the pump and dump scam now do you?!

    • Re: (Score:3, Insightful)

      by gweihir ( 88907 )

      Embrace the FOMO and get ripped off! Don't miss this opportunity to be part of the stupid!

    • > Don't want to miss out on the pump and dump scam now do you?!

      Just who is going to be left holding the (empty) bag :o
  • I thought Bitcoiners never wanted to use "evil government fiat" ever again.

  • Without fiat to give it value.... (Score:1, Funny)

    by Anonymous Coward

    Did you ever notice how the bitcoin bros are always boasting about the price of it while trashing fiat currencies? And how they always use a fiat value to compare its price with?

    Without fiat to give it value, their precious gold/bitcoin is worthless.

    • Re: (Score:2, Insightful)

      by Samantha Wright ( 1324923 )

      Well, no; you could just as easily measure the price in gold or some other commodity that's perceived as being an absolute indicator of value. It just so happens that the standard unit of account for monetary amounts is also a fiat currency, so prices are communicated in terms of it. Maybe you should thinks things through a bit more before posting, hey?

    • Re: (Score:2, Insightful)

      by Anonymous Coward

      1 BTC = 1 BTC.

      the price in fiat terms is a measure of the dollar crashing and burning.

      Just as the usd : zwd (zimbabwe dollar) price has been a measure of zwd destroying itself by inflation.

      This is basic stuff that was figured out in 2012 or so. Sad y'all haven't figured it out yet.

    • Re:Without fiat to give it value.... (Score:4)

      by timeOday ( 582209 ) on Tuesday November 12, 2024 @06:58PM (#64941353)
      Big Macs have been advanced as a unit of value.

      Although, the Big Mac Index tracks pretty well with CPI which is measured in $USD anyways.

      https://www.stlouisfed.org/on-... [stlouisfed.org]

      Sure, it would be wonderful to know the future real value - in hotel stays, movies streamed, dinners, or kWh of electricity - we will be one day be entitled to with the money (or bitcoin) we are socking away for retirement. That would be nice. Especially for bitcoin.

      The fact is bitcoin has already retained value for much longer than 99% of slashdot expected (after we all soured on it - which was not immediate...)

    • Re: (Score:2)

      by shanen ( 462549 )

      Only two Funny comments on the intrinsically hilarious story?

      I actually think the other joke was funnier, but yours deserves the obvious riposte about imaginary value. However the cryptocurrency scams actually link to reality via the imaginary values of most stocks in most of the world's stock markets, which are dwarfed by the imaginary values in the purely speculative markets in futures and derivatives and layers upon layers of ever more fantastic and imaginative "fintech" BS. Dare Bitcoin dare claim the t

  • 1637 called (Score:2, Funny)

    by davidwr ( 791652 )

    They want their tulip bulbs back.

  • When it's time to buy you won't want to... Told you to buy at $3k - told you at $17k and $15k... Now is not the time to buy EVEN if it carries on rising a little further... don't forget that yield curve inversion business and when shit crashes Bitcoin IS NOT a safe haven.

    • Re: (Score:1, Insightful)

      by iAmWaySmarterThanYou ( 10095012 )

      There was literally never a good time to buy bitcoin.

      • Re: (Score:1)

        by gweihir ( 88907 )

        Indeed. There never was. This works on the same principle as a lottery, namely _afterwards_ you know which numbers you would have had to play. But then the second effect comes in: If people had known before, it would have stopped working.

        • I personally know someone who, back in 2016, said "screw it" and used some saved money to buy 4x BTC at slightly under $1K a piece. He said he will "forget" about the BTC (kept in a cold storage wallet) until he will be able to buy a large house with it.
          Back then we all laughed at him.
          Now... well, he's laughing.

          Of course, for each person like him, there's maybe 100 who lost quite a bit of money, or even went bankrupt.

          • Re: (Score:2)

            by gweihir ( 88907 )

            Of course, for each person like him, there's maybe 100 who lost quite a bit of money, or even went bankrupt.

            Same principle as lottery winners. There are some, but on average, you _will_ lose money. There are essentially two types of people: One type loses money on games of chance, and the other type understand statistics. With scams (like Bitcoin), the statistics are just worse and some players cheat.

            • Not true. Just based on the market cap of Bitcoin, it should be obvious that people have net profited from it, even if only a few people actually see profits.

              With the lottery, it doesn't matter how big the payout. Overall it pays out maybe half of what goes in, by design.

              • Re: (Score:2)

                by gweihir ( 88907 )

                Nope. Bitcoin produces nothing and consumes electricity, hardware and time. Hence, on average, everybody loses. As a result, Bitcoin pays out less than a lottery.

                • It provides a censorship resistant international payment platform. There are no competitors.

                  • t provides a censorship resistant international payment platform. There are no competitors

                    Nearly every shitcoin is a technically superior competitor. If you mean in terms of branding, maybe-but it just shows how it's all hype without fundamentals. So congrats on your winnings. Sell now!

                  • Re: (Score:2)

                    by gweihir ( 88907 )

                    It does not. And there are plenty of competitors that do things better (even if still badly).

                    But you are providing lies here, probably motivated by personal greed. Or you may be just an "useful idiot". Any good large scale scam needs plenty of those.

                    • If he's not a whale (he's not) then he's a useful idiot.

                      No other currency has people running around posting about its merits every day like their life depended on it. I live in the US, I've always used USD for everything but I recognize the flaws and inflationary abuse of the government and don't run around trying to convince everyone the USD is magic.

                      These crypto bros are way over the cult line. If bitcoin was so great it wouldn't need high priests running around proselytizing it.

                    • Re: (Score:2)

                      by gweihir ( 88907 )

                      If he's not a whale (he's not) then he's a useful idiot.

                      Probably. Or he has sold his honor and takes money to spread these lies. Although /. is likely not important enough for that anymore, so useful idiot.

                      These crypto bros are way over the cult line. If bitcoin was so great it wouldn't need high priests running around proselytizing it.

                      Definitely a cult and definitely trying too hard to sell it as great for that to be actually true.

                • Again, simple math says that's wrongt. You're operating under the impression that you personally don't value it and that it produces nothing. Someone else does value it, which is why so much money is paid just to get one of the things.

                  Some miners lose money, and people that buy high/sell low lose money. But the total value of the blockchain keeps going up, and anyone who buys in at the right time (especially between 2009-2011) makes big bucks.

          • Re: (Score:2)

            by sodul ( 833177 )

            Back in 2018 I bought Tesla shares at $21, it is $328 today, 15x. BTC was around $6k at the time or about the same 15x.

            I think I'll stick to the stock market as it is backed by concrete assets, in most cases, while BTC values is purely in speculation. I did try to buy $100 worth of coins in the early days when it was something like $0.10 a coin but all the exchanges I could find looked like they had zero security practices so I decided not to give away my credit card number. There was no regulation and that

          • Has he sold it? Because, if he hasnt sold it, hes made exactly zero money on BTC. Making a profit on an investment requires TWO actions: buying and selling. One action, without the other, is insufficient. So many people fail to understand this.

            • I don't know, we lost touch.
              Last I checked, though, it was fairly easy to sell BTC for fiat currency.

      • As a speculative trade? Yes there was. Jury is out on intrinsic value.

        • Jury is out on intrinsic value.

          No, it's not. There is absolutely no intrinsic value, not by any definition of "intrinsic value" I've ever seen.

      • There was literally never a good time to buy bitcoin.

        In hindsight it would've been a fantastic investment if I had bought some back in the Bitcoin pizza days. By the time it was trading for around $250 per coin, I never could've bought enough of it to actually be truly wealthy. And if I had back the 0.5 BTC I'd spent on a low-end Intel NUC back when TigerDirect started accepting it as a form of payment, at today's prices I'd just about be able to afford a Tesla Model Y.

        I think I already have enough EVs, though.

    • the entire market is held up by ponzi schemes, fraud and money laundering. All of which are terrible for 99% of consumers because they destabilize the market (and it's great fun when one of your loved ones blows their life savings on fraud and you're stuck bailing them out).

      Sane people keep expecting the governments to reign in the crime & fraud, since we're always getting told how important that is.

      But we keep not doing it, because of reasons. Lots and lots of reasons I would get down modded fo

      • We thought governments would act after the outbreak of the ransomware era, we thought they would act after seeing the modern North Korean nuclear programme, we thought they would act after the October 7th attacks on Israel, at this point I'm thinking someone would need to fly an A380 painted with a Bitcoin livery into One WTC to drive home just how dangerous this shit is and make it stick.

        • Re: (Score:2)

          by ceoyoyo ( 59147 )

          I expect governments rather like having the go-to criminal payment system be the one that broadcasts its transaction records openly on the Internet.

          • Unfortunately there are not only cryptocurrencies that don't do this, but even the ones that do fail to register a valid name and address to each wallet. Shocking, I know.

            Or were you talking about Venmo?

            • Re: (Score:2)

              by ceoyoyo ( 59147 )

              The ones that don't are niche things. If they got as big as bitcoin I expect you'd see some enforcement action. And sure, they don't register a name and address, but the cops have all the time in the world (literally) to link such a thing to a wallet, and they're getting better and better at it.

              • Niche in terms of mainstream awareness but very mainstream in terms of trading volumes I'd expect...even with Bitcoin the enforcement action against tumbler services hasn't been enough to keep those from successfully obfuscating transactions. Most ransomware requests payment in Bitcoin after all.

      • (and it's great fun when one of your loved ones blows their life savings on fraud and you're stuck bailing them out).

        I already know you've never bailed anybody out, so I'll just say this: It's not their fault you sent money to a Nigerian Prince via Western Union, so you shouldn't have asked to begin with.

        • not from a financial scam unless you count the American healthcare system as a financial scam... which I guess you should.

          Sure, you can let your family go homeless and die in the streets, but some of us have "empathy". Google it.

      • That's not true at all. Last year it was found that ~0.34% of blockchain activity was found to be related to illicit activities.

  • How come any story from BeauHD is always collapsed (always have to 'uncollapse' it before being able to get to the comments)?

    I've looked at my settings, etc. and can find no rhyme or reason why they always show up collapsed - is this some sort of setting?

    (p.s. I would love to be able to have all crypto/Bitcoin stories collapsed, since /. refuses to provide a 'cryptocurrency' filter [slashdot.org] - alternatively: can we have BeauHD post all crypto-related stories? Pretty please??)

  • Looks lamer every year (Score:1)

    by Anonymous Coward

    The news is still about its exchange rate with another currency, not that it handles more transactions per day. Every year, Bitcoin gets further from ever becoming useful.

  • Probably not. Or the fees eat your "profits".

    • You absolutely can sell at the spot price. Fees are usually 0-1%, depending on the platform and method of transfer.

    • The bitcoin trading volume on Coinbase has reached over $3.3 billion in just the last 24 hours. If you want to sell a bitcoin around its current spot price, you will have no problem finding a buyer on Coinbase, and it is just one of many places where buyers and sellers meet to trade.

  • Their motto: "break things fast and golf"

  • It's Trump (Score:2, Flamebait)

    by rsilvergun ( 571051 )
    they're expecting a wave of deregulation and lax law enforcement.

    Better get ready to bail out your parents and grandparents when they get fleeced by these bastards. That spare bedroom from when your kids moved out is about to get filled...

    Jokes aside, keep a close eye on your elderly relatives and where their money's going.

  • This is news? (Score:3, Insightful)

    by gavron ( 1300111 ) on Tuesday November 12, 2024 @06:01PM (#64941191)

    Bitcoin is a speculative gambler's toy. It means nothing, can't be used for anything, isn't a currency, and its "growth" or "decline" is simply a gambling matter -- will someone pay tomorrow more than what I'm willing to pay for it today.

    Why is this on slashdot? Why does anyone pay attention to "experts" who tell us where it is going to "go up in the future"? It has no value. It's just a gamble. At least in Vegas or Monaco or Macao the odds have a basis. Here it's all about who is stupider than you tomorrow that you can fleece today.

    • The more this gets repeated, the more valuable Bitcoin becomes. This is because bitcoiners believe there are two types of people: believers, and not-yet believers. Since they trust that everyone will be a believer eventually, expressing doubt PROVES that we are still early, and therefore they should buy more - since newcomers will drive the price higher later.

      When doubting something is taken as proof of it working, very interesting and irrational things start to happen.

  • "The market can stay irrational longer than you can stay solvent."

    I don't have a future prediction about this because a sizeable majority of the human race is just irrational. Irredeemably so. The only prediction I make with certainty it's that this isn't going to get better any time soon.

  • Bitcoin's hypothetical market cap is now $1.7 trillion. But all of the stable coins only come to $174 billion ... 1/10th of the BTC Market Cap and a strong indicator of the actual fiat currency available for liquidating those bitcoins. The higher BTC goes the greater this disparity becomes and more likely that a small group of people can cause a catastrophic bank run on BTC.

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