Bitcoin Pushes Past $90,000 (cointelegraph.com) 91
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.
BUY NOW! (Score:4, Insightful)
Don't want to miss out on the pump and dump scam now do you?!
Re:BUY NOW! (Score:4, Insightful)
Embrace the FOMO and get ripped off! Don't miss this opportunity to be part of the stupid!
Re: (Score:2)
Just who is going to be left holding the (empty) bag
Why do they care about the dollar price? (Score:1)
Re:Why do they care about the dollar price? (Score:5, Insightful)
Because it's a scam.
Re: (Score:2)
Units. Nobody knows how much a Library of Congress is worth, and football fields vary widely in price, so we have to compare with dollars.
Re: (Score:1)
Surely you could just use the standard metric from the 80s: Golden toilets.
Re: (Score:1)
> use the standard metric from the 80s: Golden toilets.
That unit is now called "Lago's"
Re: Why do they care about the dollar price? (Score:3)
It's a measure everyone understands to indicate how much value Bitcoin can handle.
Without fiat to give it value.... (Score:1, Funny)
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)
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)
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.
You should be thanking us! (Score:2)
This is basic stuff that was figured out in 2012 or so. Sad y'all haven't figured it out yet.
Yeah, so? You should be thanking us - more of your scam to go around amongst yourselves.
Re: (Score:2)
https://hitchhikers.fandom.com... [fandom.com]
"The Flanian Pobble Bead is a currency, however, it is only exchangeable for other Flanian Pobble Beads. No further description is provided."
Re:Without fiat to give it value.... (Score:4)
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)
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:3, Funny)
They want their tulip bulbs back.
Poor timing (Score:2, Troll)
Re: (Score:1, Insightful)
There was literally never a good time to buy bitcoin.
Re: (Score:1)
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.
Re: (Score:3)
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)
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.
Re: (Score:3)
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)
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.
Re: Poor timing (Score:2, Troll)
It provides a censorship resistant international payment platform. There are no competitors.
Re: Poor timing (Score:2)
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)
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.
Re: (Score:2)
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)
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.
Re: (Score:2)
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)
Bullshit. You need to have your head examined.
Re: (Score:2)
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
Re: (Score:2)
I just provided one example of a successful endeavor, not condoning its use :)
Re: Poor timing (Score:2)
Re: (Score:2)
I don't know, we lost touch.
Last I checked, though, it was fairly easy to sell BTC for fiat currency.
Re: Poor timing (Score:2)
Re: (Score:2)
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.
Re: (Score:3)
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.
It's not about timing (Score:4, Insightful)
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 for listing...
Re: (Score:1)
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)
I expect governments rather like having the go-to criminal payment system be the one that broadcasts its transaction records openly on the Internet.
Re: (Score:2)
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)
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.
Re: (Score:2)
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.
Re: It's not about timing (Score:2)
(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.
Yeah, I have (Score:1)
Sure, you can let your family go homeless and die in the streets, but some of us have "empathy". Google it.
Re: (Score:2)
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.
Re: (Score:2)
Re: (Score:2)
Laugh all you want. You don't actually help law enforcement track criminals on the blockchain, do you? No, you don't. Didn't think so. Meanwhile, these guys do:
https://www.coindesk.com/polic... [coindesk.com]
"Over $24 billion worth of cryptocurrency was received by illicit addresses in 2023 accounting for 0.34% of all transaction volume, blockchain intelligence firm Chainalysis has estimated in its annual crypto crime trends report."
Re: (Score:2)
Found by whom using what method?
Re: (Score:2)
https://www.coindesk.com/polic... [coindesk.com]
The 2024 data isn't all in yet.
Ok, I gotta ask this (unrelated) (Score:2)
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??)
Re: (Score:1)
The site is not managed. There is no point in asking administrative questions.
Re: (Score:2)
Well, put another way: am I the only one that sees this, or just me (a setting unique to me?) - otherwise, I can't see any reasoning behind it if it's applied to all readers (like, why not all stories).
Re: (Score:2)
No, I saw the same thing, I just didn't care.
Re: (Score:2)
Same here, it was collapsed by default.
Re: (Score:2)
Yes, I saw what you did. I haven't noticed a pattern but didn't look, either.
The best answer is, "it's slashdot, it's broken and unmanaged, don't worry too much about anything that happens here, it's not a real place".
Re:Ok, I gotta ask this (unrelated) (Score:5, Informative)
While I have your attention... (Score:2)
Can I ask that you folks add a 'cryptocurrency' filter - you've got options for stuff from the 90s, why not this newfangled thing?
Looks lamer every year (Score:1)
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.
Yep, but can you actually sell it at that price? (Score:1)
Probably not. Or the fees eat your "profits".
Re: Yep, but can you actually sell it at that pric (Score:2)
You absolutely can sell at the spot price. Fees are usually 0-1%, depending on the platform and method of transfer.
Re: (Score:2)
Orangecoin (Score:2)
Their motto: "break things fast and golf"
It's Trump (Score:2, Flamebait)
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.
Re: (Score:2)
Elderly people don't buy bitcoin.
https://www.researchgate.net/f... [researchgate.net]
Yes but Bitcoin is a huge part (Score:1)
Re: (Score:2)
See other reply, ~.43% of total blockchain transactions are illicit (that includes all known money laundering). You're grasping at straws here.
Re: (Score:2)
Typo, .34%
This is news? (Score:2)
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 t
Re: (Score:1)
When doubting something is taken as proof of it working, very interesting and irrational things start to happen.
Re: (Score:2)
Fascinating. It is guaranteed to go up.
Please explain the underlying real world driver for bit coin price moves up and down.
I've been asking that for years of bitcoin bros online and my nephew the bitcoin bro. Never got an answer.
I no longer have an out, (Score:2)
"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.
Not liquidatable (Score:2)