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Bitcoin: It's over 9000!!! (Edit: Now it's over 20,000!)

Okjoek
Go to solution Solved by Dissitesuxba11s,
57 minutes ago, Sgt. ShadoWolf said:

No doubt it will be 11000 by the end of the week

It already hit $11000 earlier. It dipped down to $9800 when the Asian markets closed and it is now correcting back.

Links:

https://www.rt.com/business/410970-cryptocurrency-bitcoin-breaks-9000-barrier/

 

Quotes:

"The largest US bitcoin exchange, Coinbase, added about 100,000 accounts before the weekend — to a total of 13.1 million, according to public data available on its website."

"The world's most popular virtual currency was trading at $9,075 as of 6:49am GMT on Sunday. Bitcoin's market capitalization has now surpassed $151 billion."

 

My Opinions:

The idea of a decentralized currency became appealing to me, and it still is, but at what cost? What a waste of human resources is all I can see and for something I generally cannot use to pay for my basic needs: Food, Water, Shelter or Utilities.

Bitcoin feels like a wrench thrown into the eternal battle between anarchists who want little-no governing control and those who want a form of complete central control.

 

AdoredTV makes a good explanation about it too:

 

 

EDIT

12/17/17

https://www.rt.com/business/413449-bitcoin-tops-20000-dollars/

"Bitcoin soars above historic $20,000 mark"

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Can someone please get me a timetravel machine and put me back to 2008 so I can buy all the Bitcoins? 

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Just now, VegetableStu said:

so take this complete pleb like me: should I start to mine bitcoin today, and should I start to buy a speck of a bitcoin for investment? o_o

It could drop to $1 tomorrow or it could spike up to $20K, who knows.

If you're willing to take the risk, go for it.

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Back when it was £5 per bitcoin, my friend bought 100 of them He dad told him to invest in them. He sold them when they reached £5K. 

 

 

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4 minutes ago, Abdul201588 said:

Back when it was £5 per bitcoin, my friend bought 100 of them He dad told him to invest in them. He sold them when they reached £5K. 

 

 

Wow, that's insane! Even at 5K that's huge money

 

Hindsight is a bitch :P

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20 minutes ago, Okjoek said:

Links:

https://www.rt.com/business/410970-cryptocurrency-bitcoin-breaks-9000-barrier/

 

Quotes:

"The largest US bitcoin exchange, Coinbase, added about 100,000 accounts before the weekend — to a total of 13.1 million, according to public data available on its website."

"The world's most popular virtual currency was trading at $9,075 as of 6:49am GMT on Sunday. Bitcoin's market capitalization has now surpassed $151 billion."

 

My Opinions:

Either I really don't understand this crypto-currency stuff or this thing looks like it could crash really hard.

 

I was starting to get into Etherium/Monero for CPU/GPU mining, but since then I decided the stock market would be a better bet then buying GPUs so I leave the mining to him with this combined 18 CPU cores and ~ 5 RX 4/580s, R9 390 and a few other older/weaker cards.

 

The idea of a decentralized currency became appealing to me, and it still is, but at what cost? What a waste of human resources is all I can see and for something I generally cannot use to pay for my basic needs: Food, Water, Shelter or Utilities.

 

AdoredTV makes a good explanation about it too:

 

What is mining?

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Bitcoin has a couple things going for it, 1 it's a non government controlled currency which allows for black market trade and thus more value, 2 it has a controlled ramp up in currency so one of the major pitfalls of fiat currency applies, 3 it becomes more difficult to mine as time continues thus the value of each coin will either go up or stabilize so long as faith remains in the currency.

 

The only pitfalls I can see is that governments will and are trying to regulate it which may cause a downturn and of course it is more prone to shake ups in general due to lack of confidence because of it's decentralized nature, this is the reason the price has been in flux constantly.

https://linustechtips.com/main/topic/631048-psu-tier-list-updated/ Tier Breakdown (My understanding)--1 Godly, 2 Great, 3 Good, 4 Average, 5 Meh, 6 Bad, 7 Awful

 

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1 minute ago, CyberFern0 said:

What is mining?

You should probably snip that quote, mining in essence is payment for book keeping of bitcoin transactions

https://linustechtips.com/main/topic/631048-psu-tier-list-updated/ Tier Breakdown (My understanding)--1 Godly, 2 Great, 3 Good, 4 Average, 5 Meh, 6 Bad, 7 Awful

 

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9 minutes ago, AresKrieger said:

You should probably snip that quote, mining in essence is payment for book keeping of bitcoin transactions

ah

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21 minutes ago, AresKrieger said:

The only pitfalls I can see is that governments will and are trying to regulate it which may cause a downturn and of course it is more prone to shake ups in general due to lack of confidence because of it's decentralized nature, this is the reason the price has been in flux constantly.

There's also the fact that it is highly prone to currency manipulation. That's the only reason you'd see the value spike so quickly as it currently is. Has anyone been paying attention to George Soros' finances lately?

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Unlike AdoredTV I feel I'm in the "Nay" category. I just don't see a future for humanity in it. The way I see it is that automation is the future for humanity. As companies need fewer and fewer employees to function You're going to have more and more jobless people and a future where all these jobless people are wasting energy mining cryptos to survive is not a future I'd like to see. I don't even like what I'm doing with stock market investments. I'm my mind I don't feel like I'm contribution and at worst being a waste of resources. Buying shares with the expectation that I will be paid over time. It's just what I gotta do to make my future more secure because if I ever found myself on my own my supermarket job wouldn't pay me enough to be able to afford to work there.

It's just capitalism and it never gives me a feeling of pride.

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7 minutes ago, VegetableStu said:

my mind is going like "surely it can't practically double every year or after so forever. what would the ramifications be when 1 BTC = 1,000,000 USD?"

The same as today. You can't use it to purchase every day necessities. It's just an investor's play-thing

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This kinda makes me salty. I wish I would have kept my 1.5 BTC from a few years ago. 

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29 minutes ago, VegetableStu said:

so take this complete pleb like me: should I start to mine bitcoin today, and should I start to buy a speck of a bitcoin for investment? o_o

imo no. you are way too late to the party at this point.

if you want to mine or invest do another crypto.

why would you even consider investing in BTC now?

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7 minutes ago, ravenshrike said:

There's also the fact that it is highly prone to currency manipulation. That's the only reason you'd see the value spike so quickly as it currently is. Has anyone been paying attention to George Soros' finances lately?

This is true, in essence it can be thought of as a stock with no company backing

 

4 minutes ago, Okjoek said:

It's just an investor's play-thing

And a way to make less traceable digital transactions for various illicit goods, though you can use it on some legit sites and companies as well, such as Subway apparently.

https://linustechtips.com/main/topic/631048-psu-tier-list-updated/ Tier Breakdown (My understanding)--1 Godly, 2 Great, 3 Good, 4 Average, 5 Meh, 6 Bad, 7 Awful

 

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I feel like it’s gonna go the way of the South Sea Trading Company.

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Bitcoin - Imitating an exponential graph since 2008!

 

 

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Glad I bought some when it was $200

ƆԀ S₱▓Ɇ▓cs: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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2 hours ago, L.Lawliet said:

Bill Gates was right after all.

Bitcoin would be unstoppable 

What about Jeff Bezos lol he hit 100billion yesterday, Bill Gates isn't the richest person for a while now..

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We might see 12k, given where the last consolidations happened.

 

Be interesting so see who's running what through BTC to drive it so high the last few weeks. For as much as the "it's about the evil Black Market!" nonsense goes about, there is a less acceptable use that drives a lot of this. Someone wants around currency controls. Which normally means money moving out of China, but it could be somewhere else.

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2 hours ago, Okjoek said:

 

Either I really don't understand this crypto-currency stuff or this thing looks like it could crash really hard.

 

I heard/read that like >9000 times this year alone.

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12 minutes ago, Agost said:

I seriously hope BTC and all the other cryptocurrencies will explode and disappear as soon as possible.

Digital currencies are better than physical currencies.

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24 minutes ago, Agost said:

I seriously hope BTC and all the other cryptocurrencies will explode and disappear as soon as possible.

Why? Sad that you didn't buy any? In what possible way does Bitcoin make your life that much worse, that you hope for those of us with bitcoins to lose them?

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4 minutes ago, iRandomize said:

Why? Sad that you didn't buy any? In what possible way does Bitcoin make your life that much worse, that you hope for those of us with bitcoins to lose them?

IDGAF about that money. Cryptocurrencies make no sense, harm the gaming industry (not only that) and consume too much power; moreover, they have close to zero regulation.

On a mote of dust, suspended in a sunbeam

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