Bitcoin went beyond $5,000 threshold over the weekend

[Master Disaster]

According to Coindesk the price of a single bitcoin (BTC) peaked at over $5,000 for the first time on Saturday though it has since fallen off again

Quote

Bitcoin has crossed the $5,000 (£3,862) threshold for the first time.

 

The virtual currency peaked at $5,103.91 in the early hours of Saturday, according to CoinDesk's price index.

 

However, there has since been a sell-off.

 

At time of writing, Bitcoin was 12% off its peak, at $4,485.

This rise helped to push the global value of cryptocurrency to over $176bn

Quote

The record high helped push the total value of publicly traded crypto-currencies - including Ethereum and the Bitcoin-offshoot Bitcoin Cash - to more than $176bn.

This is mere weeks after a fairly dramatic fall in prices (apparently due to a "civil war over its future") lead to speculation of a cryptocurrency crash

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At the start of the year, one bitcoin traded for less than $1,000, and as recently as July some market watchers feared that the currency could crash lower as a result of a mooted "civil war" over its future.

 

However, since then, its value has been boosted, after most of its developers and miners - those who authorise transactions by contributing computing power - began implementing a compromise plan to let the technology handle more transactions per minute.

 

In addition, August's "fork" of the underlying blockchain - the ledger of past Bitcoin transfers - created the new virtual currency Bitcoin Cash without causing major disruption to the original asset.

http://www.bbc.co.uk/news/technology-41147007

 

Welp, I guess this means GPU prices won't be returning to normal anytime in the near future. Damn miners.

[Spuriae]

Mining is mostly Ethash. Nobody sane uses GPU's for Bitcoin.

[themctipers]

i thought i saw this on LTT before.. reboop! 

4 minutes ago, Master Disaster said:

Welp, I guess this means GPU prices won't be returning to normal anytime in the near future. Damn miners.

you stuck in 2012/2013? 

 

eth is the new coin that everyone mines, because there are no ASICs for it yet. 

[Master Disaster]

2 minutes ago, Nimrodor said:

Mining is mostly Ethash. Nobody sane uses GPU's for Bitcoin.

Yeah but this kinda confirms there's no crash which in turn means miners will carry on buying GPUs (for whatever they mine with them).

[suicidalfranco]

15 minutes ago, Master Disaster said:

Welp, I guess this means GPU prices won't be returning to normal anytime in the near future. Damn miners.

>Bitcoin

>GPU

 

you even know what you talking about fam?

[dizmo]

59 minutes ago, Master Disaster said:

Yeah but this kinda confirms there's no crash which in turn means miners will carry on buying GPUs (for whatever they mine with them).

Etherium and Bitcoin aren't the same thing... 

[rn8686]

3 hours ago, suicidalfranco said:

>Bitcoin

>GPU

 

you even know what you talking about fam?

You can technically still mine with them, even if its not profitable anymore. 

 

And yet I see many (even on this forum) claim that cypto will die out, clearly not. I doubt thought it can sustain this much growth so fast though, I suspect it will eventually crash or at least drop substantially (Closer to 3K, temporary though). 

[Sakkura]

Uh, you know, China just banned ICOs and caused a significant drop for most cryptocurrencies.

[Doobeedoo]

Yeah it really went high. 

Cool

[suicidalfranco]

17 minutes ago, rn8686 said:

You can technically still mine with them, even if its not profitable anymore. 

 

And yet I see many (even on this forum) claim that cypto will die out, clearly not. I doubt thought it can sustain this much growth so fast though, I suspect it will eventually crash or at least drop substantially (Closer to 3K, temporary though). 

crypto was supposed to die in 2013 when the silk road fell and bitcoin prices dropped from 300$ to 100. lel.

[The Benjamins]

21 minutes ago, rn8686 said:

You can technically still mine with them, even if its not profitable anymore. 

 

And yet I see many (even on this forum) claim that cypto will die out, clearly not. I doubt thought it can sustain this much growth so fast though, I suspect it will eventually crash or at least drop substantially (Closer to 3K, temporary though). 

Downs after a spike is not a crash that is a issue, it is just price correction. Every time BTC has had a spike and crash it ended higher then it started.

 

also for BTC to be equal to some bigger currencies it can still grow 5x, and even then it would not be more valuable then apple.

[AnonymousGuy]

There's a big problem coming when you have to plot something's price on a log scale.  It's kinda fascinating to watch: someone is sitting down and saying "yes I want to buy this at its absurdly high price right now, because it must keep going up!".