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

[Satisfoxy]

My friend mined back when Bitcoin first started. Now he has 100k (USD) worth of them. No job, no career, no ambition to do anything. When he runs out, he is going to be homeless.

 

I wish I had the mind back then to do that. My house would be paid off and I'd be living like a king before the age of 25.

[Agosto]

15 hours ago, Satisfoxy said:

My friend mined back when Bitcoin first started. Now he has 100k (USD) worth of them. No job, no career, no ambition to do anything. When he runs out, he is going to be homeless.

 

I wish I had the mind back then to do that. My house would be paid off and I'd be living like a king before the age of 25.

Tell him to sell half of his bitcoins and keep the other half in case BTC continues to grow to 15-20-25k

Then slap him and tell him to find something to do 

[leadeater]

17 hours ago, Captain Chaos said:

A lot of people said the same thing 2 years ago when it first hit $300.  It was surely going to crash etc etc. 

Everyone in finance and banking before 2008 said it was impossible for the market to crash and take out all the major banks . There's always a chance of being right or wrong, it's how you plan for being wrong that matters.

[Dylanc1500]

24 minutes ago, leadeater said:

Everyone in finance and banking before 2008 said it was impossible for the market to crash and take out all the major banks . There's always a chance of being right or wrong, it's how you plan for being wrong that matters.

It went real well for WAMU lol.

[Sfekke]

Meanwhile in Belgium :

"We are trying to ban bitcoin, since it is used mainly in malicious ways."

I busted out laughing when I watched the news and heard our minister of finance talk about cryptocurrency that way

[Nicnac]

should've bought some back in the day...

 

[Herman Mcpootis]

On 11/27/2017 at 4:06 AM, leadeater said:

Clearly this is the only reason Bitcoin's value kept rising, just so they could make this joke.

quick, lets make an 'Over 90000' joke and invest in bitcoins now, we'll be rich 

[dfsdfgfkjsefoiqzemnd]

2 hours ago, Sfekke said:

Meanwhile in Belgium :

"We are trying to ban bitcoin, since it is used mainly in malicious ways."

I busted out laughing when I watched the news and heard our minister of finance talk about cryptocurrency that way

Pretty sure a lot more malicious stuff is done with cash. 

 

Actually I'll take that back before he tries to ban cash too.  Van Overtveldt is crazy enough to try stuff like that. 

[onlybuilt4cubanxlinx]

Mine baby mine!

[Pixel5]

On 26.11.2017 at 3:18 PM, L.Lawliet said:

Bill Gates was right after all.

Bitcoin would be unstoppable 

its just a bubble that is gonna burst, the value only rises so fast cause more people get in hoping to make fast and easy cash, once it goes down too much people are going to sell en mass and the correction will happen.

[The Benjamins]

8 minutes ago, Pixel5 said:

its just a bubble that is gonna burst, the value only rises so fast cause more people get in hoping to make fast and easy cash, once it goes down too much people are going to sell en mass and the correction will happen.

but yet we already had big dips aka market corrections. 

[Pixel5]

Just now, The Benjamins said:

but yet we already had big dips aka market corrections. 

these were just dips that happen from time to time as nothing goes straight up, there is still so much trust in the bubble that people started to buy in when the dips happened cause everyone was still wanting to get that fast and easy profit.

 

 

[The Benjamins]

Just now, Pixel5 said:

these were just dips that happen from time to time as nothing goes straight up, there is still so much trust in the bubble that people started to buy in when the dips happened cause everyone was still wanting to get that fast and easy profit.

 

 

are you sure? transactions have also grown to all time high which means it is being used as a currency far more then it use to too. which means it is not only some investment vehicle.

[Pixel5]

2 minutes ago, The Benjamins said:

are you sure? transactions have also grown to all time high which means it is being used as a currency far more then it use to too. which means it is not only some investment vehicle.

the transactions have gone up cause people buy in as an investment which at the same time brings up the price.

there is nothing backing the price of bitcoins, all this high price is based on is that you buy in at a price and hope there is an idiot willing to pay even more when you sell.

 

[The Benjamins]

2 minutes ago, Pixel5 said:

the transactions have gone up cause people buy in as an investment which at the same time brings up the price.

there is nothing backing the price of bitcoins, all this high price is based on is that you buy in at a price and hope there is an idiot willing to pay even more when you sell.

 

but that is how all currencies and items get their value.

[WoofyDaTechHound]

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

[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.

[Okjoek]

59 minutes ago, Dissitesuxba11s said:

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

Yup. I heard this earlier, I'm just bored of updating the thread and I don't care anymore. I posted this for the meme and I fear Bitcoin's opponents are not trained in the art of Kaioken.

[Pixel5]

12 hours ago, Dissitesuxba11s said:

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

it is not "correcting" back when its going up again, a correction would be a massive drop when the bubble bursts.

[Thony]

On 26/11/2017 at 2:22 PM, FloRolf said:

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

I remember sitting at my desk playing Counter-Strike 1.6 listening to Logan talk about bitcoin. Some guy bought a pizza with few bitcoins back then. 

 

At that moment I was thinking of buying some but I didnt. FML !

 

but if I did buy some back then I would have sold all of them when they started hitting $500 per coin. 

 

Its crazy how its value has increased so muuuuuch. People who kept the coins can pay off college fees in US with them. Bitcoin was the best investment they could have made back then. Insane return value.

[Theorak]

Also interesting:

https://powercompare.co.uk/bitcoin/

I'm not saying we are fucked, but we are fucked.

[dfsdfgfkjsefoiqzemnd]

29 minutes ago, Theorak said:

Also interesting:

https://powercompare.co.uk/bitcoin/

I'm not saying we are fucked, but we are fucked.

 

Quote

That’s the equivalent of 0.13% of total global electricity consumption.

. 

 

I wouldn't be surprised if the current banking system uses about the same amount, with all those servers and those offices that need lighting etc.

Once BTC etc switch to a proof-of-stake system rather than proof-of-work, electricity consumption will drop massively.  Now it's just that everyone is throwing their old hardware at mining crypto instead of just buying their coins. 

[Pixel5]

7 minutes ago, Captain Chaos said:

I wouldn't be surprised if the current banking system uses about the same amount, with all those servers and those offices that need lighting etc.

thats not compare able at all, with bitcoins all that power is used to mine the coins, the whole banking industry is exactly what it says, its a whole fucking industry that employs millions of people who in turn use their income to drive an economy, bitcoin does nothing of that.

 

not to mention the banking system does MUCH more than bitcoin does, its not just a currency like bitcoins are its a network of banks, it retail locations, mortgages, loans, investments in the stock market.

 

all of this and more is our "banking system" it is what makes our economy and businesses possible like they are today and again bitcoin does nothing like that, its just a currency that is currently experiencing the hype bubble.

 

If bitcoin could do the same our banking system provides it would use the same power PLUS the power for the mining.

[iRandomize]

19 hours ago, Pixel5 said:

the transactions have gone up cause people buy in as an investment which at the same time brings up the price.

there is nothing backing the price of bitcoins, all this high price is based on is that you buy in at a price and hope there is an idiot willing to pay even more when you sell.

 

 

19 hours ago, The Benjamins said:

but that is how all currencies and items get their value.

 

When money was bound to gold, it had value because it could always be exchanged for gold at a known rate. Back when the gold standard was still used, there weren’t that many practical uses for gold - except for it being pretty. So gold mainly got it value because it was a limited resource. As gold fluctuated in value, so would money. Not a great attribute. 

 

Today, regular currencies are valuable because everyone agrees that it has value. The fluctuation in the value of regular currencies are (mainly) controlled by the interest rates and thus controlled by central banks / governments. 

 

Bitcoin has value because it is a limited resource in much the same way gold was. And in the same way gold did, bitcoin can fluctuate in value as the demand for bitcoin changes.

 

I am very fond of the principle of a limited-resource based currency. I think there are some significant shortcomings of the current central bank system (the Austrian School raises some very valid concerns in my opinion) and think the potential for alternative measures of value is interesting - and the apparent interest in bitcoin/etherum would suggest I’m not the only one. I do however not believe that bitcoin is a perfect solution. The power usage and significant transaction time are reasons why bitcoin will never be a viable alternative to cash for everyday transactions. Not to mention the huge fluctuations (increases) in price. But as a proof of concept that currency/money does not have to be run by a government I think bitcoin is very fascinating, and opens some very interesting possibilities for future currencies. 

[Dissitesuxba11s]

3 hours ago, Pixel5 said:

it is not "correcting" back when its going up again, a correction would be a massive drop when the bubble bursts.

You're right. I misspoke (misstype).