Bitcoin Passes $8,000 For the First Time in History

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DooKey

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Just weeks after crossing the $7,000 milestone, bitcoin surged to a new all-time high on November 16, peaking at $8020 on the Bitfinex exchange. This marked the first time the cryptocurrency’s value passed the $8,000 mark, though it dropped back down to $7,896 at the time of writing. Is bitcoin going to keep going up? Only time will tell, but it sure looks like it.

Veteran trader masterluc said in August that he expects it to hit almost double that — $15,000 —before the end of the year, and FundStrat Global Advisor co-founder Tom Lee believes it could surge to $25,000 over the next five years.
 
Comixbooks said:
Could you short Bitcoin based on fluctuations and still make a profit?
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10 days ago it was hitting 7800, five days ago it dropped to about 5500, and today it's hitting 8000... It's been everywhere in between daily, or even hourly. So if you have impeccable timing, sure.
 
It may keep going, but I doubt it. It will probably slowly downtrend for months and then push a new all time high sometime next year around this same time.
 
It just makes it a big fat target for Governments and Hackers wanting a piece of the pie.
 
And my Bitfinex exchange account is now locked to US residents. I never even received an email notifying me this would happen. This is why I have no faith in these shitty cryptocurrencies if there's no proper regulations to prevent these situations. Now I am having to deal with customer support to even get my wallet addresses because I have no idea on how to get my coin out. I am being told if I don't get them out ASAP they'll be considered "abandoned funds".
 
NickJames said:
And my Bitfinex exchange account is now locked to US residents. I never even received an email notifying me this would happen. This is why I have no faith in these shitty cryptocurrencies if there's no proper regulations to prevent these situations. Now I am having to deal with customer support to even get my wallet addresses because I have no idea on how to get my coin out. I am being told if I don't get them out ASAP they'll be considered "abandoned funds".
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Sorry to hear this, but I found out months ago. Even though I do it too, it’s never a good idea to leave funds in a place where you don’t own the private keys.
 
I just don't understand why this is a good thing for something wanting to be a currency. Right now, these cryptocurrencies are more like shares in a virtual company that makes nothing. The real goal of a currency is to become stable in value and to become accepted as a form of payment in as many places as possible. I hope a virtual currency eventually reaches this state and somehow can exist without everyone using up energy to generate it.
 
How does this work with like a few weeks of lag? Isnt there like a 150k transaction back log at this point? So if you "sell" the buyer cant "sell" till the transaction is completed, which is going to take quite a while.
 
nightanole said:
How does this work with like a few weeks of lag? Isnt there like a 150k transaction back log at this point? So if you "sell" the buyer cant "sell" till the transaction is completed, which is going to take quite a while.
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Bitcoin will be the large banks which transfers and holds money.
Ethereum will take over the small transactions and when small frys understand it it'll normalize.
One thing is for sure, the world will change cause of blockchain money but how is unsure :p
 
As long as your coins are on the exchange, then it's instant. If you have to transfer from a wallet, then it could take a while before you can even offer anything to sell.
 
Imaginary numbers just like most stocks. All manipulated heavily but if you've made money off of it then kudos to you! It's a very risky option but also one that pays out if you're lucky. Personally I don't have money to play around with on such a risk.
 
jcollett69 said:
I just don't understand why this is a good thing for something wanting to be a currency. Right now, these cryptocurrencies are more like shares in a virtual company that makes nothing. The real goal of a currency is to become stable in value and to become accepted as a form of payment in as many places as possible. I hope a virtual currency eventually reaches this state and somehow can exist without everyone using up energy to generate it.
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I think the ship has already sailed on Bitcoin becoming a realistic currency. It fluctuates way too much and is much more likely to be an investment medium. I imagine another cryptocurrency will step in to take the currency role.
 
Speculator: BTC will hit $25,000 by end of year.
Bros: Quick, if we buy it up, we can make bank!
Speculator: Sells all inflated BTC due to his "speculation", crashes market, profit, buys again at rock bottom, rinse and repeat.
 
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NickJames said:
And my Bitfinex exchange account is now locked to US residents. I never even received an email notifying me this would happen. This is why I have no faith in these shitty cryptocurrencies if there's no proper regulations to prevent these situations. Now I am having to deal with customer support to even get my wallet addresses because I have no idea on how to get my coin out. I am being told if I don't get them out ASAP they'll be considered "abandoned funds".
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Exchanges are for exchanging, they're not banks. You transfer crypto to the exchange, you make your trade, you transfer back to your cold storage (nano/trezor/paper). If you're day trading then you would already know what was happening with Bitfinex because you would be following crypto news hourly.
 
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DPI said:
Exchanges are for exchanging, they're not banks. You transfer crypto to the exchange, you make your trade, you transfer back to your cold storage (nano/trezor/paper). If you're day trading then you would already know what was happening with Bitfinex because you would be following crypto news hourly.
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Wasn't day trading, I transferred from LTC to BTC years ago and just left it there because I didn't think they would one day just lock my access. This stuff would benefit greatly from regulations in my opinion.
 
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NickJames said:
Wasn't day trading, I transferred from LTC to BTC years ago and just left it there because I didn't think they would one day just lock my access. Just a nail in the coffin for cryptocurrency in my opinion.
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Just some friendly advice here. Best practices for all crytocurrencies is to not leave any coins on an exchange for a long while unless you are willing to lose them. It is a risk for cryto, know your risks and read about best practices. It's like anything else in life, get the information and make a good decision. Live and learn.

It's not the end for crytpo, just the beginning, I saw Ron Paul on a commercial today about Bitcoin IRAs. Any investment is risky, do your research and be an expert or at least know where to get the information. I do hope you get your funds and by letting others know about your problems maybe it will allow others to avoid it.
 
triwolf said:
Just some friendly advice here. Best practices for all crytocurrencies is to not leave any coins on an exchange for a long while unless you are willing to lose them. It is a risk for cryto, know your risks and read about best practices. It's like anything else in life, get the information and make a good decision. Live and learn.

It's not the end for crytpo, just the beginning, I saw Ron Paul on a commercial today about Bitcoin IRAs. Any investment is risky, do your research and be an expert or at least know where to get the information. I do hope you get your funds and by letting others know about your problems maybe it will allow others to avoid it.
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I finally managed to work my coins out of there. Their customer support was of absolutely no help. It wasn't an investment since it wouldn't have been a financial loss. I had mined about 40 LTC over 5 years ago and then exchanged them to BTC during the LTC spike another year or 2 ago. Bitfinex was the easiest place I could setup an account. Then half my coins got removed due to the hack earlier this year (which should've been a sign to pull it all out) and now this. How miserable, it's easier to trade on the stock market. The whole thing has been more of an experiment and I really don't care what happens to the money since I put $0 into it. I have it sitting in Coinbase now so we'll see what happens.
 
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NickJames said:
I finally managed to work my coins out of there. Their customer support was of absolutely no help. It wasn't an investment since it wouldn't have been a financial loss. I had mined about 40 LTC over 5 years ago and then exchanged them to BTC during the LTC spike another year or 2 ago. Bitfinex was the easiest place I could setup an account. Then half my coins got removed due to the hack earlier this year (which should've been a sign to pull it all out) and now this. The whole thing is miserable, it's easier to trade on the stock market. The whole thing has been more of an experiment and I really don't care what happens to the money since I put $0 into it. I have it sitting in Coinbase now so we'll see what happens.
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Why not move them to a wallet you control? Even if you have no money in it, losing your coins isn't really a good outcome is it? Good luck, usually when I experiment, I do at least attempt to follow guidelines or best practices. I do not see your motivation to have your coins on an exchange that will probably lead to the exact same problem again? Do you know most people classify doing the same thing over again and expecting a different outcome as insane?
 
triwolf said:
Why not move them to a wallet you control? Even if you have no money in it, losing your coins isn't really a good outcome is it? Good luck, usually when I experiment, I do at least attempt to follow guidelines or best practices. I do not see your motivation to have your coins on an exchange that will probably lead to the exact same problem again? Do you know most people classify doing the same thing over again and expecting a different outcome as insane?
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Same reason I don't carry cash nor keep money under my bed. I put all my money in banks, bonds, stocks and retirement plans. If I can't trust my Bitcoin on an exchange then there's no future for it as a legitimate currency in my opinion.
 
NickJames said:
Same reason I don't carry cash nor keep money under my bed. I put all my money in banks, bonds, stocks and retirement plans. If I can't trust my Bitcoin on an exchange then there's no future for it as a legitimate currency in my opinion.
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Seems you are more about being not very smart about managing your coins and bashing bitcoin.

All you have to do is create a wallet and sync the blockchain, you can transfer them at any time to trade them. The fact that you refuse to follow simple guidelines makes me wonder if mostly your goal is to bash bitcoin.

Sometimes having responsibility outside the banks, bonds, stocks etc can make a person quite a bit of money. To each his own. No bitcoin is not perfect, but having a view that not having them on an exchange all the time totally makes them useless is a horrible argument.
 
I sold a few days ago. Bills.

Wish I had sold today instead. A costly decision. But...bills.

Time to go manipulate the market again to get back in
/s
 
Retronym said:
I sold a few days ago. Bills.

Wish I had sold today instead. A costly decision. But...bills.

Time to go manipulate the market again to get back in
/s
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It is a very interesting time. China, Banks, anyone can say anything and cause price changes. I look at cryptocurrencies as an investment, not money, even then it's a beast of it's own. I mean the dollar doesn't fluctuate nearly as much, but you also can't win big with the dollar. All cryptocoins are like a giant lottery, and so is the stock market. It's all gambling really. The key is to know when to get in and get out, and just like gambling you will win some and lose some. Look at it like if you make some money and don't lose big, essentially you won, even if if you had made different choices you would have won bigger.
 
I've started looking at it as a hybrid. During run ups it feels like printing money; select a USD amount you dont want your stash to go below, and keep selling the excess over and over and over. It's more fun.
 
Retronym said:
I've started looking at it as a hybrid. During run ups it feels like printing money; select a USD amount you dont want your stash to go below, and keep selling the excess over and over and over. It's more fun.
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Nice strategy. It will be amazing to look back at this "wild west" time for cryptocurrencies, and be able to say "I was there". Everyone remember Microsoft stock being up about 30,000% from early investing? What will crypto do? Where is your money?
 
I managed to get out of ethereum before the run up, and out of dark coin (dash) before the run up.

Hindsight is so cruel with crypto.
 
Retronym said:
I managed to get out of ethereum before the run up, and out of dark coin (dash) before the run up.

Hindsight is so cruel with crypto.
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A little advice. Keep a coin or two just in case. A study has shown most investors who invest in bitcoin want to hold until it reaches $200K. Even a coin or two of many different coins could be a good long term HODL. Hold on for dear life.
 
So now the claim is that bitcoin isn't trying to be a currency anymore but it's an investment? Is this because of the scale problems and the centralization problems that everyone knows about but nobody is bothering to try to do anything to fix? At least in bitcoin.

Also what's it an investment into if it's not a currency anymore?
 
Snowdensjacket said:
So now the claim is that bitcoin isn't trying to be a currency anymore but it's an investment? Is this because of the scale problems and the centralization problems that everyone knows about but nobody is bothering to try to do anything to fix? At least in bitcoin.

Also what's it an investment into if it's not a currency anymore?
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A person could write volumes about this. In reality money and investments rely on faith and there are whole organizations and colleges attempting to understand your question. Sometimes the Gov't says bitcoin is money (coin), other times it's property. Maybe they will decide one way or another at some point, but don't hold your breath.

Yes, there are problems, if you are investing in it, whether it is defined as a currency or not, a person can purchase things with it now all over the web and at stores, you can't do that with stocks without cashing it to dollars now, so it's all very complicated how to even define cryptocurrencies.

The whole question boils down to "Is it able to be used to buy and sell, and people believe it has a worth"? At this point the market says yes.
 
triwolf said:
Seems you are more about being not very smart about managing your coins and bashing bitcoin.

All you have to do is create a wallet and sync the blockchain, you can transfer them at any time to trade them. The fact that you refuse to follow simple guidelines makes me wonder if mostly your goal is to bash bitcoin.

Sometimes having responsibility outside the banks, bonds, stocks etc can make a person quite a bit of money. To each his own. No bitcoin is not perfect, but having a view that not having them on an exchange all the time totally makes them useless is a horrible argument.
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The fact that you think these terms you use are simple "guidelines" just further illustrates how ridiculously convoluted owning cryptocurrency is. To you it's easy, to some guy who ran an app, got some coins and thew them into a website, it's a mess and I rather have middle men manage it for me. I keep them on an online exchange or some site because I don't like having a paper wallet or something I can just lose so easily. I'd rather keep my money in a large establishment with millions of other users that can easily be withdrawn if I need it. I shouldn't have to take these ridiculous steps to secure this future currency.
 
NickJames said:
The fact that you think these terms you use are simple "guidelines" just further illustrates how ridiculously convoluted owning cryptocurrency is. I keep them on an online exchange or some site because I don't like having a paper wallet or something I can just lose so easily. I'd rather keep my money in a large establishment with millions of other users that can easily be withdrawn if I need it. I shouldn't have to take these ridiculous steps to secure this future currency.
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Ok, then don't complain when your coins are stolen or something bad happens. It's really not that hard to manage the coins, I believe many people do it just fine, some of them only a few years old or teenagers.

You don't need a paper wallet, sync the chain, copy and encrypt the wallet file to a couple of USB drives, hide one close to home, another at another location. Done. Remember, there are guides and people who have figured this out, most things you do in life that give you rewards require some thought and work.
 
triwolf said:
Ok, then don't complain when your coins are stolen or something bad happens. It's really not that hard to manage the coins, I believe many people do it just fine, some of them only a few years old or teenagers.

You don't need a paper wallet, sync the chain, copy and encrypt the wallet file to a couple of USB drives, hide one close to home, another at another location. Done. Remember, there are guides and people who have figured this out, most things you do in life that give you rewards require some thought and work.
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The point is I can trust my money in a bank but can't I trust my bitcoin on an exchange. If no one held bitcoin on an exchange than it would have no value or at least be worth much less.
 
NickJames said:
The point is I can trust my money in a bank but can't I trust my bitcoin on an exchange? If no one held bitcoin on an exchange than it would have no value.
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Banks are not crytocurrency exchanges, and vice versa. It's not true the exchange is the only place where bitcoin value exists. You can use them to buy goods, and can exchange with anyone who has an address. Sure the exchanges make it easier, which is right back to the problem of the exchange holding your coins and possibly messing up. Rinse and repeat, same argument. I have an idea, sell your coins to someone else, then you won't have to do anything cryptocurrency related. It seems you can't stand it anyway, so you are a glutton for punishment also?
 
Snowdensjacket said:
So now the claim is that bitcoin isn't trying to be a currency anymore but it's an investment? Is this because of the scale problems and the centralization problems that everyone knows about but nobody is bothering to try to do anything to fix? At least in bitcoin.

Also what's it an investment into if it's not a currency anymore?
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Meh, who cares what it's called? It's a thing that has value.

To me, a currency is something that is generally accepted for day-to-day transactions. Bitcoin clearly isn't that. So yeah, it's basically a commodity.
 
NickJames said:
The point is I can trust my money in a bank but can't I trust my bitcoin on an exchange. If no one held bitcoin on an exchange than it would have no value or at least be worth much less.
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I'll lay it out for you, go ahead and:

1. Get the government to create an FDIC for crypto exchanges.
2. Ensure all the government regulators, investigators, infrastructure is done before you go live.
3. Don't grow old and die before all that is done.
4. Send your coins to the bank/exchange.
5. Wake up from your dream.
 
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