Bitcoin Soars past $15,000, Just Hours after Crossing $14,000

It is backed by the USA and the economic activity of the USA. That's pretty tangible as far as things go.

The USD is backed by the largest nuclear and military arsenal in the world.


I'm so tired of this Ron Paul bullshit about it being backed by nothing. That's nonsense. Ron has been predicting stock market crashes for the last 10 years... during the largest bull market ever. Definitely someone to listen to !!!
 
There are two things I know to be true:

1. Bitcoin will crash;
2. No one knows when. At best, someone might make an educated guess which ends up being correct in hindsight. But they still didn't know.
I think it sorta depends what you define a crash as vs just adjusting to proper value. It's already over 16,000 since this article came out an hour ago. People are tripping balls over bitcoin right now so I could see it hitting 25k by the end of the day, an event like that would surely transpire a "crash", but then again it should not surge like that anyway so really it's just going back down to 4k or something which is where it should be. Maybe even less.
 
As I have been hearing a lot recently, the word "bubble" is usually something said in hindsight after the fact. All this is eerily reminiscent of internet stocks in year 2000. Had to search a bit to find one still in existence that would chart up. This one broke $20k a share (split adjusted) and is now below $4.

Interesting times for sure. Typing this while sitting on the sideline with a big tub of popcorn.

Lots of people also said there was a internet bubble in 1999/2000 because it was also pretty obvious.
 
I think people realize that Bitcoin will eventually go down - it's just a matter of riding that wave to the top, manage risk going up because you don't want to be on the other side of that wave holding most of your coins.

Right now this Bitcoin Wave is looking a lot like Interstellar's Miller planet.

 
I think it sorta depends what you define a crash as vs just adjusting to proper value. It's already over 16,000 since this article came out an hour ago. People are tripping balls over bitcoin right now so I could see it hitting 25k by the end of the day, an event like that would surely transpire a "crash", but then again it should not surge like that anyway so really it's just going back down to 4k or something which is where it should be. Maybe even less.

I don't pretend for one moment to know what the "proper" value of a bitcoin is. Anyone who does is either mistaken (or lying).

I know that, unlike many physical objects, it has no utility. You can't eat it, build with it, take shelter under it. I know that, unlike fiat currency, there is no government behind it. It does have inherent scarcity in the form of a finite supply, at least assuming it cannot be counterfeited (which I freely admit I do not know enough to speak intelligently about...though barring some form of quantum encryption, it does seem like a matter of time until someone cracks it). And really, it's that last point that is so confounding.

However, I know a bubble when I see one.
 
There are two things I know to be true:

1. Bitcoin will crash;
2. No one knows when. At best, someone might make an educated guess which ends up being correct in hindsight. But they still didn't know.
I think you're probably right.
 
Glad I held onto that little bit of Bitcoin I had from several years ago. It's now worth over $1,000.

If bitcoin climbs to $7,500,000 I can sell it and retire :p
 
July of 2010 when it first launched, it was valued initially at $0.008 per. Wish I had thrown a couple/few hundred bucks at it back then. Hindsight can be a real motherfucker...
 
Glad I held onto that little bit of Bitcoin I had from several years ago. It's now worth over $1,000.

If bitcoin climbs to $7,500,000 I can sell it and retire :p

Nice! I'd say perhaps it's time to upgrade your computer, but then I read your signature. :notworthy:
 
July of 2010 when it first launched, it was valued initially at $0.008 per. Wish I had thrown a couple/few hundred bucks at it back then. Hindsight can be a real motherfucker...

To be honest, it wasn't easy. I remember trying to setup my bank account to do wire transfers for it back in '09. Then I had to send a scanned copy of my passport or birth certificate and a drivers license to some company in China. After that I had to send a confirmation wire transfer and then proceed to send the full payment for the coin. But I also had to find a user selling coin but they were primarily Chinese so communication was a bitch. In the end it was a lot of work and I just got really discouraged and lazy and thought this shit would never take off. I mined for about a month with a pair of ATI HD 5870s which were hot shit for mining at the time. Managed to accumulate 1 bitcoin, then I lost it. Then I mined again and stopped after a few weeks cause I figured it was a waste of time and energy. Shit happens.
 
I think people realize that Bitcoin will eventually go down - it's just a matter of riding that wave to the top, manage risk going up because you don't want to be on the other side of that wave holding most of your coins.

Right now this Bitcoin Wave is looking a lot like Interstellar's Miller planet.



Great scene from a great movie. (y)
 
Damn! Why did't I buy a couple thousand worth of them when they were still about $200 each?
bangcomp.gif
 
I think if you could have bought a couple thousand at $200 each, you're not hurting too badly...

He said buy a couple thousand WORTH of BTC, not buy a couple thousand BTC.

Couple thousand worth is like 10 BTC which is $2,000 at the time.

Couple thousand BTC at $200 would be $400,000... BIG difference.
 
He said buy a couple thousand WORTH of BTC, not buy a couple thousand BTC.

Couple thousand worth is like 10 BTC which is $2,000 at the time.

Couple thousand BTC at $200 would be $400,000... BIG difference.
Still. That hindsight.
 
He said buy a couple thousand WORTH of BTC, not buy a couple thousand BTC.

Couple thousand worth is like 10 BTC which is $2,000 at the time.

Couple thousand BTC at $200 would be $400,000... BIG difference.
Yeah, I misread, my bad. That's something a reasonable person would say, not someone complaining they didn't profit even more immensely from their hundreds of thousands of discretionary income.
 
No reason to sell at 18K when you can sell at 50K within 2-3 months.
There is a saying, "The pigs get fat, but the hogs get slaughtered." It could drop to $5k. Determine what one is happy with, accept those gains and move on - and don't look back. That'd be my plan. I say this without having the coins.
 
None that you could define or methodically explain why beyond just blurting a buzzword.
The most legit reason I've heard is bitcoin is very top-heavy with its owners:

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

We're talking maybe 12% of all bitcoins being accessible by the average person at the current price, if that. If the whales were to start a concerted sell off, that could crash the price pretty hard. I doubt that's happening anytime soon, but it does seem like a looming threat in the long term.
 
I was going to post in here...but fuck it, I'll have the butler do it later
 
None that you could define or methodically explain why beyond just blurting a buzzword.

I disagree. You can easily define it by looking at the parabolic chart supported by zero fundamentals or valuation metrics, funded largely by overnight "experts" who got in after reading one article someone posted on Twitter but still don't know how to spell "blockchain".
 
Well look at the USD, it's not backed by anything tangible. Ours is backed by debt.

It's working out so far. I just sent chills down my spine.

USD is backed by the fact that the IRS accepts them and only them as payment for taxes, and if you don't pay the IRS, you go to jail. Not going to jail is a very tangible benefit for most people in civil society.
 
I disagree. You can easily define it by looking at the parabolic chart supported by zero fundamentals or valuation metrics, funded largely by overnight "experts" who got in after reading one article someone posted on Twitter but still don't know how to spell "blockchain".
You are underestimating the amount of “overnight experts” with money to throw in the ring in the true global marketplace. There is a bubble pop coming, but I don’t think we are anywhere near the true apex of the chart. The big pop may be a year or two away.

When you hear people say that bitcoin would be at $500,000 a coin if it hits just 5% of the Gold market — then you start to think there is a LOT of upward potential yet. Then you think... how many people do I know in the real world that hold Gold or Silver or stocks or mutual funds vs how many people do I know that hold bitcoin.

It’s just getting warmed up man.
 
I think a fundamental question is what makes it worth 10x what it was worth at the beginning of this year? Or better yet, $3000 more than it was worth yesterday?

A better question would be why is it worth anything at all since it's not backed by anything tangible. This is all basically just the equivalent of lootbox insanity for virtual items in a game.
 
No matter what anyone thinks about bitcoin, you can't deny that bitcoin has gone parabolic on btc to usd price.
I wonder when it might have the severe correction that always proceeds the parabolic phase of asset bubbles.

Looking forward to hearing from the 'its different this time' group about how it's never going to crash or that the floor of any correction will be over some random threshold value. The reality is the floor could literally be zero given how much actual utility bitcoin can currently provide for people buying physical products.
 
A better question would be why is it worth anything at all since it's not backed by anything tangible. This is all basically just the equivalent of lootbox insanity for virtual items in a game.
Except you can't actually buy things outside the game with lootbox loot. Anyone's guess what will happen. One thing is for sure, the banks are already using digital money, if you don't know that learn it now. Nothing will stop bitcoin, several crashes, going to near zero, it can't be stopped. If you believe what the naysayers are saying, too bad you miss out.
 
July of 2010 when it first launched, it was valued initially at $0.008 per. Wish I had thrown a couple/few hundred bucks at it back then. Hindsight can be a real motherfucker...

Hindsight is exactly that. You have knowledge now you didn't have years ago.

Along the way, you would have been tempted to sell. You may have dumped at $500 after it sat at $200 for so long.

I have a buddy who says his are now valued into 6figures. But is he converting it now? Or is going to keep riding? If he keeps riding, the odds continue to rise that he'll miss out on the high once a correction happens.

Right now, it's in a cycle that is feeding itself - the FOMO cycle. People are talking about this explosive growth, which is enticing others to jump in, and buy quickly. Rinse repeat. At some point, a correction will happen.
 
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