Bitcoin Closing in on $10,000 as Cryptocurrency Market Reaches $300 Billion

Discussion in 'HardForum Tech News' started by DooKey, Nov 27, 2017.

  1. DooKey

    DooKey [H]ardness Supreme

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    It seems like only yesterday we were talking about Bitcoin hitting the $9,000 mark. Today it's closing in on $10,000 and the cryptocurrency market has reached a market value of $300 billion. This is starting to look like one tremendous bubble and it's going to be very painful when it pops. However, it's nice to ride the wave as long as it's there.

    The digital currency market rose above $300 billion for the first time on Sunday evening, according to industry website coinmerketcap.com. By 9:00 a.m. London time on Monday morning the total market capitalization had reached $304,628,469,227. This came as the most prominent cryptocurrency, bitcoin, passed the $9,600 threshold earlier on Monday and Ethereum reached a new all-time high.
     
  2. cdabc123

    cdabc123 2[H]4U

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    Meh thread. No need for a 9k and almost 10k thread. Let's just have a fucking party or some shit if it hits 10k and ignore the almost bs.
     
  3. DooKey

    DooKey [H]ardness Supreme

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    I intended this thread more for the market cap and the fact ethereum is also peaking at the same time. You have to admit $300 billion is a huge amount of money.
     
  4. noko

    noko [H]ardness Supreme

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    I think I made more money with these increases then from mining - of course what goes up can come down as well.
     
  5. dgingeri

    dgingeri 2[H]4U

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    The prices on gold and silver will likely skyrocket once the bubble bursts.
     
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  6. MV75

    MV75 [H]ard|Gawd

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    It could be "worth" any arbitrary figure. The real question is who is paying real money, even this sort of money for this stuff?
     
  7. noko

    noko [H]ardness Supreme

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    I know a couple of folks that use their credit cards to buy and then sell at Coinbase. One made over $10,000 during the uplift period earlier - looks like another one now.
     
  8. raz-0

    raz-0 [H]ardness Supreme

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    It really isn't.

    Put it this way, gold has a market cap of ~1.7 trillion. I've seen some pretty decent math done on the notion that the active gold market can be manipulated significantly by as little as $120 million dollars of capital. About 2 years later a bunch of banks got caught messing with the markets. Goldman Sachs has been caught manipulating a bunch of other metal markets by running warehouses and timing buys, sells, and distributions of physical material.

    If there is money to be made in a market, there are banks willing to bend and break the law and outright take a fucking flamethrower to ethics to manipulate said market to their guaranteed advantage. When viewed in that scale, $300 billion is a fucking pittance, and increadibly easy to manipulate.
     
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  9. otherweeb

    otherweeb Gawd

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    Does Vegas have odds on that? I kinda wonder when someone is gonna hack the heck outta the digi-coin market.
     
  10. dgingeri

    dgingeri 2[H]4U

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    Why bother with Vegas. Buy some silver now, while it is under $20 an ounce, and then reap the rewards in 3-5 years when the crypto market collapses due to the overhead of the transactions.
     
  11. bugleyman

    bugleyman [H]ard|Gawd

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    God darn it, cryptocurrency bubble...burst already. It would be nice to be able to buy a new GPU at a reasonable price.
     
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  12. cdabc123

    cdabc123 2[H]4U

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    it may colapses but certainly not do to the overhead of transactions. that issue has been long fixed in almost all cryptos except bitcoin.

    prices are almost all back down to msrp or close even on cards that are fantastic for mining, granted if the crypto "bubble" did collapse (it would take the failure of 4+ altcoins for this to even be a possibility) there would be stupid cheap used cards but that day is over 6 months away and could happen never.
     
  13. Bladestorm

    Bladestorm [H]ard|Gawd

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    On a serious note, how does one manage with the increasing depression from loosing 300 Bitcoins back in 2010? I'm sure I'm not the only one here who lost a sizable amount at some point.
     
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  14. serpretetsky

    serpretetsky [H]ard|Gawd

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    Realize it's a could'a would'a situation. There was no particularly good reason to think that bitcoin would be worth anything back in 2010. You could make the same argument "why didn't I invest in X stock". The fact that you lost it should be given about the same amount of importance as losing your socks doing laundry.
     
  15. SecretStash

    SecretStash Limp Gawd

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    Welp, since probably most of our social security numbers are already compromised I guess the hackers attention will be somewhat diverted on stealing cryptos.
     
  16. MV75

    MV75 [H]ard|Gawd

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    That's cool, as long as the train keeps going for the small buys and sells. But rather, if you're sitting on a few million worth right now, who is going to cash you out?
     
  17. WorldExclusive

    WorldExclusive [H]ardForum Junkie

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    Great perspective. As I said before some of us live in areas where electricity costs a ton and mining was never an option.
    One the other hand, there are those who cashed out and bought homes and cars...if they waited until now they would have been millionaires.

    Shoulda coulda is experienced by all.
     
  18. cdabc123

    cdabc123 2[H]4U

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    a kraken account will let you pull out $500,000 a month. i would assume thats enough unless you really want to pull out multi mill in one batch. however if you do anything like this you will have to fill out forms for your bank your accounts will be monitored you will have to show where the money came from and tax time will be fun.

    cex.io appears to have no limits on withdraws above a certain verification level.
     
  19. TheGeekFreek

    TheGeekFreek [H]ardness Supreme

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    There was a point I was making about 25-45 coins a week back when BTC was under $6...
    Let me tell ya man, I know how it feels.

    There were points I had 300-500 BTC in my wallet, being used here to buy hardware.
    But, in the end, I realize I didnt lose anything.. I may have missed the massive gain pool, but I didn't lose anything.

    I probably coulda had my own little island somewhere by now..
    Lesson lived, lesson learned..

    I started buying into coinbase at 20$/check which has done we well so far.. but everytime I have an emergency and have to cash it out, there is a giant surge within the next like 48 hours EVERY TIME.. but again.. I havent lost anything.
     
  20. Parja

    Parja [H]ardForum Junkie

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    Good luck finding a Vega card within $100 of MSRP right now.
     
  21. Kdawg

    Kdawg Gawd

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    It's a game of chicken.
    People are playing musical chairs, waiting to cash out.

    At what value will everyone start taking profits and cause a massive drop in price ?.....
     
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  22. cdabc123

    cdabc123 2[H]4U

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    599 on newegg with a game. msrp of the black pack which included 2 games and the 64 was 599. same price of the newegg listing but the newegg listing is short one game so ~$60. and it could easily be argured that the msrp of those cards was falsely advertised as they released $100 over that number.
     
  23. Parja

    Parja [H]ardForum Junkie

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    MSRP of the Vega 64 is $499 and $399 on the Vega 56. They were at (or even below) these prices 2 weeks ago.
     
  24. cdabc123

    cdabc123 2[H]4U

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    well theny why ya complaining if their was a opportunity to buy them at that price
     
  25. jevans64

    jevans64 Gawd

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    [H] should have a HUGE $10k desk party since it would only cost a single Bitcoin to purchase that desk.
     
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  26. cdabc123

    cdabc123 2[H]4U

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    I could not think of a more perfect celebration.
     
  27. DPI

    DPI Nitpick Police

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    No actually it can't be worth an arbitrary figure.
     
  28. HockeyJon

    HockeyJon [H]ard|Gawd

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    This is where Warren Buffett starts kicking tires.
     
  29. Bdonedge

    Bdonedge Gawd

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    It's so funny how much people on this forum hate Bitcoin


    Hate to be the bearer of bad news but Bitcoin isn't going anywhere. I wouldn't be surprised if it got up to 50K by the end of next year
     
  30. cdabc123

    cdabc123 2[H]4U

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    *cryptocurancy isnt going anywhere

    btc has many unresolved issues.
     
  31. Extra-Titanian

    Extra-Titanian [H]ard|Gawd

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    Support group on Thursdays. Free coffee. Dont want to imagine how that one dude that paid 10k BTC for a pizza is feeling.
     
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  32. Reality

    Reality [H]ard|Gawd

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    the minute you see a bunch of people dumping, there will be just as many people putting in massive buys trying to buy low

    it's like bitcoin made everybody think they understand how to trade assets on any kind of digital marketplace

    i remember a few years ago when BTC hit 1k and then over the next two years it plummeted down to about $230ish, and everyone said the bubble burst, and how stupid everybody was for buying in

    How silly those people look now. I have a feeling, and you can bookmark this post, BTC will be up to about 30k by the end of next year, if not higher.
     
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  33. Chimpee

    Chimpee [H]ard|Gawd

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    Even if you still had 300 bitcoins, chances you could have sold it well under 10k since no one knew how high it is gonna go.
     
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  34. Bladestorm

    Bladestorm [H]ard|Gawd

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    I'd like to think I'd have held out, but I'll never know. If there's a silver lining I do have a few litecoins. I'll be holding on to those.
     
  35. Kdawg

    Kdawg Gawd

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    that's the scary thing. No one knows what the fuck the BTC price will be. Shit like this is never linear or predictable.

    All you can do is listen to what Mark Cuban said.... if you invest in BTC, consider it as good as flushing it down the toilet. But if you win something, spend it on hookers and blow.
     
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  36. Blade-Runner

    Blade-Runner 2[H]4U

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    Completely natural market forces at play...

    DPf2wBEXUAE_VxK.jpg
     
    Last edited: Nov 28, 2017
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  37. atp1916

    atp1916 [H]ard|DCoTM x1

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  38. Retronym

    Retronym Something big is coming.

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  39. Tiberian

    Tiberian DILLIGAFuck

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    That's the only one showing over $10K so far that I can see, all the other listings show it topped at $9929 and change earlier, now at about $9907 and change as of 7:10AM Central time. Will be interesting to see how it goes, I've seen a ton of reports with people claiming there's a shitload of stop orders for $10,000.01 so, if it crosses for real then expect a big sell-off. :D

    Pretty amazing that there never seems to be one absolute accurate price anywhere, every site I check offers up something different and several of them say it did cross $10K earlier but I can't find any evidence of it.
     
  40. Retronym

    Retronym Something big is coming.

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    Most of the price charts sum several exchanges together and divide by amount of exchanges. But they all use different exchanges and amounts of exchanges, so there's always so much discrepancy.