Bitcoin Price Soars above $5,000 to Record High

Discussion in '[H]ard|OCP Front Page News' started by Megalith, Oct 12, 2017.

  1. Megalith

    Megalith 24-bit/48kHz Staff Member

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    The price of bitcoin has smashed through $5,000 to an all-time high: the cryptocurrency rose by more than 8% to $5,240, having started the year at $966. Bitcoin has soared by more than 750% in the past year and is worth four times as much as an ounce of gold.

    The soaring value of bitcoin and other cryptocurrencies comes despite growing warnings over a price bubble. The starkest warning came from the JP Morgan chief executive, Jamie Dimon, who said bitcoin was a fraud that will ultimately blow up. Speaking last month, he said there was a limited market for the digital currency, arguing that it was only fit for use by drug dealers, murderers, and people living in countries such as North Korea.
     
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  2. RogueTadhg

    RogueTadhg [H]ard|Gawd

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    [​IMG]

    There goes my dreams of a 4 way SLI running liquid cooled and RGB everything and buying all the games in Steam's market place.
     
  3. kohl

    kohl Limp Gawd

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    Debated buying into bitcoin a few months ago; concluded I just don't understand the risks well enough and don't feel like getting fleeced if this is indeed a bubble. Kudos to those who have done so and made out.
     
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  4. nightanole

    nightanole [H]ard|Gawd

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    I just remember it being a real pain to convert coins to cash. I think i ended up just buying a lot of newegg gift cards with litecoins, due to the 20% cost to convert to real cash.

    Does anyone have a FAQ on how to convert say $50k-500k to cash?
     
  5. Retronym

    Retronym Pick your own.....you deserve it.

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    Remember all the losers that made fun of bitcoin a few years ago.


    Feels good.
     
  6. Trepidati0n

    Trepidati0n [H]ardForum Junkie

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    The point of crypto currency is not to convert to another currency (cash).
     
  7. nysmo

    nysmo Gawd

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    yeah, i mean if you had 50k in bitcoin and converted to cash and it doubled in value tomorrow you'd feel like a real idiot wouldnt you. But I understand peoples desire to convert to cash, namely because there's more things to buy with cash than BTC right now. Anyway if you want to 'convert' bitcoin, you just need to sell it. Find an exchange with a rate you like and you sell your bitcoins for cash. Most exchanges offer direct deposit into your checking account.
     
  8. nysmo

    nysmo Gawd

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    Shaking in your boots much? That right there should be your stamp of approval that BTC is worth investing with.
     
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  9. DeathFromBelow

    DeathFromBelow [H]ardForum Junkie

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    Now you just need to find somebody who wants to buy bitcoins for $5000 apiece.
     
  10. Retronym

    Retronym Pick your own.....you deserve it.

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  11. Zef Pomp

    Zef Pomp 2[H]4U

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    I buy bitcoin, can always sell it to me :)
     
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  12. Burticus

    Burticus 2[H]4U

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    What was the value it was supposed to hit or McAfee was going to eat his own dick? Was it 5k?
     
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  13. Verge

    Verge [H]ardness Supreme

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    I love it, random nerds on [H] criticizing jamie dimon for shaking in his boots.


    He's making plenty of money.
     
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  14. Retronym

    Retronym Pick your own.....you deserve it.

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    Around $2,000. It was on July 17th.
     
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  15. Mut1ny

    Mut1ny [H]ard|Gawd

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    This is one of those life things of "it takes money to make money"...seeing these coin prices soar like they have makes me really wish I had invested earlier...but then I realize that I've never had the money to invest like that so whether I knew of it or not it would make no difference. Life goes on while others get rich!
     
  16. NickJames

    NickJames Viagra Required

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    The people still holding this and not selling are really going to be regretting it. Get greedy and you get burned.
     
  17. Mut1ny

    Mut1ny [H]ard|Gawd

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    Same could have been said a few months ago when they spiked past $1,000...now they're 5x that much. Is it greed or not knowing what the fuck is going to happen?
     
  18. NickJames

    NickJames Viagra Required

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    Both, taking profits is one of the fundamentals of playing the market. Those that sit on this thinking it's going to be a retirement fund are being very foolish. The problem starts when it first begins to crash, then you end up in a mental gamble. I went through this crap so much with AMD as it was my first market play. Luckily I managed to break even but there were months where I was down -80% of my holdings then one day I am up +200%.
     
  19. DooLocsta

    DooLocsta [H]ard|Gawd

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    You have to go in knowing you can lose all money invested. Look at it like gambling and have fun with it.
     
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  20. Nytegard

    Nytegard 2[H]4U

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    It's not really that easy. I got into Bitcoin a few years ago for a few international purchases. I'm a bit paranoid though, so I didn't want my bank account tied to the exchange, and chose the credit card route. (I figure if my credit card got stolen, it would be easier to just cancel that than the hassle of a bank account getting stolen). They pretty much limit you to $100 of purchase a month, and $2500/month cash out. (But since it goes to my credit card, I'm capped at my balance, which I tend to keep a zero balance on.)
     
  21. NickJames

    NickJames Viagra Required

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    I use Bitfinex, it's not bad and hasn't given me much issues. I used it to deposit some Litecoin I mined back in the day. Unfortunately they did get hit by a breach a year back and I had about 20% of my Litecoins taken away from me which sucked. I converted the rest into BTC around February and I can withdraw at any time. Minimum $100 with a 0.01% fee ($20 minimum fee).
     
  22. Gigantopithecus

    Gigantopithecus [H]ardOCP Case Reviewer

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    This is why I invested in mining hardware instead of just buying coins. If the value of a coin drops to shit, I still have the hardware. I'd potentially lose some money, but certainly not all of it. So far I've bought gear in stages, re-investing in more gear when the previous set hits return on capital.
     
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  23. nysmo

    nysmo Gawd

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    yeah and he wants to keep it that way. If BTC wasnt a treat he wouldnt make such outlandish comments. So either he's ignorant and running a bank, or he's scared.
     
  24. nysmo

    nysmo Gawd

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    Well it can be that easy if you arent so paranoid. One other option is to sell privately. You find someone you trust, and initiate a series of transactions that dont wreck you if they hit n run.
     
  25. Jim Kim

    Jim Kim [H]ard|Gawd

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    Everyone is trustworthy on the internet, so that should be simple.
     
  26. HockeyJon

    HockeyJon Gawd

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    It's definitely a bubble. It doesn't mean you can't make money, but just because it keeps going up doesn't mean it's not a bubble either. The hard part about bubbles is you don't know when it will start or finish, and you don't know what "fair value" would be. Will it crash? Maybe it's worth $5000 for a coin you can only spend at a few places but don't actually use because it's better to hold it and speculate to trade for US dollars later on as the price goes up. I don't know. At the end of the day though, I have a hard time justifying how "Bitcoin" will be the standard, so I wait on the sidelines. The technology I can understand, but the coin itself, well, the UN recognizes about 180 sovereign world currencies right now, but there are over 1000 cryptocoins, so yeah, which one will win?
     
  27. HockeyJon

    HockeyJon Gawd

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    No one wants to spend it because they don't want to be the guy who spent 10,000 BTC for a pizza in 2007 when you "know" it's going higher "tomorrow" because "yes".
     
  28. arthur_tuxedo

    arthur_tuxedo Gawd

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    I agree that there is probably more downside than upside right now, but if you are currently holding, how do you know when to buy back in? There is no way to evaluate what the price of BTC should be. As they say, trying to buy at the bottom is like trying to catch a falling knife, and the people who coined that were talking about stocks, which do have techniques like P/E and company cashflow to give hints as to where the price should be. Any attempt to properly value Bitcoin will necessarily rely on some pretty broad assumptions. Ultimately, you either believe that crypto will eventually reach a significant share of all currencies or you don't. If you don't, then you shouldn't touch any of them with a 10 foot pole. If you do, then the price of the winning crypto could shoot into the stratosphere and you should not sell, only buy the dips. Even then, cryptocurrencies are not an investment, they are speculation, and no one should speculate with more than 5-20% of their liquid holdings.*

    *Not investment advice, check with your astrologer, blah blah blah
     
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  29. jpm100

    jpm100 [H]ardness Supreme

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    Somehow appropriate.
     
  30. yourgrandma

    yourgrandma [H]ard|Gawd

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    This is only hurting bitcoin, who is going to use it when it costs $10 per transaction.
     
  31. jojo69

    jojo69 [H]ardForum Junkie

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    "This artwork depicts the spirit of Satoshi Nakamoto hurdling over the moon on his epic honey badger mount carrying trophies of the world's vanquished fiat currencies."
    [​IMG]
     
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  32. Retronym

    Retronym Pick your own.....you deserve it.

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  33. Verge

    Verge [H]ardness Supreme

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    Ignorant... it's a pyramid scheme. If anything the block chain technology in the background will make him MORE money... bitcoin is just a facade.
     
  34. Verge

    Verge [H]ardness Supreme

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    Drug dealers and north korea.


    Nobody uses bitcoin, the price you pay for a poptart could fluctuate 10% by the time you put it in your shopping cart.
     
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  35. jojo69

    jojo69 [H]ardForum Junkie

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    Ahhhhhhh, the butthurt of late adopters, tastes like fine single malt scotch
     
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  36. Parja

    Parja [H]ardForum Junkie

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    $500,000 in three years.
     
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  37. Archaea

    Archaea [H]ardness Supreme

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    or maybe not...
    https://cointelegraph.com/news/as-jp-morgan-ceo-slams-bitcoin-his-company-invites-tech-guru-to-explain-it-to-top-managers

    "
    Dimon called Bitcoin a ‘fraud’ and said if he caught anyone trading it they would be fired from his company. However, it has since emerged that there’s a lot of hypocrisy and conflict of interest in these statements.

    JPMorgan has already shown that it does indeed have an interest in cryptocurrency and Blockchain technology, as at the same time this attack was being waged by its boss, it was also
    advertising for Blockchain professionals.
    "
     
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  38. AliceCooper

    AliceCooper [H]ard|Gawd

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    That moment when your friend says to invest your play money 3 years ago and you miss out on a $30k return :(. Feels bad man lol. Turning that around though, I made $16 today off the price increase :)! I'm a high roller now.
     
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  39. Kdawg

    Kdawg Limp Gawd

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    Anyone have a time machine ????
     
  40. BitMaster

    BitMaster Limp Gawd

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    I know more than a few people myself who got fucking rich with bitcoin last 2 years, just because they DID IT. Most others, incl. me, didnt waste a single thought about it and now do NOT have such a nice return.

    Even if it crashes, those guys already pulled €nough out of it that they have made their game pay very well, for very little effort !

    Those who bitch about BC are mostly the ones who came TOO LATE or DONT DARE it.

    Congraz to those who made it, fuck FIAT money, we make our own game that suits us best and not the FED or Deutsche Bank, basta !


    My guess is, BC will climb another >300% next 12 month.