Bitcoin Price Soars above $5,000 to Record High

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

  1. Retronym

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

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    There are people here who called it a scam at $200 and still repeatedly do.

    That’s some selfless dedication.
     
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  2. Zepher

    Zepher [H]ipster Replacement

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    I mined for a few hours in 2011 just to see what the deal was with bitcoin. In 2014 I remembered I had the bitcoin wallet with a partial coin in it and checked the value.
    Those few hours of mining netted me almost $150. If I kept it it would be $741 right now.
    I still have $21 left in the account
     
  3. Archaea

    Archaea [H]ardness Supreme

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    No it was 500k per coin in three years or he'd participate in the pain olympics.
     
  4. Archaea

    Archaea [H]ardness Supreme

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    Umm any exchange ever.

    Or Microsoft. Or newegg. Etc etc etc
     
  5. _l_

    _l_ Limp Gawd

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    yea, I'm sure the IRS couldn't care less about all the capital gains Americans are making thru mining for coin. Just now I saw a report on NBR Financial show on PBS, an expert said you remain anon until you spend or exchange the coin for cash; after that they know who you are. Happy mining everyone ...
     
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  6. Archaea

    Archaea [H]ardness Supreme

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    No. No it isn't. It is however and always was a big risk as an investment vehicle.


    This one didn't take money to get started. It took time and knowledge and initiative, and an appetite/tolerance for risk. Many many people got started with nothing more than a graphics card or CPU in the crypto mining world.
     
  7. Zepher

    Zepher [H]ipster Replacement

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    Where can I get free GPU's and CPU's?
     
  8. Risant

    Risant Limp Gawd

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    If I had treated my bitcoins as an investment and left it alone I would be sitting on over $1 million right now. I had too much paranoia with market fluctuations that I was always watching the price, buying/selling. Never had the stomach for it. That and I bought a lot of things with them that I could have and should have bought with cash (or not at all). Been out since 2014, glad I'm out.
     
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  9. Archaea

    Archaea [H]ardness Supreme

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    You have one to type that message do you not?

    If you started mining with one Video card almost a decade ago and bought a second with the profits of the first card and then bought a third with the profits from the second and so on and so forth -- you'd be a multi millionaire right now, and never have spent anything out of your own pocket.

    Course. Like i said earlier. It's always been a gamble -- or speculation if you prefer. There's been quite a few mining operations for coins that never amount to anything. In those cases you are just wasting your time and power.
     
  10. Archaea

    Archaea [H]ardness Supreme

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    A friend at work had a bit over 4000 bitcoins, he sold them all for between 100 and 500 each a few years back. He used the profit to take a full year off work, which he thoroughly enjoyed, but just a few years later that same quantity of bitcoins is worth 20 million USD. That'd be quite the let down.
     
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  11. Risant

    Risant Limp Gawd

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    I first got into bitcoins shortly after the first peak around $32 watched it drop down to around $2 when I shut off my miners the first time. Sold off my 250 bitcoins for about $1000 when it got back up to around $4. Continued to mine for quite a while, wound up getting out when the ASIC's started to take over and the price was around $1000 the first time.
     
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  12. Dayaks

    Dayaks [H]ardness Supreme

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    The value is based off the price people are willing to pay... so you could do that quite easily.
     
  13. jpm100

    jpm100 [H]ardness Supreme

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    When it pops, the regret you feel now will be trivial compared to the regret of those those who bought late.
     
  14. jojo69

    jojo69 [H]ardForum Junkie

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    you mean like when the internet popped?
     
  15. Risant

    Risant Limp Gawd

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    Oh I'm sure. To be fair, the last bitcoins I had did pay for all the Christmas presents for the kids that year (2013)
     
  16. Risant

    Risant Limp Gawd

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    Really wish I had just left my BFL miner going for another year. It may have been mining at a loss for a while, but even if I managed another coin or 2 it would have been worth it.
     
  17. WorldExclusive

    WorldExclusive [H]ardForum Junkie

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    I never got into mining, but I would have sold as well around $750. No small scale miner at the time could have thought it would reach $2000, let alone $5000 per coin.
    Think of your energy bills over that amount of years as well. It's hard for individuals to stomach mining for more than a few months at a time.
     
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  18. david_

    david_ 2[H]4U

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    Oh BTC what a fickle bitch you are.

    And oh, what fickle bitches you attract.
     
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  19. daringx

    daringx n00bie

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    I built (on contract) a rather large amount of ASIC miners in 2013 using the first available ASICs. For my work I got paid with Bitcoin when it was nearly $1000 per. Shortly after the ASICs flooded the market the BTC price dropped drastically. I never sold and still have them today. Almost sold them a couple months back at $3k, but couldn't iron out the IRS tax details so held off.

    Now at nearly double that I don't know whether to hold or sell. I've pledged them to purchase my next car/truck, which started out kinda meager but is now pretty frick'in luxurious!!! But my old truck is still running fine, so why not wait until I really need to replace it? I feel that's my best solution to the "hold or sell" dilemma, but it's a hard decision for sure. I'm definitely not going to make a million bucks, but a new car/truck sure would be a win in my book!
     
  20. Archaea

    Archaea [H]ardness Supreme

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    If you want to reward yourself with something, think longer term.

    A luxury truck now, or the chance to retire a few years earlier?

    I'd choose the early retirement. Consider pulling some of the BTC out and investing in something safer, but still rewarding - like a healthcare mutual fund or index fund/ETF.

    Baby Boomers are all retirement age now. That generation will begin to retire, require increased medical care, nursing home care, etc in the next 20 years. Health care sector will be a strong/safe sector to invest in over the next 20 years.
     
  21. daringx

    daringx n00bie

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    Oh yeah, I definitely have my long term goals in focus. I agree with your line of thought and have a pretty diversified retirement account that covers a variety of investment types.

    This Bitcoin thing is just gratis and doesn't have a significant affect on my retirement fund, hence the car/truck purchase. I'm just not good with determining risk factors and deciding when to sell or hold on things like this, so am basing my sell/hold decision on my eventual need for a vehicle and not on a guess of the market high point.
     
  22. Cecil

    Cecil [H]ardness Supreme

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    Just a few days ago everyone was all doom and gloom over a $600 "flash crash". Seems like after every time that happens it bounces back even bigger.

    Now if only ETH with get that blast it needs to offset the massive difficulty increases in mining it.
     
  23. aaronspink

    aaronspink Limp Gawd

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    bitcoin != blockchain, blockchain != bitcoin. There are many uses for blockchains outside of cryptocurrencies, many of which will end up be far more valuable than cryptocurrencies will ever be. Nor is a blockchain required for a cryptocurrency.


    As it stands, bitcoin is largely an incredibly inefficient transaction system for largely conducting grey and illicit transactions.
     
  24. aaronspink

    aaronspink Limp Gawd

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    That all depends on what volume you require. You might be able to get 5k per coin in a 1 coin sale, but you are unlikely to get 5k per coin in a 1000 coin sale. It all depends on what the actual demand on the buy side of the market is.
     
  25. atp1916

    atp1916 2[H]4U

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    That's right boys. Were all ya GPUs at :D
     
  26. thebufenator

    thebufenator Gawd

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    Go to GDAX and look at volume over the course of the day.

    "grey and illicit transaction"? Citation hombre?
     
  27. aaronspink

    aaronspink Limp Gawd

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    Looking at GDAX, 1000 coin order would literally wipe out the book and then some. That's a significant percentage of average daily volume.

    As for grey and illicit, that's common knowledge. Show me the actual legitimate BC transaction volume...
     
  28. HorseproofBacon

    HorseproofBacon [H]Lite

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    That day can't come soon enough. I yearn for the days when video cards actually could be bought for decent prices. Now finding a card at even MSRP is considered a steal.
     
  29. WorldExclusive

    WorldExclusive [H]ardForum Junkie

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    No such thing as retirement, especially for those that love what they do. Most wealthy people go into work everyday.
    You'll see when it's your time. You're saving towards something that will never happen.

    Always save but enjoy life as it comes because it's short. So get the luxury truck while you can still enjoy it, because at 70, you're going to wish you had one at a younger age.
     
  30. Uvaman2

    Uvaman2 [H]ard|Gawd

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    Insiders in high finance talking about fraud.... Shit... Wow.. my brain just wants to punch itself.
     
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  31. Archaea

    Archaea [H]ardness Supreme

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    Well to each his own.

    I'm planning to retire at 57 years old, (38 now) and if my conservative plans hold (counting on a conservative 6% return per year) - I'll make more the day I walk away from my job than my salary will be at the date I retire. I'm talking personal investing, 401k, savings, being frugal where I can along the way, driving an old car, buying less house than I can afford, working as a landlord, eating the $5 meal instead of the $15 meal - etc. I'm not counting on anything from social security or government....

    That doesn't happen accidentally. It's conscious forward planning with savings, and the blessing of a good job, and unfortunately doesn't include buying a $60,000 luxury truck (which is a quickly depreciating liability more so than an asset)... I've chosen to retire early and forgo exceptioanl expense now --- but........yes -- to each his own.

    PS - It's not that I don't have nice toys in my keenest hobbies - it's that I'm first and foremost still planning ahead -- and setting aside fun/spend money for the hobbies rather than letting the hobbies take highest priority in my budget. Could I afford to be driving a fantastic sports car right now? Yes. Am I? No. I'm driving a 2002 Pontiac Grand Prix that I bought used in 2006 (for 1/3 of sticker price with 32,000 miles) - it's ridiculously reliable over the years, has pretty much all the creature comforts, leather seats, sunroof, etc) - and while it's old and undesirable to most -- It's totally functional, inexpensive to drive, and insure. I have a 2006 truck with a hemi (i bought about three years ago) that I'd rather drive, but I'm practical in saving gas money and so still drive the Pontiac. You're right that I don't know if I'll live to see 57 or 67 or 80 - but that's my plan - and I'm not of the mindset to want to do a job I like at about 60% till I die. I'd rather be free of the tangles of work and day to day job responsibility ASAP.
     
    Last edited: Oct 13, 2017
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  32. jmilcher

    jmilcher 2[H]4U

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    Very much like my experience.

    I still don't think bitcoin is making people millionaires besides on paper. Sorry guys just don't see it happening.
     
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  33. Retronym

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

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    What are your thoughts on the moon landing?
     
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  34. IcePickFreak

    IcePickFreak Limp Gawd

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    Looks like we found the solution to the whole automation and unemployment problem in the future. Nobody has to do anything productive, so everyone will just do some pointless arbitrary task that earns them money.

    Why limit it to computers? How about a rope skipping currency?
     
  35. AliceCooper

    AliceCooper [H]ard|Gawd

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    Stuff just doesn't magically become worth something from nothing. People are willing to convert their real money into BTC for whatever reason. It's for those reasons BTC has value. What value does rope skipping currency provide?
     
  36. M76

    M76 [H]ardness Supreme

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    That is what the pompous miners don't get. If everyone started doing this to earn a living then noone would have a living because everything would collapse in short order. I'm not opposed to mining because it doesn't work. I'm opposed to it on principle. Apart from not creating any useful product. It siphons away resources from elsewhere. Sooner or later we'll hit that wall that says it's not money that has value, it's resources. Mining is basically using up resources to generate currency. There is no nuance to it. And I can only hope that sooner rather than later governing bodies realize how self destructive it is.
     
  37. jpm100

    jpm100 [H]ardness Supreme

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    FTFY. yes.
     
  38. NickJames

    NickJames Viagra Required

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    People were willing to convert their cash into BTC because it was a "semi-untraceable" way of dealing in illegal enterprises.
     
  39. jpm100

    jpm100 [H]ardness Supreme

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    It's a speculative surge and making money relies entirely on timing the market. It's one part lottery another part musical chairs. The only way people make money is that they walk away with the cash form the people who got out too late.
     
  40. Kongar

    Kongar Gawd

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    Should I have bought BTC in 2012?
    Should I have bought Apple in 1982?
    Should I have bought Microsoft at any time in the past?

    Point - hindsight is 20/20. For those that made it big on BTC - good for you.

    A more reasonable strategy everyone can follow for financial success:
    1) Pay off your credit cards 100% every month
    2) Max out your 401k
    3) Put extra on all your loans until they are gone
    4) Drive your automobiles into the ground - don't buy a new one every three years
    5) Stop paying $500/mo for stupid things like cell phone plans and cable TV - go pre paid, cut services, etc.

    That's guaranteed significant returns - no speculation, heartburn, or hindsight required. Treat BTC investment like gambling, real investments are more predictable.
     
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