Bitcoin Price Soars above $5,000 to Record High

M76 said:
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.
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The Chinese government uses bitcoin mining to use excess electricity in remote leftover industrial regions where power lines are too inefficient. Coins are mined and sold and then the proceeds go into the economy.
There is a tremendous amount of nuance to it.
 
NickJames said:
People were willing to convert their cash into BTC because it was a "semi-untraceable" way of dealing in illegal enterprises.
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anything can have value as a currency SIMPLY because people assign it value.

That includes gold, silver, soup, chickens, land, hay, coconuts, milk, beef, guns, whatever -- bitcoin can be used for bartering for real tangible goods in a reliable manner and in a global way as basically nothing has before it ----- thus it can have every bit a realistic value for currency use as anything else. It's not just for illicit use. You do realize Microsoft and Newegg accept bitcoin and apparently Amazon is on the cusp of accepting bitcoin --- you think they are in it for the nefarious aspect?
 
Archaea said:
anything can have value as a currency SIMPLY because people assign it value.

That includes gold, silver, soup, chickens, land, hay, coconuts, milk, beef, guns, whatever -- bitcoin can be used for bartering for real tangible goods in a reliable manner and in a global way as basically nothing has before it ----- thus it can have every bit a realistic value for currency use as anything else. It's not just for illicit use. You do realize Microsoft and Newegg accept bitcoin and apparently Amazon is on the cusp of accepting bitcoin --- you think they are in it for the nefarious aspect?
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It is highly unlikely that either Microsoft or Newegg accepts bitcoin. Likewise, it is highly unlikely that Amazon will accept bitcoin. They likely only accept hard currency and their payment provider does the conversion. Likewise, it is high unlikely that they price in bitcoin.
 
aaronspink said:
highly unlikely
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"You Keep Using That Word, I Do Not Think It Means What You Think It Means"

https://promotions.newegg.com/nepro/16-6277/index.html

http://money.cnn.com/2014/12/11/technology/microsoft-bitcoin/index.html

Here's a pretty extensive list of places you can buy product from with bitcoin. There are some big players in this list. (Dell, Overstock, TigerDirect, Microsoft, Newegg, etc)
https://www.coindesk.com/information/what-can-you-buy-with-bitcoins/


disruption_you-keep-using-that-word_inpost_credit-livememe.jpg
 
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I remember in 2010 when btc was worthless and people were trading thousands of them for someone to buy them pizza lol. I missed the boat so many times on btc that it hurts to read news like this now.
 
aaronspink said:
It is highly unlikely that either Microsoft or Newegg accepts bitcoin. Likewise, it is highly unlikely that Amazon will accept bitcoin. They likely only accept hard currency and their payment provider does the conversion. Likewise, it is high unlikely that they price in bitcoin.
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They convert the price based on the current price at time of purchase. That's what sucks though, because BTC is pretty damn volatile.
 
Archaea said:
"You Keep Using That Word, I Do Not Think It Means What You Think It Means"

https://promotions.newegg.com/nepro/16-6277/index.html

http://money.cnn.com/2014/12/11/technology/microsoft-bitcoin/index.html

Here's a pretty extensive list of places you can buy product from with bitcoin. There are some big players in this list. (Dell, Overstock, TigerDirect, Microsoft, Newegg, etc)
https://www.coindesk.com/information/what-can-you-buy-with-bitcoins/
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And literally none of that means they actually accept bitcoin nor that they price in bitcoin. They price and accept hard currencies. That you can pay in bitcoin doesn't mean what you think it means.
 
AliceCooper said:
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?
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We don't know until we try. It's as arbitrary as a computer doing meaningless calculations though, and a piece of rope is a much smaller initial investment so it's got that going for it.
 
Bandalo said:
They convert the price based on the current price at time of purchase. That's what sucks though, because BTC is pretty damn volatile.
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Which was my whole point, they never see bitcoin on their books. Unlike say USD an Euros which they both price in and put on their books.
 
aaronspink said:
Which was my whole point, they never see bitcoin on their books. Unlike say USD an Euros which they both price in and put on their books.
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I don't know if Amazon/Newegg as a company invests in it or not. I do know they accept it as payment, and it's converted and traded/sold when you buy something. So it does have SOME use outside of pure investment.
 
M76 said:
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.
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The thing is, bitcoin is really just a tip of the iceberg. You really think it's wasting more resources than pushing a new model of cell phone every year? Or hell, even pushing cars while we let our railways fall apart? Or what about burning down forests that are millions of years old to create grazeland? The whole of humanity is currently defined by waste and no regard for the future whatsoever. Bitcoin is nothing. I'm not saying you're wrong in concept, more like you're focusing on culprit #587 and talking like it's #1.

Kongar said:
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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Yeah, advice "everyone" can follow: max out your 401k, have $500 of disposable income every month, have enough income to be able to afford a new car every 3 years, in other words be earning enough to be close to upper-middle class in the first place. Guaranteed success! You're mixing sound advice (like don't acquire credit card debt) with a "let them eat cake" perspective and saying it's for everyone. The median individual income is about 30k a year, about 26k for those under 35. Nobody's maxing out their 401k on that.
 
aaronspink said:
And literally none of that means they actually accept bitcoin nor that they price in bitcoin. They price and accept hard currencies. That you can pay in bitcoin doesn't mean what you think it means.
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What you are suggesting means that EVERY place would accept bitcoin if they are getting an exchange to change it into USD first. What's unique about that whatsoever????? There'd be no point in stating - we now accept bitcoin. Did you even open the links I sent you.

I gave you actual evidence via links from a couple vendors and a reference page of many more - your reply provided no legitimate counter. "I still don't think (in my limited knowledge) that makes sense and so you are wrong" isn't a counterargument in the face of provided evidence.
 
person 1: I don't think crypto-currency will accepted by the majority of people and ever become a standard form of global currency. It is just a bubble waiting to pop.
person 2: You haz limited knowledge pleb hur dur dur dur I knowz sum economiczzz supply andzz demandzzzz hur dur dur dur I have good job and dis mining paid for my 20 gtx titans hurrrrrrrr

pretty much how the convo goes on just about every thread related to cryptocurrency
 
nightanole said:
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?
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Most reliable US based way to convert BTC, LTC, and ETH to USD is Coinbase. There are fees associated of course, but you could cash that amount without issue there. They do have tiers based on what level of trust they have with you, so you would have to transfer it out over time but you could do the sell to USD all at once. There are other ways to move that amount, but they involve more steps. Doing business in BTC, LTC, and ETH is not any harder than doing business at a bank (if you use Coinbase).
 
Archaea said:
What you are suggesting means that EVERY place would accept bitcoin if they are getting an exchange to change it into USD first. What's unique about that whatsoever????? There'd be no point in stating - we now accept bitcoin. Did you even open the links I sent you.

I gave you actual evidence via links from a couple vendors and a reference page of many more - your reply provided no legitimate counter. "I still don't think (in my limited knowledge) that makes sense and so you are wrong" isn't a counterargument in the face of provided evidence.
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None of them are pricing in BC and none of them are booking bitcoin. And that's exactly the point, there is nothing unique about it. It is just a payment processor giving them hard currency. And yes, I read your links. Come back when they are pricing in actual bitcoins and when they are booking the sale in BC.
 
Kongar said:
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.
Click to expand...

The number regret of old retired people is that they should have taken more risks. Playing it safe leads to a safe grave where your wife and children spend your life insurance. Those who take risks enjoy life today, win or lose. But when they win, that one day replaces many years of struggle. Kyle took a risk and created a website that changed lives, but he could have just maxed out his 401K instead and none of us would have ever experienced Hardforum.

Shout out to all who took a risk and won, and those who lost and are still believing for the win.
 
aaronspink said:
None of them are pricing in BC and none of them are booking bitcoin. And that's exactly the point, there is nothing unique about it. It is just a payment processor giving them hard currency. And yes, I read your links. Come back when they are pricing in actual bitcoins and when they are booking the sale in BC.
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Well I guess btc is as worthless as my Visa since it is only used to process payments.

Oh wait, I can shoot it across the world with no worry about currency exchanges......
 
tetris42 said:
Yeah, advice "everyone" can follow: max out your 401k, have $500 of disposable income every month, have enough income to be able to afford a new car every 3 years, in other words be earning enough to be close to upper-middle class in the first place. Guaranteed success! You're mixing sound advice (like don't acquire credit card debt) with a "let them eat cake" perspective and saying it's for everyone. The median individual income is about 30k a year, about 26k for those under 35. Nobody's maxing out their 401k on that.
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Obviously not everyone can do ALL the things on my list. But it’s a directional goal. If you’re thinking of buying a $5000 bitcoin - something risky, and you’ve done nothing on my list, then you’re not acting very smart. I mean most 401ks company match a % of contributions right out of the gate. That’s doubling your money, guaranteed. Paying off expensive loans is a guaranteed 7% give or take.

WorldExclusive said:
The number regret of old retired people is that they should have taken more risks. Playing it safe leads to a safe grave where your wife and children spend your life insurance. Those who take risks enjoy life today, win or lose. But when they win, that one day replaces many years of struggle. Kyle took a risk and created a website that changed lives, but he could have just maxed out his 401K instead and none of us would have ever experienced Hardforum.

Shout out to all who took a risk and won, and those who lost and are still believing for the win.
Click to expand...

Fair enough, but there is something to be said for having a solid base / fallback plan.
 
thebufenator said:
Well I guess btc is as worthless as my Visa since it is only used to process payments.

Oh wait, I can shoot it across the world with no worry about currency exchanges......
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Yeah, but the bitcoin is at risk from the equifax breach and is tied to your SSN.

Oh, whoops, never mind.
 
Kongar said:
Obviously not everyone can do ALL the things on my list. But it’s a directional goal. If you’re thinking of buying a $5000 bitcoin - something risky, and you’ve done nothing on my list, then you’re not acting very smart. I mean most 401ks company match a % of contributions right out of the gate. That’s doubling your money, guaranteed. Paying off expensive loans is a guaranteed 7% give or take.



Fair enough, but there is something to be said for having a solid base / fallback plan.
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There is a fall back plan. Have multiple streams of business income, about 8, not just retirement accounts. 401K was created to encourage investing the the stock market, to fuel the economy. In 2008, the main losses where homes, jobs and 401K gains, the three main dependencies of the middle class. Some people lost up to 60% of their retirement in days and couldn’t retire. It will happen again.

Young people learned at that time not to depend on jobs and 401K, so we saw the rise of entrepreneurship in computer science. Some of the most valuable companies came out of the meltdown. And it’s not a coincidence Bitcoin was born of it it as well.
 
RogueTadhg said:
missed-train.jpg


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.
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I know this Billionaire guy on steam no longer my friend he a online banker wipes in ass with gold toilet paper he told me. He bought like every damn game on steam he doesn't even play them so so much for that idea.
 
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