Bitcoin Smashes through $6,100 to Hit a New Record High

Megalith

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Bitcoin set a new record high on Saturday breaking through the $6,100 barrier. The cryptocurrency hit an all-time high of $6,147.07 just a day after pushing through the $6,000 mark, according to data from industry website CoinDesk.

Much of the rise can be attributed to another upcoming split in bitcoin known as a "fork." This will lead to the creation of a new cryptocurrency called bitcoin gold. Holders of bitcoin will get some bitcoin gold when it is issued, essentially giving them free money.
 
I will officially admit I was wrong for the last decade. [Insert the Billy Madison "You're Smart, I'm Stupid" line to all the miners I argued this was a bubble/scam/"fake"]. Unreal. Should have used my resources many years ago and I would have a nice nest egg.

Being an executive in the Financial Industries world (which probably skewed my opinion of alternative currency to fiat) this is becoming a bigger and bigger topic on how we are going allow use since the regulators have literally no idea with BSA and Patriot Act. Hence we shy away from it, even the retailers that have dipped their toes into have had issues in the US. A few European banks have allowed crypto to be part of their retirement funds, but I still would be hesitant with that unless you are young and can deal with the volatility.
 
I hate myself sooooo much....I used to mine bitcoins to get by while going to school...about 30 coins a month....if only I'd held onto some of them...

I've talked with buddies of mine about this exact thing, and the reality is if you hadn't sold then at the time there were probably dozens of times you WOULD and/or SHOULD have sold after that. Would you have really held out past $100 per coin? $500? $1000? $3000? $5000?

Especially for people who mined them early on basically for free, the idea of turning that into thousands of dollars would probably have won out over the thinking "hey, maybe these will increase in value 10,000x in a few years".

You'd almost have to go into it with a plan to only sell X coins at each of a number of pre-specified price points. That way you'd get some early money in case it crashed, but also have some coins left if it miraculously claims to insane highs.
 
I've talked with buddies of mine about this exact thing, and the reality is if you hadn't sold then at the time there were probably dozens of times you WOULD and/or SHOULD have sold after that. Would you have really held out past $100 per coin? $500? $1000? $3000? $5000?

Especially for people who mined them early on basically for free, the idea of turning that into thousands of dollars would probably have won out over the thinking "hey, maybe these will increase in value 10,000x in a few years".

You'd almost have to go into it with a plan to only sell X coins at each of a number of pre-specified price points. That way you'd get some early money in case it crashed, but also have some coins left if it miraculously claims to insane highs.
But someone who properly speculated (me not included) would have made a flipping killing. Trouble is turning it into accepted fiat currency, but there are enough assets you can buy and liquidate to avoid BSA now to alleviate that.
 
I've talked with buddies of mine about this exact thing, and the reality is if you hadn't sold then at the time there were probably dozens of times you WOULD and/or SHOULD have sold after that. Would you have really held out past $100 per coin? $500? $1000? $3000? $5000?

Especially for people who mined them early on basically for free, the idea of turning that into thousands of dollars would probably have won out over the thinking "hey, maybe these will increase in value 10,000x in a few years".

You'd almost have to go into it with a plan to only sell X coins at each of a number of pre-specified price points. That way you'd get some early money in case it crashed, but also have some coins left if it miraculously claims to insane highs.
Indeed, it's very hard to make rational decisions about something irrational. At least, I have no model that I could use to guide me in predicting whether the price of bitcoin will go up or down. At this point, I wouldn't be surprised if 5 years from now it was 10x higher, or 10x lower...
 
I've talked with buddies of mine about this exact thing, and the reality is if you hadn't sold then at the time there were probably dozens of times you WOULD and/or SHOULD have sold after that. Would you have really held out past $100 per coin? $500? $1000? $3000? $5000?

Especially for people who mined them early on basically for free, the idea of turning that into thousands of dollars would probably have won out over the thinking "hey, maybe these will increase in value 10,000x in a few years".

You'd almost have to go into it with a plan to only sell X coins at each of a number of pre-specified price points. That way you'd get some early money in case it crashed, but also have some coins left if it miraculously claims to insane highs.

Same thing happened to me, I looked at my coinbase history in 2013... I had a few bitcoins... nothing crazy, maybe like 5 total, even when mining wasn't super easy, I sold them here and there. And at the time, walked away with (what I thought was an amazing amount of money for the effort put in) a couple hundred dollars.

If I had forgotten about them for a year or two, signed in and saw "holy crap! it's at $1000" you bet your ass I'd have sold them instantly. I can't even be upset from selling 0.07 BTC 2 weeks ago before the most recent rally past 5000, at the time I was cashing out at what I felt was acceptable for the time.

As much as I love to day dream "if only I had held on to them all" there was just as much probability that it crashes to nothing and doesn't recover for years (if ever) I love BTC and hope it goes to $10k but as fun as it is to think about, it could just as easy take a huge dump tomorrow, it's that volatile. Any money/time/energy I have into it is purely on the hobby level as I wouldn't want to risk my real finances and nest egg on it. I make decent profit as it is with my 19 GPU farm :)
 
Makes you guys feel any better, I had about 100 contracts(10,000 shares) in AMD when it was $2 they were for $3 Calls that ended in February
Nothing came of it and then it sky rocketed.

1 year too early, was also in a tax free account which would have given me all the profit with zero tax or income penalties
 
Same thing happened to me, I looked at my coinbase history in 2013... I had a few bitcoins... nothing crazy, maybe like 5 total, even when mining wasn't super easy, I sold them here and there. And at the time, walked away with (what I thought was an amazing amount of money for the effort put in) a couple hundred dollars.

If I had forgotten about them for a year or two, signed in and saw "holy crap! it's at $1000" you bet your ass I'd have sold them instantly. I can't even be upset from selling 0.07 BTC 2 weeks ago before the most recent rally past 5000, at the time I was cashing out at what I felt was acceptable for the time.

As much as I love to day dream "if only I had held on to them all" there was just as much probability that it crashes to nothing and doesn't recover for years (if ever) I love BTC and hope it goes to $10k but as fun as it is to think about, it could just as easy take a huge dump tomorrow, it's that volatile. Any money/time/energy I have into it is purely on the hobby level as I wouldn't want to risk my real finances and nest egg on it. I make decent profit as it is with my 19 GPU farm :)
I would have likely done the same - even had I mined with the very nice hardware I had when I was younger and used my expendable funds on [H] shit, I likely would have seen a $1k exchange rate and sold immediately... But the speculative perspective (all those that I argued with here... lol... :( ) were willing to sit on them. Now they have a small fortune of "fake currency" that has a massive market.

When I say fake currency I just mean not fiat and not backed by a military. Don't need the miners thrashing me! But at the current economic state of the world it's no more fake than QE/QT or any of the structured plans in the EU - possibly even more "real" since there is a limit and "rules to the game." Everyone needs to remember the gold standard which fiat currency ran off of until globalization. I'm just shocked that crypto hasn't been seen as a major threat from the big players (my org is small apples in comparison) and tried to shut them down thru over regulation and Patriot Act.

Nonetheless like I said I could never recommend a person rushing into crypto at this point unless they are young and can deal with the massive swings... I invest on a corporate level (100mm's of funds) and would never even think about it even if the opportunity was there and it was legal... Personally it's interesting; young enough, can buy the dips, and sell on the spikes - play with the extreme volatility.
 
I'm just shocked that crypto hasn't been seen as a major threat from the big players (my org is small apples in comparison) and tried to shut them down thru over regulation and Patriot Act.

Maybe the big players are actually getting into it and don't feel threatened by it at all.

<tinfoil hat> BTC is a great long-term way to get people off of paper money. </tinfoil hat>
 
I hate myself sooooo much....I used to mine bitcoins to get by while going to school...about 30 coins a month....if only I'd held onto some of them...
Time to go through all the old drives and disks looking for lost wallets! :D
 
fucking ridiculous. $1000 gain in 3 days. and why? What's the basis for the gains?

I see one video on youtube of some guy who bought a lambo with bitcoin. But how do you even liquidate a ton of bitcoin ?
 
fucking ridiculous. $1000 gain in 3 days. and why? What's the basis for the gains?

I see one video on youtube of some guy who bought a lambo with bitcoin. But how do you even liquidate a ton of bitcoin ?

BTC is forking on the 25th. People that hold btc will also receive BTG (bitcoin gold), so most people are selling their alts off so that have btc for the fork. The 26th btc will dump as money flows back into alts and will spikes alts. Later in november seg2x fork will happen and same thing will happen all over again.

Coinbase allows 50k a week to be sold into fiat. you can apply for higher limits though...
 
According to coinbase. The bitcoin gold fork already happened. So people holding bitcoin in their wallets for bitcoin gold are wasting time.
 
I hate myself sooooo much....I used to mine bitcoins to get by while going to school...about 30 coins a month....if only I'd held onto some of them...
Ditto. I sold, because A. I had to pay my utility bills and B. I assumed the blockchain size would eventually tank the currency.

I may still be right, but I definitely did not foresee Bitcoin outlasting that fundamental flaw this long.
 
It might not be much but it's time to sell my 0.25 BTC (lol, should of converted those LTC to BTC when they were worth 2 BTC... so much regret.. but anyway...)
 
I couldn't resist so when BTC hit $6,000 I sold mine and paid off a $1,000 miner. I've hit return on capital for three of four miners. If BTC stays at $6,000 then the last one will hit RoC by early December.

WTF am I going to do with all of these GTX 1060s and RX 570s??
 
I couldn't resist so when BTC hit $6,000 I sold mine and paid off a $1,000 miner. I've hit return on capital for three of four miners. If BTC stays at $6,000 then the last one will hit RoC by early December.

WTF am I going to do with all of these GTX 1060s and RX 570s??

It's almost Christmas.... gift ?
 
^ Hilarious. You'll never see as much fear, anger, frustration, confusion and just plain bitter tears at having missed the boat, as you will in every bitcoin thread.
 
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such an obvious bubble




look out, looks like a bubble

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bubble

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but...but...bubble

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bubbleiscious bitchezzz

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I feel both stupid and smart for staying away from this. Read about it when it first launched. Mining on some AMD cards a few years ago, got out right before asics. Still this run will end.
 
I couldn't resist so when BTC hit $6,000 I sold mine and paid off a $1,000 miner. I've hit return on capital for three of four miners. If BTC stays at $6,000 then the last one will hit RoC by early December.

WTF am I going to do with all of these GTX 1060s and RX 570s??

Pretty much the same. I cashed out my bitcoin account yesterday. It will probably still go up for awhile, but I'm too big of a coward to chance holding on. I made a decent profit, but I'll admit, I don't trust it one bit, and have heard far too many horror stories of people losing everything due to a hack.
 
I've talked with buddies of mine about this exact thing, and the reality is if you hadn't sold then at the time there were probably dozens of times you WOULD and/or SHOULD have sold after that. Would you have really held out past $100 per coin? $500? $1000? $3000? $5000?

Especially for people who mined them early on basically for free, the idea of turning that into thousands of dollars would probably have won out over the thinking "hey, maybe these will increase in value 10,000x in a few years".

You'd almost have to go into it with a plan to only sell X coins at each of a number of pre-specified price points. That way you'd get some early money in case it crashed, but also have some coins left if it miraculously claims to insane highs.

And of course would you sell them now? I mean if you believe the BTCheads like the guy in this thread, well it has nowhere to go but up. $6000/coin is just a tiny amount! Of course if you don't sell them, then you don't actualize any gains. Maybe you hold them until retirement and maybe they are right, against all odds, and the price continues to grow infinitely and you are hugely rich. Or maybe something happens and it goes to zero. Maybe a weakness is found in the crypto, meaning they can be cloned, maybe governments crack down on them, making them worthless, maybe something else comes along so much better everyone flees, maybe you deposited them in Mt Gox and you lost them all. You just don't know.

It's always easy to look at something that had a huge gain and say "Oh if only I'd stayed in it!" but the question is would you really have been able to and when would you cash out?

Always remember that for now, there's absolutely nothing backing crypto currencies or given them any value other than speculation, and use on the black market. You cannot pay any taxes with them, no employer pays with them, you cannot buy commodities with them, or any of the other things that give existing fiat currencies their useful value. Also they confer no ownership or rights to any property, real, physical, or intellectual like stocks or bonds do. As such the only value is what speculators put behind it. That sort of thing is extremely fickle, and can skyrocket or plummet at a moment's notice, even more than stocks or the like, and if it drops, well there's no assets behind it to sell to pay out anything.

So don't look back on things and say "Oh if only," because realistically, there is no way of knowing, and you probably wouldn't hold it anyhow.

A good more grounded example: A friend of my father's lived on the same street as Steve Wozinak and was offered to buy Apple stock by Woz himself for a dime a share when they were initially trying to raise capital. Had he gone in for a grand, he'd have tens of millions today... But let's be real here had he actually gone in, he'd have sold the stock not long after it went public and made 200x his investment and counted himself savvy. There's no way he'd have held it for over 3 decades, particularly not in some of those very, very low spots when people questioned if they might go out of business. Also how many companies like Apple have there been that just failed? So many people try and start up some brilliant new firm, only to fail. If he'd one in on those he'd have nothing but a lighter wallet.
 
Time to sell the small fraction I have left in my wallet from years ago, should be worth almost $600 at this price.

Glad I kept a backup of it, even though it wasn't worth much 4 years ago.
 
I started crypto currency mining in June when bitcoin was at $1400

I mine for about .16 bitcoin a month.

Everybody said it was a bubble ready to burst when I started.

To ensure the whole thing was legit, I sold three hundred worth of bitcoin right up front. That three hundred would be worth over $1.2k now

From that point forward I’ve just held.

If I was smart and calculating, instead of eagerly speculating I’d be taking out 20-30% in profits every month and diversifying as I continue to build BTC.

Even knowing the smart thing— I’ve not been doing it. I got a gleam in my eye like a gambler on a winning streak —increasingly likely to lose simply by the odds, but lusting for the streak to continue.

I suppose it’s because at this point I’m just under half a bitcoin and I can afford to gamble $3k so I’ll not miss out on huge growth potential, more than I’ll be hurt if it’s a bubble and crashes and I lose that $3k.

I do agree this is purely speculative. There is no intrinsic worth to bitcoin. It’s an idea. It’s novel. It’s fledging. It has huge upside. But it could drop to nothing in moments. Nothing backs it and nothing guarantees it.

Nevertheless, lots of folk say $25,000 per coin by the end of next year......or higher.
 
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Starting to think cashing out my original coins to pay for some pizza was a bad investment choice :dead:
 
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