Bitcoin Soars past $15,000, Just Hours after Crossing $14,000

Discussion in '[H]ard|OCP Front Page News' started by Megalith, Dec 7, 2017 at 8:52 AM.

  1. Megalith

    Megalith 24-bit/48kHz Staff Member

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    Bitcoin's incredible rise continues, with the digital currency climbing above $15,000. Bitcoin has now risen by over $3,000 over the last 36 hours and has gained well over 1,000% across 2017. The incredible rise means the total value of the entire cryptocurrency market has now passed $400 billion.

    The digital currency began the year below $1,000 and its gains have accelerated as investor interest grows. Chicago-based Cboe Global Markets is planning to launch bitcoin futures on Sunday, while the world's largest futures exchange, CME, is set to launch its futures product the following week. The addition of bitcoin futures by two respected exchanges marks another step towards establishing the digital currency as a legitimate asset class.
     
  2. BlueFireIce

    BlueFireIce [H]ardness Supreme

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  3. aaronspink

    aaronspink Gawd

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    But of course there's no bubble........
     
  4. Comixbooks

    Comixbooks Ignore Me

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  5. quiktake

    quiktake Limp Gawd

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    I don't think we have reached the point where taxi drivers are giving bitcoin advice, but we are close. Maybe in Korea and Asia they are at that point, it is driving the price up.
     
  6. SticKx911

    SticKx911 [H]ard|Gawd

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    If I invest it’ll crash...if I invest it’ll crash... I know my luck, I have to keep telling myself. Ha. Enjoy the ride guys. Congrats to those able to milk the most out of it.
     
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  7. Spaceninja

    Spaceninja Gawd

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  8. Jaymzkerten

    Jaymzkerten Limp Gawd

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    I know if I was in the market this would probably be about the point I'd cash out, I can't imagine it going much higher without crashing down hard.

    Of course I probably would have said the same thing a couple years ago as it went from $10 to $100.
     
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  9. NeghVar

    NeghVar [H]ard|Gawd

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    though this is not a stock, many stocks that have climbed as quickly as bitcoin is have burst. Its about rising high without a solid foundation. The chances are even greater if more companies pull out of the bitcoin market like Steam did.
     
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  10. Dekar12

    Dekar12 Gawd

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    Didnt they just allow this to be traded or something? But I would say, it sounds like a serious bubble burst coming soon. lol
     
  11. CookieFactory

    CookieFactory Limp Gawd

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  12. Monkey God

    Monkey God [H]ardness Supreme

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    The problem is bitcoin (or at least the people buying into it) resist all forms of rational analysis.
     
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  13. Joust

    Joust [H]Lite

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    Seems likely.
     
  14. dandirk

    dandirk [H]ard|Gawd

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    going to sell 50% of my 4 coins I think....
     
  15. Joust

    Joust [H]Lite

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    I wish I had 4 coins. Or one. Or fifty.
     
  16. Dead Parrot

    Dead Parrot [H]ard|Gawd

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    Depends on how many they took in and kept. If we hear about large bonuses for Steam Execs, we might have our answer. OTOH, if they mistime the sell, we might hear about the need to cut expenses.

    If you have some, might be a good time to take a few off the table and buy the massive [H] rated gaming rig, pay off the car/house, and expand that retirement account.
     
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  17. DPI

    DPI [H]ardForum Junkie

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    None that you could define or methodically explain why beyond just blurting a buzzword.
     
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  18. tunatime

    tunatime 2[H]4U

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    I am seriously considering selling my remaining 25 right now
     
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  19. Rahh

    Rahh [H]ard|Gawd

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    So if you cash out now who is buying it or exchanging right now? Seems to me through fees and regulations recently it's becoming even harder to offload these?
     
  20. rezerekted

    rezerekted 2[H]4U

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    What other crypto currency is worth investing in?
     
  21. bugleyman

    bugleyman Limp Gawd

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    Please. A bubble is just this simple: When people stop caring about the utility (or future utility) of a thing and start caring solely about where they think the price is going.

    In other words, it's when everyone knows they're playing musical chairs, but just hopes they won't be caught without a seat when the music stops.
     
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  22. Trepidati0n

    Trepidati0n [H]ardForum Junkie

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    There is no legitimate investment for bitcoin since there is no history behind it. It is all 100% speculation right now. How many times does speculation work out? Statistics say...not very likely. Everything about bitcoin and other crypto currencies right now fits the definition of a "bubble".
     
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  23. RogueTadhg

    RogueTadhg [H]ard|Gawd

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    Don't you fucking invest. Don't you ruin this for me!

    Shoo!

    <3

    I've got 1 dollar invested in this thing. I want 2 dollars. ...It's sad because this is true.
     
  24. Trepidati0n

    Trepidati0n [H]ardForum Junkie

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    Sell at least half. Take that to the bank and then if it doubles again, sell half...keep repeating the process. This is a managed risk approach for stock investing.
     
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  25. Powerage

    Powerage [H]ard|Gawd

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    I think a fundamental question is what makes it worth 10x what it was worth at the beginning of this year? Or better yet, $3000 more than it was worth yesterday?
     
  26. RogueTadhg

    RogueTadhg [H]ard|Gawd

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    Well look at the USD, it's not backed by anything tangible. Ours is backed by debt.

    It's working out so far. I just sent chills down my spine.
     
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  27. ruffbytes

    ruffbytes Limp Gawd

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    It's like bottled water or generators during a natural disaster, except those things are actually useful.
     
  28. DPI

    DPI [H]ardForum Junkie

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    Market cap. The amount of fiat currency that has been exchanged for Bitcoin, divided by circulating supply.
     
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  29. bugleyman

    bugleyman Limp Gawd

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    No, our currency is backed by the government, which -- in theory, at least -- means it is back by all of us, despite the debit.

    Bitcoin is literally backed by nothing but an implicit understanding of agreed-upon value.

    Does that mean you can't make money on it? Of course not. Just don't bet anything you can't afford to lose.
     
  30. aaronspink

    aaronspink Gawd

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    It is backed by the USA and the economic activity of the USA. That's pretty tangible as far as things go.
     
  31. DPI

    DPI [H]ardForum Junkie

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    Wrong. Which tells me you literally don't understand it then.
     
  32. aaronspink

    aaronspink Gawd

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    That's literally all that backs it, it is purely a speculative instrument. There is no other backing for it. No reserves, nothing.
     
  33. PantherBlitz

    PantherBlitz Limp Gawd

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    They had to do it. Imagine the number of zeros on your invoice after the decimal.
     
  34. Joust

    Joust [H]Lite

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    Government-backed currency had advantages.
     
  35. Q-BZ

    Q-BZ Pick your own.....you deserve it.

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  36. Joust

    Joust [H]Lite

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    The denomination is getting hefty. That's true.
     
  37. Susquehannock

    Susquehannock 2[H]4U

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    As I have been hearing a lot recently, the word "bubble" is usually something said in hindsight after the fact. All this is eerily reminiscent of internet stocks in year 2000. Had to search a bit to find one still in existence that would chart up. This one broke $20k a share (split adjusted) and is now below $4.

    Interesting times for sure. Typing this while sitting on the sideline with a big tub of popcorn.
     

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  38. bugleyman

    bugleyman Limp Gawd

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    Ok, I"ll bite. Care to enlighten me?
     
  39. InorganicMatter

    InorganicMatter Pick your own.....you deserve it.

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    Hmmmm that sounds familiar...