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Bitcoin prices hit new record high of over $2200 (10/13 Update: peaked at $5,829)

M

Mr_Antimatter

Member
I should have bought some when it was cheap, but probably would have lost it to mt gox or similar years ago.

Ended up just buying employer stock when it was $0.54 instead, as part of my option.

Only made enough off that sale to put my kids though college.
 
K

Kieli

Member
Knew what bitcoins were since its inception. Didn't care then.

Still don't care about it now.

It's fun to watch its value oscillate though. I don't have a mind for stocks, finance, and trading. Like another Gaffer said, if I did mine/buy it, I would have only bought a few and then sold after the first or second peak.
 
F

Fenderputty

Banned
I think my favorite part of this thread is all the talk about jumping in on the next big crypto. Like anyone needed any other evidence that this is all a giant speculation bubble. lol
 
B

bloke

Member
Dezzy said:
Are there any altcoins that are worth mining with just home PCs these days?
Click to expand...

I'm sure there are, but what's definately still worthy is mining through mining pools like NiceHash, midrange card like rx470 will give you bit over $3 a day atm, so you basically pay it off in less than 3 months with electricity bills included.

There are also bunch of legit services (at least in EU) where you can load you virtual or physical cc with bitcoin, so you can spend it on whatever.
 
E

Ether_Snake

安安安安安安安安安安安安安安安
Like I said in another thread, since this is entirely digital, competition can emerge out of nowhere, so I'm a bit dubious about the long term viability of it. That being said, it could come to a point where people just accept it as the main digital currency and no alternative really catches on because they'd appear too risky by then.

Assuming it remains at the forefront and no serious competition emerges, 2k per bitcoin is still low considering how little it's actually used world-wide. If it became as common of a way to pay as with cash, it would be much more valuable.
 
B

Brawndo Addict

Banned
Fenderputty said:
I think my favorite part of this thread is all the talk about jumping in on the next big crypto. Like anyone needed any other evidence that this is all a giant speculation bubble. lol
Click to expand...

I mean, bitcoin clearly shows there is demand (rational or not), so it only makes sense to evaluate whether a similar bubble could form off a less matured alternative. Ethereum is trying to do something much broader than bitcoin on a technological level and has pretty strong corporate interest. If there's going to be a continuing expansion of the bitcoin market, illusory value or not, then there's potential profit to be had.

Its like any other high risk asset, they should form a relatively small percentage of your overall portfolio, it should not be your primary investment strategy. But yes, your only source of real return is other people thinking the bubble will get higher than you do.
 
T

TheVampire

Banned
This really makes me seriously depressed

I remember buying like 40 bitcoins for $300 or something back in 2013........

IF ONLY I KNEW

Really I know just ignore all bitcoin news since I missed the bus and it really breaks my heart since I have no job. Its fucking soul crushing for me.
 
M

Makai

Member
Fenderputty said:
I think my favorite part of this thread is all the talk about jumping in on the next big crypto. Like anyone needed any other evidence that this is all a giant speculation bubble. lol
Click to expand...
Damn, I missed tulips. Ok, I'm in on the ground floor with orchids.
 
K

Kwixotik

Member
Just the other day I was like "Man, the first time I seriously considered buying bitcoins they were $20 a pop. If I invested $1000 then, I could pay off my six figure loans today. They're $1800 now!"

And now they're $2200. Jesus.
 
M

manueldelalas

Time Traveler
I remember a few years ago when a cousin introduced me to Bitcoins. They had an explosive growth and were 10 cents, because it was the only thing people in some poor country with fixed prices could buy online.

I said, sure, but me $100 worth of those, I can afford it.

Long story short, he didn't buy me the 1,000 bitcoins and I'm not a millionaire.
 
A

antonz

Member
Black-Wind said:
I guess I gotta hope that they fall again so that I can jump in.

How does one even mine these?
Click to expand...

At this point bitcoins are a major investment to get into mining. Takes around 6 grand worth of investment in hardware to mine about 1 bitcoin a month.
 
n0razi

n0razi

Member
antonz said:
Probably not a good idea. While it could still go up some it could also be a pump and dump situation by some of the early miners.
Click to expand...

Thats what they said when it hit $100, and again when it hit $500, and again when it hit $2000...

I was also told that Hillary would easily beat Trump
 
A

antonz

Member
n0razi said:
Thats what they said when it hit $100, and again when it hit $500, and again when it hit $2000...

I was also told that Hillary would easily beat Trump
Click to expand...

That ignores the fact it has spiked up and then dropped before. Few years back there was a mad rush when it hit $1000 then it imploded down to a few hundred. If you have the money to throw around then sure feel free to take the risk but its also not something to be pushing as if making money is a guaranteed thing to people who should have no involvement with their limited money
 
DonMigs85

DonMigs85

Member
Question dudes - can you still mine on something like Nicehash when you aren't using your PC and earn a bit of spending money every couple weeks?
 
F

Fenderputty

Banned
Brawndo Addict said:
I mean, bitcoin clearly shows there is demand (rational or not), so it only makes sense to evaluate whether a similar bubble could form off a less matured alternative. Ethereum is trying to do something much broader than bitcoin on a technological level and has pretty strong corporate interest. If there's going to be a continuing expansion of the bitcoin market, illusory value or not, then there's potential profit to be had.

Its like any other high risk asset, they should form a relatively small percentage of your overall portfolio, it should not be your primary investment strategy. But yes, your only source of real return is other people thinking the bubble will get higher than you do.
Click to expand...

Ohh I agree there's profit to be had. I'm not anti-crypto either. I'm just more interested in the currency part rather than the speculation.
 
B

Biske

Member
I've seen a few people ask but nobody really answer.

How do you actually sell bit coins and is it actually realistic?


Having 75 Million in bit coins means nothing if you can't sell them. It seems like you'd have to dip into some real shady shit to sell them.
 
X

Xe4

Banned
If there's a totally fixed amount of bitcoins that could ever be possible, how do they fight deflation? How is the market in any way whatsoever stable. Even with precious metal backed currency, more is being mined. But with this, I can't see the market lasting very long.

n0razi said:
Thats what they said when it hit $100, and again when it hit $500, and again when it hit $2000...

I was also told that Hillary would easily beat Trump
Click to expand...
I don't think you understand how speculation bubbles work, because this has all the signs of them. Also, lol at your last sentence.
 
K

KojiKnight

Member
Biske said:
I've seen a few people ask but nobody really answer.

How do you actually sell bit coins and is it actually realistic?


Having 75 Million in bit coins means nothing if you can't sell them. It seems like you'd have to dip into some real shady shit to sell them.
Click to expand...

Through brokers... Just like stocks or any other currency market, and it's not like you'd have to sell them all to one individual regardless... There is a lot of hunger if you wanted to sell your bit coins just a few at a time.
 
B

Brandson

Member
Biske said:
I've seen a few people ask but nobody really answer.

How do you actually sell bit coins and is it actually realistic?


Having 75 Million in bit coins means nothing if you can't sell them. It seems like you'd have to dip into some real shady shit to sell them.
Click to expand...

You wouldn't sell them all at once in one day or even necessarily on one exchange, but it is possible to sell. You would probably sell a portion every day for some time. You might also exchange some to another cryptocurrency and list those for sale on an exchange into dollars at the same time. Exchanges exist to go directly between different cryotocurrencies as well.
 
M

m_shortpants

Member
I put $200 into ETT 2 weeks ago...it went up 30% today.

Yeah just gonna forget about it.

In early 2014 I put about $1k into 1.5 BTC...then it crashed.

I just didn't think much of it and moved on, legitimately forgetting about that account.

Two weeks ago when BTC peaked at 1800 I logged in to see how much BTC I had...it was worth $2200. Now it's worth $2800.

It was kind of like the feeling of finding some money in an old pair of pants.
 
B

Biske

Member
KojiKnight said:
Through brokers... Just like stocks or any other currency market, and it's not like you'd have to sell them all to one individual regardless... There is a lot of hunger if you wanted to sell your bit coins just a few at a time.
Click to expand...

So people sell one coin at a time? It sounds totally crazy and makes sense at the same time.

I don't know anything about anything, but it seems to me, at this point you'd have a hell of a time selling them in any big quantity. I feel like if you have money to play with, unless you are just fucking around, you'd be putting it into much more solid investments, and that the real bitcoin market is when its low enough for "average" joes to gamble on and dream.

Unless there really are a lot of people out there willing to forkover 2200 per coin, in hopes it goes even higher.
 
DonMigs85

DonMigs85

Member
Biske said:
I've seen a few people ask but nobody really answer.

How do you actually sell bit coins and is it actually realistic?


Having 75 Million in bit coins means nothing if you can't sell them. It seems like you'd have to dip into some real shady shit to sell them.
Click to expand...

Yeah I wanna know too. I have a local site where you can convert bitcoins, but the limit is about the equivalent of $1000 a day.
 
B

Biske

Member
Though I guess, from what knowledge I've gleamed from movies like The Big Short.


Say I have 75 million in bit coins, I try and find someone to say pay me a fraction of that? So I offer 75 million in bit coins for a cool 20 million? Someone buys it hoping they make a shit ton off of that, I make 20 million and walk away pleased?

Is that how it works, albeit in smaller quantities?
 
R

RoyaleDuke

Banned
Man, I sure could use $2200 dollars.

Too bad I don't have any bitcoins.

I don't understand the notion of cryptocurrency, I suppose really it isn't any different from digital currency or microtransactions in games, except it is being used in lieu of real money even though it carries that same intrinsic value, if not more than real physical currency.

By not understanding the notion, I am basically just not understanding how it all works in a sense, why it has worth compared to physical currency.

Basically how does it become its own economy and how does it effect world economies at large?
 
U

Unknown Soldier

Member
Xe4 said:
If there's a totally fixed amount of bitcoins that could ever be possible, how do they fight deflation? How is the market in any way whatsoever stable. Even with precious metal backed currency, more is being mined. But with this, I can't see the market lasting very long.
Click to expand...

Currency hasn't been backed by precious metal for a long time. Most nations abandoned the "Gold Standard" during the 1930's during the Great Depression. Some attempted to restore partially or fully the practice of backing currency with precious metals but as of 1976 the entire world monetary system is based on fiat currencies. The US Dollar, the Japanese Yen, the Euro are all fiat currencies. Fiat currencies are based simply on the belief that the sovereign government issuing the currency can and will continue to honor the stated value of the currency. That's literally it, no physical assets back fiat currencies.

I don't think you understand how speculation bubbles work, because this has all the signs of them. Also, lol at your last sentence.
Click to expand...

Bitcoin has been through several speculation bubbles now, and each time it has crashed and then recovered to much more than the bubble top. It's basically an embryonic stock market and there's still a lot of growth ahead, if you can weather the crashes.
 
F

Fenderputty

Banned
Xe4 said:
If there's a totally fixed amount of bitcoins that could ever be possible, how do they fight deflation? How is the market in any way whatsoever stable. Even with precious metal backed currency, more is being mined. But with this, I can't see the market lasting very long.


I don't think you understand how speculation bubbles work, because this has all the signs of them. Also, lol at your last sentence.
Click to expand...

The total amount of bitcoins that can theoretically be made is fixed. Which is why fractioning of coins occurs, but that's kinda half ass. The creators have argued that deflation won't kill the market, which may be the case. Deflation is just why it will always be s shitty currency.

Could you imagine if your dollar was this volitile?
 
U

Unknown Soldier

Member
RoyaleDuke said:
Man, I sure could use $2200 dollars.

Too bad I don't have any bitcoins.

I don't understand the notion of cryptocurrency, I suppose really it isn't any different from digital currency or microtransactions in games, except it is being used in lieu of real money even though it carries that same intrinsic value, if not more than real physical currency.

By not understanding the notion, I am basically just not understanding how it all works in a sense, why it has worth compared to physical currency.

Basically how does it become its own economy and how does it effect world economies at large?
Click to expand...

First you must realize that fiat currency isn't any more "real" than Monopoly money, except that the sovereign US Government guarantees that 1 US Dollar is worth 1 US Dollar. The people of the Earth accept that 1 US Dollar is worth 1 US Dollar, and so it is worth 1 US Dollar.

Once you realize this, then you understand that private individuals or groups inventing a currency isn't that far-fetched. As long as the people of the Earth accept that 1 Bitcoin is worth 1 Bitcoin, then it is worth 1 Bitcoin.

What gets exciting is trying to convert the value of a fiat currency like the US Dollar into Bitcoin. That's what is a roller coaster right now, as cryptocurrencies are subject to intense amounts of speculation and that makes the exchange value of US Dollar to Bitcoin move around like crazy compared the exchange value of US Dollar to Euro for example.
 
C

criesofthepast

Member
Oh cool I own 8 coins that I bought at $50. Forgot about them. Thanks for the heads up OP. I still have a shitload of litecoin. Wtf litecoin? Thought it would never be worth anything again.
 
F

Fenderputty

Banned
Unknown Soldier said:
Once you realize this, then you understand that private individuals or groups inventing a currency isn't that far-fetched. As long as the people of the Earth accept that 1 Bitcoin is worth 1 Bitcoin, then it is worth 1 Bitcoin.
Click to expand...

Yes and no. We're discussing speculative bubbles here precisely because that's all that's driving the value of bitcoin. You're diminishing the value that a state agency provides when they back a fiat currency.
 
U

Unknown Soldier

Member
Fenderputty said:
Yes and no. We're discussing speculative bubbles here precisely because that's all that's driving the value of bitcoin. You're diminishing the value that a state agency provides when they back a fiat currency.
Click to expand...

The value of a fiat currency doesn't often correlate with the ability of the sovereign government to assure it's value, unless you think that the British government overnight could no longer guarantee that 1 Pound is still 1 Pound the day after the Brexit vote for example. Most fiat currencies trade on the expected value and strength of the national economies, which in many cases has limited effects on the stability of the sovereign government of said nation. Then we have the Euro, which is a super-national fiat currency which is backed by up to 19 governments or none depending on your perspective.
 
Jzero

Jzero

Member
I bought one Ethereum for $10 and sold it for $150 yesterday. I probably should have left it there for a couple more years haha
 
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