$17000 in like 5 minutes
I personally think weâll see this at 100k per btc before the pop.
i think this is the breaking point and a 50% crash is today. crossing thousands of $ in a matter of minutes is just too crazy.
Too many people bought in at 15k and higher for it to drop below that. We will have profit takers for sure but, 15k is now the holding point.
I saw this article today and thought of this thread.
I for one am watching the bitcoin prices daily with a bag full of popcorn. Hitting $100k or $1k, either will be exciting. Unfortunately I cashed out the majority of my holdings when BTC hit the unbelievable price of $6.67 a coin so I could buy a piece of furniture for my house. I lost the rest in a ponzi scheme that I knew would fail in the end, I was just too slow to catch the end. Turns out I was invested in the wrong scheme and should have just left it all in a wallet that I probably would have forgotten the password for. If I hadnât cashed out I could have used those same coins and bought 700 of the same piece of furniture and would have had to buy a new house to fit it all!
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thereâs some misinformation in the thread.
Sure you can see âwhoâ is making the txn in the ledger/blockchain. BUT, a large premise is the anonymity. So, just b/c you can see bitcoinmonster158 transfer to sheep777, doesnât mean you know who they are. If there was a way, even a difficult way, then Mt. Gox and the other exchanges who were plundered and had millions (in THEN dollars) stolen and couldnât find themâŚwell, good luck. Itâs too easy to âlaunderâ into smaller txn and funnel to your account, thus screwing any hope of identifying who it really is/was. Youâd have to control a large number of servers, sniff packets, etc to even have a slim hope. And youâre still largely in a extremely dimly lit room, trying to track down hundred of txnâs. Sure, while eventually there may be tools to âtrack down who did whatâ w/ forensic accounting, itâs a LONG way off, besides the fact that one of the base reasons BTC was used is exactly b/c that wasnât possible. Should a coin implement that, the core/orig users would flee/sell.
As for BTC manipulation, sure I wouldnât put it past the WinkelVi to sell to themselves to perhaps do what TripB suggests. That said, if they were doing this, I think the latest push up came not from them, but speculators. I think a near-term crash is more likely (30%+) with in weeks, if not months. it will probably have the typical fits as those who felt they âlost outâ on the up trend buy on the dip and it spikes again, w/ another stomach churning drop. Where it eventually lands, who knows. I just regret not dropping 10k back when $200. Whether I would have kept until nowâŚcanât say I would have anyways.
The txn costs are NOT nil. They are quite small comparatively. Big banks HATE anything BTC related, b/c the cost to send $1MM AND currency convert is paltry compared to what THEY chargeâŚso they want to call it a hoax, etc. I view their efforts much in the same vein as MPAA and RIAA to P2P. One day theyâll realize their folly.
The real tech of BTC is the blockchain. Sadly BitCoin has more than itâs share of issues. The fact that the BC can only handle like 3 txns/sec, well, itâll NEVER scale, in its current form And ppl will soon learn what it means to âsellâ as the BTC value drops and doesnât âexecuteâ until theyâve lost thousands 
That said, there are many companies whoâve been working on blockchain for years. Itâll be the new place where millionaires are minted, imho. Many of the financial firms in/around NYC have been investing in and/or leaving to start BC firms. Itâll be the future of the financial industry in the years to come. Eventually itâll be used for real estate transactions and the like which donât require high throughput, but a record for txns. BitCoin has a FINITE # of coins which can be mined. Sure you can keep pushing the decimal place further and further, but at some point, when everyone is dealing with a millionth or billionth of a coin, it starts to seem absurd. Add in the fact that there are a large number of coins which are just âlostâ. Due to HDD failure, forgotten 2FA, misplaced wallets, etc. Iâve seen articles speculate as to the %age, but itâs just a huge guess on their part.
Finally, itâs possible this huge spike could be the cause of BitCoin to eventually falter. In that theyâve been trying to deal w/ the multitude of issues to be able to grow and always the infighting pushed decisions offâŚand now that itâs become mainstream, the ability to make those moves has been made drastically more difficult w/o killing the newfound confidence the âcommon manâ has in BTC.
Iâve probably missed a few points, but thatâs my 2 cents.
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My prediction. bitcoin is a fad and will fall hard. Just donât know when.
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Kind like our existence, eh?
I said this about facebook > 10 years agoâŚ
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Isnât the fee attached to the transaction? I imagine the fees increase with volume if you want your transaction to process quickly? If so, it may be good to be a miner when SHTFâŚ
I actually saw that Bitcoin can support 5 transactions per section:
https://www.nytimes.com/2017/12/06/technology/bitcoin-payments-gold.html
A rule written into the Bitcoin software had established that the network could process only around five transactions per second â compared with the 25,000 transactions handled by Visa each second.
Why that matters is that the system is limited to 432,000 transactions per day. For reference, in the last trailing 24 hours there were 409,327 confirmed transactions â that means for most of the day more transactions had to have queued up than were possible.
If you add more people to the system, you canât actually support the transactions that theyâll need to make.
Had another thought about the Bitcoin Bubble.
I was trying to make sense of where all of this money came from. Thereâs hundreds of billions of dollars worth of bitcoin now. Did people liquidate gold to buy BTC? Or where did the money come from?
And then I realized, there doesnât need to be any money. Suppose I made unique hand-crafted dolls, in the shape of SuckIsStaples. Each doll is unique and serial numbered and cannot be counterfeited.
Iâve been making 1 doll per day for the last several years and the cost was relatively cheap to make, but all of the sudden a lot of new collectors have jumped on board. Someone just sold one of my dolls for $20k! And tomorrow, a different person will sell one for $25k!
Someone even posted one of the dolls on eBay with a Buy-It-Now price of $30k, but clearly the doll isnât worth that, at least not yet, because no one has bought it. But perhaps the price will rise in a few weeks and if someone buys that auction for $30k, then my dolls are worth $30k each!
In total, Iâve handcrafted 1,000 dolls. If someone does buy that eBay auction for $30k, does that mean the total market cap of my dolls is $30M? 800 of the 1000 dolls were bought for $100 each and those people are not selling, just holding on it.
But OMG, my dolls are worth $30M in total! Well, no, not really, because all 1000 dolls canât go up for sale or the price will implode. Itâs just that a few people on the market happened to sell at high prices.
Perhaps even someone owned a dozen of my dolls and set up a straw sale to a cousin to make it appear the price was going up so that when he sells the rest, he can get a better price (although thatâs just me rehashing my original post). My point is that I donât see how the argument can be made that BTC is worth hundreds of billions of dollars if only a few units, relative to the whole, are being moved at that price.
What I am confused about, however, is the argument that if everyone listed their BTC for sale, the price would implode, because the same would be true about stocks, gold, bonds, or anything else. But then again, in terms of the fictional SIS Dolls, that example is clearly ridiculous. I didnât create a market cap of $30M in my 1,000 handmade dolls if only a few have sold for $30k and the rest are sitting still, untouched. So what makes BTC different than the dolls? And why are stocks/bonds/gold considered real but BTC or SIS dolls or tulips are not?
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New stocks are like this too, in that they are pieces of paper that didnât exist before and are suddenly worth millions based on a limited number of IPO shares that just started trading.
The price and market cap are based on the marginal recent sale. Yes, if lots of people try to sell all at once, the price will go down. If everyone tried to sell at once, the price will be almost nothing since you need someone to be buying or the price is zero.
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I agree in the sense that BTC isnt backed by anything. Its is number stored electronically. There is nothing tangible backing it up. No gold, no fixed assets, not even tulips.
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At this point trying to understand why BTC evangelicals believe what they believe is a fools errand. Thank god I knew well enough to never drink the Kool-aid.
Itâs going to be really interesting to see how the futures market plays out starting tomorrow.
Futures already started and are trading up, from what I heard. Most futures markets resume around Sun evening for their week of trading.
Hahahaha.
What governing agency? There isnât one. Thatâs one of the points of bitcoin.
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Remember my long discourse on how effectively government can control bitcoin? Remember about the crush when Chinese government bans it?
so much for that.
FYI, for those who canât handle nuances, this doesnât make me a bitcoin cool-aid drinker either.
Eh, crypto-coins might become useful/popular, but bitcoin specifically is just a great environmental catastrophe by design. From the fact that it only supports about 5 transactions/sec you realize that it canât be seriously used as a transaction system similar to credit processors (56000 transactions/sec for VISA) or even paypal (450 transactions/sec). When you look at the power usage it becomes much, much worse. Right now the bitcoin network, for that paltry 5 transactions/sec uses 0.15% of the world power consumption, similar to the entire country of Denmark, and still rising. Or, since this is a finance forum, it wastes $1.6 BILLION/year in energy at the current rate. Thatâs some staggering environmental impact there and waste of resources, the sooner its bubble bursts the better it will be for all of us.
Some statistics: Bitcoin Energy Consumption Index - Digiconomist
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