Bitcoin Cracks $5000

[dannno]

I don't know what you mean.

You can trade BTC all day on an exchange and pay only the fee the exchange charges (some charge nothing I believe, at least for regular users), but these are intra-exchange trades. They're not "real." If you want to cash out and get $$$ in a bank account, or use BTC to buy real goods and services, you have to pay the transaction fee to the miners. Think of a poker game where you pay a small % fee per hand to the dealer (exchange fee) and a whopping fee to the bank when you cash out (miner fee).



How many of the average person's daily expenditures is for $16,000?

Imagine if you had to pay a $54 fee every time you used a credit/debit card or cash.

That's why bitcoin isn't being used as a currency (well, one of the reasons).

The lightning network uses LTC hot swaps to increase the transaction speed and lower the fees while maintaining integrity of the block.

 

[r3volution 3.0]

The lightning network uses LTC hot swaps to increase the transaction speed and lower the fees while maintaining integrity of the block.

It currently does nothing, because it hasn't been implemented.

 

[dannno]

It currently does nothing, because it hasn't been implemented.

Ok, so we shouldn't have voted for Trump in the last election because he wasn't President yet

 

[r3volution 3.0]

[December 6th] Steam is no longer accepting bitcoin as a payment method, game company and distributor Valve announced today. The company is attributing its decision to cryptocurrency’s “high fees and volatility.” In a blog post, Valve explained that bitcoin transaction fees have gone up to nearly $20 per transaction last week, “compared to roughly $0.20 when we initially enabled Bitcoin.”

https://www.theverge.com/2017/12/6/...n-game-store-payment-method-crypto-volatility

With fees nearly tripled since then, there will be others.

Ok, so we shouldn't have voted for Trump in the last election because he wasn't President yet

I'm saying that Lightening is presently nothing but hype.

 

[specsaregood]

I'm saying that Lightening is presently nothing but hype.

And it's a stupid solution, an example of engineers thinking how to solve a problem from an engineering perspective and not a real world application perspective.

 

[devil21]

Oh look, it's slowly going back up again. That's the cue for you true believer hodlers to put more money in so it can be stolen again in a few weeks.

 

[dannno]

Oh look, it's slowly going back up again. That's the cue for you true believer hodlers to put more money in so it can be stolen again in a few weeks.

I thought 12k was a pretty good signal to put more money in.

 

[Madison320]

The average transaction fee for bitcoin is now $54.

It never had much use as a currency (contra a speculative asset); now it has virtually none.

I agree, all the original uses for Bitcoin are gone. Anonymity, ease of use, cost per transaction. The only thing left is that it's going up. Personally I don't think it will crash until after the holidays but we'll see.

Think about this. Eventually bitcoin is going to stop going up, the very best case scenario is that it stays even for several years. Suppose 2,3,4,5 years from now it's still around 15k. Why own it then? At that point why not own stocks that pay a dividend or gold that has real value and a floor on its price?

Anyway that last point was just a random thought. Ultimately my objection to bitcoin is fundamental. It has no value in and of itself.

 

[Madison320]

At this rate, the thread title will be accurate again in a couple days.

LOL!

I'll say this for Bitcoin. It's never boring.

 

[The Northbreather]

Oh look, it's slowly going back up again. That's the cue for you true believer hodlers to put more money in so it can be stolen again in a few weeks.

I'm pretty sure the true believers are experience a net gain as they watch the end of the dollar hegemony. Crypto is only a small part of the event as per Dr Ron Paul...

 

[devil21]

I'm pretty sure the true believers are experience a net gain as they watch the end of the dollar hegemony. Crypto is only a small part of the event as per Dr Ron Paul...

I'm quite aware of what is going on, thanks. Probably more so than 99% of the people that post here. They should be putting their dying dollars into something real, not something that completely and utterly exists in their minds and in the cloud. Their gains aren't even paper gains. The gains are purely in their heads and can be manipulated accordingly.

 

[The Northbreather]

I'm quite aware of what is going on, thanks. Probably more so than 99% of the people that post here. They should be putting their dying dollars into something real, not something that completely and utterly exists in their minds and in the cloud. Their gains aren't even paper gains. The gains are purely in their heads and can be manipulated accordingly.

I would bet that most of the people in crypto are the types to diversify their holdings when they take profits...

 

[dannno]

 

[kpitcher]

Some of the transaction fee issue may be a plague of suspicious behavior just to increase the fees. It seems like just the thing to do to drop the price of bitcoin. Or perhaps to try to make bitcoin look bad while encouraging the use of other coins.

https://cointelegraph.com/news/anal...mempool-activity-transaction-fees-spike-to-16

 

[Mordan]

Some of the transaction fee issue may be a plague of suspicious behavior just to increase the fees. It seems like just the thing to do to drop the price of bitcoin. Or perhaps to try to make bitcoin look bad while encouraging the use of other coins.

https://cointelegraph.com/news/anal...mempool-activity-transaction-fees-spike-to-16

yea lots of miner manipulations are possible.

people have to learn the reasons why a coin is valuable and not take too much heed to the price

 

[anaconda]

$13,910

 

[devil21]

$13,910

Looks to be tanking again today. Broke well below 12k mark earlier according to ccn.com live tracker.

 

[luctor-et-emergo]

I would agree with this.

 

[r3volution 3.0]

I agree, all the original uses for Bitcoin are gone. Anonymity, ease of use, cost per transaction. The only thing left is that it's going up. Personally I don't think it will crash until after the holidays but we'll see.

Think about this. Eventually bitcoin is going to stop going up, the very best case scenario is that it stays even for several years. Suppose 2,3,4,5 years from now it's still around 15k. Why own it then? At that point why not own stocks that pay a dividend or gold that has real value and a floor on its price?

Anyway that last point was just a random thought. Ultimately my objection to bitcoin is fundamental. It has no value in and of itself.

Exactly

People eventually realized they were just tulips (and tulips had a floor).

 

[Krugminator2]

Exactly

People eventually realized they were just tulips (and tulips had a floor).

It is hard to know if Bitcoin is a bubble. After all "Bitcoin enthusiasts" and "Analytics geeks" tell me Bitcoin is involved with revolutionary "s-curve adoption." Maybe we are living in a new paradigm. https://medium.com/@mcasey0827/speculative-bitcoin-adoption-price-theory-2eed48ecf7da