Bitcoin Cracks $5000

[Mordan]

as usual.. it goes up after going down.

i bought all the dips from 10k to 3k..

pop corn time.. will buy more if it dips below 5k

 

[dannno]

$7,891.62

 

[Zippyjuan]

Will it get to $1 million by the end of next year so that John McAfee does not have to eat his private parts on TV?

 

[Cloutio]

High again, wow... Cool...

 

[pmbug]

Oh look it's this thread being accurate again, just as predicted.

The Tether "fake dollar valuation" scam is unwinding as everyone cashes out. I wonder if there are any "oops, sorry we don't have the cash to fulfill your redemption" bagholders yet...

Lost among the current bout of cryptocurrency euphoria is the fact that capital outflows are exceeding inflows on some of the biggest digital-asset exchanges.

While that may sound counter intuitive to the basic laws of supply and demand with prices of Bitcoin and other tokens surging, it’s not that rare an occurrence in a market that has been dogged by allegations of fraud and manipulation over its decade long existence. TokenAnalyst, a London-based provider of blockchain data, estimates that withdrawals from trading platforms including Bitfinex, BitMEX, Binance and Kraken have exceeded inflows by about $622 million over the past 5 days.

Bitcoin’s more than 30% price rise since last week may have been exaggerated by capital flight from the controversial exchange Bitfinex and its affiliated stablecoin Tether in the wake of allegations that the companies that control both co-mingled client and corporate funds to hide losses. As in past periods of turmoil, investors are seen seeking the safety of Bitcoin because it’s the largest and most liquid token.

“Since Tether is insufficiently backed, it means that some of the reserves backing customer assets on exchanges are likely insufficient,” John Griffin, a finance professor at University of Texas at Austin who had examined cryptocurrency market manipulation, said in an email. “So smart customers will not custody their funds on exchanges and pull their crypto off exchanges. This could put further upward pressure on Bitcoin prices as one would rather take fake money and exchange it to Bitcoin.”
...

More: https://www.bloomberg.com/news/arti...-masking-capital-flight-from-crypto-exchanges

 

[kpitcher]

Tether is only used for transfers among exchanges. With the long history of problems with Tether I'm surprised anyone actually keeps funds in it for more than the short transaction time between exchanges. If anyone has tether and is worried about being able to cash out, move tether to bitcoin and then btc to fiat. Extra step and minor costs but no worries.

 

[DilanShark]

it's growing constantly

 

[Mordan]

9000+

 

[dannno]

Got up to $11,172 recently, currently $10,690

 

[Zippyjuan]

Facebook bump? News of Facebook thinking about their own odd currency bringing Bitcoin back into the news.

 

[jkr]

Will it get to $1 million by the end of next year so that John McAfee does not have to eat his private parts on TV?

tic
tok

 

[jkr]

2
da
m00n

 

[Zippyjuan]

tic
tok

One estimate was that it would take one quarter of all the money in the world invested in bitcoin to make one worth $1 million.

 

[dannno]

One estimate was that it would take one quarter of all the money in the world invested in bitcoin to make one worth $1 million.

Does that account for all the bitcoins that are lost in the ether?

 

[dannno]

One estimate was that it would take one quarter of all the money in the world invested in bitcoin to make one worth $1 million.

The answer is no, it doesn't account for all the bitcoins lost in the ether. It assumes all bitcoins are still available to people who may have lost them or past on.

But since we don't know how many bitcoins are missing, let's do the most conservative estimate possible and pretend that none of them are missing.

There is still a much bigger elephant in the room that your study didn't consider.

The $80 trillion worth of global currencies in circulation which is what the estimate you cited used (I did the math and figured out that is the figure they used), let's add to that people's wealth/savings. Some estimate that to be worth $250 trillion.

If the world converted 5% of their savings to bitcoin, and bitcoin was 10% of global currency, bitcoin would be worth over $1.2 million - conservatively. After accounting for lost bitcoins, it could be worth around $2 million, or possibly more.

 

[Zippyjuan]

The calculation I saw looked at the market capitalization of bitcoin and the price at that amount invested. Total market cap would be $21 trillion while money supply is $80 trillion (can't find it right now). That would be one quarter of all money.

https://medium.com/altcoin-magazine/the-road-to-1m-per-bitcoin-36c3cf6aa6c

A $20 Trillion market cap against a Bitcoin supply of 18m coins gives a price of over $1m per Bitcoin.

The more people hype ridiculous potential value for things, the better it is to stay away from them- they are probably in a bubble.

 

[pmbug]

... The stock market has just over $30 trillion in total market capitalization, meaning the value of all outstanding shares, while the total amount of debt owed through bonds is more than $40 trillion. ...

https://finance.zacks.com/bond-market-size-vs-stock-market-size-5863.html

... According to the most recent data from the Bank for International Settlements (BIS), the total notional amounts outstanding for contracts in the derivatives market is an estimated $542.4 trillion. But the gross market value of all contracts to be significantly less: approximately $12.7 trillion. ...

https://www.investopedia.com/ask/answers/052715/how-big-derivatives-market.asp

 

[dannno]

The calculation I saw looked at the market capitalization of bitcoin and the price at that amount invested. Total market cap would be $21 trillion while money supply is $80 trillion (can't find it right now). That would be one quarter of all money.

https://medium.com/altcoin-magazine/the-road-to-1m-per-bitcoin-36c3cf6aa6c



The more people hype ridiculous potential value for things, the better it is to stay away from them- they are probably in a bubble.

Thank you for pointing out to everybody here that you don't actually argue against the content of people's posts.

 

[dannno]

$12,795

 

[jkr]

hold?


yes


2 da
M00N!