Bitcoin Cracks $5000

[dannno]

Bitcoin is not widely used as a medium of exchange, and isn't going to be for the foreseeable future. Why? One can point to the extreme volatility or the high transaction costs, as @Gaddafi Duck mentioned, but there's a more fundamental problem. Fiat is dominant not because of its economic properties, but because of the gun. It might be that bitcoin would eventually prevail against fiat (or even against gold or other former market monies) in a free currency market, but there isn't a free currency market, nor any prospect of one arising in the foreseeable future. If bitcoin became a serious threat to the state's inflationary activities, bitcoin would simply be suppressed, as was gold in the past (and no amount of encryption et al can prevent this, since to be useful as a currency bitcoin must at some point interact with the real world). In any event, bitcoin is now primarily a speculative asset, not a currency, and the bubble will burst long before it becomes a major currency. If you're making $$$ (pun intended) in bitcoin, awesome, but see it for what it is .

You're looking too narrow, it sounds like you are talking about the US rather than the entire world.

It's kinda like one of those balloons you use for balloon animals. There are places where there are problems with local currencies and economies and people are turning to bitcoin. If they try and squeeze it, then that in and of itself will make people realize the power it has which gives it more power and it will show people in other places the same thing and it will pop up somewhere else.

The elite try and control the globe the best they can, but they don't have total control. They are constantly herding.

 

[RonPaulIsGreat]

Maybe some will stick around and wait for transaction costs to be mitigated but large institutions more likely will and already are investing in alternatives like Ripple that have addressed the transaction costs regardless of the coin value. The Ripple tech - payment system can also process more transactions per second.

I believe Bitcoin to be too volatile for the multi-nationals. Multi-nationals are signing on with Ripple, like UBS, SBI, etc and just last week American Express adopted the Ripple technology.

Ripple is centralized, I've no idea why it is even listed on the crypto sites. They can have it. I'll go the gold route before I'd go the ripple route.

 

[anaconda]

$9950

 

[CCTelander]

Cracked $10,000 briefly this morning.

 

[dannno]

Cracked $10,000 briefly this morning.

 

[kahless]

Ripple is centralized, I've no idea why it is even listed on the crypto sites. They can have it. I'll go the gold route before I'd go the ripple route.

The distribution of XRP is concentrated in that Ripple holds more than 60% of it but the XRP on the network is not controlled by anyone. Anyone can issue assets on Ripple. It is still a community coin that has value.

Bitcoin to some extent is also kind of centralized with companies that spent the most money to mine with ASICs having the most control. With XRP there is no mining since the coin was all pre-mined but the stakeholders can be changed by community agreement.

If Ripple Inc shutdown the consensus ledger/blockchain can continue to operate, unlike a centralized database. Financial institutions and people can and do operate validators in the network, and could stop trusting Ripple's validators as necessary, and just trust each other's validators.

 

[Krugminator2]

Round numbers tend to be pretty key levels especially on more speculative stuff. Will be watching to see if Bitcoin trades through 10k then rejects hard.

Regardless will take stab short on GBTC at $1600 , which is a stock that holds Bitcoin and is trading at a 60% premium to Bitcoin.

 

[devil21]

I dipped my toe into a bitcoin-based stock for a few days and quickly learned that the stock was a manipulated pump and dump by a few people moving the entire stock. Lost a few bucks, sold and pretty much confirmed to myself that this whole space is a big scam. Throw it in the woods. I'm sticking with what's been money for at least 6000 years.

eta: Also had an additional confirmation of the controlled propaganda nature of this bitcoin thing when I was banned at another forum from posting on bitcoin threads. Clearly the main bitcoin pumper on that forum only wants an echo-chamber, not discussion. Huge red flag.

 

[kahless]

Round numbers tend to be pretty key levels especially on more speculative stuff. Will be watching to see if Bitcoin trades through 10k then rejects hard.

Regardless will take stab short on GBTC at $1600 , which is a stock that holds Bitcoin and is trading at a 60% premium to Bitcoin.

They do not make it easy. I have to give them my information and wait for a phone call. Is there another way to invest in GBTC?

I am kind of surprised at Bitcoin reaching 10k considering it does not scale as well as many of the other cryptos.

Long term when it comes to wide scale adoption, something to look at is how they all handle transactions per second.

I believe VISA is 24,000 per second.

 

[devil21]

You pay attention to a chart that can't even spell the heading correctly? ^^^

 

[kahless]

You pay attention to a chart that can't even spell the heading correctly? ^^^

The TPS rates for the difference currencies are fairly well know to anyone who looks. That random google image search chart I picked since I am too lazy to write down the tps for each of them. But you get the point.

btw - that chart misses allot, Bitcoin Cash for example has a higher BTC rate of 24 per second compared to Bitcoin.

 

[anaconda]

Cracked $10,000 briefly this morning.

Was that a news item or were you looking at an exchange? Which one if so? I read yesterday that it was over $10K in other markets (I think India?).

 

[TheTexan]

Was that a news item or were you looking at an exchange? Which one if so? I read yesterday that it was over $10K in other markets (I think India?).

It was $17k in Zimbabwe.

I wonder why.

 

[CCTelander]

Was that a news item or were you looking at an exchange? Which one if so? I read yesterday that it was over $10K in other markets (I think India?).

It was on my CoinCap app, which has it at $10,081.20 right now.

 

[CCTelander]

$10,101.60.

 

[The Northbreather]

And there it is

 

[dannno]

$10,100.00

 

[TheTexan]

Its over 9000

 

[anaconda]

Its over 9000

The Morning Joe pre-tape scandal has shaken confidence in the dollar, sending BTC to new heights.

 

[anaconda]

It was $17k in Zimbabwe.

I wonder why.

Shouldn't it be much higher there? Wait,...unless the long position for Zimbabwe is really no different from the U.S.