Bitcoins - about to hit $5,000 per coin today!

[gib]

IMO Ethereum is better then bitcoin but bitcoin is the gold standard. If bitcoin fails, it will hurt all cryptocurrencies.

Yes agree. Bitcoin has the gravitational mass and is both the entry point for any crypto buyer as well as where all the big money will flow to when it comes. It also has the most significant infrastructure built around it in terms of adoption. I'm 100% btc, but a slightly less conservative approach might be 75% btc and 25 eth. An even less conservative approach is something like 60% btc , 30% eth, 10% other. But again I think btc is where it's at for the coming decade.

[SOMEPARTS]

Yeah, Ethereum is great:

http://www.zerohedge.com/news/2017-11-07/ethereum-slides-after-coding-bug-freezes-wallets-containing-280-million


Gib avoiding my last post like Shizzo avoids sobriety checkpoints.

[The Keto Kid]

Up 10.3% since yesterday wtf?? I've almost tripled my initial investment in little over a month!

[Rascal full]

Why are there only a set amount of Bit coins that can be 'mined?' I don't understand this and not sure whether that is factual information or not. Can someone tell me please?

[gib]

$7600 ...

[gib]

Why are there only a set amount of Bit coins that can be 'mined?' I don't understand this and not sure whether that is factual information or not. Can someone tell me please?

Yes. There is a mathematical limit as to how much can ever be mined. As opposed to the USD which can be printed in unlimited amounts (just effectively stealing from the people by devaluing their savings and giving money to those closest to those in power eg banks, Politicians, military). This is why people are increasingly putting their assets into bitcoins and why more are accepting bitcoins as payments. And this is why bitcoins will rapidly increase in value vs the USD which will decrease.

[gib]

That's the point I make is that it is an active speculative instrument, it is not digital gold. There has to be an exit point if you believe the tech is revolutionary, because BTC is flawed and should be replaced by a better platform. Will it be replaced by a bank/govt coin? Probably. When have the people ever beat the banks at their own game? Never...because the govts act on their behalf. Guess who invented SHA256, which is the backbone of Bitcoin? The N S A...yes that one. Given that the "guy" that invented Bitcoin doesn't even exist, who do you think implemented all this?

As for the comparison of Litecoin to Bitcoin as Gib said - Betamax to VHS...not exactly true. Beta was the better version but the adoption of VHS was in part due to Sony being stupid with their platform and being outmaneuvered by JVC. In no way did the consumer decide the outcome on that it was all behind the scenes.

Litecoin already has the tech fixes in place that Bitcoin needs and it doesn't run on SHA256. I did some research on segwit, lightning and 4x hash rates and all that and it would seem that BTC is going to have a hard time adopting these huge changes without issues. Not to mention the developer has a real name and he came from Google. In tech everything can change very quickly. This is software after all, how old is the oldest version of software on any device you own? A few years at most usually. I think sitting on a lot of Bitcoin is a very big risk indeed, just as I would with any single speculative vehicle.

Wasn't ignoring your post. But here you go - hope this help - https://www.coindesk.com/information/comparing-litecoin-bitcoin/ The tech on bit coin is fine (can and was also modified to create new coins - Bitcoin Cash for example, that addresses transaction speed).

Not sure what the relevance is of your belief in who invented Bitcoin.

[El Diablo Blanco]

Crazy how high it’s going. Who are the billionaire buying this up to run the price high?

[Griffith]

If the value of Bitcoin can stay relatively stable it could be a great way to hedge against currency depreciation, especially for those using weaker and more volatile currencies.

[Mr Anabolic]

If the value of Bitcoin can stay relatively stable it could be a great way to hedge against currency depreciation, especially for those using weaker and more volatile currencies.

How? 

Paper money is a ghost of value, and bitcoin is an illusion of a ghost of value. 

Bitcoin is a digital illusion.  Created from nothing, backed by nothing... worth NOTHING.

People are eventually going to learn the hard way... for most it will be a very hard, painful lesson.  Then maybe, just maybe they'll wake up and realize the truth.

[HTexan]

How? 

Paper money is a ghost of value, and bitcoin is an illusion of a ghost of value. 

Bitcoin is a digital illusion.  Created from nothing, backed by nothing... worth NOTHING.

People are eventually going to learn the hard way... for most it will be a very hard, painful lesson.  Then maybe, just maybe they'll wake up and realize the truth.

Bitcoin is not limited to one country

[Mr Anabolic]

Bitcoin is not limited to one country

Either are bananas.

[gib]

If the value of Bitcoin can stay relatively stable it could be a great way to hedge against currency depreciation, especially for those using weaker and more volatile currencies.

Agree. Although it’s doing better than staying stable. It’s rapidly appreciating - so much better than just a hedge.

[gib]

Either are bananas.

And your point is...?

[gib]

Crazy how high it’s going. Who are the billionaire buying this up to run the price high?

Right now is still primarily being driven by tech geeks and little people. The big money will be moving in by 2020 though. That era will likely take the market price to over usd 100K per coin.

[Mr Anabolic]

Right now is still primarily being driven by tech geeks and little people. The big money will be moving in by 2020 though. That era will likely take the market price to over usd 100K per coin.

You are fantasizing.

As I mentioned earlier in this thread... when the avalanche of sell orders come in and everyone is looking for an exit at the same time... they not be able to sell and most will get their faces ripped off.   You'll be saying to yourself: "Why the fuck didn't I sell at $7800?"

[Twaddle]

It seems the B Coin has dropped 8% in the last 12 hours.  Is this the beginning of the end?  If people start panicking and selling, it will surely crash.  You guys better sell.   

[HTexan]

It seems the B Coin has dropped 8% in the last 12 hours.  Is this the beginning of the end?  If people start panicking and selling, it will surely crash.  You guys better sell.   

Starting to pick up again good time to buy when prices are low guys

[Griffith]

Bitcoin went down a 1000 dollars today.

[Mr Anabolic]

Bitcoin went down a 1000 dollars today.

That's only a warm-up compared to what is eventually coming.  It could be this week, next month or next year, but a collapse is inevitable.

There's always some ridiculous, convoluted, complicated story to prop up and bolster every Ponzi scheme.  The people who buy in close to the top always try to justify it claiming "new paradigm" or "this time it's different".  It's never different this time.  Manias are manias no matter what it is.  You can only keep inflating a bubble for so long until it pops.  When the last of the greater fools finally get in, that's when it's over.  Those who got in first make all the money and those who bought at the top get wiped out.  

[polychronopolous]

Tulipy?

Jack's Magic Beans??

Or legit wealth builder??

[Mr Anabolic]

Tulipy?

Jack's Magic Beans??

Or legit wealth builder??

Beanie Babies began to emerge as popular collectibles in late 1995, and became a hot toy.[7] The company's strategy of deliberate scarcity, producing each new design in limited quantity, restricting individual store shipments to limited numbers of each design and regularly retiring designs, created a huge secondary market for the toys and increased their popularity and value as a collectible.[2]

Ty systematically retired various designs, and many people assumed that all "retired" designs would rise in value the way that early retirees had. The craze lasted through 1999 and slowly declined after the Ty company announced that they would no longer be making Beanie Babies and made a bear called "The End".[8] Some time after the original announcement that the company would stop production, Ty asked the public to vote on whether the product should continue; fans and collectors voted "overwhelmingly" to keep the toys on the market.[2]

At its height of popularity people would flip Beanies at as much as ten-fold on eBay.[9] Indeed, at the height, Beanies made up 10% of eBay's sales.[10] Some collectors insured their purchases for a price in the thousands.[9]

[SOMEPARTS]

Bitcoin now down about $2000 from the highs.

[Griffith]

Bitcoin at 5800 dollars now.

[Mr Anabolic]

Bitcoin at 5800 dollars now.

Then $5600, then it recovered to $6400 after Asians bought the dip.  Just temporary though.  Already shipping back down.  The froth is melting off.    

A lesson in psychology...
Notice how the bitcoin cheerleaders stopped posting after the price dumped.  Wait until the price falls back to $1000, you'll never see them post in this thread again, just as I predicted a few messages back.  

I've been trading for 25 years.  The #1 reason people lose money is greed.  Pigs eventually get slaughtered.