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

[gib]

How will fedcoin affect bitcoin? Will you invest in fedcoin?

Good question! I have no doubt we will see a fed coin. As more and more people lose faith in the fed and place their confidence in a truely peer to peer method of exchange and store of value the Government and the Fed will want in. So yes we will see a fed coin. And there is plenty the fed can do to make the fed coin acceptable - eg laws, banking regulations, pay people in fed coins etc. So how will this affect bitcoin? Will it confirm the ligitimacy of bitcoin or will it make btc less popular? I think it’s the former - btc is an international currency, so globally it will be the standard. I don’t think the Government would try to “ban” btc, first because it’s impossible to do but second because of its global use. So in summary I think both will exist. Fed coin will likely come within 5 years with bitcoin value being around $1 million per coin by then.

[gib]

I assume you are posting on Getbig from your yacht   lol

Ha ha. Well the thing with guys like me is that we like productive assets - we see the things like yachts as money suckers, made even worse by the opportunity cost of what could have been earned with that money!

Having said that I do like to travel so if you can picture exotic tropical locations with ocean and surf and good food and cold beer, that’s me. Anywhere that has a wifi or internet connection which these days is most places in the world.

[gib]

Troll?  I'm trying to convince you to cash in and book your virtual profits, but you won't!  I'm actually trying to help you.

This is the largest speculative bubble in history.  I've seen many bubbles in my time, but this one takes the cake.  Tulips smell/look nice, Beanie Babies were cute and cuddly and Pet Rocks were heavy and could be used as weapons.  However, a bitcoin is a digital illusion.  You can't even hold one in your hand.  

Here is how the great bitcoin crash will play out...

When the last of the greater fools has bought, the smart money will begin to exit.  Sell orders will eventually overwhelm the exchanges.  The sell orders will bottleneck and not get filled until days later, but at a much, much lower price.  Some of the ex bitcoin millionaires who didn't sell will be jumping off high buildings without parachutes.  

That my dear sir will be the end of the largest bubble in human history.

Thanks Mr Anabolic. It’s all good. I know you mean well. I was calling you a troll as you called me one first. It’s all good. I’m very much aware of your concerns and they are legit. I don’t have all my eggs in one basket (be it gold, property, stocks, bonds, nor would I recommend anyone do. I do think though everyone should make sure they own just a single bitcoin as a hedge against what may eventuate in the future.

[Eyeball Chambers]

Informative, thanks gib!

[gib]

Informative, thanks gib!

Welcome!

[gib]

$9300

[gib]

$9400

[chaos]

$9520

So if I invested in that crap how do I go about getting my money back out? Do they automatically transfer back to the account I invested from?

[stingray]

$9520

So if I invested in that crap how do I go about getting my money back out? Do they automatically transfer back to the account I invested from?

You got to move it yourself into your bank or try find a way to take it out as cash.

As gib mentions, if you bough 1 btc last week you probably would of made some good returns just in 1 week

[gib]

$9520

So if I invested in that crap how do I go about getting my money back out? Do they automatically transfer back to the account I invested from?

Yep. You can specify any account and they transfer to there, much like what happens with any stock exchange or broker. So you can either leave the cash with them (eg if you want to actively trade) or have the cash paid out. Personally I don’t believe in short term trades. For me this one is a buy and then long term hold.

[gib]

You got to move it yourself into your bank or try find a way to take it out as cash.

As gib mentions, if you bough 1 btc last week you probably would of made some good returns just in 1 week

By the way some retail banks in Asia and Europe are starting to offer bitcoin accounts. So you will see both your cash balances, foreign currency holdings, and BTC. (Will take a while before this becomes more mainstream in the US).

[stingray]

By the way some retail banks in Asia and Europe are starting to offer bitcoin accounts. So you will see both your cash balances, foreign currency holdings, and BTC. (Will take a while before this becomes more mainstream in the US).

Btc in 1 week has made more for me than four of my altcoin portfolio put together

[gib]

Btc in 1 week has made more for me than four of my altcoin portfolio put together

Good stuff. Yep stick to the basics. Bitcoin is gathering critical mass.

[gib]

$9600

[chaos]

Only a certain number of bitcoins released? So basically if you invest 5k, you're buying half a coin?

[gib]

Only a certain number of bitcoins released? So basically if you invest 5k, you're buying half a coin?

Yep. The coin denominations go down to 0.00000001 of a coin, a so called “santoshi”. Right now the media and financial press report the price per coin but reality is that as the currency becomes more
mainstream we will be seeing more quotes and prices of things quoted in santoshis. When bitcoins get to 100k or 1 million per coin only high net worth individuals and investment banks will be buying and quoting per coin.

So if you are buying now, yes 5k will get you half a coin. Enough to secure your
future for life.

[stingray]

Yep. The coin denominations go down to 0.00000001 of a coin, a so called “santoshi”. Right now the media and financial press report the price per coin but reality is that as the currency becomes more
mainstream we will be seeing more quotes and prices of things quoted in santoshis. When bitcoins get to 100k or 1 million per coin only high net worth individuals and investment banks will be buying and quoting per coin.

So if you are buying now, yes 5k will get you half a coin. Enough to secure your
future for life.

Yeah i have read bitcoin will reach in 5-10 years 1 million dollars.

Do you think that might happen or is someone pulling our leg?

[gib]

Yeah i have read bitcoin will reach in 5-10 years 1 million dollars.

Do you think that might happen or is someone pulling our leg?

It’s by no means certain. But it’s certainly possible. If you consider the mathematics behind it, and all the infrastructure slowly being set up 100k per coin within 2 years is a real possibility.

[gib]

Mr Anabolic here’s what I would suggest to you. Just to help you better form your thoughts on this.

Try going through the motions of buying some bitcoin. Doesn’t need to be much. $100, or 1k or whatever. Go through the experience of finding somewhere to open an account, make a payment into it, bid for bitcoin on an exchange, store your coins, use your coins, sell them etc. Try making a payment at a shop with bitcoins. Try asking a taxi driver if he will accept payment in bitcoins. Same with a few other service provider. A plumber, electrician, hair dresser. Maybe even a whore. See their reaction. Have they heard of bitcoin? Will they accept payment in btc? Do they prefer btc? How do they accept payment?

And then, after you have done these things (or maybe as you do them), reflect, think, be critical, look towards the future. I urge you, and others to do this. At the very least you can say during various conversations “yeah I got some bitcoin”. And you will then also be able to pay for and receive payments in bitcoins,
anywhere in the world.  And either way you will learn things from actual experience. And at best what you buy now will be worth exponentially more in the future. Even 1/10th of a coin now will put you far far ahead of the the curve on a financial revolution that is poised to take place across our entire planet.

[gib]

https://www.bloomberg.com/news/articles/2017-11-26/what-the-world-s-central-banks-are-saying-about-cryptocurrencies

[polychronopolous]

Bitcoin Surges Past $9,000 in Fastest Thousand-Point Milestone

‘Fear of missing out’ drives investors into another frenzy

https://www.wsj.com/articles/bitcoin-surges-past-9-000-in-fastest-thousand-point-milestone-1511763121

[gib]

Bitcoin Surges Past $9,000 in Fastest Thousand-Point Milestone

‘Fear of missing out’ drives investors into another frenzy

https://www.wsj.com/articles/bitcoin-surges-past-9-000-in-fastest-thousand-point-milestone-1511763121

When the Wall Street journal reports you know this is for real. We are about to see the largest ever transfer of wealth into a new peer to peer currency supported by the laws of mathematics. No more fed destroying our wealth by money printing. No more using our money to bail out currupt bankers. This is the very early phase in a financial revolution where the people take control of money!

[gib]

$9700

[Mr Anabolic]

Mr Anabolic here’s what I would suggest to you. Just to help you better form your thoughts on this.

Try going through the motions of buying some bitcoin. Doesn’t need to be much. $100, or 1k or whatever. Go through the experience of finding somewhere to open an account, make a payment into it, bid for bitcoin on an exchange, store your coins, use your coins, sell them etc. Try making a payment at a shop with bitcoins. Try asking a taxi driver if he will accept payment in bitcoins. Same with a few other service provider. A plumber, electrician, hair dresser. Maybe even a whore. See their reaction. Have they heard of bitcoin? Will they accept payment in btc? Do they prefer btc? How do they accept payment?

And then, after you have done these things (or maybe as you do them), reflect, think, be critical, look towards the future. I urge you, and others to do this. At the very least you can say during various conversations “yeah I got some bitcoin”. And you will then also be able to pay for and receive payments in bitcoins,
anywhere in the world.  And either way you will learn things from actual experience. And at best what you buy now will be worth exponentially more in the future. Even 1/10th of a coin now will put you far far ahead of the the curve on a financial revolution that is poised to take place across our entire planet.

Thanks, but no thanks.  I've been trading and investing for 30 years and I know a bubble when I see it.  This is the largest speculative bubble (% wise) in history.  Dumb money coming in will make the bubble even larger.  Even though right now I think it will rise above 10K, I cannot buy into this with a clear conscience.  Once this bubble starts to lose air, the crash that follows will happen very quickly and intensely... many who bought in near the top are going to get burned badly.  I'm not kidding about people jumping off buildings.

Will bitcoins be universally accepted for payment?  Maybe, if the transaction costs come down.  Right now the transaction fees are too high.  No one is going to use bitcoin to buy cheaper items like cigarettes, a meal or a cup of coffee.    

I do believe a global digital currency is in the works.  No one should be wishing or looking forward to this.  Privacy and anonymity of cash will not exist anymore.  Not sure if the global currency will be bitcoin, but I know I don't want to be a part of it.  I guess I'll be relegated to bartering ammo in the grey/black market.  

[Mr Anabolic]

When the Wall Street journal reports you know this is for real. We are about to see the largest ever transfer of wealth into a new peer to peer currency supported by the laws of mathematics. No more fed destroying our wealth by money printing. No more using our money to bail out currupt bankers. This is the very early phase in a financial revolution where the people take control of money!

Nice sentiment, but I do not agree.  Bankers will still be in control.  If they already haven't, governments will adopt it.  This is not a good thing.