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

[Bindare_Dundat]

https://www.reuters.com/article/us-crypto-currency-china-mining-idUSKBN29R1AY

Global chip shortage hits China's bitcoin mining sector

SHANGHAI/HONG KONG (Reuters) - A global chip shortage is choking the production of machines used to “mine” bitcoin, a sector dominated by China, sending prices of the computer equipment soaring as a surge in the cryptocurrency drives demand.

The global chip shortage is disrupting production across a global array of products, including automobiles, laptops and mobile phones





A freind of mine works for Ford and has been told to sit at home for weeks as a result of this. Some employees were told this may delay returning to work full time for months 

[pellius]

I have one single coin I trade with for fun on exchange, (other 50 all in cold storage to deliberately avoid the temptation to trade and attempt to pick trends).

I sold that coin yesterday at 37400, and now have a rebuy order in at 31,000. I am long term hodler, but its always fun to try making small gains. That coin I grew with various trades over the last few months to around 1.35 BTC now (and also purchased 2 eth along the way from gains, which I last night sold at 1400, with rebuy order in at 1200). So just grinding away and having a little fun with in and out trades.

What is a "rebuy order"?

[SOMEPARTS]

What is a "rebuy order"?

He has his account automatically set to buy a certain amount back at 31k.

[FitnessFrenzy]

XRP is exploding in value

[Griffith]

XRP is exploding in value

Another pump and dump?

[DooM_]

tomorrow . . .

India plans to introduce law to ban Bitcoin, other private cryptocurrencies

India plans to introduce a law to ban private cryptocurrencies such as bitcoin in the country and provide a framework for the creation of an official digital currency during the current budget session of parliament.

In the agenda (PDF) published on the lower house website, the legislation seeks to “prohibit all private cryptocurrencies in India,” but allow “for certain exceptions to promote the underlying technology [blockchain] of cryptocurrency and its uses.”

The law also seeks to “create a facilitative framework for creation of the official digital currency” that will be issued by the nation’s central bank, Reserve Bank of India, the agenda said.

In 2018, an Indian government panel recommended banning all private cryptocurrencies and proposed up to 10 years of jail time for offenders. The panel also suggested the government to explore a digital version of the fiat currency and ways to implement it.

At the time, RBI said the move was necessary to curb “ring-fencing” of the country’s financial system. It had also argued that Bitcoin and other cryptocurrencies cannot be treated as currencies as they are not made of metal or exist in physical form, nor were they stamped by the government. The 2018 notice from the central bank sent a panic to several local startups and companies offering services to trade in cryptocurrency. Nearly all of them have either since closed shop, or pivoted to serve other markets.

This proposal was challenged by several exchanges and traders, who filed a lawsuit in the Supreme Court. The nation’s apex court ruled in their favor last year. This ruling was seen as “historic” but it did not impact the earlier circular on the policy level.

“Since the government is considering introducing the bill during this session of Parliament, we are sure the government will definitely listen to all the stakeholders before taking any decision,” said Sumit Gupta, co-founder and chief executive of CoinDCX,a cryptocurrency exchange in India.

“We are talking to other stakeholders and will definitely initiate deeper dialogue with the government and showcase how we can actually create a healthy ecosystem in unison,” he said.


https://techcrunch.com/2021/01/30/india-plans-to-introduce-law-to-ban-bitcoin-other-private-cryptocurrencies/

[Humble Narcissist]

Like Indians have money anyway.

[SOMEPARTS]

Like Indians have money anyway.

Yeah, who needs 2 billion people. Seems very bullish for crypto. 

[Bindare_Dundat]

Another pump and dump?

yes

[Bindare_Dundat]

Which is why I noted the Fed likely holds a whale position.

Actual bitcoin miners?
Could they be responsible?

Graph is F2 mining pool coin sales.

[Soul Crusher]

I have a bunch silver bullion.   Hope this is real.  Come home to momma !   

[OneMoreRep]

tomorrow . . .

India plans to introduce law to ban Bitcoin, other private cryptocurrencies

That's HUGE!

"1"

[Bindare_Dundat]

That's HUGE!

"1"

Good luck. Supreme Court already lifted one ban.  If people want it  they will find a way

Also that move would send them into the stone age.  They'd be the only country in that region to ban it. Their neighbor Pakistan is diving into crypto. There's no way india is going to let them pull forward while they lag behind. 

[gib]

I have a bunch silver bullion.   Hope this is real.  Come home to momma !   

Yes, there could well be a MASSIVE silver squeeze building. Great news for those who have PHYSICAL silver. We might even also see some silver ETFs collapse as people move demand to physical.

So, physical silver and silver miners is the way to go to play this.

Mr Anabolic was a silver bug, For once in his life, he may actually be right about a recommendation!

[gib]

He has his account automatically set to buy a certain amount back at 31k.

Correct, so I sell at 37K for example, and then immediately put in a buyer order (eg at 31K). Great way to make money on a volatile asset. Again, I only do this with one coin for fun, grinding away at little gains. Long term by BTCs are all in cold storage.

[gib]

The answer can’t always be ‘to the moon’.

Don’t forget, Even you capitulated in 2018 when it all crashed and you sold..... a hooker with a heart of gold you ain’t

Lol, yes true.

In 2018, yes I did sell off (on the way down after the 20K correction). This time I am more sure and certain about hodling very long term (as in 10 years), and I have put my coins out of reach to some extent to protect myself from myself. Still, if the price rapidly shot up (eg lets say it went to 100K in a month from now) that kind of movement would make me consider selling a little. So I guess the faster and higher any movement up the more inclined I would be to break my hodl.

[Bindare_Dundat]

Anyone wanna comment on the news that it was an F2 mining pool that dumped a ton of coins and shorted that caused the massive downward pressure a few days ago  effecting the price. Does that make sense?

[gib]

Could be. Miners only have a small amount (and shrinking) of total supply. So even a "dump" from a miner should have any long term impact. Many miners sell on a regular basis. A few accumulate and then sell in larger volume.

[Mayday]

Anyone wanna comment on the news that it was an F2 mining pool that dumped a ton of coins and shorted that caused the massive downward pressure a few days ago  effecting the price. Does that make sense?

The Elon effect took place in under 1hr before it started getting belted.

Out of all the people with vested interests in BTC, would you believe it was miners who were in guard duty watching like a hawk and immediately crushed the price?

Miners who don’t hold short positions.

Miners who hold coins and want the value to go up.

Miners who saw Elon’s impact and thought ‘fuck me I better stop this price from flying up’.......

Ummm definitely not miners. They can’t whack sell orders so hard it wipes 2% off the price and consumes the order book.

[Mayday]

That's HUGE!

"1"

Elon Musk adds #bitcoin to his profile and causes a 20% price run in under 1hr.

Media announces India is looking to ban crypto and the price doesn’t budge.

#perspective

[gib]

Elon Musk adds #bitcoin to his profile and causes a 20% price run in under 1hr.

Media announces India is looking to ban crypto and the price doesn’t budge.

#perspective

I think most people get it that you cannot "ban" an algorithm combined with a person's free thought. What you can try to do is ban it as an official currency. But even then, it becomes traded as a commodity. Further, India knows it is essential for it to embrace BTC if it wishes to continue its rise as a tech leader. Indian's have a strong cultural affinity with gold. For the new generation, they will gravitate to Bitcoin, especially when the see exampled of gold being stolen or confiscated or not able to take from India to overseas.

[Bindare_Dundat]

The Elon effect took place in under 1hr before it started getting belted.

Out of all the people with vested interests in BTC, would you believe it was miners who were in guard duty watching like a hawk and immediately crushed the price?

Miners who don’t hold short positions.

Miners who hold coins and want the value to go up.

Miners who saw Elon’s impact and thought ‘fuck me I better stop this price from flying up’.......

Ummm definitely not miners. They can’t whack sell orders so hard it wipes 2% off the price and consumes the order book.

Here's a story title from Jan 11, 2021. Is the firm who made this suggestion wrong?

Bitcoin Plummets as Miners Sell Inventory, Spot Markets Panic

Data provided by South Korea-based analytics firm CryptoQuant suggests miner selling did contribute to the price drop.

Approx 40,000 btc was sold buy this particular F2 mining group.over the few days around Musk rally post.


BTC starting to shoot back up as of this post.

[gib]

1.2 Trillion dollars? That would be a massive sale.

Any link to this story?

[Bindare_Dundat]

1.2 Trillion dollars? That would be a massive sale.

Any link to this story?

1.2,-1.5 billion.

https://www.google.com/amp/s/cointelegraph.com/news/bitcoin-s-biggest-mining-pool-may-be-behind-the-btc-price-drop-but-buyers-stepped-in/amp

[gib]

I wonder if Mr A is having multiple orgasm around the prospect of a silver short squeeze. It might seriously be the first time he was right about something investment and finance related.