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

[TheGrinch]

Whats the over/under on number of people in the world jumping off rooftops when they realize how much paper profit they had only to sell at a loss once this thing crashes to below their purchase price?

Paper profits = worthless

[TheGrinch]

Bitcoin or Chuck E Cheese coin? Which is better?

Have to say.. had some freakin awesome times with CEC coin back in the day playing Dragon's Lair.... for some reason they were the only ones that had the game...

[Mr Anabolic]

Some financial expert just said that bitcoin can reach 500k by next year.

Financial "experts" also said to buy tech stocks during 1999 and housing prices would never go down in 2005.

An expert like him should be on his yacht right now, with 3-5 naked women, sipping a mojito, not pimping blipcoins on tee-vee.

[Dan-O]

Have to say.. had some freakin awesome times with CEC coin back in the day playing Dragon's Lair.... for some reason they were the only ones that had the game...

Right??!  It was the same thing in Denver back in the day.  I spent so much time in CEC just for Dragon's Lair.

[Mr Anabolic]

http://www.bbc.com/news/technology-42425857

'Bitcoin Cash deals frozen as Insider Trading is Probed'

Government will eventually put the kibosh on all of it.  All cryptos that are not government controlled will be illegalized and go to zero.  So, SELL NOW WHILE YOU STILL CAN!

FEDCOIN is coming.  An all digital currency is their ultimate goal.  Governments will be able to track and tax EVERYTHING.  No more anonymity with physical cash, and no more "under the table" transactions.

[TheGrinch]

Government will eventually put the kibosh on all of it.  All cryptos that are not government controlled will be illegalized and go to zero.  So, SELL NOW WHILE YOU STILL CAN!

FEDCOIN is coming.  An all digital currency is their ultimate goal.  Governments will be able to track and tax EVERYTHING.  No more anonymity with physical cash, and no more "under the table" transactions.

BINGO.... you will be chipped and tracked electronically as well

[ratherbebig]

where can i buy som fedcoin before everybody else does 

[gib]

Government will eventually put the kibosh on all of it.  All cryptos that are not government controlled will be illegalized and go to zero.  So, SELL NOW WHILE YOU STILL CAN!

FEDCOIN is coming.  An all digital currency is their ultimate goal.  Governments will be able to track and tax EVERYTHING.  No more anonymity with physical cash, and no more "under the table" transactions.

Partially correct. Yes a Fed Coin is coming. And yes that it will be traceable and traceable. Not just that but the coin will have restrictions on how it can be used, customised for individuals (eg a welfare recipient will not be able to use to buy alcohol, for example) -  not necessarily a bad thing. But many will greatly fear the greater oversight and control. As explained before, what this will do is drive demand for a decentralised peer to peer currency like bitcoin. Indeed the fact that all banking transactions are already electronic and hence trackable is what is in part already driving bitcoin demand.

Further, a fed coin will only serve to enhancemen awareness of the masses of the Government’s ability to print money at will, which again will drive independent and mathematically limited stores of value like bitcoin.

It will however not be possible, from a technical perspective, to “ban bitcoin”, again for reasons explained previously. And as also explained the world is a lot bigger than just the US, and bitcoin is used globally.

So yes, a fed coin is coming. How this will affect the value of bitcoin is unclear. One can certainly make arguments that a fedcoin and bitcoin would co-exist, with bitcoin rising as a consequence. Time will tell.

[gib]

Whats the over/under on number of people in the world jumping off rooftops when they realize how much paper profit they had only to sell at a loss once this thing crashes to below their purchase price?

Paper profits = worthless

I know your point, but the irony is that the “paper money” you are referring to is becoming increasingly worthless as it continues to be printed and devalued. A better example might be to talk about other assets that could be purchased with the gains.

[gib]

No one needs to tell me I am correct.  It's only a matter of time.  Everything I have posted here will be validated eventually.  History and human emotion prove it.

My main purpose is to warn people here not to buy into this largest bubble of all time.  There will be lots of bag holders... LOTS of them.

Yes, I will keep posting here whether you are annoyed or not.

That’s the spirit. Yes please keep the discussion going. You have been providing some good material. I’m getting quite a few PMs from people who are following and really enjoying the discussion.

[Mr Anabolic]

That’s the spirit. Yes please keep the discussion going. You have been providing some good material. I’m getting quite a few PMs from people who are following and really enjoying the discussion.

Stop lying.  NO ONE is sending you PM's regarding bitcoin or this thread.

You'll continue to be condescending and dismissive towards me as bitcoin heads all the way back down below $1000.  The mind boggling thing is you'll ride it all the way back down without taking any profits.  It's absurd, but predictable.  

Again, I will continue to refer you to this bubble chart.  We are approaching the "denial" phase.  Don't ever say I didn't warn you.
 

[Mr Anabolic]

It will however not be possible, from a technical perspective, to “ban bitcoin”, again for reasons explained previously. And as also explained the world is a lot bigger than just the US, and bitcoin is used globally.

Government can do ANYTHING it wants to.  They enact laws and they have the police, military and court systems to enforce it all. 

You're not thinking clearly, critically or realistically because the crypto Kool-Aid has inebriated your brain.

[obsidian]

Government can do ANYTHING it wants to.  They enact laws and they have the police, military and court systems to enforce it all. 

You're not thinking clearly, critically or realistically because the crypto Kool-Aid has inebriated your brain.

And you think that's a good thing?? Just trying to see why that is so great to have a government that can do whatever they want?

And I have news for you, they can't do whatever they want. Their just humans like everyone else and their shit stinks like everyone else. Why the fuck are you putting the government employees up on a pedestal?? Fuck that shit. They work for you and make sure they know that!

[obsidian]

Stop lying.  NO ONE is sending you PM's regarding bitcoin or this thread.

You'll continue to be condescending and dismissive towards me as bitcoin heads all the way back down below $1000.  The mind boggling thing is you'll ride it all the way back down without taking any profits.  It's absurd, but predictable.  

Again, I will continue to refer you to this bubble chart.  We are approaching the "denial" phase.  Don't ever say I didn't warn you.
 

OMG, you want to believe crypto currencies are going away and you are very stubborn. You are going to keep your point of view to prove a point. You're biting your nose to spite your face. You are angry because you are missing out on an opportunity. Digital currencies are not going away - unless there is WW3. But then you won't care about any currency (fiat or crypto) because survival (if you are that unlucky) will be your only concern.

[obsidian]

That’s the spirit. Yes please keep the discussion going. You have been providing some good material. I’m getting quite a few PMs from people who are following and really enjoying the discussion.

Would you convert Ethereum to Bitcoin Cash at this point? Because of the insider trading accusations at Coinbase I am careful before jumping into BCH.  I see Ethereum going up quite a bit next year so in the longrun makes no difference probably.

[Slapper]

Financial "experts" also said to buy tech stocks during 1999 and housing prices would never go down in 2005.

An expert like him should be on his yacht right now, with 3-5 naked women, sipping a mojito, not pimping blipcoins on tee-vee.

Housing prices haven't gone down where I live.

[Mayday]

I know your point, but the irony is that the “paper money” you are referring to is becoming increasingly worthless as it continues to be printed and devalued. A better example might be to talk about other assets that could be purchased with the gains.

And this is another fallacy which i will try and clear up for you.

Currency, actual printed physical notes which are the real life money make up around 2% of the Financial system.

It is the leverage mechanism we have in place that allows the expansion of the money supply.

The idea that there is no digital money is laughable. It's 98% leverage which is done digitally......that is, the money doesn't technically exist except in the formulas which is why the GFC was so fucking horrific. We saw that 98:2 leverage come undone and because it's all based on algorithms run on computers it went at lightspeed causing things to collapse overnight.

The difference with cryptocurrencies is they are outside of the leverage system because it's decentralised. Using the crypto speak term, it cannot be double spent unlike today's money which for every $1 we spend it roughly 49 times.....


When the central banks launch their own crypto's the difference to theirs to these decentralised cryptos is they will peg it to their existing base currency which WILL be in the financial system that allows a 98:2 leverage rate. So it will behave the same.

[obsidian]

Can Governments Ban Bitcoin Effectively?

Summary

Bitcoin is into limelight again as it broke the previous life time high and crossed $5000 mark convincingly, after the "China driven" meltdown.

Experts and charts suggest further upside potential for Bitcoin.

Ultimate resistance from Governments is yet to come.

Since China banned ICO's and closed down some of its crypto currency exchanges, the question of "Ultimate Ban of Bitcoin" is there in the mind of most of the crypto investors. Can governments or international government organizations implement their own centralized crypto currencies and ban the mining or ownership of open decentralized ones like Bitcoin and Litecoin? Answer to this question is crystal clear and straight forward. Yes, they can. But the unanswered part of the question is, how effectively they can destroy Bitcoin.

Let us discuss about the methods possible for any government or international government organizations to act against Bitcoin. Below are the four possibilities I could imagine.

1. Direct Attack on Bitcoin by Laws

2. Direct Attack on Bitcoin Network

3. Virtual Attack on Bitcoin

4. Destabilize the Value of Bitcoin
1. Direct Attack on Bitcoin by Laws

This form of attack is the most feasible, time tested way to attack Bitcoin. Laws can be made by governments to either support Bitcoin or to destroy Bitcoin's acceptance. Democratic governments like Australia, Switzerland etc have regulated Bitcoin, which helped more mainstream adoption of Bitcoin and other cryptocurrencies. But authoritarian governments like China have implemented laws to directly attack Bitcoin.

This is done by implementing anti money laundering laws to ban entities that allow Bitcoin to interface or exchange with the "real" (non-Bitcoin) world. We have seen from the price history that Bitcoin market is negating such events in long run as it anticipates much movements from authoritarian governments. But if a similar movement from USA or Australia, would damage the whole crypto space.

So in nutshell, a rich, powerful, hostile government could probably do quite a bit of damage to the Bitcoin economy, even if they cannot actually touch the technical foundation of the cryptocurrency - the blockchain.

https://seekingalpha.com/article/4113723-can-governments-ban-bitcoin-effectively

[Mayday]

Pretty much spot on.  All the big spec money has stopped coming in.  I said a few pages ago that the huge % gains and easy money has been made already.  You will see many cryptos (especially bitcoin) get whittled down more and more as the weeks go by.

Look at what has unfolded last night and it is an example that my numbers are pretty much ballpark meaning my comments are also on the money.

Bitcoin Cash surges like a bastard...... and it's actually got support now because it was fucking voltaile during those first surges (swings of 20%+).

Bitcoin goes down.....

WTF would bitcoin go down if there is all this money and support for it?

The behaviour in the prices shows you the volatility of the overall market and the limited funds in the overall market pool. Money is not flowing in to keep prices steady, it's staying the same and moving around coin to coin.

[Mayday]

Would you convert Ethereum to Bitcoin Cash at this point? Because of the insider trading accusations at Coinbase I am careful before jumping into BCH.  I see Ethereum going up quite a bit next year so in the longrun makes no difference probably.

Pick something you believe in and are confident of.

Also consider what the data of each coin tells you.

Nothing wrong with switching things around but be wary of jumping over willy nilly as most people generally jump AFTER the gains are done. Then they see their previous holdings jump and switch back AFTER that's done to and wind out missing out on any increase.....


I suggest you look at the trading volumes to get an idea of the potential monetary flows.

Bitcoin cash was 1.5B/day now at 12B/day.  Bitcoin is 16B/day as a comparison. So there is enough 'interest' in Bitcoin cash to get fucking close to Bitcion if the volume keeps up and price increases.  

Volume is holding this hour around 11.5B which tells me it might head for $5k today.

If volume backs off to 8B i'd expect a 10% pullback give or take and it should settle at 3.5B volume if it holds a $4k pricepoint.

[Pray_4_War]

I wish I had paid attention to this Bitcoin shit.  I heard a little about it years ago and thought it sounded stupid so I tuned it out. 

Now it's probably too late.  As soon as I buy in the bubble will burst and I'll lose my ass, lol.

[gib]

Stop lying.  NO ONE is sending you PM's regarding bitcoin or this thread.

I hereby give permission to mods to verify whether or not I’m getting PM’s (I assure you I am). I could also provide screenshots of PMs but don’t want to compromise confidentiality.

But either way, even assuming I’m not being PMed that should not be a relevant factor in the validity of the information I am posting here.

[gib]

Government can do ANYTHING it wants to.  They enact laws and they have the police, military and court systems to enforce it all. 

You're not thinking clearly, critically or realistically because the crypto Kool-Aid has inebriated your brain.

Like how they banned gold you mean? Or how they control guns? Or how they stop drugs you mean?

And which government of the hundreds of countries that exist are you referring to exactly...? No government can defeat mathematics.

[ratherbebig]

when bitcoins crash there will be no need for government to interfer

[Mayday]

Like how they banned gold you mean? Or how they control guns? Or how they stop drugs you mean?

And which government of the hundreds of countries that exist are you referring to exactly...? No government can defeat mathematics.

The gun industry is around $45B for manufacturing and sales annually. Then you have training and facilities on top of that. To the rest of the world it's appears that every single American alive loves guns and will die before they let the Govt take them away. This employs tens of thousands of people who pay taxes.

Gold market is worth $7 Trillion worldwide and the largest exchange run by the world's largest bank is in the US - JPM.

You are comparing those to Bitcoin:
Bitcoin is $20B (probably less now that it's gone down 10%......) of which the US is a 35% share meaning there is probably $7B US ownership in Bitcoin.
40% owned by people who paid fuck all for it.
It's been called a fraud by the largest banks and heads of Finance - in regards to how it's being sold to the public (because it is a fraud, i'm just hoping to make money off of it LOL).

It's not on the radar yet because the real cash investment is abysmally low......so nobody gives a shit about it's impact because there is none except in the minds of the plebs like you thinking it's an actual global currency lol.

If investment was actually anything worth worrying about they'd have regulated it by now.


Nobody defeats mathematics, they use it to go around problems.