Bitcoin to hit $500,000 mark by 2030?

Threads: 6
Posts: 454

Joined: Nov 6, 2013

October 20th, 2017 at 7:02:47 PM permalink

$6,000!!!

Bitcoin: Where the laws of Mathematics Prevail

gamerfreak

gamerfreak

Threads: 57
Posts: 3540

Joined: Dec 28, 2014

October 20th, 2017 at 7:24:22 PM permalink

bobbartop

bobbartop

Threads: 133
Posts: 2594

Joined: Mar 15, 2016

Thanked by

October 20th, 2017 at 8:54:15 PM permalink

"We shall have world government, whether or not we like it. The question is only whether world government will be achieved by consent or by conquest."

-- James Paul Warburg, February 17, 1950, before the U.S. Senate Committee on Foreign Relations.

'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.

DRich

Threads: 86
Posts: 11700

Joined: Jul 6, 2012

November 2nd, 2017 at 8:09:00 AM permalink

Bitcoin over $7,000 now.

At my age, a "Life In Prison" sentence is not much of a deterrent.

beachmonkey

Threads: 6
Posts: 180

Joined: May 13, 2015

November 3rd, 2017 at 11:40:06 PM permalink

Local press here talking bubble crash soon. Mind you they missed the prediction on last bubble crash aka ten or so years ago. They where all merrily picking peanuts from their Pooh as the world came crashing down.
So if bitcoins start to drop just short it until it deadcat bounces. Then go long wait for retraction then short again but don�t forget those important mandatory stop loss points.
Kind regards

beachmonkey

Threads: 6
Posts: 180

Joined: May 13, 2015

November 3rd, 2017 at 11:42:33 PM permalink

Quote: Skeptic
As a professional full-time card counter living in Vegas how do you find the time to trade Bitcoin?

Laptop/ mobile phone and internet plus stoploss = side income. Try it
Kind regards

beachmonkey

Threads: 6
Posts: 180

Joined: May 13, 2015

November 3rd, 2017 at 11:53:26 PM permalink

As a fan of the great W.D.Gann ( Americans greatest pre internet stock picker� my humble opinion. ) if it is going to crash 2028 would be the closest date as its 100 or so years since last great depression ( yes we have some in between) but he did his work on cycles etc. if you are inclined check wd gann PDF and you can look at his half dozen books etc. worthwhile.
Kind regards

ZenKinG

ZenKinG

Threads: 56
Posts: 1443

Joined: May 3, 2016

November 4th, 2017 at 4:22:41 AM permalink

Who was that genius that told everyone to buy bitcoin in the 1800s and everyone mocked him?

Any private business open to the PUBLIC (ie. droned out casinos) cannot have a criminal trespass enforced against an individual without GOOD CAUSE (Disruptive or Disorderly conduct). You will never go to prison for being thrown out of a casino for legal advantage play and then returning because it's simply unconstitutional 'as applied' to the individual. 'As applied' constitutional issues must FIRST be raised in DISTRICT COURT (trial court) to have it thrown out. You CANNOT raise it on APPEAL This is the best kept secret in the world of casinos not just in Vegas but everywhere in the country. Thank me later.

ZenKinG

ZenKinG

Threads: 56
Posts: 1443

Joined: May 3, 2016

Thanked by

November 4th, 2017 at 4:33:39 AM permalink

Quote: beachmonkey
As a fan of the great W.D.Gann ( Americans greatest pre internet stock picker� my humble opinion. ) if it is going to crash 2028 would be the closest date as its 100 or so years since last great depression ( yes we have some in between) but he did his work on cycles etc. if you are inclined check wd gann PDF and you can look at his half dozen books etc. worthwhile.
Kind regards

There woukd never be a depression if we didnt have a private central bank printing money out of thin air and charging our govt interest on top of it. The whole system is gonna fall hard again badly and it will be a rinse and repeat phenomenon because the american public is so blind and uneducated to the monetary system in place. If the citizens of this country understood our monetary system, there would be a revolution overnight.

That paper in your wallet will lose 95% or more of its purchasing power in the next 20 years or so. The problem is Americans are blind to inflation, they just dont understand this silent tax is more destructive to their wealth than anything else. Just look at election day and the amount of drones out there cheering for a puppet that actually has very constitutionally limited power over them. Those people cheering think we live under some type of dictatorship or neo fascist state and that the President rules all. What a sad state of affairs we have going on in this country. On the contrary go ask those same people whp Kim Kardashian is dating and what drugs Kanye West is on and theyll give you a lecture.

Focus on your state elections people. These state elected representatives will be the ones representing you in Congress, you know, the same Congress that are actually responsible for the passing and repealing of laws, not your puppet President. Elect the right ones and maybe they will have the honorability to shut down the federal reserve system and bring this country back to being the strongest nation in the world.

End the Federal Reserve.

Any private business open to the PUBLIC (ie. droned out casinos) cannot have a criminal trespass enforced against an individual without GOOD CAUSE (Disruptive or Disorderly conduct). You will never go to prison for being thrown out of a casino for legal advantage play and then returning because it's simply unconstitutional 'as applied' to the individual. 'As applied' constitutional issues must FIRST be raised in DISTRICT COURT (trial court) to have it thrown out. You CANNOT raise it on APPEAL This is the best kept secret in the world of casinos not just in Vegas but everywhere in the country. Thank me later.

OnceDear

Threads: 63
Posts: 7477

Joined: Jun 1, 2014

November 4th, 2017 at 5:10:45 AM permalink

Quote: Wizard
Two people, not counting me, voted that Bitcoin coin will crash in this thread. I also think that.

First, I'm 51 and 100% of the time I've seen something rise in value extremely fast, it was always accompanied by an even bigger crash the other way. Furthermore, Bitcoin comes off to me as something of a fad.

Second, there are already competing virtual currencies like Ethereum. Eventually, I predict, every currency will be virtual. Give it about 50 years. Then there will be no need for currencies based on nothing like Bitcoin. Instead, we'll all use virtual dollars, Euros, pounds, or whatever.

Prediction -- On Jan 4/21/2027 Bitcoin will be worth under $100.

What will $100 mean in 2027? Price of a medium loaf of bread or a litre of diesel? Or do you mean the rebased dollar that will be introduced when diesel is $1,000 a litre?

I'm of a similar vintage to Wizard and when I started drinking beer (at 16 ) it was 32p ( about 43c) per pint. A sliced white loaf cost 19.2p (25c) and a packet of 20 cigarettes - more socially acceptable at that time - a mere 45p ( 58c )

I concur with Wizard and others in this thread that Bitcoin is a classic bubble and will be worthless and discarded soon. Maybe a 'proper' global virtual currency will have taken over from all fiat and current currencies. Maybe we will be using platinum or lithium or zod only knows what.

But, we are in the now and the price of bitcoin when charted is on an exponential growth path. Such exponential paths are often shown as charts for the likes of tulip bubbles, dot com bubbles etc. And yes, after they crash we can see the point of the chart where it was clearly unsustainable. But there's a bit of an illusion there. . . As we progressively chart the exponential chart of bitcoin or anything, the right hand side of the chart will be almost vertical. It was almost vertical when the price shot through $50: It was almost vertical when it shot through $500 and it was almost vertical when it shot through $5,000. If it continues, it will be almost vertical when it shoots through $50,000. And all along the way, pundits will say, 'it's a bubble, it won't last, it will crash and burn'. And other pundits will say 'You said that when it was $50 and you said it at $500 and if only we had filled our boots back then'. That cycle will continue right up until it doesn't continue. And along the way, if history repeats, we will have wars, famines, hurricanes, just as always. After the crash, there will be massive and global distrust in all forms of currency, and maybe a serious depression.

I buy the whole bubble story. I see the truth in it and the lie in 'bitcoin investment'. But this week, I still invested cold hard cash in Bitcoin. Real cash, within my pension scheme ( as we can do in the UK ). I'll give it a year or so and will apply my 20:20 hindsight at that time. We know roller coasters tend to end their journey at a low point, but at least I can enjoy the ride. We can share the laugh at my expense, later.

NOT betting the farm on it though!

Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.

PokerGrinder

PokerGrinder

Threads: 26
Posts: 5032

Joined: Apr 30, 2015

November 4th, 2017 at 6:49:49 AM permalink

Quote: ZenKinG
Who was that genius that told everyone to buy bitcoin in the 1800s and everyone mocked him?

Who was the genius who said to buy BTC and then bought none himself? Oh right the same genius. SMH

You can shear a sheep a hundred times, but you can skin it only once. � Amarillo Slim Preston

beachmonkey

Threads: 6
Posts: 180

Joined: May 13, 2015

November 4th, 2017 at 7:15:53 AM permalink

Zenking with respect, try living in Australia you would slit your own throat in a week. Here we have small scale economy where the citizens are abused by government and businesses alike, hell even the casino here sticks it up us hard and dry, why ? Where else ya all going to go ?And because we can.
Petrol changes from $1:15 to $1:67 per litre, overnight for the week then down to$1:35 for a day or so then back to $1:53 per litre (4litre =1gallon ) apple go from $3:50@kilo next morning same apple as last night closing time IS $5:20per kilo.
But we have beautiful beaches.
I�m not political but the only way through everything is make more money, not talking stealing, crimes etc but live better. Sorry the underdogs of the world hey I�m one as well, deal with it and do the best we can.
OnceDear the straight up charts your talking about is a �parabolic trade� fantastic money making opportunities , measuring the price distance from last low to when it makes the straight up line on chart as it goes down divide by 2 ( you should be shorting on way down by the way) &50% of distance rule a line . If the price doesn�t go below that line it mostly returns to 80/90% of old price high, if it goes lower buckle in and make cash really quickly usually 2-3 days. ( is just a very brief rough outline of a possible profit or loss trade, no responsibility taken if anyone tries whatever written above, do your own research or speak with your own business/financial advisor)
Trust me people sit in dark rooms buck naked with a tub of yoghurt waiting for trades like that. Ha ha
Zenking I think Gann was anti Roosevelt (?)re too much government involvement , was it some things called the Hoover dam plan or such ,not sure, he basically said what you did a hundred years ago. So he went and made $5millon plus inthe1920s to make a point, huge amount in the 1920s, which I agree with, make more money.
Kind regards

RS

Threads: 62
Posts: 8626

Joined: Feb 11, 2014

November 25th, 2017 at 9:24:09 AM permalink

Bitcoin is now at $8,700. It's bananas.

Quote: ZenKinG
Who was that genius that told everyone to buy bitcoin in the 1800s and everyone mocked him?

Bruh, bitcoin was invented in 2009, nowhere near the 1800's. :)

BTLWI

Threads: 6
Posts: 454

Joined: Nov 6, 2013

November 25th, 2017 at 11:59:06 AM permalink

Been buying since $2700. Almost up to 10 BTC. Feels good.

SOOPOO

SOOPOO

Threads: 122
Posts: 10981

Joined: Aug 8, 2010

November 25th, 2017 at 12:25:00 PM permalink

Quote: BTLWI
Been buying since $2700. Almost up to 10 BTC. Feels good.

Question for you or anyone who knows. Let's say you bought at an average of $3,000 and you now have 10. If you sell them all at $10,000 do you have to report $70,000 in income?

If you buy a $100,000 car with the bitcoins, do you still have to declare $70,000 in income?

If bitcoin collapses and it is $1000, and you sell, do you somehow get to deduct $20,000?

If you bought one of the bitcoins at $1000, and a different one at $5,000, can you preferentially sell one versus the other if they are both in the same 'wallet'?

Lastly, can IRA funds be invested in bitcoin?

Just curious, unlikely I'll ever dabble.....

RS

Threads: 62
Posts: 8626

Joined: Feb 11, 2014

November 25th, 2017 at 1:05:56 PM permalink

I don't know. However my guess would be --

Bitcoin is a currency, just like any other nation's currency. I believe yes, you'd have to (or supposed to) report $70k in income.

No opinion on the car thing. Seems like you would, though.

I would think you could deduct $20k. I sure as hell would, or at least try to.

Bitcoin is bitcoin. Its value might change, but one is just as valuable as the other. I would just report investments as losses (-1k and -6k) as well as the profits or wins/gains.

I remember reading something about a cryptocoin investment thing for retirement type purposes, like an IRA. I (obviously) don't have the authority or knowledge to say it's good or bad, but my gut feeling overall is it's good.

SM777

SM777

Threads: 6
Posts: 762

Joined: Apr 8, 2016

November 25th, 2017 at 1:34:49 PM permalink

Quote: ZenKinG
Who was that genius that told everyone to buy bitcoin in the 1800s and everyone mocked him?

Who was the genius that told everyone to bet the Bulls over wins, then proclaimed he didn't bet it himself?

djatc

djatc

Threads: 83
Posts: 4477

Joined: Jan 15, 2013

Thanked by

November 25th, 2017 at 8:17:46 PM permalink

Quote: SM777
Who was the genius that told everyone to bet the Bulls over wins, then proclaimed he didn't bet it himself?

If it goes over he bet it

If not he didn't

"Man Babes" #AxelFabulous

BTLWI

Threads: 6
Posts: 454

Joined: Nov 6, 2013

Thanked by

November 25th, 2017 at 9:18:43 PM permalink

Capital asset = capital gains.

RS

Threads: 62
Posts: 8626

Joined: Feb 11, 2014

November 26th, 2017 at 12:13:50 AM permalink

It's at $9k now.

GWAE

GWAE

Threads: 93
Posts: 9854

Joined: Sep 20, 2013

November 26th, 2017 at 4:10:12 AM permalink

Bitcoin is the topic on big bang theory this week.

Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW

DRich

Threads: 86
Posts: 11700

Joined: Jul 6, 2012

November 26th, 2017 at 9:25:50 AM permalink

Quote: SOOPOO

If you buy a $100,000 car with the bitcoins, do you still have to declare $70,000 in income?

This one I know. The IRS issued a notice in 2014 or 2015 that all purchases with Bitcoin are considered just like the selling of any other investment instrument. If you bought a Bitcoin for $1000 and purchased a $100,000 car with t you are required to report a capital gain of $99,000. If you bought a cheeseburger for $1 while that Bitcoin is valued at $100,000 you would report a 99 cent capital gain.

At my age, a "Life In Prison" sentence is not much of a deterrent.

RS

Threads: 62
Posts: 8626

Joined: Feb 11, 2014

Thanked by

November 26th, 2017 at 10:24:11 AM permalink

Quote: GWAE
Bitcoin is the topic on big bang theory this week

That is literally the worst show. Ever. Now I'm upset just thinking about it.

RS

Threads: 62
Posts: 8626

Joined: Feb 11, 2014

November 26th, 2017 at 10:28:21 AM permalink

Quote: DRich
This one I know. The IRS issued a notice in 2014 or 2015 that all purchases with Bitcoin are considered just like the selling of any other investment instrument. If you bought a Bitcoin for $1000 and purchased a $100,000 car with t you are required to report a capital gain of $99,000. If you bought a cheeseburger for $1 while that Bitcoin is valued at $100,000 you would report a 99 cent capital gain.

Also, is it true you don't have to pay taxes on your #gains until you cash out? IE: If I buy 1 BTC at $5k a few weeks ago, then on January 1 it ends up being worth $20k, I don't have to pay taxes on that $15k in #gains, right? Then 3 years from now it's worth $250k and I cash out, I'd have to report the $245k in profit and pay taxes on all dat, yes?

Getting tax advice from the Internet, what could go wrong? :)

Except I actually do trust Dr. Itch, so he's not really "the Internet".

1 BTC = $9,382.

DRich

Threads: 86
Posts: 11700

Joined: Jul 6, 2012

November 26th, 2017 at 11:11:49 AM permalink

Quote: RS
Also, is it true you don't have to pay taxes on your #gains until you cash out? IE: If I buy 1 BTC at $5k a few weeks ago, then on January 1 it ends up being worth $20k, I don't have to pay taxes on that $15k in #gains, right? Then 3 years from now it's worth $250k and I cash out, I'd have to report the $245k in profit and pay taxes on all dat, yes?

Except I actually do trust Dr. Itch, so he's not really "the Internet".

That is my understanding but I have never owned any Bitcoin and I really don't know too much about it.

It is not Dr. Itch read it as "D Rich" as in first initial and last name.

At my age, a "Life In Prison" sentence is not much of a deterrent.

BTLWI

Threads: 6
Posts: 454

Joined: Nov 6, 2013

November 26th, 2017 at 11:37:15 AM permalink

Correct, there's no gain until you've profitably disposed the asset.

The main thing that concerns me right now is that it's losing its utility as a currency and becoming more of a store of value. The network can't handle the volume of transactions (there's 25,000 backlogged transactions) so if you don't pay a hefty transaction fee, you can be waiting 12+ hours for your tx to get accepted by a miner. That's somewhat acceptable if you're transferring large amounts but not acceptable for paying for a coffee or a bar tab - the latter of which is a main purpose for it being invented. My last ethereum transaction cost $.01 and took under a minute. Off chain solutions like lightning network will help but I haven't idea what stage those proposals are in.

If 2018 is Bitcoin bullish, $25,000 should be no problem - $425B market cap.

DRich

Threads: 86
Posts: 11700

Joined: Jul 6, 2012

November 29th, 2017 at 7:04:58 AM permalink

Bitcoin $11,168 as I type this. Bitcoin was at $1250 when this thread started in April. That is another 900% gain after people everyone started predicting its doom.

At my age, a "Life In Prison" sentence is not much of a deterrent.

MaxPen

MaxPen

Threads: 13
Posts: 3634

Joined: Feb 4, 2015

November 29th, 2017 at 10:32:56 AM permalink

I guess there is a crap ton of drug money and such looking for a parking space. This has been incredible. Not sure if there has ever been anything like it.
Won't be long until IRS and other leeches start sniffing around. Will it survive that?
Does anyone know anyone with a 100 or 1000 of these things?

Parabolic
0 - $1000: 1789 days
$1000- $2000: 1271 days
$2000- $3000: 23 days
$3000- $4000: 62 days
$4000- $5000: 61 days
$5000- $6000: 8 days
$6000- $7000: 13 days
$7000- $8000: 14 days
$8000- $9000: 9 days
$9000- $10,000: 2 days
$10,000 - $11,000: 11 hours and 16 minutes

PokerGrinder

PokerGrinder

Threads: 26
Posts: 5032

Joined: Apr 30, 2015

November 29th, 2017 at 11:20:27 AM permalink

BTC is huge in the poker community. A close friend has about 100 BTC right now give or take a couple.

You can shear a sheep a hundred times, but you can skin it only once. � Amarillo Slim Preston

TigerWu

TigerWu

Threads: 26
Posts: 5549

Joined: May 23, 2016

November 29th, 2017 at 11:22:56 AM permalink

I bet as soon as I start investing in it, it will crash.

One of my friends tried to explain to me how to invest in cryptocurrencies. I didn't understand a word of it because he was making it look super-complicated, like going to 3 or 4 different websites, and buying on one, investing on another, selling on yet another, and there's like 1000 different sub-bitcoins, and then there's all the NON-bitcoin currencies, and the different sub-types of those... it just went way over my head.

RS

Threads: 62
Posts: 8626

Joined: Feb 11, 2014

November 29th, 2017 at 3:25:02 PM permalink

Quote: MaxPen
I guess there is a crap ton of drug money and such looking for a parking space. This has been incredible. Not sure if there has ever been anything like it.
Won't be long until IRS and other leeches start sniffing around. Will it survive that?
Does anyone know anyone with a 100 or 1000 of these things?

Parabolic
0 - $1000: 1789 days
$1000- $2000: 1271 days
$2000- $3000: 23 days
$3000- $4000: 62 days
$4000- $5000: 61 days
$5000- $6000: 8 days
$6000- $7000: 13 days
$7000- $8000: 14 days
$8000- $9000: 9 days
$9000- $10,000: 2 days
$10,000 - $11,000: 11 hours and 16 minutes

I have a few
https://blockchain.info/address/14cQRmViAzVKa277gZznByGZtnrVPQc8Lr

Face
Administrator

Face

Threads: 49
Posts: 4448

Joined: Dec 27, 2010

Thanked by

November 29th, 2017 at 4:25:05 PM permalink

Quote: MaxPen

Does anyone know anyone with a 100 or 1000 of these things?

My newest hobby has been trolling BTC forums just for the heart crushing stories. So and so was offered 1k coins to perform when they were but dollars apiece and turned it down, such and such had a wallet with 30 coins 2 years ago and traded them for a pizza and Halo 4, who and what HAS 12 coins he got for nothing, but damn and blast, can't for the life of him remember his password thing to access them.

I no longer feel bad about my discarded Pepsi JACKPOT cap.

The opinions of this moderator are for entertainment purposes only.

DRich

Threads: 86
Posts: 11700

Joined: Jul 6, 2012

November 29th, 2017 at 4:33:33 PM permalink

Quote: Face
My newest hobby has been trolling BTC forums just for the heart crushing stories. So and so was offered 1k coins to perform when they were but dollars apiece and turned it down, such and such had a wallet with 30 coins 2 years ago and traded them for a pizza and Halo 4, who and what HAS 12 coins he got for nothing, but damn and blast, can't for the life of him remember his password thing to access them.

I no longer feel bad about my discarded Pepsi JACKPOT cap.

I once had 980,000 shares of a penny stock and watched it go from $0.03 to $0.49 and then to $0.00. Sadly I never sold any. That was a half million dollars that I wish I had.

At my age, a "Life In Prison" sentence is not much of a deterrent.

RS

Threads: 62
Posts: 8626

Joined: Feb 11, 2014

November 29th, 2017 at 5:02:48 PM permalink

I remember when I sold my 0.25 WizCoins back to Mike when it was at like $4k. =(

ZenKinG

ZenKinG

Threads: 56
Posts: 1443

Joined: May 3, 2016

December 6th, 2017 at 3:38:34 AM permalink

Get ready for the massive bitcoin drop. As someone who has been right on every investment thus far, it would wise to listen to the king.

Whoever shorts this now will make a killing.

Any private business open to the PUBLIC (ie. droned out casinos) cannot have a criminal trespass enforced against an individual without GOOD CAUSE (Disruptive or Disorderly conduct). You will never go to prison for being thrown out of a casino for legal advantage play and then returning because it's simply unconstitutional 'as applied' to the individual. 'As applied' constitutional issues must FIRST be raised in DISTRICT COURT (trial court) to have it thrown out. You CANNOT raise it on APPEAL This is the best kept secret in the world of casinos not just in Vegas but everywhere in the country. Thank me later.

OnceDear

Threads: 63
Posts: 7477

Joined: Jun 1, 2014

December 6th, 2017 at 5:43:32 AM permalink

Quote: ZenKinG
Get ready for the massive bitcoin drop. As someone who has been right on every investment thus far, it would wise to listen to the king.

Whoever shorts this now will make a killing.

I feel more confident holding them now. Thanks ZK.

Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.

Wizard
Administrator

Wizard

Threads: 1493
Posts: 26480

Joined: Oct 14, 2009

December 6th, 2017 at 6:44:46 AM permalink

Bitcoin has more than doubled since Nov 11. Over the last 26 days, that is a growth rate of 3% per day. This is simply ridiculous. It has all the makings of a bubble.

I know I've been saying that for six months but Bitcoin is starting to get mainstream attention. The last Big Bang Theory was centered around Bitcoin. There was a piece about it on the news last night. More big names like Warren Buffet are going to say the whole thing is a fad and will crumble like a house of cards. It is just a matter of time.

"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)

DRich

Threads: 86
Posts: 11700

Joined: Jul 6, 2012

December 6th, 2017 at 6:49:52 AM permalink

Quote: Wizard
Bitcoin has more than doubled since Nov 11. Over the last 26 days, that is a growth rate of 3% per day. This is simply ridiculous. It has all the makings of a bubble.

I know I've been saying that for six months but Bitcoin is starting to get mainstream attention. The last Big Bang Theory was centered around Bitcoin. There was a piece about it on the news last night. More big names like Warren Buffet are going to say the whole thing is a fad and will crumble like a house of cards. It is just a matter of time.

I am starting to doubt that it will happen soon. Even if it loses 90% of its value it will still be worth more than it was a year ago.

At my age, a "Life In Prison" sentence is not much of a deterrent.

OnceDear

Threads: 63
Posts: 7477

Joined: Jun 1, 2014

December 6th, 2017 at 7:11:40 AM permalink

Quote: Wizard
Bitcoin has more than doubled since Nov 11. Over the last 26 days, that is a growth rate of 3% per day. This is simply ridiculous. It has all the makings of a bubble.

I know I've been saying that for six months but Bitcoin is starting to get mainstream attention. The last Big Bang Theory was centered around Bitcoin. There was a piece about it on the news last night. More big names like Warren Buffet are going to say the whole thing is a fad and will crumble like a house of cards. It is just a matter of time.

Ridiculous. I agree: Bubble: I agree. Unsustainable madness: I agree.

I'm still on the roller coaster, to the tune of about £4k. I'm playing chicken with reality $:o)

Anyone hear of a blockchain 'currency' called 'Tether' operated by what seems like a rather shady Asian limited company?

Tether does a bit like Wizard's Wizcoin It issues 'tokens' which they say are backed and linked to dollar hard currency. Except, it rather looks like the supporting dollar currency has maybe sailed into the sunset. These 'Tether Dollars' are used as part of the process by some who arbitrage the bitcoin/dollar price ratio.

If/when Tether unravels, there could be a massive plunge in confidence in the whole crypto currency market. It looks like it could be sooner rather than later, as mainstream media are getting sight of Tether.

https://www.google.co.uk/search?q=bitcoin+tether&oq=bitcoin+tether

Historical fact:-
Robert Walpole, The very first ever Prime Minister of the UK in 1721, made his fortune investing in the infamous South Sea Company. A company who's shares were at the heart of 'The South Sea Bubble' a Bitcoin equivalent from the year 1720. He bought low and sold out at the peak.

https://en.wikipedia.org/wiki/Robert_Walpole

https://en.wikipedia.org/wiki/South_Sea_Company

Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.

Wizard
Administrator

Wizard

Threads: 1493
Posts: 26480

Joined: Oct 14, 2009

December 6th, 2017 at 7:29:33 AM permalink

Quote: OnceDear
I'm still on the roller coaster, to the tune of about £4k. I'm playing chicken with reality $:o)

If I were in your shoes I would sell at least some of them now. You will not realize a gain in Bitcoin until you actually sell them.

Quote:
Anyone hear of a blockchain 'currency' called 'Tether' operated by what seems like a rather shady Asian limited company?

No. I have a loose prediction that Bitcoin will be undone by another hypothetical crypto-currency backed by a large corporation or a country. The house of cards may very well fall down before then but eventually a name will get into it and dominate.

"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)

RogerKint

RogerKint

Threads: 15
Posts: 1916

Joined: Dec 5, 2011

December 6th, 2017 at 7:47:42 AM permalink

Vegas Billboard

100% risk of ruin

gamerfreak

gamerfreak

Threads: 57
Posts: 3540

Joined: Dec 28, 2014

December 6th, 2017 at 7:54:18 AM permalink

Quote: Wizard
No. I have a loose prediction that Bitcoin will be undone by another hypothetical crypto-currency backed by a large corporation or a country. The house of cards may very well fall down before then but eventually a name will get into it and dominate.

I agree that it's a bubble, but I couldn't even begin to predict when/why it will pop.

I see the major issue is that Bitcoin, while being touted as a currency, is only currently only succeeding as an investment, not a currency. You really can't buy much with bitcoin except for drugs or other illegal things. It's market cap won't continue to grow unless it starts being utilized as something beyond an investment fad.

OnceDear

Threads: 63
Posts: 7477

Joined: Jun 1, 2014

December 6th, 2017 at 8:00:48 AM permalink

Quote: Wizard
If I were in your shoes I would sell at least some of them now. You will not realize a gain in Bitcoin until you actually sell them.

Wizard, That sounds like a recommendation to hit and run or stop-loss or hedge my bets.
Has your account been hacked ?
$:o)

I intend to stay invested right up to the point where I elect to disinvest. It will possibly be an all or nothing decision.

As an ex-employee of BT. I had many BT shares as we went through the dot com bubble. I used to get and exercise frequent stock options. The shares were originally floated in 1984 at £1.30 The dot com bubble took them to £15 in 1999. Then they crashed and burned and now, 34 years after the float, they are barely at twice the float price.
Here is the share price graph I rode on ( rebased for share splits)

One hell of a bubble and most of my wealth was at some point invested there.

Now. My colleagues laughed at me as I unloaded most of my holding at £13 as they were rising at a stupid pace. They didn't laugh for long.
Sadly, when I sold, I edged my bets and retained about 1/5 of my holding. Seeing how badly that 1/5 has done reminds me of the value of 20:20 hindsight.

My Point. Selling was the right choice. holding on to some later proved to be a depressing mistake. I was a lucky tit with my timing.

Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.

OnceDear

Threads: 63
Posts: 7477

Joined: Jun 1, 2014

December 6th, 2017 at 2:19:24 PM permalink

Bitcoin $13,333 at the moment up >13.9% on the day.
This is just too silly.
If it kept up that rate for 30 days they would smash $500k within 30 days.

https://www.cryptocompare.com/coins/btc/overview/USD

I don't expect they will
$:o)

It will be a lucky guy who correctly calls the top.

Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.

SOOPOO

SOOPOO

Threads: 122
Posts: 10981

Joined: Aug 8, 2010

December 6th, 2017 at 2:33:37 PM permalink

Quote: ZenKinG
Get ready for the massive bitcoin drop. As someone who has been right on every investment thus far, it would wise to listen to the king.

Whoever shorts this now will make a killing.

How low do you think it will go? I'd bet you a dollar it doesn't drop below $5,000 during 2018. Although I'm hoping it drops to 2860, which is what I think I guessed in the Wiz contest.

OnceDear

Threads: 63
Posts: 7477

Joined: Jun 1, 2014

December 6th, 2017 at 3:05:43 PM permalink

Quote: ZenKinG
Whoever shorts this now will make a killing.

So how much exposure does your own short position have.
FYI Wizard is shorting it, signficantly, I believe.

Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.

DRich