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Bitcoin hits $7300

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Steve

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Up 29% this week. Last time this subject was brought up the price was $2300 or so.
Whose in control of bitcoin and pumping it up? Who is desperately trying to cling to a farce ponzi... Bitcoin is banned in China and Russia. I don't know of any store that actually accept bitcoin. Seems bitcoin is a fad in Japan and USA... the main countries heavily in debt
 
X-Terra70 said:
You seem to like bitcoin very much! Do you invest in it, or do you just 'observe' it?
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Not $1. I read zerohesge a lot and it seems they have 10 articles a day.. I usually go right to the comment section to see how a few shills are trying to get others out of gold and silver and into electronic tokens
 
X-Terra70 said:
You seem to like bitcoin very much! Do you invest in it, or do you just 'observe' it?
Click to expand...

You don't need to "invest" in it. You just need to have a powerful computer with a couple of really powerful video cards to mine for them. The video cards will do most of the processing.

There is also an issue now with malware that is being placed on computers all over the world that will use your computer for bitcoin mining.
 
There are many online communities that accept bitcoin. Gov'ts don't like it cause they can't control it nor make money off of it (taxes). It's not some conspiracy currency, it's value is based on simple economics. Much more simple than any fiat currency.

It'll continue to rise until there are no more to mine, as it gets progressively harder (costs more) to mine them. Once there are none left to mine, then the price will flatten out to true value based on profit from conducting bitcoin transactions. Just as Visa (credit cards) charge transaction fees, so does it cost for bitcoin transactions but much less (>1%).
 
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BottleCapKing said:
You don't need to "invest" in it. You just need to have a powerful computer with a couple of really powerful video cards to mine for them. The video cards will do most of the processing.

There is also an issue now with malware that is being placed on computers all over the world that will use your computer for bitcoin mining.
Click to expand...

The hashrate has well surpassed what video cards can handle years ago, you'd have had to invest into dedicated miners to see any possibility of a return.

As you suggested, a virus that pools hashrate could still be profitable (basically because your stealing power and equipment) but it'd have to throttle 1,000's of cpu's full steam to see a return.

https://www.bitmain.com

I looked into seriously mining about 2 years ago before Bitcoin was $400 per coin, wish I would have invested in miners but nanotechnology for mining was rapidly advancing and the most economical miner was $1700 for 1.7 Terahash/s. The only thing that stopped me was the amount of heat produced by the miners and having no way to use/diffuse it being I'm in Texas.

I did a LOT of research, and most of the companies that make the miners only release them for public sales after they have developed faster miners ready to run in their own mining facilities. Yes, you are competing against the same companies making the miners for sale and they have the advantage with newer technology. They continue to raise the hashrate while selling their customers inferior (outdated) products, so they always will have the advantage. You would literaly be competing against hundreds of thousands of the fastest ASIC miners, with the same outdated equipment they are making available for sale to the public.

Don't take my word for it though, look for yourself: https://qz.com/1056236/take-a-walk-around-one-of-the-worlds-biggest-bitcoin-mines/

And this is just one mining facility out of thousands...
 
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I never had any trouble with Canadian Tire cash, heck it's even good on Ebay:lol:

I know a few of the hunters here almost throw back if a canuck coin dug.


oj/BC

Bitcoin don't trust as far as can throw them.
 
How many times has it split and how many other electronic tokens are there in the market?
Let's not forget it was founded by some person named satoshi.. who do you think that is? Some guy in his mom's basement or something more sinister.
Paris Hilton is even endorsing an electronic token
It is an easy opportunity to make money for some people as long as it continues to get pumped up
 
Like anything else, if interested just due your research. I can see value in it as far as being a global digital currency and being at least partly anonymous, plus there is only a certain amount that will ever be created (21 million)...it is limited by that which helps it hold value. Bitcoin may not exactly be the future global currency, but something will eventually...it's inevitable as I see it and Bitcoin does have a good grasp on that, even if it could be replaced by something else.

Many people who have invested, have and are currently making millions and millions of dollars with/off of Bitcoin, that's nothing to be scoffed at. We're talking real millions too, not just digital millions. The kind of millions that stick 6 zeros at the end of your bank account - millions, although many late investors have lost millions too, I'm sure.

Some rewards could probably still be made, I could see Bitcoin going up to $12k or $20k quite easily. I wouldn't chance it now though as most of the rewards HAVE already been made by early investors/miners. Getting in this late just leads to high risk.
 
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MrNovice said:
Like anything else, if interested just due your research. I can see value in it as far as being a global digital currency and being at least partly anonymous, plus there is only a certain amount that will ever be created (21 million)...it is limited by that which helps it hold value. Bitcoin may not exactly be the future global currency, but something will eventually...it's inevitable as I see it and Bitcoin does have a good grasp on that, even if it could be replaced by something else.

Many people who have invested, have and are currently making millions and millions of dollars with/off of Bitcoin, that's nothing to be scoffed at. We're talking real millions too, not just digital millions.
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Some people are getting filthy rich.. as far as only being 21 million, I wouldn't count on that. It's already split how many times? How many more times in the future ? I guess satoshi retired.
I think it's pretty smart to team mine with others.. even if it is a sham it's free money. Would anyone seriously take 1 bitcoin over 1/4lb gold bar? This sums it up for me
 
Steve said:
Some people are getting filthy rich.. as far as only being 21 million, I wouldn't count on that. It's already split how many times? How many more times in the future ? I guess satoshi retired.
I think it's pretty smart to team mine with others.. even if it is a sham it's free money. Would anyone seriously take 1 bitcoin over 1/4lb gold bar? This sums it up for me
Click to expand...

Honestly, the splits in the blockchain I don't understand, except updating software to make hashing (mining) easier. Supposedly there are two separate blockchains now and half is (or will be as further mined) managed by each one. Bitcoins can already be broken down into value by .0000008th of a Bitcoin, so it's not like where a penny is our lowest denomination and without owning a "full penny" then you have nothing like we currenty have. I do know the creator of Bitcoin has nothing to do with it (other than writing the code) and no (further) control over how the program dispenses them (other than what he has already programmed during creation; difficulty mining them) it's set - just like the amount that will be released.

Edit: these splits are actually common in cryptocurrencies and referred to as "forks". Here's more easily understandable info on why and what happens: http://www.tech-recipes.com/rx/48517/cryptocurrency-what-is-a-fork/

Also, there are many stores that now accept Bitcoin and many more added all the time. Most are tech but several others we all know as well: https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/. Also read the comments after the list and you'll see several more stores that are not listed that accept Bitcoin for products/services.
 
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Bottom line, its all based on the price going up and what someone is willing to pay. It has no gold, silver or currency backing it up, not even a country and its all built on speculation. Think stock market crash and 1929, the smart people would cash it out now for some precious metals.
 
I think its going to crash but who knows? I'm sure there are groups of people or companies that are pumping this up and im sure the creator is in on the pump and dump too.

I used to trade penny stocks and i've seen my fair share of pump and dumps and I wouldn't touch bitcoin with a 10 foot pole. I have money invested in precious metals and stocks backed by good earning companies and think that putting money into something backed by speculation and the electricity it takes to 'mine' is dumb.
 
wmgeorge said:
Bottom line, its all based on the price going up and what someone is willing to pay. It has no gold, silver or currency backing it up, not even a country and its all built on speculation. Think stock market crash and 1929, the smart people would cash it out now for some precious metals.
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Kind of like one of our coin club guest he printed his own Antarctica paper money. Antarctican dollars are collectors' items produced by the "Antarctica Overseas Exchange Office" in the appearance of a national money for the continent of Antarctica. The bills are not legal tender in Antarctica nor any other continent or nation. They are mostly sold for the equivalent of their face value in United States Dollars. wiki
 

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Steve said:
Up 29% this week. Last time this subject was brought up the price was $2300 or so.
Whose in control of bitcoin and pumping it up? Who is desperately trying to cling to a farce ponzi... Bitcoin is banned in China and Russia. I don't know of any store that actually accept bitcoin. Seems bitcoin is a fad in Japan and USA... the main countries heavily in debt
Click to expand...

Here's the reason it jumped over 7k the other night, this hit the news -
"Just yesterday, the CME Group, World’s Largest Options Exchange, announced they will begin trading in Bitcoin futures by the end of 2017, pending regulatory approval. CME Group is the largest options and futures exchange in the world, and owner of Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, Kansas City Board of Trade and part-owner of the Dow Jones Indices.

Following the announcement, Bloomberg reported that CME’s imprimatur makes Bitcoin “legit” in the world of mainstream finance. CME becomes the latest mainstream player to jump on the Bitcoin bus, following the Chicago Board Options Exchange’s (CBOE) announcement that they will trade Bitcoin options and futures, and LedgerX’s opening of their regulated Bitcoin futures market."


Also, there are tons of people that accept bitcoin as paypment, you probably just don't realize it because you're not into Bitcoin. But to name a few: Microsoft, Dish Network, Expedia, Overstock.com, Subway, Shopify, Virgin Galactic, Reddit, WordPress, NewEgg, CheapAir.com, Steam, Etsy, and hundreds more smaller named businesses. Paypal is slowly getting on board, you can already accept bitcoin with them by going through BrainTree who is owned by Paypal and they also allow you to cash your bitcoins out on Coinbase and send the money directly to your Paypal account. There has been a lot of talk about Amazon accepting it sometime in the near future as well. There are now even companies where you can store your bitcoin and they issue you a Bitcoin debit card that can be used at any store in the world as a normal debit card and it just subtracts the equal value of bitcoin from the wallet you have it stored in.
 
Steve said:
Up 29% this week. Last time this subject was brought up the price was $2300 or so.
Whose in control of bitcoin and pumping it up? Who is desperately trying to cling to a farce ponzi... Bitcoin is banned in China and Russia. I don't know of any store that actually accept bitcoin. Seems bitcoin is a fad in Japan and USA... the main countries heavily in debt
Click to expand...

Steve - Bitcoin is the currency of the online black market / drug trade....

Just think about this scenario - anyone can purchase a "pay as you go" cell phone with cash with no contracts, ID's, OR bank account info needed. All transactions take place on the phone and "items" get sent to businesses that rent PO boxes - anything other than a permanent residence or official USPS box.... Find a "street" Bitcoin dealer (who also has about 10 cell phones) found in practically all big cities. Purchase the currency with cash who will transfer the Bitcoins from his account to your account via phone....... the rest takes place on your cell phone...... Completely untraceable .....

Yes - there is a huge "usage" for Bitcoin - just don't invest in them!!! Buy gold and silver!!!
 
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