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Bitcoin Surges Past $400

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Re: Bitcoin Surges Past $400

#121

Post by hellofunk »

Retric wrote: post #119
hellofunk wrote: post #115

Earlier quoted context omitted.

In practice I've never heard anyone use the word "natural" in regards to price movement in a tradeable product, not in the five years I've been working in the financial industry. Sounds like more of a layman's term, perhaps. But the line between short-term and long-term movements is nearly non-existent since one typically affects the other, and the idea that there is any sense of normal price movement that lies behin…

It is a defined term, but I think trymas is referring to the layman's usage. "natural price" https://en.wiktionary.org/wiki/natural_price A price for a good or service that is equal to the cost of production.

Oh well that is a totally different term than the context it is being used in here.

Re: Bitcoin Surges Past $400

#122

Post by a3voices »

The Bitcoin dream of it being accepted by banks and replacing fiat currency will never come true, especially since financial institutions are focusing on blockchain technology as opposed to Bitcoin.

This recent price increase will possibly be viewed as a dead cat bounce.

Re: Bitcoin Surges Past $400

#123

Post by stonemetal »

wmeredith wrote: post #120
kxr wrote: post #90

Earlier quoted context omitted.

Interesting point. I have some BTC at Coinbase. Not sure how I proceed to own the keys?

I do as well. What's wrong with leaving it there?

In general nothing. In specific there is no FDIC for bitcoins so if a MtGox type situation happens then you have no coins.

Re: Bitcoin Surges Past $400

#124

Post by mrb »

a3voices wrote: post #122

The Bitcoin dream of it being accepted by banks and replacing fiat currency will never come true, especially since financial institutions are focusing on blockchain technology as opposed to Bitcoin. This recent price increase will possibly be viewed as a dead cat bounce.

What people like you who raise this argument forget is that the success of a blockchain is intertwined with the success of whatever currency/reward is granted to the miners who make the blockchain work. So if Bitcoin's blockchain is adopted by banks, then Bitcoin the currency will succeed. And if banks adopt another blockchain, then the currency of that blockchain will succeed.

It is literally impossible to have a functioning decentralized blockchain without a proper reward/currency built on it to incentivize miners to mine on it.

Re: Bitcoin Surges Past $400

#125

Post by LandoCalrissian »

csomar wrote: post #35

There is nothing that can guarantee that this ride is real, but here are a few things: 1. However big is MMM, it's probably too small for the size of the bitcoin economy right now. Remember that if you are transacting in bitcoin, there is one party buying and the other one selling. So you are not rising the price to the moon. 2. The number of transactions has been growing again as of late. It's heating at the blockch…

So what numbers do you have to pump it to until you get your money back?

Re: Bitcoin Surges Past $400

#126

Post by gesman »

More people are realizing that China and Greece are very close to default.

There are more holes in these economies than their respective governments has fingers to plug them in.

Flight to bitcoin is the only natural and logical progression.

Re: Bitcoin Surges Past $400

#127

Post by dkns »

nvk wrote: post #112

For anyone that has been around BTC for long enough, this is expected, but also expect more rallies and more crashes. Quick plug: If you are looking for a secure wallet with good privacy for your fresh Bitcoin, Try [Coinkite Multisig]( https://coinkite.com/multisig ), up to m-of-15, any/all keys can be generated offline, option to escrow backup, notifications, multi-user-multisig, support, notifications, works well w…

Why was this expected? Care to explain to someone who isn't around BTC?

Re: Bitcoin Surges Past $400

#128

Post by kordless »

LandoCalrissian wrote: post #125
csomar wrote: post #35

There is nothing that can guarantee that this ride is real, but here are a few things: 1. However big is MMM, it's probably too small for the size of the bitcoin economy right now. Remember that if you are transacting in bitcoin, there is one party buying and the other one selling. So you are not rising the price to the moon. 2. The number of transactions has been growing again as of late. It's heating at the blockch…

So what numbers do you have to pump it to until you get your money back?

This is a blaming statement. Trust comes in all shapes and sizes, and includes information from individuals who don't trust each other sharing what they know about a given object or system. Trusting someone else's information is done on an individual basis, unless there is a decent consensus mechanism in place (Rai Stones for example).

If you don't trust what csomar is saying, then you should just say that instead of saying they are lying AND doing it for X reasons. Otherwise, you are just coming across as illogical in your arguments.

I would also point out that blockchain technologies implement a particular type of trust. Bitcoin's blockchain trust delivers an identity mechanism (note I did not say it doesn't allow pseudo anonymous identity), a way to track a value for exchange between identities, and a means to deliver a standard format of information exchange comprised of contract via script, transaction with identities and op_return codes.

That you are here doubting a known trust mechanism through a biased statement, and based on its momentary exchange value to a fiat currency, makes me not trust you as well.

Re: Bitcoin Surges Past $400

#129

Post by dragontamer »

gesman wrote: post #126

More people are realizing that China and Greece are very close to default. There are more holes in these economies than their respective governments has fingers to plug them in. Flight to bitcoin is the only natural and logical progression.

Where the hell is the flight to gold and bonds then?

Something else is going on. Gold is still at $1,120ish USD. There is no flight to safety.

Re: Bitcoin Surges Past $400

#130

Post by ca98am79 »

From a technical standpoint, BTC formed a nice base around $200-$250 over most of 2015. It was mostly quiet in the news, so it was an ideal time to invest. Now it is breaking out to the upside of that base. Sell when your neighbor tells you to invest in bitcoin.

There is a chance the price could go nuts (e.g. $1 million/BTC) - it could be a serious bubble, because of the technology behind it, and the implications it could have to the world.

"It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower." - William O'Neil

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