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Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

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Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#41

Post by amorphid »

paulpauper wrote: post #29
bllguo wrote: post #15

This is a farce. There's only been negative news today and yet prices jump higher than ever. There's no conceivable way this doesn't end badly. I guess people are gambling on being lucky enough to exit before then. Edit: removed unnecessary hostility. If you have money to spare on a high risk gamble like this then by all means. But in general there's just no way everyone jumping in is fully aware of the risks.

I suspect some of the money that chased dotcom stocks in the 90's is chasing bitcoin and alt coins. There hasn't been a stock bubble since the 90's, so I guess bitcoin fills that need to speculate, that the stock market is not providing.

I wonder if my stock market portfolio has any real exposure to Bitcoin tanking.

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#43

Post by sidlls »

zeep wrote: post #13
celdon25 wrote: post #10

Earlier quoted context omitted.

If you're buying in order to speculate, why not sell gradually into the gains? Your strategy seems like it is taking what is already a high-risk, and artificially making the risk higher than needed... Also, the time to buy is almost never after/during a large boom, heh.

because if you sell gradually, it doesn't move as fast... since this is getting downvoted, I will give a simple example... if you have $2 and it goes up 100% (two-fold incease), than you have $4... but if you cash half your money, then you have only $1 invested, and you are stuck with $3 instead of $4 ... and lost 25%. Not sure if my math is 100% right, but if you are betting on value going up, you lost money.

The "if" parts of your comment need more thought that you've given them.

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#44

Post by charlesdm »

amorphid wrote: post #41
paulpauper wrote: post #29

Earlier quoted context omitted.

I suspect some of the money that chased dotcom stocks in the 90's is chasing bitcoin and alt coins. There hasn't been a stock bubble since the 90's, so I guess bitcoin fills that need to speculate, that the stock market is not providing.

I wonder if my stock market portfolio has any real exposure to Bitcoin tanking.

Have a look at NVDA and AMD -- crypto mining is most of the reason why they went up so much.

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#45

Post by zzxxddere333 »

juanmirocks wrote: post #33
darawk wrote: post #21

Earlier quoted context omitted.

Transaction times are slow because there are so many of them. What you're saying is sort of equivalent to "look at how much traffic there is at that mall, it's going to fail".

The number of transactions is close to nothing compared to credit card transactions. The current blockchain networks have to improve a lot.

There are several projects on track to improve blockchain speeds by several orders of magnitude. So, in other words, it's a solved problem. See: https://en.wikipedia.org/wiki/Lightning_Network

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#46

Post by zzxxddere333 »

panarky wrote: post #27

It's obvious to nearly everyone that this is the world's biggest pump-and-dump scam. Sentiment on HN, Twitter and the financial press is nearly unanimously negative. Co-workers and family members are convinced this will end in tears for the foolish speculators. But one thing bugs me about all this. Historically, bubbles burst after long-time critics finally capitulate. Pyramids and Ponzis collapse when most people ha…

Should someone tell him?

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#47

Post by zzxxddere333 »

watoc wrote: post #30

Futures on Bitcoins will be introduced next week on CBOE and the week after on CME. I wonder if we will still see this kind of crazy rallies as it will be easier to short it.

The run up is a result of the futures. It legitimizes bitcoin.

No one in their right mind is going to short bitcoin unless they want to risk losing their shirts.

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#48

Post by natrius »

juanmirocks wrote: post #33
darawk wrote: post #21

Earlier quoted context omitted.

Transaction times are slow because there are so many of them. What you're saying is sort of equivalent to "look at how much traffic there is at that mall, it's going to fail".

The number of transactions is close to nothing compared to credit card transactions. The current blockchain networks have to improve a lot.

To understand what's happening, you have to observe how things have evolved. Bitcoin was advertised as digital cash. Tons of nerds envisioned a future of the whole world buying coffee with Bitcoin. As it became clear that the current network could never fulfill that vision, the whole community evolved its belief system to support the value of the currency, and they did so without any leader to coordinate their actions. They were just led by incentivized memes—the more convincing the justification for high valuations, the better the ideas spread. Now, people don't pitch Bitcoin's value as a digital cash. They tell people it's digital gold and the transaction fees don't matter.

The beliefs of the community will continue to evolve as needed to support the value of their claims on our society's productive capacity.

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#50

Post by prawn »

csomar wrote: post #17
jurajmasar wrote: post #4

Seems like a significant portion of the capital is coming from Asia, mainly South Korea, with just Bithumb BTC/KRW trades making almost 11% of today's volume. https://coinmarketcap.com/currencies/bitcoin/#markets

They are buying bitcoin to buy other altcoins.

Alt-coins almost all dropping. BTC rising.
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