For those who want to sell but not cash out in fiat (because on exchanges such paperwork can take over a week), what's the easiest stable thing to exchange your BTC for?
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
#52I anticipate that a lot of comments about "bad bubble" and "bad bitcoin" will emerge like on every thread about bitcoin on HN. I think people just don't understand that most participants in "Bitcon boom" knows this is a bubble. Every major news outlet says it's a bubble every couple of weeks. This is a common knowledge, everyone are saying it's a bubble. I know it's a bubble too and I have bitcoins but I don't care t…
How is that relevant, the price spiking isn't because of people like you. It's because of people buying in now. People are obviously not capable of understanding risk. Are you serious? You bring up casinos when they are perhaps the best example of how ill-equipped the majority of people are to understand risk and probability.
I think people buying in now know the risk too. I don't think the general, general population is buying yet. Anyone I know coming in during the last few months has been reasonably savvy. Taking a risk, but they're aware of it.
Two people asked me the other week, "Are we too late?" I said that I didn't think so, but to only risk what they could afford to lose. They bought in around $8k. It's now approaching $15k, two weeks later.
Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600
#53Earlier quoted context omitted.
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.
It depends on your goals, but maybe... we'll see if I was too late in the game to make a quick profit.
Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600
#54Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600
#55Earlier quoted context omitted.
Indeed we are.
You definitly are not speaking on behalf of everyone... I've got friends and colleagues who don't even know how to setup their mobile phone wanting to buy in to BTC. They are actually managing to do it because of the proliferation of new, simple, exchanges. What makes matters worse is they have no idea what a wallet is - leaving everything in the exchange.
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Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600
#56Earlier quoted context omitted.
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.
This is provably (and factually) incorrect.
Crypto mining has been a portion but in no way “most of” the reason NVDA and AMD have risen. Machine learning, AI, and self driving are completely reliant on the products provided by the aforementioned.
Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600
#57Earlier quoted context omitted.
I don't think anyone knows WTF is going on with it. I also sincerely hope people have only invested what they can afford to lose -- and that they've realized the gains that they'd be happy with. Of course, it could just as likely be $20k tomorrow.
Ha, I know a crypto nerd who was investing all his savings into bitcoin, several years ago. Today? He’s a rich man, but he still holds the vast majority of assets in Bitcoin and has not attempted to sell them all at once. So he’s Bitcoin rich right now. I wonder what his ultimate destiny will be.
He's trying to figure out when and how to dump. The when is right before the bubble bursts (look up Nina Brink for example in dotcom burst). The how is by spending the money on businesses who accept Bitcoin.
Problem is when a "Bitcoin run" (akin to bank run) starts you'll have slow, expensive transactions going down in worth compared to EUR or USD. Plus businesses can decide to stop accept BTC as currency like Steam did today.
And it will burst when Bitfinex bursts due to tether being an exposed fraud. Question is when, not if.
Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600
#58looks $ flowing out of alts and into bitcoin, which is somewhat surprising given the concerns over high transaction fees
I don't think anyone knows WTF is going on with it. I also sincerely hope people have only invested what they can afford to lose -- and that they've realized the gains that they'd be happy with. Of course, it could just as likely be $20k tomorrow.
There are many motivations for buying bitcoin, speculation, get rich quick, freedom from bankers, a fair economic system and unit of exchange that can be transported geographically instantly and cheaply without censorship, to buy alt coins (to profit from high % gains in new tech.
It seems like a crazy surge because of the nature of adoption rates of new tech. It gets faster and faster, radio, tv, internet, google, facebook, bitcoin. The limited supply also throws off our normal convention of stock price valuations that usually have large amounts of shares - often to keep the prices low for trading - but infinite divisibility makes this different from stocks.
I bought because I wanted to help people have a fairer system, and because I believe equity based money to be more sound than debt based money. Many of the people I wanted to help have a hard time believing what is happening (even I do a little), but I'm glad it is. Human nature often conspires against us in these situations, the naive and greedy may come in and benefit from a small investment earlier than the risk averse considered decision maker. The system is intended to help both. When you can see past your fear, envy, disbelief, regret and instead trade it for hope, adventure and magic internet money you may see it as a new fairer way for humanity to bank and not an affront to reality.
Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600
#59What is too high and what is too low in Bitcoin world and how do people come up with those values?
If people were keeping track of Satoshis (0.00014 USD/Satoshi) would they also think it is expensive?
Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600
#60Seems 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
I'm in Seoul as we speak, and it's an insane mania here.
It has absolutely nothing to do with North Korea. If Koreans want to keep money safe, they can, for example, buy US stocks and bonds. They can buy US Treasuries. Bitcoin they buy out of greed and fear of missing out. Korea is the land of the trend, of bangdwagonning.
I feel bad for all of the people who are going to be burned.
I saw an ad on YouTube, in Korean: VOICE: How easy is it to make money in Bitcoin? [Shot of a finger pressing a button. The price goes skyward. Finger presses again to sell, showing screen of juicy profit.] VOICE: That's how easy it is.
I literally hear random people in coffeeshops and the subway talking about their BTC schemes. I met someone at a coffeeshop and a group of four well-dressed guys at the next table were talking about their bitcoin scheme.
I went back about a week later. A different group at the very same table were chatting about their bitcoin thing. "We know it's not very original, but we're thinking of making a new bitcoin exchange... with a twist... so we're thinking about what the twist should be!"
Go to the unrelated programming meetup, it's half about bitcoin. A few guys are working together. Their project? Something bitcoin. They weren't sure what. But gotta be bitcoin. "I'm gonna make a new cryptocurrency business based on Bitcoin! We're gonna be big boys on the blockchain! Oh, what's Ethereum? I've never heard of it."
When I go online my browser windows are festooned with various bitcoin ads in Korean.
Although quite different, this has a very similar smell to the real estate boom in Los Angeles, when every waiter and wannabe actor and person between jobs was talking about buying their million dollar shack.
That's to say, it smells like doom.