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Bitcoin charges through $14,000 as investors pile in

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So basically nobody trusts banks and are willing to invest their money in the bogey man, because banks suck?

4 ( +5 / -1 )

So basically nobody trusts banks and are willing to invest their money in the bogey man, because banks suck?

No, that's not an accurate representation at all. Although it's a common misunderstanding by those who don't understand it, and don't take the time to.

-9 ( +1 / -10 )

No, that's not an accurate representation at all. Although it's a common misunderstanding by those who don't understand it, and don't take the time to. considering it was banks who were the main cause of the GFC, which cost the world economy an est $6 trillion, $600billion of which was bailed out by the US taxpayer and there were very few banksters that were imprisoned by this massive fraud. Yes I think the description is accurate in that banks suck and many dont trust them. subprime lending is exploding again especially in the auto market. same bucket of bolts, just different bucket

-1 ( +2 / -3 )

BUY BUY BUY!!!

2 ( +3 / -1 )

go BTC!

1 ( +2 / -1 )

Still a good time to buy, indeed.

1 ( +1 / -0 )

Buy now, sell now?

2 ( +2 / -0 )

It's just another form of gambling.

2 ( +2 / -0 )

Bitcoin will replace government regulated currencies. There is no turning back. If bitcoin does not do it, one of its offshoots will. Too many people own it and it's too easy to buy to stop it.

Happy news. Yes, it is wildly speculative at the moment, but you can still use it as a spot exchange currency without feeling any effects of the wild speculation. The owner of a website just sets his site to auto update so that he receives X yen at the current spot rate.

BTC is so much better than normal currencies, I do not understand why some people are so reluctant to embrace it. It is more secure than normal money. The crimes you hear about on the news are of people who left money in their online accounts at sites which got hacked, or used weak passwords. You do not need to leave your BTC online, you can take the code, put it on a USB drive or write it down on a piece of paper and that is your cash, nobody can ever get to it without physical access to that code.

-2 ( +1 / -3 )

Transactions happen when heavily encrypted codes are passed across a computer network

LOL, ‘heavily encrypted’, I love it

2 ( +2 / -0 )

It's just another form of gambling.

For sure. High risk, high reward.

Although it’s more than ‘just’ that.

LOL, ‘heavily encrypted’, I love it

Technically he’s wrong, as it’s hashed, not encrypted. Encryption can be decrypted, but hashing is one-way.

But other than that technical error, the statement makes sense. Every transaction does have a hash that validates it, so everyone can see its legitimate. The entire bitcoin algorithm runs on a series of hashes, from wallets to transactions to transaction fees to blocks. All done with hashes.

If it all sounds new, you may be surprised to find out it’s not. Cryptography has been around for decades, and your phones and computers use digital signatures (hashes) in the background regularly. Using them as a currency (and therefore a cryptocurrency) is what is new.

1 ( +1 / -0 )

.......pop!

1 ( +1 / -0 )

I think the main reason decentralised currencies like bitcoin will never gain the upper hand on government issued currencies is because there is no central bank keeping inflation at a steady and controlled rate. This stability is essential in order to have a functioning credit market.

Just imagine if Bitcoin replaced most other currencies tomorrow; who would sign a mortgage, a car loan, or a long term business contract for a fixed amount in bitcoin? You would have to be crazy to do this because nobody could predict where the value would be in a years time or 30 years time. Unless you have some stability and predictability, you cannot have a functioning credit market. If you don't have a credit market, you've just shrunk your economy by 80-90%+.

3 ( +3 / -0 )

Tulips anyone? just look at history to the first market crash from moronic investment in belief . it happened a few centuries ago and involved Tulips.

Bitcoin wants to be currency, well currency doesn't have intrinsic value, currency temporarily stores value of something else. so the fact it's arbitrarily rising, means it's being invested in like a metal or a tulip. neither if which are currencies.

1 ( +2 / -1 )

It will pop at some point. But a 12,000% ROI sure would be nice if you bought $1,000 worth for fun when it first came out and you sold today. Plenty of people DID buy at the beginning; interesting to see will be if they sell at these prices, or hold out for $30K but end end up right back where they started when it pops because they were too greedy to cash out when they should have.

You can make money trading cryptocurrencies, but I think you'd have to be day trading to do it, and the research and monitoring would be nearly a full-time effort.

2 ( +2 / -0 )

If you don't understand bitcoin, don't gamble !

That makes only a extremely limited number of buyers no ?

1 ( +1 / -0 )

I have not invested in any cryptocurrency.

How governments, central banks, ECB, Fed etc intend to manage future regulation will logically/ultimately affect cryptocurrency value.  

At $8,000 mark, (15 Nov) Bitcoin market cap moved upwards of $130 billion. Today $15.000.....

U.S. regulators last week cleared the way for Bitcoin futures to trade on major exchanges, including the world's biggest futures centre the Chicago Mercantile Exchange (CME).

A question arises into how margin limits will be fixed?  

I have a active investment interest in Blockchain, especially development of Smart Contract protocols.

1 ( +1 / -0 )

Unless you have some stability and predictability, you cannot have a functioning credit market.

Very true. I don't think bitcoin will replace fiat currencies for a long, long time, if ever. But I do believe the value of bitcoin will stabilize at some point. It's new, and people are suddenly realizing it, and this is what is pushing the value to sky rocket so quickly.

But I think that when it does stabilize, it will be at a lot higher a price than it is now. Theoretically, with a bitcoin having 100,000,000 divisions with satoshi, if the satoshi were to become roughly equal to a cent, that would make a bitcoin roughly worth a million dollars. I have no idea if it will hit that point, but my point is that the structure of it allows for that.

Tulips anyone? just look at history to the first market crash from moronic investment in belief . it happened a few centuries ago and involved Tulips.

Tulips had no intrinsic value in and of themselves. Bitcoin does. So the comparison is apples and oranges. Trying to predict a bitcoin bubble crash based on the tulip phenomenon is erroneous logic. If you end up being right, it will be the same as when a broken clock happens to tell the right time of day once or twice a day.

I have a active investment interest in Blockchain, especially development of Smart Contract protocols.

I just invested a significant amount of money into a company that is doing some work introducing blockchain into a completely non-currency related sector. The blockchain is the way of the future.

1 ( +1 / -0 )

Looks like the headline needs updating, this morning

0 ( +0 / -0 )

Please see the latest story in the Business section.

Thanks Moderator, it was just intended as a joke. No one can be blamed for not updating headlines to account for 30% moves over 24 hours :)

0 ( +0 / -0 )

Get ready for all the whining when a correction takes place and those jumping on the bandwagon now suffer heavy losses. They can't blame the government for this (though they probably will).

0 ( +0 / -0 )

Tulips had no intrinsic value in and of themselves. Bitcoin does.

Sounds a bit too much like "Those are bad, but this is good". I don't really follow any argument you've offered so far about the value of Bitcoin, because you don't seem to advance beyond saying it has value. Break it down for us. I think that if you can't explain what its value is, then there's a problem. I could (while acknowledging that some people say nothing at all has value - be it tulips, gold, dollars, land, work) take a decent stab at explaining what it is that makes gold valuable, or pounds sterling, or oil. I'm not sure if you or most other people could do the same for Bitcoin. And something that fluctuates this wildly, or even just moves in one direction this wildly, should be viewed with suspicion.

Because the price movement itself follows the classic bubble pattern. And so do the eager followers saying "This time it's different".

0 ( +0 / -0 )

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