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Bitcoin prices hit new record high of over $2200 (10/13 Update: peaked at $5,829)

X

XiaNaphryz

LATIN, MATRIPEDICABUS, DO YOU SPEAK IT
http://www.cnbc.com/2017/05/22/bitcoin-price-hits-fresh-record-high-above-2100.html

Monday marks the seven-year anniversary of Bitcoin Pizza Day – the moment a programmer named Laszlo Hanyecz spent 10,000 bitcoin on two Papa John's pizzas.

More important than the episode being widely recognized as the first transaction using the cryptocurrency is what it tells us about the bitcoin rally that saw it break through the $2,100 and $2,200 marks on Monday.

Bitcoin was trading as high as $2,251.61 midday Monday, hitting a fresh record high, after first powering through the $2,000 barrier over the weekend, according to CoinDesk data.

On May 22, 2010, Hanyecz asked a fellow enthusiast on a bitcoin forum to accept 10,000 bitcoin for two Papa John's Pizzas. At the time, Hanyecz believed that the coins he had "mined" on his computer were worth around 0.003 cents each.
Click to expand...

The cryptocurrency has many doubters as it continues to be associated with criminal activity, but it has still seen a stunning rally. Here are two facts, on Bitcoin Pizza Day, however, that highlight this:


  • While being worth $30 at the time, Hanyecz pizzas would now cost $22.5 million at current bitcoin prices.
  • If you bought $100 of bitcoin at the 0.003 cent price on May 22, 2010, you'd now be sitting on around $75 million.
A number of factors have been driving the rally:


  • Recently passed legislation in Japan that allows retailers to start accepting bitcoin as a legal currency has boosted trading in yen, which now accounts for over 40 percent of all bitcoin trade
  • Political uncertainty globally has driven demand for bitcoin as a safe haven asset
  • A debate within the bitcoin community about the future of the underlying technology behind bitcoin known as the blockchain has been taking place. There was fear at one point this could lead to the creation of two separate cryptocurrencies but those worries have largely subsided with an alternative, more palatable option now being put forward.

Bitcoin has rallied over 120 percent year to-date.
Click to expand...

10-13-2017 update:

New high reached:

https://www.cbsnews.com/news/bitcoin-prices-all-time-high-goldman-sachs-morgan-stanley/

Bitcoin investors have profited handsomely by ignoring the advice of some of the financial world's most prominent figures, including JPMorgan Chase (JPM) CEO Jamie Dimon, who recently denounced it as a "fraud," and Warren Buffett, who likens it to a "mirage."

While that view may ultimately prove correct, with even buyers of the digital currency warning of a bubble, the value of Bitcoin continues to soar into the financial stratosphere. Bitcoin prices hit an all-time high of $5,829 on Friday and jumped nearly 500 percent since the start of the year..

Bitcoin's market capitalization as calculated by CoinMarketCap is more than $95 billion -- that tops the market value of Goldman Sachs (GS) and Morgan Stanley (MS), two of Wall Street's biggest players.

The jury remains out on how long -- or if -- the good times will last given the unpredictable nature of the market for digital money. One reason for the latest run-up in Bitcoin are rumors that China will reverse its recent decision to ban cryptocurrency exchanges. Fans of the currency also note that it is gaining more acceptance with consumers, with ATMs springing up in multiple states around the U.S.

But Kevin Werbach, an associate professor of legal studies and business ethics at the University of Pennsylvania's Wharton School of Business, sounds a note of caution, and contends that the price of Bitcoin is being fueled by "speculation and, quite likely, by manipulation through some of the exchanges."

"Speculative bubbles always go up until they pop, but no one can be sure when that will be," he said by email. "There's no good reason why cryptocurrency prices have inflated so tremendously over the past year. That means they could also go down with no good reason."

In a note to clients today, UBS analysis expressed skepticism that cryptocurrencies will ever achieve mainstream acceptance. A "twentyfold increase in Bitcoin prices in just two years, and an absence of any fundamental economic backing, cryptocurrency prices are almost certainly a bubble," they wrote.
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https://www.bloomberg.com/news/arti...anks-finally-went-nuts-over-cryptrocurrencies

Wall Street banks that weren't already on the bitcoin bandwagon appear to be piling in, or at least eyeing seats, after the cryptocurrency surged to all-time highs this week on the way to $6,000.

Analysts are working to keep up with demand from clients for information. UBS and Citigroup published extensive explainers on blockchain technology, while senior executives at JPMorgan Chase & Co. warmed to the cryptocurrency during the bank's third-quarter earnings call.

The digital currency has risen more than fivefold after trading at less than $1,000 as recently as December, breaking the $5,000 mark with its biggest weekly gain since June. Throughout its rise, the cryptocurrency shrugged off tighter regulations, feuding factions and warnings from the likes of JPMorgan's Jamie Dimon of fraud and an eventual price collapse.
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ChYGMCz.png
 
B

bbdude

Member
Cryptocurrency culture is toxic in my experience. Not to mention doesn't one person still hold like 30% of all coins? Struggling to see the long-term viability of Bitcoin.

Tech behind it still remains interesting
 
A

Arttemis

Member
So whomever got those 10,000 bitcoins for two pizzas now has $7.5 billion...

Edit - disregard, I thought it said 100 bitcoins. That person would still be sitting on $22 million.
 
P

Piggus

Member
Ugh. I still regret selling the one bitcoin I generated back when they spiked to $150. That was supposed to be the peak. Welp!

bbdude said:
Cryptocurrency culture is toxic in my experience. Not to mention doesn't one person still hold like 30% of all coins? Struggling to see the long-term viability of Bitcoin.

Tech behind it still remains interesting
Click to expand...

Haven't heard this one before. The people who are skeptical aren't the ones getting rich.
 
L

LumpOfCole

Member
Altcoins are also skyrocketing, even old sleepy dogecoin. Forums are lit up with people having issues finding or using their coin-of-choice's wallet.dat file from years ago.
 
D

Deleted member 1235

Unconfirmed Member
/looks at my 26 litecoins when I was dicking with crypto that I traded for some bitcoin when it was really favourable.

i need some whiskey
 
F

FreezeSSC

Member
I keep telling myself it will crash again and everyday it goes to new highs but it has to be pure speculation I just can't See this as sustainable, I have dumbasses on FB promoting this crap thats my usual sign of a bubble.
 
V

Ventara

Member
Seriously, every time I read news like this I regret not buying them but figure it's too late and the bubble will soon burst, only to read later on it hitting a new record high. Every time.
 
R

RoyalFool

Banned
Arttemis said:
So whomever got those 10,000 bitcoins for two pizzas now has $7.5 billion...

Edit - disregard, I thought it said 100 bitcoins. That person would still be sitting on $22 million.
Click to expand...

He could buy the company 9 times over. Insane.

Edit - Ah maybe not, but it's still a lot of dough.
 
S

SwordStruck

Member
Wouldn't you also need to find someone willing to pay the cash if you wanted to convert to printed currency? Even if you had a lot of bitcoins you'd be hard pressed to find someone to do that right? Or is my thinking incorrect here?
 
M

Mimosa97

Member
I had the opportunity to get 15 bitcoins at 100$ each from a good friend and i said no. I had the cash and everything and i almost pulled the trigger. Fuck my life.
 
R

Retroid

Member
I've still got a small fraction of a Bitcoin laying around, I actually used Bitcoins to buy computer parts for a build just over three years ago. I guess now it might be the most expensive computer I ever build!
 
G

ghostofsparta

Member
Every time my little cousin talked to me about bitcoins, I shrugged him off, called him crazy and told him to avoid that.

I'm a dumbass apparently; little dude could have been ballin'
 
N

Nielm

Member
royalroyal said:
6 years ago i made the same mistake of thinking ltc was the next big thing...
Click to expand...

Thing is, it's not really worth worrying about. Maybe people who would have bought BitCoin, would only have bought a few for the sake of it. Maybe they would have sold them years before now.

Still, it'd be pretty cool to discover you have a few thousand dollars worth of virtual currency lying around.
 
B

bbdude

Member
Piggus said:
Ugh. I still regret selling the one bitcoin I generated back when they spiked to $150. That was supposed to be the peak. Welp!



Haven't heard this one before. The people who are skeptical aren't the ones getting rich.
Click to expand...

A Google search for "largest Bitcoin wallet" alludes to over a million coins that haven't moved since 2011. Could look into more but I guess it's still in rumor territory.

I'm personally not really interested in leveraging Bitcoin to "get rich". It's SOUL-SUCKING. Best of luck to anyone who tries!
 
B

Brawndo Addict

Banned
sangreal said:
It really sucks to have wasted your life on the internet to the extent that you knew about bitcoin when it was absolutely worthless but didn't manage to get rich on it. Our moment has passed us by
Click to expand...

My only solace is that I know I would have absolutely sold them as soon as they hit a few hundred given all the crazy crashes they had over the years. But damn it is so annoying to have all my relatives forward me these articles asking if I remember the time years ago when I talked about bitcoin at Thanksgiving.
 
shira

shira

Member
bbdude said:
Cryptocurrency culture is toxic in my experience. Not to mention doesn't one person still hold like 30% of all coins? Struggling to see the long-term viability of Bitcoin.

Tech behind it still remains interesting
Click to expand...

How so? It's a global currency that is accepted in almost every country regardless of how bad the economy is. You can transfer huge amounts of cash in minutes.

It's volatile as all hell, but it's basically a made up currency.
 
E

Evenball

Jack Flack always escapes!
I have a small amount of Bitcoin (well a percentage of a bitcoin), I should see how much I have. A few years ago I mined about 500,000 Dogecoins. I lost 200k on Cryptsy, but I still have the remaining 300k in my wallet. I should see what it would go for.
 
C

commish

Jason Kidd murdered my dog in cold blood!
bbdude said:
Cryptocurrency culture is toxic in my experience. Not to mention doesn't one person still hold like 30% of all coins? Struggling to see the long-term viability of Bitcoin.

Tech behind it still remains interesting
Click to expand...

This is exactly what people were saying years ago. I think this way of thinking is way outdated in 2017. I'm not saying I would invest my life's savings into it (or any one investment), but I think it's here to stay. That said, at $2200, I would probably cash out. Seems like a fall is inevitable and then it will climb back up.
 
D

Donos

Member
inner-G said:
Is it even worth trying to mine them anymore? Say you have a 6600k and 1080
Click to expand...

Long over. Just saw a documentary about a german who has huuuuge bitcoin server farms in countries with rather low electricity costs. They still pay a lot for electricity but he said they are still making profit and smiled.

I guess criminal activities are driving BC prices too.High usage in Dark web etc.
 
F

Fenderputty

Banned
Piggus said:
Ugh. I still regret selling the one bitcoin I generated back when they spiked to $150. That was supposed to be the peak. Welp!
Click to expand...

These posts are funny. Not because of your opinion, but because it's an example of why the "currency" is garbage.

It's an non stop depreciating currency. Meaning its more of just a speculative game that people can gamble on. It's gonna be worth more, I should save it!

The whole thing is funny to me. "Lets create a currency that's not subject to banking or governmental regulations. Now lets trade the currency as we speculate how much each coin is worth comparatively to this currency we wanted to get around!"

To each their own ... I wish any GAFFER luck that dabbles in this.

commish said:
Seems like a fall is inevitable and then it will climb back up.
Click to expand...

This will never not be the case with bitcoin.
 
E

erlim

yes, that talented of a member
I have 1.28 bitcoins. I'm not making a crazy amount of money, but it's fun to watch.
 
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