Bitcoin Price Tracking & Discussion -- 2017

[Russian Rocket]

Is that right. That means that one coin was about .003. Less than 1/3 of a penny.

Yup it was 0.003 cent on May 22, 2010

[d2bets]

Yup it was 0.003 cent on May 22, 2010

Mind boggling. I wonder if anyone who held then still holds significant now.

[Russian Rocket]

...also someone in 2010 bought 2 pizzas with 10,000 bitcoins — which today would be worth roughly 22 million dollars

now even for 2 pies, that's one expensive pizza!

[Russian Rocket]

Mind boggling. I wonder if anyone who held then still holds significant now.

Obviously we don't know, but if you're a sane person, you had to take most of it off the table when the original ran too $1200 occurred in 2013.

[Sam Odom]

Sammy got his original 'investment' of btc out on that rise in 2013...

just calculated... that original 500.00 dollars would be worth $191,818 today

oh well

[SBRMAN23]

That's sick if you put 100 and left it just forgot about it until now. Your set for fuckn life wow

[Nut_Flopper]

I remember reading an article a couple years ago about a guy who bought like $30 worth while writing an article on early bitcoin, then remembered he had it years later and cashed in.

This is all I could find

https://www.theguardian.com/technology/2015/dec/09/bitcoin-forgotten-currency-norway-oslo-home

[Otters27]

Is bitcoin going to crash?

[Sam Odom]

Is bitcoin going to crash?

... yes

[Otters27]

When soon?

[d2bets]

$2,275. Sick.

[raiders72001]

Bitcoin is trading at a higher price in Japan and South Korea. This has been helping the price of the US and European exchanges.

[Optional]

Bitcoin is trading at a higher price in Japan and South Korea. This has been helping the price of the US and European exchanges.

Do you know why?

I wonder of their exchanges offer US$ for payouts?

[raiders72001]

Do you know why?

I wonder of their exchanges offer US$ for payouts?

I'm not sure but there are huge arb opportunities that haven't been seen for years if ever. This is the biggest exchange in Japan.

https://bitflyer.jp/bitcoin-chart?top_link

https://coinmarketcap.com/exchanges/bitflyer/

[raiders72001]

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bitflyer

[raiders72001]

BitStamp to add LTC in June.

[MeanPeopleSuck]

$100 in bitcoin in 2010 now worth almost $73 million.

Just a thought of that makes me shiver.

BTC has to be the biggest missed investment opportunity of our life time for most of us.

It could be worse. At least you and I had never heard of Bitcoin yet in 2010. There's a famous case of one of the early adopters paying 10,000 bitcoins for two Papa John's pizzas in 2010. Approximate value today: $22 million.

Ouch. http://www.investopedia.com/news/bit...n-pizza-order/


EDIT: Sorry, when I posted this I didn't know someone else had already posted our unfortunate pizza buyer's luck, and I don't yet know how to delete a post (say, how DO you delete a post?).

[MeanPeopleSuck]

Obviously we don't know, but if you're a sane person, you had to take most of it off the table when the original ran too $1200 occurred in 2013.

But that's the thing about BTC investing: what's "too" expensive? If your view is that any sane man would sell at $1000 -- as legitimate a view to take as any other, IMHO -- then you would've sold your BTC 2 months ago and missed out on the + 120% run from then to the $2200 today.

It's nuts, for sure.

[MeanPeopleSuck]

Is bitcoin going to crash?

Otters, absolutely nobody knows the answer to that, and certainly not as definitively as "Sam Odom's" answer.

Here's my guess: there's a conference going on in NYC right now called Consensus. Leaks from that conference have implied that maybe the two sides in the Bitcoin civil war on scaling -- SegWit vs BU -- are close to some kind of compromise. Those leaks and the possibility of a "truce announcement" is likely the cause of BTC's recent rise f/ $1900 to $2150 (or whatever it is when you read this).

If such an agreement really does get done in the next couple days, BTC will spike upward. If negotiations break down and the two sides go back to roasting each other on their dueling reddit threads, then BTC will drop back at least to its pre-rumor levels. But ALL of this is just a 100% guess.

One good rule to live by for BTC investing: completely disregard absolutist statements on BTC's price direction made by anybody, definitely including me.

[MeanPeopleSuck]

Do you know why?

I wonder of their exchanges offer US$ for payouts?

I'm not certain of the Japanese or Korean specifics, but gaps between exchanges -- even large gaps -- happen more often than you'd guess. Starting a month ago and lasting several weeks, a bitcoin cost about $100 more at Bitfinex than at Bitstamp because Bitfinex was having trouble moving dollars into and out of the US. http://www.coindesk.com/wire-transfe...ange-bitfinex/

Also, back in February, about a $100 gap opened up between the US/Euro and Chinese exchanges when the Chinese central bank temporarily banned margin trading, so my guess is the Japanese and Korean exchanges might be under some kind of similar restrictions. If they can't buy on margin on their domestic markets, the only option left for the Japanese / Koreans is to open an account offshore (to them, anyway) and make those purchases on our exchanges, increasing buy side demand and therefore, price.

[Sam Odom]

When soon?

dont know

will crash tho... 'correct' if you must

[raiders72001]

I'm not certain of the Japanese or Korean specifics, but gaps between exchanges -- even large gaps -- happen more often than you'd guess. Starting a month ago and lasting several weeks, a bitcoin cost about $100 more at Bitfinex than at Bitstamp because Bitfinex was having trouble moving dollars into and out of the US. http://www.coindesk.com/wire-transfe...ange-bitfinex/

Also, back in February, about a $100 gap opened up between the US/Euro and Chinese exchanges when the Chinese central bank temporarily banned margin trading, so my guess is the Japanese and Korean exchanges might be under some kind of similar restrictions. If they can't buy on margin on their domestic markets, the only option left for the Japanese / Koreans is to open an account offshore (to them, anyway) and make those purchases on our exchanges, increasing buy side demand and therefore, price.

The spread between bitflyer and US/European exchanges is larger than anything that I can remember including 2013. Japan now accepts bitcoin as a legal currency. There are more exchanges that plan to open in Japan in the very near future.

[raiders72001]

Sammy got his original 'investment' of btc out on that rise in 2013...

just calculated... that original 500.00 dollars would be worth $191,818 today

oh well

Sammy - Wasn't 2013 a lot of fun? Those were the days.

[d2bets]

Otters, absolutely nobody knows the answer to that, and certainly not as definitively as "Sam Odom's" answer.

Here's my guess: there's a conference going on in NYC right now called Consensus. Leaks from that conference have implied that maybe the two sides in the Bitcoin civil war on scaling -- SegWit vs BU -- are close to some kind of compromise. Those leaks and the possibility of a "truce announcement" is likely the cause of BTC's recent rise f/ $1900 to $2150 (or whatever it is when you read this).

If such an agreement really does get done in the next couple days, BTC will spike upward. If negotiations break down and the two sides go back to roasting each other on their dueling reddit threads, then BTC will drop back at least to its pre-rumor levels. But ALL of this is just a 100% guess.

One good rule to live by for BTC investing: completely disregard absolutist statements on BTC's price direction made by anybody, definitely including me.

Which is what?

[MeanPeopleSuck]

Which is what?

I just meant its price before the rumors of a deal started spreading over the weekend, so, say 1800 to 1900ish.

I noticed yesterday that traders may actually be day trading the announcement rumor. They're buying BTC, and raising its price, in the hours before an announcement may come, in the morning, then holding until an announcement becomes unlikely -- say until late afternoon, NY time -- then selling (and, knowing some very aggressive traders, maybe even shorting) overnight, only to buy back in in the morning. At least that's what happened yesterday and so far today. In any event, it's an interesting show to watch.

[MeanPeopleSuck]

The spread between bitflyer and US/European exchanges is larger than anything that I can remember including 2013. Japan now accepts bitcoin as a legal currency. There are more exchanges that plan to open in Japan in the very near future.

Hey, Raiders, I tried like hell to take advantage of the Bitfinex/Polo vs Bitstamp/OKCoin arb last month, with extremely limited success. I found it effin' impossible to move fiat around fast enough and under the radar enough to make it worth my while.

Did you have better luck? If y, any chance you could PM me some pointers? Thanks, my man.

PS: Your posts rock.

[kidk]

Has anybody here actually cashed out on this on the value ?? Or is it all still paper stories ??

[MeanPeopleSuck]

Has anybody here actually cashed out on this on the value ?? Or is it all still paper stories ??

Over the last year or so it has been almost literally impossible not to make profits -- for most folks very, very large profits -- in bitcoin/alt coins.

As an example, I pay for absolutely everything in my life -- everything -- using profits from coins (mostly via a bitcoin to debit card service called Bitpay).

If I didn't need it for paycheck direct deposits, I'd happily close my last bank account and go entirely with e-wallets. Crypto is the future.

[eddycash]

When soon?

its never gonna crash, dont be fooled. what will crash is the banking system and fiat currency.

[Optional]

its never gonna crash, dont be fooled. what will crash is the banking system and fiat currency.

It may not crash but there is a serious risk it will be the MySpace of cryptos one day.

Particularly with serious business minds positioning other options, whilst the bitcoin nerds twiddle thumbs.

[MeanPeopleSuck]

It may not crash but there is a serious risk it will be the MySpace of cryptos one day.

Particularly with serious business minds positioning other options, whilst the bitcoin nerds twiddle thumbs.

This much is true, for sure: most of the old hands I know from Reddit's excellent daily thread barely trade BTC at all anymore.

The real action's moved to the alts. And to see why, all you have to do is click the "BTC" tab under 'Markets,' and examine the Change column from top to bottom: https://poloniex.com/exchange#usdt_btc

[raiders72001]

SegWit activation lowered to 80% of the mining power. Hard fork will increase the block size to 2 MB.

[MeanPeopleSuck]

Interesting read from from a bearish analyst: http://www.businessinsider.com/crypt...true&r=US&IR=T

[MeanPeopleSuck]

SegWit activation lowered to 80% of the mining power. Hard fork will increase the block size to 2 MB.

Reactions to the Compromise: http://www.coindesk.com/bitcoins-new...ment-reaction/

I'm not sure how out of the closet I've been about this before, but I might as well fully admit to being a BU backer.

I've been polling my compatriots about that 2 mb limit and nobody seems satisfied with it. If we're going to hard fork anyway, why only double the size to 2mb's? That doesn't SOLVE the problem, it just kicks the can down the road a couple years. I say -- and I'm far from alone in saying -- if we're going to hard fork anyway, let's fix the scaling problem forever.

Predicting anything in crypto's fraught with peril, but I'm going to go out on a limb and predict that getting enough BU'ers onboard to cross the lowered 80% threshold might still be harder than folks expect, despite their claims of 83% current support.

Stay tuned, but obviously, in the short term, go long BTC: http://segwit.co/

[raiders72001]

Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.

https://fee.org/articles/australia-j...coin-decision/