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Old 9th May 2017, 07:01 PM   #841
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Haven't looked at this in a few months, but wow, today Preev (real-time bitcoin price tracker) says $1,719.

http://preev.com/
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Old 22nd May 2017, 10:15 AM   #842
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Bitcoin price hits fresh record high above $2,200

Quote:
If you bought $100 worth of bitcoin on May 22, 2010, you'd be sitting on around $72.9 million today.
  
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Old 22nd May 2017, 10:52 AM   #843
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Originally Posted by This is The End View Post
Darn! I wanted to be the one who reported it when bitcoin broke the $2,000 barrier.

Of course, a week is a long time when it comes to bitcoin prices.
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Old 25th May 2017, 04:24 PM   #844
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OK, so Bitcoin has hit $2,290. Assuming 15 million Bitcoins have been mined, that makes the Bitcoin "market cap" something around $34 billion. Who's going to pay up when one of the early adopters decides to redeem his BTC? $34 billion exceeds the capital in all of the exchanges combined probably by a factor of 100, if not more.
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Old 25th May 2017, 05:54 PM   #845
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Originally Posted by psionl0 View Post
as long as it is seen as an appreciating commodity (especially in times of uncertainty) most holders will be more interested in acquiring bitcoins than spending them.
Yep - right up until it crashes.

Though calling bitcoin a 'commodity' is a bit of a stretch. And as for 'times of uncertainty' the most uncertain thing right now is bitcoin itself!
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Old 25th May 2017, 10:32 PM   #846
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Originally Posted by Roger Ramjets View Post
Yep - right up until it crashes.

Though calling bitcoin a 'commodity' is a bit of a stretch. And as for 'times of uncertainty' the most uncertain thing right now is bitcoin itself!
The price has dropped from a peak of $2700 to its current price of $2300 today. https://bitcoinwisdom.com/markets/bitstamp/btcusd

Do you consider your prophecy fulfilled or are you going to join the endless stream of posters who have said "this is the end (this time for sure)" since 2010?
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Old 29th May 2017, 07:08 PM   #847
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Originally Posted by jhunter1163 View Post
OK, so Bitcoin has hit $2,290. Assuming 15 million Bitcoins have been mined, that makes the Bitcoin "market cap" something around $34 billion. Who's going to pay up when one of the early adopters decides to redeem his BTC? $34 billion exceeds the capital in all of the exchanges combined probably by a factor of 100, if not more.

Your question is if a huge stake (5 percent maybe?) wants to convert this currency to, apparently, USD.

That is a problem with ANY currency.

Take USD for instance (except with USD we wouldn't be converting to USD obviously). Let us say, as a quick & dirty comparison, that a number of people control 5 percent of the total "market cap" of USD. They suddenly decide that they want to convert to gold.

You would have the exact same types of problems that I believe your question is proposing.

Or more to the point, say that someone (a government most likely) tries to dump 5% of all of the gold in the world on the market in one day!

I will grant you that some currencies would have more problems than others in reacting to a huge conversion order. But the same problems apply to them all. Bitcoin would hardly be unique in that regard.
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Old 29th May 2017, 07:13 PM   #848
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Originally Posted by psionl0 View Post
this is the end

ahem
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Old 29th May 2017, 09:55 PM   #849
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Originally Posted by This is The End View Post
ahem
Yes, you are right. I didn't remind jhunter1163 (yet again!) that bitcoin exchanges don't buy and sell bitcoins. They are brokerage firms so their capital is mostly irrelevant.

Theoretically, a major bitcoin holder could attempt to crash bitcoin by depositing all of their bitcoins into bitcoin exchanges and offering them for sale at any price. This would mop up all of the cash deposits in the exchanges and remainder of the sale would have to wait for more buyers to make cash deposits. Knowing that the price would eventually rise again and that the holdings have been diluted would attract a lot of bargain hunters.

Of course, the major holder would be sacrificing a lot of money since they wouldn't get anywhere near the current price of bitcoin. That's why it hasn't been done yet.

However, this has been explained over and over and over and over again. I just couldn't be bothered. The naysayers don't like the facts to get in the way of their pet objections.
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Old 7th June 2017, 09:01 PM   #850
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Originally Posted by psionl0 View Post
Darn! I wanted to be the one who reported it when bitcoin broke the $2,000 barrier.

It seems like there are decent odds you will be able to report $3,000 by July.
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Old 9th June 2017, 05:15 AM   #851
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Originally Posted by This is The End View Post
It seems like there are decent odds you will be able to report $3,000 by July.
If I were to post something like that then you could be sure that the price would crash again before the end of this month.
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Old 9th June 2017, 05:38 AM   #852
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I tried to join the Gemini exchange back before bitcoin dropped to $1,900, and was finally verified when the price was over $2,900. I don't feel like buying any right now.
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Old 4th July 2017, 10:14 PM   #853
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Originally Posted by This is The End View Post
It seems like there are decent odds you will be able to report $3,000 by July.
It would appear that your fingers are as sexy as mine.

The price didn't get above $2980 (on 11 June) and is currently hovering around the $2500 mark.
https://bitcoinwisdom.com/markets/bitstamp/btcusd
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Old 8th July 2017, 10:55 PM   #854
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Originally Posted by psionl0 View Post
$2980 (on 11 June)

I'll just chalk that up to a rounding error.
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Old 8th August 2017, 05:25 AM   #855
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Originally Posted by This is The End View Post
It seems like there are decent odds you will be able to report $3,000 by July.
Not bad. You are only off by about a month. Bitcoin cracked $3000 at the beginning of this month and the $3500 barrier seems imminent.

https://bitcoinwisdom.com/markets/bitstamp/btcusd
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Old 13th August 2017, 08:25 AM   #856
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Its at $4,035 as of this post.

http://preev.com/

Basically every article that was written over the weekend about this (bitcoin hitting $4,000) mentions Overstock.com accepting them for years. Is that true?

So has anything in the history of the world had an increase in value comparable to bitcoin? Seven years ago it was $0.0003. Now it is $4,000.

So if you bought $100 worth seven years ago you would now have over $100 MILLION. (If you cashed out, of course.)

As far as I am aware, nothing has ever done that ever. Not even close. Someone more familiar with stocks, commodities, and currencies can correct me.
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Old 13th August 2017, 09:05 AM   #857
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What is the highest cashout of Bitcoin so far? Lets say USD $1 million is a significant sum for a one time Bitcoin to USD transaction. Has anybody actually received any significant sums of USD for Bitcoin? Do the Bitcoin markets even have enough USD to exchange significant sums?
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Old 13th August 2017, 02:00 PM   #858
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This doesn't really answer your question but tons of people use LocalBitcoins to cash out.

I'm not positive but I'm pretty sure it is like craigslist. You find someone on it locally that wants bitcoins. They hand you the cash. Sounds dangerous.

But dangerous or not, thousands of people are cashing out tons of money on LocalBitcoins every single day.

As for your actual question I believe Forbes has had a couple articles on people who have cashed out huge amounts of money from their bitcoin wallet.

A google of bitcoin and forbes.com might turn up something.

This might be one of them, I can't read it at the moment Forbes.com seems to hate my browser.

https://www.forbes.com/sites/bishopj...n-millionaire/

I would suggest not reading it if you are the jealous type.
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Old 14th August 2017, 08:50 AM   #859
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Originally Posted by This is The End View Post

https://www.forbes.com/sites/bishopj...n-millionaire/

I would suggest not reading it if you are the jealous type.
That Forbes story is rather meh, compared to my friend. He bought about $350,000 worth of bitcoin between $10-11, giving him nearly 35,000 bitcoin at one point. He held while it hit nearly $1200 before it tanked to around $330 before selling it all at a low. He then bought XRP, a crypto-currency for the company he worked for at Ripple Labs, ending up with nearly 400 million XRP. He then sold XRP at something like a 600% profit, just before it skyrocketed, at a fraction of a cent. Ultimately he left something like $70 million on the table in XRP, and cashed out with about $6m in XRP alone. The kicker is that he still has a large amount of shares in Ripple Labs, which hold the balance of XRP, and he estimates that those are worth over $100 million dollars, though they are not publicly traded. In addition to this, he re-bought bitcoin at around $900, and currently has a balance between 11-12k of BTC, which as of now at $4233 is worth about $46.5 million dollars.

It's worth noting that if he simply held his original bitcoin stake it would be worth about $144 million today, and his original XRP stake of close to 400 million would be worth about $68 million today at $.17, not counting his shares at all (I don't know how many of those he has, or what exactly they're worth). Needless to say, next time I see him the drinks are on him.
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Old 4th September 2017, 05:18 PM   #860
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Oh-oh...
Attached Images
File Type: jpg bubble.jpg (61.3 KB, 9 views)
File Type: jpg bitcoin.jpg (22.9 KB, 5 views)
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Old 4th September 2017, 06:00 PM   #861
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Originally Posted by Roger Ramjets on 1 May 2017 View Post
Bitcoin is in a huge bubble that is about to burst.
Keep the prophesies coming.
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Old 4th September 2017, 10:28 PM   #862
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Originally Posted by psionl0 View Post
Keep the prophesies coming.
Whatever the bitcoin price in May was, it was a lot lower than it is now, despite the recent China ruling and selloff. Anyone heeding that "advice" would have left a lot of money on the table had they not bought and were intending to.
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Old 5th September 2017, 01:11 AM   #863
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Originally Posted by Tippit View Post
Whatever the bitcoin price in May was, it was a lot lower than it is now, despite the recent China ruling and selloff. Anyone heeding that "advice" would have left a lot of money on the table had they not bought and were intending to.
It was around $1,500 last time RJ predicted that the bubble would burst.

But this time for sure ...
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Old 5th September 2017, 04:51 PM   #864
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Meanwhile, back in the real world, Bitcoin is essentially obsolete. It's a highly speculative investment, yes, and seems to be the cryptocurrency of choice for hackers and drug dealers, but essentially no one in the real world uses it as currency. Why would you, when you have apps like Apple Pay that perform the same function, grant you the same security, and use boring old US dollars that aren't subject to 30% daily swings in value?
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Old 5th September 2017, 05:21 PM   #865
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Originally Posted by jhunter1163 View Post
Bitcoin is essentially obsolete.
At $4,400 and on the rise again (it almost hit $5,000 at the beginning of the month) you have a strange definition of "obsolete".

As far as its practicality as a currency, you are merely paraphrasing what I said on http://www.internationalskeptics.com...&postcount=840
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Old 5th September 2017, 06:07 PM   #866
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is cloud mining bitcoin a scam?
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Old 5th September 2017, 06:20 PM   #867
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Originally Posted by MinnesotaBrant View Post
is cloud mining bitcoin a scam?
If somebody is offering to sell you a piece of the action then yes, it is a scam.
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Old 5th September 2017, 10:04 PM   #868
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Originally Posted by jhunter1163 View Post
Meanwhile, back in the real world, Bitcoin is essentially obsolete. It's a highly speculative investment, yes, and seems to be the cryptocurrency of choice for hackers and drug dealers, but essentially no one in the real world uses it as currency. Why would you, when you have apps like Apple Pay that perform the same function, grant you the same security, and use boring old US dollars that aren't subject to 30% daily swings in value?
You're right. It's not functioning as a currency. It's a speculative digital asset that's made a lot of people very rich. It also enables people to evade capital controls and get their wealth out of tyrannical government regimes like China, so there's that.

While Bitcoin is subject to a lot of volatility for sure, there is one direction the dollar is going, and that's down. You see, there are criminals controlling its issuance, and the supply is limitless, whereas bitcoin is limited to 21 million. If and when bitcoin becomes widespread as a store of value, then perhaps more and more people may use it as a medium of exchange.
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Old 6th September 2017, 09:14 PM   #869
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So lets say I decided to buy a S9 bitcoin miner for 3k. How long do you think it would take for me to turn a profit? if ever?, Or should I wait for the promised newer models that are coming out?
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Old 6th September 2017, 11:16 PM   #870
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Originally Posted by MinnesotaBrant View Post
So lets say I decided to buy a S9 bitcoin miner for 3k. How long do you think it would take for me to turn a profit? if ever?, Or should I wait for the promised newer models that are coming out?
Until you understand the concept of hashrate and how it relates to the speed of your miner, I think that you would make more profit by purchasing shares in the Brooklyn bridge.
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Old 6th September 2017, 11:18 PM   #871
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Originally Posted by Tippit View Post
While Bitcoin is subject to a lot of volatility for sure, there is one direction the dollar is going, and that's down. You see, there are criminals controlling its issuance, and the supply is limitless, whereas bitcoin is limited to 21 million. If and when bitcoin becomes widespread as a store of value, then perhaps more and more people may use it as a medium of exchange.
The fixed supply of bitcoin is its impediment to its use as a currency. The average holder would be reluctant to spend something that constantly appreciates in value (on average).

One erstwhile poster used to brag about paying for his pizzas with bitcoin. At the current price of bitcoin, those were mighty expensive pizzas.
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Old 7th September 2017, 06:16 AM   #872
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I guess the first bitcoin purchase was a pizza for 10k bitcoins
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Old 7th September 2017, 06:27 AM   #873
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Originally Posted by psionl0 View Post
At $4,400 and on the rise again (it almost hit $5,000 at the beginning of the month) you have a strange definition of "obsolete".
For someone who seems to have a working knowledge of economy, I find it strange that you think monetary value has anything to do with something's utility.

After all, you can still buy a horse, and it's very expensive, but it's pretty obsolete as a mode of transportation.
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Old 7th September 2017, 06:57 AM   #874
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Originally Posted by Argumemnon View Post
For someone who seems to have a working knowledge of economy, I find it strange that you think monetary value has anything to do with something's utility.

After all, you can still buy a horse, and it's very expensive, but it's pretty obsolete as a mode of transportation.
Who said anything about "utility"? If it is still in demand then by definition it is not obsolete. (And horses still have "utility" when it comes to shows and racing).

If bitcoin had an average value that was in steady state instead of increasing then it might have more utility as a medium of exchange but it is still useful as a store of value. (Yes, that could all change tomorrow but everybody has been saying that for nearly 10 years now).
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Old 7th September 2017, 07:06 AM   #875
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Originally Posted by psionl0 View Post
Who said anything about "utility"?
Obsolescence: the process of becoming obsolete or outdated and no longer used.

Quote:
If it is still in demand then by definition it is not obsolete.
Any demand? Come on, you know better than that.
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Old 7th September 2017, 07:48 AM   #876
psionl0
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Originally Posted by Argumemnon View Post
Obsolescence: the process of becoming obsolete or outdated and no longer used.

Any demand? Come on, you know better than that.
Seriously, I don't. If it is wanted then it is in demand.

There is no evidence that bitcoin is becoming "obsolete", outdated or no longer used. The only thing you can say is that bitcoin's use as a currency has not really materialized but it is still "in use".
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Old 7th September 2017, 05:20 PM   #877
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I guess a S9 costs probably 3600 for the complete unit will on average make you 300 a month while you spend about 150 for electricity. So maybe a few years to recoup your losses. It is also hot, noisy, and will probably be obsolete in 10 months. Bitcoin units are being advertised as a cheap way to heat your house
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Old 7th September 2017, 06:09 PM   #878
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Originally Posted by psionl0 View Post
Seriously, I don't. If it is wanted then it is in demand.
Ok, then. If one person in the world wants something, then it is in demand! Yes, technically correct, though you know full well what people mean when they say that something is "in demand". That's high school level arguing from you here.
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渦巻く暗雲天を殺し 現る凶事のうなりか

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Old 7th September 2017, 06:37 PM   #879
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Originally Posted by Argumemnon View Post
Ok, then. If one person in the world wants something, then it is in demand! Yes, technically correct, though you know full well what people mean when they say that something is "in demand". That's high school level arguing from you here.
If you think that only one person wants bitcoin then you must know their name and address.
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Old 7th September 2017, 06:48 PM   #880
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Originally Posted by MinnesotaBrant View Post
I guess a S9 costs probably 3600 for the complete unit will on average make you 300 a month while you spend about 150 for electricity
Con artists love people who are too lazy to do their homework.

If you can't tell the rate at which an S9 unit mines blocks as a function of the hashrate and the energy consumption of the unit (and its maintenance cost) then your "guesses" are best reserved for the roulette wheel.
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