How high can Bitcoin go?

Saint said:
better buy Gold than bitcoin
Click to expand...

gold hasnt had any large movement for a while.
probably because most of the big speculators have been making their money in other things.
with chinas growth rate now running around 50% of what it was 2 years ago, and the usa china trade war, bit coin being clearly warned as an easy way to lose your entire familys life savings...
consumer markets cooling off.
it would not surprise me if gold showed some small gains as people sought to balance out some losses by buying gold for small steady long term balance.
though at any time some big company could go and dump all their gold to upset the market or buy up big to try and spike a run etc...
such is the casino
its all gambling
 
All the cryptocurrencies so far are based on mining electrical power. They have become a significant contributor to AGW thereby. If that doesn't change, any serious effort to curb the CO2 boost behind AGW, to slow it down, will involve forbidding - or at least curbing - new production of bitcoins and the like.

At that point, the difference between a currency and a commodity will come into play - scarcity of cryptocurrency will not necessarily drive its price up, being as likely to make it useless as more valuable.
 
mathman said:
Despite Bitcoin’s Dive, a Former Soviet Republic Is Still Betting Big on It

Tax breaks, land deals and cheap energy have spurred cryptocurrency mining in Georgia, which wants to be a digital data leader.

Above from NY Times Jan 23,2019.
Click to expand...

with all the constant drama being made between east & west,
being able to back up something with tiny low risk bit coin sales is probably like a K-Mart idea(low cost low profit high volume low risk).
as long as they can sit in the middle as a carrier and clip the ticket a tiny bit and all the trades are small and easy for the buyer & seller to write off.
its a great idea.
market saturation of cheap products is probably at an all time historic high.
trading in cheap low cost low priced products is probably going to increase to leverage against unrealistic inflation costs against currency.

if you are going to work a field to plant potatoes you dont ignore mushrooms you pass along the way. you collect them
bitcoins are the mushrooms.
ISP service and networking hubs is the potatoes.
"extracting value" vs investing in risk is a completely different concept.

bitcoin is a headline
trending dream
golden ticket

the next big thing is likely to be a multi currency cypto card value which is traded between different crypto exchanges backed against online gamers spending via registered legitimate accounts in big banks & big credit card companys.
being able to convert part of that value to an online form that creates its own micro money-go-round would be good for the industry as long as its regulated to prevent spiking & dumping and credit loading/shorting etc
 
A recent post - #86, re energy costs of crypto mining, was clearly oblivious to my #62. Inertia and entrenched interests are delaying the inevitable demise of inherently wasteful and poorly scaling blockchain tech.
 
A major source of support for bitcoin is in Venezuela, where the inflation is so bad that people keep their money in bitcoins and trade for bolivars only for immediate daily needs. Something similar is going on in Russia, where the motivation seems to be to hide money from the government. These are two largest markets for bitcoins (NYTimes - Feb 24, 2019).
 
Early last month, the security team at Coinbase noticed something strange going on in Ethereum Classic, one of the cryptocurrencies people can buy and sell using Coinbase's popular exchange platform. Its blockchain, the history of all its transactions, was under attack. An attacker had somehow gained control of more than half of the network's computing power and was using it to rewrite the transaction history. That made it possible to spend the same cryptocurrency more than once -- known as "double spends." The attacker was spotted pulling this off to the tune of $1.1 million. Coinbase claims that no currency was actually stolen from any of its accounts. But a second popular exchange, Gate.io, has admitted it wasn't so lucky, losing around $200,000 to the attacker (who, strangely, returned half of it days later).

Just a year ago, this nightmare scenario was mostly theoretical. But the so-called 51% attack against Ethereum Classic was just the latest in a series of recent attacks on blockchains that have heightened the stakes for the nascent industry. [...] In short, while blockchain technology has been long touted for its security, under certain conditions it can be quite vulnerable. Sometimes shoddy execution can be blamed, or unintentional software bugs. Other times it's more of a gray area -- the complicated result of interactions between the code, the economics of the blockchain, and human greed. That's been known in theory since the technology's beginning. Now that so many blockchains are out in the world, we are learning what it actually means -- often the hard way.​

Snippet from MIT review published at
https://yro.slashdot.org/story/19/0...unhackable-blockchains-are-now-getting-hacked
 
Bitcoin back over 10k USD for the first time in... a long time... since Feb 2018, I think.
Currently c.10.7k USD.
 
Sarkus said:
Bitcoin back over 10k USD for the first time in... a long time... since Feb 2018, I think.
Currently c.10.7k USD.
Click to expand...

rumors assfacebook is going to create its own crypto currency
that will increase the value of bitcoin as bitcoin becomes a rich persons preferred currency

a class system will ensue

while banks are hard selling a cashless society, they may have forgotten about how crypto currency can wipe them out of the transaction market re-defining banks as hobby savings accounts with limited access to profit processes through companion sales of insurance and other financial services.

i expect the insurance companies may throw their hat in the ring and try to spike the pot a little in favour of their preferred data sharing business partners.

it is likely to create a very fast very unwanted media race to the bottom. all covered up as quickly as possible.

if assfacebook can be pushed around by special interest groups to try and steal their market share, then so can crypto-currency's and any other currency mover.
 
As long as bitoins can be used for ransom demands and other shady transactions, their value will stay up.
 
You must log in or register to reply here.
Back
Top