Bitcoin hits a new high at $13,000

reishan's picture
Rank: Senior Chimp | banana points 21

Bitcoins rise is still soaring, and here is our coverage: http://www.2cents.my/2017/12/07/bitcoin-hits-a-new...

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Comments (22)

Dec 7, 2017

I learned something new today: apparently, different exchanges have different Bitcoin prices. Because it takes so long for a transaction to get finalized (taking me 7 days to get my Bitcoins I purchased on Friday) it's basically impossible to take advantage of the arbitrage situation. On Coinbase Bitcoin is well passed $14,000 at the moment.

I'm enjoying riding this insane wave right now, but there are so many weaknesses in Bitcoin (security and liquidity being the huge issues) that I honestly don't see this currency as being the one that ultimately wins the day as THE go-to cryptocurrency in the future.

Dec 7, 2017

BUY IOTA

"There's no reason to be the richest man in the cemetery. You can't do business from there." - Colonel Sanders

Dec 7, 2017

Best place to buy IOTA?

    • 1
Dec 7, 2017

Buy Ethereum on Coinbase, transfer Ethereum to Binance, directly trade Ethereum for IOTA on the exchange.

"There's no reason to be the richest man in the cemetery. You can't do business from there." - Colonel Sanders

    • 1
Dec 7, 2017

It Binance legit? I ask because I had bought some IOTA on Bitfinex but need to close my account because I am a US citizen. Since purchasing ~$20 of IOTA in late Aug/ early September it is worth ~$110. I wish I would have invested more.

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Dec 7, 2017

I have had absolutely no problems with Binance, so I would say yes, it is legit. It is pretty much the only option for people in the U.S., unless you want to fiddle with the tedious wallet. I would also recommend vacating Bitfinex as soon as possible.

"There's no reason to be the richest man in the cemetery. You can't do business from there." - Colonel Sanders

Dec 7, 2017

All US customers are banned from Bitfinex. Binance is the only option for US residents. I held a position on Binance for IOTA two nights ago and the website crashed due to too many US customers feeling the FOMO on IOTA. Right now we're seeing everyone dropping their altcoins to Bitcoin since yesterday. We'll most likely see this trend until the Bitcoin markets corrects down heavy and everyone pouring back to their altcoins.

My advise is to buy IOTA now on Binance and let it skyrocket again in 2018. I'm conservatively predicting it'll reach the range of $6-$8 by end of this year and 2018 will be even bigger.

Dec 7, 2017

I'm thinking about buying the dip.

Dec 7, 2017

I use Binance, have had no problems so far.

"When you stop striving for perfection, you might as well be dead."

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Dec 7, 2017

Do we really need a new bitcoin thread every time we hit a new high? This is like the 10th thread.

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Dec 7, 2017

Yes, because everyone is experiencing FOMO on cryptos. Given it's tremendously more volatile than regular securities, it's also very rewarding if you make the right plays. People who took advantage of cryptos years ago are now all pretty rich with their bitcoins & altcoins. I would say we can expect Bitcoin and cryptocurrencies will become even more mainstream in the future. Who knows, our kids and grand kids will ask you for .0005 BTC to go out and hang out with friends.

Dec 7, 2017

.0005 BTC to hang out with friends is exactly why I think it will never be worth anything. People like whole numbers. ~26 million BTC or whatever there is available is not enough for 7 billion people without having stupidly small numbers.

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Dec 7, 2017

That's why we have other alternative coins fighting each other to become the silver to Bitcoin's gold. Litecoin is a good example. It has 4x the supply of Bitcoin and transactions take 2 minutes average compared to "supposedly" 8 mins for Bitcoin. However during wallet congestion Bitcoin transfer can last up to a day or 6-12 hours at the fastest. We're already acknowledging that Bitcoin's value is way too high to have in an electronic wallet. That's when altcoins come in to exchange or to be used as currency in representation of Bitcoins. Just like how the dollar is backed up by Gold as the Gold Standard.

Dec 7, 2017

Have these other alternative coins seen the kind of volume that Bitcoin has experienced? Is there reason to believe that their transaction times wont surge to what BTC has?

From what you're saying, altcoins are not the cents that represent a partial dollar (or BTC in this case), they're the equivalent of the GBP or Euro to the USD. Also, the dollar is not backed up by Gold anymore.

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Dec 7, 2017

Which proves a point that people who are skeptical of cryptocurrency is no different from people who don't know fiat currency is worth nothing. It's just widely accepted because each government guarantees it as payment. That's how I see Bitcoin being that digital currency where people are accepting as an asset, as a currency, as a value. But it's been crazy the past 2 days with it jumping to $18K. I'm actually scared now it might crash and the bubble might burst next year around the 40K-50K mark.

Dec 7, 2017

Difference is you can liquidate the assets of the government if need be. It's not enough to pay off everything, but there is something there. There is literally nothing backing up bitcoin. And even when people say it is unhackable, what happens when in 50 years someone figures out how to hack it? It is complete junk.

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Dec 7, 2017

Haha funny that you mentioned it, there are hacks and NiceHash, a Bitcoin mining company, reported that 4,700 BTCs were hacked yesterday. That's worth $70 Million. So yes, this just goes to prove that cyber attacks do happen to cryptotrading websites and everyone should KNOW that already. Of course hackers will try to steal Bitcoin if large amounts are just sitting in an online website. Smart crypto traders / hodlers hide theirs in a cold storage wallets like the Nano S Ledger.

But you're right, Bitcoin is not backed up by tangible assets. I see many people argue that Bitcoin is a bubble because of that reason.

Dec 7, 2017

You're referring to people having their BTC stolen. I'm talking about the actual infrastructure of the platform itself. There's another on-going thread about this I think.

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Dec 7, 2017
JayLite:

Just like how the dollar is backed up by Gold as the Gold Standard.

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Dec 7, 2017

$16k now. time for a new thread

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Dec 7, 2017
Best Response
Dec 8, 2017