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Thread: Bitcoin - cryptocurrency?

  1. #11
    Verified VCDS User vreihen's Avatar
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    Speaking of "pump and dump" and growing pains.....

    https://www.yahoo.com/news/bitcoin-p...105502823.html

    Bitcoin price tumbles $500 as goldrush knocks world's largest exchange offline

    Alistair Charlton
    International Business Times
    May 26, 2017

    A dramatic rise in the value of bitcoin caused the world's largest cryptocurrency exchange to grind to a halt and fall offline.

    Bitcoin rocketed from $1,250 (970) per coin to just under $2,800 in the space of a month, and gained by some $300 on 25 May alone. This, along with media coverage tracking the surging value, brought huge numbers of users to online exchanges, where bitcoins are bought and sold for fiat currencies like pounds and dollars.

    As a result, Coinbase, the world's most funded bitcoin exchange, which operates in 32 countries, could no longer cope with demand. The site became slow, new accounts could not be created, and eventually it fell offline.

    Customers new to bitcoin, but keen to invest due to stories of early investors earning millions, also flooded the exchange, setting up new accounts and throwing speculative cash into what quickly became a bubble ready to burst. Hours later, with bitcoin knocking on the door of a record high of $2,800 and Coinbase offline, bitcoin tumbled to $2,300.

    A partial recovery has taken bitcoin back up to $2,600 at the time of publication, but the fall acted as a stark reminded of the turbulent days of 2013 and 2014.

    Coinbase told TechCrunch: "The market cap of digital currencies has increased ~50% to $91bn in the past week. As a result, Coinbase has seen a dramatic increase in traffic and trading volume. The Coinbase engineering and support teams have been working around the clock to keep up with this unprecedented volume.

    "However, Coinbase.com has suffered a few outages including degrade performance and deposit/withdrawal delays for some users. We are actively working on resolving these issues and restoring our site to normal performance."

    According to the exchange's support website, almost all functionality has been restored. However, at the time of writing Coinbase's credit and debit card handling system is suffering from "degraded performance".

    Kraken, another cryptocurrency exchange, was also unavailable for several hours on 25 May as traders fought to earn a quick buck on bitcoin's gains. A status page reports degraded performance for the site and customer support system.

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  3. #12
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    ^^^^^^^vriehen: exactly my point!!!

    It seems that the currency (commodity?) price spiral is entirely a demand driven dynamic.The modest price drop after the exchange fell-over is symptomatic of this effect. But assuming the demand is still there, the lower value is the signal to buy (for profit takers to sell when confidence in the exchange is re-established). With the new market cap of $91bn, bitcoins are starting to attract a "too-big-to-fail" status. Not that any government will step-in if the price tanks, but at this capitalized value, there are many bitcoin holders with a vested interest to make the currency (commodity) secure!!

    Of course the real signal that bitcoins are an acceptable investment will be the introduction of a futures market - this normally happens in exchanges when a currency (commodity?) experiences this level of price volatility.

    As I have said previously, the strategy for a wise investor is always to "get-in before the hoarders"!

    Interesting stuff!!

    Don
    VW Golf MkVII (103TSI) my13

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  5. #13
    NostraJackAss Jack@European_Parts's Avatar
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    I look forward to the short.........



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  7. #14
    Verified VCDS User Blazs_A4ABC's Avatar
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    Ethereum is the latest balloon they've started to blow... Small-time miners have bought all the top-tier AMD VGA cards (all the x70..x80 card from the the current and previous generations) so PC builders are left without options but lower-end cards or GTX 1070s, 1080s not worth to buy unless you play big time .. I'll have to postpone my build, since the very few new pieces left now sell for nearly double the price.

    Beware, offers of GPU types favoured by miners (rx390, rx470, rx480, rx570, rx580 cards, now even gtx 1060s) is a scam. They are void of warranty (BIOS changed for mining) and saw 24/7 beating for months. The more cards someone offers the more likely he's a miner selling GPUs with heavy mileage.
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  9. #15
    NostraJackAss Jack@European_Parts's Avatar
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    http://www.msn.com/en-us/money/savin...t5R&ocid=ientp


    This high-school dropout who invested in bitcoin at $12 is now a millionaire at 18



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  10. #16
    Benevolent Dictator Uwe's Avatar
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    Quote Originally Posted by Jack@European_Parts View Post
    This high-school dropout who invested in bitcoin at $12 is now a millionaire at 18
    Not really, not until he cashes out, and then he has to pay capital gains taxes...
    Ceterum censeo, delenda est Daesh.

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  12. #17
    NostraJackAss Jack@European_Parts's Avatar
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    Not really, not until he cashes out, and then he has to pay capital gains taxes...
    True but we don't know what he did or if he put in an IRA or SEP linked to a brokerage and if it was me I'd sell half at the very least and invest it in other markets......all the while not paying a dime to the tax man until I had to.
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  13. #18
    Verified VCDS User Blazs_A4ABC's Avatar
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    Quote Originally Posted by Jack@European_Parts View Post
    http://www.msn.com/en-us/money/savin...t5R&ocid=ientp


    This high-school dropout who invested in bitcoin at $12 is now a millionaire at 18

    The difference between bitcoin and a cake is that a cake is delicious, even if it's only you eating it. At the very moment a certain amount of BTCs contingent is on sale, rates will drop, which will make others sell too, ending the spiral somewhere deep.
    The trap in BTC is that its value is coming from actually owning it, but not selling it. Since you can't print new bitcoins like money (supply is fixed), deflation eliminates any goods or services to be offered for pretty quickly.

    So I'm not impressed when I'm looking at how much those bitcoins would worth if... After all, these currencies look something apparently invented for terrorists, blackmailers, tax evaders and speculators.
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  14. #19
    Verified VCDS User vreihen's Avatar
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    ^^^ You forgot drug dealers, arms brokers, organized crime syndicates, and anyone else who does not want to leave a paper trail behind.....

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  16. #20
    Verified VCDS User Blazs_A4ABC's Avatar
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    Quote Originally Posted by vreihen View Post
    ^^^ You forgot drug dealers, arms brokers, organized crime syndicates, and anyone else who does not want to leave a paper trail behind.....
    Yeah, I missed a lot out of these groups, so cryptocurrency owners can be proud to be a member of this prominent group... 24/7 NSA surveillance included in service .
    'VAG... Turning owners into mechanics for over 50 years.'

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