Bitcoin blasts to new all-time high of $6,450

[snoop1130]

Bitcoin blasts to new all-time high of $6,450

 

A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic

 

LONDON (Reuters) - Bitcoin climbed to a new all-time high of $6,450 on Wednesday, boosted by bets the cryptocurrency could enter the financial mainstream after the world's largest derivatives exchange operator said on Tuesday it would launch bitcoin futures.

 

CME Group Inc said it would provide a regulated trading venue for the cryptocurrency market and would launch the new derivatives in the fourth quarter of 2017.

 

Bitcoin has had a bumper year with a more than sixfold increase in price, and has more than doubled in price since mid-September alone.

 

It was up 0.3 percent on Wednesday on the Luxembourg-based Bitstamp exchange.

 

(Reporting by Jemima Kelly, Editing by Abhinav Ramnarayan)

 

-- © Copyright Reuters 2017-11-1

[nausea]

If only ... time to find my mate Aaron and his box, fans of Primer 2004, will understand.

[phuketrichard]

now  $6, 831!!!

 

[Xaos]

6842$

Sent from my SM-G955F using Tapatalk

[SoulWater]

Time to sell my 200 bitcoins I bought in 2010 I think the pressure is starting to get to me!

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[Skeptic7]

1 hour ago, SoulWater said:

Time to sell my 200 bitcoins I bought in 2010 I think the pressure is starting to get to me!

Sent from my SM-J710F using Thailand Forum - Thaivisa mobile app
 

If someone were fortunate enough to have bought the virtual crypto-currency in 2010 and hadn't sold by now...would have to consider them a little greedy and a lot crazy. Turning pennies into $1.4 million in only 7 years is amazing! Not selling at nearly a 70,000% gain for fear of it going to 71,000% is totally whack.  

[SoulWater]

If someone were fortunate enough to have bought the virtual crypto-currency in 2010 and hadn't sold by now...would have to consider them a little greedy and a lot crazy. Turning pennies into $1.4 million in only 7 years is amazing! Not selling at nearly a 70,000% gain for fear of it going to 71,000% is totally whack.  

Hehe - yes was only joking about the 200 bitcoins but I did used to mine them in the early days when you could buy 5 or 6 for 1 pound! At one point I did have about 70 of them after buying some too - the idiot I am I sold them for a handsome 200 pounds profit - I was very pleased with myself at the time - not so much now doh!

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[Skeptic7]

6 minutes ago, SoulWater said:

Hehe - yes was only joking about the 200 bitcoins but I did used to mine them in the early days when you could buy 5 or 6 for 1 pound! At one point I did have about 70 of them after buying some too - the idiot I am I sold them for a handsome 200 pounds profit - I was very pleased with myself at the time - not so much now doh!

Sent from my SM-J710F using Thailand Forum - Thaivisa mobile app
 

D'OH is right! Not that you need reminding, however...

 

[SoulWater]

Hahaha don't worry I have kicked myself many times I am however going to hunt through some of my old passwords and sites to make sure I didn't leave a couple of them in there at the time they were only 20 pence each so it is possible I forgot about them - will keep you updated but is unlikely to be a happy ending

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[Skeptic7]

Always enjoy a happy ending! 

[SoulWater]

Always enjoy a happy ending! [emoji3]

If I manage to find any it will probably end up with a few happy endings :)

 

[lust]

How can electronic money ever be the future? Computers are susceptible to hacking, errors, and relies on electricity. There’s nothing tangible about electronic money. 

What am I missing? Seems like Bitcoin is just a gamble. I’d be cashing out right now if I had big money tied up in it.

[SoulWater]

How can electronic money ever be the future? Computers are susceptible to hacking, errors, and relies on electricity. There’s nothing tangible about electronic money. 
What am I missing? Seems like Bitcoin is just a gamble. I’d be cashing out right now if I had big money tied up in it.

A fair point but after working in the city before the majority of the money in the world is now electronic - so bitcoin is not much different also the recent hike is because some of the more reputable brokers are now going to trade it as a futures option - not much different to Facebook, twitter or any other dot com to be fair

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[Skeptic7]

16 minutes ago, lust said:

How can electronic money ever be the future? Computers are susceptible to hacking, errors, and relies on electricity. There’s nothing tangible about electronic money. 

What am I missing? Seems like Bitcoin is just a gamble. I’d be cashing out right now if I had big money tied up in it.

Agreed...pure speculation and irrational exuberance backed by nothing. I don't get it either, but many are making money...at least until the bubble bursts. A meteoric rise with a lot of momentum, so obviously many out there disagree with us. Good on them and best wishes. I still see another major correction coming (again)...it's had a few already...but can it keep coming back? Doubtful at these levels.

Edited November 2, 2017 by Skeptic7

[ThaiWai]

59 minutes ago, lust said:

How can electronic money ever be the future?

How can paper money be the future in an electronic world is the question you should consider.

[ThaiWai]

48 minutes ago, Skeptic7 said:

I still see another major correction coming (again)...it's had a few already...

Stocks, bonds and commodities of all kinds rise and fall over time.  To say something has "corrected" when it is at the highest level it has ever been would be an inappropriate use of the term.  When it drops by 20% or more and stays there for an extended period of time, that would be a "correction".

[Skeptic7]

1 hour ago, ThaiWai said:

Stocks, bonds and commodities of all kinds rise and fall over time.  To say something has "corrected" when it is at the highest level it has ever been would be an inappropriate use of the term.  When it drops by 20% or more and stays there for an extended period of time, that would be a "correction".

OK, you're playing semantics...and you're still mistaken. What you've defined is a "bear market", not a correction. 

 

From Investopedia: A correction is a reverse movement, usually negative, of at least 10% in a stock, bond, commodity or index to adjust for an overvaluation. Corrections are generally temporary price declines interrupting an uptrend in the market or an asset. (CFTC holds that bitcoin and other virtual currencies are a commodity covered by the commodity exchange act)

 

From Nasdaq.com: Correction: A relatively short-term drop in stock market prices, generally viewed as bringing overpriced stocks back to a level closer to companies' actual values. (can be applied to any asset class, as in the example above)

What is a 'Bear Market'

A bear market is a condition in which securities prices fall and widespread pessimism causes the stock market's downward spiral to be self-sustaining. Investors anticipate losses as pessimism and selling increases. Although figures vary, a downturn of 20% or more from a peak in multiple broad market indexes, such as the Dow Jones Industrial Average (DJIA) or Standard & Poor's 500 Index (S&P 500), over a two-month period is considered an entry into a bear market.

 

Now that we should be on the same page with the correct definitions, I'll try to be perfectly clear...

 

In 2011, bitcoin crashed 94% and took 18 months to regain it's $32 level. That was a bitcoin "bear market". Since then it has had some drastic short-term plunges...called "corrections"...only to recover and continue it's uptrend. 

 

So diplomacy aside and to put it bluntly...IMO, would not be a 'bit' surprised to see it "crash" (which I previously and politely called a 'major correction' and questioned whether it would recover again...thus hinting at a sustained "bear market" or flat out total collapse) without ever recovering to such lofty and inexplicable (and undeserved) levels. 

aka...

Edited November 2, 2017 by Skeptic7

[lust]

1 hour ago, ThaiWai said:

How can paper money be the future in an electronic world is the question you should consider.

No. Paper money I can hold. HUGE difference.

[SoulWater]

No. Paper money I can hold. HUGE difference.

So you have never used a credit or debit card or Internet banking? Or ever paid for anything over the Internet? You have never held a bank account where your money is purely electronic (they don't keep all your paper notes in the bank waiting for you to come in!) have you ever been paid by an employer to your bank account - its all electronic fella

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[lust]

10 minutes ago, SoulWater said:

So you have never used a credit or debit card or Internet banking? Or ever paid for anything over the Internet? You have never held a bank account where your money is purely electronic (they don't keep all your paper notes in the bank waiting for you to come in!) have you ever been paid by an employer to your bank account - its all electronic fella

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When did I say I don’t use debit cards or credit cards, or any other type of electronic payment? Of course I use it. But I can retrieve my money anytime I desire. Don’t you notice that everyone makes a mad dash to the ATM’s once conflicts arise? The banks were being cleared from people anticipating bank closures. Good luck using your digital currency when the zombie apocalypse comes, lol

Edited November 2, 2017 by lust

[SoulWater]

OK, you're playing semantics...and you're still mistaken. What you've defined is a "bear market", not a correction. 
 
From Investopedia: A correction is a reverse movement, usually negative, of at least 10% in a stock, bond, commodity or index to adjust for an overvaluation. Corrections are generally temporary price declines interrupting an uptrend in the market or an asset. (CFTC holds that bitcoin and other virtual currencies are a commodity covered by the commodity exchange act)
 
From Nasdaq.com: Correction: A relatively short-term drop in stock market prices, generally viewed as bringing overpriced stocks back to a level closer to companies' actual values. (can be applied to any asset class, as in the example above)

What is a 'Bear Market'

A bear market is a condition in which securities prices fall and widespread pessimism causes the stock market's downward spiral to be self-sustaining. Investors anticipate losses as pessimism and selling increases. Although figures vary, a downturn of 20% or more from a peak in multiple broad market indexes, such as the Dow Jones Industrial Average (DJIA) or Standard & Poor's 500 Index (S&P 500), over a two-month period is considered an entry into a bear market.

 
Now that we should be on the same page with the correct definitions, I'll try to be perfectly clear...
 
In 2011, bitcoin crashed 94% and took 18 months to regain it's $32 level. That was a bitcoin "bear market". Since then it has had some drastic short-term plunges...called "corrections"...only to recover and continue it's uptrend. 
 
So diplomacy aside and to put it bluntly...IMO, would not be a 'bit' surprised to see it "crash" (which I previously and politely called a 'major correction' and questioned whether it would recover again...thus hinting at a sustained "bear market" or flat out total collapse) without ever recovering to such lofty and inexplicable (and undeserved) levels. 
aka...

That is a sensible explanation and I would not be surprised if it did crash but I don't believe it will go out of existence as I think there is a general requirement for crypto-currencies - i know the first definition above described it as a 'commodity' as opposed to a currency but also I believe the meteoric rise is down to the financial world having the opposite view. It is translated with currency exchange rates on all major conversion sites. However I agree there will probably be a 'correction' people have been saying that for nearly 10 years now

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[SoulWater]

When did I say I don’t use debit cards or credit cards, or any other type of electronic payment? Of course I use it. But I can retrieve my money anytime I desire. Don’t you notice that everyone makes a mad dash to the ATM’s once conflicts arise? The banks were being cleared from people anticipating bank closures. Good luck using your digital currency when the zombie apocalypse comes, lol

:) good point well made - although I don't currently hold any bitcoins I have previously and I could cash them in and out online faster than walking to the ATM - I am sort of playing devils advocate here because I think it is due to crash (as does the real wolf of wall street :)) but as I said in a previous post people have been saying that for nearly 10 years now

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[Skeptic7]

1 hour ago, SoulWater said:

That is a sensible explanation and I would not be surprised if it did crash but I don't believe it will go out of existence as I think there is a general requirement for crypto-currencies - i know the first definition above described it as a 'commodity' as opposed to a currency but also I believe the meteoric rise is down to the financial world having the opposite view. It is translated with currency exchange rates on all major conversion sites. However I agree there will probably be a 'correction' people have been saying that for nearly 10 years now

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Agreed...i don't think it will disappear either, but rather ultimately settle...perhaps quite rapidly...to a much more realistic and rational valuation. However, China has now banned crypto-currency exchanges. If more countries start to follow, it could put pressure on virtual currencies futures. On the flip side, it could just boost the price if other countries don't follow China's lead. Personally wouldn't touch it at these levels. Certainly there must be a way to "short" it! 

[ThaiWai]

On 11/2/2017 at 7:26 PM, lust said:

No. Paper money I can hold. HUGE difference.

Ok go hold your paper money.

[ThaiWai]

On 11/2/2017 at 7:24 PM, Skeptic7 said:

OK, you're playing semantics...and you're still mistaken. What you've defined is a "bear market", not a correction. 

 

From Investopedia: A correction is a reverse movement, usually negative, of at least 10% in a stock, bond, commodity or index to adjust for an overvaluation. Corrections are generally temporary price declines interrupting an uptrend in the market or an asset. (CFTC holds that bitcoin and other virtual currencies are a commodity covered by the commodity exchange act)

 

From Nasdaq.com: Correction: A relatively short-term drop in stock market prices, generally viewed as bringing overpriced stocks back to a level closer to companies' actual values. (can be applied to any asset class, as in the example above)

What is a 'Bear Market'

A bear market is a condition in which securities prices fall and widespread pessimism causes the stock market's downward spiral to be self-sustaining. Investors anticipate losses as pessimism and selling increases. Although figures vary, a downturn of 20% or more from a peak in multiple broad market indexes, such as the Dow Jones Industrial Average (DJIA) or Standard & Poor's 500 Index (S&P 500), over a two-month period is considered an entry into a bear market.

 

Now that we should be on the same page with the correct definitions, I'll try to be perfectly clear...

 

In 2011, bitcoin crashed 94% and took 18 months to regain it's $32 level. That was a bitcoin "bear market". Since then it has had some drastic short-term plunges...called "corrections"...only to recover and continue it's uptrend. 

 

So diplomacy aside and to put it bluntly...IMO, would not be a 'bit' surprised to see it "crash" (which I previously and politely called a 'major correction' and questioned whether it would recover again...thus hinting at a sustained "bear market" or flat out total collapse) without ever recovering to such lofty and inexplicable (and undeserved) levels. 

aka...

Must have really touched a nerve you put so much work into your reply.  Why do you care if you don't like the investment?  Are you the investment police?  To put it bluntly no one cares what would and would not surprise you.

[Skeptic7]

20 hours ago, ThaiWai said:

Must have really touched a nerve you put so much work into your reply.  Why do you care if you don't like the investment?  Are you the investment police?  To put it bluntly no one cares what would and would not surprise you.

555...what touches nerves is  unabashed and arrogant stupidity. Couldn't care less about the investment, but DO care about facts and accuracy, which you obviously don't. BTW...Didn't put any work at all into my reply, as nothing is easier than pointing out screaming errors. 

 

Hope your investment knowledge is at least slightly better than your terminology.