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Price of Bitcoin skyrockets to new all time high

BY STAFF WRITER

 

 

Bitcoin jumped to a new all time high over the weekend, continuing its upward trend throughout 2017.

 

By Monday, the cryptocurrency hit a high of $1,422.22.

 

It is not known what is driving the rise in Bitcoin, especially after the digital currency suffered a number of setbacks in recent months.

 

In March, regulators in the US rejected plans to create a Bitcoin exchange traded fund, citing security concerns.

 

Despite this, 2017 continues to be a great year for Bitcoin and its surge in value is likely the result of global markets starting to warm to the cryptocurrency.

 

Full story: http://tech.thaivisa.com/price-of-bitcoin-skyrockets-to-new-all-time-high/21358/

 

-- © Copyright Thai Tech by Thai Visa 2017-05-02

 

[ezzra]

The coin that is preferred by the dark world, criminals, scammers and thieves....

[userabcd]

Often I see during my visits to palladium shopping mall some PC vendors building these mining rigs.

[speedtripler]

22 hours ago, ezzra said:

The coin that is preferred by the dark world, criminals, scammers and thieves....

And which one of the above are you? 

[chingching]

22 hours ago, ezzra said:

The coin that is preferred by the dark world, criminals, scammers and thieves....

Really,  where are your statistics to support this.   e.g.  Show me how many Bitcoins were used by scammers compared to the USA dollars used by scammers, or the Euros used by scammers.   Show me how much bitcoins were used by drug dealers vs the amount of USA dollars used by drug dealers, Colombian dollars,  

 

 

[speedtripler]

Aha Bitcoin

 

Also Accepted by  Criminal organisations such as :Microsoft, Dell, Overstock.com, Virgin Airlines, Expedia and thousands of others globally.... 

 

Throw them all in jail, every last one of them, include the US Marshalls service too lol

 

 

 

 

[rwdrwdrwd]

I own some, though to be fair I stole some pick a mix from woolies when I was 6 (and got busted) so I do fit the profile.

By far my best investment of the last few years.

Edited May 3, 2017 by rwdrwdrwd

[JimmyJ]

On 5/1/2017 at 9:28 PM, ezzra said:

The coin that is preferred by the dark world, criminals, scammers and thieves....

 

Yes indeed. Quite perceptive of you.

 

For the last few thousand years criminals, scammers, and thieves had no monetary system.

 

How lucky that bitcoin (for which there is a public ledger showing every bitcoin transaction from the beginning) came along.

Bernie Madoff, Enron, Charles Ponzi - the list is endless. They sure could have used a medium of exchange.

 

If only for the previous hundreds of years there had been something - let's call it fiat currency - for criminals, scammers, and thieves to use.

But alas no. They had no way to convert to currency they could exchange until the last few years with the advent of bitcoin..

 

 

Edited May 21, 2017 by JimmyJ

[Bikeman93]

I wonder if bitcoin holdings are traceable. Is it possible to put all your savings in bitcoin and then go on welfare claiming you have no money?

[userabcd]

That would obviously be dishonest.

[speedtripler]

On 2017-5-22 at 3:49 AM, Bikeman93 said:

I wonder if bitcoin holdings are traceable. Is it possible to put all your savings in bitcoin and then go on welfare claiming you have no money?

What country do you want welfare in? 

There are cryptocurrencys like Monero that are designed with secrecy in mind if you specifically wanted to hide wealth from the government..... 

 

Or you could always buy a bar of gold for cash and hide it somewhere.... They wouldn't be able to trace that either

[Bikeman93]

On ‎22‎/‎05‎/‎2017 at 3:46 PM, userabcd said:

That would obviously be dishonest.

 

Just now, speedtripler said:

What country do you want welfare in? 

There are cryptocurrencys like Monero that are designed with secrecy in mind if you specifically wanted to hide wealth from the government..... 

 

Or you could always buy a bar of gold for cash and hide it somewhere.... They wouldn't be able to trace that either

I'm not thinking of it myself. Just wonder if this might explain the rise in the stock price

[speedtripler]

5 minutes ago, Bikeman93 said:

 

I'm not thinking of it myself. Just wonder if this might explain the rise in the stock price

It's  price Is rising more rapidly in countries that don't even have welfare, it's the new gold or safe haven to park some cash to hedge against other banking or stock market disasters.. 

 

Cnbc news covered it :http://www.cnbc.com/2017/05/18/looking-for-portfolio-protection-here-are-two-things-to-buy-right-now.html

[Bikeman93]

Just now, speedtripler said:

It's  price Is rising more rapidly in countries that don't even have welfare, it's the new gold or safe haven to park some cash to hedge against other banking or stock market disasters.. 

 

Cnbc news covered it :http://www.cnbc.com/2017/05/18/looking-for-portfolio-protection-here-are-two-things-to-buy-right-now.html

I wouldn't invest in Bitcoin now, online companies have a very precarious hold on their industry.

A competing start up, yes.

[chingching]

Luckily I was hanging out on LocalBitCoins and met a knowledgeable fellow there that I was able to learn more about bitcoins.  That led me to the awareness of altcoins,  which are coins that are based on the original bitcoins , but with differences.  One of those coins was ethereum, and I was lucky to get some at 1 dollar each.   I put a few of my pay checks into ethereum , and today it is about $190.   

For the poster here, who believes bitcoin is for criminals and scammers,  educate yourself on the ethereum alliance, and it's members.  For you others not so closed minded, it isn't too late.  Sure it could be a bubble, but bitcoin at 10K,  ethereum at 1000 are not that improbable.

[speedtripler]

Just now, Bikeman93 said:

I wouldn't invest in Bitcoin now, online companies have a very precarious hold on their industry.

A competing start up, yes.

Bitcoin isnt a company, it's more like a commodity in terms of properties.... 

 

The next largest one is ethereum which is growing even faster than Bitcoin and may even surpass it in market cap.... Also covered by American news :

 

http://www.cnbc.com/2017/05/24/ethereum-price-bitcoin-rally.html

 

I prefer Bitcoin but I have invested in both because i think they have better potential returns  than anything else at the moment

 

 

[Bikeman93]

Does bitcoin holdings earn any interest?

 

[chingching]

51 minutes ago, Bikeman93 said:

Does bitcoin holdings earn any interest?

 

There are some sites that give you interest, but you must do due diligence, and weigh the risk of interest payments vs. the site going bankrupt. The sites usually make interest by allowing you to lend to other investors who borrow your funds to buy on margin.  The most well known site for this is BITFINEX.  currently you can rent your btc out at 21% a year rate.  The longest period  you can lend for is 30 days, and the shortest is 2 days.  The interest rates change constantly and are different for every currency or coin. Currently, US dollar tethers are the highest, with a  rate about 100% a year (177% compounded daily).  But again this is not for everyone, and you run significant risks.  

Another site MAGNR currently gives you 2% annually on BTC.  It's more like a regular bank,  and you do nothing but deposit and earn interest monthly. 

 

Now that BTC is legal in Japan, I expect that you will soon see interest bearing BTC accounts there, with the possibility of INSURED funds,  similar to the FDIC.   I myself would like to explore the possibilities of opening a Japanese bank account, for that reason.  There is a scandanavian ? bank that offers buying and selling BTC thru its website, but I saw no mention of interest payments.

p.s. i should mention the lowest interest paid at BITFINEX , at the moment, is for ethereum classic, which pays only 1.5% a year.  At stated, interest rates change constantly, tho you wil receive the amount you contracted for, for the length of the contract. regardless of change.

Edited May 26, 2017 by chingching
added info.

[speedtripler]

1 hour ago, Bikeman93 said:

Does bitcoin holdings earn any interest?

 

Everything the above guy said ^

 

But imo the best benefits of Bitcoin are the appreciation it gains through scarcity of supply (digital gold 2.0 if you will) 

Value can be sent around the world to anyone in any country, no accounts, no legal, government or banking restrictions  on the amount are required 

 

Bitcoin was a niche when I first bought some back in 2010 or 2011 but now it's becoming a household name 

 

Vinny Lingham, Tim Draper, Richard Branson etc are a few famous people who invest in and often talk about it

[lkn]

Does anyone here buy bitcoins/altcoins because they actually use them?

 

Though to counter what I am insinuating, let me quote Ben Thompson:

 

Bitcoin has been around for eight years now, it has captured the imagination, ingenuity, and investment of a massive number of very smart people, and it is increasingly trivial to convert it to the currency of your choice. Can you use Bitcoin to buy something from the shop down the street? Well, no, but you can’t very well use a piece of gold either, and no one argues that the latter isn’t worth whatever price the gold market is willing to bear. Gold can be converted to dollars which can be converted to goods, and Bitcoin is no different. To put it another way, enough people believe that gold is worth something, and that is enough to make it so, and I suspect we are well past that point with Bitcoin.

[Bikeman93]

7 hours ago, chingching said:

There are some sites that give you interest, but you must do due diligence, and weigh the risk of interest payments vs. the site going bankrupt. The sites usually make interest by allowing you to lend to other investors who borrow your funds to buy on margin.  The most well known site for this is BITFINEX.  currently you can rent your btc out at 21% a year rate.  The longest period  you can lend for is 30 days, and the shortest is 2 days.  The interest rates change constantly and are different for every currency or coin. Currently, US dollar tethers are the highest, with a  rate about 100% a year (177% compounded daily).  But again this is not for everyone, and you run significant risks.  

Another site MAGNR currently gives you 2% annually on BTC.  It's more like a regular bank,  and you do nothing but deposit and earn interest monthly. 

 

Now that BTC is legal in Japan, I expect that you will soon see interest bearing BTC accounts there, with the possibility of INSURED funds,  similar to the FDIC.   I myself would like to explore the possibilities of opening a Japanese bank account, for that reason.  There is a scandanavian ? bank that offers buying and selling BTC thru its website, but I saw no mention of interest payments.

p.s. i should mention the lowest interest paid at BITFINEX , at the moment, is for ethereum classic, which pays only 1.5% a year.  At stated, interest rates change constantly, tho you wil receive the amount you contracted for, for the length of the contract. regardless of change.

When what should be expressed only in numbers becomes too many words, restrictions and conditions it makes me suspect a scam.

 

6 hours ago, speedtripler said:

Everything the above guy said ^

 

But imo the best benefits of Bitcoin are the appreciation it gains through scarcity of supply (digital gold 2.0 if you will) 

Value can be sent around the world to anyone in any country, no accounts, no legal, government or banking restrictions  on the amount are required 

 

Bitcoin was a niche when I first bought some back in 2010 or 2011 but now it's becoming a household name 

 

Vinny Lingham, Tim Draper, Richard Branson etc are a few famous people who invest in and often talk about it

 Branson and the like are probably just talking their shares up.

[JimmyJ]

37 minutes ago, Bikeman93 said:

When what should be expressed only in numbers becomes too many words, restrictions and conditions it makes me suspect a scam.

 

 Branson and the like are probably just talking their shares up.

I'd normally say to the people responding to this nonsense "Don't feed the troll".

But the responses are generating worthwhile information, including for myself - I wasn't familiar with Magnr until now.

 

 

 

chingching - " For you others not so closed minded, it isn't too late."

+1

Edited May 26, 2017 by JimmyJ

[JimmyJ]

10 hours ago, chingching said:

  There is a scandanavian ? bank that offers buying and selling BTC thru its website, but I saw no mention of interest payments.

 

Could you please post the bank name and/or a link.

 

[Bikeman93]

Is this the right room for an argument?

[JimmyJ]

For those interested in Bitfinex, note that (as of the most recent news I've seen) the only fiat withdrawals currently allowed are Taiwan currency, as they were cut off by their American bank Wells Fargo.

 

 

Edited May 26, 2017 by JimmyJ

[JimmyJ]

One version of "This week in bitcoin..."

 

I disagree with "Greed" / "Delusion" - seems like the usual selloff when there have been large gains.

 

 

Edited May 26, 2017 by JimmyJ

[speedtripler]

9 hours ago, JimmyJ said:

I'd normally say to the people responding to this nonsense "Don't feed the troll".

But the responses are generating worthwhile information, including for myself - I wasn't familiar with Magnr until now.

 

 

 

chingching - " For you others not so closed minded, it isn't too late."

+1

You can explain something to someone, but you can't understand it for them.... 

[chingching]

9 hours ago, JimmyJ said:

Could you please post the bank name and/or a link.

 

https://news.bitcoin.com/norways-online-bank-bitcoin-accounts/   its a norway bank.