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Semiannual 'Bitcoin is rising' thread

signal

signal

Member
Oct 28, 2017
40,183
Always fun to have these threads every now and then. What will it reach 🤔


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techcrunch.com

Bitcoin bulls are running, as prices spike above $11K | TechCrunch

The bitcoin bulls are back in town. The price of bitcoin surged today by $1,268.19, reaching a six-month high of $11,203.90, or a one-day gain of 12.73%.
techcrunch.com techcrunch.com

The price of bitcoin surged today by $1,268.19, reaching a six-month high of $11,203.90, or a one-day gain of 12.73%. It's another indication of the resurgence of both investor interest in the technology and renewed confidence in its long-term prospects after a rough year of regulatory scrutiny and declining value in the major cryptocurrencies.

For cryptocurrency investors like Alyse Killeen, an advisor to Mantis VC (the investment firm launched by the celebrity music duo The Chainsmokers), the climb in Bitcoin prices reflects the increased stability of the infrastructure that undergirds Bitcoin specifically, and distributed ledger technologies more broadly.
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"Bitcoin has much more intrinsic value today than it did a year ago just from an infrastructure perspective," Killeen wrote in a direct message. "[The] Lightning network is working, sidechains are working. And so you can do more with bitcoin today than you could last year." The Lightning network is a second-layer technology for bitcoin that scales the blockchain's ability to conduct transactions and it's increasing people's ability to actually use the network.

It's more than just increasing capacity driving the surge in investor interest and prices, Killeen wrote. There's also the decreased supply of available bitcoin — a function of the halving of coins in circulation which happened earlier this year. Moreover, financial institutions are now holding cryptocurrencies — giving investors more confidence in the security and fungibility of the assets, Killeen wrote.
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Killeen also expected the markets to rise in the third quarter or early fourth quarter thanks to the increasing infrastructure to support transactions and activity on the blockchain, the increasing amount of bitcoin in circulation, and a response to the halving of currency in circulation.

"What's happening now is that larger institutions are offering purchase facilitation and custody (e.g. Fidelity)," Killeen wrote. "This is bullish for Bitcoin AND self-custody. With 'real banks' holding bitcoin for their customers, the average person will view bitcoin more like money, and [the] differentiation of being your own bank becomes even more clear."
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samoyed

samoyed

Banned
Oct 26, 2017
15,191
People are buying BTC as an inflation hedge now, I think. Precious metals (gold/silver/copper/etc) are also climbing. Congrats to BTC, it's finally being taken seriously as an investment vehicle.
 
Dremorak

Dremorak

Member
Oct 25, 2017
8,691
New Zealand
I've been sitting on some Etherium for years, it spiked to triple what it cost originally not long after I got it, and shortly after that it
landed in the toilet. Its been sitting there ever since, just occasionally bobbing up for air before sinking again
 
Hero_of_the_Day

Hero_of_the_Day

Avenger
Oct 27, 2017
17,325
Dremorak said:
I've been sitting on some Etherium for years, it spiked to triple what it cost originally not long after I got it, and shortly after that it
landed in the toilet. Its been sitting there ever since, just occasionally bobbing up for air before sinking again
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Any day now Ripple is gonna go up to $100 and I'm gonna be a thousanaire!
 
Cipherr

Cipherr

Member
Oct 26, 2017
13,422
Dremorak said:
I've been sitting on some Etherium for years, it spiked to triple what it cost originally not long after I got it, and shortly after that it
landed in the toilet. Its been sitting there ever since, just occasionally bobbing up for air before sinking again
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I've got like 50 ish ETH. I did notice that its up over 300 again. I bought it all yeaaaaaars ago. I think my average buy price for it is like $270 or something, so its barely anywhere for how many years have past. But I enjoy looking at that market every now and then.

There was a huge influx of Tether like oh a week ago? So this surge was fairly predictable.
 
hateradio

hateradio

Member
Oct 28, 2017
8,742
welcome, nowhere
Digital cryptocurrencies and real world stocks and currencies are beginning to resemble one another.

I wonder if someone put in some ML into the equation to make it more that way or if it was just humans being humans. (The cause and result of these kinds of markets going up and down.)
 
OP
OP
signal

signal

Member
Oct 28, 2017
40,183
Dremorak said:
I've been sitting on some Etherium for years, it spiked to triple what it cost originally not long after I got it, and shortly after that it
landed in the toilet. Its been sitting there ever since, just occasionally bobbing up for air before sinking again
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Click to shrink...
How much did you buy it for?
 
Piggus

Piggus

Member
Oct 27, 2017
4,688
Oregon
I bought some BTC after the halving after missing out SO many times on Bitcoins's rise. Glad I did and hope it keeps it up.
 
Parch

Parch

Member
Nov 6, 2017
7,980
JasonMCG said:
Why does this happen? What causes it to skyrocket like this?
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Uncertainty in the stock market and bonds having crappy yield.
People are not confident in the stock market so they are looking for alternative investments. Bonds suck, so people are switching to gold, silver, and bitcoin.
 
rsfour

rsfour

Member
Oct 26, 2017
16,746
I probably should've kept on mining ETH on the side. Didn't think it'd go back up again the way it did when I checked my balance a few days ago.
 

reKon

Member
Oct 25, 2017
13,704
Cipherr said:
I've got like 50 ish ETH. I did notice that its up over 300 again. I bought it all yeaaaaaars ago. I think my average buy price for it is like $270 or something, so its barely anywhere for how many years have past. But I enjoy looking at that market every now and then.

There was a huge influx of Tether like oh a week ago? So this surge was fairly predictable.
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When it hits $3000+ in a few years, are you going to throw a party here to celebrate?
 
Krakatoa

Krakatoa

Prophet of Regret
Member
Oct 29, 2017
3,091
Alt coins team. We are eating.

Maybe not..down $200 from yesterday.
 
Relic

Relic

Member
Oct 28, 2017
631
Decentralized currency spikes because centralized banks can now hold it. xD
 
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