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Thread: Bitcoin Cracks $19,000

  1. #1

    Bitcoin Cracks $19,000

    Holy hell this is fun to watch.

    I bought BTC when it was $6900. As I type it crossed $19,191. It is unreal. I just wish I had more disposable cash to throw into the mix.

    John McAfee still bets that it will hit $1million or he will 'eat his dick'.

    BTC and Cryptos are changing the world and there are lots of haters out there, but the tech and the IDEA are what I bought in to it for.

    I want to know where the RPFers are that bought into BTC back in 2011/2012 at rock bottom prices. Do we have any recent RPF millionaires out there??? I know there were threads on BTC in 2011, etc.
    There are only two things we should fight for. One is the defense of our homes and the other is the Bill of Rights. War for any other reason is simply a racket.
    -Major General Smedley Butler, USMC,
    Two-Time Congressional Medal of Honor Winner
    Author of, War is a Racket!

    It is not that I am mad, it is only that my head is different from yours.
    - Diogenes of Sinope



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  3. #2
    Bitcoin and Cryptos are replacing off-shore banking en masse. The $$ is pouring in as more and more people find it to be secure option
    There are only two things we should fight for. One is the defense of our homes and the other is the Bill of Rights. War for any other reason is simply a racket.
    -Major General Smedley Butler, USMC,
    Two-Time Congressional Medal of Honor Winner
    Author of, War is a Racket!

    It is not that I am mad, it is only that my head is different from yours.
    - Diogenes of Sinope

  4. #3
    Quote Originally Posted by jllundqu View Post
    Holy hell this is fun to watch.

    I bought BTC when it was $6900. As I type it crossed $19,191. It is unreal. I just wish I had more disposable cash to throw into the mix.

    John McAfee still bets that it will hit $1million or he will 'eat his dick'.

    BTC and Cryptos are changing the world and there are lots of haters out there, but the tech and the IDEA are what I bought in to it for.

    I want to know where the RPFers are that bought into BTC back in 2011/2012 at rock bottom prices. Do we have any recent RPF millionaires out there??? I know there were threads on BTC in 2011, etc.
    Kludge was a miner, I bought a few from him.
    Pfizer Macht Frei!

    Openly Straight Man, Danke, Awarded Top Rated Influencer. Community Standards Enforcer.


    Quiz: Test Your "Income" Tax IQ!

    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  5. #4
    I am cashing out at one million .

  6. #5




    For those keeping track, this is how long it has taken the cryptocurrency to cross the key psychological levels:



    • $0000 - $1000: 1789 days
    • $1000- $2000: 1271 days
    • $2000- $3000: 23 days
    • $3000- $4000: 62 days
    • $4000- $5000: 61 days
    • $5000- $6000: 8 days
    • $6000- $7000: 13 days
    • $7000- $8000: 14 days
    • $8000- $9000: 9 days
    • $9000-$10000: 2 days
    • $10000-$11000: 1 day
    • $11000-$12000: 6 days
    • $12000-$13000: 17 hours
    • $13000-$14000: 4 hours
    • $14000-$15000: 10 hours
    • $15000-$16000: 5 hours
    • $16000-$17000: 2 hours
    • $17000-$18000: 10 minutes
    • $18000-$19000: 3 minutes
    Pfizer Macht Frei!

    Openly Straight Man, Danke, Awarded Top Rated Influencer. Community Standards Enforcer.


    Quiz: Test Your "Income" Tax IQ!

    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  7. #6
    It peaked at 15995 on Bitstamp.

    This is the last gasp (for now) before it becomes easily shortable on Sunday. Bitcoin will be getting the poison out within 48 hours. $4000 down move shortly.

  8. #7
    Frenzied top before a crash?

    https://www.cryptocoinsnews.com/bitc...us-prediction/

    Bitcoin Price to Reach $60,000 Before Crashing to $1,000 in 2018 is Saxo Bank’s ‘Outrageous’ Prediction

    “Bitcoin is thrown to the wolves,” the headline reads, punctuating the tail end of Saxo Bank’s prediction that the bitcoin price will soar above $60,000 in 2018 before crashing more than 98 percent to “its fundamental ‘production cost’ of $1,000.”

    The Danish investment bank issued this forecast in its annual “Outrageous Predictions” publication that purports to identify “highly unlikely events with underappreciated potential.”

    The bank predicts that fueled by prolonged bullishness over the advent of bitcoin derivatives, the bitcoin price will rise approximately 400 percent from its current level to peak above $60,000 — bringing its market cap to $1 trillion.

    However, Saxo warns, bitcoin’s meteoric ascent will be equaled by the rate of its demise. Concerned about capital flight, China and Russia will unleash a multi-pronged assault on the decentralized cryptocurrency ecosystem to “shift the focus away from Bitcoin”. In addition to creating their own, state-backed cryptocurrencies, the two governments will ban mining, citing environmental concerns even though their true priority is keeping a handle on domestic monetary policy.

    Bitcoin diehards will not give up without a fight, but the bank predicts that state-run cryptocurrencies will prove to function better as actual payment systems, putting an end to the two-year crypto craze and causing the bitcoin price to careen down to $1,000.

    “The smoother functioning of the state-run protocols for actual payments and price stability, as well as the heavy hand of state intervention, drives a decreasing interest in all cryptocurrencies and completely sidelines the Bitcoin and crypto phenomenon from a price speculation angle even as the technological promise of the blockchain gallops on,” Saxo concludes. “After its spectacular peak in 2018, Bitcoin crashes and limps into 2019 close to its fundamental “production cost” of $1,000.”

    Remember, these predictions are somewhat tongue-in-cheek — the bank deliberately concocts unlikely scenarios. However, Saxo did foretell “huge gains for bitcoin” in last year’s edition, although the bank’s “outrageous” prediction that bitcoin would rise as high as $2,100 has proven to be shockingly conservative.

  9. #8
    Quote Originally Posted by Zippyjuan View Post
    "Fundamental production cost" ??

    What, are we all retards now??
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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  11. #9
    Quote Originally Posted by jllundqu View Post
    Holy hell this is fun to watch.

    I bought BTC when it was $6900. As I type it crossed $19,191. It is unreal. I just wish I had more disposable cash to throw into the mix.

    John McAfee still bets that it will hit $1million or he will 'eat his dick'.

    BTC and Cryptos are changing the world and there are lots of haters out there, but the tech and the IDEA are what I bought in to it for.

    I want to know where the RPFers are that bought into BTC back in 2011/2012 at rock bottom prices. Do we have any recent RPF millionaires out there??? I know there were threads on BTC in 2011, etc.
    Why would any RPF admit to such a thing? taxation is theft
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

    BTC: 1AFbCLYU3G1dkbsSJnk3spWeEwpqYVC2Pq

  12. #10
    Quote Originally Posted by Krugminator2 View Post

    This is the last gasp (for now) before it becomes easily shortable on Sunday. Bitcoin will be getting the poison out within 48 hours. $4000 down move shortly.
    Bitcoin isn't a bubble, it's the pin.

  13. #11
    Quote Originally Posted by dannno View Post
    "Fundamental production cost" ??

    What, are we all retards now??
    They may be referring to the opportunity cost that went into BTC in lieu of other potential projects. But that would seem to ignore shifts in demand for BTC and would need to be adjusted for inflation. A home built in 1955 is not "worth its fundamental production cost."

  14. #12
    It seems like I missed out on the opportunity to buy. It just doesn't seem like it's a good idea to ever buy anything when it's high. It may continue to go up, but it could also crash. You never really know.

  15. #13
    Quote Originally Posted by Brett85 View Post
    It seems like I missed out on the opportunity to buy. It just doesn't seem like it's a good idea to ever buy anything when it's high. It may continue to go up, but it could also crash. You never really know.
    If the various estimates of hitting 60K on up in a year, that would still be around 400% increase in your money in a year...
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

    BTC: 1AFbCLYU3G1dkbsSJnk3spWeEwpqYVC2Pq

  16. #14
    Quote Originally Posted by Zippyjuan View Post
    It's all about taking action and not being lazy. So you do the work, whether it's fitness or whatever. It's about getting up, motivating yourself and just doing it.
    - Kim Kardashian

    Donald Trump / Crenshaw 2024!!!!

    My pronouns are he/him/his

  17. #15
    7:22am Dec 8, 2017:
    1 Bitcoin equals
    15541.04 US Dollar

  18. #16
    Quote Originally Posted by Schifference View Post
    7:22am Dec 8, 2017:
    1 Bitcoin equals
    15541.04 US Dollar
    Very healthy correction after the recent raging parabola. Time to consolidate and then reignite.



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  20. #17
    Agreed. These dips are predictable as people cash out at psychological levels like $19k, etc. Methinks it will be passed $20k by Christmas.
    There are only two things we should fight for. One is the defense of our homes and the other is the Bill of Rights. War for any other reason is simply a racket.
    -Major General Smedley Butler, USMC,
    Two-Time Congressional Medal of Honor Winner
    Author of, War is a Racket!

    It is not that I am mad, it is only that my head is different from yours.
    - Diogenes of Sinope

  21. #18
    Quote Originally Posted by jllundqu View Post
    Agreed. These dips are predictable as people cash out at psychological levels like $19k, etc. Methinks it will be passed $20k by Christmas.

    I wouldn't be surprised if it passed 20k by the middle of next week, based on the way things have been going lately.
    Chris

    "Government ... does not exist of necessity, but rather by virtue of a tragic, almost comical combination of klutzy, opportunistic terrorism against sitting ducks whom it pretends to shelter, plus our childish phobia of responsibility, praying to be exempted from the hard reality of life on life's terms." Wolf DeVoon

    "...Make America Great Again. I'm interested in making American FREE again. Then the greatness will come automatically."Ron Paul

  22. #19
    First time ever. Just seen bitcoin being talked about on Fox News tonight w/ Bret Baier. Was a very good portrayal to the 3+ million viewers.

  23. #20
    First down day after an extended run is going to be the end of the run 85%+ of the time. Probably trades narrowly for the next 24 hours before taking out today's lows by Monday.

  24. #21
    Quote Originally Posted by FSP-Rebel View Post
    First time ever. Just seen bitcoin being talked about on Fox News tonight w/ Bret Baier. Was a very good portrayal to the 3+ million viewers.
    Good indication of a top

  25. #22
    Quote Originally Posted by r3volution 3.0 View Post
    Good indication of a top
    The first time something is ever discussed in a positive light on national television is a good indication of a top?

    Do you literally just try to post the opposite of what is logically true all the time?
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  26. #23
    The greater fool supply is not infinite.

    When the mailman's recommending you buy an asset, that's generally the time to sell.

  27. #24
    Quote Originally Posted by r3volution 3.0 View Post
    The greater fool supply is not infinite.

    When the mailman's recommending you buy an asset, that's generally the time to sell.
    Umm, ya, that is years away. 99% of people don't know what bitcoin is, and 99.9% don't own any.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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  29. #25
    Quote Originally Posted by r3volution 3.0 View Post
    Good indication of a top
    More evidence: http://www.latimes.com/business/la-f...207-story.html

    Bitcoin's price is skyrocketing. Even Uber drivers and house cleaners want in

    Keith Ellison’s first hint that bitcoin was poised for a breakthrough was over the summer when a friend planning her nuptials sent an unusual text.

    “She wanted to know whether to accept the wedding band’s offer of a discount in exchange for bitcoin,” said Ellison, a Manhattan Beach investment analyst, who advised the friend to decline.

    Given the way bitcoin’s value was rising, there was no guarantee the friend would be able to afford the band when the bill eventually arrived.

    “A lot of people are getting caught up in the mania,” said Ellison, who bought one-third of a bitcoin in July for about $1,000 and has seen it appreciate more than five-fold. “Even random wedding bands are encouraging people that likely know nothing about bitcoin to pay in bitcoin.”

    Once the domain of technologists, libertarians and criminals, bitcoin has crossed into the mainstream, attracting interest from all walks of life with its soaring returns — while reviving memories of the dot-com bubble of the turn of the last century.
    Jeanne Macbeth, an Uber driver and production manager at a Christian missionary magazine, said she would soon leave Southern California for Washington state to go to school. She’s hoping to work with a former Tesla employee who quit the electric car company to mine cryptocurrencies full-time.

    She noted that electricity prices were lower in Washington, making it far cheaper to mine bitcoin.
    When the man on the street contemplates quitting their job to get in on it- the top could be nearing (the housing bubble did go a couple years after the average joe started wanting to flip houses).
    Last edited by Zippyjuan; 12-08-2017 at 07:12 PM.

  30. #26
    Quote Originally Posted by dannno View Post
    Umm, ya, that is years away. 99% of people don't know what bitcoin is, and 99.9% don't own any.
    Regardless of where Bitcoin is going in the next 10 years, only the mentally challenged are buying right now. Buying on spikes after a big run is a good way to be poor. People are buying solely because it has been going up. At some point there won't be enough demand to keep pushing prices higher and at that point a lot of supply will enter the market as people exit. Today was a big change of character. Sellers are starting step up.

  31. #27
    Quote Originally Posted by dannno View Post
    Umm, ya, that is years away. 99% of people don't know what bitcoin is, and 99.9% don't own any.
    The end isn't years away if 99.89% of people never will own any.

  32. #28
    This article is about beanie babies but I think it fits well with bitcoin as well.

    http://www.slate.com/articles/health...nvestment.html

    A paper by David Tuckett and Richard Taffler, two economics professors with training in psychoanalytical theory, suggests Bissonnette’s conjecture isn’t that far off. Tuckett and Taffler specifically examine the dot-com bubble, but their theory applies to all modern bubbles. According to the economists, humans occasionally view exciting new creations as “phantastic objects,” which overwhelm us and skew our sense of reason. Our brains begin to tell us that by obtaining these “magical” objects, we will achieve some profound level of satisfaction—something akin to transcendence. The thrill of the chase then muffles our ability to rationally evaluate the actual worth of the object, and others’ willingness to go along with our fantasy reinforces our suspension of logic.

    All this theorizing may sound like so much argle-bargle. But the meat of Tuckett and Taffler’s thesis builds on a famous theory of bubbles by renowned economist Charles Kindleberger. According to Kindleberger, every bubble has four basic stages:

    a grand new development that shocks the market;

    “euphoria” over that development;

    a sudden “boom” in sales and speculation;

    and, eventually, panic when the bubble bursts.


    Tuckett and Taffler approve of Kindleberger’s model, adding a coda—“revulsion”—to describe the collective hangover society experiences when it realizes it has invested in junk.

    In the Kindleberger model (with the Tuckett/Taffler twist), Beanie Babies are a kind of magical object whose plush perfection captured the imagination of a small subset of early adopters. Soon Beanie Baby collectors sprang up to spread the toy’s transcendent joy, and then everybody needed each new Beanie Baby to complete his or her collection. But Warner limited the number of each animal produced, leading both buyers and sellers scrambling to purchase new releases and, in the process, wildly overvaluing their worth. Eventually, the fantasy faded—for most people, after all, Beanie Babies do not bring about nirvana—and the bubble burst. Buyers lost interest, sellers struggled to offload their surpluses, and the whole country felt rather gross about fixating on stuffed animals.
    The existence of groupthink has been confirmed in a rich assortment of studies, and Odlyzko’s theory expands the idea to economic bubbles. Under his analysis,

    the initial coterie of Beanie Baby collectors comprised an in-group that shared the great secret of Beanie Babies’ worth.

    As more people discovered the toy, they yearned to learn this secret and partake in the impending financial success of the Beanie Babies market.

    Soon, millions of Americans were gripped by the conviction that they had discovered an easy path to personal wealth.


    And thanks to their collective hallucination of Beanie Babies’ worth, none of these collectors ever realized that the only thing driving the Beanie Babies market was their own conviction that the toys were valuable.
    Cool new product "shocking the market". Check.

    In- group which knows all of the secrets. Check.

    Outsiders start to hear about it and want in on the action. Check.

    Limited quantities. Check.

    Everybody gonna get rich. Check.

    Only real value is what people think it has. Check.
    Last edited by Zippyjuan; 12-08-2017 at 07:27 PM.

  33. #29
    Quote Originally Posted by Zippyjuan View Post
    More evidence: http://www.latimes.com/business/la-f...207-story.html





    When the man on the street contemplates quitting their job to get in on it- the top could be nearing (the housing bubble did go a couple years after the average joe started wanting to flip houses).
    Uber drivers were on the cutting edge of a completely new innovation that has changed the transportation industry forever, it makes sense some are into bitcoin.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  34. #30
    Quote Originally Posted by Krugminator2 View Post
    Regardless of where Bitcoin is going in the next 10 years, only the mentally challenged are buying right now. Buying on spikes after a big run is a good way to be poor. People are buying solely because it has been going up. At some point there won't be enough demand to keep pushing prices higher and at that point a lot of supply will enter the market as people exit. Today was a big change of character. Sellers are starting step up.
    I learned that with gold. Back in 1980, everybody was saying buy gold. It is going to the moon! My Dad finally convinced me to buy. I got in at $750 an ounce and at $820. It topped at $850 and didn't get near that for almost 30 years. Adjusting for inflation during that time, I still have not broken even. When everybody is getting excited about something, it is not time to jump in on it.

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