discuss Bitcoin above $16,000. Where is it headed?

[Arpit131]

Bitcoin is already trading at $16,300+

Where do you think it will cap out?

 

[DzAH]

"here is it headed?"

I think it's impossible to say.. for multiple reasons. One of those are: This isn't really about technology only, but how the governments of the world will react. Will they ban it? lunch their own? ignore?

The outcome of bitcoin will depend greatly on politics.. which is only one reason to say: it's IMPOSSIBLE to predict.

 

[D Haynes]

I don't know anything about crypto stuff. What happens if everyone sells at the same time? I mean where do the dollars come from? If they were bought at 10/20 thousand time less than they sell for, the money isn't in the system to pay out if that makes sense. Who takes the hit?

 

[Hootsifer]

 

[urlurl]

the exchanges take the hit. and most likely would go under

 

[urlurl]

just wait until the market can start short selling... that will be fun to watch

 

[Nikhil Jain]

Is it true that the introduction of the Futures Contract has potential to bring it down heavily in value ? Unlike the cash market where people are simply buying and buying and pushing it upwards ?

 

[urlurl]

maybe, there are a lot of uncertainties.

https://www.coindesk.com/threat-bitcoin-futures/

https://www.biznews.com/global-citizen/2017/12/06/bitcoin-bitfinex-tether-risk-crashing/

 

[JB Lions]

Didn't it hit 10,000 just a week ago or so - https://www.namepros.com/threads/bitcoin-surpasses-10-000.1052301/

Now it's 16,700+. That's a pretty big jump in a short amount of time.

I was on Twitter and saw some porn star trending, looks like she committed suicide. Was reading some of the comments, one was from her friend, another porn star about Bitcoin. I don't think she would lie to us, seems trustworthy and crypto expert. Somebody will be buying at peak, just like the 4l's and be hating life, people who got in early are overjoyed. Where's the peak, who knows. Will be interesting to watch. This is what she posted/tweeted:


Here's why #bitcoin is an easy way to get naive investors to lose all their money

If something gets popular & mainstream STAY AWAY. Wolves will always reign over sheep. Wolves will always be able to fool the sheep.

 

[slimjim270]

>> It eats my soul to see it happen since I saw them back in the 10k BTC for a pizza days, and lost hundreds of BTC to reformatting my laptop.

@DomainVP

I don't have a bitcoin account, so recognize the following questions may be obvious to others... but I have a couple questions on the reformatted laptop topic...

1) How does an owner lose BTC? Is it a matter of the "private key" gets lost (sort of like forgetting a password) and therefore no way to access/transfer your balance when a laptop dies?

2) What happens to "lost" BTC? Is it sort of like dropping a gold coin in the ocean where it still "exist" but no one knows where it is? And does the lost item directly (or indirectly) increase the value of other's holdings via a smaller stock/scarcity model? (sort of like collecting long lost and somewhat scarce physical coins)

3) And... a treasure hunters mentality... what if you found someone's long lost and forgotten "private key" on a thumb drive backup? To regain the BTC balance, is it simply a matter of opening a new wallet with a new "public key", enter the found "private key" and whammo... you have a nice BTC balance?

4) And... from a heist perspective... what prevents someone from running a program that pings randomly generated "private keys" to see if there is a balance remaining for any of those "private key" locations?

Mere curiosity on my part and thank you for your insight from a sideline observer to the Bitcoin pageant

Thanks,

-Jim

 

[HotKey]

Headed to something akin to a blow-off top. This is the biggest prospector's frenzy since the 1858 gold rush. If you're riding this Titanic, better have your lifejacket on.

https://www.namepros.com/threads/10...-crypto-currency.1052231/page-10#post-6467808

A digital currency topic shouldn't be in GD discussion, it's taking eyes away from where we need domain investors focusing on. Awareness is great and all, but someone visiting NP or even experienced folk might be swayed by this fad just because of an improper categorization.

 

[Mifuru]

It's unreal.

It eats my soul to see it happen since I saw them back in the 10k BTC for a pizza days, and lost hundreds of BTC to reformatting my laptop.

The crazy thing is that the fundamentals are no different from 2010 until now, it's the same sh*tcoin just now propped up by pure sentiment.

There is new software coming out that is supposed to make BTC transfers instant, and I think that is what is fueling the $10k+ push.

If the software isn't all it's promised, then expect a pretty stiff fall back down to $9k ish.

These coins are like CHIP 4L domain names, and we all know how that worked out.

Nobody knows, it's shocking for sure.

Its real

 

[xynames]

If you’ve ever watched an Asian play Baccarat, there is usually one leader who places his big bet, and then the others all follow suit, copying him. A herd follow-the-leader mentality.

Lately I’ve noticed that BTC roars upwards during the day, when independent thinking Westerners are awake, and they keep buying on the dips even after sell offs. “Buy the dip” is a very American phenomenon.

Then in the middle of the night when the Asians are awake trading BTC, once it starts dropping it keeps dropping as they follow each other down in panic mode.

The algorithmic trading computers of the Chinese work the same way. When they are in “buy” mode the computers follow each other all the way up. When in “sell” mode they keep selling.

Just an observation.

 

[D Haynes]

the exchanges take the hit. and most likely would go under

Then nobody gets paid?

 

[DomainVP]

1) How does an owner lose BTC? Is it a matter of the "private key" gets lost (sort of like forgetting a password) and therefore no way to access/transfer your balance when a laptop dies?

Yes. The private key is gone, and there is no way to access previously allocated BTC.

What happens to "lost" BTC? Is it sort of like dropping a gold coin in the ocean where it still "exist" but no one knows where it is? And does the lost item directly (or indirectly) increase the value of other's holdings via a smaller stock/scarcity model? (sort of like collecting long lost and somewhat scarce physical coins)

It's foretasted that up to 20% of BitCoin is lost/locked. Some people had tens of thousands of BTC and the keys are lost forever. That BTC will remained locked forever, until the keys are found.

Once a month I look for ways to find mine, I either have 50 or 500 BTC which was given as a promotion for signing up for a wallet service. You gave them your key and they sent you 50 or 500 BTC. You have to remember that this was equivalent to .50 cents but not really, because good luck if someone would give you a dime for 500 BTC back then. BTC often did not translate into real world money at the time, and was very easily mined.

3) And... a treasure hunters mentality... what if you found someone's long lost and forgotten "private key" on a thumb drive backup? To regain the BTC balance, is it simply a matter of opening a new wallet with a new "public key", enter the found "private key" and whammo... you have a nice BTC balance?

Finders keepers.

If you find old computers/laptops always search for a wallet.dat file, someone may have been a BTC enthusiast and has a wallet installed on their computer.

4) And... from a heist perspective... what prevents someone from running a program that pings randomly generated "private keys" to see if there is a balance remaining for any of those "private key" locations?

For a true random generated wallet the probability of guessing is "unpractical".

Someone could have chosen a manual password, but in most cases it's a very long generated alphanumeric password.

ie: 5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreG7q5WCf

Meaning, you are more likely to win the lottery while holding hands with Jennifer Lawrence... on the moon.

 

[xynames]

As harsh as it sounds, it is better for the value of bitcoin if none of these "lost" bitcoin is recovered. For example:

http://www.newsweek.com/man-acciden...108m-trash-says-theres-no-point-crying-726807

https://www.gizmodo.com.au/2017/05/i-threw-away-4-8-million-in-bitcoin/

https://www.forbes.com/sites/kellyp...t-on-hard-drive-worth-9-million/#5abd506b245c

I know someone personally who has (had) quite a lot of bitcoin on a thumb drive that was lost in 2014.

If all of these lost coins showed up, the owners would probably be dumping them since they were obtained at little or no value, and they would simply want to cash out fast.

My bitcoin was obtained at an over all very low price compared to where it is now, but I am holding and don't plan to dump. Also, I have obtained more bitcoin recently at prices of around $9500. and around $11,000., so it's not like I am averse to being paid in bitcoin even at these levels. Bring it!

Irrevocably lost coins only increase the value of what is left (lower the float, so to speak).
https://www.namepros.com/threads/10...r-crypto-currency.1052231/page-6#post-6458383

 

[xynames]

Meaning, you are more likely to win the lottery while holding hands with Jennifer Lawrence... on the moon.

Funny, because a friend of mine met JLaw in the L.A. restaurant club Dan Tana's about a month ago and he was claiming that she gave him her number. I was actually supposed to be there that night too, but I ended up not going. Anyway, after he told me this about getting JLaw's number I was like, yeah yeah sure, although I did know that he was at a VIP Table and she was at a VIP Table next to his, because some of my other friends who were with him that night did verify that JLaw was there, but the story seemed like another of his tall tales for which he is known.

What about Darren Aronofsky? I asked him, isn't she with him?

No, he said, she told me they broke up.

Hmm...but then...just recently the news came out that yes, JLaw and Aronofsky are broken up. So he obviously did talk to her, because that news was not public a month ago. Whether he really got her number, who knows.

But if he did get the number...then I guess the chances of his holding hands with Jennifer Laurence, though not on the moon, would be higher than any of these guys's recovering any of their lost bitcoin.

 

[slimjim270]

@DomainVP

Thanks for the detailed response! (much appreciated)

You response is great example and sheds light on the reality of early days of mining.

To the OP's original post - I would suggest that the future of mining Bitcoin (for a Reward) might shift to "Salvage" operations should BTC exceed $100,000 per BTC.

Reason - given that Blockchain.info provides a history of "public key" account information along with transaction dates and account balances, there might be a new software tool developed to "salvage mine" (hash via RCG) for "private keys" that find a way to reverse search for accounts that have no transaction history for the past 5+ years, but have 100+ coins lying dormant.

The cost of running these salvage operations is electricity... and the rewards electrifying.

It might be far fetched... but so wasn't it far fetched 8 years ago to think BTC would go from 6 cents per coin to $1,600 per coin... and to think 8 years ago that mining rigs would go from 1 MB CPU mining to 14 TB mining..

From mining -> to pirates -> to salvage.

The title may change, but the drive for success won't.

 

[xynames]

The way mining works is that the fastest and therefore first to get to the operation gets the mining "fee." As we get closer to having less and less bitcoin available for mining, it is becoming exponentially harder to mine, requiring ever more processor power and speed to be the first to collect.

While the price of BTC has gone up a lot, it has gone up only algebraically since 2013, not exponentially.

Therefore, it is getting less and less cost effective to do mining, other than in huge collectives. The days of buying your own processor to do this, no matter how fast, are pretty much over.

 

[HotKey]

Can these digital wallets not be backed up, or are they specific to the device they are stored on?

 

[SirDrago]

Can these digital wallets not be backed up, or are they specific to the device they are stored on?

Check Google for "Hardware wallets"
Nano Ledger s is perhaps #1in my opinion.

 

[HotKey]

Check Google for "Hardware wallets"
Nano Ledger s is perhaps #1in my opinion.

Ok, tx. Was wondering because of DomainVP's loss:

lost hundreds of BTC to reformatting my laptop

Which is crazy because there has to be a way to protect against that.

Also found
https://en.bitcoin.it/wiki/Backingup_your_wallet

 

[.NJ]

I dont think 90% of the people who recently invested in btc understand the concept of short selling.

There are MANY people and huge financial institutions drooling right now with the thoughts of shorting btc.

Trust me....its coming.

 

[SirDrago]

Trust me....its coming.

Its here...

 

[.NJ]

Its here...

Show attachment 74873

Wait till next week....

The storm is brewing.

This is all a game well played by some BIG players.

 

[SirDrago]

Wait till next week....

The storm is brewing.

This is all a game well played by some BIG players.

Futures go live tomorrow in Chicago after 10 days of passing the law.
10 day's.... what can possibly go wrong? lol