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Thread: Bitcoin Blasts Through $15,000 - "It's A Consensus Hallucination"

  1. #1
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    Default Bitcoin Blasts Through $15,000 - "It's A Consensus Hallucination"

    Bitcoin Blasts Through $15,000 - "It's A Consensus Hallucination"

    by Tyler Durden
    Dec 7, 2017 5:13 AM


    In the last 36 hours, Bitcoin has blasted through $12,000, $13,000, $14,000, and now $15,000 levels in an unprecedented 28% surge...

    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
    • $12,000-$13,000: 17 hours
    • $13,000-$14,000: 4 hours
    • $14,000-$15,000: 10 hours

    With a market cap of around $250 billion, Bitcoin is bigger than Proctor & Gamble and approaching the size of Wal-Mart as the 12 biggest 'company' in the S&P 500.
    As CoinTelegraqph reports, the price is likely being driven by news of the imminent launch of Bitcoin futures trading. CBOE will be launching their futures market this coming Sunday, December 10, with CME Group following on December 18. Nasdaq plans to launch futures trading in the summer of 2018 and Japan’s Tokyo Financial Exchange is preparing to launch futures trading as well.
    Bloomberg has announced that brokerage firms TD Ameritrade and Ally Invest will be offering Bitcoin futures trades to their clients. Even J.P. Morgan Chase may follow suit, despite CEO Jamie Dimon’s infamous views on the digital currency.
    GDAX, Coinbase’s digital currency exchange, has been leading the rally all day. The price on GDAX is currently about $500 ahead of other Western Bitcoin exchanges. The likeliest - and most bullish - explanation is that Coinbase is the easiest way for new Bitcoin investors to get involved. Consequently, when GDAX leads the charge as it has today, it probably means new “retail” investors are fueling the rally.
    Meanwhile, as CoinDesk reports, Ron Paul wants to know: would you take $10,000 in bitcoin, cash or something else?
    The former U.S. Congressman from Texas is currently holding a poll on his official Twitter account that asks in which form they would take $10,000 from a "wealthy person". The catch: you can't get rid of it for 10 years.
    Paul – who earlier this year called for the U.S. government to "stay out" of bitcoin – put the question to his more than 650,000 followers, asking if they would take $10,000 in the form of bitcoin, dollars, gold or 10-year U.S. Treasury Bonds. The result thus far – one hour remains in the poll at press time – indicate that of the more than 70,000 responses, 54 percent expressed support for bitcoin.
    Gold took the second-highest amount with 36 percent, followed by a mere 8 percent for the 10-year bonds. Just 2 percent indicated that they would take the Federal Reserve Notes if offered.
    A wealthy person wants to gift you $10,000. You get to choose in which form you'll take the gift. But there's a catch: You must keep the gift in the form that you choose, and you can't touch it for 10 years.
    In which form would you take the gift?
    — Ron Paul (@RonPaul) December 5, 2017
    Speaking with TheStreet in October, Paul conceded that he's no expert on cryptocurrencies (back in 2014, he argued that bitcoin wasn't "true money"). That said, he voiced his support for cryptocurrency in the most recent interview, arguing that it lends credence to the emergence of alternative currencies against the U.S. dollar.
    And while Bitcoin's eye-popping price movements have some observers saying the market is in bubble territory, Naval Ravikant, the co-founder of AngelList, while he's not ruling it out entirely, holds a less alarmist view.
    "Money is a bubble that never pops," he said at yesterday's Token Summit II in San Francisco.
    He told attendees:
    "It's a consensus hallucination."
    And speaking to the newfound attention to bitcoin, Ravikant said people are interested in growing the wealth that they have. With most savings accounts returning zero these days – as central banks conduct what Ravikant called their "grand money printing experiment" – the general public is looking for alternative places to store their money and watch it grow.
    Bitcoin and other protocols seem to offer that, as even the less-developed cryptocurrencies are showing substantial returns.
    "I think people are looking to solve their money problems," he said.
    And finally, for those calling this a "bubble" - we would humbly suggest you ain't seen nothing yet...



    http://www.zerohedge.com/news/2017-1...-through-15000
    ”The trouble with socialism is that you eventually run out of other people's money.” - Margaret Thatcher


  2. #2
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    Bitcoin:

    1. Is it tangible (can you physically hold it)?

    2. Does it have any other use other than monetary?

    3. Does it have any intrinsic value?

    It's a scam.
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  3. #3
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    Quote Originally Posted by Pastor Guest View Post
    Bitcoin:

    1. Is it tangible (can you physically hold it)?

    2. Does it have any other use other than monetary?

    3. Does it have any intrinsic value?

    It's a scam.

    Until we go back to trading goods-eggs goats work-for other goods anything considered monetary is a scam,gold included..
    Bartering is long gone in most aspects so bitcoins have as much value as those trading them believe them to have..
    I know gold is it but it doesn't taste good nor work for me and I don't own any of either but Bitcoin has had a much higher profit margin in recent years..

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    Quote Originally Posted by jimmyb View Post
    Until we go back to trading goods-eggs goats work-for other goods anything considered monetary is a scam,gold included..
    Bartering is long gone in most aspects so bitcoins have as much value as those trading them believe them to have..
    I know gold is it but it doesn't taste good nor work for me and I don't own any of either but Bitcoin has had a much higher profit margin in recent years..
    Silver and gold will work fine until the things a person needs (like food) are no longer available. Precious metals have little nutritional value. Bitcoin has less.
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    Quote Originally Posted by jimmyb View Post
    Until we go back to trading goods-eggs goats work-for other goods anything considered monetary is a scam,gold included..
    Bartering is long gone in most aspects so bitcoins have as much value as those trading them believe them to have..
    I know gold is it but it doesn't taste good nor work for me and I don't own any of either but Bitcoin has had a much higher profit margin in recent years..
    Don't want you to think I'm trolling you, just talking in a couple of threads that's all.

    I think the reason bitcoin has gone to the moon is that so many nations/banks are coming on board with it's use, and doing their own. It's a new thing, and people are wanting to get in on the ground floor, sort of investment. Which is what they wish they had done with Microsoft, or Intel, etc... And I think that eventually, sometime down the road, it will be THE monetary exchange, for several reasons. One of which is ease of use across the world, without an exchange rate.

    I don't like it for several reasons.

    I don't care how much safe guards are in place any system can be hacked, just as in the old days any safe could be cracked, and it will be gone.

    A glitch in the matrix and it's all gone.

    I don't care how rich you are, if you're in a place you can't access it, you are broke.

    That's not the way it is with fiat currency (cash in hand), or gold.

    Just saying.
    Wise Men Still Seek Him

  6. #6
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    $15,337
    Pastor Guest

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    OK, now I am seeing quotes from $15,494 at CNBC

    https://www.cnbc.com/quotes/?symbol=BTC=

    All the way up to $16,240 at Google

    https://www.google.com/search?q=bitc...w=1366&bih=636


    What's up?
    Pastor Guest

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    CoinDesk now pegs bitcoin at $15,911

    https://www.coindesk.com/price/
    Pastor Guest

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  9. #9
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    Quote Originally Posted by Pastor Guest View Post
    Bitcoin:

    1. Is it tangible (can you physically hold it)?

    2. Does it have any other use other than monetary?

    3. Does it have any intrinsic value?

    It's a scam.
    Just like unbacked paper.

  10. #10
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    Furthermore.......just because the commoner is ignorant of the intrinsic
    value of the precious metals......does not mean that those Old World
    Merchant families and governments of the world who hold tons of it are dumb as rocks for doing so.

    Falling back on the old "you can't eat it", slobber and drivel is the ploy of those who simply can't afford the stuff.....to make themselves feel better in their self-perceived poverty. Note that I said, self-perceived. There is no shame in owning no "precious metals".

    Otherwise, there is certainly nothing wrong with barter.....just quit dissing those who long ago had the necessity of food covered, and have moved on to more durable and permanent means to store their wealth.

    And I don't own gold......

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