Why is Bitcoin going up?

CouchChiller
CouchChiller

Why is Bitcoin going up?
725 USD per BTC

Supergrass
Supergrass

@CouchChiller
I haven't been watching it and I don't know how to answer your question.

$725 sounds ****ing high.

massdebater
massdebater

more like $760, down from $780 earlier in the week.

One theory I've read about the sudden jump is that the Chinese are dumping their cash into Bitcoin before their currency crashes. It's the new Vancouver real estate.

Also, bitcoin halving is occurring in July, so part of the current increase is pricing in the upcoming reduced new supply of BTC./

TreeEater
TreeEater

@Supergrass
Pretty high. It spiked at 1200 a few years ago when the chinks got ahold of it.

@CouchChiller
Like someone said, halving. And then it gets more attention because its going up, makes it go up more. We'll see over the next few weeks how BTC is affected by the halving in reality, a lot of its increase (from 580 a week or so ago) is with the mining reward halving coming up sometime next month. People are getting in early anticipating an increase (which causes it to increase), and then the reduced supply itself should have some effect. Should be around July 3rd give or take a day, it happens every 210,000 blocks, and the average block generation time is inherently 10 minutes, so almost exactly 4 years.

Carnalpleasure
Carnalpleasure

@massdebater
Sounds like a good theory. China tightened supply of money leaving to other countries (real estate in australia, canada, etc).

Other theories I'm seeing are about currency wars, brexit, Venezuela merchants, USD being in trillions of debt as well as China stagnating are scaring investors so it is a safe haven similar to gold

I feel bitcoin will be a big player soon once its more accessible for normies.

Skullbone
Skullbone

@Carnalpleasure
It's hard to do that with current gov't policy. It will really boom in another year or two. The real issue then is more, how ridiculous is a currency worth thousands of dollars per unit? You know? Let's go buy 3/1000ths of a bitcoin, guys! That's the only thing that will be weird. Doubt normies will be nerdy enough to talk satoshis.

Spazyfool
Spazyfool

@Skullbone
I don't think that's the issue. People could just price things in microbitcoins, e.g. 500 mbtc instead of 0.0005 btc

to me the real issue which limits bitcoin's widespread adoption as a payment system is its price volatility. Imagine if the value of the dollar were always widely fluxtuating such that your dollars could possibly buy 20% more tomorrow than they could today. And imagine if for a vendor the payment they receive is worth 20% less tomorrow than it is today. Nobody would want to buy or sell anything. That's the situation with bitcoin.

I use bitcoin as a payment sometimes but when I do, I buy the bitcoins at current market prices and then spend them immediately. I don't ever dip into my bitcoin "savings"

viagrandad
viagrandad

@Spazyfool
Yeah, Bitcoin's build in deflation means that people will always been incentivised to save it, rather than spend. Although that kinda encourages emrchants to accept bitcoin, it doens't encourage anyone to spend it.

SomethingNew
SomethingNew

Is it gonna stay like this? Is it too late to jump on?

likme
likme

@Spazyfool
Yeah, that's still dumb. Price volatility isn't really a factor if USD / BTC can be converted easily; I could buy $100 of BTC and immediately send it to Bob and he can sell it for $100 USD right then, it'd just serve as an intermediary. This is already possible with Coinbase and its mobile app. It's just not commonly accepted because no merchants are excited enough about it to really implement it. Basically it has no advantage over just normal dollars so its not very common for merchants to use. Some in hipster areas take it, but they would hedge it immediately unless they were small businesses ran by smart people. And even those only accept it because hipster customers ask them to, because they want to pay for it for the sake of paying for it in BTC, because they are hipsters.

kizzmybutt
kizzmybutt

Are miners likely to dump it en masse before the halvening?

Playboyize
Playboyize

@TreeEater
It spiked at 1200 a few days ago...

Wait, what? I've been watching it like a hawk for the past three weeks and I didn't see that. Did it happen sometime around 2 am?

Gigastrength
Gigastrength

@SomethingNew
It is not too late, but I would wait and watch over the next few days to see if it takes a dip to get into. Why buy at 760 now when it was 760 this morning? Could head sub-700 before bouncing back. It, in my opinion, will mostly likely not do this. But if you wait a few days to see how it's looking, you could get a significant discount. If it's steady increasing, it almost certainly won't explode in the next few days and cost-savings wise, it would be smart to wait a few days and see how things play out. But long-term no it is not too late to get in, but you definitely missed out on a lot of action.

Sharpcharm
Sharpcharm

@Playboyize
Naw, I said it spiked at 1200 a few YEARS ago. Then came a huge crash. But even that took a few weeks, so there were real gains to be had and time to decide whether or not to get out while still holding heaaaavy wins.

Snarelure
Snarelure

@Gigastrength
Thanks man, appreciate the advice. Yeh I wanted to jump on at about $400 but I didn't have the money, now that I have a decent amount to invest BTC is looking good.

Firespawn
Firespawn

@kizzmybutt
They're likely to do the opposite. The price will probably go up. There will be a dump within a few weeks after the mining reward halving, as people grow uncertain if the price will continue going up, but if the reduction in supply is enough to balance it out then that will happen. There's really a lot of uncertainty.

Flameblow
Flameblow

@Sharpcharm
Fuck, I have no idea why I read that as 'days'.

RavySnake
RavySnake

@Snarelure
Well, don't get overconfident. It's almost a certainty that it will keep growing over the next four to six weeks, but there will likely be dumps peppered throughout that as people try to guess what it will do, so I would just keep a close eye on it and use your best judgment to see if you can hit a dip. If a small dip comes and you already got in, don't bother trying to dump and get back in cheaper. As soon as you sell it will go back up. It's almost hilarious when it happens.

TurtleCat
TurtleCat

@Flameblow
It's cool, I just typed 760 and 760 when I meant 760 and 750. We good. It's getting kinda late.

StonedTime
StonedTime

@RavySnake
Yeh I always get concerned when i see such a big spike, if it stays stable I'll probs go in but I'm pretty paranoid about a massive crash :/

CodeBuns
CodeBuns

@StonedTime
Huge crash almost certainly isn't happening over the next few weeks. There's a lot of hype about an increase and also genuine increase. There might be advantageous $50 dips, but $100+ crashes are just not happening over the 3 weeks at least. Could definitely slam back to 580 (from 800-900, it'll likely end up at) if we don't see overall growth. I'd definitely use the hype to my advantage right now. You can see it's been doing great since May 20s, it started kicking in pretty heavy around that time. It probably won't last very long, but you can wait until The End comes and get out soon. There will be baby dips but hopefully if you get in low enough even during those you will still be at a net profit. And then it'll resume growth, there are always responses after BTC dips to at least mitigate your loss if you really want to get out.

StrangeWizard
StrangeWizard

we gonna get rich boys, hold on to your hats!

Fuzzy_Logic
Fuzzy_Logic

@Firespawn
Ok. Trying to figure out what goes through a Chinese ┬┤industrial' coin miner is not something easy lel. But I still think some of them will just say ┬┤bitucoinu is dead now i will just move to other verry gud businessu but i need cash so i will dump to stupid americanu'

Lunatick
Lunatick

@CodeBuns
So at about 850-900 I should pull out?

Garbage Can Lid
Garbage Can Lid

@Fuzzy_Logic
I mean, we'd HOPE that with half the BTC being given to miners, the price will double to even it out. Will that happen? I don't know. That would be really nice. Can we expect something like that? I at least hope so otherwise yes, the currency will become even more centralized. But they would dump POST-halving. Because if it's going up, they'll want their maximum profit because of the reward cut. So you can almost bet there's going to be a brutal selloff mid- to late July. But there also might not be. There's only a few indicators we can talk about, it could go any way. But for the next week or two it seems pretty certain there will be an increase. I'd just watch and see how it's looking. Set trailing sell stops after you buy to avoid crashes. Ain't no thang.

Boy_vs_Girl
Boy_vs_Girl

@Lunatick
I don't know. We really have no idea. I would really start getting anxious near there, but you should get out when death is coming. It could never come. You could misinterpret and miss a dip before a gigantic breakout to $20k a coin. No clue. That's why you should buy and set trailing stops of $50 or so while you're in the green, so you can avoid crashes and retain profit.

farquit
farquit

WILL MEME FOR BITCOIN

Can any rich user please help me out? I'm trying to get started with bitcoins but don't have any yet. If you want to be my best friend forever please shoot me a donation at:

3LoVkRdC3CF9UUW581GTgyqGyVpfg8Jg4s

cum2soon
cum2soon

@Lunatick
2k-3k seems safe
the world economy is at its limits and bitcoin is the safest long term investment. after you sell for usd... what do you do with the usd? put it in a bank and lose 2% a year? you're going to just end up buying btc again for the long term. there is no need to EVER sell btc beyond flipping it around crashes/spikes

massdebater
massdebater

@cum2soon
safest long term investment
Hahahahahahaha

Deadlyinx
Deadlyinx

@cum2soon
lol, go to bed

Techpill
Techpill

@massdebater
do some math kek
you probably invested in banks pre gfc and bought into mining companies at the mining boom peak

Burnblaze
Burnblaze

@massdebater
I mean... It's a hyperbole, but.... Graphs man.

SniperGod
SniperGod

@CouchChiller
Because there are a limited number of bitcoins and more people are using them.

CouchChiller
CouchChiller

@SniperGod
Dude this is going to sound really weird but do you have any spare change?

I just need some bitcoins man just to start off with man. Mind donating some to

3LoVkRdC3CF9UUW581GTgyqGyVpfg8Jg4s

Dude thanks a bunch.

PurpleCharger
PurpleCharger

@CouchChiller

get a job

StrangeWizard
StrangeWizard

@PurpleCharger
I want to see how many bitcoins I can get just by asking people. It's a zen method of generating income.

girlDog
girlDog

@StrangeWizard

You're just a hobo

Skullbone
Skullbone

@StrangeWizard
I got a new product/service. It is called zenpads(tm). It's like a kneepad that smells aloe vera, for you to stay relaxed while you are doing what you do best. Xoxo

LuckyDusty
LuckyDusty

@Garbage Can Lid
what is a trailing sell stop?
can i do it on kraken?

RumChicken
RumChicken

Hey guys thanks for donating!

First dollar of many to come!

StrangeWizard
StrangeWizard

Deflation

Illusionz
Illusionz

@RumChicken
hello Zen user.. I feel like donate some of my meagre BTC holdings to you.. Tell me: how will you go about improving humanity?

Spamalot
Spamalot

@LuckyDusty
I dunno. Never used Kraken. I use Bitfinex. When you go to place an order you'll know, it'll be an option next to limit and market and stop and shit. Trailing stop is like, "when the price goes up, set a stop for x price below the market price". So it will "trail" the price, and if the price ever goes down 10% or 5% (you will specify it in dollars or whatever currency, think subtraction, not multiplication) or whatever you tell it, it will sell off. So it's like, if I start with ETH at $15, I set a trailing stop order of $2. ETH goes from 15 to 16 to 17, and then drops back to 16. If it goes to $15, it sells of. Let's say it doesn't. It goes up to 17 again, then 18, 19, 20, then it crashes from $20 to 18. It will sell off. See? So it follows the price and sells off whenever the price decreases by a certain amount you chooose.

Snarelure
Snarelure

Where's the eth shill spammers?

Some no life faggots have been spamming "buy ethereum" for the past couple months in every bitcoin thread.

Sorry to hear your scamcoins dead and you've given up shilling, suckers

Emberfire
Emberfire

@Snarelure
theyre coping hard in their corner.. they'll be back in force, after their DAO gets fixed

w8t4u
w8t4u

@Spamalot
thanks

Ignoramus
Ignoramus

Why is Bitcoin going up?
When asking that it's important to remember it has been down and doing nothing for quite a while, despite a lot of interesting news and even real adoption.

The adoption landscape HAS changed a lot the last 1-2 years, maybe if you are not Bitcoin obsessed you don't see it... But there has been genuine growth.

e.g. I just bought a mobile credit refill the other day and the amount of options and general slickness of the process is much improved since 2 years ago. (It's not something I do often..)

Also growth on localbitcoins across many countries has been a steady increase.

Yeah it's not going to eat into the standard western habit of paying with a credit card any time soon. But it as been steadily growing in a lot of niches.

5mileys
5mileys

@massdebater
Reduced block rewards for miners, Not supply. Right?

Also, ETH.

iluvmen
iluvmen

@Illusionz
Probably starting a company. A company in the field of green energy, GMOs, space travel, or Artificial Intelligence.

I'm going to try to start with nothing and invest the money and see how much we can get.

WORST case scenario I'll donate the money.

lostmypassword
lostmypassword

@iluvmen
its a noble idea, donated. catch you later

Raving_Cute
Raving_Cute

@lostmypassword
We appreciate you.

MPmaster
MPmaster

Not a good time to buy. Expect a dip within the next month after halving.

LuckyDusty
LuckyDusty

@Spazyfool

The issue with the volatility will only be fixed when the marketcap is akin to that of a fiat currency such as the euro, usd, cad, which will only happen if BTC becomes accepted nearly everywhere in the world. But for now we're just along for the ride waiting til we get there

New_Cliche
New_Cliche

@CouchChiller
sent :^)

Buy some MONERO with it

Emberfire
Emberfire

Is the blockchain tech in btc still the cutting edge tech behind cryptocurrencies? Or is there something better now?

Also, who /bitcoinballer/ here?

CodeBuns
CodeBuns

@Raving_Cute
what the fuck is an expirement? Surely you mean "experiment"?

Spamalot
Spamalot

Bitcoin is havinh MANOR capacity issues that could keep the price stagnant. This could break it if it isnt fixed

Playboyize
Playboyize

@CouchChiller
Demand is increasing.

VisualMaster
VisualMaster

@CodeBuns
what do you expect from filthy indians?

New_Cliche
New_Cliche

tfw I just bought $50 worth a few days ago when it was valued at 770 and it's only gone down after that

BlogWobbles
BlogWobbles

@New_Cliche
It'll pick up shortly.

Flameblow
Flameblow

Who buys from localbitcoins, how do I buy without going to the bank? Is there an option besides paypal? Some user said they almost never did physical cash deposits, but I don't see how.

SniperGod
SniperGod

Hi guys,

Whici wallet app do you guys use? Which ones are commonly regarded as the best?

BlogWobbles
BlogWobbles

@massdebater
theory
Yuan crashing
Chinese dumping money into BTC

Nice unsubstantiated shitpost

TechHater
TechHater

@BlogWobbles
There's a bunch of regression on it. Look it up.

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