So what started the rampage of bitcoin this time around?

So what started the rampage of bitcoin this time around?

>Still unbelievably slow processing times to buy and sell BTC
>You can't really spend it on much of anything
>Not based on the value of literally anything anymore. Before it was based on being able to solve some vector math and so it was based on GPU resources which were finite at the time but now everyone has some dedicated miner that they let chugging along wasting $40 of electricity to make $2 in bitcoin.
>Young Children, Taxi drivers, random bull speculators on CNN and lebbit is going nuts about how much of an amazing investment it is and how stupid we are not to get in now.
>Went from 9K to 11K in a matter of days.

How many people are going to kill themselves when they wake up and their $500k they blew into BTC dropped to $1k overnight?

I buy drugs with it, any other use is retarded

It's a finite resource with the theoretic possibility to become a decentralised world currency.

Practically it's riddled with problems, but by now it's so well established that it's basically a lead-lined bubble. There are other coins with much better technology behind them, but as of now adoption of any crypto is extremely low and bitcoin's status as the original and most well-known gives it an absolutely huge advantage. So the bubble WILL pop some day, but it will only happen when crypto is adopted in the mainstream and you actually get the option to pay for your new kettle with bitcoin OR monero OR whatever new meme comes up. Only then will actual competition based on the underlying technology become relevant.

Alternatively crypto will never get adopted, and the bubble will just pop suddenly bringing literally ever coin down with it, and that'll be the end of that.

It's not going to replace traditional day-to-day legal currencies, but it's the equivalent of gold in the digital era.

I was skeptical for a long time, mostly security wise (see how much bitcoin gets stolen, plus you never know the whole blockchain gets hacked). In time we will reach a stable point where the exchange rate won't rollercoaster as it does today. Then you'll be able to buy and sell things in BTC instead of some random jewish currency. Not in stores and supermarkets, but when buying drugs or weapons or used products etc.

I mean, even today you can technically buy anything in gold, it's just not practical. Same with bitcoin.

>Then you'll be able to buy and sell things in BTC instead of some random jewish currency.
No you won't because scalability is still a problem. Buying a cup of coffee will cost $2 in fees and will take 12 hours for the transaction to confirm. Unless they make some major changes to solve it, but in the last few years there's been a lot of dick-twiddling and nothing of note has been done yet (other than the BCH scam attempt by disgruntled miners), which doesn't instill hope.

Your statement is correct if you replace "BTC" with "crypto", though.

>Not in stores and supermarkets, but when buying drugs or weapons or used products etc.
Oh, well if you mean that then it's possible today easily enough. For what it's worth, Silk Road was founded six years ago.

What I mean is that crypto and traditional currencies will co-exist for a long time. You'll get paid in $/€/etc. and they will be the official currencies, but nothing will (and nothing is) stopping you from buying crypto and to do your private tradings in them. Just like you can buy gold today and you could use that to buy stuff, but it's not practical. Same with bitcoin, only the exchange rate is not stable enough yet. But in time I'm sure it will be.

All in all, bitcoin is the de facto gold of the virtual world for now.

speculation that crypto may one day replace fiat money. since it's a limited supply everybody wants to get it before (if?) it goes to $250k/btc.

What coins should I invest in? Wanna make big gains and willing to sit on them for years.

Speculative bubbles are nothing new, it rose in value so it obviously keeps rising in value is a very common line of thought, BTC has its merits and I'm curious to what value it will finally settle in at. One aspect I find curious is mining being a zero sum game, power spent on bitcoin is outrageous already and it's only going to keep rising with no real benefit to anyone, only a comparative edge for one miner to another

retards getting eaten alive by speculators

>9k to 11k in days.
It was briefly below 3k at some point within the last 2 months.

Got into bitcoin at around 5K. Doubled my money in less than a week by getting serious with it after Thanksgiving break (I’m a college student).

Just invest in Bitcoin and several altcoins. There are pages (such as Veeky Forums) dedicated to Bitcoin trading.

where do you sell it when shit starts going down?

Bitcoin won’t go down. It will only go up.

Sure, there’s the occasional dip, but you’re retarded if you ever sell at the dip.

It’s highly unlike that Bitcoin will ever crash down to $5,000 or even $3,000 at this point. If it does, you can only expect to make mad gains from buying at the dip.

There’s no need to sell Bitcoin because you can just buy tons of stuff with it. Newegg, for example, accepts Bitcoin as a form of payment.

It's tulips.

What's your reasoning for this?

>>Bitcoin won’t go down. It will only go up.

Yeah because that's how things work. Especially with the economy/stocks and what nots.

It's got a limited supply

See above. It's also non-perishable. So it's really not that different from traditional currency - in fact it's better in some ways, as governments can just print more money at will, which is impossible with most crypto. Much unlike tulips.

I don’t have any reasoning for this. I just trust my intuition. At first I thought Bitcoin was going to hit $10,000 by the end of the year, but it hit $10,000 a night after it hit $9,000, and skyrocketed to $11,000 a couple of hours after that. It’s hovering at $11,000 right now.

There’s no way to stop Bitcoin now. Get in while you can if you want to make some money.

You’re just like every other supposedly legendary investor who says Bitcoin won’t do this, it won’t hit that, it’ll crash hard before it reaches X milestone. You’re trying to use common sense to make sense of something that doesn’t make sense.

every time bitcoin has mooned it has been followed by a correction, this time won't be different.

it IS going to crash eventually, dunno if it'll be 5k or 8k, but it will.

Nocoiner coping

The corrections are only slight. It went from $11,000 to $8,000 that one night. If it hits $20,000, it'll only correct to $15 or $16,000. After the slight downward corrections, Bitcoin corrects itself in the right direction--upward.

Nobody knows.

NOBODY KNOWS.

Anyone replying to your post with "answers" is bullshit.

>have 550k doges
>want to buy a 10$ steam game
>aright... need to convert it to btc
>people say use bittrex
>make account, verify my shit
>sell my doges (10k worth), try to withdraw
>withdraw amount too littlle
>WTF?
>check how much to withdraw
>0.001 btc
>have to pay 9 FUCKING DOLLARS worth of btc to withdraw
>trade in more doges, sell, finally withdraw to bitpay
>okay NOW i can buy a game
>buy game
>what do you want to pay miners fee
>pay what....?
>normal , economy, economy plus
>economy plus is still $2 and has a chance to fail
>pay it and wait, 5 hours later finally get game in steam inventory
>had to spend $21 worth of coin to buy a $10 game


Someone explain this shit to me and where i fucked up or i will laugh my ass off how fucking retarded BTC is and why anyone would ever use it. If it actually works like above then the fact that its at 10 fucking k is absolutely mind boggling and this is the biggest psychosis in the world in history.

>[something] won’t go down. It will only go up.

This is literally the thinking that preceded every single market collapse and burst bubble in modern history.

But I'm sure that *this* time it's finally different.

>restore my wallet with like $1 of bitcoin from a year ago.
>0.00 bitcoin
>repeat this process a few thousand times with thousands of users losing access while the existing players keep trading in ever smaller fractional amounts of bitcoin hundreds of thousands of times every week.
>The value of 1 whole bitcoin constantly goes up as most of the investors lost theirs forever or died leaving no way to reclaim lost bitcoin.

>doges
>not charging your steam wallet with a bigger amount at once to minimize per-transaction fee
>paying high fee because game boner must be fulfilled immediately

you fucked up multiple times, simple. the system literally told you multiple times "sorry but cannot cheat you THIS hard", so you selected the option to "please cheat me as hard as you can"

prepare your wojacks. the bloodbath is coming.

>muh cup of coffee
LN addresses that issue, and today the devs posted another progress report

BTC is already quite useful for virtual goods sellers like me.

>Be virtual goods seller
>Buyer pays, I give them item
>Buyer does a chargeback, claiming the transaction was unauthorized/they didn't receive the goods
>I lose my money and suffer a $20 chargeback fee because Paypal hates virtual goods
>Even if I win, I still have to spend hours building a case against the buyer

>Be virtual goods seller
>Buyer sends BTC, I give them item
>no need to worry about chargebacks

Of course, the buyer has to worry about this scenario:
>Be buyer
>Send BTC to seller
>Seller runs off with the BTC
>I lose my money

BTC has another feature to address that problem, though.
>Be seller
>Buyer asks me why he should trust me
>I show him my transaction history on the blockchain, showing that I've sold 20 BTC worth of goods and have hundreds of vouches
>Buyer googles my BTC address and sees that my record is clean
>Buyer sends BTC, I give them item

These uses may not be relevant to normalfags, but the internet spent many years without normalfag usage as well.

>>I show him my transaction history on the blockchain, showing that I've sold 20 BTC worth of goods and have hundreds of vouches
But how about
>be new seller
>have very small transaction history
>nobody wants to send BTC
>continue having a very small transaction history because almost nobody buys

When I'm buying on ebay from a guy with 20 feedback, I know that even if they're a scammer who bought 2 positive reviews from pajeets, I won't lose my money.

Not but...
you need a special kind of denial to think those are perfectly reasonable issues for a currency.

> Be in the local bazaar in Sumer, Mesopotamia
> Go to buy some fresh produce and blank clay tablets for my record keeping.
> Hand over my $currency$
> MFW i need to come back tomorrow to see if the trader will accept the transaction.
> MFW our trade uses so much energy it requires 5 oxen pulling the mill, diverting their effort from useful endevours.

It was inevitable that one currency would become the store of value

Why does anyone expect the store of value coin with the hardest difficulty, longest chain, etc, have lowest fees and fastest transfers?

It's like wanting your pizza delivered by semi truck

It is what it is faggots. Good news is that theoretically it can be upgraded with privacy, sidechains, etc to improve it. Eventually the hash algorithm will have to be upgraded. Proof of work will probably get replaced.

But fundamentally from an economics perspective, it's scarcity increases it's value. Someone paid $430 million for a DaVinci painting last week.

Are there better paintings? Yeah. But no one cares about them.

It's just a scheme for funneling money out of Normie's and people with weak hands.

wtf how come there are no ids in most of this thread?

In that case, the new seller would undercut me, as that would get potential buyers to take the risk of buying from him.
I would not lower my price because people will still buy from me due to having more vouches.

For certain virtual goods like game currency, competing sellers also have the option of selling their gold to me (though I've never bought gold to resell because new sellers will usually make mistakes that get them and their customers banned for real world trading, which is another reason I can charge a premium over random sellers)

>it can be upgraded
> Proof of work will probably get replaced.

Good fucking luck. If increased blocksize caused this much of a mess then changing Proof of Work is never going to happen

>be scammer
>"sell" things for cheap, undercutting the real sellers
>bail with bitcoins, then create new account with a different IP and repeat
>meanwhile, be new but legitimate seller
>be completely screwed

Ya idiot, buy bitcoin because the tards need bitcoin to buy ICOs. Thats the whole point of ICOs, to HODL bitcoin, wait for ICO to pump, then dump ICO back into BTC. No ICO is ever going to be used for anything other than taking money from a sucker.

>Still unbelievably slow processing times to buy and sell BTC
Working on it.

soon they'll be lightning fast and the most secure in the world.
>You can't really spend it on much of anything
You can use purse to spend it directly on amazon to buy anything. At a discount, too

>Not based on the value of literally anything anymore. Before it was based on being able to solve some vector math and so it was based on GPU resources which were finite at the time but now everyone has some dedicated miner that they let chugging along wasting $40 of electricity to make $2 in bitcoin.
It was never based off electricity. That is how it's inflated. That's the inflation schedule. It's based off what people are willing to pay for it. Supply demand. The amount of electricity spent to mine it follows THAT.

>Young Children, Taxi drivers, random bull speculators on CNN and lebbit is going nuts about how much of an amazing investment it is and how stupid we are not to get in now.
Young children, taxi drivers, and random bull speculators can be right, they can be wrong. Why are you judging people instead of judging the coin? It doesn't matter who makes an argument, you should attack the merit of their words, rather than the status of the person. What you said here is a very feminine way of thinking.

>Went from 9K to 11K in a matter of days.
boom! sha la!

where is the poonani

that already happens all the time, and is yet another reason why I can get away with higher prices

moved newfriend enjoy your stay

Oh look, another fucking idiot who thinks Bitcoin is some sort of digital payment system.