Bitcoin is over $15000 USD

Hi All,

Just wondering what is your thought of BITCOIN which is well over $15000 USD.

I was monitoring that since it was $1100. Now its 14x and i was thinking $#/+ that is expensive a year ago and now i am thinking the same.

Any thought what do you think of it.

[edit]
Its hit today $19230+ USD.

Poll Options

  • 125
    I own it
  • 69
    I own it and buying more
  • 58
    I dont own it and want to buy it
  • 358
    I dont own it and dont want to take risk
  • 26
    Bitcoin is not for OZBARGAINERS.

Comments

  • +56 votes

    Well I've been in the "It's gonna crash tomorrow" camp for the longest time.
    Not too sure anymore.
    Still won't buy any though.

    • +19 votes

      It will crash eventually, but still early. I'm no risk taker, but I could afford to lose $100, so my $100 has become $1500usd. Alot of wall street investor says that there is nothing wrong with putting 1% of your portfolio on risky investment for the high risk high returns.

      • -3 votes

        No one knows when it will dip but when it does allot of people are going to pull out at the same time.. should go back down as fast as it went up.

        What happens once all 21,000,000 bit coins are mined…Will the network lose 100% of its miners (AKA Servers) and 100% of its security…

        • +9 votes

          Here you go.
          This design is intentional: the difficulty of mining is built in to limit the number of bitcoins found each day. In addition, there's a hard limit on the number of bitcoins that can be mined: 21 million coins, which is expected to be reached by 2140.

        •  

          @gpmd1257:

          So the last bit coin will be the hardest one to get and is expected to be extracted by 2140 … hmm :)

          So if we never see a mass exodus away from bitcoin. 1 BC could and probably will get to 1 Billion US dollars per coin in value by around the 2140 timeframe going by its current growth rate

          Should be interesting to see.. wish i got 1 bit coin at the bargain basement price of $26,000 Aussie Dollars back in 2017 .. or even better 1 BC at 0.1c in 2009 :)

        •  

          @vid_ghost:

          If 1 coin got tot he point of being worth 1Billion USD our economy is (profanity), imagine the market cap!

        • -1 vote

          @gpmd2157:
          your estimate is based on the assumption that computers will only stay as powerful as they are today

          meanwhile quantum computers are 100000000 times faster than personal computers in everything, including bitcoin mining.
          https://www.theregister.co.uk/2016/04/18/d_wave_demystifies_...

          so @vid_ghost has a valid hypothesis once everything is mined music can stop

          and that will happen much much quicker than 2140

        •  

          @evgpek:
          I don't know where you got your 100000000 times faster than personal computers in everything figure, as quantum computers are highly specialised and don't do even close to everything, let alone fast or faster. The article says that figure on a specific optimisation problem and you then apply that performance to everything, which is nonsense. Even rewriting the well understood and simple gcd algorithm in QC is hard work. I'll nominate the simple sorting of a billion element array or inverting a huge matrix as obvious counter-examples to your statement, but only a fraction of general computing problems can even be tackled using quantum computing, so your statement is wrong for the vast majority of computer science. Try encoding a movie using a quantum computer and see if you can get 100 million times the speed over gigabytes of input data.

          A quote from the article even says "These performance numbers I'm citing are from corner cases that hit right on the quantum sweet spot. General computing use performance still lags and programming one of these beasts is still more art than science."

        • +1 vote

          @Frugal Rock:
          My point was that computers will be faster therefore all of the bitcoin will be mined much sooner that anticipated.

        • +3 votes

          @evgpek:

          AFAIK, as the cumulative computational power of the mining nodes increases, the difficulty in mining a block increases as a built-in regulation mechanism. Therefore, the yield per "unit time" reduces in a corresponding manner. This most likely means that in a graph where you have a mining yield (y) vs time (x), it will be asymptotic to the x axis; i.e. yield will diminish forever, yet not reach zero.

          Re quantum computing, that is an interesting point and oft misunderstood by "normie" press. As Frugal Rock mentioned, there are very specific problem spaces where any headway has been made thus far. Relating to crypto, QC has made some very interesting progress in potentially breaking cryptosystems based on "IFP/DLP" (Integer factorisation Problem; Discrete Logarithmic Problem). This is due to the usage of Shor's algorithm that can be effectively utilised by the qubit (quantum unit of computing, akin to bits in conventional binary based computing) in QCs.

          To combat the crypto-breaking potential of QC, there is substantial work involved among the cryptographers to create "Quantum-safe" algorithms. As an example, the Quantum Ledger guys are working on one such implementation for blockchain tech.

        • +1 vote

          @gearhead: great comment, thank you!

        • +1 vote

          @evgpek:

          Always a pleasure!

      •  

        it will crash when hackers steal a lot of it or when all the main countries governments (USA. UK etc) regulate it. Dont see happening anytime soon unless it get trace back to either bank fraud, money laundering or terroism.

    •  

      That McAfee guy said he'll eat his own d*ck if bitcoin doesn't go to a trillion dollar in 2020.

    • +5 votes

      Personally, I think at this stage of the game it's far too unpredictable. It's well past the point of it being an actual currency, as was it's intent. No one in their right mind is going to spend bitcoin to purchase something, lets say a coffee, when the next day that 'coffee' is worth twice as much. Buying bitcoin is essentially buying stock and is purely for investment at this stage to cash out into USD/AUD etc, you're not buying bitcoin to spend bitcoin.

      Furthermore, it's become very mainstream. A year+ ago, if you asked a random person on the street chances are they wouldnt have heard of it. Now, most people have at least heard of bitcoin and heard of it's ridiculous exponential growth - they might not completely understand what bitcoins are, or cryptocurrencies in general but they have heard of it. My parents, who are in their 60s and almost illiterate when it comes to technology, have heard of bitcoin.

      So essentially, you have all these people hearing of bitcoins success, wanting a piece of the pie and jumping on board - without really knowing much about investing or about cryptocurrencies. Which makes it far more unstable in my opinion. If the market is filled with people that don't really know what they're doing, it's not only unpredictable but much more likely to make kneejerk reactions.

      Bitcoin right now is a big game of hotpotato for adults.

      • +3 votes

        Bitcoin right now is a big game of hotpotato for adults.

        This sums it up perfectly for me.
        It'd be a complete lie to say I don't wish I'd bought some at the start of the year only to sell now.
        But at the current state of things, I'm not sure I'm educated enough to jump in with my savings.
        Also I can't help but think the absurd increase in price is mainly due to the media coverage coining it (lol, the pun) as the quickest way to your millionairhood.
        (and the fact that every second post praising Bitcoin as the next best thing since sliced bread probably helps with introducing new players and thus increasing demand too)
        Whether the increase is sustainable or not, only time will tell, me, personally I would hate to be the one with the potato when the music stops.

  • +13 votes

    There's supposedly $140 million worth buried in a Welsh landfill dump.

  • +22 votes

    gotta risk it for the biscuit

  • -2 votes

    the housing market will crash 1st before bitcoin going down

    • +39 votes

      Well, the obvious thing to do is SELL SELL SELL your house and BUY BUY BUY BitCoin.

      Makes perfect sense really.

      • +47 votes

        After all you can live in your bitcoin, but not in your house.

      • +4 votes

        I dumped a not so negligible sum of money into it when it was sitting at 7200USD…a month ago I think. You say it like a joke but if I had dumped everything I could pull together into it I'd have more than doubled my money lol.

        Problem is it's as good as gambling with such an unpredictable market.

        • +1 vote

          If i had a dollar…

        • +11 votes

          Unless you've cashed out you haven't made any money.

          Which of course brings up the point, if BitCoin is actually useful then there's no need to 'cash out'.

        •  

          At this point you could cash out half and have your money back, yet still stay in the game to see how high it goes.

      • +1 vote

        And live in a virtual house to spend your virtual currency :)

    •  

      I hope you're right.
      I expect this comment to be a repository for boomer negs.

      • +4 votes

        with $7.3 trillion worth of hot air in the ozzie housing market

        it is as much as a ponzi scheme than anything else

        let's see if the housing value will doubles to $14 trillion, or go halves.

        • +13 votes

          Houses are a REAL thing.. land is a REAL thing both are things people need to support life.

          Bitcoin is something we dont need to support life.. therefor its less valuable.

          The real wealth in the future is going to be land we can grow food on…. unpolluted clean livable land and fresh air.. Bit coin wastes electricity.. its ledger, transactions and unbreakable security encryption can run off 0.001% of the computational power it currently has at its disposal.. the rest is wasted energy … Bitcoin is growing so fast that it has more processing power then every super computer put together and soon to be every server + super computer on earth .. all just wasting power on meaningless computational workloads.

        • -1 vote

          @vid_ghost:

          indeed, we should aim for $20 trillion housing market before going bust.

        •  

          @phunkydude:

          The only way houses will ever go down is when our global population starts to reduce.

          I dont see that happening anytime soon.. Stable, clean and safe western countries like Australia and Canada are a gold mine when compared to the unstable war torn impoverished, polluted, overpopulated, bankrupted and completely corrupt placed around the world.

        • +4 votes

          @vid_ghost:

          indeed, US, Ireland, Iceland, Japan, Spain, Portugal, Italy,

          they were all unstable war torn impoverished, polluted, overpopulated, bankrupted and completely corrupt placed

          Australia is perfect to you.

        •  

          @phunkydude: I'm taking about today and in the future.

          Japan is at risk of being taken out by north Korea as well as being a semi radioactive fallout zone. Doesn't sound like a safe place to invest in real estate or live.

          Ireland is corrupt and licking at the boot heals of its corporate overlords. Apple, Google tax haven.

          Iceland's economy is still reeling from the GFC making it a risky investment (Failing banks)

          The other 3 are Government debt basket cases. lol
          Spain, (99.0% of GDP) Portugal (130.1% of GDP), Italy (132.0% of GDP)All corrupt and have a large Dept to GDP ratio leading to instability, no money for public wealthfare, health care ext.

          As an example Australia's Government debt is (34.2% of GDP), Ireland is 72.8% of GDP, Canada's is 66% of GDP, Iceland is 98.8% of GDP and the GOOD old USA is 104% of GDP

        • +2 votes

          @vid_ghost:

          Looking today & future, rightttt ….
          History never repeats itself ?

          Instead of government debt.
          Try look at our household debt + $1 Trillion foreign debt that we owed to other countries.

          This is where people get their money to outbid everyone in auction and the vicious cycle continues pushing up the value of housing market which made out of thin air (or call it debt).

        •  

          @phunkydude:

          Yes pleaseeeeee!!!

        •  

          @vid_ghost: I agree, this is so pointless. Furthermore, heaps of people are loving this kind of income because it's valuable and powerful at the moment, you can dodge all tax, pay for illegal things and the government has no control over it.

          Once it becomes widespread enough, it will be regulated and controlled by the government which means it loses all it's benefits and it's just like our current online cashless system used everywhere already.

          Or…if the government truly can't control it, it will be banned and then this currency will be completely and utterly worthless.

        •  

          @vid_ghost:

          Bitcoin will evolved to proof of stake so it’s fine

        •  

          @supersabroso: > it will be regulated and controlled by the government

          Not possible.

        • +2 votes

          @vid_ghost: Pffft, baloney..

          There is no housing shortage, period. There is an oversupply of housing in Australia.

          It is not residential demand driving house prices, far from it.

        • +1 vote

          @vid_ghost: I totally agree with you but currency also has worth i.e. AUD$ are worthless but they are the best system we have of exchanging goods/services. Some people think Bitcoin is better but ethereum has already proved to be a better system so the only point of it currently is speculative worth.

    •  

      A government and bank controlled ponzi scheme can't crash. Keep immigration high and home/infrastructure building low. Demand will always push up prices.

      • +1 vote

        With your logic, there shouldn't be any housing crash in the history then.

        Demand vs Debt.

        In the end, debt kills everything.

    • +1 vote

      You can actually do both - invest in Housing via Bitcoin and Ethereum.

      Crypto and Real Estate in One Token
      https://www.caviar.io/

      Just the thing for Ozbargain risk junkies!

    •  

      What about.. bitcoin going down will cause the housing market to crash?

    • +2 votes

      I'd love too see the overpriced shack in Sydney goes tumbling down. You could have bought a castle in Bali or Thailand with a million dollar.

  • +6 votes

    If I could somehow tell my 10yr younger self one thing, it would buy all the bitcoin that you can!

    • +23 votes

      If that was possible, you would be better off putting it all on a horse race for insta cash instead of waiting for BTC to rise :)

      • +9 votes

        I don't think BitCoins were around in 2007.
        Unless he means he was 10years old in 2013, then why is a minor doing here on a gambling thread?

      • +2 votes

        I used to think the same but turning $67AUD to $240,000,000AUD would involve quite a few bets with and therefore could, get confusing and come undone, a simple buy the 10,000 bitcoin here and if you hold it for 7 years until December 2017 it will be worth $240mil then, would be easy.

        • +3 votes

          It's like saying, I wish I could travel back in time and buy some Google shares. Or Apple shares. Or a winning lotto number. I wish I could travel back in time : (

          But 10,000 Bt = AUD$100, still works out like 1c per Bitcoin.
          Hell, even if you invested when it was $1 per Bitcoin.
          Or even $100 per Bitcoin.

          I mean the Winklevoss twins put USD$11 Million back in 2013, when it crashed. Yet, they are now Billionaires.

          So its not too late, until it's too late :P

    • +3 votes

      Username's backstory checks out.

    • +8 votes

      You think you would have held onto a $1000 investment in bitcoin when the value of them jumped up to $50,000? What about $100,000?

      •  

        I would have - it'd have to be a pretty life changing scenario for me to pull mine out now. In this game, I'm going by the whole don't put in more than you can afford to lose mantra. So If I can afford to lose it….I don't really need the 2.36x my initial investment.

        For me to cash out I'd need to pay off my house, or at least put a significant enough amount of cash into it that it would give me a significant lifestyle change etc.

  • +1 vote

    was looking at it seriously when it hit 10k. unbelievable rise in the last month.

  • +6 votes

    I was going to buy 1 at 10k aud a few weeks ago, but I just couldnt do it. I don't understand its value anymore, like I get how block chain works and decentralisation etc. but the whole basic principal of currency was versatility, Ive been told its too expensive to transact in bit coin now due to processing costs and initial buy in, so how different is it really to gold? Gold still has manufacturing qualities. I dont know but its becoming similar in its lack of versatility and purpose - "just a volatile money store". While, the gains and financial benefits of BC investing are undoubtable and highlighted by the charts, its just not my game. Id feel like Im just gambling, and Im much better at blackjack or poker than predicting a rise/fall in BC or cryptos.

    • +10 votes

      BTC is heaps more useful for shifting money out of China to avoid currency controls.
      BTC will crash the day the CCP makes owning BTC a capital offence.
      I predict it won't be that long until this happens.

      • +2 votes

        Its VERY versatile for shifting money. When I got taught about wallets etc. I was so surprised.

        • +8 votes

          China banned BitCoin in September this year, and it caused a slump in its value.
          However, it didn't crash.
          And the fact that it didn't crash, and held most of its price put some "proof" in its value, and confidence rose.
          So since then, its just gone up up and up.

          The fear of China is/has subsided. Now its only a fear that it will get killed by other countries, or someone huge, like the Winklevoss brothers might suddenly sell which could cause a (small) crash, and that might turn into an avalanche and have more people/investors selling leading to an actual crash.

          Despite all this, BitCoin is still the "safe bet" when it compares to other cryptocurrencies, even Ethereum, simply because its the largest, oldest, well-known.

        • +1 vote

          @Kangal:

          China lift its bans recently and its surged.

        •  

          @T1OOO:

          And why did they lift it?

        • +3 votes

          @neonlight: So government officials could get their dirty money out of the country.

        •  

          @T1OOO: Which makes sense given the majority of BTC is now mined in China. They have massive farms there dedicated to getting them. The size is obscene.

        • +1 vote

          @Kangal:

          Despite all this, BitCoin is still the "safe bet" when it compares to other cryptocurrencies, even Ethereum, simply because its the largest, oldest, well-known.

          BTC has brand name recognition and first mover advantage which is true. Yet BTC is only a currency, nothing more nothing less. Ethereum, however, is a lot more interesting and (IMHO) has the potential to disrupt a range of industries. Being a currency AND a platform for blockchain based smart-contracts I reckon (I may be completely wrong here) it is the better of the two in terms of utility.

        • +2 votes

          @gearhead:

          Yes, that was exactly what I wanted to say. But you were more eloquent to put it.
          If BitCoin doesn't crash and isn't killed and isn't regulated…. it will continue to climb.
          And after a long time (many years?) (decades?), it will hit a recognisable standard.

          I believe Ethereum has the potential to catch up, and then, surpass BitCoin. But not now.
          It's still early days for BitCoin, which means its even earlier days for Ethereum.

          However, the biggest threat to Ethereum isn't BitCoin… its the establishment affecting BitCoin.
          It's possible BitCoin could crash, let's say Mid-2018 to USD$1000, which would devastate Ethereum and many other AltCoins.
          BitCoin might be able to rebuild etc etc, however, many altcoins will not and that includes Ethereum.

          Basically, its a clash of standards. Bitcoin is the front runner, Ethereum is a distant second but could/would overtake it, if the standard becomes accepted by the masses and forces the governing bodies to adopt.

          The first time I heard of Bitcoin and read into it was in 2013, back when I was broke. I realised that people were buying AMD's better value GPU's for "mining" and that's how I got into it. I checked it back and forth, and concluded that it could be a Ponzi scheme or something that would be halted. I predicted its demise around 6 times. I predict its more likely NOW that it will still demise. But now I see potential, the potential to gamble with the hive mind and profit from it. That's where I'm at with it.

      • +1 vote

        The chinese are the main people who pumped up BTC price due to cheap power to generate BTC and also using it to take money out of China for other investments overseas. So You are on the right track as soon as governament bans it as an offence. It will drop significantly

        If you bought BTC before, now its the time to sell

    • +1 vote

      Its nothing like gold. Gold has intrinsic value and will always be sought after. BitCoins value is the limitation and versatility but eventually it will land back to $0 because there is no intrinsic value to it.

      •  

        This is what I thought when it first came out. It's being used to launder money in China apparently so it keeps on going up up up. Once stricter regulations come it will drop like a bucket. Its surprising they are taking so long to plug such a giant hole in the financial system.

      • +17 votes

        Ignoring the utility of gold in electronics and other places because of its properties, gold in itself has no value. Its value is only held because people think its valuable.

        Thats how all fiat currency works, perception is what gives money value, theres no actual value in holding Australian paper notes or NZ or any other.

        • +1 vote

          True - but the perception that gold has value goes back thousands of years. It is also worth remembering that the worlds central banks hold almost 20% of the total gold ever mined - so they see value in it. Bitcoin is currently a failed currency as no-one wants to spend it (remember the 2 pizzas a developer bought for 10,000 bitcoin in 2010 - that's around $90million per pizza now).

        •  

          hahahah perception….right.
          I don't think so mate. try telling that to you wife or girlfriend.
          Ask her if she will be happy with a shiny copper ring instead of a gold one.
          Gold will always be wanted till the end of time.

        •  

          @Ruckmauler: Dont forget Russia + China govern and Chinese are hoarding golds too

        • +1 vote

          Gold is Tangible. Bitcoin is elf money. So what it's finite it's still elf money.

        •  

          Yeah, I don't get why gold is valuable either.

          It has a few niche uses, as you mention electronics because it can be stretched thin and used as bond wires in ICs, (silver is actually a better conductor) and since it doesn't oxidise is handy as a 'rustproof' coating'.

          It is a rather useless metal for the most part.

        •  

          @D C:

          ahh hello….Jewelry?????

          name any other form of money that has these valuable qualities.

        •  

          @doodlebug:

          ahh hello….Jewelry?????

          Silver, platinum, rhodium, titanium, tungsten, wood, plastic, stainless steel, jade, garbage you find in the street etc…

          I have a gold ring, I'm probably more attached to the stainless steel one I also wear (valued at $0).

          Next you be telling me diamonds are rare. Pfft, I've got a 1 caret diamond in my toolbox.

          If you're talking rarity, try rhodium. Last time I looked it was about about $10,000 an ounce, gold is positively cheap by comparison. Used a lot in jewellery as a plating (shiny, hard, doesn't corrode etc), like platinum it gets used a lot in high temperature chemical stuff, such as catalytic converters. Also mirrors as well,

          There are very few uses (if any) of gold where another metal can't be substituted or even perform better. I mentioned IC bonding wires, but many chips are made using aluminium, even copper gets used these days.

          Gold and diamonds are valuable because like BitCoin we're somehow convinced they have value.

          Having value is different from being useful.

          Are you buying gold, BitCoin etc because you have a use for them (and jewellery making is a perfectly fine reason to buy gold) or as some sort of greed-driven vague 'investment'?

        •  

          @D C:

          Gold is money not because it is rare but because it is plentiful.
          Something that is rare cannot be money.
          This is one reason why bitcoin can not last as a currency. Bitcoin can be divisible however so I am not surprised if it lasts a little longer.

          Gold is a real thing, so you dont need to convince people its value, people may value it more or less but it will never be 0.
          BitCoin has no intrinsic value so you must convince people that its qualities are valuable enough that you can think it is money, but it is not.

          Not quite sure what your arguing here. Seems like you are just rubbishing everything. What do you consider real money?

        •  

          @doodlebug:

          Not quite sure what your arguing here.

          You said gold was valuable because it can be used for jewellery. Well yes and so what, but that's not the reason it is "valuable".

          What do you consider real money?

          If by money you mean 'fiat currency', then BitCoin is money. It's no different to the Australian dollerydoo in that it is an agreed method which we can use to exchange goods & services - and considering everything except hookers & blow (well not always the hookers) is done virtually then we might as well use BitCoin.

          (Money backed by a good that's considered valuable (like gold) is called commodity currency.)

          At the moment BitCoin is valuable because it valuable, aka "what is a bubble?". Gold is really no different. If I gave you a lump of gold, what you you do with it?

        •  

          @D C:

          Yeh I agree with you on everything by fiat currency and bitcoin.
          It all a bit of a laugh.
          But gold as a commodity currency by definition means its valuable. like any commodity.

          If you gave me a lump of gold I would be able to buy or trade it in any part of the world. Gold has proven over time that it is reliable in this way.

          My point is, fiat currency and bitcoin will eventually go bust one day.
          Gold cannot, that being said gold is stable, if you want to make or lose a quick buck then you need to gamble on bitcoin or shares etc.

        •  

          @doodlebug:

          But gold as a commodity currency by definition means its valuable. like any commodity.
          Gold cannot, that being said gold is stable,

          Rubbish.

          And where are all these commodity currencies anyway?

          That's the worlds longest Ponzi scheme, gold it only valuable because people keep thinking it's valuable. They're not entirely sure WHY it's valuable, but eh.

          See also BitCoin, tulips, diamonds, dotcom stocks etc.

          When the zombie apocalypse comes, which is going to be more valuable, your lump or gold or my stick? I can use my stick to hit zombies, hit you and take your gold (and then throw it away), dig holes for water and as a spear to kill a kangaroo for dinner.

          What are you going to do?

        •  

          @D C:
          What makes you think I wont have a stick too. With a lump of gold tied to the end.

  • +9 votes

    I sold my very small parcel yesterday for good profit. Been around long enough to know that taking profit off the table is good and holding onto assets that are 'going to the moon' can result in losing said profit. Am looking at the alts now as I suspect money to be heading in to those when when BC gets listed on the futures exchange in a couple of weeks. Expect the players to start shorting it.

  1. zonra on 07/12/2017 - 23:19
  2. garetz on 08/12/2017 - 07:03
  3. D C on 08/12/2017 - 00:42
  4. YogaPants on 08/12/2017 - 21:05
  5. skrep on 08/12/2017 - 01:08