Bitcoin Breaks $9,000 In Another All-Time High

[ansible]

Source: Forbest

The price of the cryptocurrency Bitcoin has risen more than 12% in the last week, moving past $9,000 early Sunday morning to yet another in a long string of all-time highs. The cryptocurrency’s total market value is now more than $150 billion. Other cryptocurrencies have also had a very strong week, with Ethereum and Bitcoin Cash also up for the week.

This continues a roughly eight-month winning streak for Bitcoin and other cryptos, which use decentralized ledgers and cryptographic security to move value over the internet. Since April 20, when it was worth just over $1,200 (per Coinmarketcap.com), Bitcoin has risen nearly 650%.

The extended surge can be explained most of all by the entrance of a broader swathe of global retail investors into the market. Previous Bitcoin surges generated headlines and gave skeptics a chance to familiarize themselves with the technology, but it’s far easier for individuals to actually buy cryptocurrency today, through a huge number of online exchanges, than it was back in 2013.



Read more: http://fortune.com/2017/11/26/bitcoin-breaks-9000-in-another-all-time-high/

[Pachamama]

1. Someone please explain this and Bitcoin

I don't understand Bitcoin and even how it can exist as an invented "currency"...

What oversight exists? Where does this money reside? Is there an equivalent of FDIC insurance protecting your "deposit"? If you need to access it, how easily?

I don't get it....I have never believed that this "cryptocurrency" will survive and certainly not that it would be worth investing in.... (unless I had quickly gotten in a year ago and then out and taken a nice profit and thanked my lucky stars I was so lucky).

But I have long believed it is used by criminals to hide money and is especially favored by Russians or people wanting to hide or transfer ill gotten gains.

If I am all wrong on these thoughts and despite my education from a top business school that I just don't see what needs to be seen, please, someone enlighten me....educate me to understand what I am not seeing and what Bitcoin is that makes it such a great investment and an enduring future "currency"...

[masmdu]

2. I'll try...

Bitcoin solves the "double spending problem" that is a problem with digital transfer and recording of assets. A problem that doesn't exist with non-digital assets. This also eliminates the need for a trusted (more on this below) third party to handle the transaction and gets rid / sharply reduces their fees for doing so. Transfer of value becomes secure, nearly frictionless and quicker.

The oversight and protection exist because of how the underlying bitcoin protocol operates on the block chain. There is no central authority because any and all updates to the ledger that is a record of transactions is distributed. All ledgers have all transactions at all times. There is additional value here as well because other digital things (stock certificates, contracts, etc. )can ride on top of this secure ledger and become secure as well.

To access funds is not a problem. I can be sent cryptocurrency by giving out my public (receive) key while retaining my private key. These are generated as a pair and while anybody may alter the ledger by sending cryptocurrency to me, thereby increasing my holdings on the ledger, only the person with my private key (me) can reduce my holdings as indicated on the block chain ledger.

I can transfer between various cryptocurrency pairs or crypto to actual currency through an exchange. I can spend my crypto by sending from my "wallet" to somebody else's public receive key. Or, I can simple sit on my store of crypto by use of a digital wallet until such time as I need to do otherwise.

For the utmost security this digital wallet (a unique public private key pair) can be generated and stored offline as a "paper wallet"

This breakdown makes it simple if mine was not clear:

https://www.coindesk.com/bitcoin-explained-five-year-old/

Hope this helps.

[masmdu]

3. BTW, I hold Bitcoin, Etherium, Ripple, Cardano, and Maidsafe

These coins and others can be researched at:

https://coinmarketcap.com/all/views/all/#

[CabalPowered]

4. Ethereum is the most innovative

The smart contract concept is very interesting. I'm currently mining ETH & BTC. I also have a couple smaller rigs mining BTG & BTX but only as speculative plays. All the alts did pretty well this weekend!

[masmdu]

5. They sure have!

I'm not mining yet but am interested. Would you share with me the details of your rig and outcome? You may pm me if you'd like. Thanks.

[CabalPowered]

6. Depends on where you live

Last edited Wed Nov 29, 2017, 07:18 PM - Edit history (1)

If your electricity rates are $0.10 kw/h or higher, it's not worth it. If you have cheap electricity, there are several plays. I lucked out and had 400 amp service already at my house. I had and electrician install a bunch of circuits in my garage. But heat is now a serious issue. I'll have to scale back in the summer or install a separate 5-ton AC packaged unit.

These are my numbers for 6 gpu ETH rigs I build..

https://www.cryptocompare.com/mining/calculator/eth?HashingPower=150&HashingUnit=MH%2Fs&PowerConsumption=1200&CostPerkWh=0.10

It took a lot of trial and error to get started. Finding the right hardware mix is part luck and part science. BTC mining is a bit easier but acquiring an ASIC miner is a PITA. Bitmain is the only decent hardware vendor and they're terrible to work with. I would suggest doing a lot of homework before doing anything. PM me if you get close to starting and I'll be happy to provide some guidance on your startup rig.

[masmdu]

9. Thanks for the info. 12/kwh here. I'll reach out if I move ahead with this. n/m

[CabalPowered]

7. Bitcoin itself is a dinosaur

There are many other coins that are far more interesting and innovative. Bitcoin just happens to be the most established and is considered the reserve coin of the market. Just as the dollar is used as the reserve currency in the oil market. And it always will be. That's why you're seeing these crazy numbers. Wall Street is just waking up to this reality. What triggered the run this weekend is the CBOE finalized a future product for BTC. It begins trading next month.

As to your other questions.. there is some regulation but there is no FDIC equivalent.

Accessing funds is getting much easier. It can be stored in multiple ways.

It derives value from the fact that crytograogic puzzles had to be solved to generate the coin, a process called mining. Mining requires considerable computing power.

Bitcoin is actually more transparent than some other coins. It's not completely anonymous like DASH or Monero. Those have the potential to broker illegal activities.

[Mosby]

8. bitcoin is basically a commodity now

Like gold or pork bellys.

[onit2day]

10. Which of these may I pay for groceries at Walmart

Or Kohls clothes etc.? It's far from being uniform in the online market so far.

[Mosby]

13. for walmart I'd go with pork bellys.

[sadiegirl]

11. Can someone explain how Bitcoin is handled regarding taxes? How to use Bitcoin, how to cash in?

i don't understand any of it. If I am sitting on 30 Bitcoins, am I wealthy in fact of just in theory? What can I buy with them and how?

[Rollo]

14. Good Question!

Many financial gurus are saying it's a bubble, like the Tulip Mania of 17th century Holland.

Mark Cuban, who is no slouch when it comes to anticipating trends, suggests that if one wants to dabble in stuff like Bitcoin, do it only with no more than 10% of your funds, with money you can regard as expendable, lost, without ruining your financial picture. Many other analysts have the same take in general, speculate with no more than 10% of your investment funds. Because it really is a gamble.

And the house usually wins.

[burrowowl]

18. Yes it does sound like the Tulip Mania

[FSogol]

12. Bubble anyone? Bet those genius libertarians are scooping it up since the price now that price is at

an all time high!

[MisterProton]

15. Anyone projecting politics on this doesnt understand it

This is a new technology, and therefore follows the adoption S-Curve.

[Polybius]

19. Will it ever burst now?

$46,000 since that comment.

[Blue_Tires]

16. I see a whole lot of folks who haven't even mentioned bitcoin for 2+ years

have a lot to say about it today....

[hunter]

17. Some people buy "precious" metals...

... others buy "precious" numbers.

Some buy both.

It works so long as there are true believers.