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Bitcoin gains nearly 20%, breaks $5k USD in biggest single-day gain of 2019

#1

It’s been dead for a while, but today’s been nice.

Bitcoin up 19.33% ~ $5029 USD

Other cryptocurrencies see similar rise, with Dash seeing a weekly gain of 44%.

WSJ Coverage
Bloomberg Coverage

Anybody else still paying attention?

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#2

Uh oh. Prepare for a rush on Antminers. If you notice someone using a ton of energy, they’re probably using a ton of Antminers:

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#3

Can you spot the HODLer?

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#4

Google throws an article in my Now feed every once in a while, this is surprising since it also went up a fair amount yesterday too

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#5

Yup.

I have a small amount (about 4 grand as an experiment to hold until 2020 - bought in June 2017). I’m up 25% from yesterday.

I predicted this may happen last week with a couple of mates. I noticed it had bottomed out and been consistent for a month or more.

The technical trading algorithms are all shouting buy, and tech trading is what drives the markets these days.

I think it will be very interesting to see the influence such tech traders have on the cryptos now where the fundamentals are so detached from reality/dubious.

The graph says buy, so they will buy… i think we may get an idea of how the other markets are driven purely by tech by watching what happens to cryptos…

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#6

Just when I thought this bastardized tech would die. If it does live, it will be in all the worst ways. Just wait for the goldman sachs mining pool.

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#7

I still need to brake even… I bought at 7000EUR. If nothing else it’s an investment.

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#8

Im interested to see how the CCs develop when Intel GPUs arrive, depending on how efficient they are in terms of power consumption it could bring some movement into the mining scene. At least thats my gut feeling.

Although I don’t miss the HYPE around CCs we saw in the last year.

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#9

Reuters reporting there was a coordinated $100M order, automated across multiple exchanges, acting at the same time.

Jamie Dimon, what have you done!

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#10

Oh please! Can the cryptocurrencies die already?
Or someone find a way to base crypto on [email protected] so the electrcity does not just go to waste.

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#11

10k now and there are more people in bitcoin now than at the last peak. so, yes.

it’s just so bothersome that in tech of all places, people completely do not understand the need for financial independence from fraud money and banks…

and especially in tech, very few people seem to want to read up on, or understand bitcoin.

a lot of hostility… people rather complain that their graphics card got 50$ more expensive, once, a few years ago, than looking into it, realizing this is literally the future of money and buying 50$ of it, then getting 5000$ out down the road.

or fools like the comment above me “can it just die already?” – he thinks energy that creates freedom from banks and fake money is “wasted”.

does he not know how many trillions are wasted every year, just through the fiat system, the debt spiral (most money spent is just paying off debt), bank skyscrapers, bank fraud that leads to crashes and cost millions of people their homes and jobs?

the shortsightedness and unwillingness to learn is so prevalent in some circles, it stifles debate right out of the gate

we got an open source payment system that makes banks obsolete and that does 77% of its energy from renewable sources https://coinshares.co.uk/wp-content/uploads/2018/11/Mining-Whitepaper-Final.pdf , and the rest from energy that would have been wasted https://www.upstreamdata.ca/post/natural-gas-venting-how-bitcoin-solved-a-160-year-old-problem

yes even people with Tux as their icon here “like” posts that call for the death of the only thing that stands between Chinese style social credit systems and hyper surveillance and financial censorship, or an end of “money is debt” – which the dollar is. it stopped being money when it went off the gold standard and became debt – a debt these people pay off all their lives and their kids will too.

and it’s never going to end unless we use a different system: bitcoin

a coal miner could once support 8 kids, and a stay at home wife.
now even decent jobs need 2 working parents and one kid is as much as many can ever afford.

that’s fiat “money” for you. folding at home won’t solve that (I doubt the guy understands that he will never know what molecules or for what purpose folding at home does its calculations. could be a bio weapon for all we know). neither will 50$ off of graphics cards.

bitcoin will always increase in value long term. it is designed to be deflationary.

gold is stable.

the Dollar is designed to lose value every year. like every fiat money, it’s inflationary by design.

is a switch to a money that is scarce, has a fixed supply cap and goes up in value – on average – every year not worth “energy”?

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#12

it was never dead, by the way.

the media never shows this chart. since log scale charts show real price movements.

linear charts are completely useless for an asset that started at zero. every new peak will look ridiculous. they’ve pulled this chart scam on people since btc went to 100$. always selling it as a bubble – because linear charts do that and not much else

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#13

So, my little portfolio is up by 250% in the last 1-2 months or so.

I’m prepared to lose all of it but i could buy a small car right now with it, so going to hold on for a bit until it’s worth a lambo… :smiley:

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#14

Until I can buy a Quesarito at Taco Bell with BTC, I dont care.

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#15

My only issue with this is you aren’t really investing in anything… and it’s value seems to change based entirely on hype.

It only has value at the moment because it’s essentially backed by standard currency though. No one is living their life off it, it’s just far to volatile, it’s exchanged for stable usable currency. And a few exceptions don’t really make a difference in that regard. :confused:

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#16

once you can do that, it’s gonna be at 1 mil USD.

i.e. soon

then you can go all in :wink:

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#17

Are you long for BTC specifically or crypto in general?

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#18

it’s a store of value.

something the dollar is designed not to be – it is literally designed to make you not have much, but put all you have in real estate or stocks.
– driving up rent and home prices

“backed” means something else.

it has value because it is the only scarce and supply limited money, i.e. the only real money right now.

and it is uncensorable, can’t be counterfeit and is not physical, thus weightless and easily carried or stored.

that’s what gives it value.

the vast majority of people have no idea how the dollar works, how it is created or that it is nowadays a literally, not figuratively, infinitely supplied debt voucher that the man on the street has to pay off and that only fuels stock and real estate prices.

people do not understand fractional reserve banking (banks creating 95% of money out of thin air) or how impossible it is to send money across borders (if some government or bank doesn’t want it to)

bitcoin solves all of that.

it only seems weird to people unaware of how utterly broken the current system is.

people with $$$ who want to store if safely, out of reach of crises, bank crashes, sanctions or confiscation have only one thing they can use: bitcoin.

that is what drives the price. not hype. there is no hype. all the media does is vilify it

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#19

bitcoin & monero (is fungible, bitcoin isn’t at the moment, but it’s getting better soon with taproot & schnorr)

99% of crypto is scams

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#20

Wait for all the fast food joints to go automated. No human workers means you can use cashless payments to get your burger.

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