Do the big sharks know something that we do not know? The BTC USD jumps from $3,172 to ~$5,200 within a short space of time? Not too bad for the buyers who came in at year low a few months ago,
The surge in bitcoin on Tuesday has put the digital currency on the precipice of entering rarefied territory for the magnitude of its recent rally.
By early afternoon trade, a single bitcoin (BTC-USD) fetched just shy of $5,000, up 19.8% on the day, marking its biggest one-day rally since Dec. 11, 2017, and the fifth largest daily jump in more than five years, according to Dow Jones Market Data.
Amidst all the bitcoin madness, the cryptocurrency has logged just five sessions of gains greater than 20% over the past five years.
Someone bought $100 million BTC a few days ago, and it seems that there has been no underlying news or apparent reason?
I have noticed Bitcoin and its siblings have been starting to do their thing again over the last few months… again mostly away from the eyes of the media … I wonder how long it can carry on without the media obsessing with it again.
Remember some BC exchanges will not allow trading when sharp price fluctuations occur. This could limit the chance of a quick buck (or bit) Or be a good thing depending on your needs.
I have never understood why a fluctuating value token would be useful as a currency. As a method of gambling, yes.
2 Likes
I was in @ the low 3K, and now it is 6,113.1401, so it is not too bad considering it is now in my portfolio of hundred thousands. However I put a stop loss at around 4K just in case it goes down.
1 Like
Good for you… I assume Bitcoin… it has been steady overall rise for several months now (20% over the last month)… it’s creeping back up. I just hope it keeps at this pace so the media doesn’t get excited with it again and spoil the party by bursting some of the balloons by encouraging it to all get overheated … as it did November 2017… unless that is what you want of course 
The bitcoin has gone up in a big way for a few weeks now, and now the media have just started to notice, UNFORTUNATELY.
Hopefully, the press/media won’t spoil the party?
I know, nobody was noticing seemingly, and it was going rather well… now the media have woken upto it again, the same thing will happen as last time and over heat … cue tulips and bubbles again…
The association with the Facebook libra crypto currency is intriguing.
2 Likes
Libra (and other corporate cryptocoins) are not really true cryptos, inasmuch as they are backed by fiat currencies, which means they are subject to all the problems fiat currencies have. The whole point of bitcoin was to take power out of the hands of giant corporations and governments by using a truly decentralized network (one that no single party could control). Facebook’s and other corporate coins (e.g., JPMorgan’s) do exactly the opposite, and merely give the illusion of being a cryptocurrency in the true sense of the word…
But they still represent a tipping point in the wider adoption of bitcoin and other cryptos. Bitcoin at present is a speculation more than a currency, but we are so early in this game, it is not yet time to judge - it would would be like panning automobiles in 1899.
1 Like
Where is WinkyCanada now? I hugely enjoyed his comical criticism of bitcoin and cryptocurrencies.
They are still crypto’s; ie they use cryptographic methods of transaction and block chains… it’s just they are not independent and necessarily open source; but sure there will be an element of cashing in on the idea of truly independent crypto’s… but innovation goes in many directions. It should be cautiously welcomed. It certainly has woken Bitcoin up… risen 25% in exchange rate value against traditional currencies in a week
1 Like
Yes, they are “technically” (in multiple senses of the word) cryptos, but the fact that they are backed by fiat currencies renders them illusory cryptos. It will definitely bolster the “real” crypto market, but the importance of cryptocurrency is the fixed number of units and ability to not be “printed” into oblivion. Whether Bitcoin becomes the most viable version remains to be seen, but anything backed by a fiat currency is just a digital extension of that currency.
Every fiat currency in history has ultimately achieved its intrinsic value: nothing. The USD will be no different, and it will take Libra and the others that base their value down with it.
The way I see it is that Libra is an alternative to putting money in the bank, and Facebook would ensure that the “Libra Reserve” will hold enough liquid safe assets to back every issued Libra.
Well, inasmuch as most Western banks are essentially insolvent, I doubt FB will be any more responsible.
Just wait, within the next year or 2 all that zero interest rate loan money will start to default, and the smoke and mirrors that is the Federal Reserve and ECB, etc will be exposed for the sham that it is. But don’t worry, they will do everything they can to make sure the elites don’t take the hit, and that folks like us will be left holding the bag…and the bill.
THAT is the value of a real cryptocurrency.
Please forgive my ignorance! What does the “zero interest rate loan money” have anything to do with Libra?
Everything. When all that borrowed money doesn’t get paid back, we will have another world wide financial crisis that will make 2008 look like a walk in the park. (How long does the 9th largest economy in the world think it can run at 136% debt to GDP?)
Financial institutions who have a boatload of garbage debt on their books will be insolvent (think Lehman Brothers on steroids) and the fiscal dominoes will start to fall. Central banks try to lower interest rates to stimulate the economy during crisis - problem is, they have nowhere to go, because this recovery has all been with newly “printed” fiat money, stolen from the likes of us and given to the big financial institutions. That is what zero interest rates have done. You and I can’t get any yield on our savings, but the Big Money can borrow at zero%, and they have excessively, but all that debt comes due, and when it is time to roll it, they will be screwed…and that screwing will roll downhill.
The Fed has tried to raise interest rates so they can essentially reload their gun for the next crisis. But in doing so, they threatened to kick off the very crisis they want to prepare for, because as interest rates rise, lending tightens, and that rolled debt will cost. Hence their recent reversal, and the accompanying stock market bubble. Plus, their balance sheet has gone up an order of magnitude of like 10 times or more - I forget the exact number.
Dollars, GBP, Euros, etc will really take a hit, and people will flee to perceived “safe haven” assets, like real cryptos and gold. A bogus crypto like Libra, backed by fiat like the USD, will be no safer or truly “crypto” than the dollar itself. Fiat currencies do not retain their value because they are printed to excess, and never before like post-2008. That is why, except for using the blockchain technology, Libra, et al., are not cryptocurrencies in the true sense of the word. They are merely online dollar extensions.
That’s when the big banks will pull out their Special Drawing Rights, and cover their asses, while those of us on the “outside” get slaughtered. SDRs are sort of a reserve currency to reserve currencies, not available to the general public. It is an IMF fiction, but will be used to save the big boys.
And that is the primary reason for the original spawning of cryptocurrencies…not so we can all buy crap from Jeff Bezos online.
Thanks for the long answer, but I must apologize to be a nuisance, I think your answer has nothing to do with the Libra and I think you misunderstand what it is.
Having said that there is always a risk if you invest in bitcoin and/or Libra.