Wednesday, February 17th 2021

Bitcoin Breaks $50,000 Barrier, Hitting the Highest Value Ever

Cryptocurrency has in the past few years gained a lot of popularity, mostly fueled by Bitcoin's rapid growth and its massive price increasing over time. Today, Bitcoin, the world's leading cryptocurrency, has managed to make history and broke the record of 50,000 USD. As of now, on February 17th at 07:00 UTC, Bitcoin has reached 50,452.60 USD value. What is driving the price up you must wonder? It is the market adoption of the currency. Tesla Inc. has invested 1.5 billion USD in Bitcoin as it intends to accept it as payment for its products. Next up is Mastercard, which is preparing to support cryptocurrency on its network. In addition to Mastercard, Apple is also preparing its services for cryptocurrency payments. Right now, the market cap of Bitcoin is $935,359,977,182 at the time of writing, just shy of one trillion USD.
Source: TweakTown
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94 Comments on Bitcoin Breaks $50,000 Barrier, Hitting the Highest Value Ever

#1
PooPipeBoy
How is bitcoin considered a valid currency when the value is going up and down like a whore's drawers?
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#2
medi01
Back, before bitcoins, Russia had this:


en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company)

Nearly third of Russia was into those "bitcoins" at some point.
PooPipeBoy
How is bitcoin considered a valid currency when the value is going up and down like a whore's drawers?
O - opportunity.
You can make more money with ups and downs.
It also gives it a more legit looks.
Posted on Reply
#3
Vya Domus
PooPipeBoy
How is bitcoin considered a valid currency
It's not considered or used as a currency, never has and probably never will be.
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#4
Xaled
PooPipeBoy
How is bitcoin considered a valid currency when the value is going up and down like a whore's drawers?
It is not a valid currency, it is lottery, they haven't banned it yet because of greed. They'll ban it after they get rich and empty people's pockets .
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#5
azdesign
I understand the skeptics but why not just ride the waves?
As newbie trader, I made quite a lot of fortunes trading altcoin than trading stock.
Stock can go up and down, while almost every altcoins won't go down while bitcoin is being bullish.
You will get profit no matter what coin you invest in. Set SL and you're pretty much safe.
As for the blockchain technology, they're inevitable.
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#6
kayjay010101
PooPipeBoy
How is bitcoin considered a valid currency when the value is going up and down like a whore's drawers?
How is the united states dollar considered a valid currency when in just over 70 years it's lost almost 1000% value due to inflation? ($100 in 1950 = $985.40 today)
All currencies fluctuate in value. Bitcoin is still in its infancy. Most likely it won't ever take over as a legitimate currency; it's too archaic and more of a proof of concept than an actual currency. But something like ADA or Ethereum definitely could.
Posted on Reply
#7
Vya Domus
azdesign
You will get profit no matter what coin you invest in.
Yeah right, nice try dude.

:roll:

There's a reason why they're also called shitcoins.
Posted on Reply
#8
Xaled
azdesign
I will get profit no matter what coin you invest in. Set SL and you're pretty much safe.
corrected.
Posted on Reply
#9
Vya Domus
Xaled
They'll ban it after they get rich and empty people's pockets .
They wont need to, it will crash so hard when big investors pull out that everyone else's pockets will be emptied atomically.
Posted on Reply
#10
Xaled
Vya Domus
They wont need to, it will crash so hard when big investors pull out that everyone else's pockets will be emptied atomically.
let's hope they don't burn the planet before reaching there. As 100s of minning plants and milloins of GFX cards has been running 24/7.
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#11
xSneak
Bitcoin is such a worthless meme of virtual data generated by absurd amounts of coal powered electricity in chinese mining farms. Gamers will never be able to buy a gpu at reasonable prices as long as this pump n dump is still in existence. It raises the value of all the crypto currencies that can be mined with gpus.
Crypto will never replace the usd for transactions. There are so many people around the world that don't know how to use computer or trust them that won't take it as a payment. In addition you have the lack of regulatory insurance on the coin exchanges and the scenario of losing your wallet password.
Someone has to end this madness before the coin mining dyson sphere is sent into orbit.
Posted on Reply
#12
Vya Domus
xSneak
Crypto will never replace the usd for transactions.
People invest in crypto with the hope that they'll make a profit after converting back to fiat currencies.

That's all that needs to be said about whether or not it will replace fiat.
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#13
Metroid
Pyramid ponzi scheme, thieves pumping the price in order to keep new sheeps coming in to buy and then suddenly they dump to hehell.
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#14
Valantar
Vya Domus
People invest in crypto with the hope that they'll make a profit after converting back to fiat currencies.

That's all that needs to be said about whether or not it will replace fiat.
Indeed. It's nothing more than an "investment vehicle" (i.e. "thing for rich people to gamble on, but please don't call it gambling"), and never will be. All the crypto fanatics claiming this will somehow revolutionize the world/finance/economics/democracy/[insert pipe dream here] are just shilling for an investment scheme because they believe it'll make them rich. As with anything, in the end there'll be more losers than winners - that's the nature of competition. And as with pretty much all competition, the game is rigged in favor of those with the most resources. The rich always come out on top.
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#15
Vya Domus
The hypocrisy is real, absolutely no one gives two shits about the technology itself or it's uses, it's all about trying to make some profit from it.
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#16
Anymal
From musk till dawn. The end is nigh.
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#17
punani
Xaled
It is not a valid currency, it is lottery, they haven't banned it yet because of greed. They'll ban it after they get rich and empty people's pockets .
South Korea tried it .. Pretty much impossible to ban and control cryptocurrencies. With DeFi on the horizon and all that..
Vya Domus
They wont need to, it will crash so hard when big investors pull out that everyone else's pockets will be emptied atomically.
Big investors got into the game way too late to make an impact, and it's global so not gonna sync too well (one sells and the other buy the dip).
Vya Domus
People invest in crypto with the hope that they'll make a profit after converting back to fiat currencies.

That's all that needs to be said about whether or not it will replace fiat.
This I agree on. Its a basically a Casino.

I think its too complex for anyone to predict the future of cryptos, just look at the gazillion memes of failed attempts by the big players.
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#18
Bones
I've never seen it as worth anything and frankly never will, it's like others have said in being a ponzi scheme and that's just one aspect of it. Also used by underworld organizations for money laundering and so on, plus countries like NK and China for examples of it.

It's just data and has no material worth to or behind it.
Just needs to die and be done with it.
Posted on Reply
#20
Valantar
punani
Big investors got into the game way too late to make an impact, and it's global so not gonna sync too well (one sells and the other buy the dip).
You mean organized crime beat them to the punch? That's probably true, money laundering is one of the major uses of crypto after all. If what you meant was that small scale investors balance out the big ones... nah. The big ones are too big. If someone pulls hundreds of millions of dollars out at some point - which they will, as all financiers are prone to panic selling - no amount of "little guys" jumping at the opportunity to buy cheap will make a dent in that.
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#21
Countryside
It would be nice if this mining lunacy stops so that we mere mortals could buy pc parts with normal price tags not like at the moment when local shops are asking 250€+ for an 1650super and for an 1660super 600€+
Posted on Reply
#22
basco
think about what our papermoney cost in energy or visacards or stock exchanges running 24\7 and your new 5g in your electric phone, air conditioning and lastly every word you type on the inet every google search uses energy.
and lastly one of the the biggest is gold mining.

its like saying electric cars dont waste energy(even if they advertise it like this)-big lol

its ok to not like bitcoin but not because of the energy blabla

look at the gamestop debakel - if small peeps earn money in their way they dont like it and make new rules.
Posted on Reply
#23
BSim500
The issue isn't that crypto-currencies or blockchains don't have potential uses when done right, the issue is the completely arbitrary and nonsensical junk "economics" behind wasting hundreds of billions of $ in energy costs over their lifespan on the back of hyper-deflationary money-printing is almost completely divorced from reality of the real-world economy. The purpose of a currency is to be stable. That's why China under-pegs the Renminbi vs the USD to give its export economy stability. Conspiracy theorists ranting about the dollar "hyper-inflation", the Rothschilds, etc, sound edgy until you stop measuring BTC in "evil fiat" USD and start measuring it in tangible commodities, eg, the price of BTC measured in iron, copper, gold or wheat over the past decade, Bitcoin 'economics' falls apart even harder vs the inflationary "fiat" it's supposed to "cure".

Imagine being a baker seeing the price of bread in Bitcoins change from 2 to 0.002 in the space of mere months when literally nothing about the demand for bread, bakery operating costs, supply of wheat, population size, etc, is changing more than +/-5%. Pretend the USD doesn't exist, and there's only BTC vs Bread. What has "changed" outside of a speculative 'currency' bubble? Nothing. Imagine there was no USD but instead $50 oil was set to 50BTC at 1:1 10 years ago and all fiat disappeared leaving only native BTC, do you think after 10 years that BTC pricing equivalent of $0.001 per barrel is a "fair price for oil" bearing in mind it still cost a few thousands times that to actually produce? Even ditching currencies altogether and going back to bartering gives more pricing reliability.

The current bubble "values" are completely worthless vs actual real-world product pricing / trade, which is why almost nothing (except Ransomware) is priced natively in Bitcoins and the whole bubble driven by circular logic "We're buying BTC because it's valuable and it's valuable only because we're buying it" aka Tulip Mania 2.0. What a few geeks who are great at explaining Blockchains but extremely cr*p at economics really want with this stuff is a digital get-rich-quick scheme, but keep trying to dress that up to be some world changing utopia it simply isn't. The reality of the "decentralized" currency is that 95% of BTC are controlled by 2% of people and 70% of BTC wallets have less than 0.01 BTC in them. So in the end, it's ended up no different to "evil fiat" for rallies & bubbles being massively manipulated by a few on a whim except that a few "whale" investment bankers have replaced the Fed. Massive environmental damage (the cheapest electricity in China, Russia & Iran fuelling the "farms" are almost entirely fossil fuel driven) and the train-wreck left behind on PC hardware market are just icing on the cake of absurdity.
Posted on Reply
#24
Valantar
basco
think about what our papermoney cost in energy or visacards or stock exchanges running 24\7 and your new 5g in your electric phone, air conditioning and lastly every word you type on the inet every google search uses energy.
and lastly one of the the biggest is gold mining.

its like saying electric cars dont waste energy(even if they advertise it like this)-big lol

its ok to not like bitcoin but not because of the energy blabla

look at the gamestop debakel - if small peeps earn money in their way they dont like it and make new rules.
Jesus. The logic. It hurts.

Okay:
"paper money" and credit/debit cards have a use. They allow us to buy and sell goods and services and not rely on bartering to get by.
5G in phones allows us to communicate.
Air conditioning (and more relevantly this time of year on the northern hemisphere: heating) allows us to live in conditions better suited to human physiology.
Internet searches allow us to gather information and orientate ourselves in a complex world.
Electric cars allow us to move around.
Gold mining provides raw materials for countless industries, even if it also provides meaningless displays of wealth for rich people.
Etc., etc.

Bitcoin and cryptocurrency? It literally has no legitimate use. Everything it allows us to do can already be done by more conventional means in cheaper, more accessible, more broadly accepted and less fundamentally problematic ways. Cryptocurrencies add nothing to the world. But it consumes energy producing millions of tons of CO2. While doing nothing of use.

Your comparisons are ridiculous.
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