Bitcoin price suddenly surges to 3-year high

[trog100]

bitcoin now at 52650 and consolidating at that level...

eth at 1930 and lagging a little..

litecoin at 230 and lagging a little..

trog

 

[sepheronx]

bitcoin now at 52650 and consolidating at that level...

eth at 1930 and lagging a little..

litecoin at 230 and lagging a little..

trog

wow, litecoin really jumped quite a bit. Should have bought some. Oh well.

 

[trog100]

Does anyone know how to mine Litecoin?

i dont.. but i think litecoin is lagging behind and is yet to show its mettle.. its kind of been forgotten..


trog

 

[ZenZimZaliben]

i dont.. but i think litecoin is lagging behind and is yet to show its mettle.. its kind of been forgotten..


trog

Yeah it is for sure. Should easily be around 400-500 right now.

 

[trog100]

bitcoin now at 53450..

trog

 

[xkm1948]

$54592, god damn!

 

[P4-630]

I still remember this article:

Hanyecz paid for his pizzas with bitcoin in what’s believed to be the first transaction using cryptocurrency to pay for a product.
At the time, each bitcoin was worth less than a penny … about $0.003 to be specific. The pizzas cost about $30, so Hanyecz needed 10,000 bitcoins to pay for them.......

A $200 Million Pizza! Here’s How Bitcoin Made That Possible …

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

www.nasdaq.com

 

[trog100]

there is bound to be a sell off at the psyphological 55K point.. he he..

back down to 51 or 52k maybe and then up and away again.. to the moon we go..

trog

 

[xkm1948]

there is bound to be a sell off at the psyphological 55K point.. he he..

back down to 51 or 52k maybe and then up and away again.. to the moon we go..

trog

100k before end of 2021?

 

[Space Lynx]

there is bound to be a sell off at the psyphological 55K point.. he he..

back down to 51 or 52k maybe and then up and away again.. to the moon we go..

trog

I doubt there will be a selloff, the selloff would have happened at 50k in mass, this is just pure momentum. There is no stopping Bitcoin now, though I do wonder... how are transactions done on bitcoin blockchain at this sort of price point? Like won't the fees associated with transferring bitcoin be enormous the more its worth/less there is to be mined? and what if supercomputers start mining it, and it all gets mined up, how do transactions work when there is no mining left to be done? this confuses me a lot. mining is necessary to complete transactions, but there is a finite amount to mine... im so confused...

 

[ZenZimZaliben]

I doubt there will be a selloff, the selloff would have happened at 50k in mass, this is just pure momentum. There is no stopping Bitcoin now, though I do wonder... how are transactions done on bitcoin blockchain at this sort of price point? Like won't the fees associated with transferring bitcoin be enormous the more its worth/less there is to be mined? and what if supercomputers start mining it, and it all gets mined up, how do transactions work when there is no mining left to be done? this confuses me a lot. mining is necessary to complete transactions, but there is a finite amount to mine... im so confused...

Once all the BTC has been mined it is not going to slow down. People will start trading via Satoshi. 1 BTC = 100,000,000 Satoshi. There have been projections where 1 Satoshi = 1 USD, which would mean 1 BTC would be worth $100m....yeah I think that is crazy but you get the idea. Lack of new mining pool isn't going to stop it.

Just because all the Gold has been mined doesn't make gold suddenly worth less. In fact it should increase in value.

 

[trog100]

I doubt there will be a selloff, the selloff would have happened at 50k in mass, this is just pure momentum. There is no stopping Bitcoin now, though I do wonder... how are transactions done on bitcoin blockchain at this sort of price point? Like won't the fees associated with transferring bitcoin be enormous the more its worth/less there is to be mined? and what if supercomputers start mining it, and it all gets mined up, how do transactions work when there is no mining left to be done? this confuses me a lot. mining is necessary to complete transactions, but there is a finite amount to mine... im so confused...

the whales pick a psychological price point and then try and drive the price down so that they can buy back in at lower price point.. you may well be right there might be enough buying pressure to f-ck up the whales game.. the more weak players they drive out of the game the less effective their game is..

trog

 

[Space Lynx]

Once all the BTC has been mined it is not going to slow down. People will start trading via Satoshi. 1 BTC = 100,000,000 Satoshi. There have been projections where 1 Satoshi = 1 USD, which would mean 1 BTC would be worth $100m....yeah I think that is crazy but you get the idea. Lack of new mining pool isn't going to stop it.

Just because all the Gold has been mined doesn't make gold suddenly worth less. In fact it should increase in value.

no no you misunderstand what I am saying, I read that Bitcoin, lets say you send bitcoin to person A and you are person B, in order to send that bitcoin literally requires a transaction on the bitcoin blockchain which requires mining, what if all the miners stopped tomorrow? could person a still send to person b? i guess maybe i don't understand how the blockchain works. i was under the impression to send someone bitcoin - directly from a hard drive to another bitcoin account hard drive no exchanges, banks etc, you need that blockchain to be up and running, which requires mining.

so once its all mined up, you can still trade bitcoin, but no longer directly, only through banks, exchanges, other coins?

 

[ZenZimZaliben]

"The process of mining bitcoin allows miners to gain rewards for every successful block verified in the network. There are two types of rewards that miners get from mining—a portion of BTC for every confirmed block and incentives that come from transaction fees, which are paid to the miners in exchange for their efforts in processing and verifying each transaction. Higher fees allow miners to gain higher incentives. This is also their basis for prioritizing a transaction in the network. The higher the transaction fee you pay, the faster it is for your transaction to be included in a block.

When all bitcoin has been mined, the miners will no longer receive block rewards since there are no more coins to be generated. They will only earn from the transaction fees to be collected from every confirmed transaction. Miners can continue securing the network since they will still earn from the said fees. However, it is not sure if these fees will be enough for miners to provide sufficient resources for them."

It might be possible that transaction fee's will increase after all are mined. BUt I doubt it because the pure volume of transactions will increase AND the value will increase so the % given to miners will also increase.

 

[trog100]

one other significant point has just been reached bitcoins market cap has just gone over one trillion dollars..

trog

 

[Space Lynx]

It might be possible that transaction fee's will increase after all are mined.

this is one hell of a maybe.

 

[ZenZimZaliben]

I guess what I am saying is if the % stays the same but the Volume and Price continue to go up (more so the volume) then it should be offset. Just look at the volume now $58 Billion just today. That will only increase as it becomes more and more adopted by biz and public.

 

[trog100]

well the sell off i expected at 55K never happened.. bitcoin is now going sideways at just over 57K.. maybe the orchestrated sell off days are over..

trog

 

[Space Lynx]

mining ether just isn't worth it on AMD. just did the calculator for it. most I would make would be around 230 bucks a month. and thats mining 24/7 which i don't want to do, i want to game sometimes too.

even if it doubled in value that would be 460 a month, maybe 350 a month after my gaming time, thats not including any fees, and paying taxes on it next tax season - so really looking at for 250 per month maybe 270 ish after all said and done, and lowering lifespan of my hardware...

just not worth it to me. it would need to triple in value to be worth it and i just don't see that happening for ether. i think btc will hit 60-65k range and stay there for a very long time.

 

[ZenZimZaliben]

i think btc will hit 60-65k range and stay there for a very long time.

I'm thinking $75k by end of Q3 2021.

 

[AsRock]

Maybe it's all the rich people in China hiding all their money hahaha.

 

[kapone32]

mining ether just isn't worth it on AMD. just did the calculator for it. most I would make would be around 230 bucks a month. and thats mining 24/7 which i don't want to do, i want to game sometimes too.

even if it doubled in value that would be 460 a month, maybe 350 a month after my gaming time, thats not including any fees, and paying taxes on it next tax season - so really looking at for 250 per month maybe 270 ish after all said and done, and lowering lifespan of my hardware...

just not worth it to me. it would need to triple in value to be worth it and i just don't see that happening for ether. i think btc will hit 60-65k range and stay there for a very long time.

If you say so. Even though the hash rate may not change as the value rises so does the profitability.

 

[trog100]

bitcoin is seeing a big move at the moment.. lots of coins are being moved onto exchanges.. quite why is still an unknown..

currently the price is dropping but if some big players are preparing to buy (i think they are) this could soon change..

trog

 

[purecain]

Electricity prices going up in the UK....

 

[dorsetknob]

bitcoin is seeing a big move at the moment.. lots of coins are being moved onto exchanges.. quite why is still an unknown..

"Pump and Dump"
we have had the pump and now its preparing to Dump

When price crash'es enough the Sharks will swim into the chummed water and Buy/feed