License to print money... BitCoin?

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November 28th, 2017 at 2:08:25 PM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 105
Posts: 7338
Quote: Fleastiff
bitcoin reported to have hit ten grand.
Ceilings are for cowards.
/.


Keep seeing it try to break thru but nothing yet. Maybe when Asia wakes up.
The man who damns money has obtained it dishonorably; the man who respects it has earned it
November 28th, 2017 at 5:23:35 PM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 111
Posts: 12437
"A new study claimed this week that close to four million bitcoins have been lost by their owners, which would decrease the existing supply (16.7 million) by almost a quarter and thus raise the scarcity/deflation of BTC.
I seriously suspect that some of the people pumping up Bitcoin over the past week wanted to win personal bets that it would reach $10,000 by the end of the year."

http://fortune.com/2017/11/25/lost-bitcoins/
If you take a risk, you may lose. If you never take a risk, you will always lose.
November 28th, 2017 at 7:49:53 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 761
Posts: 9015
Quote: Evenbob
"A new study claimed this week that close to four million bitcoins have been lost by their owners, which would decrease the existing supply (16.7 million) by almost a quarter and thus raise the scarcity/deflation of BTC.


Well 1 of those 4 million bitcoins are the original ones. Presumably they are held by Satoshi (the Bitcoin creator). If he starts to try and collect his $10 billion then he will be the greatest FONSI artist of all time.

On 18 August 2008, the domain name bitcoin.org was registered. On 22 May 2010, Laszlo Hanyecz made the first real-world transaction by buying two pizzas in Jacksonville, Florida for 10,000 BTC. In two months those 10,000BTC would be worth $800. Today they would be worth $100 million.

BTC broke $10,000 early morning of 29 November 2017 and $11,000 a few hours later.

I wonder if Wiz will tell us how many predictions are above $10K in his game. Of course there should be a roll back soon.
December 23rd, 2017 at 12:35:33 AM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 18
Posts: 2404
SNB has to bailout company that makes the paper for Swiss money. http://www.zerohedge.com/news/2017-12-21/unprecedented-intervention-swiss-central-bank-bails-out-firm-prints-swiss-banknotes
Everyone gets thrown from the plane to maintain altitude
December 31st, 2017 at 8:17:46 AM permalink
SOOPOO
Member since: Feb 19, 2014
Threads: 6
Posts: 328
My son, 25 year old computer programmer who makes a good income, has low expenses, (and no debt thanks to dad), told me he bought 1/2 a bitcoin at 10,000, so he has $5,000 invested. I asked him if he plans on selling half when it reaches 20,000, to keep a quarter bitcoin as a 'free ride', and his answer was a well thought out no. He says in around 4 years the difficulty in mining a new bitcoin will increase substantially, and there are a defined maximum number of bitcoins available for mining. He expects the price to reach $100,000 shortly after the mining difficulty increase. He is also aware that his $5,000 has a non zero chance of becoming $0.
December 31st, 2017 at 8:53:16 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 761
Posts: 9015
There is no upper limit on the number of $100 bills in circulation.

The print orders (about half of which will be used to replace old notes) are
1.5168 billion for FY2017 (quantity of notes, not dollar value)
1.6704 billion for FY2018

Year $100 banknotes billions in circulation (1996 big headed $100 banknote)
2016 11.5
2015 10.8
2014 10.1
2013 9.2
2012 8.6
2011 7.8
2010 7.0
2009 6.6
2008 6.3
2007 5.7
2006 5.6
2005 5.4
2004 5.2
2003 4.9
2002 4.6
2001 4.2
2000 3.8
1999 3.9
1998 3.2
1997 2.9
1996 2.6

Quote: SOOPOO
There are a defined maximum number of bitcoins available for mining. He expects the price to reach $100,000 shortly after the mining difficulty increase. He is also aware that his $5,000 has a non zero chance of becoming $0.


I don't think that the predetermined maximum number of bitcoins has any bearing on anything. It's not like there are so many paintings of by Leonardo da Vinci. Bitcoins can be subdivided into 10^8 sections.

Quote: SOOPOO
He is also aware that his $5,000 has a non zero chance of becoming $0.


I sincerely doubt that value will go back to zero.
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