The community developed internet driven digital currency is on a tear once again…

From Zero Hedge:

While many of the largest cryptocurrencies are fading modestly this morning, Bitcoin is holding on to dramatic agains which saw the largest virtual currency spike to as high as $4190 as Yen, Yuan, and Won trading activity dominated volumes.

Bitcoin Cash remains in 4th place overall by market cap but Bitcoin is the only currency higher among the top 5 this morning.

 

 

Soaring past $4000…

 

As CoinTelegraph reports, the trading of Bitcoin in Japanese yen has accounted for almost 46 percent of total trade volume worldwide. The trading of Bitcoin in US dollar accounted for around 25 percent, while the trading of Bitcoin in South Korean won and Chinese yuan accounted for approximately 12 percent each.

Additionally, anticipated demand is being priced in after VanEck filed for an ‘active strategy’ Bitcoin ETF:

The Fund seeks to achieve its investment objective by investing, under normal circumstances, in U.S. exchange-traded bitcoin-linked derivative instruments (“Bitcoin Instruments”) and pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Instruments, “Bitcoin Investments”).

The Fund is an actively managed exchange-traded fund (“ETF”) and should not be confused with one that is designed to track the performance of a specified index.

The Fund’s strategy seeks to provide total return by actively managing the Fund’s investments in Bitcoin Investments.

Bitcoin’s solid performance in early August reflected that of gold’s amidst the selloff in stocks and bonds around the world due to the growing apprehensions over North Korea’s nuclear threat.

 

And the latest moves this weekend in the crypto world suggest gold will open well north of $1300 tonight.

  1. And sorry to come back to it but WHY does SD stick to its practise of using ASK prices for metals in the page banner? All other Sites use the BID price because you can ASK whatever you like for something? This has the ridiculous effect of having the graphs in the right margin state a price in numbers at the top which is completely inconsistent with the graphs below, presumably lifted from another source?
    Is this to try to make metals appear “More expensive” as a sales tactic? I think the mostly highly intelligent SD posters deserve better? Just Sayin….
     

    • In a sellers market the ask price is more relevant. Let’s hope it’s a sellers market soon, although not sure why the headline indicates that gold will do what bitcoin is doing. That’s speculation, not fact.

      I’d be interested to know why so many Japanese are buying bitcoin right now? Do some feel that the government bolstering of the yen will come to an end.

    • TPTB can’t control Cryptos any other way than to buy and drive the prices up……shows how they have sat on PM’s for so long and how undervalued they really are….

      Tested the water some on Cryptos; Killer was..bought ETH  at $8….lol sold at $15…..looked good at the time though….  bought LTC too at $25 sold at $37…. won on BTC, ETH and LTC….even though I pulled the sell trigger too soon…..it almost felt like I lost actually.
      But looking back was a total win and I learned a lot about me…in the process.

      Completely out now, profits went into Phyzz Silver. Whole sector makes me uncomfortable, from counter party risks to technical issues…. not to mention……

      Lost on most the crypto crowd that listen to webbot bs…was Clif High CLEARLY saying, “…2017 will be remembered at the year of the Crypto Scandal’s ” <note-plural>

    • WHY does SD stick to its practise of using ASK prices for metals in the page banner? 

      To keep our spirits up during these tough times.

      When Silver crosses $21 SD will switch to the “bid”, since shortly thereafter there wont be an “ask”

    • Good job @4 oz

       

      Any time one walks away from the table with extra money in their pockets, they’ve done well.  What happens after that is a lesson in patience but not a financial loss.  I have sold stocks at fat profits only to watch them go on to even fatter profits.  But that was not a problem for me.  I had a profit number in mind and when it was reached, I sold it and claimed the profit.  What happens after that is someone else’s loss or gain.  Such is the way of markets.

    • I don’t see any…  Bitcoin is irrationally hot, people are going to get far worse burned by it than some poor unfortunate soul who got trapped in the center of the great Chicago fire.  BTW, didn’t someone on here mention O’Leary’s cow has been getting liquored up lately and has been looking real hard at the  lantern hanging by the doorway?

    • Imagine that there was a digital fiat currency created by a mysterious anonymous man -Satoshi-..
      – that was pushed  by chief silver rigger and fraudulent Credit Default Swap creator Blythe Masters .. (blockchain’s diffuse ledger though is great)
      -And whose encryption was said to be unhackable even though everything is hackable.
      Would you buy it?

  2. Agreed with the ask prices.  Bids is far more representative of what is going on in the REAL markets.  So far as bitcoin is concerned, the holders of it better hope there is never a terrorist attack on the power grid; here and abroad.  Things will get mega ugly.  When it does, gold and silver prices will explode.  I just don’t think putting so much faith in fiat money comprised of the flowing of electrons buzzing through an iffy network, especially in these days and times, is such a good idea.  I wonder what they will use for money after such an attack and there won’t be any power for months, if not years!?  Yep, it will be like grasping at thin air trying to pull money out of it.  Sorry, but that trick only works for central banks.  Personally,  I don’t see much value in that nonsense, as I do with something that is TANGIBLE …….like gold and silver or food and ammo.

    “Like political power, justice in the USA , nowadays and in the foreseeable future, comes from the barrel of a gun.”

    • Considering how much effort the US Gov puts into the “war on terror”, why would they not do the same to bitcoin, which threatens the US dollar?  After all, as the US Gov says, ‘bitcoin is used mostly by terrorists, tax dodgers, and financial criminals’.  Language of that kind sends a clear message that the hammer is about to fall on the cryptos.  When, not if, it does, it will devastate them and all those who invested in them.

       

    • Bitcoin reminds me of the Netherlands Tulip bulb craze.  Tell me, what is backing this crypto?  Basically is is digital fiat money backed by regular fiat money.  Based on the size of the float, should a massive sell off occur, most people will not get out unscathed.  That POS will drop like a 100 lb anvil.  This is extremely risky–especially for some chumps getting in at $3,500.00+.  I have no idea where it will top off at but when it does…look out below!

      If there were ever a widespread EMP or terrorist attack on our power grid, how will you be able to buy anything?  Lots of luck with trying to pass of electrons as money!  Also remember, Bitcoin was hacked before and it will most likely get hacked again!

      Thanks, but no thanks. I’ll stick with my gold and silver.

       

       

       

       

    • Actually I don’t believe BitCoin itself has yet been successfully ‘hacked’, I think it was one of the BitCoin exchanges that was hacked. But as others have noted, eventually every software ever created is found to have some vulnerability somewhere.  I don’t think anything is truly ‘unhackable’ and there are significant counter party risks intrinsic to all crypto currencies.  The sad fact of the matter is that there just doesn’t seem to be any ‘sure thing’ these days when traditional safe havens like sovereign bonds are issued by bankrupt nations with negative interest rates.  Even stacking the phyzz has numerous risks associated with it such as price suppression and risk of theft or ‘confiscation’. Really ticks me off that our government essentially sold us down the river by allowing the creation of the FED and by allowing/participating in so called Keynesian ‘economics’ to buy votes to enrich themselves at the cost of everyone else’s prosperity.

    • Also remember that Goldman Sachs patent is to control cryptos for market investments.   Most of the top five are blockchain based for apps.  Then there is the NSA and MIT connection.  I am beginning to see the global cashless currency taking shape in the form of blockchain.

  3. Manipulation will be limited to the extent that it is IMPOSSIBLE (not illegal) to naked short bitcoin. The system does not allow for it, and the code cannot be changed to allow for it. Bitcoin was created in response to the 2009 crisis, and this naked short protection was factored in as necessary. So TPTB can buy a bunch of real coins, manipulate it up – then sell that real bitcoin they own to short it. But there in lies the rub. Once they sell it, it’s gone!  There are only a few million coins in circulation out of the 20,997,000 + a few coins in the genesis block.. Many coins have been permanently lost through carelessness, or locked away in cold storage, or have not been mined yet. So, we will see $25k bitcoin pretty quick here imo. It has not even started yet – the price rise. It’s the ultimate buy and hold. Maybe. hahha

    • dude – please do your homework. ACC is a CENTRALIZED  ICO pipedream.

      Bitcoin is a de-centralized network with 10,000 times the computing power of the NSA. Bitcoin is up and running for 8 years, is inherently anti-fragile, and the price has doubled on average every 4-6 months since it’s creation. It will continue to do so. God I hate lazy people. Bitcoin should hit $25k by this time net year. At the latest. It is already out of reach of the average buyer – for an entire coin.

    • Good point! But since bitcoin is designed to emulate sound money, and a deflationary currency – gold specifically, they designed in the limited, declining coinage minting. Right now – the tally is approx,. 16 million coins have been minted to date out of the total of 20.997 million coins ending their minting in the year 2040. 12.5 coins are minted per 10 minute block until 2020 , when that number gets “halved” to 6.25 coins per 10 minute block on the blockchain. 2024 – minting halved to 3.125 coins/per 10 minute block, 2028- 1.55 coins and so on. all ending in 2040 at the fixed total of 20.997 million + a few bitcoins minted. And that’s it. Forever and ever.

      So that makes the coins rare, and irreplaceable, – .So – to your question – “Once they sell doesn’t someone else have to buy it to keep the price up?” You bet!

      Every one is in line to do that because there are only a few coins left to fight over, and we know price will solve that problem. Price is going up. The world’s population, all of humanity – fighting over 20.997 million coins.

      There is only one Bitcoin. Everything else is just an alt coin.

    • @silversnout  Since Bitcoin can’t be shorted, buyers can bid it down big time.  When it turns into a selling panic, it’s like trying to conduct transactions off a falling knife.  JMHO

  4. Not a “sneak peak” of gold/silver.  Those metals are controlled.  The bankers have a jackboot on the throat of gold and silver cutting off air supply and holding them down in the dirt.  The system is so threatened by high precious metals prices that they must hold it back at all cost.  That the bankers are investing so much time and effort holding the metals down demonstrates their fear quite clearly.

    Bitcoin on the other hand is not controlled by the bankers (or is it?) who appear to have no fear of it thus it is free to roam where it may.  If circumstances don’t change bitcoin can rise to the stars unmolested if that be it’s destiny.

     

  5. “Beware the bearers of false gifts and their broken promises.
    Much pain, but still time. Believe there is good out there.
    We oppose deception. Conduit closing.”

    This just so happens to be the decoded binary message on a crop circle which could without too much of a stretch be a depiction a an alien holding a crypto-coin. Note the binary coding placement embedded within the circular disc (coin? gift?).

    http://humansarefree.com/2011/02/two-most-important-alien-messages.html

    Caveat: This comment is for entertainment purposes only. (or not)

     

     

  6. Hmmm….  3 gold buffalos or 1 bitcoin.  Sorry, the higher bitcoin goes, and the more gold ounces I can get equivalent to one bitcoin, I’ve got to take the gold.  Bitcoin is going up so it has to be right.  I’m sure a million dollars can go into bitcoin and make it go up another $1000 and increase the market cap by over $16 billion.  That’s leverage!  Has the utility or the intrinsic value actually gone up by $16 billion with 1$ million of inflow?  It’s no different than a share of stock with a fixed float.  In hind sight, bitcoin could look incredibly silly, but as it’s going up at the moment, bitcoin is obviously a no brainer because of the blockchain technology.  I bet if Mark Twain were alive he would marvel at it all and come up with a real firecracker of a quote.

  7. Money has and always will be what people think it is. Of course there are several factors in play when it comes to perception such as scarcity, governmental decrees, counter party risk and perceived value of alternatives. At one time aluminum was more scarce and perceived to be more valuable than gold until someone figured out how to mass produce it.

    “Good money” most commonly possesses all of the properties described at Infographic: The Properties of Money but commonly accepted money has been any number of things throughout history including sticks, beaver pelts, coins, paper and of course even just numbers themselves. The case for PMs is that they possess all of the traditional properties of money and therefore become recognized as most valuable when faith in other forms of money fails.

    Historically PMs have not served as a particularly strong investment because PMs do not put capital to work in an effort to increase their value.

    With that said, PMs have (and will) be perceived to be very valuable in relative terms when people lose faith in other forms of money. The question always boils down to not if but when. History doesn’t necessarily repeat itself but it most definitely rhymes.

     

Leave a Reply