Bitcoin Buying Binge Continues, Tops $3400 For First Time As Fork Fears Subside

Tyler Durden's picture

Bitcoin, and Bitcoin Cash, are both higher this morning as the former surges above $3400 for the first time.

 

Ethereum is also running higher as analysts predict a double for ether and $5000 Bitcoin price in 2018.

This morning's surge follows news over the weekend of a mysterious trader 'Spoofy' manipulating Bitcoin prices.

It is clear that post-Fork fears have now been erased:

“The miner-orchestrated hard fork has had limited traction and will not impact the price or future development of bitcoin,” said Aurelien Menant, chief executive officer of Gatecoin Ltd., a cryptocurrency exchange in Hong Kong, referring to the split.

 

“The activation of SegWit is a significant milestone in bitcoin’s technological evolution.”

 

As CoinTelegraph reports, Standpoint Research founder and analyst Ronnie Moas has previously projected that the digital currency Bitcoin will reach a price of $5,000 per token in 2018 and $50,000 in 10 years.

In his most recent interview with CNBC, he also claimed that rival currency Ethereum is also likely to increase by twofold to reach $400 during the year.

In his report published in late July 2017, Moas claimed that the cryptocurrencies will sustain their solid performance and steal some shares of other assets like stocks, bonds, fiat currencies and other precious metals in the market.

"I think investors should take a shot on this and hold for a few years. If you lose a few bucks, at least you took a shot," he said.

 

"In life, you miss every shot that you do not take. It will probably be more upsetting to watch it (from the sidelines) go up another 1,000 percent."

Aside from the two leading virtual currencies, Moas also forecast that the price of the digital currency Litecoin will increase by twofold to $80 per coin.

However, Bitcoin's teething troubles may not be over yet...

“The scaling debate is not over yet,” Menant added.

 

“The promised 2 MB block size increase due in November in accordance with the SegWit2x agreement may still be rejected by certain stakeholders.”

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quadraspleen's picture

the sky is falling!

cherry picker's picture

That is what they always say, until it does fall.

Anything rising as quick and high as crypto can come down faster. 

I could be wrong, but my gut tells me otherwise.

quadraspleen's picture

on a long enough timeline the whole lot is coming down..Ride it while you have it

BaBaBouy's picture

Are Plebes Selling GOLD To Buy Bitcoinz ???

Not Gonna end well...

Manthong's picture

 

Know what happens with insects when you put an ounce or two of honey outside on a warm summer day?

..but oh… it’s the knowledge value of the bugs.

Creepy_Azz_Crackaah's picture

Because this is what stable "currencies" always do...

Manthong's picture

 

I bought one this time last year...

 

I will sell it when it gets to two or three million.

 

Then I will be stuck with F'n USD's that will probably not buy a couple ounces of gold.

TahoeBilly2012's picture

BTC Wave 3 target 7,500

GLD Wave 3 breakout near target 175

bob_stl's picture

I wish I would have bought those when I first heard about them and they were 15 bucks a piece. Of course I would have sold them at 30 bucks and been happy!

bob_stl's picture

Of course, It's probably the Feds running up the price so they can tax honest Americans on the capital gains before the scheme falls apart.

Manthong's picture

 

I read a while back that the average life cycle of a currency is about 90 years…

Of course that was before the bankers colluded to go global with their scam….

Butt, keep in mind the USD, which is a complete fiction now  only backed by nukes and obsolete aircraft carriers is getting a bit long in the tooth at 104 years…

Some people seem to want to go crypto… but until there is justice in the world, that ain’t gonna work.

Especially considering the NSA….

If you do not hold it, you do not own it.  

https://youtu.be/I45-zWJtvfM

    < 30 sec.

Don’t hate me because I am beautiful...

Oh no….  that was the commercial … for you old farts ....

 because I have a different opinion.

 

 

tmosley's picture

The longest lasting fiat currency in history was also the first fiat national currency, the famous "flying money" of the Mongolian Yuan Dynasty in China. Lasted 69 years, and experienced three bouts of hyperinflation ending in a civil war.

Pity the Mings didn't have cryptocurrency. Would have been far less bloodshed.

Manthong's picture

golly... gosh....

thank you for sharing that

Manthong's picture

 

TM..

And  will not even be hard for you, but for everyone else....

 

How does one spreak money word and/or bank in Chinese?

 

crew ... (ok CLUE for you millenial snowflakes) for F'ng centuries.....

quadraspleen's picture

I'm going the other way on that trade..

not shifting all of my BTC into PMs, though..oh no..A minor % will stay in cryptos, because diversification

nixy's picture

Selling unlimited digital to buy limited digital...??

BaBaBouy's picture

Is Thump tweeting Pro Bitcoinz?

tmosley's picture

Guts are stupid. Use your brain instead.

https://en.wikipedia.org/wiki/Diffusion_of_innovations

We are near the bottom of the adoption s-curve. The only reason for Bitcoin to fail is that it is replaced by something better (like IOTA).

BandGap's picture

Actually instinctive (subconscious) feelings are very accurate. Would you like some book citations?

"Survival of the fittest" has its basis as following your instincts.

That said, buy bitcoin if you want. It's your money and I could care less. I have placed my bets, good luck to everyone.

tmosley's picture

I'm sure the world will return to using smoke signals any day now.

My gut said so.

Or was that the spicy chimichunga I had last night?

BandGap's picture

"Gut" feeling = spider sense. I don't hate bitcoin, it just isn't something I wasnt to invest in. My children, however, do not share this view.

Better?

You do what is best for your tribe. And it may be that one day we do move to less efficient forms of communication.

TeamDepends's picture

Do some research overnight?  Check out Veritaseum and Populous as well.  What many crypto haters fail to recognize is that most altcurrencies are DECENTRALIZED, they completely bypass banks and govs.  But hey, if you want to cling to your FRN debt bux no one is stopping you.  Of course the money changers will do everything in their power to stop CCs, but they will fail.  Why do you think Satoshi Nakamoto remains a mystery man?  Because if he revealed himself the cartel would have a black op team kicking down his door before you could say "fiat". +1

tmosley's picture

I did, thanks to some particularly kind and invormative and handsome crypto commentators.

Still hurts to look at Veritaseum. I had a chance to get in for a few hundy on a lark back in 2015, but my computer was outdated and couldn't run the wallet. Would be worth god knows how much today.

Even the dust I had on cryptsy would have been worth at least $10K. But fucking Cryptsy went bankrupt.

I'll have to look into it again, and populous as well. Do you have any resources on them?

PrezTrump's picture

They don't want FRN they want PMs.  They are as ignorant to cryptos as their haters are to PMs.  Oh well, the run will most certainly sting them.  expect lotsa lotsa butthurt zeroheads.

cherry picker's picture

Tmosley

I have been around for awhile.  young investors sneered at me when I told them the .com crash was coming and soon.  they told me i didn't know what I was talking about  two months later it happened.

Now people are dumping assets, borrowing money to invest fiat into crypto and .gov is seeking ways to control it.

She is going to come down by the end of the year.  will crypto survive?.  Only the ones that are truly anonymous, unregulated and which can store value and to do that it needs to be backed with a commodity

tmosley's picture

>Only the ones that are truly anonymous, unregulated and which can store value and to do that it needs to be backed with a commodity

Those are your metrics, but not necessarily the ones the market will pick. The "backing" part is particularly ridiculous. The point of crypto is to be trustless. You can't have backing without trust. It is impossible. The tokens have to be valuable in and of themselves, whether as trade tokens, or for their ability to execute smart (trustless) contracts, or some other property that is of value.

Buying cryptos today is sort of like buying redeemable fixed % shares of internet access/bandwidth (which were never offered). Some ISPs might have gone bust, rendering your shares worthless, but most didn't, and the infrastructure that was build made your fixed % shares tremendously valuable.

The .com boom and bust will come, but it will probably be in the ICOs. In THAT, I see the same insane froth, with tons of obvious fraud but little investor concern for it. EOS is a good example, with someone pointing out to me that the tokens they offer are not linked with their end product, and thus have no intrinsic value, even if the EOS blockchain was created and took off, you could lose everythng, based on the whims of the creators.

vega113's picture

When you say that IOTA is better - do you base it on first hands knowledge? Did you read the white paper? Are you aware of possible downsides? Moreoever, you compare Bitcoin - which exists for 9 years and survived all this time without funding and advertisements and against negative coverage with something that not exists yet and is backed by investors that pay for advertisement. 

Designing a working system of economic incentives is very hard. Bitcoin works - but 9 years ago - almost no one believed it is even possible for it to work. IOTA claims to invent a new system of incentives - yet no one knows if they will play out.

My bet - Internet of Things will use Bitcoin (via Lighting Network), not IOTA.

Golden Phoenix's picture

I could be wrong but the Internet of Things seems like the next Google Glass or Apple Watch. 

 

vega113's picture

No, internet of things only means a lot of devices connected to internet that interact with each other. This will surely happen. The question is when.

tmosley's picture

Lots of things can happen. A couple hundred dollars in a promising new tech never hurt anyone.

I really like the idea of having a system where attacks on said system actually increase the strength of the network. If for no other reason than to shut up the oldbugs who constantly complain that the Chinese miners are going to shoot themselves in the head by compromizing the blockchain.

vega113's picture

There are no magic ways to prevent attacks. I read the white paper - there is a lot of probability calculations - where they do assume some things and then prove that probability is small. This is dubious. What if assumptions don't always hold? What if the probability of something to happen is low - but it still happens?
In fact they acknowledge they are open to various attacks during initial growth stage and they will just censor it until it grows "big enough". So, who said it will become big enough? What happens if it will be big enough but then the support level decreases? Will they resume centralized control? If so - they will have a centralized control all the time.
There are more questions than answers. They might have bugs in the software or bad math.

zebra77a's picture

Cryptos

a. Cannot be diluted without democratic consenus.
b. Cannot be taxed as the exchanges can move overnight to offshores
c. Cannot be attacked by an army because where is it..
d. Cannot be tracked profitably
e. Will form the new BlackBox GDP outside of Gov reach..
f. Is experiencing geometric growth
g. Is handling mainline transactions aka Chinese have end run the Canadian government by trading Vancouver Houses using bitcoin then just paying a transfer tax..

Fiat

a. Will be devalued to 0 value always over time... If you think otherwise do note that it has never mattered who controlled the US senate. Democrats and Republicans have never vetoed a deficit ever
b. Will experience ever increasing taxation until the public ceases to accept it as a mechanism of exchange..
c. Subject to endless manipulation in central bank interests..
d. Backed by force not by assets. If you think otherwise consider what happened to Saddam and Qaddafi when they abandoned US dollars...

malek's picture

"Cannot be tracked *profitably*"

And the jello prize trophy goes to this bullshitter...
I feel so much safer about my anonymity now.

tion's picture

Darling I have analyzed the crypto jurisdiction issue rather thoroughly and only the sheep who voluntarily give up and report their personal property will pay the price. Any legal entities holding bitcoin or bitcoin held by an individual through a legal entity are also vulnerable to incurring obligations. The government and faux government institutions will make-believe jurisduction but are unlikely to open themselves up to discovery in court in the many cases where they cannot compel legal jurisdiction.

malek's picture

Honey I miss the part where you talk about *exchanging* bitcoin for something else - how many counterparties will allow a bitcoin owner to do so completely anonymous? And if you narrow it down to cash...

tion's picture

Sorry I am slow I fail at this ZH comment setup.  Certain qualified counterparties and lack of complete anonymity don't worry me.  It's the user agreements and contracts and jurisdiction exposure people need to understand when dealing with counterparties.  But then again cash doesn't bother me either, it's not like I have enough dough to worry about trying to stick a million bucks into a suitcase or something.  Bitcoin is being adopted as a legitimate currency by countries, if it goes to the moon it will be because USD is turning into garbage, why would I want garbage?  I will either go on an extended jaunt to SEA and spend it, or buy property with it.

zebra77a's picture

I don't think people are realizing the implications of crypto.. Western fiat G20 currencies and their socialist governments could collapse in months to a few years.. Cryptos are powerful destabilizing tools and wars are first waged against a nations currency before it is waged against a nations people or army.. Cryptos are the antithesis of fiat.. Cryptos allow breakout blackbox economies to spring forward.. Gain an iron grip on one crypto will see the capital evaporate as it simply jumps to the next crypto.. Tax an exchange and the capital will jump to the next one.. Their only option is to shut down the internet a nuclear option that will not last..

We could see WWIII breakout over cryptos... If you cannot control a currency you cannot control anything..

iLLivaniLLi19's picture

A life raft exists!? Well then obviously the harbor must be nuked. Y'know, for the children and the old people.

 

It was once said that the moral test of government is how that government treats those who are in the dawn of life, the children; those who are in the twilight of life, the elderly; and those who are in the shadows of life, the sick, the needy and the handicapped. Hubert H. Humphrey
 

malek's picture

But YOU are "realizing the implications"?

"Western fiat G20 currencies and their socialist governments could collapse in months to a few years"

Cool, you believe to have determined the first step - so what would be the FINAL outcome of that (except for WWIII)??

earleflorida's picture

will be cut in half by next monday

crazytechnician's picture

bitcoin is not only money , it is also a new technology. New technology adoptions move through S curve cycles , if bitcoin is anything like internet adoption then it is still on the ground floor and there is still absolute massive upside to price. What can yu really lose by throwing a few hundred or a couple of grand at it ? Considering your bank balance is either going to be bailed-in or hyperinflated into nothing what is there to lose anyway ?

HRClinton's picture

I have to chuckle at the fair weather or low IQ libertarians here, who love to deride the manufactured stability that Central Bankers (BOJ, ECB, Fed) create, and in the same breath deride the volatility of Price Discovery that an unregulated Free Market experiences. 

Such people are either hypocrites or mental midgets. With apologies to midgets.

crazytechnician's picture

It's like trying to tell a horse trader in 1890 that the extreme oil price volatility is actually price discovery for a new invention that has not yet gone mainstream , the Internal Combustion Engine.

quadraspleen's picture

lots of hate for Bcash going down in CryptoWorld right now..they sound like the BTC haterz on ZH..it's actually funny listening to them

ebworthen's picture

"Tulips!  Black tulips for sale!  Get yer red hot black tulips here!"

I have a soft spot in my heart for you folks,  I really do. 

I know, math and all that.

*sigh*

quadraspleen's picture

we have a soft spot for people who hate cryptos too..At least I do..I don't hate anything I can make money on. I haven't shifted anything I can't afford to lose into cryptos (I bought them years ago) everything I bought with my BTC from then to now is now "free" as the value of my BTC has risen so much that I already made back the £1500 or so of goods I bought using BTC; my BCash were free so who cares whet they're worth, and my ETH are staying where they are as Ethereum will become more than just an ICO/Token within two years..it's all good!

(and I have a load of AU/AG, but no tulips - double bonus)

HRClinton's picture

How's your centrally controlled stack of shiny metal working out for you? 

Are you preserving wealth with it, while prices for real life things go up?  No? So, not a "store of value"? How about as a useful "Medium of exchange" at home or in your travels abroad? No? Sorry to hear that too.

Look, I'm not lampooning PM, but PM bugs and shills should get off their high donkeys about money matters, insofar they preach their biases and BS to others.

The moral is and always will be: Own a bit of everything and see what happens. Stocks, bonds, currencies, cash, PM, Crypto currencies, RE, Antiques, Patents, Copyrights.

p.s. Folks, never forking EVER trust a person who is trying to sell you a financial panacea or magical asset/bullet. They are either idiots or frauds. Always have been, always will be. No matter how charming or reasonable they present themselves to be. AVOID them at all cost, if you want to keep your money.