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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tmosley's picture

Will be interesting to see if they can recover and piggyback off the network effect of BTC.

I'm holding most of my free ones.

quadraspleen's picture

Me too. Take-home word from Bcash (for long time BTC holders) is *free*

Saro's picture

ABH: Always Be Hodling

vega113's picture

BCash chose very stange time to fork. Just before the New York agreement and 2MB blocks. If they wanted - they had to wait until 2 MB blocks will not not enough. Yet they forked anyway. They don't like SegWit - yet it is almost impossible to understand why.

The reason they forked now - they wanted a fork because of political reason and needed justification. They didn't really want low fees - they wanted Bitcoin they control and Bitcoin without SegWit so they can use their patented AsicBoost exploit to mine 30% more efficiently.

crazytechnician's picture

Sorry but your BlockstreamCore bullshit does not wash around here. Segwit is dogshit , RBF is dogshit , if LN ever exists it will be on centralised , regualted hubs. You have been brainwashed. Once you realise 1MB bitcoin is actually a Blockstream funded alt-coin you might get it. bitcoin was never designed for high fees and slow tx. It was designed to be a fast , cheap global payment system. As soon as BTC mempool fills up and fees skyrocket you will see rapidly that Bitcoin Cash will quickly piss all over BCore.

vega113's picture

Anyone will be able to open a LN node. But let's say - LN will be centralized - they could fork then. And they could fork with LN and 8MB blocks, right? So why bigger blocks but not LN? Even though SegWit actually fixes a lot of issues...
The answer is simple - they don't want SegWit because it is incompatible with AsicBoost. AsicBoost is the only thing that can kill Bitcoin because it does centralize the mining as mining without it cannot be profitable. Yet they do everything to stop SegWit that prevents it.

crazytechnician's picture

For 7 billion people to use bitcoin it will take on average 146 years to open and close a single LN payment channel with 1MB blocks. The mathematics of 1MB and segwit do;t stack up. You need to do far more research. Open your mind to the possibility that you have been brainwashed by Blockstream/Core Minions. The 1MB restriction is an Alt-coin of the original bitcoin protocol. Time will prove this. As soon as the BTC mempool is full Bitcoin Cash will rapidly overtake BTC in tx volume , efficiancy and market capitalisation. ASIC Boost is just another red herring used to manipulate the feeble minded.

vega113's picture

You just ignored all my questions. That is good indication you are brainwashed or worse.
8 MB blocks by Bcash will not suffice for 7 billion users neither. With SegWit - 2MB blocks are in effect like 8 MB blocks without SegWit - so this is equivalent to BCash. Also, with LN - not everybody will need to open channels - only LN owners - and 8MB blocks is enough for millions of LN providers to work.
How ASIC Boost is red herring? Everybody mining BCash has to operate with ASIC Boost or be out of business - which means BCash is totally controlled by one miner company.

Iconoclast421's picture

Crap. This means Vega 56 is gonna be like $800.

Txpl9421's picture

Etherium will be a lot higher than $400.  Bitcoin will easily be closer to $10k into next year.

 

spanish inquisition's picture

No worries. If you overlay a global warming hockey stick graph, you can see it's not in a bubble.

MonkeySmoke's picture

for those that still believe the cryptocurrencies will save us from the evil banksters give this a quck read - http://thedailycoin.org/2017/08/06/cryptocurrencies-the-next-level-of-po...

BadDog's picture

The hockey stick high of bitcoin needs to overlaid on the amount of fiat debt created by the central banks.  Something is going to crash alright.

syzygysus's picture

Sounds like this Bitcoin is turning into Parabolicoin.

Likely to end well I assume..

kurzdump's picture

As long as it is not parabolic on a logarithmic scale, it's not a bubble. Ask Mr. Yellen.

tmosley's picture

It's an S-curve, actually. Just like any other new technology.

Only way it is going down is if something better takes its place.

CJgipper's picture

Divide bitcoin by USD in circulation.....

LawsofPhysics's picture

Once governments around the globe begin requiring you to pay taxes in digital currencies then you will know the truth. In the meantime, hedge accordingly and remember that all stimulus is fungible.

Yellow_Snow's picture

If that happens, then Monero Coin soars - it's totally anomonous...

tmosley's picture

>totally

More like 40%. https://monerolink.com/monerolink.pdf

Dash is probably a better bet.

JustUsChickensHere's picture

The privacy (PrivateSend) in DASH is provided by tumbling. The pool of coins used for tumbling is provided by masternodes - exactly 1000 coins per node, and 4617 nodes at the time of writing.

 

That means a pool 4,617,000 coins used to tumble your transaction trail. The current total coins issuance is 7,477,561 - so over 50% of the currency supply is used to suport the privacy.  That is amazing. Bitcoin tumblers have nowhere near that pool of coins being use to provide privacy.

 

Effectively, the majority of DASH long term holders have set up master nodes to support the PrivateSend and InstantSend features of DASH, rather than just leave their DASH in cold storage.

DASH has dramatically improved on Bitcoin's original features.

PrivateSend gives tumbling to make your coins untraceable- and you could just tumble your entire wallet once (for the trivial fee) and after that, the following transactions from your wallet are using untraceable coins - even without using PrivateSend again.

InstantSend does what Lightning promises for Bitcoin, but without needing a second layer - and it already works for the entire currency.

 

Most importantly, the economic incentives (new coin issuances) are split between miners, masternodes and project development work. 

Governance has been decentralised by being cotrolled by the master nodes. This alone is ground breaking design, intended to prevent civil wars withing the DASH community. It is working at present.

 

Basically DASH, with a fully mature set of tools and support businesses, has addressed the weaknesses of Bitcoin.  Unsurprisingly it has gained good market share amoung people who look at fundamentals.

Advoc8tr's picture

it has also been a lot less volatile.  I remember tossing up whether the $10K for the 1000 coins required to run a masternode was worth it and decided against it.  200K now and a passive income stream without mining hardware.  IOATA and the Tangle look promising. No fees and instant transactions. Because there is no huge blockchain the nodes can go on chips inside all the connected devices.

Saro's picture

The study presented was already obsolete by the time it was released.  All Monero transactions are required to have at least 2 mix-ins now, and you can specify more if you want even more privacy.

Dash is just a shitty pre-mined Bitcoin clone with dev "taxes" and bog-standard CoinJoin tumblers mixed in. You're required to trust third-party "Master Nodes" to keep your transactions private, the master nodes decide where the developer "tax" goes, and the pre-mine basically guarantees that most/all of the master nodes will be owned by the same group of people (the devs), since they hold the vast majority of the Dash required to stake themselves as a master node in the first place.  And even if you trust the devs for some reason, that centralization will make it stupid easy for the government to lean on them when they want records.

Monero is the technologically-solid privacy choice.  If you want something more risky, and with a bigger potential upside, Zcash would be my second choice.

tmosley's picture

>Dash is just a shitty pre-mined Bitcoin clone

Don't be a maximalist.

But I will take your notes under consideration. I don't know much detail about the tech behind the two coins. Don't have the background to make such distinctions.

I had an opportunity to own a masternode, or even several (or many more) had I abandoned my silver earlier. I'm sure many others did as well. I'd be a multi-millionaire if I had.

Don't think the devs really kept all that many coins. The premine whining was old in 2013. They didn't have ICOs back then. Premine was the only way to raise funds for development.

Saro's picture

Don't be a maximalist.

I own a few different coins, and I'm watching several others.  I'm not one of those people who think Bitcoin is the final, greatest form of crypto; I just have a keen sense of smell for scams and clingers-on.

I don't know much detail about the tech behind the two coins. Don't have the background to make such distinctions.

In a year of endless ICO pump-and-dumps, the ability to separate bullshit vaporware from solid tech is going to be the discriminating factor between winners and bag-holders.  The advice I give to people is: if you can't explain how it works, don't put your money in it. 

Premine was the only way to raise funds for development.

I'm instantly suspicious of any coin that needs millions in funding before it has anything to show for it.  IMO, if a coin is actually as great as the developers promise, being the earliest adopter should be lucrative enough without resorting to pre-mines and developer taxes.

Be safe out there.

tmosley's picture

>I'm instantly suspicious of any coin that needs millions in funding before it has anything to show for it

As well you should be, but while it has been a while since I looked into it, it looks like the amount of Darkcoin that was premined wasn't worth very much when it was sold to cover costs. Certainly not millions.

anarcode's picture

I think Monero has the bigger potential upside. Ring CT, which brings it on par with Zcash and amount privacy, and mobile wallets are just around the corner. A few more Silk Road/AlphaBay busts and some WikiLeaks and Monero will displace Bitcoin where privacy is wanted.

Winston Churchill's picture

Are you that blinded.Payment with their FedRes crypto only, and they will control the exchanges for that , and only them.

It seems the school system is working  just fine for them can no one think several moves ahead anynore ?

London..unfortunately's picture

Cloakcoin is pretty good for anonymity too.

espirit's picture

If cryptocurrencies are the 'credits' proposed in futuristic sci fi movies, then cash fiat is dead.

However should the plan be to exit and buy Au, then who are you going to buy from?

I'm not talking about tomorrow per se.

Winston Churchill's picture

Any good farmer knows to keep the livestock calm before slaughter, else the meat is tainted.

TPTB went to considerable effort to get legal tender laws thru' SCOTUS, stuffing the court after its two rejections.

How taxes are paid give them ultimate control whenever they want it, the crypto pumpers are being blinded by their greed.

They are actively working themselves into a serfdom never seen before for a short term profit.

Sad to watch.

sirsmokum's picture

Spoofy is the actual exchange itself. Who else would risk having that many btc and that much fiat "siezed".  Of course after the "haircut" they gave their customers a while back claiming they were hacked, they should have plenty of coins for things such as this.  Also the fact they are the ones to come out to admit it was happening.  Like ok yea we will admit it and these idiots will never suspect us because of our awesome transparency.

tmosley's picture

If it were the exchange itself, it would be frontrunning orders, not just putting up and removing buy/sellwalls.

Son of Captain Nemo's picture

Tell me again why we don't have a picture of Janet Yellen with a beard dressed as Uncle Sam telling U.S. that we need to buy "Bitcoin" to support MOAR "WAR"!...

Because it's obvious at this price USD ain't gettin it DONE!

Weirdly's picture

A governemnt run on bitcoin would require the politicians to raise taxes to pay for war because IT CAN'T BE CREATED OUT OF THIN AIR.  A world run on bitcoin would end all war.  https://www.youtube.com/watch?v=joITmEr4SjY

Son of Captain Nemo's picture

The gospel according to "Sudden Debt"

"Pretty simple actually.

The bots.

they trade outside the price levels available for the public and buy and sell to themselves to create volume

And when volume is low, they can let the price rise in a short time with pennies.

Just look at the value that's trades during these spikes.

And the guys who are making a shitload are the exchanges who are owned by the miners who totally controll the price."

Source comment (http://www.zerohedge.com/news/2017-08-06/mysterious-trader-nearly-unlimi...)

Conax's picture

"..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."

There it is- it has become a precious metal folks. A computer generated popcorn fart is a precious metal because modern gamer kids think it is.

tmosley's picture

No, no. Fiat currencies are precious metals, not cryptos.

They are both issued in infinite amounts. Cryptos are limited!

Son of Captain Nemo's picture

"There it is- it has become a precious metal folks. A computer generated popcorn fart is a precious metal because modern gamer kids think it is."...

Conax

Can't you "smell" the wealth and opportunity of it all?!!!

CJgipper's picture

Money is a concept, not a hard good.

 

therefore, perception is reality.  If the gamer kidz think it's money, then it is.

Seasmoke's picture

And Gold cannot get over $1300. Something is truly wrong in the world.

tmosley's picture

The first step to recovery is admitting that there is a problem.

sudzee's picture

The wheel

Steam power

Electricity

The car

Radio

The airplane

TV

True fiat

Computers

Smartphones

Cloud computing

Blockchain

Each was in doubt till people  adopted the technologies.

Adopt or die..

LawsofPhysics's picture

FAIL.  It's "evolve or die" and when there is food for 5 people and you have 15 people to feed, 10 WILL die no matter what.  It's just the math and physics at work.

Remember, when fraud is the status quo, possession is the only law (regardless of your payment system).

 

I have no doubt electronic currencies will be accepted, eventually...

YOU convieniently ignore several worlds wars you disingenuous fuck.

TIMBEEER's picture

Those were beautiful words. This disingeuous dick is mining ETH, mining XMR, and all it costs is a fraction of the electricity bill. Can you create USD or EUR from thin air? Yes you can. Can you create ETH or XMR or BTC or BCN from thin air? Nope. You need to mine it, spend energy and effort. The central bank is us miners. How do you feel, FED, ECB and all our elected career bolsheviks who want to rob, eh, tax our hard earned currencies? Yeah, I'm happy as well :D

AE911Truth's picture

Cheap energy for Bitcoin mining. The less you pay for electricity, the more coin you get to keep:

 

https://youtu.be/rwlEThO5VBw

 

https://youtu.be/aUWAzmy-61o

 

https://youtu.be/OzOhM4HsIeg

 

http://www.BrilliantLightPower.com/Validation-Reports/

    

tmosley's picture

>10 will die no matter what

Stupid.

Go dig in the yard for grubs and worms if you are that hungry. If that isn't enough, then when the first guy dies, eat him!

Your inability to think outside the box is why you lost everything on your peak oil nonsense.

_ConanTheLibertarian_'s picture

You only mention technologies that work(ed). Now show us the failed technologies. Digital shit can become worthless for many reasons.

If people are selling the house and their kids to by DCs, then it's in a bubble. It's really that simple. Not saying that DCs aren't usefull.

sudzee's picture

If a technology failed its was not progress so why bother mentioning. As to Cog's mention of war, only mericans and Saudi's see murder, slaughter of millions to be "progress".

As for people jumping into cryptos by selling the family jewels, a single case of that really happening shouldn't make you think its widespread.

My experience has been that the group I know are heavily into crypto were long time PM horders. The group did not dump their hordes to jump into cryptos. Manipulation of PM's or maybe just worthlessness in this new digital era just wore this group out. Regular savings adds up if you have no bills and needs to go somewhere. Fiat no longer pays any dividend so the choice to take a shot the next big technology is worthwhile. I find it a shame the inteligent conversation on cryptocurrencies has no place, it seems, on ZH. Hoping that changes soon.

 

aloha_snakbar's picture

Ill choose death... (BTW...blockchain and cryptos are not the same thing; cryptos are an app using blockchain technology. Blockchain has other uses besides 'cryptocurrency', which is another word for complete governmental control)

If you think the banksters, government and military have control now, just wait until your entire family history – I mean entire family history – is uploaded and tied to your financial and economic account on the blockchain. We should all be extremely concerned and questioning the entire lay of the land in this “brave new world” instead of jumping for joy because bitcoin “hit a new all time high”.

And there it is right there, rather succinctly stated; I am NOT a PM bug, am not a troll and otherwise do not have a dog in this race. Its a free world and I could personally not care less if someone makes a lot of money, or loses a lot of money with cryptos, either way the world will keep turning and I will still sleep like a baby at night. No... the REAL fear is that the starry eyed crypto fans, all awash with their newly found riches, will drag the rest of us that have a modicum of common sense, kicking and screaming down the rabbit hole with them. Without a doubt, our current monetary system is fucked up... but as bad as it is, crypto adoption by Uncle Scam will be FAR WORSE. Saying that cryptos will be our salvation and fix our monetary woes is like saying that we can triage a sucking chest wound with a bigger sucking chest wound...