"The Real Flippening" - Bitcoin's Now Bigger Than Paypal

Tyler Durden's picture

Thanks to this weekend's dramatic surge to new record highs in Bitcoin ($4,251), the market cap of the largest cryptocurrency has now surpassed that of PayPal.

Bitcoin total market cap topped $70 billion for the first time...

 

Surpassing that of PayPal... in what Colu’s Udi Wertheimer called the "real Flippening."

 

As CoinTelegraph reports, the symbolic reversal of values would continue Bitcoin’s further unprecedented growth in August following the lock-in of SegWit. Sunday saw an all-time high set again of around $4251, which attracted continued attention from mainstream media sources.

Not just technological advances, but the bullish sentiment on Bitcoin’s business side could be fuelling a positive feedback loop of demand, Bloomberg adds. Bitcoin passing $4 bln is currently the publication’s most popular story.

“People are starting to price in the consumer demand from Coinbase’s $100 mln fund-raising round,” Bloomberg quotes Justin Short, founder of the NOUS trading platform.

 

“That’s a lot of advertising budget. Every $1 mln of marketing brings new demand, which increases the price as the supply is limited by design.”

Coinbase had announced the closure of the $100 mln Series D round late last week, and had previously reaffirmed its long-term plans for huge capacity increases when it said it aims to raise a total of $1 bln going forward.

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Slippery Slope's picture

This Ponzi scheme is going to fall.

Creepy_Azz_Crackaah's picture

"This Ponzi scheme is going to fall."

Please. These electronic 1s and 0s are incredibly rare and valuable. It's not like my computer, my phone, or even my dishwasher and car are full of electronic 1s and 0s or anything like that.

Overfed's picture

At least tulip bulbs will produce pretty flowers in spring.

BaBaBouy's picture

Thats It ... Im starting ButtCoinz, Fully backed by 1 Roll of Toilet paper Per Coinz...

VD's picture

Tullipcoin is going to make the crypto-buttboys look like sheared and fleeced crypto-muppets...

tmosley's picture

Yeah, any second now.

VD's picture

in blockchain space no one can hear you scream.

ShorTed's picture

i can buy hookers and blow (well, at least the blow) with my btc, what do you get for your Au?  And since the holy EMP you guys are all counting on didn't happen last w/e...i'm now $700/btc richer, you and your Au are are $7/oz poorer.

In the end, we're both really stuck exchanging them for USD/EUR/JPY (or whatever) fiat.

Stuck on Zero's picture

Quick question.  What is the velocity of (bitcoin) money? Is it purely speculative transactions or is it heavily used in commerce?

assistedliving's picture

depends which BTC you use

both spec and used in commerce (mostly by those wishing to keep it 'secret') but growing daily and will continue to grow

note:  this is not a BUY recommendation

Ramesees's picture

Bitcoin is (primarily) used for 2 things today:

1) Accumulation/speculation with an expectation that it'll be used for everyday transactions one day.

2) Money laundering

The Chinese are moving money out of their country via bitcoin now, no longer need real estate to wash it.  Money laundering alone might be big enough to justify a total cryptocurrency capitalization of $2tn.  

I've made a fucking killing with BTC (my best investment ever - bought quite a lot at $1200 earlier this year), but ETH is much more interesting technology and LTC is better for everyday transactions.  LTC is silver to BTC's gold.  

 

So yes, a lot of it is speculative, but there's also a shitload of money pouring into the entire asset class.  It's the Wild West right now - pre-regulation, pre-institutional control.  Interesting times.  Nobody knows what the price ought to be - but honestly, if you had a chance to buy one share of Amazon in 2000, wouldn't you do it?  Buy a few hundred bucks' worth.  If it goes down then big deal.  If it goes up, at least you're a part of what everybody's talking about.  I'd buy some of each of those currencies - BTC, LTC, ETH.  Just do it - it doesn't cost all that much and then you're a part of it.  

JustUsChickensHere's picture

You missed:

 

3) Remittances

4) payments for online services like VPN's or access to remote sites.

Ramesees's picture

You're right - I consider those minor uses of bitcoin currently (almost certainly less than 10% of the total tx volume), but they are a glimpse into the future of how Bitcoin could be used.

sickavme's picture

I have yet to come across a major *anything*(ebay,amazon, stuff like that) that proudly says: "Now accepting bitcoin!"....

 

This thing is a chinese generated black hole, and works just as well as chinese garbage....

Yukon Cornholius's picture

BTC has been in bubble territory since I bought in at $372 a couple years ago. Must be one of them titanium re-inforced bubbles....

Obsidian Samctum's picture

Its going to remain a bubble until its not.

MANvsMACHINE's picture

 

 

HERE IS WHO ACCEPTS BITCOIN


  • WordPress.com – An online company that allows user to create free blogs
  • Overstock.com – A company that sells big ticket items at lower prices due to overstocking
  • Subway – Eat fresh
  • Microsoft – Users can buy content with Bitcoin on Xbox and Windows store
  • Reddit – You can buy premium features there with bitcoins
  • Virgin Galactic – Richard Branson company that includes Virgin Mobile and Virgin Airline
  • OkCupid – Online dating site
  • Tigerdirect – Major electronic online retailer
  • Namecheap – Domain name registrar
  • CheapAir.com – Travel booking site for airline tickets, car rentals, hotels
  • Expedia.com – Online travel booking agency
  • Gyft – Buy giftcards using Bitcoin
  • Newegg.com – Online electronics retailer now uses bitpay to accept bitcoin as payment
  •  Wikipedia –  The Free Encyclopedia with 4 570 000+ article
  • Steam – Desktop gaming platform
  • Alza – Largest Czech online retailer
  • The Internet Archive – web documatation company
  • Bitcoin.Travel – a travel site that provides accommodation, apartments, attractions, bars, and beauty salons around the world
  • Pembury Tavern – A pub in London, England
  •  Old Fitzroy – A pub in Sydney, Australia
  • The Pink Cow – A diner in Tokyo, Japan
  • The Pirate Bay – BitTorrent directories
  • Zynga – Mobile gaming
  • 4Chan.org – For premium services
  • EZTV – Torrents TV shows provider
  • Mega.co.nz – The new venture started by the former owner of MegaUpload Kim Dotcom
  • Lumfile – Free cloud base file server – pay for premium services
  • Etsy Vendors – 93 of them
  • PizzaForCoins.com – Domino’s Pizza signed up – pay for their pizza with bitcons
  • Whole Foods – Organic food store (by purchasing gift card from Gyft)
  • Bitcoincoffee.com – Buy your favorite coffee online
  • Grass Hill Alpacas – A local farm in Haydenville, MA
  • Jeffersons Store – A street wear clothing store in Bergenfield, N.J
  • Helen’s Pizza – Jersey City, N.J., you can get a slice  of pizza for 0.00339 bitcoin by pointing your phone at a sign next to the cash register
  • A Class Limousine – Pick you up and drop you off at Newark (N.J.) Airport
  • Seoclerks.com – Get SEO work done on your site cheap
  • Mint.com – Mint pulls all your financial accounts into one place. Set a budget, track your goals and do more
  • Fancy.com – Discover amazing stuff, collect the things you love, buy it all in one place (Source: Fancy)
  • Bloomberg.com – Online newspaper
  • Humblebundle.com – Indie game site
  • BigFishGames.com – Games for PC, Mac and Smartphones (iPhone, Android, Windows)
  • Suntimes.com – Chicago based online newspaper
  • San Jose Earthquakes – San Jose California Professional Soccer Team (MLS)
  • Square – Payment processor that help small businesses accept credit cards using iPhone, Android or iPad
  • Crowdtilt.com – The fastest and easiest way to pool funds with family and friends (Source: crowdtilt)
  • Lumfile – Server company that offers free cloud-based servers
  • Museum of the Coastal Bend – 2200 East Red River Street, Victoria, Texas 77901, USA
  • Gap, GameStop and JC Penney – have to use eGifter.com
  • Etsy Vendors – Original art and Jewelry creations
  • Fight for the Future – Leading organization finding for Internet freedom
  • i-Pmart (ipmart.com.my) – A Malaysian online mobile phone and electronic parts retailer
  • curryupnow.com – A total of 12 restaurants on the list of restaurants accept bitcoins in San Francisco Bay Area
  • Dish Network – An American direct-broadcast satellite service provider
  • The Libertarian Party – United States political party
  • Yacht-base.com – Croatian yacht charter company
  • Euro Pacific – A major precious metal dealer
  • CEX – The trade-in chain has a shop in Glasgow, Scotland that accepts bitcoin
  • Straub Auto Repairs – 477 Warburton Ave, Hastings-on-Hudson, NY 10706 – (914) 478-1177
  • PSP Mollie – Dutch Payment Service
  • Intuit – an American software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals.
  • ShopJoy – An Australian online retailer that sells novelty and unique gifts
  • Lv.net – Las Vegas high speed internet services
  • ExpressVPN.com – High speed, ultra secure VPN network
  • Grooveshark – Online music streaming service based in the United States
  • Braintree – Well known payments processor
  • MIT Coop Store – Massachusetts Institute of Technology student bookstore
  • SimplePay – Nigeria’s most popular web and mobile-based wallet service
  • SFU bookstore – Simon Fraser University in Vancouver, Canada
  • State Republican Party – First State Republican Party to accept bitcoin donations(http://www.lagop.com/bitcoin-donate)
  • mspinc.com – Respiratory medical equipment supplies store
  • Shopify.com – An online store that allows anyone to sell their products
  • Famsa – Mexico’s biggest retailer
  • Naughty America – Adult entertainment provider
  • Mexico’s Universidad de las Américas Puebla – A major university in Mexico
  • LOT Polish Airlines – A worldwide airline based in Poland
  • MovieTickets.com – Online movie ticket exchange/retailer
  • Dream Lover – Online relationship service
  • Lionsgate Films – The production studio behind titles such as The Hunger Games and The Day After Tomorrow
  • Rakutan – A Japanese e-commerce giant
  • Badoo – Online dating network
  • RE/MAX London – UK-based franchisee of the global real estate network
  • T-Mobile Poland – T-Mobile’s Poland-based mobile phone top-up company
  • Stripe – San Francisco-based payments company
  • WebJet – Online travel agency
  • Green Man Gaming – Popular digital game reseller
  • Save the Children  – Global charity organization
  • NCR Silver – Point of sales systems
  • One Shot Hotels – Spanish hotel chain
  • Coupa Café in Palo Alto

  • PureVPN – VPN provider
  • That’s my face – create action figures
  • Foodler – North American restaurant delivery company
  • Amagi Metals – Precious metal furnisher
HRClinton's picture

I'll bet you that all ZH writers (Tylers, Simon Black...) accept BTC. 

In fact, they'd prefer it if you send them BTC instead of cash or bullion. 

Although I prefer Bullion over Bouillon. 

 

(BTW, the FBI and all LEAs are happy to accept your BTC.)  :-)

kamikun's picture

Nice list... let me add my (previously) most common retail company - BullionStar out of Singapore. I bought so much PM from them as bitcoin rose over the last three years.... wish I had held on to the bitcoin though - would have been able to buy 5X as much gold!

jorel2's picture

silverbullion.com.sg is another.  They both have caps per transaction too.

The Cooler King's picture

tmosley

 

The best asset trader in history ~ (remember, this time it's different)

(circa 2011)

 

https://www.tfmetalsreport.com/comment/11948

VD's picture

maybe tmookie can aksz teh comexxx if they holding any (____) for teh btc?

tmosley's picture

I don't see anything wrong with those posts.

But I see quite a lot wrong with you, stalker boy.

The Cooler King's picture

"I don't see anything wrong with those posts"

 

What? other than your only reason for being on TFMetals was to hustle people into physical silver?

 

Are you Dennis Gartman? Come to think of it, I've never seen the two of you in the same room together.

 

hmmmm

tmosley's picture

Yes, I was on a gold and silver blog to get gold and silver owners to buy silver.

Like that time I went to a restaurant to convince people to go out to eat.

vega113's picture

Well, Bitcoin is the result of solution to the Byzantine Generals problem. The solution allows to reach consensus over unsecured communication channels as long as most of the participants are honest.
But every tulip mania is a result of important technological breakthrough, right?
Or maybe, just maybe, Bitcoin is different? Because this is the first time in history you can have decentralized consensus without third parties? First time in history when the technology allows to create self issued loans (ICOs)? Or Autonomous organizations? Or, who knows what - we will have to see what will this technology allow.
Everybody waited for a new technology to drastically increase productivity and save the bankrupt pension funds. Yet when this technology arrives - they call it ponzi. Because everybody thought that the saving technology will be AI/Robotics/Graphene/3D Printing...
Surprise, it is Bitcoin. Yes, no one could predict it - but in retrospective it looks obvious. A digital gold. Something like gold - but digital.

The Cooler King's picture

Byrne... The same guy that says that OVERSTOCK is a holder of gold & silver bullion.

 

https://www.sbcgold.com/blog/overstock-com-has-hidden-10-million-in-gold...

 

Just sayin'

Dennisen's picture

Here in Japan, you can buy any major or minor appliance, from an iPhone to a thumb drive to a giant LCD TV at BIC Camera for Bitcoin. However, Japan is making an effort to regulate Bitcoin transactions. Not sure yet how that’s going to play out.

HRClinton's picture

Re... "Tullipcoin is going to make the crypto-buttboys look like sheared and fleeced crypto-muppets..."

Well, you know what you can do with your two lips...

GodSpeed_00's picture

I'm not even angered by you fools anymore. You're too dumb to understand crypto as it is now, when it becomes mainstream and dumbed down for sheep like Windows did for the Personal Computer then I will sell you some ok?  While I'm winning all the way. I will keep winning and watching my gains while y'all keep hating, lol.

maxblockm's picture

It's not like computers, phones, cars, or dishwashers are incredibly useful is it? Or that everybody has/wants one or more?

garypaul's picture

These days EVERYTHING can only go in one direction: UP. Even companies exposed as total frauds will still go up unless the exchange pulls the plug.

I wonder why that is?

garypaul's picture

Absolutely. It's just not "hot right now"

sirsmokum's picture

Bitcoin - first man on the moon.

StillSilence's picture

so a fraud, you're saying?

Creepy_Azz_Crackaah's picture

I think it's saying created on a Hollywood set.

tmosley's picture

Shhh, nobody tell the oldbugs.

This news will really hurt their delicate wittle feewings.

Surging Chaos's picture

Good for fonestar. That dude was buying bitcoins hand over fist when they were like 20 bucks. That fucker is filthy rich.

The Cooler King's picture

"That fucker is filthy rich."

 

In PIZZA & GAMEFLY

 

Unless, like Raffie claims, he sold it all at a 'PROFIT' and then bought PM's, with the hopes of re-stocking mosley's empty house (while dodging the tax man with the profits he earned investing his lawnmowing & babysitting money).

 

Alotta gymnastics there.

 

I asked mosley, yesterday, if I bought a bitcoin, TODAY, at $4k, did he think I'd be able to buy a 2018 FORD VELOCIRAPTOR next year?

 

answer?

 

<crickets>, not even on OVERSTOCK

 

& why, ffs, isn't mosley the dictator of Venezuela as we speak since bitcoin is the apparent solution to their problems?

 

 

JuliaS's picture

And since he was bragging about it, the IRS paid him a visit. Don't worry. He'll be out in 15 years or so. They put him in the same cell with Satoshi. The man's living out his dream.

Golden Phoenix's picture

Fonestar is still on the internet, just not here. He tired of casting pearls before swine.

_ConanTheLibertarian_'s picture

If this isn't a bubble then shoot me.

BarkingCat's picture

It is not a bubble because I have not bought any yet.

It will officially be a bubble when I decide that "I know it's bullshit but why not do a momentum trade".