Bitcoin Soars To Record High $4,600

Tyler Durden's picture

The prices of Bitcoin has exploded overnight, surging over 6% to a new record high above $4600 as demand from South Korea and Japan spurred more safe haven buying as gold and Treasury bond prices rose following North Korea's most provocative missile launch yet.

Heavy volume taking Bitcoin higher...

 

We note that the big volume spike in Bitcoin struck as US equity markets opened and panic-buyer bid tech stocks...

 

The cryptocurrency landscape is a little more mixed but Ether is gaining...

 

This mornig's rally has pushed the cryptocurrency market cap over $160 billion for the first time.

 

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Golden Phoenix's picture

People have done accounting on paper for thousands of years. Do you really think they are going to automatically calculate and submit their EZ tax returns for free on a smartphone when they can just drive down to the IRS office, pay for parking, be searched, wait in line, then shove gold bars through the acrylic slot?

MANvsMACHINE's picture

"Bitcoin will 'never' be money. Money has always been a medium of exchange that people *agree* on. There will never, ever be enough people agreeing to use Bitcoin, or any crypto..."

Seems to me that a greater and great number of people are willing to exchange the 'money' everyone agrees on for Bitcoin, the money that people won't ever agree on.

How's that?

aloha_snakbar's picture

Still a *tiny* part of the big picture. Only the government forcing the issue will make it a reality... never happen otherwise...

tmosley's picture

Bigger than silver.

You going to wait for it to be bigger than gold (around $1000000 a bitcoin in today's prices)?

aloha_snakbar's picture

I was referring to the entire supply of money, not just silver. In percentage terms, cryptos are still tiny. And again, people cannot agree on which bathroom to use. There will never be enough of a voluntary consensus to use cryptos, unless .gov shoves it down our throats, and at that point, it will not resemble anything it does today, or anything you *think* it should resemble...

tmosley's picture

When the system becomes too much for people to bear, they will look for an alternative.

This one will be both easy to find and easy to implement. That is why it will be chosen.

Not My Real Name's picture

We will only know bitcoin's true value after the dollar implodes and becomes worthless. Then bitcoin will have to be measured -- at least temporarily -- in terms of gold troy ounces. 

I don't know about you, but when the current fiat regime finally dies, I will never exchange even a single ounce of my gold for a bitcoin. Maybe I am in the minority, but if a majority of gold owners feel the same way, then bitcoin will be in serious trouble.

2500saturdays's picture

5500 + CDN dollars for 1.05 BTC in a wallet or 3 gold maple leafs in your hand.

no brainer for me but then again i have never been accused of being smart.

who knows but I still believe the coins are the right choice .

when / if it's 55000 for 1.05 BTC in a wallet I would take the 3 tubes of maples tks.

Mustafa Kemal's picture

" There will never, ever be enough people agreeing to use Bitcoin, or any crypto..."

I placed a bet on that about a year ago.  Lets see. If you are right I am out a little, if you are right you are out alot

aloha_snakbar's picture

Im not *out* anything... what are you talking about, a collection of 'dollars'? People cannot agree on anything these days, whether it be statues, or skin color, or whatever. The only way you will see widescale adoption of cryptos is if Uncle Scam makes it so...

Golden Phoenix's picture

Crypto market cap is current over 70 billion and adoption is rising as exponentially as price. We agree to have money. You agree not to have it. I don't see the problem.

Think for yourself's picture

Sure, premiums get proportionally larger for smaller denominations. but that is not an innate property of gold; that is an emergent property of the system where those denominations are not in circulation and you have to go to a service provider (local bullion dealer) to obtain them.

And for unpractically small units of value in gold, that's why you use silver. We could easily have dime-size units of silver - dime-size gold is a tenth of an ounce, so with silver's density 1-gram denominations should be perfectly functional.

tmosley's picture

>but that is not an innate property of gold

Yes it is. It always costs more labor to make smaller quantities of something. Fixed costs become a greater portion of the overall price. That is why people go to places like Sam's and Costco to buy items in tremendous bulk. Major cost savings.

But it costs NOTHING to subdivide a bitcoin down to 8 decimals.

As for bi-metallicism, you introduce a new level of complexity on an already overly complex system when you have to make change in a different metal, especially when one is primarily a monetary metal, and the other is primarily an industrial metal. That worked (sort of) when there were huge stockpiles of both, but the silver stockpiles are gone now.

Think for yourself's picture

It costs proof-of-work. Way more electricity and computing ressources than one hundredth of a millionth bitcoin is worth.

FreeShitter's picture

Glad I have a few :), did anyone see that reversal on First Majestic? yeah NO manipulation there. Playing with miners is worse than playing with rattlesnakes.

Son of Captain Nemo's picture

I'll tell you one thing... It won't be "Target" managers like this guy (http://www.zerohedge.com/news/2017-08-28/signs-peak-former-target-manage...) that will get it to $6,000 or even $10,000...

The ONLY consultant that matters (https://en.wikipedia.org/wiki/Janet_Yellen) and her accomplices (http://www.zerohedge.com/news/2017-08-27/bernanke-flip-flops-will-be-key...)!

Son of Captain Nemo's picture

REPOST

"The totally illegal provisions within Section(s) 1021 and 1022 of the 2012 NDAA will come in handy when that "dragnet" to scoop up all the "badies" will be used as cover to indict the innocent "Buttcoin" faithful... The majority of which will be labelled as "enemy combatants" using it to traffic "illegal drugs and weapons" especially the ones with oversized "wallets"!...

I believe they will soon be calling them "crypto patsies"!!!"

Don't say I didn't warn ya!

http://www.zerohedge.com/news/2017-08-28/how-cia-made-google

Wrenching Away's picture

Pretty soon the US dollar will be an "unsafe" haven

Justin Case's picture

The Yen is the safe haven currency  today. Watch the USD/Yen ratio to find out which way gold is going.

dark fiber's picture

Nope, the moment the US dollar gets in deep trouble, the Euro and all the rest of the paper currencies will follow.  The entire fiat money system is all tangled in one big ball.

Silver Savior's picture

Pretty soon? I have been getting rid of the dollar for silver since 2013. The dollar is an unsafe Haven.

Michigander's picture

You oldbugs will be singing your same fucking old tune when bitcoin hits 6 figures because you just dont understand it or the technology behind it.

Oldtunes...

Verse 1 ...tulip bulbs

Verse 2...emp

Verse 3...bubble

Verse 4...its not bullion.

So dust off your buggy whip, saddle up your carriage, and go to town...maybe take in one of them new fangled moving picture shows.

blargg's picture

Nobody knows how it will end up in several years. You can't deny that gold apologists have thousands of years of empirical evidence backing their position.

thefinn's picture

Also the fact that bitcoin network sux, doing a transaction can take a long time during peak usage. Someone further up said Hundreds of thousands of dollars per bitcoin - imagine the bitcoin network at that point?

 

Unusable.

Golden Phoenix's picture

Thankfully when we send someone gold bars they still arrive instantaneously.

Golden Phoenix's picture

As people like to remind us here gold is a 'store of value'. Typically inversely correlated to the prevailing fiat currency, its 1000 year history essentially consists of zero returns net inflation.

Meanwhile $200 invested in bitcoin just two years ago would buy more than three gold bars now. Not sure why you'd want to but knock yourself out. Despite a 1000 year history to the contrary someday you just might be right.

Azannoth's picture

I understand this they can pull the plug on BC overnight but they can't do that to my Au/Ag and that's all I need to know

Greenspazm's picture

OK so explain to the class terms such as the following:

"implement the proof-of-work by incrementing a nonce in the block until a value is found that gives the block's hash the required zero bits"

"obtain the Merkle branch linking the transaction to the block it's timestamped in "

"If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains."

ssgredux's picture

Had to lol at this one.  Ask them to bring $500k in gold with them when bugging out to their remote place in CR.

sirsmokum's picture

beep boop... tulips... beep... beanie babies.. boop... ponzi scheme... error error can't compute digital currency.. error error.. mental break down imminent.... must consume PM's... I am a robot.

Golden Showers's picture

Aw, fuck! I don't have any bitcoin... I'm going to spend the entire day punching myself in my nutsack!

Anyway, the Amish don't have any bitcoin either and they do just fine with their horse and buggies. I mean, how can you tell a real oldster just to switch and watch movies? Easy for you to say.

All I can say, is thank fucking Christ I don't live in Michigan. No offense.

0Theorem's picture

I wager most here have diversified assets, inluding lead, land, and liquor...

aloha_snakbar's picture

Yikes... that is some pretty spendy eTulips....thank God they have the dollar for a prop or they would be worth......?

tmosley's picture

More than three ounces of gold.

aloha_snakbar's picture

And its shiny, just like gold...LULZ...

Golden Phoenix's picture

Enjoy your shiny gold dildo. We'll enjoy our profits.

2rigged2fail's picture

after owning well into the 6 figures of gold and silver i bought about 100K in BTC, ETH, Lite in feb.  In that time frame i'm up over 150% and made well over what i have in the gold and silver i have had for a couple of years. Eventually G/S will make a move but who knows how long they will manuiplate it.  

Consuelo's picture

 

 

$13,000 by Feb.

$50,000 by 2019

$100,000 by 2020

$Who knows by $who knows when.

Can't you see it, dumb ass...?

 

/s

 

 

tmosley's picture

Your grandchildren will one day ask you how Bitcoin was adopted.

"Slowly at first, then all at once."

You have a choice as to whether you tell them from a floating mansion in the sky, or a dilapidated shack. 

0Theorem's picture

someone always gives you a -1 (why??)

...ain't me!

SAIAN's picture

Well 'Hcash' looks like a good investment, it ticks the box of a typical crypto con page... and the logo has the appeal of Saints Row, a sure winner.

 

Up 133% in the last week, be up in 5th place in no time.

 

Buy Now! Dooooo it, buy it now, doooo it!!!

Silver Savior's picture

Why put all that money into a single coin when you could buy a boatload of XRP and Stellar Lumens while they are still cheap? Or buy silver bars while they are cheap? Scrap gold? 

Just bought a junk gold 14karat earring off eBay and I am glad as all hell. 

Greenspazm's picture

The biggest joke of all is that these duds are bidding up the price of nothing fancy electronic keys to nothing, like jars of air or empty safe deposit boxes. There are  no "coins", and they are certainly not in the "wallets".

All Hail "So A Man Took A Shit", aka "I am NSA, took oaths" aka Satoshi Nakamoto! Published his "seminal" work on Halloween 2008.

tmosley's picture

>He said, on the internet, which by his logic doesn't exist