Bitcoin Surges To New Record High $6600 On Futures Hope & Fork Dividends

Tyler Durden's picture

Amid hopes for more mainstream adoption, thanks to CME launching Bitcoin futures, and expectations of another 'fork dividend' as the SegWitzx software update looms, Bitcoin prices have soared above $6600 this morning...

It appears traders are rotating out of other cryptos into Bitcoin once again...

Sending Bitcoin above $108 billion market cap and over $6600...

 

Mati Greenspan, an analyst with trading platform eToro, said on Wednesday about CME launching Bitcoin Futures...

"Not only is this a monumental testament to the belief in bitcoin and the demand in the market but it will also boost the liquidity by opening the market to many more interested players."

There is also speculation that this most recent surge is being driven by another upcoming "fork" in bitcoin's underlying software. The SegWit2x software update is scheduled for November 16 and could split bitcoin in two, creating a new currency.

This has happened in the past with Bitcoin Cash and Bitcoin Gold, and in those cases, bitcoin holders got those new coins for free.

As a result, investors may be piling into bitcoin in the hopes of a SegWit2x dividend.

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quadraspleen's picture

golly, another crypto piece. surely ZH'ers are running out of disses for crypto now? At what point is the towel thrown in? 10k? 50k? or McAfee k?

tmosley's picture

From Wiki:

In practice, people reduce the magnitude of their cognitive dissonance in four ways:

  1. Change the behavior or the cognition ("I'll eat no more of this doughnut.")
  2. Justify the behavior or the cognition, by changing the conflicting cognition ("I'm allowed to cheat my diet every once in a while.")
  3. Justify the behavior or the cognition by adding new cognitions ("I'll spend thirty extra minutes at the gymnasium to work off the doughnut.")
  4. Ignore or deny information that conflicts with existing beliefs ("This doughnut is not a high-sugar food.")

 

Most of them that haven't taken path one or two will probably die before they change their minds.

arkel's picture

It'll be fun to watch the comment section once this bitcoin mania crashes. Bitcoiners are on the euphoric / new paradigm phase of investment trend.

tmosley's picture

Was going to edit the examples to fit the current situation, but you replied before I could finish, so here's the edit:

  1. Change the behavior or the cognition ("I'll stop buying gold and start buying crypto")
  2. Justify the behavior or the cognition, by changing the conflicting cognition ("I'll buy both gold and crypto.")
  3. Justify the behavior or the cognition by adding new cognitions ("I make a lot of money so I don't need to buy crypto, and will stick with gold.")
  4. Ignore or deny information that conflicts with existing beliefs ("MUH EMP. MUH NSA. MUH NOTHINGNESS. MUH BUBBLE.")
arkel's picture

Apologies for ruining your rationalization of this bubble.

tmosley's picture

You are in category 4.

arkel's picture

You are in the "I am so smart" stage

tmosley's picture

Incorrect. I am stupid as fuck. I knew this was going to happen nearly 4 years ago, and failed the make the transition. Went back and forth between categories 2 and 3. But eventually I did an agnoizing reappraisal of my thesis, and found it in dire need of an update.

Category 4's, who used to love me, now hate me and want me to suffer and die. I love it.

arkel's picture

I don't hope you suffer and die. I hope you're at least taking profits as well as the other bitcoiners out here.

 

tmosley's picture

>take profits

>in collapsing fiat

No thanks. I will SPEND my bitcoin DIRECTLY when it becomes the new version of gold reserves and/or the world reserve currency. 60-2500x current prices.

Hopefully it is the former, where a feeless coin like IOTA takes over the latter, making me a billionaire. Too bad such distinctions are likely to be moot by the time I acheive it, as AI and free energy make everyone rich beyond the wildest dreams of Avaris.

BaBaBouy's picture

The NERDS Are Taking Over . . .

tmosley's picture

Yes, the most intelligent to tend to rule over those who rely on brute strength. The pen is mightier than the sword.

Never get into a fight with someone who buys GPUs by the planeload.

arkel's picture

You're definitely in the new paradigm phase. 60x - 2500x current prices? I think you need to sober up. It's never that easy. You have a lot of dumb money coming into bitcoin now. I know because I have people who know nothing about investing asking me about bitcoin. When has dumb money ever made 60 x gains and kept it?

You need smelling salts badly.

tmosley's picture

>When has dumb money ever made 60 x gains and kept it?

Your problem is you have assigned the title of "dumb money" to people buying crypto.

Whenever someone gets into an ACTUAL new paradigm early, they are going to make a ton of money. Those who opened the first banks aligned with the newly formed central banks made out like literal bandits. The first city states to issue coins of gold and silver did very well (rich as Croessus). And those who bought bitcoin less than two years ago have already experienced 60x gains.

All part of the technological adoption S-curve.

arkel's picture

No point in arguing with someone who sounds like they belong in a padded room.

Did you get the smelling salts yet?

https://www.youtube.com/watch?v=HHHG5GcnYuk

tmosley's picture

"You're crazy" is not an argument.

If I am crazy, it should be all the easier for you to dismantle my arguments. But you can't, so you call me crazy and post links to smelling salts.

arkel's picture

You're comparing bitcoin to the creation of banking and the adoption of gold and silver as money. There's no sense in arguing with someone who is in a bubble mentality. You're not rational right now. You're in "Linsanity" mode.

I just hope you're here in the comment section once this craziness subsides.

tmosley's picture

I am comparing the creation of a new monetary order with the creation of two previous monetary orders. This is an apples to apples comparison, and you have no counterargument, so you resort to unpersuasive insults.

Do a better job or shut up.

arkel's picture

Convincing you is like trying to convince a homeless person that they are not God. What is the point? Just promise to be here once your hash values implode.

tmosley's picture

I was here the entire time after silver imploded.

And you aren't here to convince me (though you could with well reasoned arguments, of which you clearly have none or you would present them). You are here to convince everyone else. And maybe yourself.

arkel's picture

"And you aren't here to convince me. You are here to convince everyone else. And maybe yourself."

Look who's talking.

 

tmosley's picture

Yes, everyone should look at the guy with the argument, and ignore the ones without them.

kochevnik's picture

>You're comparing bitcoin to the creation of banking

I worked with bankers and all of them were afraid of someone killing them for their crimes.  In fact that was their only worry, along with building a bar

Occident Mortal's picture

I'm sure the governments of the world will stand by and merely applaud whilst a bunch of basement dwelling nihilists acquire all the purchasing power in the world.

 

Your dream will never happen. 7 billion people will reject it.

tmosley's picture

>7 billion people will reject it.

In favor or what?

>basement dwelling nihilists

Dat projection tho. 

Creepy_Azz_Crackaah's picture

"I'm sure the governments of the world will stand by and merely applaud whilst a bunch of basement dwelling nihilists acquire all the purchasing power in the world."

Absolutely correct.  But the self proclaimed "smart" people are too ignorant to understand this. I'm glad that plenty of ZHers are riding the Beanie Baby bitcoin wave up. Just be sure to get out before you lose everything. Like some did with silver... 

Creepy_Azz_Crackaah's picture

Correct, oh brilliant one. I was not attempting to make an argument, and I did not make an argument. But thank you for sharing your observational genius with me!

AlZo's picture

The reason why the dumb money into BTC right now will not be making 60x their money is because they will listen to the smart asses like you telling them to "take their profits before the next crash". They will make 50% or 100% or 200% and then sell out. And on it goes, passing the flame to someone else for the next run. 

So many people made a quick buck buying BTC at 5 USD and selling it when it hit 20 USD. Thinking they were smart. They don't look smart nowadays, explaining that they sold 1000 BTC for 20K...

Same thing with people who bought BTC at 1000 USD and sold at 4000 USD. They will look like stupid fucks in 5 years. 

Yes, there will be another crash. But the following peak will be much higher than the one before that crash. 

BTC does not differentiate between smart and dumb money. How you got your BTC does not matter and your IQ and investing wisdom does not matter. What matters is that you are in control of these private keys that give you write access privilege to the most secure and recognised distributed ledger network in the world. 

 

 

arkel's picture

"BTC does not differentiate between smart and dumb money. How you got your BTC does not matter and your IQ and investing wisdom does not matter."

I rest my case.

VD's picture

lol

 

tmoron is an expert in literally everything -- he watches youtube how-to vids and references wikipedia. you juz cant make this shit up! or why btc is the perfect trial balloon for such "geniuses".

 

who needs IQ to buy shitcoin? itz quite literally a no-brainer.

tmosley's picture

The greatest fool in the world criticizes people for learning and citing sources.

There are just no words. Need a 5th category for cognitive dissonance.

tmosley's picture

You don't have a case. You have to state a case to rest it.

arkel's picture

My case is that dumb money is investing in bitcoin. Jeez, try to keep up.

tmosley's picture

That is an assertion, not a case. You need some facts and/or evidence and/or logic to make the argument.

So make it or shut up.

Rickety Rekt's picture

So what is your opinion on the hundreds of funds getting into btc. All the 'smart money' is diving in head first. You really think the govt will pull the rug out of their bread and butter industry? Lots of funds where I live have been setting it all up so demand is still far from its peak. 

One day my stack and miners will rip as btc wont be as establish when the debt burden becomes too much. Massive flows to miners is likely as a risk off trade. But btc will easily continue to rip as real demand is now beginning. 

 

SUCKS TO SUCK

Im in the biz of making money. You need me to call the waaawaaambulancefor ya?

kochevnik's picture

>BTC does not differentiate between smart and dumb money. 

BTC uncaring about your silly polemics

TeamDepends's picture

Yeah, thinking of purchasing more IOTA but it's hard!  Then I remember silver.  Patience, Grasshopper.

quadraspleen's picture

"No thanks. I will SPEND my bitcoin DIRECTLY when it becomes the new version of gold reserves and/or the world reserve currency. 60-2500x current prices."

 

 ^^ This. I'm going to buy some nice real estate with mine. Fuck taking fiat for them. Why would anyone do that unless they were a gambler?

Stuck on Zero's picture

Does anyone have the numbers on the flow of BitCoin for actual purchases of real things? Is 90% of the trading speculation or are people buying real things with BitCoin?

tmosley's picture

Good question. The data is largely public, available in the blockchain explorer. There should be a source for something like that. Compare it to the amount in exchange cold wallets.

Raffie's picture

Glad I moved from ltc to btc.

Right now the ratio is 121:1 this is crazy big gap. 

Think Nov 16th is the next HF for BTC then will look at going back to LTC and wait for the surge up which should be good. 

Or maybe will HODL since Clif's data calling BTC $10k at years end then over $13k by spring... so many decision.

kochevnik's picture

>I hope you're at least taking profits

Fuck your fiat

RedDwarf's picture

BTC is not tulip bulbs or a fad.  It is sound money that cannot be effectively challenged by governments, so it is going to win, or something akin to it will.  This means it will become the foundational money of the world.  So it is going to achieve MUCH higher valuations.  There will be corrections along the way, but trying to time this is a fools game.  This is a buy and hold situation.

affirmed_78's picture

Same here, I could have bought in several years ago at $200, but constantly laughed it off thinking it was a total joke.  It was only early this year that my brother brought up bitcoin again, and for some reason I dove into it to learn about it and the lightbulb finally went off.  Thank God.

ebworthen's picture

The bigger picture is that everything is in a bubble:  the stock markets, bonds, fiat and Ctrl+P, Housing/Land prices - Crypto-currencies are just another piece of the Ponzi Pyramid.