Bitcoin Surges Back Above $7200 As Square Tests Crypto Payments

Tyler Durden's picture

"The reports of Bitcoin's death are greatly exaggerated..."

Remember over the weekend, as Bitcoin crashed 30% from its highs, how the 'told you so' crowd emerged and confidently predicted the end of the bubble as Bitcoin Cash was set to run the world? Well that was 30% ago and Bitcoin is now testing back above $7250 following headlines overnight that P2P payments provider Square is testing integration of cryptocurrency payments in its cash app...

As CoinTelegraph reports,  Square has issued a rollout to a limited number of customers, using pooled wallets to allow Bitcoin payments without the current high fees.

“...We’ve found that [customers] are interested in using the Cash App to buy Bitcoin,” the company said in a statement.

 

“We're exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash App customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we're excited to learn more here.”

The reaction has been a $700 surge so far...

As users continue to battle high fees, the debacle over Bitcoin Cash (BCH) which saw Bitcoin prices drop dramatically over the weekend seems to be abating.

Having hit $2,400 previously, BCH is now circling just half of that, while Bitcoin is at its highest since Nov. 10.

Reactions to Square’s experiment were mixed, with Reddit commentators’ lukewarm reception contrasting with excited tweets from extant Square users.

Finally, Mike Novogratz sums things up well... "the herd is coming...

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Mango327's picture

VIVA LA BLOCKCHAIN!

kochevnik's picture

Bitcoin too volatile.  Jew carrier prefers diamonds in anus

MagicHandPuppet's picture

Haters gonna hate while Satoshi Nakamoto's divine code, channeled from the heavens and through his computer keyboard, unleashes the next leap into another dimension of real, tangible value. How do you price infinite wisdom gifted to an unworthy world through the lines of the most finely crafted code imaginable, programmed to store ALL of your worth and savings into a sacred digital wallet you can put on a tiny thumb drive for safe keeping? Immagine becoming a TRILLIONAIRE, because his code has already guaranteed it with the purchase of a single bitcoin!

It's all already in the CODE!!!

Manthong's picture

 

In case anybody has not figured it out….

BTC is a spec  right now.

When  it stabilizes and starts to become a reliable currency……..

It will probably be worthwhile to use

 

blentus's picture

BitMEX also announced few hour ago that they will sell (before end of the year) all the BCHs from the August fork (which were never given to customers, as indicated in advance) and will give, to customers, the proceeds in BTC. Might be between 100,000 and 150,000 BCHs according to rumours. Seems bit unrealistic, but fuck if I know how much BTCs such a large exchange could store at any given time. Remains to be seen whether they will really do it. They were very vocal before against Ver's attempt fo fuck shit up (they were the first to be against S2X bollocks too). Obvious in-your-face BTC supporter.

They're the first big player to respond directly to Ver, and his band of crooks and liars, with some action. This creates drama, people love drama, everyone is happy.

Hashpower is usually stable at 90% vs 10% (BTC vs BCH) for most of the time, with occasional moves (up to 25%) to BCH side when it pays off to mine BCH. Last move happened an hour or so ago, 25% in total, 20% now. Doesn't seem to get more traction, even if BCH is more profitable to mine at this moment. Unless it drops again (it dropped 50EUR in an hour, few hours ago).

BCH again has random block times, from multiple blocks mined in a minute (happened against ah hour or two ago), to 60+ minute blocks. Not sure if it's fucked up DAA, or miners are somehow gaming it. Don't care either. Ah, right now they're almost mining a block per minute, for last 15-20 minutes, with blocksizes of 10KB. That is 10 Kilobytes (but we need 8MB, riiiiiight fucking now). No idea how this played out, they shouldn't be able to get a block every minute, hard fork and algo update were supposed to prevent that. I am missing something for sure, this is fucking complicated. Bastards.

Segwit wallet on BTC chain are getting much much cheaper/faster transactions even during panic peaks, I wonder for how much longer are people going to complain before trying. Probably forever.

BTC core is going to also get support for Confidential Transactions, which in combination with CoinJoin might actually make BTC much more 'anonymous'. Personally, I don't like it (since it will provide more 'terrorists and child pornographers' arguments for various governments and agencies), but if everything ends up as planned, it would essentially work as an in-built (into BTC) mixer. And noone except sender and/or recepient would know the transaction amount. Good development.

I also wonder how retarded people can be to use "But BCH is true to original white paper" argument, as if this is a religion and original white paper is a fucking bible that is interpreted randomly and as seen fit. Seems like that's the last shitty argument they stick on to now.

I guess we should have all stick with original Arpanet design. Fuck all those thousands of RFCs and people working on them over decades to improve networking and Internet as a whole.

One of the most interesting weeks for BTC/BCH so far.

Spaced Out's picture

"I also wonder how retarded people can be to use "But BCH is true to original white paper" argument"....

That is a very good point. Satoshi limited the BTC block size to 1MB after realising there were serious security implications with bigger block sizes well after publication of the white paper.

 

tmosley's picture

Misrepresentation. The block size was limited at that time because transactions back then were FREE, and a bad actor could permanently bloat the blockchain early on, endangering the project. As transactions now cost money, that is no longer the case, except perhaps with miners, and core has no defense in place nor planned (to my knowledge) against that.

lickspitler's picture

You stumbled onto BTC thought you were a legend and had a big idea "Backlog".

Seen it often, someone gets a bit of luck and then they think they are ahead of the curve.

Stupity is not an arguement

tmosley's picture

Your post does not contain an argument. Did you think it did, Alinskyite?

shitshitshit's picture

you don't have to pay the "normal" fee to get your transactions processed... I made a lot of these with 0 fee. So the 10 bucks per transaction is the lazy ass option.

tmosley's picture

Yes, SpeculatorCoin is very friendly to speculators (until sentiment turns), and very UNfriendly to users.

Which makes it worth nothing.

The Greek horse's picture

Funny how Satoshi Nakamoto is no where to be found makes me wonder is he part of the cabal.. No hater here I hope you make a fortune

SoilMyselfRotten's picture

i'm not sure how much BTC will be worth in 6 months but think about this, the big money houses are going to all try to get in  for FOMO and being too late to the game. I see BTC soaring for some time as after alll the hedgies get in the average Joe will experience FOMO, at which time they will get scalped. But as for the next couple months, i think it's gonna go nuts. As an aside, the more corporate money involved, the less the US Govt is gonna mess with it.

 

Disclaimer: i own alts but no BTC(besides some 401 GBTC)

Obsidian Samctum's picture

In before a stupid ass baby boomer hope the world suffer an emp attack just so bitcoin will go away.

tmosley's picture

If you are going to hold BTC, keep it on the exchange. The next time the network comes under attack, you won't be able to move your coins to sell them.

You will, however, be able to scalp all this dumb money flowing into fiat gateways. Exchanges can afford to send coins quickly, but you can't afford to get your coins back to the exchange. This will cause the supply of BTC on the exchanges to fall, and the apparent reported prices for BTC will thus rise as decreasing supply meets increasing demand.

It's a situation that much more closely approximates a ponzi though, so beware. Absolutely do not move your BTC off the exchange, or you will likely get stuck with them after the next network attack, which may lead to permanent congestion and maybe a death spiral.

hedgeless_horseman's picture

 

My exit point is $500,000 inside of three years, per McAfee.  Until then I am letting it ride.  

Keeping it in cold storage until then, like a Lotto ticket.

Buy the ticket, take the ride.

tmosley's picture

I hope you are hedged with BCH.

hedgeless_horseman's picture

 

I never hedge a bet.  I'm hedgeless.

tmosley's picture

Did you buy before August 1st? If so, you got your hedge for free. If not, you really should buy some.

Bet on the sector rather than the coin, if you can.

Golden Phoenix's picture

There were four choices on BCH:

1. Dump it in August for $900 and subsequently double it to $1800 in BTC

2. Do #1 then sell BTC for BCH, ride the pump, dump again and have $5400+ worth of BTC

3. Hold BCH for the duration and be behind #1 by $600

4. Do #1 then buy BCH at the top turning $1800 back into $900

Meanwhile BTC is heading for a fresh ATH and BCH is sitting still. 

tmosley's picture

Your psychic powers continue to amaze.

lickspitler's picture

Mosley you  are getting hosed on your BCH flip.

 Gold then silver then BTC  do you have commitment issues ?

tmosley's picture

I'm up quite a bit, actually. BCH has been very stable in dollar terms, well above where I bought it.

And yes, getting married to an investment is a terrible idea. That is for losers like you.

lickspitler's picture

OH look Mose the big buy orders across the exchanges for BCH at 0.1 have all vanished.

You've been pumped Mose  and now your getting dumped.

Roger Verr has riden you like Seattle Slew  that guy is a rock star

tmosley's picture

^---This is what a jewish post looks like.

nomofiat's picture

my psychic powers tell me you went for door nr 4.

sfyl

Mr_Potatohead's picture

Well, at least you'll be able to wipe your butt with the lotto ticket.

The_merovingian's picture

Somebody seems overly emotional lately. Starting to realise that BCH will have a very hard time dethroning BTC? 

The_merovingian's picture

I owned equal amounts of BTC and BCH, what happened over the week end didn’t faze me one bit.

 

I simply own a few more BTC than BCH now.

lickspitler's picture

like a fat chick Mosley you've been pumped and dumped

Exponere Mendaces's picture

Here's a good article on BTC vs BCH.

https://medium.com/@MiguelCuneta_21450/the-big-bitcoin-battle-what-i-fou...

BCash is going to have a hard time of it, since the big boys like Novogratz are interested in directing some of their $95 Billion in AUM towards it.

But its pretty obvious from the retracement spike on BCash what the market thinks. Most investors in South Korea are furious with Bithumb, a local exchange, which totally had a melt-down during the BCash pump.

Bitcoin is king, everyone else is fighting over second and third place.

GPW's picture

Excellent article.  Thanks.

Nature_Boy_Wooooo's picture

You sold all of your Bitcoin for bcash and now you are spewing this garbage?

Be a loser with some dignity tmosley.

The bcash team needed to capture 40% of Bitcoins value to make bcash the more profitable chain to mine. As the separation of price between bcash and Bitcoin grows miners will be forced to stop attacking the Bitcoin network as they realize that it is the most profitable chain to mine.

The bcash crew took their shot and the worst case scenario for their plan happened when a huge buyer came in and disrupted their pumpp and dump.

Next time bet on the horse that does not need to cheat in order to win tmosley.

 

 

 

 

tmosley's picture

You sure are emotional and defensive for someone who thinks they have achieved final victory.

I think you and I both know that this is far from over.

>As the separation of price between bcash and Bitcoin grows miners will be forced to stop attacking the Bitcoin network as they realize that it is the most profitable chain to mine.

The converse is also true. Thing is, with its low fees and quick block times, BCH works even without a lot of miner support. It can survive in this situation. However, when the situation reverses, and it WILL reverse--BTC regularly crashes--BTC won't.

You can bet your bottom dollar that the next time the BTC price shows weakness, BCH will be pumped like no tomorrow, and the flip will happen.

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

Nature_Boy_Wooooo's picture

With each failed attack the odds of that greatly decrease.

Last weekend was the perfect storm and their attack still failed, no doubt the team expended a large amount of their resources on the attack and team moral is down for the members who are not billionaires.

My guess is they may have enough resources for one more attack, but as Bitcoin rises in price their window of opportunity is rapidly closing.

 

At least you admit that you bcash guys are attacking Bitcoin.

 

 

tmosley's picture

If BCH fails in their attack, another coin will do the same later. This is never going to end.

And of course, "attack" is a bit of a misnomer. No-one is "attacking" bitcoin, they are just paying more for mining services.

Further, I don't think there is any moral issue. Price on BCH has been very level. If there were such a problem, it would be falling.

Also

>supporting BilderburgCoin

blentus's picture

Haha, you change arguments like I change undewear or brush teeth.

At least twice a day.

 

tmosley's picture

At least I have arguments.

Spaced Out's picture

...arguments that change twice a day, and sometimes even in the same post, hahahahaha.

blentus's picture

What you, yourself, see as an 'argument', others see as 'a steaming pile of shit'.

But at least you have it. You are correct.

nomofiat's picture

ehm quick block times?

didn't they just hard fork to get to steady 10 minute blocks? You know to immitate bitcoin's block times.

It's already proven to be yet another fuck up because block intervalls are still random as fuck;)

a sincere tip from your favorite jew: dump that shit and take your loss. 

don't be that guy that ends up shooting up a mall because you let your wealth slip through your fingers after listening to that anti sematic pedo swine Rekkt Falkvinge