Bitcoin Tops $11,000 - Bundesbank Sees No Bubble, Stiglitz Says "Should Be Outlawed"

Tyler Durden's picture

Well that re-escalated quickly...

It's been quite a year....

  • $0000 - $1000: 1789 days
  • $1000- $2000: 1271 days
  • $2000- $3000: 23 days
  • $3000- $4000: 62 days
  • $4000- $5000: 61 days
  • $5000- $6000: 8 days
  • $6000- $7000: 13 days
  • $7000- $8000: 14 days
  • $8000- $9000: 9 days
  • $9000-$10000: 2 days
  • $10000-$11000: 1 day

Big dip overnight was bought and as US equity markets prepare to open, Bitcoin just topped $11,000...

Ethereum is also surging - above $500 for the first time in history...

Bundesbank’s Buch Says Difficult to Tell If Bitcoin Is a Bubble

“The question we have to ask ourselves is to what extent there is an overvaluation in a certain market segment, and I tend to shy away from calling something a bubble formation because that’s difficult to assess,” Bundesbank Vice President Claudia Buch says at press conference in Frankfurt.

 

“The question that occupies us is whether these trends are strongly financed through credit and money is used to speculate, and as it’s not a very large market segment there is little information at the moment

Doesn’t currently see bitcoin as a financial stability risk for Germany

While some see broader acceptance of the cryptocurrency...

Joseph Stiglitz, Nobel Laureate and Columbia University Professor, says the digital currency "ought to be outlawed."

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Grandad Grumps's picture

Are there any volume statistics?

I get tired of ZH constantly pushing this obvious Ponzi scheme.

BaBaBouy's picture

GOLD To $55K . . .

SILVER To $300. . .

Merry Christmas ~

crazytechnician's picture

gold up 1 dollar

silver up 7 cents

Took Red Pill's picture

Bank of England says Bitcoin is too small to affect global economy. Goldman Sacks agrees. JP Morgan dismissed it, too.

Big bankers are either in denial or running scared!

https://www.rt.com/uk/411310-bitcoin-economy-bank-england/?utm_source=browser&utm_medium=aplication_chrome&utm_campaign=chrome

eforce's picture

BoE is working on it's own coin apparently.

silverer's picture

The only one you can probably trust is the one put out by the Russians, because their regulation of it is already upfront and defined.

Ghost of PartysOver's picture

I am beginning to think that Crypto's are just a commodity like oil and soybeans.  Demand grows and price goes up.  And just like oil when price goes up more supply comes online driving the price back down.  But unlike oil the world can survive nicely without Crypto's.  If I recall correctly I saw the the value of gold above ground is around $8 Trillion, the value of Crypto's about $1 Billion.  The BlockChain technology is probably worth more that the coin.

Gap Admirer's picture

Damn!!! tmosley called me a peanutz and told me to sell at $7000 so I sold.

tmosley's picture

If you bought BCH and IOTA like I was talking about, you have tripled your money since then.

I'm going to go out on a limb here and guess that you failed to do that.

Probably also failed to buy BTC at $3000 like I told you to.

Two Theives and a Liar's picture

Thanks t for that IOTA call. Nice!

Are you familiar with the universa token?

malek's picture

Hmmm, and while gloating-with-hindsight
you fail to give a recommendation if one should still buy at $11,000

Very telling

rosiescenario's picture

Tulip bulbs today are priced at their 'true worth'...ditto pet rocks and beanie babies.

YUNOSELL's picture

From the bottom of my heart,

Thank you all, you fervent Bitcoin believers for helping to subsidize the cheap gold and silver I continue to buy.

The banks don't need to be split on two fronts right now

Winston Churchill's picture

Or they already own the exchanges ?

Squawker has already proven it, but no one wants to see anything but green.

The facts are something quite different.

I think they're being set up to fail,to usher in a regulated FedCoin.

Problem reaction solution.

Gaius Frakkin' Baltar's picture

How would that even work?

They would have to willingly give up their power to inact international sanctions.

Any cryptocurrency stuck in the legacy banking network would be pointless.

They're gonna have to make some sacrifices if they go that route.

DownWithYogaPants's picture

Good luck outlawing. You can drive underground but you won't kill it.

People are getting a taste of freedom.  

People are tired of the CIA killers of JFK who use banking to rule our lives and kill our economic initiatives.

Kina's picture

Very easy to deal with Bitcoin and any other means of 'buying' / 'selling' stuff.

 

Say....Business is required to record how an item was paid for - or face a felony, heavy penalities.

Business are to complete monthly returns to the IRS for all sales paid for by bitcoin.

Bitcoin owners must disclose the entire balance of their holding to the IRS - else a felony and 5 years mandatory prison.

People must account for acquired assets and show how they paid - a felony to refuse - prison.

Capital gains tax on Bitcoin - 50% Failure to disclose mandatory 5 years prison.

And so on - using your imagination there are a myriad ways to control bitcoin by indirect means, and with nasty penalties.

 

It is all fine if you just want to sit on your bitcoin and not buy assets.

It is a nonsense to think you are free from the law, IRS and govt with bitcoin.

Gazooks's picture

you don't get..

 

 

what's coming

drgizmo's picture

trying to explain algebra to an ape ...

11b40's picture

Just let the wrong folks get burned and see how far such punitive, invasive legislation would get in Congress.  This bunch of turds already has a terrible public approval rating that is going further down by the day, as these sexual issues and slush fund for covering them up are exposed.  People are sick & tired of oppressive rules and regs, and the IRS is still in the hot seat for their conduct during the Obummer administration.  

But, why do you assume that business would not be reporting their crypto currency transactions.  From a business perspective, it is just a faster, cheaper, safer way to process financial transactions.  Why pay a bank, or any other credit processor a % of proceeds every time money changes hands?  I don't think you quite understand Block Chain.

Dontblamethegoat's picture

So there are no commissions when one buys/sells BTC for currency?  The banks don't take a cut?

 

If individuals don't intend to convert BTC to fiat, then I see how the banks are cut out of the action.

 

Cut if I can't pay my taxes or rent or car payments in BTC, how do I use them?

 

 

11b40's picture

A factory in China can send commission payments directly into my wallet.  No one involved but them and me. 

I can buy a car directly from the seller by depositing the funds in his wallet.  No one involved but him & me.

Understand?

DownWithYogaPants's picture

Objectively speaking I'd have to say you're over blowing how much can be done.  Likely because you are a gold bug.

You're obviously not in to CC or you would not be all out of wack on your weighting of ideas.

drgizmo's picture

for the last time ..there are ...no names ..any where... at any time ... do you just understand 

NO NAMES EVER ...you can arrest a number ... you can not put real hand cuffs on an avatar 

you are hpoeless 

rosiescenario's picture

I recall a time when Swiss bank accounts were actually secret.....until the Feds decided to "correct" that situation.

You are right.... it is easy for the Feds to simply add a line to the current tax forms (right under the one referencing foreign bank accounts) requiring divulgence of crypto currency holdings. To make this medicine go down, the Feds will publicize the use of crypto currencies by drug dealers, etc. It will be an easy sell to the public on that basis....in their 'war on drugs' they need to control cryptos.

Two Theives and a Liar's picture

This is my suspicion as well with Coinbase. Something isn't "feeling right".

silverer's picture

Bankers are neither. They are pissed. And getting pissier.

Gazooks's picture

no, desperate..

 

 

and near panic

e_goldstein's picture

Think they're bad now?

Wait till they're lined up for the wood chipper.

GreatUncle's picture

Take bitcoin put it to $1M a coin.

Now they have a problem because each coin can hold $1M out of their system so it cannot be leveraged 30x.

Let it roll ... eventually they will step in to ban it but then it confirms their fraud.

If the banks do not hold the bitcoin they can't leverage it and reckon that scares the fuck out of them.

But how do you ban something like this when FIAT is as serious a fraud as anything else?

 

Dontblamethegoat's picture

I must be dull .... even if a coin was 'worth' $10 million, it is not worth anything until it is sold for fiat, right?

And when I take $10 million and use it to buy the coin, my bank knows my account dimished by $10 million. 

Did I take it out in $100 bills?  Or was it done by EFT? 

And what entity completed the cash/coin conversion?  Some Cayman LLC?  Do they have 'conversion insurance'? 

 

That conversion entity is the one the IRS/BIS/BoJ/et al will go after.

 

itsaugood's picture

Did anyone else notice the btc $500 drop in one minute last night?

Best to keep a close eye.

 

a Smudge by any other name's picture

Naw. It's just about to mainstreamize, ma & pa Kettle will come running in. I think it's going a lot higher before what looks like an inevitable crash right now.

dasein211's picture

And yet no mention of the shipper in these comments. Faster than banks. That’s the use case right there. No bullshit. Bitcoin, lite coin, Ethereum, dash, monero, zcash. Make a basket and tuck it away until 5 Easter’s from now.

???ö?'s picture

Rat lizard spokesman for the Red Shild Molesters says bitcoin aint good for cabal business interests so blow some balls in deep state and get it FUDgulated by big shits in the US politbureau before they become totally fucking tech irrelevant.

JimmyJones's picture

Thats basically what i am doing, I put money in it a while ago and don't plan on touching it for years.  I am not trying to trade it, I didn't put in enough to care if I lost it, so its just like silver and gold to me, there just encase. 

NoDecaf's picture

Stack a couple cases of kool-aid and you're all set.

 

nopalito's picture

Well, if gold goes to $55K, then silver goes to $2.75. ;)

Winston Churchill's picture

Just about zero velocity, just players at the margin setting a stupid price.

Any large holders liquidating,if they could, and it will go down just as fast as it went up,

maybe faster.

Brazen Heist's picture

There will be corrections, i.e. buying opportunities. Then straight back up. It's very hard to see it going down to $1K levels, unless governments outlaw fiat convertibility for crypto in tandem, which is always possible.

Janet Smellen's picture

Obviously you don't understand it all, jackass.

therover's picture

Does anyone 'understand it all' ? 

 

therover's picture

That response proves just how much you DON'T KNOW.

_ConanTheLibertarian_'s picture

They are exposing the Ponzi scheme yes

wulf's picture

Volume is the same since ages ago, perhabs because bitcoin only supports 5 transactions per second?

Who cares about volume anyway, just buy your coinz and be euphoric...

blentus's picture

Then don't read about it and don't buy it.

Easy.

junction's picture

I still can't get over the way Comcast canned Matt Lauer with almost no notice.  Who is next, Michael Strahan on Good Morning America?  Everything seems to be happening in the aftermath of the October 1 Las Vegas mercenary attack by the Mandalay Bay hotel.  First, Harvey Levinson, who everyone in Hollywood knew was a sexual predator.  More distractions now.  And all those people buying bitcoins now, putting their confidence in the blockchain, what do they know? If bank accounts here  or in Europe are frozen, as the Saudi king's nephew froze bank accounts in that country, your bitcoin stash would be out of the immediate reach of the banking police.   

ZH Snob's picture

but, we had no time to celebrate 10K.