Bitcoin Explodes Above $14,000 - Korean PM Fears "Serious Pathological Phenomena"

Tyler Durden's picture

Well that escalated quickly...

Just a few hours ago, Bitcoin surged above $13,000 and now, on notable volume, it has reached the stunning $14,000 level... up 20% today...

The real surge began at 1715ET...

For those keeping track, this is how long it has taken the cryptocurrency to cross the key psychological levels:

  • $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
  • $11000-$12000: 6 days
  • $12,000-$13,000: 17 hours
  • $13,000-$14,000: 4 hours

As Bitcoin has soared, it appears traders have sold other cyrptocurrencies to chase it as Ether has dropped in sync..

One of the regions in the world with the most active Bitcoin community is South Korea where so many Koreans have embraced bitcoin that the prime minister recently warned that cryptocurrencies might corrupt the nation’s youth.

As Bloomberg reports, while neighboring Japan hosts more transactions by some measures, Korea punches far above its weight: In the 24-hour period through Wednesday evening in Seoul, about 21 percent of the world’s bitcoin trades on fee-charging venues involved the Korean won, according to Coinmarketcap.com. The country accounts for about 1.9 percent of the world economy.

As Korean policy makers grow increasingly worried that the mania has gone too far, the nation could become a focus for bitcoin traders around the world. Korea’s top financial watchdog, which briefly roiled cryptocurrency markets with its ban on initial coin offerings in September, said this week that it has “grave concerns” about overheated speculation and has formed a task force with other government bodies to increase supervision.

While it’s unclear what measures will emerge from Korea’s cryptocurrency task force, the government seems intent on acting. The tax authority is considering a levy on cryptocurrency trading gains, Yonhap News reported on Tuesday, while Prime Minister Lee Nak-yon warned last month that cryptocurrencies could become gateways to pyramid schemes and other illicit activity if left unchecked.

“If we let things continue, I feel some serious pathological phenomena could occur,” Lee said.

Bitcoin’s stateless status appeals to some Koreans who’ve grown wary of keeping their savings in a country that shares a border with Kim Jong Un’s increasingly belligerent regime in North Korea, according to Kwak Keumjoo, professor of psychology at Seoul National University.

“People want to take comfort in something outside and beyond the country,” Kwak said.

Finally, we note that growth continues as Coinbase CEO today noted they currently have 220 customer service reps and will add 400 next year:

"it's very difficult to keep up with the user influx."

As CoinTelegraph reports, since ChinaRussia, and a few others cracked down hard on Bitcoin, it has been relatively quiet on the regulations front as Bitcoin has continued to soar unbridled. However, the head scratching on how to regulate continues.

The next fear, for Former Fortress Hedge Fund Manager Michael Novogratz, is that Bitcoin’s continued rise and prominence in the mainstream media could reawaken the regulation beast.

However, Novogratz still feels that Bitcoin is difficult to regulate and it will be hard for governments to make an impact immediately. Novogratz, who has been outspoken on Bitcoin for some time now, claiming it could be a bubble, but one to profit from has his concerns now.

"I've got concerns that if price movements go higher, we're going to get more regulation," Novogratz said.

 

“But I think it's hard to shut down. ... I don't think that's a probability."

 

"One of the big risks out there right now is that prices are moving so fast that regulators are going to get nervous," he added.

 

"I could legitimately see Bitcoin go $13,000, $14,000, $20,000, $25,000 and see somebody balk."

Novogratz adds:

"We're in a speculative frenzy. Period. Stop. How long can it go? Who knows," Novogratz said. "What's interesting about this is it's global."

Another reason that Bitcoin has hit such heights must also be attributed to it finding its identity. Many were scratching their heads as to what Bitcoin is - a currency or an asset - but recent changes have set it straight.

"Bitcoin is winning out as digital gold," Novogratz explained.

 

"I don't think it's going to be a currency... Nothing that volatile is going to be a currency."

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tmosley's picture

Of course not, it's competely retarded, but if a bunch of gooks want to give me gobs of their fiat for a coin in public beta, I wouldn't want to be so rude as to decline.

Long term I remain bullish on IOTA, and wouldn't even mind holding if I don't get another nice pump, especially given the teased "Q" project that is supposed to drop over the next few days which is supposedly going to take the market cap to number three within 24 hours of said release.

dasein211's picture

Well fuck me where do I get iota?! I’ve been trying and nothing but strikeouts!!

tmosley's picture

The utter insanity of it is that as an American, you can't! Unless you want to buy on Binance and leave it on the exchange, as they are not allowing withdrawals at this time.

Makes selling pretty damned scary. Can't get back in. Which is why I will only be selling a small amount, enough to get out what I put in and a small profit (which was itself 100% profit).

0valueleft's picture

Cash it is then. Gonna let my LTC ride though, for fun. Was your last cash purchase that $6500? Cheers if so!

38BWD22's picture

 

 

A smart Gen-X-er I know really likes LTC.  I have read (here and elsewhere) that LTC's technology is quite solid for a crypto.

I own no LTC.  Someone should start a thread...!

kochevnik's picture

How about Coinspot? They approve yanks for miota

tmosley's picture

Ah, thank you! I had forgotten the name of that place. Will bookmark it this time.

Edit: Looks like they aren't allowing movement on or off their site either. Guess I will be holding then D:

kochevnik's picture

Wallet fix in 6 weeks I hope. At moment I still have none

BetterButter1's picture

Coinspot appears to be limited for Aussie.  So far happy with Binance.  Liquidity between Eth / Iota is slow, but BTC / Iota much faster completions.

greenskeeper carl's picture

So you are saying if I use Binance, send btc over from coinbase and buy IOTA, I can't then sell the IOTA for BTC and send the BTC back to coinbase?

sman's picture

Looks like Bitfinex is still an option for unverified Americans, although I don't want to be anywhere near that exchange when Tether blows. Just connect from a non-USA VPN exit node and create a new unverified account on Bitfinex. I did, and the site no longer pops up that "American detected" bullshit alert when I login. Haven't tried to make a purchase yet - been too busy gasping at the iota chart.

Number 9's picture

use the windows wallet.. the android one is way fvked up..

Number 9's picture

am buying a new comp tomorrow to try to get my iota in a fvkin walllet.. wouldnt had worried about it that much but it has gone from 80 cents to 4 bucks.. shit..

0valueleft's picture

Where's the best gate? 

sman's picture

I've been guessing that 'Q' must have something to do with JINN but I wasn't following the project "back then" and information on it is hard to find now. Then today I saw this: https://medium.com/@724554/iotas-q-qubic-c361f86bde7d

 

His guess #2 at the bottom is rather compelling - we'll see.

lickspitler's picture

Mosley your full of shit. That is definately not an argument.

Your Crypto bullshit stories don;t add up.

 

lickspitler's picture

Nice face save story Mosely.

tmosley's picture

I came here to laugh at you.

Max Hunter's picture

I'm not going to buy.. I'm will keep to the side of this and just get the entertainment value.. 

Bobzilla. Do not piss him off's picture

This will not end well. To the moon Alice, to the moon! Reminds me of the tech boom. Remember how people were saying all the same things back then that they're saying today about BTC.

zebra77a's picture

To represent 1% of world reserves of $70 Trillion trying to funnel into the existing 17 million coins of which 70% are buy and hold... It means $700 billion flowing into approximately < 4 million coins.. 

$14,000 a coin is a warm up.. Try $150,000 a coin. 

This is just getting  started.. 

Nobody is gonna stop it and regulating it will remain near impossible. If you think otherwise look how successful the US government was in stoppng pirate bay and  offshore gambling.. All that did was make vpn businesses shoot up in growth..

$320 Billion there already are 50 exchanges.. Soon 500.. 

maxblockm's picture

Don't buy at 100,000 either. Wait until it crashes to 75,000, and all the nocoinz say "BTC is dead, the bubble has burst!" again.

 

SILVERGEDDON's picture

You really are a dumb fuck. I bought silver from 1964 to $20.00 per ounce before it went parabolic. That was my comfort zone. 

Tmosley pimped silver through the parabolic curve ritht to the bitter end, crashed and burned, and disappeared for a while. 

I bought Bitcoin back when it was under a hundred bucks. Once tmosley and all you devotee yahoos started crowing about your expertise, too fucking late, train left the station, and the leading lady is minutes from getting run over while the villan that tied her to the tracks is counting the mobney he stole from her. After fucking her up the ass for good measure. Just a matter of time. 

At least all you fucktards will shut the fuck up once you have had your crypto nuts smashed with a hammer.

Risk is relative - some people need it like crack, others, not so much.

Re-read my previous post, you fucking no mind crowd sourced lemming faggot fucktard snowflake zipperhead.  

tmosley's picture

>I bought Bitcoin back when it was under a hundred bucks

Hahahaha, and you're the queen of England too!

overbet's picture

Dont be a hater poor lil silver bug. Sounds like you shoved all in on garbage silver nobody wants. If you bought btc in hundreds, like I did, you dont sound like you are still holding LIKE I AM BITCH. Man youre so sour bitter now wait til it hits $100k or more. You might be on suicide watch. Angry old washed up drunk trying to get a free beer at the bar thinking back to when it all went wrong, when you missed the boat. 

SILVERGEDDON's picture

Converted to silver, in August, no regrets. 

Being first out beats being last out, and not getting out alive. 

That ain't rainwater you are drinking, it's tmosley piss in a glass. 

overbet's picture

My decsions have nothing to do with internet commentary. I trade for a living and have dones so since 2000 during which time I have seen multiple hundreds of traders come and go thinking they know something. Ive been the last man standing in more than one office. Ive seen guys turn their last 50k into 10 million and lose it all within a year or two thinking they know something. Like you thinking you know your exit was the right spot. No regrets YET perhaps. Good luck with that silver. 

tmosley's picture

If he was buying silver quarters in 1964 then he is probably at least 70 years old.

His kids will bury them with him because they don't want the shit.

The_merovingian's picture

Advice every seasoned trader follows: SECURE your trade, TAKE PROFITS and LET YOUR WINNERS RUN, READJUST stop loss regularly. Calling a top can be as difficult as catching a falling knife.

Worked great for gold in 2011, got out near the top after the double top. I still have a nice rare gold coin collection from all over the world from that trade for free.

TheRideNeverEnds's picture

Goldbugs literally on suicide watch.

An ounce of gold worth of BTC a few years ago would be a billion dollars whereas an ounce of golds worth of gold is worth much less than it was.

BendTheFed's picture

Having trouble getting thru to the Lamborghini dealership. Line has been busy for Hours. Just wondering what colors are available:@)

max2205's picture

Who said they'd eat their dick if it went to zero?

Dangerclose's picture

John Mcafee said he would eat his dick if it DIDN"T get to 1 million by the end of 2020.

silverserfer's picture

your about to see my rothschild operated secret NSA/CIA/mosad secret "nowitsgone" program activated. This will make being Corzined look like a shakedown from a 4 year old. 

Brace yourselves!

Implied Violins's picture

"BitCoin is too volatile and too easily hacked and manipulated to be trusted. We must regulate it to ensure it is equitable and fair."

- any government near you

Endgame Napoleon's picture

They do not understand it, and The Swampians are not going to study the blockchain, just like they did not read the lobbyist-designed tax bill, even though they get paid $175k. They are going to hire the Obamacare website programmers to study Bitcoin / blockchain. Then they are going to read a short summary to help them justify the knee-jerk regulatory decisions that they were going to make in the first place.

Raffie's picture

During the BTC spike LTC was getting pushed down a bit so did BTC to LTC. Converted 1.09BTC to 157.33LTC so came out good. 

Now to wait for the prices to relax then LTC back to BTC for more coin. 

 

FreeShitter's picture

Im outta LTC, made a shitload more with Monero....Good luck to ya though!

seek's picture

I think it's more new speculators coming in and the roach motel effect.

For example, coinbase has a limit on transation -- a USD limit -- so someone comes into the market last week, buys $5K USD of bitcoin, increasing demand, and then they can sell $5K USD but not all the bitcoin the bought. It's ratcheting the market up as new people come in. Even 100% of the new people could sell their max limit and it'd still go up. Of course the opposite it happening, new speculators are nearly doubling their money in a couple weeks and aren't bailing.

Plus there's lots of rumors that purchases are happening using other coins with dubious backing.

I'm sure we'll wake up and find it down 50% one day, but there's still that slight chance this is something different. I'm not banking on that, though.

38BWD22's picture

 

 

seek wrote:

"I think it's more new speculators coming in and the roach motel effect.

For example, coinbase has a limit on transation -- a USD limit -- so someone comes into the market last week, buys $5K USD of bitcoin, increasing demand, and then they can sell $5K USD but not all the bitcoin the bought. It's ratcheting the market up as new people come in."

Yes, I agree.  That would be the "thundering herd" that Stackers above referred to, IMO.

But, I am now worried about BTC and have been selling off slices somewhat aggressively.  Not TOO aggressively though.

Ring_Of_Fire's picture

For a working man like me, I'll take physical silver at todays bargain prices all day.. I can't take it overseas, but who gives a fuck, I'm going down with the United States of America ship. I got nowhere else to go but down with the ship if the hull floods.. At least I'll have real money physical assets that will get me the things I need to survive and more maybe?

HRClinton's picture

BTC seems the CC of choice for a flight of capital from countries like South Korea, Japan and Saudi Arabia -- all due to political uncertainty in those countries.

The South Koreans and Japanese are worried about a war with North Korea. As extremely technological countries, it is natural that they are using Bitcoin.

AlphaSeraph's picture

I've posted this a few time over the last few weeks. Global hyperinflation 2018.

Bitcoin is the canary in the coal mine. Printing and buying bonds by the CB to (effectively) bail out every god damn government (who are all functionally insolvent and/or bankrupt) AND the bonds of most banks and corps in the world is coming to head SOON. Not the sort of soon where you say "oh ya, sometime in the next generation or two". Soon soon.

I'm starting to really think there will be no deflationary collapse then MOAR PRINTING this cycle. THERE IS NO CREDIT CYCLE THIS TIME.

Every time the cycle of tightening tries to start within the markets, the CBs step in and say FUCK NO WE PRINT MOAR AND BUY BONDS (AND STOCKS) BITCHES. More and more I am convinced that there will be no receeding of the water line (stock/bond price collapse) before the tsunami (hyperinflation/massive print + inflation) rolls in and wrecks shit.

Melt up, not melt down. And then meltdown like 95%+ of people just simply cannot comprehend or believe (that's why the trampling herd loses it's collective fucking mind).

"World Currency 2018" - The Economist cover in 1988 with a Phoenix sitting on top of a pile of burning paper currencies. True story. The Economist is a Rothschild publication.

Look at the state of markets and global CB money printing. Prices are going nuts almost across the board (the everything bubble). Coincidence?

Don't take The Mark. 

 

Proofreder's picture

Almost 20 years old, and still smells ...

(original from '98)  http://www.economist.com/node/166471

OccamsCrazor's picture

NO. Its HYPER-FUCKING-INFLATION.  

Txpl9421's picture

The bitcoin, like an ounce of gold hasn't changed. The dollar is declining.

And as all of these people buy...but don't sell the price will only skyrocket.