Bitcoin is trading around $US16,800 ($23,000), here is a chance for OzBargain to talk about it.
Under The Radar: Bitcoin Is Surging Again and No One's Talking about It
Baysew on 18/11/2020 - 10:15
Comments
Scam.
Why would anyone invest in an intangible asset that has no intrinsic value, is decentralised, permissionless, immutable, all transactions trackable on a public ledger and can be stored on a cold wallet or in one's head using 12 mnemonic seeds unless they want parabolic gains?
People should just keep hodl their FIAT in a bank.
Can you buy it without people knowing nowadays?
Transactions are public but anonymous.
No I mean from the government. Is there a way to buy them that isn't tracked?
@Bystander: Only because the places you buy the coins report it. That's why I want to know if there are ways of getting them that don't report.
@brendanm: Indeed, the open blockchains of Bitcoin and other cryptocurrencies are only apparently anonymous. In reality, crypto transactions of all but a handful of obscure “privacy coins” are open for all to see — and governments have many tools they can leverage to discover the real-world identities of crypto users.
@brendanm: i tried to sign up for one but they wanted all my personal details, as if I was signing up for a bank…….so I guess the only way to be untraceable would be to sign up with fake details….
You can totally be fully anonymous, just funnel in and out via a privacy coin like Monero or Pirate then use a decentralised exchange that doesn't require KYC.
Very possible and EASY - like everything else, once you've learnt how to do it :)
The problem is Bitcoin is highly susceptible to quantum attacks. Sure so is pretty much all secure Internet communication but with Bitcoin you hand the attacker the communication as part of regular functioning of the network.
I've said it before and I'll say it again: I'll sell anyone on here a bespoke random number for $100. I'll even throw in the factorisation for another $100. That's a 99.2% discount on Bitcoin - really ought to be a front-page deal.
I'll sell people a bespoke piece of paper for $100.
$100 note? Makes sense
BTC is a small fish in a big pond. Anyone that has the tech would go after something bigger like the NYSE, LSE, CME, etc.
Four problems:
1) you have to intercept the client to broker communication first - it's even harder if it's 2FA
2) they are not distributed - the only intercept you can do is when the user logs in
3) the government taxes and is set-up to protect those institutions - expect the full force of the law if you mess with them
4) a successful attack on those markets could be considered an act of war - Bitcoin - not so sureContrast with Bitcoin:
1) you're fed the factorisation problem as part of the regular functioning of the network
2) there is no 2FA
3) it is distributed - hence the first point
4) it's unclear how much government will invest to defend BitcoinAnyone who’s been fishing knows it’s easier to catch small fish than to try pull up a whale. The whale will probably sink your boat.
While that is true, all internet communication and online security are equally susceptible to quantum attacks.
Our bank accounts are likely just as vulnerable.
"I've said it before and I'll say it again: I'll sell anyone on here a bespoke random number for $100. I'll even throw in the factorisation for another $100. "
Where did you say that before?
Not on Ozbargain. And, tbh, I increased the price because I was worried someone might take it up and it's a bit difficult spinning up a shell script for these things. Oh the shame.
And yet most of the governments/banks are going towards digital currency? OK I know that not quite the same as decentralised crypto but surely the same technical limitations would apply?
CBDC is backed by the government. We should trust the goverment.
Agree with other posts here, by the time quantum is able to attack our private keys many say we'll have much larger problems to worry about such as fiat banks and power grids..
Plus I'd like to think the programmers in this space will further ahead than most…
HODL cash over the next decade and you are going to be absolutely crushed by inflation and low or even negative interest rates
Damn it, don't post about it. Let it fly under the radar so I can accumulate more.
I'm still holding on to mine that I bought at $900.
The fact that it's nearing ATH without much fanfare is simple, you've got institutional investors ever so slowly buying and accumulating this entire time, they know what's coming up.
Hell, even Nouriel Roubini came out recently and stated that BTC is a store of value after years of attacking it.$900.
he11bent = OG.
Not as much as my brother who was paying $10 - $20 ;)
I sold at $52 and made 750% profit, those were the days
@[Deactivated]: That's a basic problem with bitcoin: it's a currency that you never want to spend. It just keeps going up in price over the long term, so why would anyone ever part with a bitcoin? It's the only non spending currency in the world.
I remember less than a dollar, and thinking what a PITA it must be to convert electricity or dollars to bitcoin to buy pizzas and stuff.
Not even close to OG
I'm certainly not.
Anything pre 2012 on the other hand is considered OG according to CT lol
The less we talk about it the better. There's no guarantee that this isn't the peak value of bitcoin. It could triple in value or investors could turn their backs on it forever. I'd rather not encourage regular people to put their regular money into it.
Oh, I parked a fair bit in crypto :). Completely without faith it will bounce back. Looks like we'll be eating meat for Hannukah.
This price rise is different to late 2017. There's very little trading volume compared to back then.
Visit https://bitcoinity.org/markets/bitfinex/USD and click on 'All'. The blue bars are volume. They matched the previous price run up, but this time there's very little volume.
Have a look at how many people are searching for "bitcoin" now compared to the previous bubble:
https://trends.google.com/trends/explore?date=today%205-y&ge…Someone is however creating a lot of new Tethers. It's basically exponential at this point:
https://coinmarketcap.com/currencies/tether/Tethers were once allegedly backed by a dollar each, but now are backed by something else, with no audits.
Waiting for the day DOGE gets to $1.
TicTok? Haha
I'm balls deep in BTC. Waiting to get more if we see a big correction.
LOL. Join the club
I heard nothing but Bitcoin chatter two weeks ago (and I dont even partake in it). I assume this is why it is now booming. Xmas bubble
it's FLYING right now.
no resistance pretty much till 20k USD
Asia just woke up and is continuing to pump where the yanks left off.
Use SL.
Which exchange is everyone using for the “exotic” coins?
Cryptopia used to be a favourite of people, before they went bust!
Tulips
An ABC Finance reporter stated that it is due to people losing faith in the USD
Which sounds like hogwash as people could buy Euros, Yens, Diamonds, Opal, Gold bullion, Platinum, Renminbi, whatever.
Whatever is touchable.Also "they" could shut the tap and made Bitcoin illegal or invalid.
Euros, Yens, Diamonds, Opal, Gold bullion, Platinum, Renminbi, whatever.
Whatever is touchable.There is actually more EUR, JPY, GOLD, RMB, etc, in digital form than there are in tangible form.
Making something illegal isn't going to stop people from using it. Prohibition didn't work in the 1920s and the illicit use of opioids is now at an ATH. The best they can hope for is regulation.
Making something illegal isn't going to stop people from using it.
Start arresting and executing "those braking the law" and it will happen. Very bloody quickly.
Prohibition in the USA didn't work because EVERYBODY else was smuggling alcohol from Canada.
It was a cheap façade to show religious values in the USA and SELL MORE and EXPENSIVE liquor.Drugs? How many are taking illegal drugs to Bali now?
A hard hand makes them obedient.Ban and execute.
If they want to kill Bitcoin they will kill Bitcoin.
Maybe they don't want to. Not yet.
Bitcoin is not illegal and it is readily available. There are even atm’s for it.
There are even atm’s for it.
Mmmmmm … so a non tangible currency has ATMs
Sorry, I pass.
I'll use Dubbai's GOLD dispensing ATMs.
Cannot change a 10.000 years old habit.
Actually some US bureaucrat was mumbling about getting back the USD to Gold. A-la-before-Nixon.
See everything else collapse if that happens.That isn't going to happen. The USD has lost 96% of its value over the last 100 years. Russia and the PRC are selling their USD reserves. The EU is moving to a CBDC while the PRC has already airdropped their CBDC straight to their citizens' mobile devices.
The USD had a good run but it's now time for it to move aside.
https://thumbnails-visually.netdna-ssl.com/purchasing-power-…The USD has lost 96% of its value over the last 100 years.
The new "Gold standard" (if it ever happens …) might be USD$1000 to 1oz.
Who knows.Selling reserves means very little.
Some years ago GOLD reserves were dumped as well.Those in the know, know and the rest will just read tomorrow's news.
Cannot win. Get even. Try.
That reporter being Alan Kohler, who has his own channel too. But here is that ABC finance clip
https://mobile.abc.net.au/news/2020-11-18/wednesday-finance-…
Gold and silver… same same
Gives a fuzzy feeling of security but it is always expensive to buy and super cheap when selling … can't win so at least get even …
Where to sell Bitcoin in Melbourne?
LocalCoinSwap has a few local traders, was looking at traders myself in the area a couple of days ago as I just moved to Melb (yeah weird move decision atm I know). Depending on the payment method you want to accept you can go broader anyway, plenty of Aus traders that are quality.
As soon as you hear it on the Main Stream Media, its time to sell. Thats when the pump and dump starts
Still early days in this bull market. Remember we just had the halving and it has gone up 100% since. That was when i bought in, right before the halving. More and more funds and institutions are coming out with encouraging comments about BTC with Blackrock (biggest investment firm in the world) the latest. Grayscale, Paypal and institutions just snapping everything up.
I'm invested big in this but i'm confident today's prices will be cheap one year from now. Will be holding this through all the dips and pumps. Get some guys, just in case.
Hopeium is strong with this one.
Hell yeah.
Anything which can't be printed at a whim is approaching all time highs.
Last cycle, it was possible to delude one's self into thinking normalcy would return.
Bitcoin is backed by nothing. But from now on, I doubt crypto-critics can use that as a critique.
If there is too much leakage from the fiat system to QE-resistant crypto, governments will be disrupted.
You're right. People should only invest in FIAT because it's backed by the RBA. They can legally QE as much as they want anytime they want with no consequence. MMT is the best.
Bitcoin is backed by nothing. But from now on, I doubt crypto-critics can use that as a critique.
I disagree. Bitcoin is backed by Tether - about 1 billion USD of it freshly printed in the last week alone, and 8 billion USD since August.
Just for Fun: I heard on a podcast many many years ago, probably about 2005 that once the Dow hits 30,000 you should sell EVERYTHING. There was no rhyme nor reason given for this. They just said it was the buzz. The Dow then would have been around 10,000. It was a tech podcast too not a financial one. The way the world is right now you'd have to wonder for a minute or two….
Some alt coins doing okay too.