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Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by kneel on Sunday January 01, 2017 @05:02PM (#13297631)
Bitcoin is living up to it's reputation as digital gold.

The Chinese are running away from RMB and buying bitcoin, Venezuelans are running away from Bolivares into Bitcoin. And to a lesser extent some Indians are escaping the Rupee.

It'll be really interesting to see how governments try to deal with decentralized currencies if they really take off. Governments lose a lot of control when they can't control money.

Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by cperciva on Sunday January 01, 2017 @05:35PM (#13297786)
The Chinese are running away from RMB and buying bitcoin

Not just bitcoin. Chinese money is buying whatever assets they can get their hands on; purchases of real estate in Canada alone last year significantly exceeded the entire market capitalization of bitcoin.

Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by pg314 on Sunday January 01, 2017 @05:54PM (#13297892)
It's hard to get reliable numbers of the number of Venezuelans having bitcoin. According to [1], surbitcoin.com had 85,000 users in November 2016 (on a population of 30 million). Quartz reported in November 2016 a weekly bitcoin volume below 400 bitcoin on localbitcoin.com. That is not bad, but I would not call it Venezuelans running away from Bolivares into Bitcoin.

One of the problems is that you would have to be crazy to want to sell bitcoin for Bolivares if you can't immediately spend them.

[1] https://www.theguardian.com/technology/2016/dec/16/venezuela...

[2] http://qz.com/876067/the-chinese-principle-wu-wei-eliminates...

Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by h1d on Sunday January 01, 2017 @06:35PM (#13298061)
Everytime the price fluctuates, people tend to provide whatever the likely cause but do you have any solid proof that those are really the cases?

If they're all right they could certainly voice before prices move but usually I hear nothing while the price is flat.

Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by smokeyj on Sunday January 01, 2017 @05:08PM (#13297658)
Makes me wonder what other essential functions of society can be digitized, decentralized, and put out of reach of irresponsible government entities.
Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by jacobush on Sunday January 01, 2017 @05:41PM (#13297817)
Into the reach of irresponsible private entities
Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by stale2002 on Sunday January 01, 2017 @06:07PM (#13297942)
The difference being that irresponsible governments use force to require you to use their services.

At least if a private party screws me over, I can stop doing business with them.

Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by jacobush on Sunday January 01, 2017 @06:18PM (#13297988)
You are an old man who thinks in terms of nations and peoples. There are no nations. There are no peoples. There are no Russians. There are no Arabs. There are no third worlds. There is no West. There is only one holistic system of systems, one vast and immane, interwoven, interacting, multi-variate, multi-national dominion of dollars/bitcoins
Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by firebones on Sunday January 01, 2017 @07:02PM (#13298152)
Bravo. It's time to watch "Network" again!

https://sfy.ru/?script=network

Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by jacobush on Sunday January 01, 2017 @07:50PM (#13298332)
This movie is so quotable it's almost scary.
Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by firebones on Monday January 02, 2017 @12:58AM (#13299367)
I thought about creating a syllabus of essential biz/capitalism/media movies for new grads tonight. "Network", "There Will Be Blood", "Office Space", etc.

Let's build this thing...

Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by jacobush on Monday January 02, 2017 @07:13PM (#13305598)
Fork it on github
Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by vivekd on Sunday January 01, 2017 @09:50PM (#13298740)
A part of me wishes I had bought back when it was still only a few hundred. At the same time, I still really don't see a future for bitcoin. Sure it can be good for hedging against currency falls, but that's not a good long term prospect. For it to succeed on the long run it needs to be a currency which needs stability and the willingness of a large group of people to exchange it for goods and or services. Progress in that area has been slow.

Not to mention the community debates over hard forking which threaten the future of the currency entirely.

Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by tdb7893 on Monday January 02, 2017 @09:51AM (#13301390)
But isn't governments having monetary policy a good thing? I thought government control of currency leads to more stability and ability to help the economy without having to use fiscal policy
Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by nikolay on Sunday January 01, 2017 @05:43PM (#13297829)
That's not true at all - just paid marketing via questionable news sources. When you look at the volumes, which haven't increased much, this is all speculation so prepare for a sharp dump soon!
Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by kneel on Sunday January 01, 2017 @06:26PM (#13298020)
Curious where do you view total volume? I'm guessing blockchain.info but which chart are you referring to?
Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by pmorici on Sunday January 01, 2017 @06:36PM (#13298063)
https://coinmarketcap.com/

That site has some numbers as far as exchanges go but there really isn't any place you can go to see a definitive trading volume number.

You also can't rely on volume numbers for any exchange that offers trading at 0% fees. The big three exchanges in China all have inflated volume numbers.

You could also look at value of Bitcoin transacted on the blockchain itself. Transaction volume had been steadily growing until it hit the current theoretical maximum in the last half of this year. The thing to look for now is increasing total transaction value. Hopefully the blocksize gets raised soon so total transactions can continue to grow again.

Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by nikolay on Sunday January 01, 2017 @06:43PM (#13298088)
Well, I am looking at the exchange volume, which is not increasing - even with 0 fees! The blockchain volume is really hard to interpret.
Re:Bitcoin Price Tops $1,000 in First Day of 2017 Trading by pmorici on Sunday January 01, 2017 @07:16PM (#13298199)
Volume denominated in what? If you are looking at volume denominated in BTC then in an environment of rising prices that means your volume is actually going up if the volume stays the same.