Bitcoin just passed $5,000

Re:Bitcoin just passed $5,000 by RikNieu on Thursday October 12, 2017 @02:17PM (#15459996)

And that valuation is based on ..?

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Re:Bitcoin just passed $5,000 by xur17 on Thursday October 12, 2017 @02:20PM (#15460019)

The price people are currently paying for it on exchanges [0], with > $1 Billion in volume over the past 24 hours.

[0] https://coinmarketcap.com/currencies/bitcoin/#markets

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Re:Bitcoin just passed $5,000 by RikNieu on Thursday October 12, 2017 @02:25PM (#15460062)

Ok, but why? Why are people willing to pay that much for it?

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Re:Bitcoin just passed $5,000 by Anderkent on Thursday October 12, 2017 @04:11PM (#15460929)

Mainly because they believe it will stay valuable. Which is what backs all stores of value - gold and diamonds are definitely not bought for their practical applications.

Now why exactly people believe it is and will stay a good store of value is more complicated, but mostly a mix of trust in how miner self interest will keep the keys safe and general desirability of online currency

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Re:Bitcoin just passed $5,000 by deadmetheny on Thursday October 12, 2017 @04:10PM (#15460926)

Because some other nerds got really rich on Internet fun bucks and other people want in on it too.

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Re:Bitcoin just passed $5,000 by lokimoki on Thursday October 12, 2017 @03:09PM (#15460458)

shhhh you'll burst the bubble

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