BitCoin @ $7800USD What's YOUR Prediction for Jan 2018?

[Douglas.Curtis]

What is BitCoin's price going to be, January 1st, 2018?

Do YOU have any bitcoin? Do you have any coins laying around you may have forgotten about? Even a few coins (depending on the type) can be worth quite a bit these days. Go take a look.

 

[Treetroit City]

$43,500,000,000

 

[gaiusmarius]

impossible to say, who would have ever thought it would go as high as it has. surely it's heading for a big pull back sooner or later.

there are more and more crypto alternatives being implemented so you'd think that would take some market share, but who knows. as long as people live in places with mad inflation, things like bitcoin will flourish. Zimbabwe is a good example, same with Venezuela, both places seem very keen on making use of bitcoin.i did read the both China and Russia which both have a lot of users are making it illegal or have already done so.

 

[Gry]

My prediction is that I will never use own or touch the stuff.

 

[mushroombrew]

My prediction is that I will never use own or touch the stuff.

Same here. Artificial currency. The bubble will pop they always do.

I know several people who use it for anonymity on the deep web. But there are many exit strategists. Stealing escrow funds. And then you have zero recourse to get money back. A true scammers delight!

 

[gaiusmarius]

using it to buy stuff for a transaction is quite safe imo. the risk comes when you keep large amounts of money in it.

 

[mack 10]

Seems like its only going up at the moment.
The whole money market is crazy these days.
Plunge protection team an all that.

 

[Douglas.Curtis]

I know several people who use it for anonymity on the deep web. But there are many exit strategists.!

So tough to do, especially if you want to actually KEEP any of it and spend it on yourself later. Amazing what you have to do to consistently hide your ip, plus all your transactions can be traced throughout bitcoin history. Disadvantage of an open ledger like bitcoin's blockchain. I'm predicting even the most sophisticated bitcoin "Washing" services will be an open book, as blockchain forensics progress. Ouch.

Bitshares has transparent transactions, only accessible through their cli right now. ZCash (ZEC) has the ability to send/receive, without leaving a trace on the blockchain.

Pretty cool stuff up and coming.

 

[trichrider]

saw headline saying millions disappeared from some bug recently...
just sayin'

 

[Douglas.Curtis]

saw headline saying millions disappeared from some bug recently...
just sayin'

That's a coding mistake, for a software wallet, for a different coin called Ethereum. Ethereum is a blockchain/coin which allows you to create software which uses the ethereum blockchain for various purposes. Very interesting new industry, amazon just registered amazonethereum.com, I believe is the spelling.

Bitcoin is the one which canceled a major software upgrade (hardfork) just today/yesterday, and surged to $7,800USD shortly after. The data says it was a $10 Billion dollar surge in cryptocurrency activity, of which bitcoin was a big part.

There's a huge infrastructure behind bitcoin now. I predict a change to more efficient networks over time. Bitcoin will either settle to a background wealth transfer device or it will be replaced. As a background wealth transfer, they'll be worth hundreds of thousands to eventually millions of USD each.

Time will tell.

 

[ronbo51]

My son in law has 60 ether mining rigs going. 6 graphics cards to a rig. He probably has 120-150K in it. His farm yields two ether a day. Right now about 600 dollars a day. Every day. Day after day. He has been up and running for 6 months. So...he is close to break even with pretty much eternity to run. Also, once you are in crypto you tend to begin trading. The platforms for bouncing in and out of various coins and chasing hunches, momentum, or dips, allows you to arbitrage your coin. That's what is going on in alt coin world.

Bitcoin is different. The chinese have bitcoin on lockdown, at least as far as mining goes. The new s 9 ming rigs are totally unavailable. Bitmain can lease some machines here and there if you are willing to pay, but there will be no new mining outside of chinese control. That's just a fact.

Every currency in the world is devaluating together so as to fool everyone into thinking that things are OK. Things are not OK. There are many trillions of loose currency units looking to buy increasingly overvalued assets. Bitcoin is an attempt to bypass the dying currencies and retain some value. Bitcoins price is more a reflection of the trust in currencies than the confidence in bitcoin.

 

[KONY]

My son in law has 60 ether mining rigs going. 6 graphics cards to a rig. He probably has 120-150K in it. His farm yields two ether a day. Right now about 600 dollars a day. Every day. Day after day. He has been up and running for 6 months. So...he is close to break even with pretty much eternity to run. Also, once you are in crypto you tend to begin trading. The platforms for bouncing in and out of various coins and chasing hunches, momentum, or dips, allows you to arbitrage your coin. That's what is going on in alt coin world.

Bitcoin is different. The chinese have bitcoin on lockdown, at least as far as mining goes. The new s 9 ming rigs are totally unavailable. Bitmain can lease some machines here and there if you are willing to pay, but there will be no new mining outside of chinese control. That's just a fact.

Every currency in the world is devaluating together so as to fool everyone into thinking that things are OK. Things are not OK. There are many trillions of loose currency units looking to buy increasingly overvalued assets. Bitcoin is an attempt to bypass the dying currencies and retain some value. Bitcoins price is more a reflection of the trust in currencies than the confidence in bitcoin.

How much is his electric bill per day?>

 

[beefalo bill]

IDK what it'll be in the future, but I know the ~$100 I put in to get 4/20 seed deals this year would be worth near $1000 at this point. I botched the transaction the first time using it, and ended up with something like .00189 Bitcoin left. I checked it a month or two ago when Bitcoin was at a THEN all time high, and had enough to put in another order. Forgot to take into account the discounts, so there's still a tiny bit left. I'll wait 'till it tops 10K and put in another order. lol

 

[yesum]

My son in law has 60 ether mining rigs going. 6 graphics cards to a rig. He probably has 120-150K in it. His farm yields two ether a day. Right now about 600 dollars a day. Every day. Day after day. He has been up and running for 6 months. So...he is close to break even with pretty much eternity to run. Also, once you are in crypto you tend to begin trading. The platforms for bouncing in and out of various coins and chasing hunches, momentum, or dips, allows you to arbitrage your coin. That's what is going on in alt coin world.

Bitcoin is different. The chinese have bitcoin on lockdown, at least as far as mining goes. The new s 9 ming rigs are totally unavailable. Bitmain can lease some machines here and there if you are willing to pay, but there will be no new mining outside of chinese control. That's just a fact.

Every currency in the world is devaluating together so as to fool everyone into thinking that things are OK. Things are not OK. There are many trillions of loose currency units looking to buy increasingly overvalued assets. Bitcoin is an attempt to bypass the dying currencies and retain some value. Bitcoins price is more a reflection of the trust in currencies than the confidence in bitcoin.

Do the Chinese allow their own people to use Bitcoin? Curtis said they were banned from it.

Not understanding how a country can control digital currency mining this way.

I was looking into buying the Chinese version of Bitcoin, was called ANT shares, but was put off buy Coinbase complaints. Went from around 20 cents to $30 in 6 months.

 

[ronbo51]

We pay 12 cents per kw hour here. Ether miners use way less power than bitminers. It's funny, the mining op is like a grow op. Managing heat is a requirement. In China the large ops run by bitmain use open walled metal buildings in Mongolia where it is cold, to manage the heat. They also build next to dams to get cheap power. We were involved for a while in an op in Iceland but the cheap power was offset by VAT taxes on the equipment. You can lease rigs in various places. One of our partners is leasing a few dozen miners in India. They deduct for power usage and management fees, and you can sell the rigs back if you want out. All of this is being run by the Chinese and almost all of it is done by Bitmain, who has backing of high ranking generals and gov types who run the skim. Fascinating shit no doubt.

All the miners are made in China. All the components are made in China. In the early days of bitcoin you could build a rig from scratch and mine on your pc and make some coin. Those days are long gone. The efficiency of the new s9 miners make any other setup financially unfeasible.


Bitcoin and any other crypto is just as real as colorful pieces of paper with dead guys on them that everyone uses now. When it all crashes and burns there will be a flight to safety when everyone runs for the exit at the same time. Where all those trillions runs to is the great question. In the old days it was gold. Bitcoin allows wealth to be mobile, stealthy. Try getting on a plane with large amounts of cash. There are a lot of very wealthy people who have not even put Bitcoin on their radar, but they are waking up.

 

[coldcanna]

I looked at the charts for bitcoin, ether, and lite coin and they all skyrocketed starting around February 2017.... the only thing I can attribute to this time period is the inauguration of Trump, but are there any definite factors that people contribute to this sudden jump across the board?

 

[Douglas.Curtis]

So far it's $5,001 to $10,000 in the lead!

@ronbo51, this is why I'm mainly out of bitcoin other than a small holding. I still say bitcoin is too expensive for small purchases (transaction fees) and much more suitable for moving wealth.

It's the altcoins, with their specific and very useful potential futures, I hope to make the most gains. Crazy, crazy, crazy.

@coldcanna I believe (though I'm not positive) the talk about the upcoming (now past) Bitcoin Cash hardfork was just beginning to heat up. Having bitcoin, at the time of the fork, gave you an equal share of BitCoin Cash. The Recently canceled SegWit2x hardfork was another reason to grab extra bitcoin.

After the cancellation, bitcoin and altcoins together saw a $10 Billion increase in activity. Again, crazy, crazy, crazy.

 

[bestothebest]

I believe that now it is almost too late. If you bought in a few months or a year ago, You would be rich right now. However, I struggle to see how it will keep going up. At some point, the bubble will pop and people will lose everything. Before it was risky, no I find it too much to bear.

 

[Douglas.Curtis]

I believe that now it is almost too late. If you bought in a few months or a year ago, You would be rich right now. However, I struggle to see how it will keep going up. At some point, the bubble will pop and people will lose everything. Before it was risky, no I find it too much to bear.

It may appear this way on the surface. The neat thing is the differences in the alternate coins which have sprung up. Ethereum, a coin which is used to pay transaction fees on a very specific type of blockchain. A blockchain which has an internal programming language for integrating blockchain abilities into real-time applications. The fact over $150M in ethereum coins are locked up over this recent coding error points toward a HUGE user base. These 'locked' coins are all involved in application/multi-sig contracts, not just sitting around collecting dust.

Ethereum is only one example of new technology being leveraged through blockchain innovation. It drives itself and has it's own value, completely separate from Bitcoin.

Massively cool stuff happening, Bitcoin was just the beginning and possibly the first (massive cryptocurrency) to die.

 

[oldbootz]

China and Russia are mining bitcoins industrially now. The difficulty curve is going up very steep now due to the amount of miners. Small to medium private companies that were making average profits mining coins are now showing declines due to this. If these large governments and organisations decide to sit on their coin it will create a scarcity effect and Bitcoins value will continue to increase. If they dump their coins all at once it could perhaps cause a market crash, these are large govs.

Also, mining companies are making big cash now because everyone wants bitcoins they are selling their mining time to average joe at double what they would have made if they just mined for themselves. Average joe is only going to make his money back if he sits on the coins and hopes they become more valuable. A bit of a scam but people are dumb and its working.

https://www.youtube.com/watch?v=SXzHCiUyEVg