The price of bitcoin hits $525 after boom on Chinese market

The price of digital currency hit a new 18 months’ record this Sunday. Thanks to the growing volume of trade, it climbed up to $525 in the afternoon.

According to CoinFox bitcoin price index, the cryptocurrency reached the $500 mark on Saturday. During the night from Saturday to Sunday, digital currency went up to $523.

By 14:00 GMT on 29 May the price of bitcoin was swinging around $525. The bitcoin was making new gains at Bitfinex bitcoin exchange, where at some point its price soared to $536.

The plausible reason for the rush the rising demand on Chinese markets. The recent jump of bitcoin coincides with the sudden increase in the BTC trading volume on the Chinese-oriented bitcoin exchanges OkCoin, and Huobi.

The continuing decline of the Chinese stock market contributed to the growth of bitcoin trading volume. According to Bloomberg, China’s stocks capped their longest stretch of weekly losses since July 2012. In this situation, many speculative traders opted for the cryptocurrency.

Chinese markets were behind the previous hike in bitcoin exchange rate. As CoinFox reported earlier, on 27 of May the bitcoin price jumped 5% in 7 hours and continued to grow. The rally started around 23:00 GMT on 26 May. According to bitcoinity.org, OKCoin and Huobi accounted for 94% of the trading volume. At the peak time at OKCoin 8.7k BTC were sold in one minute.

The upward trend can also be associated with the negative dynamics of US dollar. Dollar price went downwards after the publication of April data for durable goods orders in the USA. According to the US Department of Commerce, the index has risen 3.4% instead of predicted 0.5% growth.


coinfox.info/news/5593-the-price-of-bitcoin-hits-525-after-boom-on-chinese-market

Other urls found in this thread:

krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/?_r=0
99bitcoins.com/bitcoinobituaries/
cryptolization.com/
claims.mtgox.com/.
globalresearch.ca/the-collapse-of-the-western-fiat-monetary-system-may-have-begun-china-russia-and-the-reemergence-of-gold-backed-currencies/5521107
superstation95.com/index.php/world/1152
zerohedge.com/news/2016-04-20/china-yuan-gold-fix-part-planned-shift-dollar-chinas-bocom
bitconnect.co/bitcoin-news/178/paypal-designing-digital-currency-wallet-featuring-bitcoin/
coindesk.com/damned-dao-andreas-antonopoulos-third-key/
twitter.com/NSFWRedditImage

It’s always important, and always hard, to distinguish positive economics — how things work — from normative economics — how things should be. Indeed, on many of the macro issues I’ve written about it has been obvious that large numbers of economists can’t bring themselves to make that distinction; they dislike activist government on political grounds, and this leads them to make really bad arguments about why fiscal stimulus can’t work and monetary stimulus will be disastrous. I don’t, by the way, think that this effect is symmetric: although people like Robert Lucas were quick to accuse people like Christy Romer of fabricating macro arguments to support a big-government agenda, this didn’t actually happen.

But I come now to talk not about macro but about money — specifically, about Bitcoin and all that.

So far almost all of the Bitcoin discussion has been positive economics — can this actually work? And I have to say that I’m still deeply unconvinced. To be successful, money must be both a medium of exchange and a reasonably stable store of value. And it remains completely unclear why BitCoin should be a stable store of value. Brad DeLong puts it clearly:

Underpinning the value of gold is that if all else fails you can use it to make pretty things. Underpinning the value of the dollar is a combination of (a) the fact that you can use them to pay your taxes to the U.S. government, and (b) that the Federal Reserve is a potential dollar sink and has promised to buy them back and extinguish them if their real value starts to sink at (much) more than 2%/year (yes, I know).

Placing a ceiling on the value of gold is mining technology, and the prospect that if its price gets out of whack for long on the upside a great deal more of it will be created. Placing a ceiling on the value of the dollar is the Federal Reserve’s role as actual dollar source, and its commitment not to allow deflation to happen.

Placing a ceiling on the value of bitcoins is computer technology and the form of the hash function… until the limit of 21 million bitcoins is reached. Placing a floor on the value of bitcoins is… what, exactly?

I have had and am continuing to have a dialogue with smart technologists who are very high on BitCoin — but when I try to get them to explain to me why BitCoin is a reliable store of value, they always seem to come back with explanations about how it’s a terrific medium of exchange. Even if I buy this (which I don’t, entirely), it doesn’t solve my problem. And I haven’t been able to get my correspondents to recognize that these are different questions.

But as I said, this is a positive discussion. What about the normative economics? Well, you should read Charlie Stross:

BitCoin looks like it was designed as a weapon intended to damage central banking and money issuing banks, with a Libertarian political agenda in mind—to damage states ability to collect tax and monitor their citizens financial transactions.

Go read the whole thing.

Stross doesn’t like that agenda, and neither do I; but I am trying not to let that tilt my positive analysis of BitCoin one way or the other. One suspects, however, that many BitCoin enthusiasts are, in fact, enthusiastic because, as Stross says, “it pushes the same buttons as their gold fetish.”

So let’s talk both about whether BitCoin is a bubble and whether it’s a good thing — in part to make sure that we don’t confuse these questions with each other.


krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/?_r=0

It's going to crash like it always does with these pump and dump rounds.

Sell side shills are posting everywhere.

it absolutely will "crash" but i prefer to say "correct." It is setting new yearly highs as we type and is quite volatile the past few days

There's no price support fam

People are panic buying so the early pumpers get out rich and happy as btc deflates

Fuck off. I lost hundreds of euros because of that bullshit.

Bitcoin has died 102 times

99bitcoins.com/bitcoinobituaries/

My investment just grew 20% in the past 48 hours. Maybe I'll cash out and buy myself some nice takeout after work.

Buttcoins won't mean shit when the power goes out forever!

Samson Looms

Neither will you LARPer.

are we doing this again?

seriously?

remember when the bitcoin reached 1200 dollars in april 2014? or maybe it was 2013, i dont even remember anymore.

remember that redditor who lost his life savings and his girlfriend because of it?

I never implied that I would! Call it LARPing all you want, FEMA camp is soon and we'll all be getting the gas!

No preparation can ever be enough! Doom is all there is!

Ashes and Echoes

And it will happen again and again until all is lost.

There is nothing else

Ashes and Echoes

i still have 0,06 from back then

im not gonna sell for less than 1000

And you will only ever get one thing: NOTHING

It'll all be worthless come June

Ashes and Echoes

Not bad, I haven't checked my account for a year or so. Good I am not in need of money so I will hold onto my BTC.

GOLD, SILVER & BULLETS ARE THE BEST INVESTMENT INTO THE FUTURE PALS

topkek. You should invest 15-20% of your saving max. People this stupid deserve this shit!

Bitcoin has now reached a $8 billion dollar market cap with the total cryptocurrency market cap at $10 billion

cryptolization.com/

The things with inflated, make believe, fiat type values? The extremely common metals? The metals where 90% sits 'rotting' in warehouses to keep the price inflated?

Mt. Gox Victims Soon to Have Prayers Answered by Kraken Exchange

The long, sordid tale that was the collapse of the Bitcoin exchange Mt. Gox is coming to an end. The people affected, who lost their Bitcoin funds in the implosion, have been waiting for some sort of positive resolution for over two years, and it seems they will have their wishes granted. Kraken, who has been working with the Japanese government in the investigation of the aftermath, is announcing that they will be able to send lost Bitcoins to over twenty-four thousand former Mt. Gox clients in the very near future.
Release The Bitcoins!

Mt. Gox Victims Soon to Have PrayersAs a quick recap, Mt. Gox, which stands for Magic: The Gathering Online Exchange, was the world’s largest Bitcoin exchange, handling better than seven out of every ten Bitcoin transactions, at its peak. Rumors began to surface late in 2013 that Mt. Gox was actually insolvent under the leadership of one Mark Karpelès, and the exchange filed bankruptcy in February of 2014. It turned out that approximately 850k Bitcoins were lost/stolen, of which 200k have since been recovered. The value at the time was over $450M USD.

The Japanese government, with Mt. Gox being headquartered in Tokyo, and the bitcoin exchange Kraken have been working together on how to find these Bitcoins and resolve the lost funds to the parties involved, and the trustee in the case made the following announcement:

“My office and my partners on the Kraken team worldwide are proud to report outstanding news to thousands of Mt. Gox creditors,” said Tokyo’s court-appointed investigator into this matter, Trustee Nobuaki Kobayashi. “During our thorough bankruptcy investigation, we have carefully reviewed over 24,000 individual claims and made individual determinations on their validity. In the near future, claimants will be able to browse the Mt. Gox claims website to confirm their status. While the detailed schedule will inevitably be affected by each creditor’s response, we wish to proceed to the distribution process as soon as possible."

The total number of claimants is listed as 24,750, with total claims at a lofty $2.41 trillion USD, of which less than 2% have been accepted and verified as legitimate. This means approximately $417 million in USD in claims has been accepted. Kraken will help release the funds to those directly affected. There seems to be a deficit between the $91M USD the Mt. Gox estate holds currently and this balance, but how this gulf is being filled has not yet been released to the press.

Claimants will soon be able to learn the status of their claim by visiting the Mt. Gox website at claims.mtgox.com/. The Bitcoin addresses involved will not be revealed publicly. Trustee Nobuaki Kobayashi is cooperating with the Tokyo Metropolitan Police Department in its ongoing criminal investigation of Mark Karpelès, who has been in custody in Japan since August of last year, charged with embezzlement for his involvement in the losses at Mt. Gox.

“Kraken is honored to provide support to the Trustee on behalf of the community and Mt.Gox clients,” said Kraken CEO Jesse Powell. “We are pleased by today’s announcement and the progress that has been made toward returning clients’ assets. We’ll continue to offer our assistance wherever possible and I look forward a speedy resolution from here.”

So what happened to all of the Bitcoins anyway? WizSec says that they were slowly stolen over time, starting as far back as 2011. For more information on their investigation, click here to go to their blog.

That's because you're probably a moron. I've turned $1000 into $60000 margin trading this easy shit.

Just stop

alright i'll bite
how the fuck do you even margin trade in bitcoin

you hopped over to your local loanshark for cash, cause brilliant plan there

You have no understanding of what is happening.

This is Chinese people trying to get money out of China before the Communist Party collapses.

It's true. And you know it.

I'm right and you know it.

Everything is shit and you know it.

There has never been anything but despair, and you know it.

There will never be anything but misery, and you know it.

Samson Looms and you KNOW IT!

Ashes and Echoes

The Chinks just backed up the Yuan with a fuckton of Gold, they are doing better than ever!

Hwat?

globalresearch.ca/the-collapse-of-the-western-fiat-monetary-system-may-have-begun-china-russia-and-the-reemergence-of-gold-backed-currencies/5521107

They didn't back the yaun with gold you fucking illiterate nigger.

They made a chink exchange with gold that will have an insignificant effect on the price as they have nowhere near the volume the london exchange has.

They bought huge amounts of gold for the last years and are basically saying "fuck you Americunts and fuck you Dollar!"

superstation95.com/index.php/world/1152

zerohedge.com/news/2016-04-20/china-yuan-gold-fix-part-planned-shift-dollar-chinas-bocom

Neither the Ruble nor Yuan are gold backed. If you think they are, then you don't know what "backing" means, and you need to shut up.

If there is no window where paper notes can be traded for gold AT A FIXED RATE, then it isn't backed by shit. Just having a lot of gold, or even trading a lot of gold doesn't make your currency gold backed.

No they didn't.

When they revealed the amount of gold they had, it was significantly lower than the expected amount they had.

Fuck off you gold bug shill.

Gold backing a currency would be a devastating you kike shill

It would only benefit (((bankers))) and (((creditors)))

Bitcoin is a half-baked scam intended for the Jew creator with a stash of bitcoins worth "hundreds of millions" of dollars to scam the goyim into doing his legwork to make their worthless electronic shekels worth something so they can justify spending hundreds of dollars on mining rig computers.

If Holla Forums wants to protect itself economically with a crypto-currency, it should just make one of its own with some sensible design choices, so that it is actually worth using. Anyone who shills bitcoin is just on the ass end of a pyramid scheme and is trapped by sunk cost fallacy.

Jew identified.

he's not wrong. Gold backed currencies would be total shit.

Replace "would be" with "are always"

Once the kikes can convince you that you should transact in money substitutes instead of money they'll steal the actual money out from under you.

They did it with gold, and now look where we are.

PayPal Designing Digital Currency Wallet Featuring Bitcoin

PayPal has an interesting history of admiring Bitcoin, from afar. Their Vice President, Hill Ferguson, once said Bitcoin is “the perfect currency, by design.” PayPal’s founder, Peter Thiel, also said “I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world. Bitcoin is what PayPal was supposed to be.” PayPal has integrated Bitcoin into its Venom app, so you can trade BTC through sites like Paxful and LocalBitcoins. Now, PayPal looks to be building the final step in its belief in Bitcoin’s future, as they are building their first digital currency wallet.
Are bitcoin wallets becoming mainstream?

BitConnect has found the patent filing for this virtual currency wallet that is slated to accept known decentralized digital currencies like Bitcoin, Litecoin, and Dogecoin. The bulk of this design seems to have been done late in 2015, as the patent was filed last December, and before Ethereum came to prominence in 2016, so it is not included in the sketch drawings and patent text. That doesn’t mean it couldn’t be added into a PayPal wallet launch.
The patent filing doesn’t mention smartphones by name, but uses the term “modular device” in the same fashion, and the accompanying images indicate a smartphone is the primary mode of access to this digital currency wallet. The filing used the term “card”, both physical and virtual, for the wallets, which may indicate the potential for future Bitcoin card that you can buy in stores, or online, to scan on your smartphone. Here is a key excerpt that describes the concept:

“Each of the virtual cards includes a different virtual currency wallet by, for example, including a virtual currency wallet application that stores one or more private keys that provide the ability to transfer virtual currency associated with one or more public addresses, as is known in the art of virtual currency. In some embodiments, each of the virtual currency wallets 706a, 708a, and 710a may be associated with different types of virtual currency (e.g., a virtual currency wallet may provide access to Bitcoin, a virtual currency wallet may provide access to Litecoin, virtual currency wallet may provide access to Dogecoin, etc.)”

“In other embodiments, at least some of the virtual currency wallets 706a, 708a, and 710a may be associated with the same type of virtual currency (e.g., the first virtual currency wallet 706a may store one or more first private keys that provide the ability to transfer virtual currency (e.g., Bitcoin) associated with one or more first public addresses, and the second virtual currency wallet 708a may store one or more second private keys that provide the ability to transfer the same type of virtual currency (e.g., Bitcoin) associated with one or more second public addresses that are different from the one or more first public addresses)”

The length and detail of this filing, with the 30+ images included, show that a lot of time and energy was invested into this digital wallet concept. No time frame is mentioned, and the world is still looking to see if Bitcoin can get through its upcoming halving event without major incident. If so, this wallet could be coming within the next twelve months.

bitconnect.co/bitcoin-news/178/paypal-designing-digital-currency-wallet-featuring-bitcoin/

Currently under review at The DAO, the distributed autonomous organization that has raised over $150m worth of the cryptocurrency ether to date, is a proposal for comment by one of the most recognizable people in bitcoin that would fund a project aimed at encoding a decades-old international legal structure into smart contracts.

Submitted by "Mastering Bitcoin" author Andreas Antonopoulos on 23rd May, the proposal entails a decentralized arbitration and mediation network, or DAMN, that would be built on top of the New York Convention legal structure.

Passed by the UN in 1958, the New York Convention is an agreement between more than 65 countries establishing that any decision made by a recognized arbitrator will not only be recognized by the courts of those nations, but enforced by them.

The resulting legal structure lets businesses and individuals alike resolve their problems in a legally enforceable way that, instead of being recognized in just one jurisdiction, is enforced across borders in some of the largest countries in the world, including the US.

If successful, DAMN would give its users access to a new form of dispute resolution that is not only more affordable, but almost borderless, according to Antonopoulos.

Antonopoulos told CoinDesk:

"We’re going to create software that anyone can use and build on. We’re not going to be running DAMN. There’s not going to be one system than runs this. The important thing is the 'D', decentralized."

According to the proposal submitted to The DAO for funding, DAMN will be a sort of "opt-in justice system for commercial transactions".

Through a network of smart contracts built on the public Ethereum blockchain, the benefits offered by the New York Convention and other alternative dispute resolution services will be made available more widely.

Still in its development phase, Antonopoulos and his co-creator, Pamela Morgan, CEO of Third Key Solutions, intend for the DAMN to provide users with layers of choices regarding whether a dispute will be resolved by a person, an algorithm, pools of random jurors, pools of experts, through collaboration of the parties involved or even another DAO specially set up for mediation.

Those who opt into the system will also be given a choice if the decision will be made public or not.
Cutting costs

Because the legal infrastructure set in place by the New York Convention is enforceable across borders in nations that also include China, the UK, Russia, Iran and Israel, the idea is that smart contracts that are compliant might also be enforceable.

In conversation with CoinDesk, Morgan, an attorney with a background in commercial arbitration, explained what she viewed as the true power behind the encoding of alternative dispute resolution services into the Ethereum blockchain.


Building with The DAO

Antonopoulos and Morgan break up the early phases of their work into two milestones, the first of which is a research report conducted over a three-month period during which they have applied to The DAO for a $30,000 investment, including fees for legal expert consulting, technical consulting and training expenses.

If they are successful, the second milestone will be the implementation of an actual dispute resolution contract, the details of which will be determined through the research period.

The Third Key team envisions its work as a series of rolling milestones that, once achieved, will be left online for others to build on.

The idea, according to Antonopoulos, is that every step they take will be incrementally deliverable to the open-source community, so that anyone can build other smart contracts that tap into alternative forms of dispute resolution.

Antonopoulos said:

"There will not be one DAMN and we will not be running it. We’re building software, the software can be run to have hundreds and hundreds of dispute resolution systems of different levels of complexity catering to different needs run by anyone who wants to run them."

coindesk.com/damned-dao-andreas-antonopoulos-third-key/

send it to TRS, they need all the shekels to keep that website up and running. I need muh podcasts

So,this just means no one can afford to buy it now. Also who even accepts payment with bitcoin? and anyone fool enough to buy in now would just lose their shirt later when it drops again.

WOOO
REKT You fucking ass faggot.
and you still wouldn't get it:
pussy and respect

dumbass l2economics

Exactly why you should short sell.

...

Real men rely on kike-issued fiat and suffer from currency inflation. Builds character.

It,s rising because it's summer festivals season, see it deflate around august when school is coming back. It's always the same shit every year.


I've made 4000$ on that the year the market hit over 1000$/BTC