Lots of people going to cry over not jumping on the train.

if this price is reasonable we will only know in a couple of years

You probably don’t want to calculate what 30 days of 20% growth would do to the Bitcoin price because it will make you vomit.

That's not really how it works, if the supply of money is met with a growing economy that absorbs the new money you don't get inflation.

The impact of cryptocurrencies

The context of our analysis so far has been restricted to the well-established credit cycle. This consists of a period of credit expansion, facilitated by central banks suppressing interest rates, leading to price inflation, and thereby forcing central banks to raise interest rates until credit stops expanding. Inevitably, when bank credit stops expanding, businesses get into difficulty, the economic climate sours, and bank credit begins to implode. The correlation between changes in bank credit applied to business loans and interest rates managed by the central banks is evident in the second chart in this article.

It should be clear that the current period of credit expansion, being unprecedented in its magnitude, will be followed by a credit crisis potentially worse than the last. Furthermore, as posited above, the rapid expansion of base money, which is the traditional central bank response to a credit crisis, will coincide with a surfeit of deposited dollars in the banking system accumulated since the last crisis. Accordingly, instead of a deflationary event being triggered, the next crisis will increase these deposits even further, and is likely to trigger an inflationary event, once the dust settles. Depositors, who are not finance companies, will almost certainly attempt to reduce their swollen bank accounts, in favour of precious metals, and perhaps tangible assets such as art, land and buildings as well.

We now must consider the impact of a new element, cryptocurrencies. Assuming that central banks do not prohibit commercial banks from processing payments to facilitate cryptocurrency settlements, it is likely the cryptocurrency bubble will not only survive the next credit-induced economic crisis, but be fuelled by it. This being the case, increasing public participation becomes an additional destabilising factor for fiat currencies themselves.

Before the next credit crisis, there could be increasing speculation in cryptocurrencies, providing windfall profits for growing numbers of the general public all round the world. This will have two affects. Fiat money will be diverted from other uses into settling cryptocurrency transactions. This will require additional expansion of bank credit, if not for this direct purpose, to satisfy continuing economic activities that benefit indirectly from the bubble’s wealth creation. And secondly, the decline in preference for fiat money in favour of holding cryptocurrencies is could trigger a wider decline in the purchasing power of state-issued money.

It is perhaps time to consolidate our thoughts so far, and summarise the danger to the dollar. Unlike the last credit-induced crisis, which triggered a flight into the dollar, the dynamics building for the next crisis are wholly different, even though it will happen for the same underlying reasons. This time, the world is flooded with dollars, both in the form of investment money and bank deposits.

The Fed’s solution to a credit-induced crisis is always to inject more money into the system. But there is already too much money in circulation, illustrated by the above-trend increase in FMQ since August 2008. Foreign ownership of dollars in portfolios also increased from $9.641 trillion in 2009 to $17.139 trillion in 2016 (according to TIC data from the US Treasury), the unwinding of which will undoubtedly put pressure on the dollar’s exchange rate, in addition to other negative trade-related factors. Furthermore, fiat currency in the banks and at the Fed is now $6.4 trillion above its long-term sustainable growth rate.

There is therefore, already a recipe for a substantial fall in the dollar, adversely affecting all other fiat currencies linked to it. This problem is compounded by the lack of headroom to raise interest rates without aggravating the overall debt situation. The addition of cryptocurrencies as an alternative to holding fiat cash, if the cryptocurrency bubble is still extant at the time of the next credit crisis, can be expected to offer the public an alternative to holding fiat currencies deposits in the banks. This is all bad news for the dollar.

But what if what we are seeing is in truth fiat-inflation?
There has so much money been printed and it is out there and yet the inflation is just at 15% since 2008 while the amount of money has increased by about 500%.
https://fred.stlouisfed.org/series/BASE?cid=124

Which means everything in dollar should theoretically cost about 5 times as much as it does today. Imagine 15$ for a coffee

Do you guys think I should redo the poll, or let it stand?

P.S.
Prices on the Korean exchanges are approaching $20,000.

Pullback. I blame futures.

Remember that if you are publicly advertising your involvement with cryptocurrencies, you are making yourself a target.

Good advice.
I always said I have more than one bitcoin. That was a pretty safe statement last year, but now...
Give it a couple more years and I'll be equivalent to an old guy with lots of money under his matress. Quiet the target.

They are still in the "then they fight you" phase.
So we haven't won allready.

Bullish!

I know. This is all a gamble. Could go well if bitcoin scales to the demand, could go wrong.
I'm just chiming in on the hype.
Personally I think we're at the beginning of the mania phase. By now either my mom nor my grandma nor my brothers want to buy bitcoin. So there's room to grow. If my grandma asks me if she should invest, thats a clear no from me.
If we have a slower but constant rise over the next months, this assesment could change.

Luckily I'm not a normie and never invested. I just got my coins. Good old times when Bitcoin just lay about everywhere. Only problem: explain that to your tax office.

Luckily I'm not a normie

What?

Still no $20K?

What have you guys been DOING all night...sheesh.

Right then, let's do this. One question and one chance to answer.

Do you believe that the current transfer capacity of the bitcoin network is sufficient? Just a straight yes or no.

Y'all realizer yer fabled LN can't scale to Visa levels without a huge block size increase, right?

Think of a tsunami that ironically sucks the water all the way out first.

Did we hit the bottom yet

Something which, with some goodwill, could be interpreted as bullish from Tera?
REVERSAL CONFIRMED!

Bingo!!   

Correct, but the relative volume to the rest of the surrounding timeframe is not distinguished enough for me to really consider this the bottom. When we hit the 7700 Level again and bump up again with a similar rise in volume things are pretty clear.
Or we go up to 9000+ on another 2billion volume.
That would be pretty clear as well.

This is starting to look good.

Well, the world is full of retards and as i cashed out what i wanted at 16k and got all my juicy coins for free, it's definitely a scam in my favor.
I can only gain money here, which makes a rollercoasterride so much more relaxed.

Since when banks decide what people can buy with their credit cards? Is bitcoin illegal?

Yes, it is not looking bad. But neither is it looking like we are finally out of the woods. Could be nothing but a glade.

Lol, bitcoin isn't an escape for the poor. The only escape for you would be to obtain a skill, that is special and needed enough, so people will pay you good money for your work. If you have done that, then you can educate yourself further on how to become an entrepreneur and how to use your knowledge to build a team, that can solve even more problems then you could solve alone.
This isn't easy, but you can't beat Darwin. The poor will stay poor mostly if they are only looking for easy shortcuts to riches. They don't want to learn anything or do anything, they just want to become rich. Some people do win the lottery etc. but the cold hard math tells you that the majority of the "lottery hoping folks" will remain poor till the end of their life.

For instance, if you would be educated, then you would see that Bitcoin isn't the savior of the poor. At first, bitcoin value is deflationary, meaning that owning money creates more wealth for you. If you had any basic sense of finance, then you would know that this actually helps the rich, not the poor. Currently it is easy to make money if you have money, but with bitcoin it is even easier. If the currency you are holding is inflationary, then you have to use your money  to start new projects and create new jobs, then your wealth also expands. If you do nothing but sit on your fat bank account, then your wealth will start to shrink. With bitcoin, the rich don't have to do anything but sit on their ass while watching their wealth to expand. And the poor, who don't have much to save up on their bank accounts and who work from salary to salary, won't get nearly as much benefit from this system.

Bull trap?