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BTC up to $1786 today, but locked out of my account...

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I'm impressed that bitcoin has made it's way all the way up to $1786.  I'm curious about what's driving this?  China?  Some unknown sketchy person/group with lots of bitcoin?  Wider usage as it's now legal in some countries and used for online gambling, etc.  Stocks that include bitcoin?

A downside for me is that I've found BTC nearly impossible to withdraw in cash.  Currently, the online website I used to store most of my btc says my account is suspended and won't allow me to put in a ticket.  I googled the problem and many people are having this issue.  So, I guess for me, it will be a good investment if, and only if, I am ever able to withdraw at a good time (or at all).  I doubt anyone on here has had that problem, but I am open to suggestions if this part sounds familiar.

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rated:
Do we need another BTC thread?

It's probably driven by the ransomeware.

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ZenNUTS said:   Do we need another BTC thread?

It's probably driven by the ransomeware.

  
Personally, I find all crypto-currency fascinating.  Isn't it possible that a day will come when all currency is online and no more paper money?  What will happen between now and then; will there be hiccups in the system that allow people to make lots of money at record pace?  Who knows?  I guess it interests me.

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The story of Bitcoin is littered with failed, hacked, and mismanaged exchanges where account holders lost money.

The lesson to learn from this is that you have to keep Bitcoin in your own wallet, or stick with reputable exchanges like Coinbase. Sounds like you did neither.

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megatard said:   The story of Bitcoin is littered with failed, hacked, and mismanaged exchanges where account holders lost money.

The lesson to learn from this is that you have to keep Bitcoin in your own wallet, or stick with reputable exchanges like Coinbase. Sounds like you did neither.

  
I did a little of almost everything that's legal and have been with bitcoin for quite a while now (several years).  These days I don't have as much money as I use to due primarily to going back to school, so I won't be investing as much - if anything at all.  In the past, the question was always how much to put toward this stock or that, when to cut my loses.  I see losing as part of the game and just hope to come out ahead.

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you're an idiot

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megatard said:   The story of Bitcoin is littered with failed, hacked, and mismanaged exchanges where account holders lost money.

The lesson to learn from this is that you have to keep Bitcoin in your own wallet, or stick with reputable exchanges like Coinbase. Sounds like you did neither.


The OP didn't say what exchange they used, but one that recently froze their accounts is GoCelery. I do use Coinbase. If they go under and everyone loses what's in their accounts, that would be unexpected and very big news.

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Sounds like BTC is at $0 for you now. You gave your money away to strangers... get out of FWF.

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burgerwars said:   
megatard said:   The story of Bitcoin is littered with failed, hacked, and mismanaged exchanges where account holders lost money.

The lesson to learn from this is that you have to keep Bitcoin in your own wallet, or stick with reputable exchanges like Coinbase. Sounds like you did neither.


The OP didn't say what exchange they used, but one that recently froze their accounts is GoCelery. I do use Coinbase. If they go under and everyone loses what's in their accounts, that would be unexpected and very big news.

  
I'm not sure what the FW rules are about naming names, but I used BTC-e.  Its possible that my account was suspended since it was inactive for a very long time.  Sure there's a chance my btc is worth $0 due to having been stolen, but if customer service does come through, I've more than doubled the money I put into this.  To be fair, going into this, I knew there was a good chance I would end up with zero, but wanted to get some btc anyway.  To me, it's an exciting new thing.  This may be nerdy, but I'm actually excited to see what Citicoin and Fidelity's crypto-currency ends up being like.

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I don't recall any recent articles about BTC-e having troubles but it may be good to make a new account and use that to send a ticket if you are unable to do so from your current account.
This was on the latest news section from April, Protect your account from hacking. 

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I guess you were right to sell (or try to sell) at 1786.
Currently, BTC-e has a high bid of 1711 and offers at 1715.
If you'd sold, you could buy it back for a $71 gain.

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I wonder if WannaCry is responsible for the recent higher prices due to higher demand... Seems to have spiked a bit since end of April.

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Shandril said:   I wonder if WannaCry is responsible for the recent higher prices due to higher demand... Seems to have spiked a bit since end of April.
  Given that they only got about 30 BTC, doesn't seem likely.

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Think it will help BTC in the short term.

In the long term, though, I expect to see some countries use these hacks to justify making BTC illegal, which may hurt it.

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riznick said:   Think it will help BTC in the short term.

In the long term, though, I expect to see some countries use these hacks to justify making BTC illegal, which may hurt it.

  I remember the long discussion about making BTC illegal.  My position was and is that it would be extremely ineffective while others insist that the BTC market will crash when it happens.  I guess we will see.

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ZenNUTS said:     I remember the long discussion about making BTC illegal.  My position was and is that it would be extremely ineffective while others insist that the BTC market will crash when it happens.  I guess we will see.
  Seems like it could be both. I think some countries will try, and BTC will crash. But ultimately it will be ineffective, and long-term BTC will recover.

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ZenNUTS said:   
riznick said:   Think it will help BTC in the short term.

In the long term, though, I expect to see some countries use these hacks to justify making BTC illegal, which may hurt it.

  I remember the long discussion about making BTC illegal.  My position was and is that it would be extremely ineffective while others insist that the BTC market will crash when it happens.  I guess we will see.

  
Given that bitcoin is used worldwide, I suspect that it is unlikely to become illegal everywhere all at once.  There would probably be some sort of rational, followed by one place making it illegal, then the next, etc.  And if it were illegal, would that necessarily make the value zero or like some illegal things, would there still be a substantial value....

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Now worth $1924.99!

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As to why its going up :

http://www.cnbc.com/2017/05/19/bitcoin-price-record-high-japan-f...

"Japan and Korea are driving trade, with political uncertainty and debate over the future of bitcoin's underlying technology boosting investor sentiment."
"Trading volumes in Japanese yen and Korean won have risen and combined account for around 48.6 percent of trading"

"Many in the community wanted to initiate what is known as a "hard fork". This would have led to the creation of two separate digital currencies"
"But an experiment with another cryptocurrency called Litecoin showed that a "hard fork" might not be needed and this has buoyed investors.

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Gauss44 said:   Now worth $1924.99!
  Bitcoin punched $2,000 today.  Right now it's $2,033.  What it's exactly worth I don't know.  I've been doing my dollar-cost averaging of buying bitcoins since it was less than $100.  When I bought some at $70, I thought it was overvalued.  When it went up to $400, I thought it wasn't worth that much.  Even though I didn't think it was worth it, I also knew I could be wrong, so I continued my purchases, but not large amounts as that wouldn't be wise on my part.

Last year and early this year I also bought some Ethereum, when Coinbase added that currency.  I purchased some when it was less than $10.  Again, I thought it could be overvalued, but what the heck.  Now it's multiplied from that.

With Bitcoin currently over $2,000 I wouldn't suggest to start going into it full-blast now.  There's a risk of a pullback, but I don't really know.  Nobody really knows.  The same with buying stocks.  Anyway, life is a gamble.  If you want to invest in it, I suggest it be only a sliver of your assets.  Then if it continues to increase you can be in for a ride.  If not, you won't damage your finances.

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It's not the same as stocks

even if there were small similarities then nobody would recommend a heavy investment in one super risky stock

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