This page has been archived and commenting is disabled.

BiT BuBBLe MaDNeSS...

williambanzai7's picture




 

In the beginning...

PANNING FOR BITCOINS

 

and then...

 

MINING FOR BITCOINS

“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.”

- Charles MacKay, Extraordinary Popular Delusions & the Madness of Crowds

 

Good ideas are not impervious to the madness of crowds.--WB7

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 04/11/2013 - 12:01 | 3436758 news printer
news printer's picture

All good things come to those who wait

http://youtu.be/0hnhvWKMqm4?t=55s

PS.: Bitcoin was to high and still is; simply wait

Thu, 04/11/2013 - 11:09 | 3436398 Fix It Again Timmy
Fix It Again Timmy's picture

Can you at least wipe your ass with a bitcoin?  "Ah, no...."  Therefore my man, I dare say to you, of what good could it possibly be?

Be careful, bitcoins can byte back....

Thu, 04/11/2013 - 10:15 | 3436098 jtlien
jtlien's picture

After the first bitcoin crash in 2011, the price of both gold and silver skyrocked to new highs in October of 2011.

Could history repeat?

Thu, 04/11/2013 - 08:28 | 3435705 Peter Pan
Peter Pan's picture

They say all bad ideas start off as good ideas. Bitcoin may have some redeeming features but lacks the substance to ride with history.

Thu, 04/11/2013 - 09:22 | 3435897 screw face
screw face's picture

-Felling a bit low today, stayed inside yesterday.

http://market-ticker.org/akcs-www?post=219662

http://market-ticker.org/akcs-www?post=219670

-called padding thy pocket

Thu, 04/11/2013 - 07:36 | 3435613 jeebus
jeebus's picture

I TRIED to get you accept them at 30. 

 

Still would have been a good deal for you.

Thu, 04/11/2013 - 08:44 | 3435763 williambanzai7
williambanzai7's picture

Good deal, bad deal, no matter. As I said, twice now with all due respect, I'm not set up to do barter trades.

I supposes it is just as well, since all of my views are not clouded by a personal stake.

Thu, 04/11/2013 - 07:30 | 3435607 taketheredpill
taketheredpill's picture

Virtual Gold is the best way to describe Bitcoin.  Anybody who says it doesn't make sense doesn't understand what Bitcoin is supposed to achieve.  In comparison to real Gold, Bitcoin has the advantage that it cannot be confiscated, so that makes it a very real threat.  That might be where the volatility is coming from, an attempt by agents of the established system to introduce volatility and increase the perceived riskyness.

 

As far as Bitcoin not being real, keep in mind a lot of guys will stare at pixels on a screen and masturbate.  Seems real enough.  Women seem mostly immune to the illusion, as pixels (so far anyway) can't get you pregnant.

Thu, 04/11/2013 - 09:54 | 3436016 CynicLaureate
CynicLaureate's picture

BitCoins cannot be confiscated without access to your computer, but the FACTA and FINCEN will be used by the US Govt to require self reporting, at least in the US.

BitCoin is a direct threat to the government's dream of a cashless society where taxes are collected automatically on every transaction.

The first step will be the FBAR-B form requiring you to disclose all BitCoin accounts and wallets (the current FBAR covers foreign bank accounts).

When that doesn't generate revenue, the 4th and 5th amendments will be weakened to require all computer/tablet/phone files to be available for inspection for unreported BitCoin wallet files without a warrant.  They'll just expand the existing 100 mile 4th amendment free zone.

Ooops... you failed to report this BitCoin wallet... once we have your wallet, we'll just transfer those BitCoints via civil forfeiture.  You can try to prove those bits are legal in court.

"When they rob you with a fountain pen, they rob you just the same." --James Talley, _Are They Gonna Make Us Outlaws, Again?_

http://youtu.be/WpVkPM_4EVg

 

Thu, 04/11/2013 - 07:15 | 3435592 Tom_333
Tom_333's picture

Yo Squeaky,

I trust you know that "bit" is the word in french for ....Dick,Schlong,Wiener...well, you get the picture.

Un grand bit is god...a little bit - not so good.Bitcoin then implies Dickmoney in French.

Or if you want to play more with the thing you could also venture into "Bitecu" instead of le Bitcoin.Takes on added symbolism.

Thu, 04/11/2013 - 09:41 | 3435965 screw face
screw face's picture

How, does one, say camel in french?

Oh, excuse them (the french), they seem to have sprong a leak somewhere (japan)!

Intelligence indicates, a very strong frank.

Woooh Jah!

 

Thu, 04/11/2013 - 03:57 | 3435457 Zero-risk bias
Zero-risk bias's picture

Panning for bits. Bit-panning.

Truly classic.

 

Thu, 04/11/2013 - 07:13 | 3435587 Watauga
Watauga's picture

I just opened a new website:  www.bittulip.com

Thu, 04/11/2013 - 03:18 | 3435405 news printer
news printer's picture

These are not the coins you are looking for :p

http://goo.gl/yftnA

Thu, 04/11/2013 - 00:52 | 3435303 monad
Thu, 04/11/2013 - 08:42 | 3435743 gold-is-not-dead
gold-is-not-dead's picture

butterfly labs has failed to deliver for the last year, could be a scam, not credible in asic technology... go for avalon, or stocks of asicminer...

Wed, 04/10/2013 - 21:39 | 3434759 Angus McHugepenis
Angus McHugepenis's picture

WB7 - Love the first one of the old-time miner panning for real gold. As you know, I will not be using that method. I prefer walking naked while using my metal detector in my 150 acre gold mine/claim in the Rockies. I always keep a can of bear spray wedged in my ass cheeks, just in case.

Delivery of your latest should arrive before the weekend. I will advise.

Wed, 04/10/2013 - 23:01 | 3435056 williambanzai7
williambanzai7's picture

I hope you are carrying heat as well.

Wed, 04/10/2013 - 21:32 | 3434736 SqueekyFromm
SqueekyFromm's picture

Hi WB7!!! Here is you a special Irish Poem about BitCoin:

 

A Welch, Rare Bit

There once a Coin called a "Bit"

Speculators in which, took a hit.

As a group and a class

They got "bit" in the ass,

Apropos, for investing in shit.

 

Squeeky Fromm, Girl Reporter

 

 

Wed, 04/10/2013 - 23:27 | 3435037 williambanzai7
williambanzai7's picture

Ouch!

BTW, that clown Weiner has come out of the basement to say he is considering a run for Mayor of NYC.

Meet the new clown,

Thu, 04/11/2013 - 12:17 | 3436844 pawn
pawn's picture

i thought it was Govenor?

Thu, 04/11/2013 - 07:13 | 3435584 Watauga
Watauga's picture

Drudge headline on this--"Will Weiner Rise Again?"

Thu, 04/11/2013 - 08:47 | 3435769 Its_the_economy...
Its_the_economy_stupid's picture

"same as the old [clown]"

Wed, 04/10/2013 - 21:43 | 3434776 Angus McHugepenis
Angus McHugepenis's picture

A rare post from the Squeekmeister... (bows head deeply)... and too fat to almost stand up again. I really have to stop this deep-bowing stuff.

Wed, 04/10/2013 - 22:26 | 3434937 SqueekyFromm
SqueekyFromm's picture

Have I been drinking too much??? Here is another Irish Poem!

 

A Code in My Knows

There once was a coin based on code.

Portrayed as a REAL Mother Lode.

CRASH BANG! and KERPLOP!

Teraflop! Terror Flop!

And Investors cry, "Whocoodaknowed???"

 

Squeeky Fromm, Girl Reporter

Wed, 04/10/2013 - 23:00 | 3435052 williambanzai7
williambanzai7's picture

Oh oh, now the Limerick King is being called out.

Wed, 04/10/2013 - 22:43 | 3434995 nmewn
nmewn's picture

Yes, you've been drinking too much...lol.

Still, +1 ;-)

Wed, 04/10/2013 - 22:06 | 3434860 SqueekyFromm
SqueekyFromm's picture

Thank you AngusMc!!!

Try exhaling first, and then standing up. Here is another Poem (Not an Irish one) loosely based on Antigonish by Hughes Mearns, which I just wrote:

 

Bitacoinish

Yesterday, out of thin air,

There was a coin that wasn't there.

It wasn't there again today,

But Fools invested anyway.

 

And much to many folks' chagrin,

They find it isn't there again.

But something else is gone today. . .

It seems their Money's flown away.

 

Squeeky Fromm, Girl Reporter

 

 

Wed, 04/10/2013 - 22:58 | 3435048 williambanzai7
williambanzai7's picture

That deserves a Doctor Seuss Book.

Wed, 04/10/2013 - 19:42 | 3434314 Aquarius
Aquarius's picture

Maybe this guy's appraoch should be considered as a solution to banker occupation?

http://www.youtube.com/watch?v=0guEKMVYmZ8&list=RD02uQdC-e82gmk

It certainly is a Capitalistic approach and one that could provide suitable entertainment?

 

Ho hum

Wed, 04/10/2013 - 20:05 | 3434395 Aquarius
Aquarius's picture

I once carried out a rather extensive research project for a large international institutional organization that will remain namelessalong with the details, and I can confirm what Noam Chomsky says in this video is correct and the evidence could be found in the records on hemp, marijuana and alcohol and I am sure many other things. It is really not about banning substances but more about the hard working genius'  (off/sarc) that are the gatekeepers for the banking system, that is the bureaucrats, the economists and of course, the politicians (and all that hangs off them.

http://truth-out.org/speakout/item/15631-noam-chomsky-why-marijuana-is-illegal-and-tobacco-is-legal

The fact that Wikileaks have now developed a public accessible searchable Database for government records will eventually impact for the better, the manner in which government is managed; it is a good thing and is a natural evolution of the Internet and the consciosuness of humanity.

Ho hum

 

Wed, 04/10/2013 - 19:15 | 3434222 Lost Wages
Lost Wages's picture

I sold my family to scientific experimentation and bought a bitcoin mining rig.

Wed, 04/10/2013 - 23:31 | 3435146 ILoveDebt
ILoveDebt's picture

I hope it wasn't a BFL preorder.  No refunds and no product going on 10 months.

Wed, 04/10/2013 - 19:15 | 3434220 StarTedStackin'
StarTedStackin''s picture

Anyone else going Amish? They won't miss a beat, other than having to shoot a few "English" who are dumb enough to try to rob them.

Wed, 04/10/2013 - 18:44 | 3434121 nmewn
nmewn's picture

Its not like we didn't try to tell em.

Wed, 04/10/2013 - 18:47 | 3434132 d edwards
d edwards's picture

Bitcoin bites it! told ya.

Wed, 04/10/2013 - 19:02 | 3434184 nmewn
nmewn's picture

Its only down 40%...its got a 100% of whats left! ;-)

Wed, 04/10/2013 - 18:00 | 3433974 Fix It Again Timmy
Fix It Again Timmy's picture

Financial Follies - coming to a neighborhood near you. Git yer tickets now!...

Wed, 04/10/2013 - 18:28 | 3434081 MacGruber
MacGruber's picture

Two words. Tulip bulb.

Wed, 04/10/2013 - 18:55 | 3434161 StarTedStackin'
StarTedStackin''s picture

So you like plantin' two lips, eh?

Wed, 04/10/2013 - 19:12 | 3434208 StarTedStackin'
StarTedStackin''s picture

I'll take the down arrow as a 'yes'

 

 

Not that there's anything wrong with that.........lol

Thu, 04/11/2013 - 09:34 | 3435811 The Abstraction...
The Abstraction of Justice's picture

I just marked you down because every boor shouts tulips.

Wed, 04/10/2013 - 18:00 | 3433966 douglas
douglas's picture

First of all before I get slammed too much, let me say that I´m over 70% PM and almost 20% Real Estate and that for me BTC is certainly not at all an important part of my investments...

- I bought 100 bitcoins at $16.50 for around $1650 back in January.

- I traded 16 bitcoins yesterday for two Gold Maple leafs (aprox $3250)

- I sold 84 bitcoins this afternoon at $150 for $12,600

- I bought 150 bicoins at $111 an hour later for just over $16,600

So if worst case scenario BTC goes to ZERO I´ll be out around $2,350 (not enough to lose any sleep), but right about now things are looking pretty rosy cause BTC is back up and I suspect that tommorow (or at least in the next few days) I´ll be kicking myself for not having bought a bit more...

Wed, 04/10/2013 - 21:53 | 3434814 Angus McHugepenis
Angus McHugepenis's picture

Have you taken delivery of your gold Maples?

Douglas, you know the rules... if you don't hold it in your hand...

Wed, 04/10/2013 - 21:32 | 3434731 rosiescenario
rosiescenario's picture

What, you did not diversify into firearms and ammo? You missed the memo?

Wed, 04/10/2013 - 19:18 | 3434228 angel_of_joy
angel_of_joy's picture

Yeah, but did you pay your capital gain TAX ???

Remember, your bitcoin transactions are recorded on net forever... :-)

Wed, 04/10/2013 - 19:20 | 3434245 hooligan2009
hooligan2009's picture

interesting...bitcoin profit = tax paid in bitcoins?

Wed, 04/10/2013 - 20:29 | 3434491 moroots
moroots's picture

Don't forget that the income tax must be paid in fed reserve notes, a not so subtle mechanism that props up the FRN and creates artificial demand for it.  The other thing worthy of note is how the effects of price inflation are not reflected in the internal revenue code, from the lack of AMT indexing, to bracket creep, to nominal - not real - gains taxation.  Indeed the income tax and the fed printing press work hand in glove to siphon the public wealth.

Wed, 04/10/2013 - 19:11 | 3434215 StarTedStackin'
StarTedStackin''s picture

Did you post up the day you bought them?

Wed, 04/10/2013 - 17:41 | 3433897 Radical Marijuana
Radical Marijuana's picture

http://www.youtube.com/watch?v=hXLh6ZIJiRc

Mind Over Money Documentary

That NOVA documentary was interesting review of some of the psychology of economic bubbles, although it is another classic example of too much psychology, with hardly any ecology. Thus, it does not come within a light of actual reasons why monetary systems are state religions. There is typical emphasis upon psychologies, that deliberately ignore the bigger sociologies. I regard that as a pretty well universal mistake that people treat psychology as if it is free floating, rather than the result of environmental selection pressures in the past, not only of the individual, but of their ancestors too.

The idea that our financial accounting systems are fundamentally fraudulent is not present in any mainstream documentary about money! They tend to focus on individual idiosyncrasies, and their brain functions. The degree to which most people are brainwashed to believe in bullshit by the biggest bullies barely enters in the mainstream understanding of monetary mechanisms.

There are many stupid little monkeys being taken advantage of by slightly less stupid of those little monkeys! The PROBLEM is that the vast majority of science and technology is employed to become better at being dishonest, and backing that up with violence. In particular, more than 99% of psychology is actually used to try to make people behave in more insane ways, rather than less insane ways. The bigger picture is the result of the runaway triumph of the best organized criminals, the biggest gangsters, the banksters, controlling governments in order to legalize counterfeiting.

There is a RUNAWAY system of organized lies, operating organized robbery, and almost everyone is STUCK inside of that juggernaut, on its exponentially accelerating ride. Therefore, individual psychology with respect to bubbles takes place inside a context where the whole system is designed to blow bigger and bigger bubbles. Furthermore, those who wake up more to those social facts usually can do nothing practical to change those conditions. Instead, the are forced to adapt to runaway social insanity by adopting individual strategies which are crazy compromises with that overall insanity!

The DEEPER problem with why the economic behaviour of most people is small scale insanity, inside of larger scale insanities, is that the whole system is based on the history of militarism, which enabled those who were the best at deceits to prevail through conflicts. Thus, our entire civilization went from the War Kings creating sovereign powers to rob and to kill, or to tax and to enforce taxation, which then backed up legal tender laws, through which the Fraud Kings, the banksters, force people to accept privatized faith-based fiat money, which is simply triumphant runaway fraud.

Since people DEEPLY refuse to acknowledge the basic fact that money is backed by murder, and that money could not exist any other way, therefore, people are blinded to the way that the monetary system works, as their state religion. Generally, most people are more completely clueless about money, and more repressed and titillated about money, than they are about sex. The social taboos which surround money are more profound and taken for granted than the social taboos which surround sex. Therefore, the psychology of bubbles has every advantage to runaway and blow themselves. The highest levels are money/murder systems, run by bankster controlled governments, within which everyone else has to desperately try to cope with those conditions.

Bitcoins, and all other similar possible alternatives, are problematic to the degree to which they take for granted a larger social context in which the debt controls are being backed up by death controls. Bitcoin operates within those systems, without admitting, nor paying for them to be maintained.

People may become desperate to look for alternatives! That is especially true since the only real way that there could be alternative money systems is if they were backed up by alternative murder systems. Generally speaking, the vast majority of people can do nothing about that, and would much prefer to not acknowledge those central social facts.

There is no way to cope with the combined madness of the money/murder systems, but to muddle through their dynamic equilibria of different systems of organized lies, operating organized robberies. After fits of social chaos, there tends to emerge a new order, which then tends to deteriorate, until there is another fit of social chaos, through which social storms eventually emerges some new system of relative dynamic equilibria.

Life is constantly blowing bubble after bubble (or rather, toroidal vortex after toroidal vortex) ... Science and technology is astronomically amplifying that by many orders of magnitude. At the present time, there has been built a kind of DEBT ENGINE, which is like a STEAM ENGINE, which no longer has a good governor installed, and upon which the safety valves have been welded shut!

Instead, of operating the monetary system sanely, it has become runaway insanity, since the banksters have gotten into a positive feedback of applying the methods of organized crime to take control over governments. Therefore, the bankster controlled governments uninstalled the governors that should be built into the DEBT ENGINES, and the bankster controlled governments agreed to weld shut the safety valves on those DEBT ENGINES.

The banksters were able to direct governments to enable their debt engines to run as fast as possible, without any sane limiting mechanisms. In the USA (as well as in Europe, and elsewhere), some limiting mechanisms that were put in place after the Great Depression were systematically dismantled. The Too Big To Fail, and Too Big To Jail, banks thus became runaway DEBT ENGINES. They were always the social insanity of privatized DEBT ENGINES, but they have become much more insane because they have had their limiting governors and their safety valves disabled. Therefore, we are collectively blowing the biggest bubbles there have ever been, which are going to pop much more spectacularly than anything else which has previously happened in known human history.

Since money is backed by murder, but that is the most suppressed social fact, which yet enables everything else that the DEBT ENGINE money system is driving to be done, we are building up the potential for some unprecedented social storms to cause more murders beyond imagination! Instead of attempting to regularize and civilize the global death controls, we are blowing bubbles with respect to those overall issues which are beyond our ability to comprehend or imagine.

Each little example, like the bubbling bitcoin situation, provoked by people losing faith in their faith-based money, demonstrates again the overwhelming collective insanity of contemporary human psychologies, which are a reflection of the much more deeply insane human ecology situation, which exists because our human ecology was controlled by militarism, which was controlled by those doing that having become the best at being deceitful about what they were really doing!

Thus, our entire society is controlled by Fraud Kings, which control governments to force everyone else to accept, and adapt to live within, runaway DEBT ENGINES, accelerating towards MORE DEBT INSANITY ... Of course, inside that context, any other alternative currencies end up being pathetically inadequate, and tend to simply displace and replicate the bigger problems.

In the end, production is controlled by destruction. Of course, most people want to pretend that money is based on production, BUT, money is controlled by destruction, and thus, money is backed by murder. There are no other real solutions than to work through the dynamic equilibria of the future death controls, in order to go through the dynamic equilibration of the debt controls. The more out of whack those are allowed to become, the worse the corrections will eventually become ...

Do NOT follow this link or you will be banned from the site!