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How The Only Market That Is Open Reacted To Today's News & Rumors

Tyler Durden's picture




 

There are no regulated financial markets open today; no BIS-buffered FX market, no Fed-spoon-fed US equity market, no BoJ-jawboned Nikkei 225, and no ECB-sponsored Spanish bond market to judge today's news and rumors. But there is one 'market' open - a market that prices in the belief (or lack thereof) in the status quo to a lesser or greater extent. Illiquid as it may be, today's Bitcoin prices (and volume) says a lot about the headlines of the day...

The fiat-currency-based price of a Bitcoin today has
risen (less confident in the status quo) and fallen (more confident) as
the day's headlines hit...

 

Source: bitcoincharts.com

 

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Sat, 03/23/2013 - 17:36 | 3366737 fonzannoon
fonzannoon's picture

Kinda funny that Intrade was taken down just prior to all this.

Sat, 03/23/2013 - 17:41 | 3366761 TraderTimm
TraderTimm's picture

And bets of bitcoin rose to fill the need - http://betsofbitco.in/

There are some cyprus bets available.

Sat, 03/23/2013 - 17:46 | 3366781 bullionbaron
bullionbaron's picture
Bitcoin Bubble or New Virtual Currency Paradigm?

http://www.bullionbaron.com/2013/03/bitcoin-bubble-or-new-virtual-curren...

Sat, 03/23/2013 - 17:54 | 3366816 toys for tits
toys for tits's picture

Aren't the bitcoins made in 1964 and before still 90% silver?

Sat, 03/23/2013 - 18:21 | 3366893 dick cheneys ghost
dick cheneys ghost's picture

Is it ok to 'clean' ones Bitcoins?

Sat, 03/23/2013 - 18:35 | 3366942 fockewulf190
fockewulf190's picture

If I turn my computer on and off a bunch of times, can I slap together a proof bitcoin? I need 220 volt bitcoins as well....none of that 120 volt junk bitcoin stuff, although they probably still can be used for end of the world, Mad Max scenarios.

Sun, 03/24/2013 - 06:15 | 3367824 GetZeeGold
GetZeeGold's picture

 

 

Electronic Fiat to the rescue!!!

Sun, 03/24/2013 - 10:05 | 3368150 labestiol
labestiol's picture

Electronic Fiat to the rescue!!!

I'm still amazed by how many people don't understand what the term "fiat" means.

Sun, 03/24/2013 - 19:07 | 3369943 Diogenes
Diogenes's picture

It means your money is depreciating like a rusty Italian car.

Sat, 03/23/2013 - 17:56 | 3366824 caconhma
caconhma's picture

The good American story. God bless America.

Texas Sheriff: Homeowner’s Gun Key to Saving His and Wife’s Lives from Home Invaders

By Bryan Preston

March 20, 2013

 

Two men invaded the home of a Maypearl, TX family today. Maypearl is in Ellis County, south of Dallas. Only the wife was home. She spotted the men trying to break in, called her husband, who came home, retrieved the family gun, and confronted the two invaders. A shootout ensued, the man wounded one of the invaders, and then the invaders apparently killed themselves.

 

The Ellis County sheriff’s department spokesman, Lt. James Saulter, said “It’s another reason that we’re good with our homeowners being armed. I believe there would’ve been a different outcome if they hadn’t been armed. Our suspects were heavily armed.”

 

The homeowners will face no charges.

 

Sat, 03/23/2013 - 18:02 | 3366839 HD
HD's picture

He had time to come home? Were these elderly home invaders?

Sat, 03/23/2013 - 18:27 | 3366911 macholatte
macholatte's picture

 

....and then the invaders apparently killed themselves.

 

Bra-ha-ha-ha-ha-ha-ha

Sheeet! Texas..... nuf said.

Sat, 03/23/2013 - 19:51 | 3367164 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Fuck ya'll I'm going to Texas. Oh wait, I already live here bitches!!!

Sat, 03/23/2013 - 21:25 | 3367379 Monedas
Monedas's picture

The wounded invader probably said to his partner .... you're goin' down too, Motherfucka ! Bang ! Oh yeah, take that ! Bang ! ..... Silence .... Distant siren approaching !  Cut !

Sun, 03/24/2013 - 10:21 | 3368253 Magnum
Magnum's picture

The two who killed themselves were teens who arrived at the house with guns one of them had taken from his dad.

Sat, 03/23/2013 - 19:00 | 3367025 Kirk2NCC1701
Kirk2NCC1701's picture

Good Q, fair Q. My advice is that whatever your position, that you be adult/man enough to admit you were 'wrong' if the outcome is contrary to your position. Just saying. "Discuss!"

Sat, 03/23/2013 - 18:57 | 3367027 Randall Cabot
Randall Cabot's picture

THe US Treasury has other ideas about bitcoin: http://www.realjewnews.com/?p=805

Sun, 03/24/2013 - 17:02 | 3369501 StarTedStackin'
StarTedStackin''s picture

Did a Jewish man once turn down your homosexual advances?

Sat, 03/23/2013 - 22:05 | 3367461 Buck Johnson
Buck Johnson's picture

I don't know what it is, but I have a question.  Who started Bitcoin?

Sun, 03/24/2013 - 01:37 | 3367701 labestiol
labestiol's picture

Answer is... nobody knows. The one who wrote the first software to implement this protocol was known as Satoshi Nakamoto, but it's a pseudonym.

He left the developpers team more than two years ago, and was careful enough not to leave any trail behind him.

And if you think it's a problem, know that it's not. Software is open source, we know what it does, nothing is hidden. Hell, even if the Bernanke wrote it, I'm ok with it.

Sun, 03/24/2013 - 15:35 | 3369192 ebear
ebear's picture

This should clear up any confusion you might have:

http://www.youtube.com/watch?v=7vctrc6AHos&feature=related

and if that doesn't help...

http://www.youtube.com/watch?v=BWKLuwR_bFw&feature=related

Sat, 03/23/2013 - 18:07 | 3366854 Matt
Matt's picture

That site looks awesome. If you make a statement, and people bet on it, you get 5% of the loses.

Sat, 03/23/2013 - 17:37 | 3366740 IridiumRebel
IridiumRebel's picture

Clit-Coin

Sat, 03/23/2013 - 17:39 | 3366751 bank guy in Brussels
bank guy in Brussels's picture

New US rule

All Bitcoin transactions to be a felony without government filing of
 
IRS Form 1099-BTC (Form Buttcoin)

Sat, 03/23/2013 - 17:43 | 3366770 nmewn
nmewn's picture

Wouldn't surprise me. They came up with a law that forced everyone to buy something whether they wanted or needed it or not.

Forward Comrades!

Sat, 03/23/2013 - 17:51 | 3366800 kaiserhoff
kaiserhoff's picture

That sort of terrorist talk just might get you into the officer's quarters at the FEMA re-education camp.

Working Title for my post-war memoirs:  When 1.6 Billion Rounds Weren't Nearly Enough.

Sat, 03/23/2013 - 17:59 | 3366831 magpie
magpie's picture

If US patriots are lucky, they will be corzined like any other asset class around

Sat, 03/23/2013 - 19:01 | 3367037 toys for tits
toys for tits's picture

You guys often joke (I think) about internment, but does everyone realize that since Korematsu v. United States* hasn't been overturned it allows internment of a race for "a good reason"?  

I'm sure that case law could be stretched to other classes of people as well.

 

* 1944 supreme court case about the legality of the Japanese-American internment camps. http://en.wikipedia.org/wiki/Korematsu_v._United_States

Sat, 03/23/2013 - 17:48 | 3366787 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

or 2-Bit Coin.

Sat, 03/23/2013 - 18:52 | 3367009 bloostar
bloostar's picture

You've got a vintage there, mine are all 16 and 32 bit.

Sat, 03/23/2013 - 17:42 | 3366764 maskone909
maskone909's picture

shitcoin

Sat, 03/23/2013 - 17:49 | 3366792 Pseudo Anonym
Pseudo Anonym's picture

bitcon

Sat, 03/23/2013 - 18:38 | 3366956 stacking12321
stacking12321's picture

first they ignored it

then they mocked it

then they fought it

then we won

Sun, 03/24/2013 - 12:59 | 3368710 LongBallsShortBrains
LongBallsShortBrains's picture

Then you hypothecated.

Then you rehypotheticated

Then our ass got sore.

Rinse

Wash

Repeat

Sun, 03/24/2013 - 19:06 | 3369939 stacking12321
stacking12321's picture

nice try, balls, but the above shows you dont quite understand what bitcoins are, or else you don't understand what rehypothecation is.

 

Sat, 03/23/2013 - 17:42 | 3366769 GMadScientist
GMadScientist's picture

Capital controls won't stop you!

Sat, 03/23/2013 - 20:15 | 3367220 CH1
CH1's picture

Clit-Coin

And the naysayers still wouldn't be able to find it!

Sun, 03/24/2013 - 11:51 | 3368491 Jake88
Jake88's picture

Oh yeah. Like I needed a reminder that I am on ZH.

Sat, 03/23/2013 - 17:38 | 3366747 kliguy38
kliguy38's picture

It seems the rabbits are getting harder and harder to find........maybe its because the hole is getting deeper and deeper.........

Sat, 03/23/2013 - 17:38 | 3366749 Atomizer
Atomizer's picture

Sit back and wait to see the reaction of BRICS Summit.

 

http://www.brics5.co.za/

 

Sat, 03/23/2013 - 17:53 | 3366808 Yen Cross
Yen Cross's picture

    I like the 'Featured Events' category Atomizer.  3-24-13 BRICS Beach Festival. LMAO/   There's going to be some festivious alright...

Sat, 03/23/2013 - 17:40 | 3366755 uranian
uranian's picture

From 53 bucks to 69 bucks/30% move in 4 hours, that level of volatility leaves even silver in the dust.

Sat, 03/23/2013 - 18:00 | 3366835 ThirdWorldDude
ThirdWorldDude's picture

As long as there's sheep, there'll be sweaters.

Sun, 03/24/2013 - 13:00 | 3368717 LongBallsShortBrains
LongBallsShortBrains's picture

And thhose who will sheer them.

Sat, 03/23/2013 - 18:28 | 3366912 Silver Garbage Man
Silver Garbage Man's picture

Dust is more tangible than bit coin .

Sat, 03/23/2013 - 18:38 | 3366960 10044
10044's picture

Coming to a silver "market" near you soon

Sat, 03/23/2013 - 20:10 | 3367201 The Shootist
The Shootist's picture

As Mr. Sinclair states, "orgasmic."

Sun, 03/24/2013 - 14:12 | 3368963 dunce
dunce's picture

As soon as bitcoins are convertible on demand to PM, fiat will be a secondary currency. It could happen. Private PM depositories could be established nationwide so people could get physical delivery and store it in a home safe so it could not be loaned out, sold, or otherwise hypothicated. An banking system outside of govt. control is easily possible with modern communications and transportation.

Sat, 03/23/2013 - 17:40 | 3366757 TraderTimm
TraderTimm's picture

I'm sure this is meant more in jest than anything - it is easy to fit "news" after the fact. After all, the brain-dead analysts on CNBC do it every day.

Also, there is a lag when people try to move funds to exchanges, unless they're arranging local trades. I think the true influence will be felt next week or so.

Sat, 03/23/2013 - 17:40 | 3366759 Poqit
Poqit's picture

Why is dead in quotes?  I don't think anyone's disputing that Berezovsky's pulse stopped, just who ended it.

Sat, 03/23/2013 - 17:48 | 3366791 Atomizer
Atomizer's picture

Berezovsky's has been enrolled into Obedience school.

 

Milgram Experiment makes 2+2= 5

Sat, 03/23/2013 - 20:11 | 3367205 toys for tits
toys for tits's picture

He's ironically dead or just playing dead.

Sun, 03/24/2013 - 00:28 | 3367647 palmereldritch
palmereldritch's picture

He's definitely an ex-parrot

Sat, 03/23/2013 - 17:44 | 3366760 Yen Cross
Yen Cross's picture

     I really miss Intrade on days like this.   http://www.ozforex.com.au/exchange-rate   ( interbank spot rates)  you need to hit refresh for updates.

Sat, 03/23/2013 - 17:56 | 3366818 magpie
magpie's picture

there must a semi-criminal island nation that could create a clone of it somewhere...i have no idea if something like that can be covered by a casino or lottery license or anything similar.

Sat, 03/23/2013 - 18:09 | 3366861 Yen Cross
Yen Cross's picture

     Would an island sized barge floating in international waters work? I would assume that scenario would be exempt from sovereign laws. Banking and Communications might be a problem though. Intrade was a great real time sentiment indicator.

Sat, 03/23/2013 - 18:35 | 3366886 magpie
magpie's picture

already done to a degree

www.betsofbitco.in/list

the jurisdiction & infrastructure is secondary, needs to be (mostly) legally accessible by Americans.

Sat, 03/23/2013 - 19:49 | 3367155 HoofHearted
HoofHearted's picture

I'm at least 1/4 Cherokee, so it seems like me and my people ought to be able to get in on this action. We're sovereign after all. (And so am I, with or without the rest of the tribe.)

Sat, 03/23/2013 - 22:55 | 3367528 NoDebt
NoDebt's picture

That's..... not a half-bad idea, actually.  On the other hand.....

Avoiding cigarette taxes and running your own casinos is one thing, but I'm not sure you want the heat that comes with aiding and abetting a non-US currency.  That could be perceived as an actual threat to the Staus Quo.  Which could bring REAL consequences.

Sun, 03/24/2013 - 01:39 | 3367697 palmereldritch
palmereldritch's picture

 Would an island sized barge floating in international waters work? I would assume that scenario would be exempt from sovereign laws. Banking and Communications might be a problem though. Intrade was a great real time  sentiment indicator.


It didn't stop the British Empire.

Sun, 03/24/2013 - 13:08 | 3368740 LongBallsShortBrains
LongBallsShortBrains's picture

I'm sure your declaration of sovereign status will be respected. Don't forget to pay the united nations.

Sat, 03/23/2013 - 18:16 | 3366875 Anglo Hondo
Anglo Hondo's picture

Wall Street qualifies as a semi-criminal island.

Wait, cancel the 'semi'.  Don't want to move there anyways.

 

Sat, 03/23/2013 - 18:21 | 3366894 magpie
magpie's picture

hm a banking license...brilliant.

Sat, 03/23/2013 - 17:45 | 3366773 newworldorder
newworldorder's picture

Bit - CON anyone?

Sat, 03/23/2013 - 17:53 | 3366806 ElZorillo
ElZorillo's picture

BitCon..

 

Easy to buy.. not so easy to sell. A quick look on Mt.Gox (the worlds biggest BTC exhange) facebook page is all you need to be put off.. People waiting months to get paid back when they exchange back to fiat.

 

Alternatively you can always meet some dodgy eastern european man in a shaddy location with a handful of cash via Localbitcoin.

 

Ermm.. No thanks. 

Sat, 03/23/2013 - 17:56 | 3366823 css1971
css1971's picture

Easy to buy.. not so easy to sell.

You  just contradicted yourself.

Sat, 03/23/2013 - 18:26 | 3366907 taniquetil
taniquetil's picture

No he didn't. The transactions of the coins clear very quickly, but the time it take after you sell your coins, get the order confirm, and actually getting cash into your account can be very problematic.

Sat, 03/23/2013 - 20:26 | 3367243 CH1
CH1's picture

localbitcoins.com

You guys need to exert a tiny bit of effort before making grand pronouncements.

Sun, 03/24/2013 - 01:20 | 3367363 babkjl
babkjl's picture

I use http://www.btcbuy.info/Default.cshtml to swap my Bitcoins into Amazon gift credits for the exact price plus shipping to buy things like this awesome rifle scope I received yesterday:  http://www.amazon.com/Burris-Eliminator-4-12x42-Rangefinding-200114/dp/B...  It works great and only takes a couple of minutes to execute the transaction.  You don't have to go through one of the exchanges to turn Bitcoins into useful tangible items whenever you want.  I didn't time it right by swapping out some of my $47 Bitcoins a week and a half ago (before Cyprus) and now see them in the high $60s.

Sat, 03/23/2013 - 18:06 | 3366850 disabledvet
disabledvet's picture

There is nothing to prevent an American State from making this legal tender should the local banks and proper State authorities agree it's legal. Indeed "back in the day" it was quite common for banks to print their own money. I can see why the Fed and Uncle Salami wouldn't be too happy as well though.

Sat, 03/23/2013 - 18:31 | 3366925 ouchtouch
ouchtouch's picture

Nothing except the U.S. Constitution, you mean.  Plus a tax code that makes doing the record keeping for all the taxable gains impossible, as every purchase/sale is a realization event.

Sat, 03/23/2013 - 19:15 | 3367069 William D-Fens ...
William D-Fens Foster's picture

Didnt Utah do just that with its Sound Money Act

Sat, 03/23/2013 - 20:23 | 3367233 disabledvet
disabledvet's picture

http://arizonasoundmoneyact.wordpress.com/ the Arizona bill. Utah passed there's a couple of years ago. the question as to whether it's Constitutional...sure, only the Federal Government can mint money. But there is nothing in the that allows for the Federal Government to issue currency. This was done through the Federal Reserve Act. (that's why they're called Federal Reserved Notes not "money.") Thus the Constitution and indeed American history does not prevent a State from having its own money at all. the question of "what backs up that money...and what form it takes" is PURELY an issue of State not Federal law. there is the "small problem" of having money that's any good of course. That's why i chose the Bank of North Dakota. If they can pump 750,000 barrels of oil a day "and rising" over say the next decade in theory they could back their "bitcoins" with said output. first it would allow them to get the (far higher) price for their oil (crappy sour crude Brent sells 100 bucks a barrel. North Dakota crude currently sells for sixty). If they just get an equal amount as per Brent that's 750 MILLION dollars a day. time's 365...what's that around 2.5 trillion a year? "that's a lot of bit coins." all done to save on transaction costs of course....

Sat, 03/23/2013 - 18:51 | 3367004 ozzz169
ozzz169's picture

of course this will be the case because surely they have huge losses, the problem is that bitcoin has very little real value as you can not exchange it for goods, the true value of bitcoin is only what you can actually trade it for.  and hence its massively overvalued, as you cant really exchange it for anything.  I am not sure how the exchange works, but should just charge small commission and mate up buyers and sellers, problem is how do you pay eachother giving the bitcoins is easy giving the dollars is harder.  I suspect the exchange probably bought up a large amount of coins, then sold them on the way up making some money, then it continued to go way up and now, would have huge losses if they buy them back.  either that or they are screwing people and using their money short term like a bank would...

Sat, 03/23/2013 - 20:29 | 3367248 disabledvet
disabledvet's picture

there would be no contingency for "trading losses" (unlike say Goldman Sachs or Morgan Stanley.) you bet with bitcoins...you own the bet. all this says is you can use this buy any item at any store "in North Dakota." it could also be transferred through the network to other "affiliated banks" thus allowing you to deposit...or withdraw...said "digital dollars" in a multitude of places within the country. obviously these would have to be HIGHLY secure electronic "vaults"...the exact opposite of what we have today. don't want anyone "stealing grandma's savings account" you know.

Sun, 03/24/2013 - 00:14 | 3367627 Non Passaran
Non Passaran's picture

I wouldn't mind to trade any leftover BTC with a dodgy looking east European woman...

Sat, 03/23/2013 - 17:52 | 3366807 ISEEIT
ISEEIT's picture

No shit. At least with dolla bills you can always wipe yer arse. Purely electronic?? What could possibly go wrong?

Sat, 03/23/2013 - 18:09 | 3366863 The Abstraction...
The Abstraction of Justice's picture

If things don't go too wrong, you can at least pay other people to wipe your arse.

Sun, 03/24/2013 - 13:13 | 3368757 LongBallsShortBrains
LongBallsShortBrains's picture

Is that an offer for service?????

Sun, 03/24/2013 - 00:12 | 3367624 Non Passaran
Non Passaran's picture

What percentage of M3 is cash?

Sat, 03/23/2013 - 17:53 | 3366813 Cacete de Ouro
Cacete de Ouro's picture

The Saudi Market opens on Saturdays

http://www.tadawul.com.sa/wps/portal/!ut/p/c0/04_SB8K8xLLM9MSSzPy8xBz9CP0os3g_A-ewIE8TIwMLf3czA0_vIKegIBN_QwNDQ_3g1Dz9gmxHRQAbBXpR/

 

Sat, 03/23/2013 - 18:19 | 3366888 Oldballplayer
Oldballplayer's picture

I thought those guys invented numbers. I can't read shit, and I am reading left to right.

Sat, 03/23/2013 - 18:24 | 3366901 Oldballplayer
Oldballplayer's picture

Dupe

Sat, 03/23/2013 - 17:54 | 3366814 Croesus
Croesus's picture

The New Banker Battlecry: SAVE THE PAPER!

Sat, 03/23/2013 - 17:55 | 3366822 swissaustrian
swissaustrian's picture

Looking a little HFTish to me...

Sat, 03/23/2013 - 17:56 | 3366825 hazek
hazek's picture

LOL that's hilarious /rolleyes :D

Sat, 03/23/2013 - 18:02 | 3366838 ebworthen
ebworthen's picture

CorzineCoin

I'm all for fiat alternatives but the FED's are going to go after this like flies on flesh.

Sat, 03/23/2013 - 18:02 | 3366840 deepsouthdoug
deepsouthdoug's picture

Can't wait till we get 30% daily swings in the dollar!  ;-)

Sat, 03/23/2013 - 18:02 | 3366843 Awakened Sheeple
Awakened Sheeple's picture

That is one fucking dip, I am NOT buying ROFL

Sat, 03/23/2013 - 18:07 | 3366855 The Abstraction...
The Abstraction of Justice's picture

Bad dip, but then with 30% upswing in 2 days, the feedback and correctiion is always gonna be a roller coaster.

Sat, 03/23/2013 - 18:03 | 3366844 PUD
PUD's picture

Fantastic!! The casino is now open 24/7/365!!!

Sat, 03/23/2013 - 18:10 | 3366865 Goldilocks
Goldilocks's picture

Queen - 'Another One Bites {Bytes} the Dust'
http://www.youtube.com/watch?v=rY0WxgSXdEE (3:43)

Sat, 03/23/2013 - 18:10 | 3366868 q99x2
q99x2's picture

BitCoin is only 550 million dollars total and Max Keiser owns 1 million of it.

But it still is an indicator.

As the SHTF an item of interest is that within the military and CIA and aphlabet soup agencies around the world, employees are quickly realizing that their bosses are not working for national security but for the elite banksters. That will last about as long as it takes to publish the evidence against them. Then bye bye banksters. They're F'kn headed to Nuremberg. Better git while the going is good.

When the banksters start running this puppy's a goin to blow.

Sun, 03/24/2013 - 09:41 | 3368106 Ranger4564
Ranger4564's picture

The history of humankind has long ago already proven you wrong. You act as though this was the first time in all of history that there were Oligarchs, treacherous assholes, and fucking stupid henchmen. No dude, this shit has been happening since the beginning of time, and nothing will be different this time.

 

You, like everyone else, is vacating their true responsibility and masquerading as if some fucking 2 bit coin... be that gold, silver, bit, no matter... can be a proxy for your gutless self. Short answer, it can't.

 

The thing that will free humanity from the shackles of control, which is infact nothing more that fear and intimidation... courage, is still lacking. There's a reason Jesus, Gandhi, MLKing, Einstein, and many many others tried to rally the populace... only the courage of the populace can overcome the fear and intimidation... then you're free and won't need coin, because people will see their mutual interconnectedness and interest. Does anyone really feel more courageous because Manning / Assange spoke out on your behalf?  No. It's self evident the courage of others cannot be yours... you need yor own. But when people are ready, if it ever fucking happens, you won't need that much courage.

 

So in reality, all this talk about money is just an excuse... a distraction... sleight of hand, so people don't confront their fear.

Sat, 03/23/2013 - 18:14 | 3366873 The Abstraction...
The Abstraction of Justice's picture

How is bitcoin worse than NatWest, RBS or Chase Bank where some Indian programmer can press a kill switch and set all current accounts > 0 to 0.

 

With Bitcoin at least your little Indian has to go to the trouble of breaking a crytographic function. With the banks they just run a SQL command.

Sat, 03/23/2013 - 18:54 | 3367022 ozzz169
ozzz169's picture

because bitcoin doesnt have any real value, as its not widely accepted as valid trade for goods.

Sun, 03/24/2013 - 00:11 | 3367620 Non Passaran
Non Passaran's picture

Funny that, 'cos mine was accepted yesterday.

By the way (and unrelated to my own purchase): http://stripcoin.com/
The name says it all. All essentials are readily available in BTC.

Sat, 03/23/2013 - 18:34 | 3366938 Diablo
Diablo's picture

whats with all the BitCon articles? is that carnival barker Max Keiser now a writer at ZH? why else would you be pushing this scam on people.

 

Sat, 03/23/2013 - 18:42 | 3366973 ozzz169
ozzz169's picture

Bitcoin has never thought it would catch on, the "mining" happens at much to slow a rate, and is going to be radically volatile because of small supply to demand, a bit ironic actually, if you could truly use it a a currency the prices of goods would have to be revalued constantly, so in essence would be priced in dollars (or other currency) than just updated in real time to current exchange value, and hence does not really act as a real currency, rather just a speculative market for techno geeks.

In smaller countries with major inflation problem it could be used as a proxy for a more stable currency like you are seeing in Argentina but I suspect that the price the charge in bitcoin is constantly changing relative to the exchange value of bitcoin to dollar, I dont know this for sure but its only logic if you have bitcoins and the value rises 30% relative to a substitute currency you would not pay 30% more rather you would just exchange them and pay with said currency if the shop did not raise the price by 30% of said currency, and dollars in this case are not so unstable that you would be willing to pay 30% more just because bitcoin went up in value :)

 

Sat, 03/23/2013 - 19:26 | 3367093 unununium
unununium's picture

You, sir, are without a clue. Brush up on the facts and you'll be a little embarrassed.

Sat, 03/23/2013 - 18:49 | 3366995 kushmere
kushmere's picture

Check out my Blog. One of the BEST sites around for getting some free BTC. 

bestbitcoinsites.wordpress.com

beware: some ad support

Sat, 03/23/2013 - 19:09 | 3367054 Atomizer
Atomizer's picture

My uncles mother makes $81 every hour on the laptop. She has been without a job for 6 months but last month her check was $20466 just working on the laptop for a few hours. Read more on this web site bestbitcoinsites.wordpress.com (Click on menu "Home" for more information)

 

Sorry, couldn't resist.

Sat, 03/23/2013 - 22:04 | 3367457 All Out Of Bubblegum
All Out Of Bubblegum's picture

Your uncle's mother makes money on lapdances, not laptops.

Sun, 03/24/2013 - 01:01 | 3367673 dreadnaught
dreadnaught's picture

rofl!

Sat, 03/23/2013 - 19:01 | 3367034 sitenine
sitenine's picture

(Reuters) German Chancellor Angela Merkel told lawmakers that while she wanted to keep Cyprus in the euro zone, it must first recognize it had no future as an offshore financial center.

Out of curiosity, what do you suppose  odds are on Merkel saying this about bitcoin in 6 month?

Sat, 03/23/2013 - 19:27 | 3367097 Kirk2NCC1701
Kirk2NCC1701's picture

Not to digress from the main topic, but Merkel's comment says it all: We cannot have ANY offshore accounts/havens for all these Trillions that aren't under control of the CB Cartel.

And in X months, she'll add: "...and this includes Bitcoin."

Sat, 03/23/2013 - 19:54 | 3367173 hooligan2009
hooligan2009's picture

ponders why the raid on the head of the IMF's flat continues to attract zero attention

http://www.thetimes.co.uk/tto/news/world/europe/article3718433.ece

about time someone at bitcoin started a similar romor about merkel !!!!!

Sat, 03/23/2013 - 20:35 | 3367262 disabledvet
disabledvet's picture

the more the State comes after these "bitcoins" the more it's value will increase. i fail to see how these things could replace the dollar...indeed i can see them creating many, many, many more in circulation. interestingly this is one of the problems with the current QE regime...namely a lack of money velocity. "make bit coins legal tender" (in the certain States rich enough to afford this.) obviously the State doing said activity is taking a risk. the "market" could collapse...people cold lose all their money from a "run on bit coins." on the other hand...their value might increase as well. "how is one to know" to quote Alan Greenspan....

Sat, 03/23/2013 - 21:25 | 3367385 toys for tits
toys for tits's picture

I can't see that at all.

Did the value of offshore accounts increase when the law was passed that you had to report on your self what you held offshore. Then all you have to do to be arrested is have the bank rat you out on an unreported account.

All TPTB have to do is do the same with BTC and then develop the technology to track it.  They've had the technology to track bittorrents for over 5 years now and others more knowledgeable than me about BTC have said that it is similar to bittorrents. They track some that you didn't report, then you get new handcuffs.

Sun, 03/24/2013 - 00:04 | 3367613 Non Passaran
Non Passaran's picture

They first must declare it money. Otherwise why would shiffling bits around the world be illegal?

I doubt they can track it if various "forwarding" services are used. In any case another virtual coin can be developed, one that can't be tracked.
And it's very easy to hide BTC inside of legal videos and photos.

The government should first deal with the most blatant and obvious crimes that aren't hidden at all, such as those that have been happening on the Wall St.

Sun, 03/24/2013 - 01:33 | 3367698 toys for tits
toys for tits's picture

No that's the thing, they can allow it to be legal, you just have to self report it.

Just like it's legal to leave the country with more than $10,000 in cash, but only if you report it.  If you don't, they'll seize it and then you have to fight to get it back.

I've also used the example of people now having to report offshore assets.  This is relatively new as well.

What do you mean that you "doubt".  That's not a strong selling point.

Sat, 03/23/2013 - 21:08 | 3367333 Monedas
Monedas's picture

Blip Coin .... on the radar screen of life !   Nip Coin .... now available in Japan !    We live in a 24/7 world .... why aren't markets open 24/7 like Nit Coin and 7/11 ?  Does your heart muscle take the weekend off ?  Let's go metric .... 10 eggs to the dozen, 10 hour days, 10 days to the week, 36.5 weeks to the year !

Sun, 03/24/2013 - 13:28 | 3368808 LongBallsShortBrains
LongBallsShortBrains's picture

10 hour days and 10 day weeks makes a week 100 hours. 36.5 weeks @100 hours = 3650 hours per year.
(currently 7*24*365= 61320 hours per year)
It would take 16.8 of the new years to make an old year. Toddlers can vote (besides democrats), drink, and go to war. We retire at almost 4 years.
I should be retired at this age!!!!

You just increased he lifespan of every person on earth!!!! Genius! You should receive all of the Nobel prizes.

You don't work for a central bank, do you???

Sat, 03/23/2013 - 22:49 | 3367524 surfsup
surfsup's picture

Additional Vector to consider with bitcoin is Treasury now saying they will consider money laundering issues with bitcoin.  

Some will see this as the beginning of the end of privacy in that currency...   

 

Sun, 03/24/2013 - 00:11 | 3367621 palmereldritch
palmereldritch's picture

When is Finviz's Forex page going to list Bitcoin?

Lose the NZ FFS.

Sun, 03/24/2013 - 00:28 | 3367643 mijev
mijev's picture

That is a $64B question. 

Regardless of your stance on bitcoins, there is something fascinating in watching what is currently a "pure" currency at work (which I think is the point of the article). If you are in europe right now and you want to move money across borders before the capital controls set in, bitcoins are easily the most effective means. If I can get my money into bitcoins, I can remember a phrase like "the quick brown fox etc" and sail through customs with no concerns. When I reach my destination I just need to login to the internet or use my phone and they are back in my possession. I wouldn't like to try that with a few hundred gold coins in my possession.

 

It doesn't make sense to "back" bitcoins with anything. It doesn't add value. It's like saying that gold could be backed by something. They are just a measure of how much people are willing to pay for them vs how many people are willing to sell theirs for. If there are no sellers, the price goes up until someone starts to sell. And vice versa. You can only short by selling actual bitcoins that you own. And vice versa. Gold and Silver prices are ruled by paper trades and conceivably the Fed and their peers could keep suppressing the price for a long-ass time. I hope not because I own both. But I also own bitcoins and in many ways I think they are superior.

 

Sun, 03/24/2013 - 01:17 | 3367688 palmereldritch
palmereldritch's picture

"There are some things fiat can't subvert. For everything else, there's Bitcoin."

For the moment...

Sun, 03/24/2013 - 05:32 | 3367807 Mark Urbo
Mark Urbo's picture

Thanks for saying what I've been thinking.  Too many opinions on whether Bitcoin is this or that and a real lack of appreciation for what it really is - a pure window into capital flight and market pulse on events. I'm convince it has a future and its already obvious the government establishments are concerned about its "pureness"...

Sun, 03/24/2013 - 00:28 | 3367646 zorba THE GREEK
zorba THE GREEK's picture

Bitcoin's days are numbered. The gov. can take it down any time them want using any lame excuse they want.

 

Sun, 03/24/2013 - 01:25 | 3367693 All Out Of Bubblegum
All Out Of Bubblegum's picture

They can't even shut down Bit torrent or Silk Road. What is it about the performance of the government when trying to break peer-to-peer and crypto networks that gives you such confidence in their ability to shut down Bitcoin?

Sun, 03/24/2013 - 01:37 | 3367702 toys for tits
toys for tits's picture

They use bittorrent to arrest people, why do they want to shut it down? It's easy for them to track, no warrants required, and they've had the software for at least 5 years.

Sun, 03/24/2013 - 06:01 | 3367815 All Out Of Bubblegum
All Out Of Bubblegum's picture

> They use bittorrent to arrest people,

Correction: They use bit torrent to arrest stupid, lazy people. It takes very little effort to get an anonymous VPN.

And they still can't shut down the P2P networks. Live with it.

Sun, 03/24/2013 - 02:14 | 3367718 dark pools of soros
dark pools of soros's picture

I'm ok with bitcoins but fuck Mt Gox...   for a lotta reasons

Sun, 03/24/2013 - 10:07 | 3368217 thismarketisrigged
thismarketisrigged's picture

well, we all know how the u.s market will react to cyprus. 2 scenarios

 

scenario 1- cyprus gets any sort of deal, dow rallies 600 pts tomm

 

scenario 2- cyprus gets no deal whatsoever- cyprus is irrelevant, market maybe ends up down 30 pts.

 

we all know how this completely joke of a market works, so this is what i am expecting sadly

Sun, 03/24/2013 - 13:33 | 3368824 LongBallsShortBrains
LongBallsShortBrains's picture

Risk 30 to make 600?

I guess you are going long.....

Sun, 03/24/2013 - 14:48 | 3369061 NaiLib
NaiLib's picture

Well boys, Gold and Silver, you can short, you can even make Fiat gold and Silver, but try and short Bitcoins. There is no one out there that will lend you any Bitcoins. Once handed over , there is nothing to protect the lender anymore. Eirhter you own them and have posession or your lost.

Sun, 03/24/2013 - 18:47 | 3369874 Godisanhftbot
Godisanhftbot's picture

 Sell your bullion, buy BITCOYNS

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