• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

BitCoin Mania Accelerates

Tyler Durden's picture




 

While Friday's 'hope' triggered some selling pressure in Bitcoin (in EUR), it appears the dismal reality of Europe's new normal has spurred a 'great rotation' as BTC just hit EUR60 for the first time ever...(from EUR36 before the initial Cyprus news last week).

Source: Bitcoincharts.com

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Mon, 03/25/2013 - 13:21 | 3372988 wee-weed up
wee-weed up's picture

Until it gets shut down.

Mon, 03/25/2013 - 13:22 | 3372998 redpill
redpill's picture

Yep, the moment that Bitcoins poise any real danger to TPTB they will immediately and universally be equated with terrorism.

Mon, 03/25/2013 - 13:23 | 3373003 cifo
cifo's picture

The banks open tomorrow then?

Mon, 03/25/2013 - 13:32 | 3373058 labestiol
labestiol's picture

Bitcoin, bitches

Mon, 03/25/2013 - 13:37 | 3373102 DaddyO
DaddyO's picture

Your BitCoins are belong to Us! Bitchez.

DadddyO

Mon, 03/25/2013 - 13:47 | 3373163 MillionDollarBonus_
MillionDollarBonus_'s picture

If a meteor hits the earth and destroys all computers running the bitcoin client at the same time, then your bitcoins are gone. No thanks.

Mon, 03/25/2013 - 13:53 | 3373169 Abraxas
Abraxas's picture

If the King of Trolls is for these abstract coins, then I'm against.

Mon, 03/25/2013 - 14:12 | 3373339 Prisoners_dilemna
Prisoners_dilemna's picture

Zerohedge.com doesn't accept them as a form of donation... Enough said.

Mon, 03/25/2013 - 14:24 | 3373430 hawks5999
hawks5999's picture

Indeed.

C'mon Tyler. Put your virtual money where your virtual mouth is.

Mon, 03/25/2013 - 14:26 | 3373448 King_of_simpletons
King_of_simpletons's picture

Can we eat bitcoin ?

Mon, 03/25/2013 - 14:47 | 3373593 BTFDemocracy
BTFDemocracy's picture

This morning, Coinbase.com had 'capital controls' in place, and bitcoins were not available for puchase due to 'rolling blackout'.

Mon, 03/25/2013 - 19:33 | 3374556 gold-is-not-dead
gold-is-not-dead's picture

how do you put a price on 610 petaflops, that thing in the market never existed, it's like all of the super computers ever build combined multiplied by 5... sure it aint cheap...

 

Mon, 03/25/2013 - 14:13 | 3373350 TJ00
TJ00's picture

If that happens, it's an Extinction Level Event, so you won't be around to moan about it.

Mon, 03/25/2013 - 14:25 | 3373445 fiftybagger
fiftybagger's picture

Let's call this the MDB consensus.  The fact that the MDB thumbs up ratio is running 3 to 1 tells us all we need to know.  I remember trying to tell the ZH crowd about physical silver back in the day.  It was like talking to a wall. ROFL.

Silver For The People

The Bitcoin Channel

Mon, 03/25/2013 - 14:27 | 3373456 Long_Xau
Long_Xau's picture

Seeing the number of up-votes you are getting for this post has to make many people rethink stuff very carefully and critically.

Mon, 03/25/2013 - 14:30 | 3373477 bagehot99
bagehot99's picture

But dollar deposits created electronically in the Fed's basement are all hunky dory?

Explain the fucking difference to me, like I'm a child, because I don't see it.

Mon, 03/25/2013 - 14:54 | 3373637 HulkHogan
HulkHogan's picture

Dollars are backed by the US military. If you don't accept them, you get bombed.

Bitcoins are backed by ... nothing.

Mon, 03/25/2013 - 18:42 | 3374496 fonestar
fonestar's picture

Which is part of the reason BTC will survive and USD will not.

Mon, 03/25/2013 - 15:17 | 3373727 Panafrican Funk...
Panafrican Funktron Robot's picture

MDB did an excellent job of exposing the stupidity of the argument that bitcoin is "risky".  

Mon, 03/25/2013 - 14:55 | 3373638 Meat Hammer
Meat Hammer's picture

If my aunt had a dick she'd be my uncle.  

Mon, 03/25/2013 - 15:05 | 3373675 troublesum
troublesum's picture

BITCOIN - NEW WORLD ORDER CURRENCY?

It is my belief that the destruction of all currency seemly on purpose by the TPTB was the end goal for the New World Order to be complete so they may push all of us at once into a New Global Currency and destroy all National sovereignty. I believe that many on ZeroHedge would agree with that preface? Questions I would ask my self (attempting to front run the future panic) were designed to predict and then adjust to what the future will bring. I think many of us would ask the same questions

1) What's the New Global Currency going be? -(What features or properties would it have) -(And Most important... WILL I KNOW IT WHEN I SEE IT)

2) How they would convince us to adopt it in mass?

For the first question it seemed obvious from the start that it would not be Gold or Silver. Assuming goods and services stop being priced in fiat paper and become priced in Gold or Silver they literally lose all ability to manipulate are purchasing power and more importantly lose the ability to control us. So if not a finite recourse as the New world Currency then what else would they try. I began to think that they would come up with some other paper resource. Ill be honest my first thought was they were going to crash every nations economy before the US which would make the US the fiat of choice and thus get everyone on the New World Currency which would be the dollar. But overtime I did away with my ego that we would some how be spared (as this just didn't fit the model). With no other fiat paper I could think of to push us into the last option left is for it to be 100% digital. There is no other way around it. For them to get their One World Currency it WILL BE 100% DIGITAL. But then that leads right into how we will adopt it. Based on my answer to #1 I had to assume that what ever it is it will appear the exact opposite of government fiat. You don't just crash every currency and then say here you go we have something else. I mean if all paper currency backed by full faith of governments goes belly up I'm not going to put any trust in any form of currency that was generated by them (Fool me once...). So this new Digital Currency would have to appear as if it originated from a genuine source. IT WOULD HAVE TO BE OR WE WOULD NEVER ACCEPT IT. On top of that the government would have to allow it to propagate (because if they really wanted to they could stop any competing currency... think I'm wrong... check the price of silver or gold and ask why they aren't 10x the price) but seemly be against it... right? or you wouldn't trust it... Lastly and above all it has to appear to be righteous. Out side the bounds of government control. Free from external influence and stable. Reading all that above it is my opinion and logical conclusion the best answer to what our New World Order Currency will be... well if the caption of this thread didn't give it away the answer is bitcoin. So what do you think... does the theory holds water? Or am I just trashing the righteous by the people for the people 100% digital currency that the government supposedly can't control?

Mon, 03/25/2013 - 15:52 | 3373740 troublesum
troublesum's picture

BITCOIN - NEW WORLD ORDER CURRENCY?

One thing I would like to mention about the supposed decentralization of bitcoin is an interesting observation I made with respect to the size the block chain (share transaction record that everyone keeps on there computer). Its currently running near 7GB... 7GB!!! at some point its going to be so large that they will have to re-work it to be house on, get this... A CENTRALIZED SERVER... think about it for a second... what happens when the block chain is 100GB, or even 1TB... this thing is going to keep building and building and building.... it is the one inherent flaw in the system that is completely unavoidable... IT WILL BECOME CENTRALIZED TO SURVIVE.

Mon, 03/25/2013 - 16:22 | 3374012 aphlaque_duck
aphlaque_duck's picture

Have you done ANY actual research on this? There are lots of ways to deal with this such as pruning and compression, or even splitting the blockchain into multiple forks. Centralizing it is never going to happen, it would violate the entire purpose and design of the network.

The scalability goals they are talking about are on the order of Visa's processing network. Satoshidice has been a heavy load test for the system and it is performing well. As limits are approached, transaction fees will just rise a little from the present market clearing rate of about $0.04. Free markets FTW.

Mon, 03/25/2013 - 16:34 | 3374047 troublesum
troublesum's picture

I've done hundreds of hours or reading every forums and including original emails from Satoshidice when this was first launched. But I make my points of basic observation becuase so many people adopt something on premous alone with out actually thinking something through... Your argument of compresion again only abaits the problem for a while. The design of the block chain is to store every record so no matter how you configure the multiplier IT GETS BIGGER OVER TIME to iffinity... period, end of discussion on that point.

Your argument about it being split into FORKS... fortunately I am a software developer so I can say with confidence that it would impossible to control people from spedning the same bit coin twice if there is not a unified record of accounting... IMPOSSIBLE... If I spend a bit coin and only half the network stores the transaction I could theoretically spend it again somewhere else that has no record of me spedning it yet. FORKING nearly crashed bitcoin when they released the .8 update and an ACCIDENTAL FORK was created and they had to ask everyone to down grade back to .7 untill they could fix it. The only way FORKING might even be possible is there was CENTRALIZED catalog of all FORKS and and every transaction made a check against them all... Could you imagen having to wait 2 days for a transaction to clear becuase there are 10,000 forks to clear first.. good luck with that theory...not gonna happen

Mon, 03/25/2013 - 19:29 | 3374643 gold-is-not-dead
gold-is-not-dead's picture

ecXCwacw

Mon, 03/25/2013 - 20:59 | 3375031 MachineMan
MachineMan's picture

 

 

while(1)

{

     fork();

}

Mon, 03/25/2013 - 21:35 | 3375145 StychoKiller
StychoKiller's picture

 

 

 

while (1)

   {

   if (dateStamp( bitCoin ) == DO_NOT_DELETE)

      continue;

   else if (dateStamp( bitCoin ) <= OBSOLETE_DATE)

      deleteTransactionRecord( bitCoin );

   // ...

   }

// There are computable solutions to the problem(s)!

Mon, 03/25/2013 - 21:51 | 3375195 labestiol
labestiol's picture

Yep, but it's not a acceptable solution. With this, if I didn't spend the output of the transaction, then I lose my coins just because I didn't "spend them in time".

The easy solution is to remove all transaction where output are spent (and thus are useless to compute address balances).

For those interested in the scalability on bitcoin, I suggest this link. Everybody agree that it's a tough problem, but a good one to have ;)

 

Mon, 03/25/2013 - 21:26 | 3375116 labestiol
labestiol's picture

Your argument of compresion again only abaits the problem for a while. The design of the block chain is to store every record so no matter how you configure the multiplier IT GETS BIGGER OVER TIME to iffinity... period, end of discussion on that point.

I suggest you have a look at price of computational power, data storage, and bandwidth over time... (OMG IT'S GOING TO ZERO !!!)

Sun, 03/31/2013 - 21:35 | 3394704 Long_Xau
Long_Xau's picture

Hyperdeflation. Not even the bernank can turn that into "mild inflation". Yet, contrary to all mainstream economic theories, people buy more and more of those deflating goods and services.

Mon, 03/25/2013 - 15:52 | 3373763 troublesum
troublesum's picture

BITCOIN - NEW WORLD ORDER CURRENCY?

Also another thing I obvserved about the block chain is that it conatins a record of EVERY TRANSACTION... sure the premous is that each address that sends and recieves coins in anonymous... but what happens when the gov says hey someone with this anon address had something shipped to a REAL PHYSICAL ADDRESS Ie 123 fake street. Ok so we now have a point of origin to follow and can figure out the total path of who sent or recieved what. Its unavoidable.. when this thing finally becomes centrailzed (for reasons stated above) it will also have full transperancy. You will no longer be able to hide what you buy or sell as at some one point a record will be stored somewhere with a PHYSICAL ADDRESS tied to an ANONYMOUS one

Mon, 03/25/2013 - 16:08 | 3373956 Greyhat
Greyhat's picture

BITCOINs are a WORLD disORDER CURRENCY! :)

 

They are produced by the people, not by central banks.

Mon, 03/25/2013 - 16:19 | 3374002 troublesum
troublesum's picture

They guy that built it spent 3 years on it before he told anyone about it. Released it and disapeared. My counter to your claim "They are produced by the people, not by central banks.".. Prove it?

Mon, 03/25/2013 - 16:30 | 3374033 labestiol
labestiol's picture

If you feel paranoid, there's actually something you can do.

Look at the source code (it's open source), look at the blockchain (it's public). You'll find every answer you seek

Mon, 03/25/2013 - 16:39 | 3374058 troublesum
troublesum's picture

You didnt answer the question did you? You just simply stated hyperbole. So again I ask. Prove that this wasn't created a governemt agency?

Mon, 03/25/2013 - 17:11 | 3374145 labestiol
labestiol's picture

Explain me why I should care since everything is transparent ?

Mon, 03/25/2013 - 17:40 | 3374249 troublesum
troublesum's picture

I don't think you've done any research on this... the TRANSACTIONS are transperant (thats a double edge sword becuase the only way to validate someone doesn't double spend a coin is for a complete record history to be stored and TRANSPERANT but becuase there is a complete record history the anonymity claim is COMPLETELY FALSE)... The SOURCE of the origin of bitcoin however is suspect at best because NO ONE KNOWS COMPLETELY WHERE IT CAME FROM becuase the founder is NO WHERE TO BE FOUND

Think about it for a second...

This guy supposedly spent three years on this before he told anyone about it... There had to be some major funding envoled to get this thing launched... WHO FUNDED IT?

Mon, 03/25/2013 - 17:51 | 3374309 labestiol
labestiol's picture

I don't think you've done any research on this... the TRANSACTIONS are transperant (thats a double edge sword becuase the only way to validate someone doesn't double spend a coin is for a complete record history to be stored and TRANSPERANT but becuase there is a complete record history the anonymity claim is COMPLETELY FALSE)...

The transactions are public, but address ownership is private. Have a look at the transactions here for exemple. Do you see any names (except the one who CHOOSE to be public, like SatoshiDice or MtGox) ?

The SOURCE of the origin of bitcoin however is suspect at best because NO ONE KNOWS COMPLETELY WHERE IT CAME FROM becuase the founder is NO WHERE TO BE FOUND

Again, nobody should care. Satoshi (whoever he is) choosed to remain anonymous, and I respect that. The important thing now is to know how the system work now, and if it can be gamed by a malicious minority. 

I did my research (years ago, for months), but looks like you didn't. Take your tin-foil hat off, and get to work.

EDIT :

Think about it for a second...

This guy supposedly spent three years on this before he told anyone about it... There had to be some major funding envoled to get this thing launched... WHO FUNDED IT?

No need for crazy funding. Just one (very) clever guy. Could have been a hobby for him. Have a look at other open source projects. Most of them are not funded, just people giving free time for the greater good (and fun).

Mon, 03/25/2013 - 17:52 | 3374329 troublesum
troublesum's picture

Jebus.. "Again, nobody should care"... People like you are lucky people like me fight so you can survive as an idiot in a world that would otherwise eat you alive... Reverse Darwinism as its best

Mon, 03/25/2013 - 17:57 | 3374348 labestiol
labestiol's picture

The important thing is to know how the system work now, and if it can be gamed by a malicious minority.

Tue, 03/26/2013 - 02:23 | 3375763 Scarlett
Scarlett's picture

Prove that it was not created by a gov't agency?  

 

That's like asking for proof that it was not created by krugman's martians.  You cannot prove a negative.  Here are some links for you: http://en.wikipedia.org/wiki/Proving_a_negative

Mon, 03/25/2013 - 17:19 | 3374189 billsykes
billsykes's picture

Ding ding give the man a prize for figuring out the con.

 

All the bitcoin dummies including a tyler or 2 also know:

  • The 256bit encryption scheme cannot nor will it ever be hacked, its not even hack able, and it is infinitely upgrade able 
  • Guys who post under pseudonymous in newsgroups are legit 
  • Bitcoin never crashes 
  • Bitcoin servers where coins are exchanged are impenetrable.  

 

 

Mon, 03/25/2013 - 17:47 | 3374312 troublesum
troublesum's picture
  • The 256bit encryption scheme cannot nor will it ever be hacked, its not even hack able, and it is infinitely upgrade able 
  • Guys who post under pseudonymous in newsgroups are legit 
  • Bitcoin never crashes 
  • Bitcoin servers where coins are exchanged are impenetrable. 

I think you forgot this at the end of your bullet points "</sarc>" You'd be surprised how many people wouldn't pick that up.

 

Mon, 03/25/2013 - 18:47 | 3374524 billsykes
billsykes's picture

Do you mean like when <sarc>  the government is always right? </sarc> 

Mon, 03/25/2013 - 17:01 | 3374113 cpzimmon
cpzimmon's picture

Wow, that was a lot of writing.

Mon, 03/25/2013 - 17:07 | 3374137 Cathartes Aura
Cathartes Aura's picture

perhaps to answer,

1) What's the New Global Currency going be? -(What features or properties would it have) -(And Most important... WILL I KNOW IT WHEN I SEE IT)

you won't ever see it, because the latest version of fiat will be imaginary. . . even more imaginary than it is currently.  it won't exist at all.

except as pixels that can be granted, and removed, at (their) will.

some of us can see this as already happening.  some are still thinking/imagining in terms of plastic cards & fiat-dispensers, but that's coming to a crashing end too, soon enough.

if you don't have a trusted network of exchange set up, re-think your priorities, sharpish.

Mon, 03/25/2013 - 21:39 | 3375152 StychoKiller
StychoKiller's picture

Amero Express, don't leave home without it (or you WILL BE arrested!)

Mon, 03/25/2013 - 17:54 | 3374342 putaipan
putaipan's picture

kaiser satoshi baby !

Mon, 03/25/2013 - 16:12 | 3373983 NihilistZero
NihilistZero's picture

"If a meteor hits the earth and destroys all computers running the bitcoin client at the same time..."

We'll all be dead :-)  At least think through your troll posts before you make them ;-)

Mon, 03/25/2013 - 20:02 | 3374614 WhiteNight123129
WhiteNight123129's picture

epic MDB!!!!

MDB is a feature of this blog. Without him (her), we would miss a good laugh.

 

MDB SHOULD BE MADE FED CHAIRMAN, PEOPLE WOULD BE CRACKED UP WHEN THE FED CHAIRMAN HAS TO SPEAK PUBLICLY. IT WOULD BE ENDLESS TONGUE IN CHEEK LAUGHTER!!!!

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