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BitCoin Mania Accelerates
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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I love gold & silver but I'm concerned they have financialized it. Naked short selling, playing games with issuance of new paper gold shares, pretending BenB still has some in his basement, who knows what with the daily London fixing.
Bitcoin was invented by Bernank and the Group of 30 as the pilot for their new IMF credits which will replace the dollar after this currency war plays out.
oh ffs, i'm so tired of the alex jones'esque "everything is an invention of the CIA as a front for the NEW WORLD ORDER" bullshit
alex jones make money out of scaring people. i don't know why the people who spread his FUD never question this.
I don't follow Alex Jones, but if the "new world order" conspiracy theory wasn't a conspiracy fact resulting in central banks across the globe colluding to inflate away debt, your precious bitcoin wouldn't exist or stand a chance, because everyone would still be perfectly content with the dollar's reserve status.
OK, so where's your fucking proof that BTC is Bernanke's scheme? Oh let me guess, BTC CLAIM [CITATION NEEDED].
'Until it gets shut down.'
But not before it goes TO THE MOON, ALICE! Yessiree, watch that bubble blow. Can't wait for moaning and groaning when this one pops like an M80. Oh, Bitcoin will survive of course. But the screams and cries of the financially wounded will be deafening. Treat this rise in BTC like Apple in the 600's. Buy low, sell high. You do NOT want to be left holding the bag when this deflates (again). Bitcoin is a little harder to hedge than Apple.
In otherwords, only suckers buy in right now before BTC corrects. Again.
Full retard tulip mania.
Going to get treated as unisured creditors when this bursts.
Ya think? Seriously?
These two scenarios couldn't be more different, btw. One was a speculative bubble, while the other is a race to retain purchasing power. It will "burst" only by being taken down by TPTB.
> Full retard tulip mania.
Well clearly, if the world money supply is supposed to be subsumed by 21million bitcoins, they cannot have infinite value.
They can only be worth $1 million apiece or thereabouts, in today's dollars.
So let's keep out wits about us.
Bitcoins are useless when a real society break down happens.
... which is why you shouldn't put all your eggs in one basket.
True dat but at least they are worth what the market (a real market btw) determines they are worth.
I don't know the ins and outs of the technology but there is no central server the feds can disappear and there is no particular internet protocol associated specifically with bitcoin transfers. They could shut down the existing internet......
http://www.huffingtonpost.com/2011/07/15/cyber-security-network-private-...
So let me get this straight...in order to escape a phoney market that the Fed and the banks manipulate with HFT algos, we are going to switch over to an algo based digital currency?
An algo-based digital currency which will "never" exceed the stated number of bitcoins*. It will "never" have competition if the masses catch on, either.
*Created through algo-based mining.
Algos are bad. M'kay ?
Not bad, per se. You just have to wonder who controls it and what vulnerabilities it has. Please remind me who created bitcoin?
Battle Of The Algos!!!
The irony is rich.. an algo takes out the hft, bernanke, wall street corrupt system...
True, but useful in any lesser scenario -- and lesser collapse scenarios are basically going to be our reality for the next 5-10 years.
Arguably cash and even gold are useless under the same circumstances of a full social breakdown.
(Seriously, if things are so broken we don't have a supply chain anymore, no one is going to be selling food for gold. They might trade it for gasoline, though. A couple months later we might see real trade emerge again, where money would be usable.)
If you want to prepare for that kind of situation better learn some martial arts, learn some useful post SHTF skills and prep up with food, water, fuel, weapons, etc.
This makes sense. Good luck bitcoiners.
It seems bitcoin is out of reach to these motherfuckers. Funny if I was one of these evil bastards I would let gold start to rocket. they can tax the shit out of all paper sales and get their dirty hands on it. By suppressing gold they are shoving people over to bitcoin.
so what happens next?
The bitcoin stuxnet worm...
It seems they can't "shut down" Bitcoin, at least with a healthy online web.
But they can sure fuck with the enterprizes that accept them, thats the chink in that armor
People, black market economy dead ahead, I give you precious coins, you give me chickens, I fix your barn, you give me corn/chickens/coins. where in this paradigm does flash drives come in?
Has this been considered? no attack here, seeking enlightenment....
localbitcoins.com
I still think the market would eventually clear even this. Some countries are going to attract capital and embrace creative destruction and others will not. Bitcoins is just the latest version of the buggy whip.
There are some very healthy economies out there that have no reason to fuck with enterprises that accept bitcoins. Europe and the USA are not two of them. I agree the central banks will do everything in thier power to make sure it is shutdown. The spender and lender of last resort will die together as creative destruction takes place.
Other destructive things to watch:
-3D printing
-Decentralized Power Generation
"Let me issue and control a planet's money supply and I care not who writes the laws." -Satoshi Nakamoto
'Bitcoin'? Thurston it sounds positively BARBARIC!
HMmmm yesss Lovey...get the butler to butle over some more Dom, just a smidgin.
OUCH! Lovey come quickly, I need a bandage, I just knocked my shin on another stack of gold bricks.
Vee must test zee capital controls, as a template
capital controls will pretty much hurt every currency, but bitcoin (if done right)
funny, that.
Once I see BITCON accepted at the gas station, bakery, farmers market I'll start to see its value. Until then its just another scam.
So... until your ignorance is overwhelmed by reality, you'll hold to your ignorant pov?
Interesting
Share your wisdom with the feeble minded. How do I feed my family and survive if the banks crash tomorrow and the dollar is worthless? How is BITCON going to be used if no accepts it? Please share.
Lots of down votes but not one BITCON believer can answer a couple of basic questions.
Actually, I have been considering starting an online business that sells non-perishable food items and accepts bitcoin. The trouble is, right now, no one is interested in spending them. Everyone wants to hang on to them.
Give it time. They've only been around a couple years. You think Rome was created in a fucking day? But I know how 'muricans need their instant gratification.
But while we are on the subject, what makes you think anything will have "value". NOTHING has intrinsic value. If you are relly that concerned, you should be stocking up on goats and chickens.
I have live stock, a private lake and crops.
Gold and silver will be accepted money, always has been always will be.
"Give it time" that's a great plan.
Good luck with your Monopoly money.
Nobody who uses BITCON can come up with a real survival plan if SHTF tomorrow. What great foresight..
You're just not worth the keystrokes.
Upvotes are obviously more important to you than actually knowing what you're talking about. Go do your own research and learn something, do you want us to go to the bathroom for you too?
Honey, not vinegar...
Lol
I have a BITCON acct and have used them for setting up secure email and a VPN. It has its uses, like getting weed, kiddie porn and stolen merchandise.
A fool and his money are soon parted.
Oh, so a fool and his money are soon parted but you're one of them? You use your one "Bitcon account" in plural somehow rather than your wallet buy weed, kiddie porn and stolen merch with your bitcoin aside from IP services..? Cool!
They probably already know where you live.
You're a clueless fucking moron talking out your ass and that's being generous.
And fiat isn't a scam???
To be a currency it has to be accepted as a currency.
when lawsofphysics accepts bitcoin it becomes a currency.
Heh. Really I don't think of it as a scam, just a highly volatile speculation at this point.
I LOL'ed, nice one. ;)
It's not a scam - it's a meme.
TPTB have been pushing a paperless system for decades now... this is just another incremental step towards that. Who started the net? How did Microsoft become the major platform ('Steal this Software!)? It always appears to be an organic creation - but it's not and BitCoin is just another app, like Web 2.0, being generated for the hoipolli to 'adopt'.
Tolkein told us - the Ring can't be used for good. Remember that when considering any aspect of 'the system'... BitCoin is definitely 'of the system'.
so bitcoin is just the trojan horse that unleashes a global digital currency?
It will be destryoed or co opted.
Thats how the PTB work.
What tech can create,tech can replicate.
Just needs to be a serious enough threat to power,because thats what money is..
Thank you. From where I'm standing it couldn't be any clearer that Bitcoin is TPTB test run. They are covering the shit out of it on Bloomberg and CNBS....even if that coverage is "negative", tells me everything I need to know. If they were scared of it and not behind it you wouldn't hear a word about it.
If it ever gets to the level of being accepted at gas stations, bakeries, or farmers markets it will be run by the FED and taxed by the I.R.S.
I love you Bitcoin guys and gals, really I do, rage against the machine - I'm with you, but this is a TRAP.
It will be so easy for the goon squads to go after this to maintain their hegemony.
If you want to buy some things with it, fine, but if you go into it whole hog with all you got you will get ROASTED.
Heard it all before:
Tard: "Until I can buy things with bitcoins, it's a scam!"
User: "Uh, you can buy tons of things with bitcoins . . ."
Tard: "Until I can buy things at a physical store, it's a scam!"
User: "Uh, you can do that now too."
Tard: "Well, until I can pay rent in bitcoins, it's a scam!"
User: "Well, a guy is selling his house for bitcoins . . ."
Tard: "Well, until I can pay my taxes in bitcoin . . ."
Something tells me everyone could be swapping bitcoins left and right and people like you would still be kicking and screaming "SCAM! SCAM!" as the government wheels your safe full of gold into an IRS van.
Well said, Saro.
They defend their ignorance vehemently.
I admire your optimism, really I do, but the reality is that the reason those things can happen today is because governments have ignored bitcoins up until this point. But if use of bitcoins truly became widespread, it would not be difficult for governments to put an end to most of that merely by declaring such transactions unlawful. Businesses exist at the permission of government. Without their approval they see you as a criminal. And you may feel fine about rebelling against that system and continuing to use bitcoins anyway, but most people do not. People who have a successful business, a family, other obligations, etc., are not going to risk their livelihood over bitcoins. The bitcoin market will shrink dramatically in terms of number of users and the value of bitcoins along with it, and at best bitcoin will continue as a underground anonymous currency primarily used by a relative handful of agorists and criminals.
Bitcoin 2013 = Banks 1995
Just like file-sharing died when the government took down Napster.
That doesn't really apply. Bitcoins would have to be universal with other competing digital currencies for that to be a good analogy. The files were universal so easily transferable between P2Ps and OS's.
"If the government declares it illegal, nobody will risk using it."
Please explain to me how the drug industry and pirated software exists. Thanks.
Drugs and software are products in and of themselves, bitcoins are not. You're intermixing the trafficking of goods illegally with an alternative currency. It's really not comparable. Products are an end, an alternative currency is a means. Think about it. Look I'd love nothing more than for bitcoins to be wildly successful and topple the inherently corrupt monetary regime that rules the world. The problem is world governments have too many ways to prevent that from happening.
The example of the guy willing to accept bitcoins for his house is fairly disigenuos to highlight as "bitcoin going mainstream"
Considering the guy openly stated he needs some money to start a BITCOIN related business venture, he falls squarely into the category of religious bitcoin zealot. Don't get me wrong, bitcoin is a great concept. But looking at it from an adult perspective with some reality beaten into them, rather than a starry eyed mark, tells me it will get coopted, or clamped down on the second it starts to represent a threat.
Saying that the government will clamp down on Bitcoin is like saying that modern medicine will clamp down on cancer.
Saying that the government will clamp down on Bitcoin is like saying that a gorilla will clamp down on a swarm of bees.
Saying that the government will clamp down on Bitcoin is like saying that the government will clamp down on the national debt.
is the joker seriously trying to make a case for buying bitcoin...?
If you look at the charts, you can see Max Keiser sold all his silver in May of 2011 and bought Bitcoin in June of 2011. :P
Digital Freidmanite Monetarism.
Gauge the Reactions of market manipulation with the Rise and Fall (and Rise again) of Bitcoin.
Friedman would approve.
CW
Sheep are being herded from the real wealth preservation assets, and into, yet another, realm of fantasy & fiat.
Oops
Not me...physical coins and tangible assets is what I turn my fiat into.
Yes, but you're not sheep.
Exactly!!
Bernanke: QE is not 'beggar-thy-neighbor' policy EAT SHIT AND DIE LIAR!!
Bernank meant to say 'BUGGAR thy neighbor'...
Bernanke says Fed's easy policy benefits world economy
http://finance.yahoo.com/news/bernanke-says-feds-easy-policy-benefits-wo...
Yeah, the 'economy' is not 'majority of the people '
I hope Vlad's Put gets you, Ben
Anyone know when the ASIC chips are supposed to actually hit miners' hands? Basically a myth at this point... the first folks lucky enough to get them will make some serious bank. But, as others have noted, there isn't any reason to sell them when the manufacturers can simply mine with them... especially when the price is going up.
ASIC miners are already available:
http://bitcoinmagazine.com/bitpay-breaks-daily-volume-record-with-butter...
http://www.butterflylabs.com/
Butterfly labs hasn't shipped yet.
Still waiting here too
Avalon's ASICs have already shipped (if you look at the network hash rate, it's doubled in the past 2 months). One of the ASIC share-based companies is online mining as well. First batch is out mining, second batch in is production, third batch went up for sale today and sold out in 20 minutes.
Butterfly Lab's ASICs are back from the factory and packaged, and presumably are being integrated right now, last word was they ship on 4/1 for their first batch. They've got a couple more batches in process, the wait list right now has orders clear out to November if I remember correctly.
Pretty much the only hope of getting an ASIC box this year is to get someone who preordered to sell you theirs. I've got some BFL units expected in June, depending on the market I'll either mine or resell them. (One Avalon preorder from batch 2 sold on ebay for nearly $30K -- that's a $1.5K box.)
The other ASIC suppliers are basically done. bASIC flamed out in January with lots of drama.
I think 3 people have recieved their Avalon ASICs. The other guys, the ones who sold equity and built their own ASICs to mine directly, they are probably a good chunk of the new processing power. That, and the massive price jump means alot of people turned their GPUs on again.
In other words, the folks selling the shovels and pick axes are going to make the money from the gold rush... got it.
My locale's electric rate is cheap as all hell... I'm confident I can make money on the spread, hell... even turning the bastard on while I'm asleep... just not sure it works if everyone else does it too... sounds like I need to get off my ass and get some of the yokels in on development.
MachoMan--
http://bitcoin.sipa.be/
Here is a link to the charts showing hashing power over the last couple years. You will see right away the hashing power is going up just as fast as the price, that is, I think the ASICs are already here. In the last two weeks the hashing power went up 38%. I am a bitminer and the value in U$D I can mine in a day stays in a window of 5 to 12 bucks a day. I don't think the Tylers really know much about the bitcoin because they always tie price movements to events in Cyprus or Spain without mentioning the developments with the miners. For instance Avalon opened up ordering for 600 miners at around 75 bitcoin each. 600*75*75= 3.3 million U$D in demand, and probably more since they will sell out.
As to making serious bank, the first one I know of was jgarzik who bought one for 1300 and has been making about $250.00 a day for six weeks now. Damn!
As price increases, it becomes worthwhile once again for GPU miners to turn their rigs back on.
It seems when FPGAs came online, they mostly displaced GPU mining; now, with the price so high compared to electricity, it is worth it again to mine with GPU.
Sure enough, but I believe that happened months ago. I don't think it explains this last two week jump.
In some alternate reality where Satanic Psychopaths DONT run the world, this is a cool enough idea. The fact that we aren't in that reality, to me portends to the following reality:
Based off the rantings of Bitcult prophets, who are speculatively making the fiat money hand over fist that they ironically demonize, you will see many tech savvy europeans get BLOWTORCHED of their savings from bitcoin. Which is disgusting.
the ability to suspend disbelief is a powerful drug
Producing BITCOIN FIBONNACI CHARTS......
Looksl ike some Eurocrats are playing in the Bitcoin arena looking at Vol and price movement.
Ulimately, Bitcoin is what the bankers would like us to embrace as it is electronic. At the right time they will usurp its ownership or else close it down.
No, they don't appreciate all this crypto stuff, same reason they don't like cash. They are pushing us toward electronic currency with existing fiat channels. If they can shut down the world of cash, they have everything they need. Every transaction 100% traceable.
They don't appreciate this crypto stuff? LOL. If they can produce stuxnet, don't you think they can penetrate Bitcoin?
yes they can penetrate any digital shit, they can push this bitcoin to 5,000 according to their whim
Who needs an RFID when they can know where you have been and where have you spent your money through your online and POS transactions.
They will push for bitcoins and any other fucking digital shit, the ATM's will soon ...extinct
The positive side of this may be that the Stormtroopers and Goon Squads will go after BitCoin rather than Gold and Silver.
Of course, the real problem is the Bankers and their Politician lackeys ordering the goon squads to oppress people who just don't want their money or their liberty stolen.
Ask a horse about a bit...
Bitcon will end badly.
All you bitcon junkies better sell now before it crashes back to it's intrinsic value... ZERO.
Intrinsic value does not exist. Everything is worth what someone will pay you for it.
... but only a few things aim to be THAT WHICH they pay you for it.
BTC is one of those
Fiat, but without even a government pretending to back it. Banks should actually love this.
Since when did banks not love governments? Since when did banks and governments ABSOLUTELY need and depend on each other? Bitcoin, while not even on the radar yet, takes banks OUT of the equation entirely.
My blog for bitcoins, updated daily.
http://bestbitcoinsites.wordpress.com
Mmmmm bitty
How do you short bitcoin?
try here: https://icbit.se/futures
I want to like it, but ...
total speculation
bitcoin is up 200% this year..There has been alot of money made and there will be ALOT more money made, I dont give a fuck what it is or how it ends..Its big boy pay if you got the balls to play..
no guts no glory
abandon a hybrid speculative currency ($) for a totally speculative one
so, what is its purpose?
To shut down Bitcoin, all any interested party needs to do is to get enough computer power online to develop the block chain faster than the rest of the network. Any well-funded entity could do this fairly easily. Bitcoin's market cap is only $600 million. That means the cost of the computers used to mine the entire existing block chain is a fraction of that. Let's call it 1 in 10, meaning there are $60m worth of computers currently mining. This means you'd only need to spend a bit more than $60 million to overpower the existing network. Many governments, companies, and even individuals would be capable of spending this sum to bring down the networks. Even a Mike Bloomberg could splash around enough cash to take this thing down if he wanted to.
I believe Bloomberg is cash solvent, where everyone else is Master Charge
I am a fan of Bitcoin because of its elegant design however I do not think it will survive. I bought Bitcoins @ $14 the day before the last system failure. When it returned in a day or two to $12-$13 I sold. Big mistake as it has now quadrupled. The problem that time and as it always will be was with the "wallets" or third party adminstrators. I think the system itself is beautifully flawless but it can't exist without third parties. It's just too complicated. I'm a CPA and pretty computer savvy but it took some reading to get comfortable and find a third party. Storing and accounting for my digital string of numbers on my own was too complicated. I lose computer drives to failure regularly and have USB storage drives all over that I have no idea what they have on them. I guess in theory I could carry a zip drive around in my pocket like a roll of $100 bills. But will I ever be able to plug it in at Macy's and pay for goods?
The world is a big place with lots of people and for every one person who is totally confident in the actual mechanics of a bitcoin economy there are 10,000 who are not. Of those 10,000 the majority are okay with a $25 battery operated scale that weighs out gold. I have a Valcombi combibar and I would be much more comfortable using that for commerce. No internet needed just a scale and a simple weight/volume calc.
Bitcoins are a beautiful thing for computer nerds and anti establishment types who dream of a non-governement controlled currency but in the end of our current fiat currency because the internet and third party "wallets" can be compromised, gold and silver or a backed currency will be the main drivers of commerce.
no need to carry a zip drive.
iWallet on iCloud via iPhone to the store's bar-code reader that cross-queries the digital certificate server database to authenticate/reject the transaction.
I was initially enamored with all of the prospects of Bitcoin to provide an alternative currency cutting out the bankers, but a few conceptual concepts became apparent.
1) The system can be killed if a single entity has 51% of the network hashing power. Not very likely for Bitcoin, but a possibility.
2) The big issue is what about all of the me too digital currencies ? We now have 8 at last count. We have Litecoin, Terracoin, Novacoin , Namecoin, etc. What is unique and scarce about a digital currency when the barrier to entry is zero. I can’t imagine thinking that bitcoin is scarce or special just because it is the first. I fear this is playing out like a penny stock mania and will end badly. We have at least 13 in the graveyard, that have tried and failed. Several of them killed in 51% attacks.
List of Crypto Currencies
https://bitcointalk.org/index.php?PHPSESSID=fhrq5k8i11n1l8cmu6tlu84cc5&topic=134179.0
I keep on seeing this 51% figure being thrown about. Has anyone proved this? Try letting a rig go for awhile like a year and watch how intelligent the connections are connected and dropped. It is following some sort of algo, otherwise my rig would update quickly and I would be mining in seconds.
I am not sure this idea of 51% is accurate.
Thoughts?
The 51% attack is well documented. Basically once you control 51% of the network, your peers can validate any transaction such that the non-controlled peers will accept it as valid. At that point you control some parts of bitcoin and can double-spend your money. As the network hash rate climbs, the possibility of this happening becomes more and more remote.
Here's a rundown on bitcoin's flaws and the liklihood of them being successful in attacking bitcoin: https://en.bitcoin.it/wiki/Weaknesses
And when Bitcoin users learn that a 51% attack is underway, they'll dump their bitcoins, the price would plummet and Mr. Attacker will be left with a worthless network. Bitcoin's defense against the 51% attack is to become a poison pill.
Here is the problem with that at least at the moment. I don't think people could exchange their coins to dollars fast enough or find anyone to exchange them in a large enough quantity in a single transaction.
The solution to this if crypto-currency becomes government backed is restrict the mining only to special wallets that are only issued to govt institutions. In the US those would be wallets like ones issued to the Treasury. They could license out mining wallets afterwards to third parties entities. It works when you have the crypto-currency backed by hard assets by the same wallets that issue the coins into the system by mining. The value of all the coins will fluctuate accordingly based on amount of asset reserves to coins in the system. If you adding country codes to the coins you can have multiple valuations at the same time depending which level the exchange is at plus with limited wallets almost guarantee the 51% problem doesn't arise outside blocs being formed among countries but even then the coins won't pool on the sovereign level since the valuation will be specific to the assets backing the coins allocated to that particular country id. The aggregate value just takes all the coins and all the assets and totals it up. The aggregate rate can be used for something like internet transactions while the sovereign rate used for brick and mortar purchases within it's borders. It is just question of transaction tax rates and how they split on the aggregate and sovereign levels then.
The future is but one solar flare away, hedge accordingly...
Clit Coin sucks donkey balls.
Aren't you the clever & witty one? Keep your day job. If you have one.
Sarcasm aside...
You can bet [whatever you can affrod to lose] that it's being used in the s e k s trade. If I were so inclined -- but am not -- I'd consider this form of 'cyber-games'.
Of course, as a true libertarian, I'd legalize and tax 'Vice', but that's a different can of "Fuk u shima tuna", as they say.
Clit Coin will be annihilated, and just like all those Cyrpus sheep that thought their money was safe in the bank, you wake up one morning and poof the shit is all gone.
Clit Coin will die, period, as it is too much of threat to TPTB and the fiat ponzi.
Cluephone for you: If Bitcoin could be brought down as a network, it would have already disappeared. Until you realize that your biggest boogieman, the Banking/Government Complex, is helpless against strong crypto and P2P networks, you'll be living in fear of something that's not real.
It's a tool, a means to an end. Unregulated, but ruled by free-market forces, until such forces change. Meaning: there is benefit, value and maybe even price-discovery-based profit for some. /IMAGINE that! /s
But, ironically enough, pooped by many of the very people who keep spewing the virtues of a "free market, price discovery, bla, bla, bla." Not advocating BTC, but I can't stand BS, and these people should listen to fix their forked tongues.
Clit Coin is a disaster waiting to happen, it will be destroyed by it's own success.
We already saw the money laundering BS put forth by TPTB, but that is just the first step.
Clit Coin participants are going to get ass raped.
lol @ a bitcoin bubble.
Also, why all the hate for bitcoin around here? It's better than fiat. I think people feel it will take away gold sales, and that's why they feel threatened.
I think you're correct. Bitcoin has already climbed Silver Mountain and is getting ready to ascend Gold Peak. Once an oz. of Au = 2 or 3 bitcoins, it's a new ballgame. Holders of bitcoins will become gold investors.
This will bother those gold dealers that can't even turn on a computer.
Goddayum, trolls are out in force on this thread.
At this point I'd like to see the economics experts jump in, and comment on how BTC is useful in buy & sell activities, if it's experiencing price-inflation? If an item costs, say, 1 BTC today (suppose $50), but costs $75 tomorrow, why would want to buy it with BTC tomorrow at all? Unless the BTC price adjusts accordingly. Feels like holding a bond at falling interest rates.
It is in the absence of BTC/USD price stability (a form of currency war), that it 'feels' like a vehicle of Desperation for those (in the EU) who cannot use other forms of currency or stores of value. Or am I missing something here? BTC'ers?
What if the central banks were behind it? They can't shut it down without shutting down the internet ..... what about pumping it up to 100 or 200 and then slamming it down to 5 or whatever a couple of times? who's going to touch it afterwards?
If BITCOIN gets you out of Dodge and the price is still reasonable, then do it. But keep in mind, it may not be your final stop.
The winners here will use BITCOIN to get out and then immediately switch to a real haven.
As long as TPTB get to (a) define what 'Money' is, and (b) control the Money Supply, their Money is a mode of settling all Public debt that is enforced by their 'Enforcers': All the Law Enforcement Agencies (LEAs) and military.
They are be worried about an alternate money system (linked to theirs via some formula and market dynamics), that is used for Private debt. Rightfully they worry that it reduces their Money velocity, as a portion is taken out of their System and used to create an alternate system with its own volume and velocity.
When they see this endangering their System past whatever (noise/nuisance) threshold they've agreed on, they will act. Swiftly, globally, radically. If they can't beat it or ban it, they will 'join' it. With them in charge: either using Eminent Domain or some similar Emergency Powers (IEEA?) law in a hostile takeover/nationalization, or roll out their version. Carrot & stick approach, no doubt. "Same as it ever was, same as it ever was..." - Talking Heads
Until then, enjoy your fun in the Bitcoin sun. Enjoy your Pursuit of Happiness.
until bitcoin is tested in a financial meltdown as far as acceptance it will be a unacceptable risk for large amounts of money.
Absolutely and that is where Spain or Italy comes in next. Maybe even Cyprus now. Crisis is going to be the proving grounds for the effectiveness of a crypto-currency styled banking systems. Bitcoin is not going to be the mainstream government sponsored one down the line but the proving grounds to build from to get there.
If you think of Bitcoin like Napster what would happen if there were several bitcoin type crypto currencies, they put pressure on one and several more spring up, why don't we start one here on ZH, for the laugh we could call them terrortokens just to stick it to the man. In years to come we could stare at charts of TTBTC and the like.
What if you need to cash out a lot of Bitcoins. A few small BC users I don't think there'd be a major problem, but if a big player (Mid 2012 - http://www.forbes.com/sites/jonmatonis/2012/06/22/the-bitcoin-richest-ac...) went to a BC exchange and said "give me 100,000BC in USD" (http://bitcoinexchangerate.org/c/USD/100000 = $7,450,001) what if the exchange does not that that much currency in hand? From what I have been able to find, there are peer to peer BC to other currency exchange services, but still that assumes you have enough to extract a theoretical whale's $7.4 million cash conversion request. So theoretically, it could overwhelm the BC price in terms of the target currency.
If BC is used extensively and permanently no problem, because it may not be likely to have someone redeem significant quantities...... maybe.
Here is a fun chart for your illumination:
http://mtgoxlive.com/orders
It shows the live market depth at Mt. Gox, the biggest bitcoin exchange. If you figure out how to read it you can see how much a million dollar transaction would move the price of BTC.
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