Bitcoins Go Parabolic

Tyler Durden's picture

In the last 48 hours, the price of the virtual currency has surged by 50% from $94 to $141 as the rate of expansion goes more than parabolic. This leaves us with the question, which line item on the Fed's Balance Sheet is 'Virtual Currency Transactions'... what better way to destroy an up and coming currency competitor than to blow a bubble in it and explode it?

That is a 14x rise since the start of the year...

 

Source: BitCoinCharts

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Tango in the Blight's picture

I get 502 Bad Gateway when I go to bitcoincharts.com. Did Uncle Sam shut them down?

Divided States of America's picture

bitcoin charts is just acting in unison with the fantasy US stock markets while real hard tangible assets are doing the inverse. Its obvious these days remind me of the days before the Tech bubble imploded.

fonestar's picture

I'm still a buyer of BTC at $140.  Will be buying BTC at $500 too.

CrazyCooter's picture

Of course this is what happens to bitcoin.

I will take "zero counter party risk" for 100, Alex.

Regards,

Cooter

hedgeless_horseman's picture

 

 

How do I short BTC?

You could go to work with these folks...

http://www.newyorkfed.org/careers/

"You'll keep the banking industry robust and secure and represent the United States in the monetary arena. It's a challenge that demands the skills of a financial services professional and the intellectual curiosity of an academic, all combined with a passion for public service."

Plus, service gurantees citizenship.  Want to know more?

Manthong's picture

So what kind of exercise should one do to develop hands strong enough to hold on to electrons?

just asking..

redpill's picture

I'm a bitcoin skeptic from the standpoint of what the government could/would/will do to crush them if they actually became a threat to central bank fiat, but I also have no problem if people want to speculate in them or buy some to make a philosophical statement.

And, instead of going around in circles with the same arguments we always have about BTC, I'll just note that we've all seen enough charts around here to know that patterns like this can't last forever. So whatever your purpose is in participating in the BTC market is, just use caution folks. This thing could snap in whatever direction at any time given all the crazy shit happening in the world.

fonestar's picture

I would advise caution to those socialist fools who remain wedded to their government issued paper rectangles and fractional-reserve fraud houses!

Bitcoin is going to tear you apart!!

nope-1004's picture

In order to kill sentiment and tarnish the hell out of BTC, a huge bubble NEEDS to be inflated first.  Criminal bankers know how to play this game.  Inflate slowly, then rapidly, then late money joins in, gets crushed, and everyone will leave.

The main problem I have with BTC, though, is that there is nothing tangible.  It's all digital, and a plug can literally be pulled at any time.

 

phalfa5's picture

where do they attach the electrodes i wonder...

 

fonestar's picture

Look at my comments get junked by faux-libertarian silver stackers who recite century old platitudes about "free markets", "competition", "fiscal responsibility" blah, blah, blah f*'n, blah (all good unless the free markets don't pump YOUR preferred method of payment!)

I think you really secretly love Ben and his paper rectangles!  What else would explain your always comparing the silver-FRN ratio?  You could use silver-copper, you could use silver-oil, silver-gold, silver-nickel, silver-soy but nope.... you LOVE using the silver-FRN because secretly you want those green rectangles to make some type of miracle come-back story.  Sorry, it ain't happening and Bitcoin is here to prove that to you in the worse kind of way!!

fonestar's picture

Keep provin' it!  I LOVE IT!  All this time you really loved Ben and held out hope for the USD!! 

ROFL!!

I'll even help you out and junk this one myself!!

Citium's picture

LOL trolling ZH "fake" libertarians. Good luck with that bubble you got pumping friend. I support you bitcoin guys in principle but when hard money advocates try to vocalize some of their personal concerns you guys go all militant. Just another indication of a pump and dump scheme.

fonestar's picture

I've got a lot more riding in physical silver than I do in BTC but it is funny how people support "free markets" until it doesn't look quite the way you expected it to.  Doesn't it now?

Maybe BTC is what takes us to the next era and maybe the network forks and it becomes worthless.  Either way that's the best $500 I ever spent to be part of the bravest, most daring monetary experiment in the past 500 years.

Citium's picture

Like I said,  I support you Bitcoin guys in principle. Principle being that it is a decentralized currency outside the western banking system.

But most hard money advocates try to vocalize their concerns over the fact it has no intrinsic value, is not backed by any hard asset, that no one knows who the inventor is and who controls the controlling BTC market, That Btc has more overall risk of outside factors such as blockchains, electricity, governments, mt. gox/other wallet servers where hacking is more likely to take place and a nagging thought is that when the one world government has outwardly expressed a desire for a one world digital currency why would we as libertarians support a one world digital currency? If people have a hard time buying into it why can't you just say cool and go on? Well because early investors need new investors to make them money...aka a pump and dump.

Also most of us get tired of the false argument that fiat solely means "by force or edict" because a HUGE part of something being fiat means it has no intrinsic value... That is why the governments have to decree it, it is inherantly worthless without it.

fonestar's picture

The fact that Bitcoin is intangible is part of it's strength and not a weakness.  Intangible items cannot be confiscated and stolen the way a gold or silver bar can be.  You can't steal a math problem or an idea.  Also, anyone who loves liberty should get behind Bitcoin because it is a one-world digital currency that "they" do not control.  The Canadian Mint and Bank of Canada is already pushing the Mint Chip so you better get on board and join the fight.  This battle takes place in virtual cyber-space as well.

New England Patriot's picture

Case in point, the Euphoria Phase.

fonestar's picture

No, Bitcoin finally represents RATIONAL EXUBERANCE

New England Patriot's picture

Hey, man, it's your euphoria. You do what you want with it. 

Scarlett's picture

Bitcoin cannot become the one world currency.  That's gold.  Bitcoin is open-source and anyone can create their version.  I hope a thousand flowers bloom from this, because maybe it can even be improved.  How?  well, I think day in and day out and have no idea on how to improve it.

gold-is-not-dead's picture

Gold needs to be accounted in something, to be freely and fairly liquid globally. It isn't $ or eu since in those terms the market doesn't sets the price, but rather central banks.

Citium's picture

If your goal was to only answer one of my concerns then kudos to you.

Why don't we ask megaupload or pirate bay how it's going for them on the "can't take it because it's intangible" aspect... (The government doesn't care if you steal a song or movie or a public file right ?!? So why would they care if you are taking an intangible amount from their currency monopoly... /s)

Laughable dude. That's the equivalent to saying "Online bank accounts are safe because they are digital phantoms of hard currency, thus they cannot be confiscated." And don't say it's completely different because the banks are in control of online FRN's... It's apparent that no BTC'er knows for 100% certainty that bitcoin isn't a CIA or NSA job to rush people out of real money and into something they completely control. All the while the people have convinced themselves it's completely private but still can't answer who the creator Satoshi is and if that person has any ties to the alphabet agencies, or even who took control over the mass of bitcoins in the beginning or after the flash crash to zero in 2011. The whole story of Bitcoin is full of holes but you guys are too caught up in a bubble mania to stop and really give some critical thought to what, and more importantly, WHO you are supporting.

Boom, then someone gets Cyrpus'd or MFGlobal'd. ......and it's gone.

fonestar's picture

People know who "Satoshi" probably is and it doesn't matter.  What matters is the proof of work, what matters is that it is working, has been working for four years in the harshest climate on Earth.  Satoshi does not want to be tortured and killed, suicided.  That's why he doesn't divulge his name because he is brilliant and has made himself an enemy of all the most powerful and evil inhabitants of this planet. 

What's laughable is your idea that these alphabet soup agencies would knowingly cut their own throats by even being involved in a project like Bitcoin.  If Timothy May and the cypher punks saw p2p currencies, file sharing, democratic and decentralized computing twenty years ago do you think perhaps these agencies did too?

Citium's picture

You upvote yourself every single time you post don't you?

Ok... what I heard was:

We know who satoshi is and it's irrelevant so stop your wondering mind...

The work itself is proof that no one from the NSA or CIA has their hands in operating this... *this is my favorite personally*

The agencies would cut their own throat... kinda like Anonymous, Controlled oposition etc. etc.

Sorry you can keep your bitcoins because I firmly believe that when this thing comes down there will be 0...ZERO!! faith in digital representations of unbacked currencies. It's going back to barter days for a while and what you can touch with your hands after everyone gets burned playing the illusory wealth game.

Bitcoin does have a place though but I feel it won't be realized as a valid technology until after the crash and some sort of honesty is put back into the system again. I think failing to understand this is a fatal flaw in bitcoin thinking. But hey if you put 500$ and are willing to lose that money betting on a new technology then go right ahead, my problem is not with you or anyone investing in bitcoin. My problem is the hyperbole surrounding bitcoin that it is the 2nd coming or cyberchrist and will bring down the fed and that Libertarians are fake if they do not support this even with all the legitimate concerns I have seen expressed.

As a libertarian I promote competing currencies which bitcoin is. I think you understand the difference between wealth preservation and a day to day business currency. If you know the economy is going to crash why wouldn't you want to be in the historical wealth preserver? In fact if all paper government currencies fail what will bitcoin be measured in to know what it's worth. It's not like you can accurately state that one bitcoin is worth one nice suit or a gallon of gas or a loaf of bread.

fonestar's picture

I am not concerned that much with votes, rather I am hedging my junked positions here.

If you believe that BTC will go to nothing during the collapse of the fiat currencies, effectively what you are saying is that people are going to lose faith in technology and transfer of payment as well.  That is not happening and I don't see how anyone could believe such a thing.  Sure, the US will go through hell as it will likely be the epicenter and grande-finale for this whole thing but other places on Earth are going to do just fine and even profit from it.  A far more likely scenario is that crypto-currencies flourish and become inextricably linked to the internet itself.  The public internet will undergo major transormations, becoming more decentralized and moving towards dark-net technologies.  I am not saying Bitcoin is guaranteed to get us there but it is a major step in the right direction.  A free internet, free society and crypto-currencies will stand or fall together.

MiguelitoRaton's picture

How many Bitcoins do I need to buy one share of webvan stock?

francis_sawyer's picture

Let's say I ran a lawn cutting service & charged $50 to cut a 1 acre lawn [which is more or less the going rate]... Let's say that a year ago & was willing to dabble in this BITCOIN baloney & accept 5 bitcoins for my services...

~~~

Are you telling me, NOW, that it's gonna cost you $750 to cut your lawn? [Cause 1/3 of a bitcoin isn't going to 'cut' it & I doubt you can afford 5]

HENCE ~ the problem with bitcoin... [which is the problem with all things that take on a 'commodity' type flavor]... It's being valued by the speculative price fluctuations ~ NOT the equivalent labor value...

Someday ~ you bitcoin morons will understand that...

fonestar's picture

Seems pretty clear the "morons" are the ones who do not yet grasp the game has changed.  If you are still a person who chooses to remain part of the legacy economy, your costs to mow that lawn rise exponentially.  If you (and the smart people) all chose to move over to the newer, superior economic model, costs would stabilize and you wouldn't need to arbitrage lawn mowing between two incompatible economic systems.

francis_sawyer's picture

OK ~ Geeksquad... Fine

~~~

I'll agree... RIGHT NOW... To come over to your house & cut your lawn for $750... [you can cash in 5 of your bitcoins, now, to pay me]...

Oh that's right... You live in your mom's basement & therefore don't require my lawn cutting services...

Maybe... INSTEAD... You're hungry... You come over to my restaurant & order the fancy wine & the dry aged steak dinner [to impress your new girlfriend]... Tab comes to $150 [without the tip]... You swipe me ONE bitcoin... I say... 'SORRY PAL'...

You're washing dishes...

fonestar's picture

You have only seen the warm, fuzzy and friendly side of emerging technologies so far in the internet era.  You have no clue of what is to come!

If a person is not ever-vigilant about emerging technologies you are gone, you are toast!  Wealthy one moment and it is you who will be washing the dishes the next moment.

francis_sawyer's picture

All Fine...

~~~

Notwithstanding... GEEKSQUAD... You just 'priced yourself out of' a dinner & a lawn cutting service [by one SERVICE PROVIDER]... Good luck with all the rest of them as you carry on...

[+2] for FONESTAR tus far... [He & the dude he's playing 'World of Warcraft']

~~~

OK geeksquad ~ I'll flip the narrative... If you pay me $150, right now, I'll come over & cut your lawn... [Hell ~ It'll only cost you one cashed in bitcoin... IT'S A FUCKING BARGAIN! Jump on it]...

~~~

Tylers... TYLERS!... [OK ~ I'll be calm... I believe that ZH should allow EVERY moron a voice ~ I'll leave the jew sychophants on their own on this particular thread]....

dark pools of soros's picture

what kind of nutjob are you?  replace bitcoin with gold or silver in your rant and look at yourself in the mirror

francis_sawyer's picture

Rant?

~~~

Offer me 2 ASE's to cut your lawn & I'll still do it... Offer me 5 ASE's & I'll serve you & your girlfriend a nice steak dinner with a bottle of wine... Offer me 1/3 of a bitcoin, or 1 bitcoin, respectively, & you've got long grass & a hungry, sober girlfriend, who won't blow your pencil dick at the end of the evening...

That's commerce...

Edit: No 'TAKERS' on the offer... just interenet junks... How could I have possibly predicted that?

~~~

Tylers ~ that's your audience these days... Do what you must...

'ON A LONG ENOUGH TIMELINE THE VALUE OF BITCOINS RAISES TO INFINITY [& BEYOND]'...

Hobbleknee's picture

Where are these free markets you speak of?

Middle_Finger_Market's picture

Fonestar..you're like a Bitcoin slut and the end game involves you getting fucked! 

fonestar's picture

Ya, so?

 

0.0001BTC will get you twenty minutes with a "release":

 

16bY6d2wisEZ78pU6UaYf6fedmN4fBhsfF

InTheLandOfTheBlind's picture

pretty sure we all get that... like grandpa always said, make sure you last check bounces

InTheLandOfTheBlind's picture

pretty sure we all get that... like grandpa always said, make sure you last check bounces

InTheLandOfTheBlind's picture

pretty sure we all get that... like grandpa always said, make sure you last check bounces

jcaz's picture

LOL- that's so precious...  Ya, they invented an alternative currency, cause they're sooo smart and cool and hip-  the head dude even wears a hat during his interviews, he's freaking hawt.....

What next- BTC invents a plastic card that we can stick into machines and pay for stuff?    BTC 2.0!

Genius.....

dark pools of soros's picture

mock what ye don't understand

 

some cavemen still scoff at fire.... true story

jomama's picture

who fucking cares about upvotes/downvotes?

might lend some insight into where your priorities are.

Killtruck's picture

I don't really mind your views, but gawd you're fucking annoying. Blathering on endlessly like some damn Baghdad Bob about this shit. Everyone gets it, you're a fan. Make your point, then stop.

Dave Thomas's picture

Amazing isn't it? All this bitching about a rigged one casino game and when a decentralized alternative comes up it's some Crypto-Zio-JupiterJustice-Masonic-CIA-Banker-Jew plot already. LOL.

fonestar's picture

"it's got this, like, kinda weird computer stuff and so it must be some sorta scam er somethin'"

Panafrican Funktron Robot's picture

I think people are understandably a bit gunshy about storing wealth in something that isn't tangible.  I think it's certainly better than, say, the USD or the EUR, way better.  

The idea of "if you don't hold it, you don't own it" is the operative idea here behind any genuine criticism of bitcoin.  Apart from that, it's great.

fonestar's picture

Yes, the corporeal argument.  Just remember what you can hold, someone else can hold as well and someone can take.  Physical mediums of exchange are not only sought after by bankers, gold bugs and governments.  They're also held in high esteem by any thug who can pack a pistol or a knife (both types of thugs, the kind that wear badges and the kind that sport do-rags).  The ethereal nature of Bitcoin and the genius of Satoshi (and RSA) seem a little harder for these types to appreciate.  That is a bonus in my books.