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Visualizing Bitcoin - The 'Encryption' Standard
What currency is feared by the European Central Bank as a threat to fiat monetary institutions? What currency is cash like but digitally transmittable allowing for ultimate anonymity and global mobility? What digital currency is up over 2,200% over the last year? The answer? Bitcoin. From mining, supply, demand, and security, Visual Capitalist's infographic covers it all.
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What currency just got hacked by a bunch of 9th graders?
Damn, You beat me.
Was just about to write: Cue the Haters.
Bitcoin is a trade like buying tulips - it is not a currency.
You beat me to that one! By the way, you need to kiss and make up with silver. Time for you to get on silver's good side - like it or not. The physical is about to snap the money changers over its knees.
Visualizing Bitcoin? Picture tulips......and it's gone.
It's ANOTHER Fiat !!!
I'll Take GOLD, Thanks ...
"Claims for wallets that hold a balance greater than 50 BTC will be processed on a case by case and best efforts basis."
If you have to file a claim to get your money, is it really yours?
There is no reason to use an online wallet (for people who actually know what they're doing).
What is so hard about this to understand for some PM stackers? Bitcoin does not fulfil the same requirements of gold and silver as a store of value. Nobody is saying it does. Likewise, gold and silver cannot match Bitcoin's ability to tunnel, transfer and superior fungibility. You are comparing apple money and orange currency!
they'll never 'get it'
using an online wallet is like letting a bank hold your gold.. people here would agree if JPM stole your gold, then it is your fault, but not in this case since they don't know jack shit about bitcoins and it shows... loudly shows
note: bitcoin wallet by blockchain is a lot better if you want the ease of using an online one... but keep your large pile offline
What metals allow the creation of computer hardware to create and power bitcoins again? Are Bitcoins not a derivative of Gold and Silver?
what metals have had their true value suppressed by central banks while sheep mock something that is showing the world the economic tyranny it is in?
Bitcoins
~~~
- Decentralized
- Secure
- Public
- Anonymous [great for kiddie porn]
- Digital
- Stable [as in 2,200 & over a year 'stable']
~~~
- HACKED
- BUBBLE
- RETARDED
Pretty clear that some people have this idea of the G-Man from their Dick Tracey comics that has all these cool gadgets, can crack any code and always wins against the evil genius.
In reality he's a fat, balding DHS guy who spends his time at work surfing pr0n sites and took a day-long course once on cyber crime.
Bitcoin
if the FED hates it it's OK with me
Bitcoin:
"Destroying the delusions of sentimental luddites since 2009"
So... the supply of bitcoins is finite... because of the "rules" established by the bitcoin inventor "says so"??
Good thing there's no way to change a "rule" in a computer.
The rule would need to be agreed upon by the majority of nodes on the network.
'Inventor' of BITCOIN
~~~ <jews & bitcoin GEEKS junk HERE>
LOLOLOLOLOLOLOL
Guaran-FUCKING-teed 'Satoshi Nakamoto' is a goddamned jew hoarding a fucking stash for himself & a few cronies while idiots pile on to the scam...
Proceed [or PROVE me otherwise you fucking dipshits]...
NO WAIT... Click on the above indicated JUNK button... You know ~ to prove all you numbwits MEAN BUSINESS...
Well the Jewish people do rank highly on their mathematical comprehension so it's possible. But Satoshi did not "invent" the bitcoin as much as it was a logical progression of the earlier works of Rivest, Shamir & Adleman and more.
Not that someone who is only here looking to get shock value from anti-semitic remarks would be bothered by facts though.
The beast system is very happy with the evolution of BitCoin. Talking heads from Paul Krugman and Al Gore to Max Keiser endorse it. A global digital currency is exactly what the New World Ordered. It can make you rich, and it will also be incorporated with the Mark. What's more valuable, a fat wallet or a soul? Precious metals are the only escape unless you plan on being a vagrant.
Ah yes, "the mark of the beast" cop-out for the technophobe who cannot debate technical subjects objectively based on technical merits (I wonder why?). Krugman did not endorse Bitcoin he said it would die a deflationary death, you can't even get that much right. Al Gore said it was a "cool" idea and it's quite possible the power elite would love his endorsement of Bitcoin since he has been outted as a fraud in climate-gate.
Oh I don't know - it was hearing about Stefan Thomas' loss of $140k wallet password that caused the NatGeo host to swear on a program, the first time I am aware of such an outburst not removed in edit.
http://www.youtube.com/watch?v=asYb8a0ckhQ (~14:00 mark)
Hmm - how could accessing the system be made more robust to prevent the bad PR of "losing" your wallet password? A digital solution for a digital problem. Hmm.
Sorry fanboy, it is you who cannot argue the subject honestly... embedded "Bitcoin passwords" would be a perfect prototype, no doubt about it.
There are plenty of ways to store good passwords in your mind, or securely on your computer. You are going to try and junk an ingenious technology because some people can forget their encrypted passwords? If I forget where I left my credit card or wallet in a large store it will possibly be stolen. Is that the fault of the Fed, Visa or Mastercard?
"If I forget where I left my credit card or wallet in a large store it will possibly be stolen. Is that the fault of the Fed, Visa or Mastercard?"
But then you just call VISA or MC and tell them, they cancel the card and express post a new one to you.
BitCoins just vanish into the ether from whence they came so they need to address lost coins or it'll end up with more floating around in space than actually being traded as people inevitably loose them by forgetting passwords or formatting without backups, house burns down destroying backups as well as originals etc.
There's only ever be 21 million bitcoins - but 10 million have been lost. Does that make them worth more or less?
What is it with you guys and your damn COMMENT STUFFING???!!!!??
Amazing that more readers don't stop to question the REAL ORIGIN of this thing, the TIMING of its marketing, and especially its EFFECTS.
COME ON! QUI BONO?!
You might be right about the guy holding a huge stash. Nobody knows. As far as the rest, you want us to disprove a lie?
That's like asking you to prove you didn't rape my mother.
I use 'shock value' to comments becuz people are 2 dumbed down to think or react otherwise...
~~~ < [joo & bitcoin junkers, have a field day here]
The fact is...
BITCOIN... at the moment... is a huge vacuum cleaner of currency at the present moment... Where does 'paper wealth' go to die?... In the past:
- TULIPS
- DOT.COMS
- UNFLIPPED HOUSES
have played the role...
There's a sucker born every minute... [& often enough ~ a jew is on the other side of the transaction that separates a fool from his money]... AGAIN ['junk away', the button is brightly lit above]... Hate all you want on francis_sawyer... Pretend IT'S ALL MY FAULT... I'm sure that'll make you feel better about yourselves...
"[& often enough ~ a jew is on the other side of the transaction that separates a fool from his money]"
I would bet you 1 oz of silver there are more non-jewish con artists in this world than jewish ones.
Jews are only 1% of the world's population...
~~~
How fucking hard is it 4 you to be correct?... If it is only a [+1] aggregate differential, person for person... Than that still makes them the most corrupt MF'ers in existence...
Not to mention the fact that despite this casual detour ~ NOBODY is bothering to identify WHO 'Satoshi Nakamoto' is...
So more often than not the fleecer is actually not jewish did I hear that right?
I don't know who the person is. I also don't own any bitcoins. Then again I don't know who invented gold and silver money either but I own those.
I went ahead and junked myself.
Francis Sawyer is a paid shill used to discredit Zerohedge; that's all.
I seriously doubt that, but even if he is so the fuck what? Paid shills can't have or share opinions? Francis doesn't have the power to discredit this site. Take the concern troll somewhere else.
@fuu ~ You 'heard' what you want to hear [as everyone always does]
~~~
@Scarlett ~ You're a jew babycakes [preselected ~ as the case may be]... So basically, bask in your glory... You don't need to be fighting it out in the trenches...
~~~
As for the 'CRYPTIC JAP' [who supposedly 'INVENTED' bitcoin & stashed a bunch for himself]... Well ~ That's all for YOU GENIUSES to decide...
Shalom!
Sawyer cares more about Jews thn Jews do. The poor deear is utterly obsessed.
Is there some kind of medicine for Compulsive Nazism?
No it is finite because coin generation is determined by a mathematical equation that has a finite x amount solutions. Once all the solutions are found that is it. It really is that simple.
After the Aldrich Plan failed to pass 100 years ago, the money changers mock hated the federal reserve act, pushing the same shit into blossom at last.
Dude that's the SEC. C'mon...get your alphabet soup of acronyms straight.
I see francis "off the rails" sawyer was allowed near a computer again. Someone should speak to the head nurse at the insane asylum about that.
Bitcoins are made from electricty. The value of electricity spent mining matches the value of the new coins.
So where do i cash all my gold Sonic the Hedgehog rings and Mario Bro's coins - i spent heaps of electricty mining them in the 90's - they must be worth a fortune now!
Do you have proof?
Let's just say I'm not too worried about the Perth Mint being "hacked."
Well perhaps you should be. In a major currency meltdown (like the one we are heading into on a global scale) it is very likely mines will be nationalized and bullion coin production halted at least for a time.
Something like that is actually easy for governments to do compared to forcing millions of people to give up their encrypted wallets.
It's ok if they halt bullion coin production, Perth Mint maintains 100% reserves at all times.
Forcing people to give up their encrypted wallets isn't that difficult for a Justice Department that has absolutely no regard for your civil rights.
Assuming the person is somewhat technically literate how would said government even know I have Bitcoin?
Your IP and device MAC address are EVERYWHERE! For being technically literate you sure are stupid.
You realize all laser printers print a "hidden" code that prints to identify the printer the page was printed on?
You realize ALL Operating systems have a back door to get in right??
Every telecom records and saves all conversations.. Hidden Cookies have already captured all data on all your drives..
All your info are belong to us..
/NSA
Mac addresses are only local and easily spoofed moron. IP addresses are easily hidden through use of VPN or dark-nets. Operating systems do not have "back doors".
Now would you care to refute those simple facts or would you like to embarass yourself more?
I'll chose to embarrass myself more.. All CLEC are required by law to have a "box" installed..
Google "back door in UNIX" and go from there.
Do you think Cisco's IOS doesn't have traffic reporting features in it?
VPN, Dark-nets.. ha.. now that's funny..
Like thinking you really have any "privacy" online..
Operating systems are collections of files, folders, processes and directories! Protocols and programs can have back doors in them and some people have even attempted to include them in previous distro's of GNU Linux. They were quickly discovered and corrected.
Seriously, are you getting this shit from an old 2600 magazine? Do you want to ask me about "the ping of death" next??? LOLOLOLOL!!!
Damn you're a tool. Don't you know that routers log EVERYTHING. All internet traffic EVER is in a database in the desert. You can spoof another client but you can't fool your own ISP which is being watched. Everything is being watched and catalogued. It's just a matter of querying the data.
I work in communications loser. Routers do not log jack shit! Routers forward packets according to route availability and preference. Servers can log traffic and data.
.....and to further that, routers loose all of their data held in dynamic memory when they are powered down. There are ways of trying to preserve, capture and image dynamic memory but the technology is not perfect and there also exists couter-forensics to counter this threat by LEA's. This is why many smart hackers will run diskless operating systems in certain situations and hack using their own memory upstairs in their heads.
for someone in telecom, you sure have a narrow view of communications networks. think syslogd. router logs, firewall logs.. its all logable. How much is retained and logged you wont know until its too late. good try though.
i will grant you ciscos lose their unsaved config when rebooted. but that isnt the point. that has nothing to do with the premise.
you love bitcoins, great. but giving people a false sense of safety.. is pretty poor behavior. I hope you have done more research on bitcoins then you have in your chosen field of telecom.
Yes, you can log to syslogd and so what good is a bunch of encrypted gibberish? Because that's all it's going to be if USG starts cracking down on what people are saying online. They push and they get shoved back. That's how technology and everything else works.
And all you are doing is arguing hypothetical "what if" scenarios based on possible future actions taken by governments (which will just backfire on them anyway). FACT: Bitcoin is currently the most secure and advanced method of payment on this planet. It provides a reasonable amount of anonymity and security as it is. Used by a sophisticated tech in conjunction with Tor, True Crypt, proxies, VPN's and one-time wallets it would basically be an impossible task for LEA's to FTM.
Like Clint said, "If you want a guarantee, buy a toaster."
If the new listening post out yonder in Utah had been re-tasked to track bitcoin traffic it would blow away their ELINT capacity for Terrerisim and Citizen spying. Talk about a lot of legwork.
You can have privacy online. Granted, it's getting harder every day.
I've just recently read an article about mobile phone usage patterns being akin to physical fingerprints. An example was given on how long it took the system to recognize the same person, using a completely new never before used device. Simply by tracking location changes, the person was positively recognized in a little less than 6 hours. No calls, no texts, no data. Only movement patterns.
This is just a new application of technology to an old school problem which is human behavor. People tend to be creatures of routine once you can recognize repeatable patterns then it becomes easy to track. Nothing new there just a new approach using new technology to an old problem.
I absolutely agree. It is very nice of us to carry our tracking modules everywhere even to bed and quite voluntarily.
Guess, we're all sheep in one way or another.
Jesus buddy you really need to stop. You clearly are way out of your league with asinine comments like this. "Back door in UNIX"....wtf ? Did someone rent "Hackers" recently ?
They could start with the low hanging fruit, like getting Google and Apple to disclose all individuals that have downloaded a relevant bitcoin app, which both those government cockswallowing companies would gladly do. Twitter would probably roll-over and vomit out the details of everyone that's mentioned bitcoin in their hashtags and their associated e-mail address, which if it's one of the big boys that sniffs all the contents of your e-mails, gives them an even better path to the door of those that likely have the largest balances based upon cross-referenced demographics and tax records. And that's just the easy big brother shit. Don't make the evil fuckers get creative!
Me: I am Bitcoin...
Next non-coward: I am Bitcoin
Next brave libertarian: I am Bitcoin
Next true patriot: I am Bitcoin
Next Bernanke hater: I am Bitcoin
Next ZH technophobe: I like turtles, please dont hurt me big brother, see I cower before you.
I don't wish to discount the many benefits that Bitcoin has as a medium of exchange but since all bitcoin transactions are publicly available (eg http://blockchain.info/largest-recent-transactions ) and carry a timestamp, isn't it possible for law enforcement to match transactions to logs from ISPs?
eg) http://blockchain.info/tx/2569c29eeab0fa3473af7412111a3168d57b8e6949c5aff7fb4f3c555cb34268
That would be enough for someone who has the log of the ISP to identify who made that payment.
Also, once you publish your bitcoin address to accept donations, aren't you immediately identified?
eg) Wikileaks transactions:http://blockexplorer.com/address/1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36v
Hence, Bitcoin is pseudonymous, not anonymous.
If all transactions are broadcast to all nodes, it would only take one person. Once I have the log, can I not then trace back to the merchant? The merchant may have mailed something somewhere. Just thinking like the hack that I am.
redpill: "Let's just say I'm not too worried about the Perth Mint being "hacked."
Dude, I'm more worried about the Perth Mint getting nationalized. Although there is an argument for storing elsewhere, other than at the P/Mint.
Apply Money and Orange Currency. Well put. No one finds that hard to understand. It's when Bitcoin advocates claim that bitcoin is just as good as PM's, and start referring to it as money, that gets the Stackers' ire up. I'm not saying that YOU personally have said that, as you understand clearly the difference. But I have heard it and I'm sure others have as well. Is it useful? Absolutely, and I'm all for competition. As long as we remember that it's not an apple, it's an orange.
Just remember that the Bitcoin developer crew are coming at this from a technical and computer science background. So you'll have to excuse them if they make semantical errors about "money", "currency", "value", etc. Most people in the PM community would probably have a hard time using linkers and compilers as well.
Yer fulla crap. The jew knows all about money and currency - hell, they started this shit in the Temple. Wait until you can only use BTC to pay your taxes and watch how difficult they become.
Oh... you said 'crew'. My bad.
"the jew knows"? WTF? Are you implying that everyone on #bitcoin-dev is a jew? Lives and logs in from Israel? Jew by birth or by religious practice? Have you even visited #bitcoin-dev or #bitcoin?
No probably not, sounds like you would have a hard enough time even installing ICQ.
Yeah, it's mostly black guys on there, so there.
Hrmm... ICQ ... ICQ ...
::groks ICQ::
::drums fingers on countertop::
Isn't that like AIM on my AOL Internets disk?
Another Nazi troll. Sunstein should send over something new.
its not the same since, right now, it is better than PMs since there is no bullshit paper market fucking your stacks everyday
Yes and it doesn't take a brilliant trader to ride the bitbull, take profits and buy PM's with that.
Fight them on both fronts!
I am going to step out here on the end of this plank, and say something that scares me about a bitcoin. What if, just throwing this out there, there is no digital? You know, no internet, no power, whatever, just no digital for whatever reason? WHAT IS A BITCOIN WORTH THEN??
I'm just saying,,,,,,,,,
...it's all ones and zeros, annnd it's gone..
Carrington Event = BitPain
Hey, "bitcoin can help to neutralize the effects of capital controls", mkay? - wait, what?...
Well, at least they can't confiscate them! - wait, what's that...? Key Disclosure Laws Can Be Used To Confiscate Bitcoin Assets ...? Uh oh - Houston, we have a problem...
How did authorities know they had bitcoins in the first place? The same issue occurs if you own gold; if they detain you and threaten to jail you if you do not disclose where your stash is.
"How did authorities know they had bitcoins in the first place? "
Because everyone that uses bitcoins talks/brags/pumps about it constantly leaving breadcrumbs everywhere.
The rules of bitcoins should have followed the rules of Fight Club but the cat got out of the bag when the price spiked and now people defend themselves, challange the Feds, taunt the taxman and think they are safe because of encyption and group-think.
lost it in that boating accident....
Wasn't it in an hard drive crash? Kind of surprised..
> If you have to file a claim to get your money, is it really yours?
Just like PayPal!
Hey ...
Or the CME.
Instawallet customers just got Cyprused
And the moral of the story seems to be, the technology behind Bitcoin may be robust, but the infrastructure on which Bitcoin is exchanged is crap. So does it matter if Bitcoin was not hacked, if you can't fucking use it anywhere because the exchange mechanism was hacked?
http://intellihub.com/2013/04/04/bitcoin-update-some-instawallet-users-w...
http://finance.boston.com/boston/news/read?GUID=23848322
I am aware everything else we call currency / money / precious something can all be stolen or be manipulated making participation pointless. But Bitcoin has other negatives going for it that make it even worse.
Wouldn't that make bitcon just like all other fiat?
If nobody is demanding you accept Bitcoin and nobody is declaring Bitcoin has value, how is it a fiat currency?
Bitcoin is a voluntary currency.
You're wasting your time trying to reason with people who don't even know what "fiat" means.
Besides, you're waaaaay outnumbered, so they only reinforce each other's ignorance.
I find it funny that for all the legitimate concerns one can have about bitcoins, this ignorance always rises to the top.
Gubmint skool, FTMFW!
I am not trying to reason with those incapable of simple boolean logic or suffering memory leaks.
I am just going to keep countering their FUD.
Beats getting a job and earning actual money, eh skippy?
your "actual money" is worthless
Strange I thought you were touting it's value all the time...
The argument that fiat solely means "by force or edict" is somewhat of a false understanding 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. Bitcoins are worthless outside of perceived value and faith of acceptance. Fiat by any other name...
Bitcoin is the opposite of fiat, since no central authority is telling you that you must accept it as legal tender. It's totally voluntary. It is a libertarian's dream come true. Online digital wallets are inherently risky, but you don't have to keep your BTC there. You can keep it in your wallet on the PC at home. Your choice. Works the same way for gold.
ZH people, I love PM's as much as you do, but why not buy a few BTC as an insurance policy just in case it becomes a new standard? You spend $ 500. Big deal. If USD/BTC goes to 1,000,000 you win big. If not you have $500 worth of credit to spend on web designers, odd-n-ends, etc. In the worst case.
Seriously inquisitive.
How about a hamburger, a hammer, my electric bill ot gallon of gas?
Seriously.
A hammer, yes. Food only in very few locations, mostly in europe but a few independent places in US will take it. No gas that I know of, nor utilities. If it's regulated, I doubt you will see a bitcoin payment option in the near future for it.
Now you're cooking with water. What even the people who claim to be libertarian and anti-Fed fail to grasp in their simultaneous attack on Bitcoin, is that ANYTHING that takes fiat out of circulation and thus threatens the FRB system, is a "good" thing.
Regardless of it's PM or Bitcoin. And the two working in tandem only amplify the effect. Even smart guys like Laws of Physics, etc. seem to overlook this reality.
The other reality is, that it's the perfect buy/sell medium -- more so than PM -- and far more divisible. E.g., I can sell item X in place A for Bitcoin, then buy the exact same (shiny, heavy) item in place B. W/o having the hassles & risks of carrying it from A to B.
I sincerely hope that genuine skeptics can research more, think more, try it, and THEN come back with (constructive?) feedback. Otherwise guys like me are likely to think them as either having a learning disorder or being Gov trolls.
x
.
'Satoshi Nakamoto' = 'A Hook to Satanism' (anagram)
Seatec Astronomy = Too Many Secrets
Good catch Blotto.
Bitcoin would work perfectly with an implantable chip.
+1 Mind = Blown
Also if PK and Al gore are OK with bitcoin thats the last clue I would ever need to know this is sponsored by the NWO. Welcome to your New World Order 100% Global 100% Digital 100% Tracable Currency
The fact that the bitcoin pushers have left this comment alone speaks volumes.... Please tell us again why we would get into a worldwide digital currency not backed by anything when the Controllers and Elites want us in a worldwide digital currency not backed by anything. *Cue Mr. Burns from the Simpsons* "Excellent..."
Well that's easy. Because the Controllers and Elites can't print bitcoin to pay to run their power apparatus.
'Satoshi Nakamoto' = 'A Hook to Satanism' (anagram)
LOL... That's IT!!
Call Fox News right away - they'll get you on at 6!!!!
Dude, you'll be famous!!!
Im not interested in being famous - im interested in waking up the good people of this planet...even the bad too...
.
Ive been getting some results that this guy is getting rumoured to be 'Satoshi Nakamoto'...just info for consideration
http://en.wikipedia.org/wiki/Paco_Ahlgren
.
Eventually, Ahlgren became something of a pioneer in the world of online security, using encryption and hashing algorithms to create secure environments for clients and their accounts.
For many years, Ahlgren delved deep into the connections between disparate philosophies and methods of thought. He lists as some of his biggest influences people like Thomas Jefferson, Thomas Hobbes, John Stuart Mill, Sir Karl Popper, David Deutsch, Thomas Kuhn, F.A. Hayek, Warren Buffett, Philip Fisher, and Ludwig von Mises. Ahlgren's experiences, interests, and research into fields as seemingly far apart as cryptography, computer science, programming, economics, finance, value investing, humanistic epistemology, quantum physics,
thanks for the pointer(s) BLOTTO - "Paco" has a very rich background to mine, and given this,
I'm surprised to not have read more about him here at ZH - he's tailor-made for his (obvious) fan base.
watching. . .
"'Satoshi Nakamoto' - why is his name a pseudonymous...why is this person(s) shady?"
Um, I dunno... maybe because they don't want to be suicided like Aaron Swartz?
Holy shit you cracked the fucking case!
Satanist Oak Homo
Attain Oaks Homos
A Sonata Homos Kit
And don't forget:
A Saint Amok Shoot
Bitcoin is gonna kill the fucking POPE!
+1 lol,
I tried some myself, but a dastardly "o" kept being left over, ...
masta, kan i shoot o?
a sistah to a monk: o
A last successful one:
shit at mooN, oSaka!!!
Lately I have been visualizing myself as a sado-masochist participating in some sort of perverse bsdm ritual. Every time I buy a new bar of silver, they drop the price. The more they drop the price, the more I buy. Something will break eventually.
Any time they take your fiat and give you silver, it's a good trade.
Stay the course.
There is a vested interest in getting people out of real things like gold and silver and into speculative scams like bitcoin. Anything they can do to keep the price down.
"There is a vested interest in getting people out of real things like gold and silver and into speculative scams like bitcoin. "
Like making videos of gold being conficated at the border creating an internet meme of 'should had bitcoins'. As bitcoins enter MSM articles the price is going up while gold and silver are going down. Would rather see these correlate to have any trust in bitcoin, instead it's following the debt and dow ratio, ie. money being removed from historically solid stores of wealth and into false securities.
Excuse please, just curious, will the dip come after the crash, or before it?
Hey Krugs. Break any good windows lately?
KRUGMAN LIKES TULIPS!!! You heard it first on ZH! <snicker>
Interestingly, bitcoins seem to be trading in a range; could be a consolidation. If the range narrows and volitilty starts to get under control, ~$130 USD could become a stable price. I may have been wrong in my call for a 90% drop. I guess we'll see in the next few weeks what happens.
r u defending that other super tulip, the greenback of your friend Ben; top of the world petro gordian knot?
When currency becomes electronic CB printer's money gone mad, its sad, its worse than bad and it needs a tad better solution of decentralised rebellion.
We are there now.
Can you buy a coffee with a bitcoin? Nope.
Better yet, can you buy coffee with gold?
That is because the "greenback" is the world reserve currency and the gold standard of money.
I love it when you say "Gold Standard" I am ROTFLMAO. You and MDB shower together right?
Ah, now the "tulips" comment makes more sense.
How come MDB and Paul Krugman never show up togetrher in the same thread? Kinda reminds me of how Clark Kent and Superman were never in the same place.... hmmm.
Or Tyler and the Narrator
Dbl post
"Can you buy a coffee with a bitcoin? Nope."
Um, yeah, you can. bitbrew.net
You can get pizza delivered, too.
See, BitCoin is all about conditioning. You think you're being a rebel using electronic currency. You're really just a sheep.
um ok then - thanks for explaining your views by projecting them onto me. You are, of course, wrong.
I view BTC as a speculative commodity - which may be incorrect, but it is my view. I don't care about the politics of it as long as the opportunity to buy dips and sell highs exists. I wish I could easily short BTC, cause at this point, I would.
Anyway, as I understand the recent BTC phenomenon, the wave of buyers is comprised of desperate people who would undertake massive risk (by converting their local fiat to BTC) rather than stand to lose it all to rapacious governments.
If I lived in the EZ, I'd probably do it, too.
Actually, you are wrong, again...shocking!! Yes you can..
http://bitbrew.net/
http://www.bitcoincoffee.com/
You really should return your Peace prize...or is it Piece prize?
No, but I can buy a coffee plantation with my stacks. Fuck You Krugman
Doh!
http://imgur.com/r/Bitcoin/gUIueMZ
"That is because the "greenback" is the world reserve currency and the gold standard of money." - LMFAO!!! So Krugamn does believe in a gold-backed currency after all! No fiat is backed by gold today, keep printing moron. Halarious.
So Krugman by your rationale... the USD is money because you can buy coffee with it. Does it matter that you need 2 dollars for the same coffee that you only needed 1 dollar for 5 years ago? Yet you can buy the same amount of coffee with less gold. Is that what you mean by gold standard?
2 years ago coffee was a dollar so no, you can't buy coffee with the same US money you used to. But you can with Bitcoin.
>>>>>>That is because the "greenback" is the world reserve currency...........
Umm, I think the Chinese and Australians have a different opinion going forward.
you can buy a porsche car! And even a house...read BI on that!
And, its very much at the inception stage of its creation. Its potential to ruin the power of CBs and global fractional reserve banking, currently drowning in unavowable derivative debt; something on which WE NEVER HEAR DEAR DR KRUGMAN REFUTE THE THESIS OF ZH, PC ROBERTS AND NOW YOUR BETE NOIR STOCKMAN.
By providing another, novel financial solution to the economy, Bitcoin could (its still early days), allow it to escape on a decentralised and regionally controlled basis over time, from this awesome FED disseminated sword of Damocles called the green back; hegemonial, phony, corrupt monetary feed line to a labour arbitrage fueled economy.
A financial front fabricated by NWO PAx Americana FIRE assets model fed on fiat steroids machine since over 20 years.
You never criticised this during the CLinton years when your buddies were in power and destroyed Glass Steagall.
As a world famous economist you are very thin on global currency and economic solutions to counter a catastrophe that has been spawned in DC by both red and blue administrations; other than more of the usual money print!
Texas Family Sells Porsche For Bitcoins - Business Insider
so Dr K : you for coffee but not for tea and sympathy of any substance?
No, you can't directly by a coffee with gold, and that's the problem--until it becomes legal tender and you don't have to go through some coin dealer or online site to convert it into spendable money, then you don't really have control. The government can still fuck with you--and they will. As soon as the dollar blows up, holders of metals will be sacked with high taxes when they sell their items or maybe just outright confiscation. So all you have is the black (free) market.
Not only a coffee, but a coffeemaker too:
BitPay Integrates Bitcoin with Fulfillment by Amazon.comhttp://www.bloomberg.com/article/2013-03-06/abKcA8yUZTMw.html
"greenback"
Is that some kind of lizard, or somthing?
You read urbansurvival too?
If it's not a currency, then the ECB wasted a lot of time and money producing a 55-page report outlining why it scares them to death.
Well, to be fair, that money was likely part of the ECB budget, so it was going to get spent one way or another anyways. Probably a better use than whatever else it might have gone towards.
let the trolling begin.
BREAKING: Dr. Kugman loves all gold bugs, all gold bugs love him back.
It's not a currency except for the fact that the logo represents a currency symbol and it functions exactly like a currency. If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck. The one thing that it is not: money. Because only gold and silver are.
Correct.
Money is not encumbered by anything once you own/possess it (no third parties or devices). Bitcoin reminds me more of a .bit common stock more than anything else at this point.
Good luck digital troopers...I've seen this act before ;-)