Bitcoin Passes $200

Tyler Durden's picture




 

One can only sit back and watch...

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Tue, 04/09/2013 - 07:12 | 3425446 Cognitive Dissonance
Cognitive Dissonance's picture

Wait.....isn't Gold supposed to be doing this?

(Will someone please remove Bernanke's fat ass from the barbarous relic?)

Tue, 04/09/2013 - 07:11 | 3425452 Tango in the Blight
Tango in the Blight's picture

Just keep slamming it anti Bitcoin distractors. More profits for us!

Tue, 04/09/2013 - 07:14 | 3425465 Killtruck
Killtruck's picture

Did someone say Bitcoin?

Fonestar to Emergency - paging Dr. Fonestar to Emergency...

Tue, 04/09/2013 - 07:16 | 3425469 johnQpublic
johnQpublic's picture

transitory

Tue, 04/09/2013 - 07:20 | 3425481 Harlequin001
Harlequin001's picture

For years I sat back and watched almost every hedge fund on the planet 'make money' from a simple leveraged interest rate arbitrage on mortgage backed and other securities. Then, in 2007 when Bernanke raised short term rates to 5.25% and burst the bubble the entire market failed and nearly every single one of 'em would have lost not only all their gains to date but their capital had it not been for TARP etc. That's what herd mentailty is, fucking stupid.

Sit back and watch the show by all means but don't doubt what this is. When this one goes bang ain't no one going to even want to pick up the pieces... because there are no pieces.

Tue, 04/09/2013 - 07:25 | 3425510 SilverIsKing
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Tulips anyone?

The only way that this isn't going to blow up is if .gov is really behind it.

My guess is that this has much further to run since it's nowhere near mania phase but it'll get there and will indeed blow up.

Tue, 04/09/2013 - 07:33 | 3425531 Jean Valjean
Jean Valjean's picture

Am i the only one who is a goldbug AND a bitcoin bug?

Tue, 04/09/2013 - 07:35 | 3425536 Harlequin001
Harlequin001's picture

Quite possibly, yes...

Tue, 04/09/2013 - 07:42 | 3425549 TwoShortPlanks
TwoShortPlanks's picture

The suppression of Physical Gold must be unbelievable!

Congratulations Bitcoin investors; shove it up their arses!

Tue, 04/09/2013 - 07:44 | 3425553 Harlequin001
Harlequin001's picture

For anyone who's interested I've just invented a Gigcoin. It's a bit like a bitcoin only bigger, around a billion times bigger, and worth around a billion times more...

Buy it now on Amazon.com before they sell out.

Whacko's and poor people need not apply...

Tue, 04/09/2013 - 08:00 | 3425592 DaddyO
DaddyO's picture

Bubble Time?

 

The question left to be answered is whether or not bitcoin is once again taking the shape of a bubble. The answer is yes. There is present a reflexive pattern of people buying because prices are rising, and prices rising because people are buying. The myopic are extrapolating the price trend of the past four months, which they deem is normal, and in so doing they exacerbate it to the upside, thus attracting even greater fools. The inflection point will come when the continuity of bullish thought is broken. One thing is for sure, the amount of suckers left who are willing to jump on the moving and ever-accelerating train is drawing thin, and so are their pockets.

This is what the Austrian School has to say about Bitcoin mania...

http://mises.org/daily/6401/Bitcoin-Money-of-the-Future-or-OldFashioned-Bubble

DaddyO

Tue, 04/09/2013 - 08:03 | 3425607 Badabing
Badabing's picture

the Austrian School bought and owned by TPTB

MSM disses's the bitcoin i wonder why

it's the bit in the beast's mouth

Tue, 04/09/2013 - 08:08 | 3425615 CH1
CH1's picture

Every time the bankers pull another stunt, thousands of peoiple run to Bitcoin.

Supply & demand, boys and girls... and supply is capped.

Tue, 04/09/2013 - 08:19 | 3425648 EscapeKey
EscapeKey's picture

that, plus the daily slamdowns in precious metals, which im sure has helped some of the populace realize that PMs are manipulated all day long.

having said that, BTC is clearly moving waaay too rapidly.

Tue, 04/09/2013 - 08:34 | 3425692 DaddyO
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The absurdity of this whole Bitcoin phenomenon is breathtaking!

All the things most of us abhor regarding Keynesian Economics and Central Bank manipulation seem to parallel Bitcoin mania to some degree.

The very thing that Bitcoiners tout as the magic allure of Bitcoins will prove to be its Achilles heel, namely its "intangibility"

Instinctually, I'm drawn to things I can hold in my hands, while they may not have the dramatic ability to "shoot to the moon" in value, they are in my hands and there in my control.

I can dispose of them at any time or trade for some other tangible asset that I can cart off after the trade.

DaddyO

Tue, 04/09/2013 - 08:46 | 3425763 BigJim
BigJim's picture

I've asked this elsewhere, but not received any reply. So I'll try again:

When I buy silver, gold, platinum, copper, or whatever, I am buying a certain amount of an element. I (can) have a pretty good idea of how much is out there, how much more is likely to be added to the supply total, and whether it has any other claims to value other than being inherently scarce. It is intrinsically unique, though of course its properties may be shared with various other substances. But I can also have a fairly good idea of what and how many they are.

But what makes bitcoin unique or scarce? I'm aware the number of bitcoins is strictly limited by the source code; and that its based on 64-bit numbers. So what's stoppping someone coming out with the 'improved' BTC128? Or eCoin, a similar but different digital currency based on a different algorithm? or the new Apple iCoin? Or 10/100/10,000 other competing digital currencies?

I just don't get it. Would some BTC cogniscentus/enthusiast please enlighten me, because, as it stands, I think you're all in for a major bust. 

Tue, 04/09/2013 - 09:08 | 3425913 Harlequin001
Harlequin001's picture

I think you, like me will struggle to get an answer to that...

Tue, 04/09/2013 - 09:44 | 3426080 Jean Valjean
Jean Valjean's picture

First mover.

Where is the newer, better ebay?

The math in the algorithim limits the supply.

Tue, 04/09/2013 - 11:00 | 3426465 Scarlett
Scarlett's picture

Will you ever convince the vastness of the bitcoin supercomputing power that new rules are cool?  

Will you ever convice Zhers that Ben Bernanke is a good man?  

Tue, 04/09/2013 - 11:53 | 3426752 fonestar
fonestar's picture

I HAVE COME UNTO YOU, WAYWARD CHILD!  INTO THE DARK RECESSES OF THE INTERWEBS PREACHING THE GOSPEL OF SATOSHI!

LET HIM GUIDE YOU TOWARDS THE LIGHT!  LET HIM SHOW YOU OUT OF FIAT BONDAGE!

Tue, 04/09/2013 - 12:26 | 3426903 Jack Napier
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Harlequinn and BigJim are spot on. BitCoin has no competition right now, but it is inevitable that more digital currencies will arise in the future. Enjoy the ride and be sure to take some profits, and put them into physical gold and silver which will always have value no matter what.

Tue, 04/09/2013 - 18:32 | 3428712 Scarlett
Scarlett's picture

Litecoin.org, $5 a pop.  

 

Still 2 years away from the supply shock of the reward halving. (Hyperinflationary phase, only 19% have been created, versus 52% for bitcoin).

You're welcome.

Tue, 04/09/2013 - 11:55 | 3426762 fonestar
fonestar's picture

localbitcoins.com looks poised to become the eBay of the bitcoin world.

Tue, 04/09/2013 - 16:16 | 3428225 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

Best quote about Bitcoin:

 

"if it's worth anything, it's worth alot"

Tue, 04/09/2013 - 09:08 | 3425914 CH1
CH1's picture

So what's stoppping someone coming out with the 'improved' BTC128?

They could, but it would never be Bitcoin, and no one would think it was. 

Bitcoin is a fixed program, and unless you're going to sneak into a million computers at once and change every copy the same day, there's nothing to be done about it.

Tue, 04/09/2013 - 09:32 | 3426015 Harlequin001
Harlequin001's picture

Ah I get it, its's special because its 'special', and it wouldn't be Bitcoin because what makes Bitcoin 'special' is that it's 'Bitcoin'.

So that's where it's value comes from.

The rest of the investing public must be total fucking idiots eh?

Tue, 04/09/2013 - 09:48 | 3426111 Jean Valjean
Jean Valjean's picture

No it's special because it has attributes almost identical to gold but better in some ways, worse in others.  That's where it's value comes from.

The rest of the investing public are not idiots but they are either uninformed, stuck in the fiat world, or in denial.

I'm buying BTC for the same reason I already bought gold.  It's better than $.

Just sit back and watch.  When BTC hits parity with an oz of gold, it will slow down and bring gold up with it at a more managable pace.

Tue, 04/09/2013 - 10:12 | 3426227 Harlequin001
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'The rest of the investing public are not idiots but they are either uninformed, stuck in the fiat world, or in denial.'

or they just think it's doomed to failure...

Tue, 04/09/2013 - 10:28 | 3426323 fonestar
fonestar's picture

it's the idiots who are married to their doomed fiat that are investing failures.  Bitcoin is giving us a mirror image of their implosion and is sucking up the escaping gases.

Tue, 04/09/2013 - 10:53 | 3426435 dark pools of soros
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the great side effect is exposing all the 'non actors' ..  when the SHTF the same ones won't do anything then either

 

Tue, 04/09/2013 - 11:02 | 3426475 Scarlett
Scarlett's picture

Right this moment, 1usd = 0.00 bitcoin.  WTF

Tue, 04/09/2013 - 11:36 | 3426683 fonestar
fonestar's picture

1 USD should not be worth .00000001 BTC.  USD is shite!

Tue, 04/09/2013 - 12:40 | 3426974 Jack Napier
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BitCoin and precious metals are both infinitely superior to fiat currency, but that's not the point. BitCoin is not any more special than any other potential digital currency except that it was the first to catch on, though not the very first of its kind. As soon as ByteCoin or eCoin or GoogleCoin hits the market all the speculators will rush out of BitCoin into the next big money making venture, BitCoin will crash (again), and find its legs (again) in the "new normal". When SHTF all digital currencies will be worthless. Guns, butter, ammo, and metal are what will make you rich on the other side. BitCoins will make you rich before the fall, making the fall all that much greater.

Tue, 04/09/2013 - 18:37 | 3428745 Scarlett
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After SHTF, I will be glad to release you of your gold and guns anytime you need to send money to ten military checkpoints away.  

 

The template is not the middle ages, the template is Argentina today; and WWII with mushrooms.

Tue, 04/09/2013 - 11:37 | 3426692 DaddyO
DaddyO's picture

it's the idiots who are married to their doomed fiat that are investing failures. Bitcoin is giving us a mirror image of their implosion and is sucking up the escaping gases.

It's funny that you have the balls to make that statement on ZH, where doom and gloomers have been touting the demise of the USD and fiat currencies forever.

Blinded by the flash of Bitcoin? Bitcoin is just the recipient of the flight of capital from those who see the Cypriot writing on the wall.

Shut the power off and PM's still shine through the darkness of the Keynesian nightmare.

DaddyO

Tue, 04/09/2013 - 11:26 | 3426633 Kirk2NCC1701
Kirk2NCC1701's picture

If we bracket out the Gov trolls (cause it is freaking out), the Late Adopters can't be helped with Rational arguments, as their world view is based on Habit and Emotion.

All we can do is to educate the Silent ZH Majority (95%) who never post, and convince them to educate themselves on BTC, start small, use several Wallets (for different purposed), and use it mostly for Buying & Selling goods & services, and to keep using PM as a store of value.

I would not waste air time with Speculators, as they always exist in every ecosystem, and they detract from the basic theme.

Tue, 04/09/2013 - 09:50 | 3426113 Citxmech
Citxmech's picture

It's not that bitcoin is so great - it's that fiat is so completely fucked.  Bitcoin offers certain advantages over both gold and fiat that make it "valuable" in the sense that it mimicks gold in an electronicly transmissable format.  It does, however, have one huge "Achilles Heel" when compared to physical - when the power's off - you're stuck with exactly squat.

I'll stick w/physical.

Tue, 04/09/2013 - 10:15 | 3426236 Harlequin001
Harlequin001's picture

'it mimicks gold in an electronicly transmissable format.'

Can you expand on that please?

Tue, 04/09/2013 - 10:53 | 3426443 dark pools of soros
dark pools of soros's picture

you're deaf and dumb...   not the non-speaking dumb..  but it would be better if you were

 

Tue, 04/09/2013 - 22:01 | 3429353 Harlequin001
Harlequin001's picture

I'm speechless. You truly are fucking stupid.

Tue, 04/09/2013 - 13:06 | 3427083 Citxmech
Citxmech's picture

Sure - the generally accepted characteristics required of "money" (which gold usually wins most categories) are:  (1) durability, (2) divisibility, (3) transportability, and (4) noncounterfeitability.  Bitcoins seem to me to be an alternative strategy to both fiat and gold.

IMHO Gold wins 1 hands down, is excellent at 2, pretty good at 4 (if you're careful), and passable at 3 (in terms of modern commerce).

Fiat sucks balls at 1, is great at 2 and 3, and depending on your definition of couterfeitability is either passable or again sucks balls (printing/dilution).

Bitcoin does really well (so far) at 2, 3, and 4, but IMHO can't ever score highly at 1.

 

Tue, 04/09/2013 - 11:23 | 3426609 DosZap
DosZap's picture

How does one MINE electrons?,and HOW does it be of value?.

I saw an ad to purchase a BC Miners, for like $700.00?.

What exactly do you have to do to MINE them, and how do you accrue sonething that is intagible?.

Tue, 04/09/2013 - 10:09 | 3426200 fonestar
fonestar's picture

THERE WAS A TIME WHEN BANKSTERS WERE TRYIN' TO SPL0IT ME FOR MY LABOUR.  THEY GAVE ME PAPER RECTANGLES AND TOLD ME I WAS WORTH NOTHING PER HOUR.  BUT THEN I LOGGED ON.  AND THEN I SAW A BRIGHT LIGHT FROM THE DARKEST NET SHINING AT ME.  AND I KNEW SATOSHI HAD COME TO SAVE ME!

SATOSHI IS THE PATRON SAINT OF FIAT SLAVES!

Tue, 04/09/2013 - 10:13 | 3426232 Harlequin001
Harlequin001's picture

Looney.

Tue, 04/09/2013 - 10:19 | 3426255 fonestar
fonestar's picture

TROGLODYTE

Tue, 04/09/2013 - 10:51 | 3426415 francis_sawyer
francis_sawyer's picture

Agreed ~ I'm finally a believer

~~~

It has finally come down to this... Folks ~ 6,000+ years of [recorded] evolution & we've reached the defining moment...

Due to his great foresight, & cosmic 'in tune-ness' with the universe [not to mention 'Darwinistic pre-selection']... fonestar is to be declared to be 'one of the few', one of the 'new breed' of oligarchs that carry on for the next millenium [I hope all your sisters & cousins are cute]...

Nations will topple [I hope you have plans for the 'infrastructure problems that portends], hundreds of years of family fortunes will vaporize... And there will sit fonestar, atop his throne, with nothing to do but count all his money... Jugglers will juggle, minstrels will sing, while Ukranian hookers snort lines of coke off his pencil dick...

It's good to be you...

 

Tue, 04/09/2013 - 10:58 | 3426457 dark pools of soros
dark pools of soros's picture

If no one is controlling the money, will our lawmakers finally be free of the hand of Rothschild?? 

Tue, 04/09/2013 - 11:23 | 3426608 fonestar
fonestar's picture

Yes, and maybe we will even get to see some of these scumbags and their collaborators on trial at some point in our lives.

Tue, 04/09/2013 - 22:01 | 3429357 Harlequin001
Harlequin001's picture

Looney.

Tue, 04/09/2013 - 11:02 | 3426481 fonestar
fonestar's picture

Ya, it's going to be great. 

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