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Bitcoin Passes $200

Tyler Durden's picture





 

One can only sit back and watch...

 


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Tue, 04/09/2013 - 07:12 | Link to Comment 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 | Link to Comment 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 | Link to Comment Killtruck
Killtruck's picture

Did someone say Bitcoin?

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

Tue, 04/09/2013 - 07:16 | Link to Comment johnQpublic
johnQpublic's picture

transitory

Tue, 04/09/2013 - 07:20 | Link to Comment 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 | Link to Comment SilverIsKing
SilverIsKing's picture

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 | Link to Comment 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 | Link to Comment Harlequin001
Harlequin001's picture

Quite possibly, yes...

Tue, 04/09/2013 - 07:42 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment DaddyO
DaddyO's picture

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 | Link to Comment 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 | Link to Comment Harlequin001
Harlequin001's picture

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

Tue, 04/09/2013 - 09:44 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Jack Napier
Jack Napier's picture

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 | Link to Comment 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 | Link to Comment fonestar
fonestar's picture

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

Tue, 04/09/2013 - 16:16 | Link to Comment OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

Best quote about Bitcoin:

 

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

Tue, 04/09/2013 - 09:08 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Harlequin001
Harlequin001's picture

'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 | Link to Comment 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 | Link to Comment dark pools of soros
dark pools of soros's picture

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 | Link to Comment Scarlett
Scarlett's picture

Right this moment, 1usd = 0.00 bitcoin.  WTF

Tue, 04/09/2013 - 11:36 | Link to Comment fonestar
fonestar's picture

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

Tue, 04/09/2013 - 12:40 | Link to Comment Jack Napier
Jack Napier's picture

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 | Link to Comment Scarlett
Scarlett's picture

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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Harlequin001
Harlequin001's picture

'it mimicks gold in an electronicly transmissable format.'

Can you expand on that please?

Tue, 04/09/2013 - 10:53 | Link to Comment 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 | Link to Comment Harlequin001
Harlequin001's picture

I'm speechless. You truly are fucking stupid.

Tue, 04/09/2013 - 13:06 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Harlequin001
Harlequin001's picture

Looney.

Tue, 04/09/2013 - 10:19 | Link to Comment fonestar
fonestar's picture

TROGLODYTE

Tue, 04/09/2013 - 10:51 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Harlequin001
Harlequin001's picture

Looney.

Tue, 04/09/2013 - 11:02 | Link to Comment fonestar
fonestar's picture

Ya, it's going to be great. 

Tue, 04/09/2013 - 12:43 | Link to Comment francis_sawyer
francis_sawyer's picture

lol ~ hey man... I wish you the best... If you ever get hungry, I grow all my spaghetti sauce [& ingredients] from seed...

Tue, 04/09/2013 - 12:08 | Link to Comment A Nanny Moose
A Nanny Moose's picture

Creepy

Tue, 04/09/2013 - 10:24 | Link to Comment fonestar
fonestar's picture

well I would agree that you and most of the "investing public" are total fucking idiots anyway.

 

Probably never even "stole" a hollywood-globalist movie from thepiratebay.se in all of the 2000's.  Sad really.

Tue, 04/09/2013 - 13:20 | Link to Comment EINSILVERGUY
EINSILVERGUY's picture

Its special because like Brawndo it has electrolytes

Tue, 04/09/2013 - 09:59 | Link to Comment mccoyspace
mccoyspace's picture

Bitcoin is a protocol. It is a set of transactional rules over a computer network. The specifications of those rules on a high level are outlined here: http://bitcoin.org/bitcoin.pdf and their specific implimentation as computer code here: https://github.com/bitcoin/bitcoin

Of course there are alternative digital currencies. One list can be found here: http://en.wikipedia.org/wiki/Digital_currency

There are different digital currencies for the same reason there are different digital network protocols: they have different features and benefits.

HTTP, HTTPS, email, SMS, TELNET, TCP, UDP -- these protocols are used on the Internet and on phones everyday. Why different ones? Because each is good for the thing is does. If you don't need the service the protocol provides, then it doesn't have any value for you. Not everyone has email. But most do. Email is a valuable protocol. Anyone can introduce a new protocol, if it is adopted then it is valuable. If old protocols are no longer useful, they go away.

The Bitcoin protocol was designed to have the features of a currency (see the pdf for details). More and more people are using the protocol and it is becoming more useful, thus more valuable.

Perhaps its useful to think of the charts as adoption rate charts rather than asset value charts.

That said, I'm sure there is plenty of speculation.

 

 

Tue, 04/09/2013 - 11:07 | Link to Comment fonestar
fonestar's picture

Most of the people here have only experienced the web at a lowly socket on port 80 or 443.  Too sad.  There's a big web out there, lots of cool stuff, lots of interesting ideas, lots of things to see.  Go out there, explore.  Break things.  Fix them.  Make them better.

Tue, 04/09/2013 - 13:34 | Link to Comment Ralph Spoilsport
Ralph Spoilsport's picture

65535 ports to be exact. Your point is well taken - most people have no idea what else is out there.

Tue, 04/09/2013 - 11:09 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

McCoy, Mr. Spock quite 'approves' of your rational, logical, accurate and practical explanation. I do too. Except that in my case, I have both PM bullion and BTC, as they complement each other nicely, and both sidestep fiat. Kirk out.

Tue, 04/09/2013 - 12:00 | Link to Comment BigJim
BigJim's picture

@mccoyspace: Bitcoin is a protocol...

OK, thanks for the reply, now we're getting somewhere. So far, no one else has directly answered my question - the nearest they've got is implying that bitcoin has a first-mover advantage like Facebook (MySpace, anybody?)

So, if I'm following you, you're saying what makes BTC unique is that it's a protocol a la http/ftp/smp, and thus, no other competing eCurrency can use the same protocol because if they did, they'd have to be BTC, because if they didn't adhere to the rest of the BTC standard, they'd be rejected by the p2p BTC network? OK, that makes sense to me.

One thing that troubles me somewhat is: people adhere to http/ftp/smtp because there's no advantage - and considerable disadvantage - setting up competing protocols.  There is no penalty for late-adopters to join the early-adopters (with the exception of things like domain names having been already nabbed). But as BTC approaches its quantitative limits and each unit of the currency becomes more valuable, the incentives to create alternatives rise proportionately, do they not? 

I guess I'd better knuckle down and read more about it. Thanks for the link. 

Tue, 04/09/2013 - 12:09 | Link to Comment fonestar
fonestar's picture

Yes Bitcoin is a protocol and that's why the name is confusing for some people.  They talk about coins as if they were things, objects and I prefer to think of the Bitcoin network as being a highly sophisticated crypto-wealth-tunnel.

Tue, 04/09/2013 - 13:09 | Link to Comment Citxmech
Citxmech's picture

Perhaps they are pure "units of account?"

Tue, 04/09/2013 - 13:54 | Link to Comment Die Weiße Rose
Die Weiße Rose's picture
Digital Gold Rush: The Bitcoin Boom and Its Many Risks

By Marcel Rosenbach and Hilmar Schmundt

In the early days, anyone could use their home computer to mine bitcoins, but now the market is dominated by professionals.

In the midst of the euro crisis, particularly daring investors are putting their faith in the Internet currency bitcoin. A boom in the virtual coins has made some into millionaires. But central bankers are wary of its potential, and the currency is everything but crash-proof.

Until now, the currency, invented in 2009, had been treated as the cute Web experiment of hackers, libertarians and anarchists. Last year, the value of a bitcoin was stagnating at €5. And now some people are suddenly getting rich, including Rick Falkvinge, founder of Sweden's Pirate Party. "I had invested all of my assets in bitcoins," he says. "Now I've converted half of it into other currencies. I've never been this rich before."

The increase in the bitcoin's value (now worth more than $190) in the midst of the euro crisis has attracted the attention of monetary watchdogs and law enforcement officials. The European Central Bank (ECB) investigated bitcoin and other previously unregulated virtual currencies in October. According to the final report, these currencies do not pose a threat to price stability at this time, although they could become a "challenge" to government authorities.

Officials at the German Finance Ministry say that they are keeping an eye on the developments. A spokesman says that bitcoins do not threaten the government monopoly on money right now. However, he adds, "acts of private currency creation" contradict the government's control of the money supply. The United States Treasury Department has already found it necessary to take action, deciding in mid-March to subject bitcoin to US money laundering regulations.

Bitcoins are not simply available at cash machines. To enter the bitcoin market, you have to download free software and create an anonymous account. Users can use dollars or euros to buy their first bitcoins for this account, or digital wallet, in markets like Mt. Gox, or they can "mine" the currency themselves with special computers called "mining rigs."

These computers, which have especially fast graphics cards, compete in a global computing competition for a single possible solution, and the winners of each round receive a set of fresh bitcoins. The system is designed to make it more and more difficult to mine bitcoins, with the global supply set to peak at just under 21 million -- a principle of "controlled supply" similar to the idea that there's a limited amount of gold in the world, whereas paper currency can be printed in unlimited amounts. In the early days, beginners with home computers still stood a chance at mining, but now professionals dominate the field.

http://www.spiegel.de/international/business/boom-of-digital-currency-bi...

Tue, 04/09/2013 - 10:20 | Link to Comment tabasco71
tabasco71's picture

I replied to this in an earlier post but Harlequin didn't bite.

Who cares if Bitcoin2 comes out.... then you'll have two finite sources of value to invest/lose your shirt in

Similar to having 2 precious metals, gold and silver.

Tue, 04/09/2013 - 11:11 | Link to Comment fonestar
fonestar's picture

BITCOIN SLICED THROUGH SILVER'S PRICE LIKE A HOT STILLETTO THROUGH BUTTER.

BITCOIN IS GOING TO DO THE SAME TO GOLD BY AUGUST AND MAYBE SOONER.  THAT'S MY CALL AND I'M STICKIN' TO IT!

Tue, 04/09/2013 - 12:05 | Link to Comment BigJim
BigJim's picture

WOW, LOVE THE CAPS, THERE'S NOTHING MORE CONVINCING THAN AN ANONYMOUS WEB PUNDIT WHO DOESN'T QUITE KNOW HOW TO USE HIS KEYBOARD YET!

BITCOIN - TO DA MOON!!!!!!! 

WE FEW, WE HAPPY BAND OF BTC HOLDERS, ETC 

Tue, 04/09/2013 - 12:01 | Link to Comment Olephant
Olephant's picture

There is nothing stopping other digital currencies to arise now that the genie is out of the bottle. Improvements are to be expected. In the end all you need is humans that think something is worth something. Even gold and other commodities and the worth we attach to them are just an idea.

Tue, 04/09/2013 - 14:14 | Link to Comment Turin Turambar
Turin Turambar's picture

I'm not big on bitcoin, but value is subjective.  Chinese gold farmers in World of Warcraft make money on virtual items.  Don't be so quick to dismiss it.  Just my 2 cents, and no, I wouldn't buy Bitcoins at this level.  Do I wish I had bought $10k worth when it was started?  Hell yes!  LOL

Tue, 04/09/2013 - 16:50 | Link to Comment A is A
A is A's picture

 

Answer is, nothing is stopping you. However, a free market of currencies doesn't mean "inexplicable value" for all currencies. I am a full supporter of free market currencies and so far this seems to be the most legitamate one. Will there be other's to complete with it?... probably but who cares? Besides, go ahead and make your own... see how easy that comes about. If you think it is easy you don't understand Bitcoin.

Tue, 04/09/2013 - 09:13 | Link to Comment fonestar
fonestar's picture

BITCOIN TO $1000!!!

 

BITCOIN WILL NOT BE STOPPED!

 

BITCOIN IS THE DEFLATIONARY TIGER PROWLING THE EARTH!

 

YOUR USD IS DEAD!  IT IS **NEVER** COMING BACK!!

Tue, 04/09/2013 - 10:05 | Link to Comment Hotmustard
Hotmustard's picture

Is this how Bitcoin mining feels when you hit paydirt?

http://www.youtube.com/watch?v=OXc5ltzKq3Y

 

 

 

Tue, 04/09/2013 - 10:24 | Link to Comment fonestar
fonestar's picture

ROFL!!  UHF WAS AWESOME!!

Tue, 04/09/2013 - 09:26 | Link to Comment fonestar
fonestar's picture

The "absurdity" is people who clearly do not see that Bitcoin is #winning because it is the superior product and is the most fucking amazing software released since the .torrent phenomenon.  But most of you wouldn't know what the hell that is because you missed it, yet feel qualified to speak anyway.

Tue, 04/09/2013 - 09:26 | Link to Comment prains
prains's picture

bitchcoin

Tue, 04/09/2013 - 09:44 | Link to Comment fonestar
fonestar's picture

Bitcoin has pierced your fiat bubble loser and you are going to be torn apart!  Your whole world, torn apart!

THANK-YOU SATOSHI!!!!

Tue, 04/09/2013 - 09:54 | Link to Comment Antidisestablis...
Antidisestablishmentarianismist's picture

That's the ticket.  You know Bitcoin can only go to quadrillions, quintillions, and definitely sextillions exponentially when Charlie Sheen (#winning) is endorsing the alternative currency!

It's kind of amusing to look at the bitcoin price chart on a log scale.  It's almost a straight line.  Exponential growth: bubble time!

Tue, 04/09/2013 - 11:07 | Link to Comment Scarlett
Scarlett's picture

right now the number of subscribers in reddit.com/r/bitcoin is growing super-exponentially.... this thing still has room ahead.  Of course it will overshoot and there will be people butthurt, but it's certainly reaching $250.  Anyone up for a bet?

Tue, 04/09/2013 - 12:37 | Link to Comment fuu
fuu's picture

I beg to differ, FLStudio is the most awesome software ever.

Tue, 04/09/2013 - 13:16 | Link to Comment gold-is-not-dead
gold-is-not-dead's picture

hahaha, excellent... :)

Tue, 04/09/2013 - 08:54 | Link to Comment kushmere
kushmere's picture

Capped is for sure. Not enough Bitcoins currently for each Greek to own 1.

 

http://bestbitcoinsites.wordpress.com

New Commentary

Tue, 04/09/2013 - 09:23 | Link to Comment fonestar
fonestar's picture

Who f*cking cares?  Let them own .00000001 BTC if they want to be late adopters.  You live in a tekk world.  You snooze, you lose.

Tue, 04/09/2013 - 09:44 | Link to Comment francis_sawyer
francis_sawyer's picture

I'd have bought bitcoins ~ but I was busy paying off my Chinese Solars & Chevy Volt...

Tue, 04/09/2013 - 12:16 | Link to Comment A Nanny Moose
A Nanny Moose's picture

If shit coins are so infinitely divisible, how can supply be capped?

Tue, 04/09/2013 - 11:02 | Link to Comment PersonalRespons...
PersonalResponsibility's picture

 

omg, supply is not capped.  Every bitcoin can be broken down into an almost unlimited number of pieces.  Also, it’s an opensource program.  All you need is to modify the encryption a little to start a unique bitcoin2 or 3 or 4 or …. Infinity.  So, right there you have unlimited bitcoin and unlimited other bitcoin copies.  It’s a huge ponzi.  People are going to really get hurt.  sad

 

Tue, 04/09/2013 - 08:32 | Link to Comment Hobbleknee
Hobbleknee's picture

psyop

Tue, 04/09/2013 - 08:52 | Link to Comment Urban Redneck
Urban Redneck's picture

The Austrians have my sympathy, but if they could pull their heads out of their asses and acknowledge the shortcomings of their own proposals, perhaps it would be easier to develop a coherent and digestible argument.  It's a simple supply and demand curve issue (for the medium of exchange).  There isn't enough elasticity of supply to cope with hyper-inflated demand, but it's not necessarily better or worse than hyper-inflating the money supply with a relatively static supply and demand for goods and services.    

Tue, 04/09/2013 - 09:14 | Link to Comment dark pools of soros
dark pools of soros's picture

No, you're a clown who is missing the boat. Simple as that. So many battered housewives on this board

Tue, 04/09/2013 - 08:01 | Link to Comment Badabing
Badabing's picture

gold, bitcoin, guns

all tools to fight the fucking bankers.

it's OK in my book.

Tue, 04/09/2013 - 08:40 | Link to Comment FreedomCostsaBu...
FreedomCostsaBuck-o-Five's picture

Giggidy giggidy

Wed, 04/10/2013 - 23:14 | Link to Comment HedgeHammer
HedgeHammer's picture

Harlequi001,

 Did you ever stop to think about the supply and demand as they are today. Not the consumer side, as it is just consumers anymore as supply is in abundance (with cheap overseas crap that most of us don't need an surely is capable of producing it here if we did need) as the burnactly wants us al to keep spending, just the investing side of sup & dem. There isn't and has not been a free market for a long time now. It is and has been a very tightly CONTROLLED market with very well educated and calculated "men" whom do exactly as they are told to do and when one begins to understand that they soon realize that the Market demand really boils down to ones "choice" which is heavily steered in the directions that are benefical both politicaly and financialy to these "men". These "men" know exactly when to pull out (no pun intended) of any position as well as when to enter a said market. Therefore I say tread very carefully and expect that when Bitcoin is no longer beneficial to these "men" we will surly know at that point.

Wed, 04/10/2013 - 23:14 | Link to Comment HedgeHammer
HedgeHammer's picture

removed for dbl post

Tue, 04/09/2013 - 07:44 | Link to Comment Gief Gold Plox
Gief Gold Plox's picture

I like the concept of bitcoins. That said, I am not prepared to spend any paper on them at these prices. Mining your own coins, I am all for though.

Tue, 04/09/2013 - 07:59 | Link to Comment Tango in the Blight
Tango in the Blight's picture

You'll have to spend even more paper on a mining rig which will soon be obsolete when the ASIC miners become dominant. And there are long waiting lists for these. Butterfly Labs has a waiting list from June 2012 and they haven't even shipped a single machine. Some people suspect that BFL is a scam.

If you're a gamer and already have a kickass PC mining is a nice side job. I'd rather mine Litecoins and exchange them for Bitcoins. Litecoins don't need a very fast computer and because the algorythm is different one can't use a Bitcoin ASIC miner to mine Litecoins.

 

Tue, 04/09/2013 - 08:14 | Link to Comment Dr. No
Dr. No's picture

Ill just continue to GPU crunch.  My computer is always on anyway.  At these rates, it pays the electric bill.

Tue, 04/09/2013 - 13:09 | Link to Comment gold-is-not-dead
gold-is-not-dead's picture

GPU mining will never go away, although asic is the king nowdays btc wise, GPU rigs will always produce profit in fdrn as rally continues following the asymptote projection... Heck, GPU costs money as well as the electric energy, so there's your support price level...

Tue, 04/09/2013 - 08:21 | Link to Comment EscapeKey
EscapeKey's picture

oh come on, butterflylabs have promised ASIC's "in two weeks" for over half a year now. not saying they won't ultimately deliver, but so far they have more than a patchy record.

Avalon have started delivering. but they ask 75 BTC for a miner, which to me is way too expensive.

i'll keep my 3x7970+6950 humming away for the time being.

Tue, 04/09/2013 - 10:16 | Link to Comment ILoveDebt
ILoveDebt's picture

I have an unlocked 6950 (6970) and a 7970 in mine.  I didnn't buy it for mining, I'm a gamer.  The fact that it's made me 1000 dollars since January is just icing on the cake.  I don't know why everyone is so up in arms over these.  I've never purchased one coin and they wouldn't have to either.  Going to buy a Nex-7 with them when I get home from work tonight. 

Tue, 04/09/2013 - 12:46 | Link to Comment francis_sawyer
francis_sawyer's picture

Get home from work???... You'll have your own private island by afternoon tea...

Tue, 04/09/2013 - 13:13 | Link to Comment gold-is-not-dead
gold-is-not-dead's picture

hhehehe, first guy that got the avalon1 will have an isle by summer...

Tue, 04/09/2013 - 11:02 | Link to Comment dark pools of soros
dark pools of soros's picture

They asked for 75BTC back when that equaled=~$5,500 and were sold out fast (I didn't have enough bitcoins to pull the trigger at that time) they are not really planning on selling anymore.. people would still pay 75BTC @ $220 for one if they could as long as they get it within a month or two at that price.

There is no real competition to Avalon yet on the consumer level..  there are some other mining pools adding ASIC but that is the point, no one who can make ASIC really has a desire to sell them now

 

why would they?

 

 

Tue, 04/09/2013 - 11:59 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

The COMBINATION of Gold and Bitcoin is killing fiat money. What one can't do, the other one does. And both are perfect complements for each other as deliberate alternatives to fiat: BTC is a perfect medium of Exchange, and PM's are a perfect store of Value.

As more people finally 'get' this in their own "aha!" moment, you will see so much flight of capital to Alternative Currency and PM, that bankrupt fiats will collapse (to a much smaller size, I.e. to pay Taxes). At that point, if not sooner, the dollar is... Toast.

All virtual currencies take capital out of fiat. They can co-exist in a virtual ecosystem, much the same way fiat currencies coexist. If TPTB in any country or global region try to attack one virtual currency, people will simply flee to another. And you simply can NOT shut down the entire internet, as that would lame the rest of the economy.

TPTB are simply "playing for time", in their desperate hope to remain in power.

Tue, 04/09/2013 - 10:26 | Link to Comment ILoveDebt
ILoveDebt's picture

I'm thinking the advent of large scale Asic deployment might be the end for Bitcoin.  It will drive people like me that just get coins by mining with my video card out of the market.  Right now, it's worthwhile for thousands of us.  In a few months, it will only be worthwhile for maybe 1000 people. 

If coins are still $200 a piece (there's a mental barrier when you ask people to pay over 100 dollars for a fraction of a coin), and only ASIC's have any mining profit, the liquidity of the coin will plummet.  Either it will exist as a wealth store (never intended) or they are going to have to rebrand themselves as Satoshi's and start selling a million of them for 100 dollars. 

Even though I'm a supporter, I do think this is a bubble.  Get on bitcointalk forums right now and read what the diehard have to say.  They all think they are going to be millionaires by christmas and half of them are unemployed.  The market for goods priced in Bitcoin better explode in the next few months or I fear the shit is going to hit the fan.

Fuck all you physical assets people.  Of course gold is valuable.  It doesn't make everything else inherently worthless.  You guys are twice as annoying as the Bitcoin loyalists and only slightly less deluded if you think your stash is going to save you when whatever apocalyptic event you think is coming happens.  Sadly, you're all probably going to die in your beds with your stash still buried in the backyard.  Might as well be fundamentalists.

/end rant

Tue, 04/09/2013 - 08:20 | Link to Comment EscapeKey
EscapeKey's picture

yeah i'm on that page as well.

Tue, 04/09/2013 - 07:38 | Link to Comment jeebus
jeebus's picture

I'm more inclined to silver myself but no, you're not alone at all. There are several BTC precious metals dealers. Keiser had a great little discussion on this and thinks that bitcoin and gold/silver are complementary goods and I tend to agree with him. Then again, I don't rarely ever disagree with Keiser.

Tue, 04/09/2013 - 08:09 | Link to Comment CH1
CH1's picture

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

No, you're not. It's just that the "gold only" obsessives are freaking out.

Tue, 04/09/2013 - 08:43 | Link to Comment sessinpo
sessinpo's picture

You, with or without knowing it, are describing people that are emotionally married to their investment - which is death.

 

One should not be freaking out or becoming exuberant over any investment. For example, I have silver coin investments but it is only a portion of my investments. I doesn't bother me that gold and silver are lackluster lately.

I also don't make emotional statements that I will buy more because I can get silver cheaper. Why? Because I have already allocated my percentage of my assets to that sector. I made the decision a long time ago, that I wanted a certain specific amount in PMs for safety in crisis mode according to my financial situation at the time. I won't let emotions to change that perception.

Bitcoins are one of the most misunderstood commodity. Yes, I said commodity. Do you understand that bitcoins are a derivative of the prevailing mean of exchange?

 

Tue, 04/09/2013 - 09:48 | Link to Comment fonestar
fonestar's picture

I AM MARRIED TO THE GREATEST FUCKING CONCEPT IN THE PAST 500 YEARS ~ BITCOIN!!!

Tue, 04/09/2013 - 11:21 | Link to Comment Haole
Haole's picture

Hehe, there are over 14,000 people waiting for account confirmation on MT GOX alone. Lined-up out the doors and down the street waiting to put their own ring on Bitcoin.

I'm probably sellling some of mine today at quadruple what I paid for them to recover all my initial principal costs of buying all my BTC, cover cap gains and fees, etc. to end-up with a net cash profit overall and with hundreds and hundreds of free bitcoins in my wallets worth a small fortune at the current "price".

[sarc]I love these government-hacked, NWO banker, CIA ops... [/sarc]

Keep up the fine "work" fonestar.  It's a thankless, dirty job in here...  ;)

 

Tue, 04/09/2013 - 11:27 | Link to Comment fonestar
fonestar's picture

Yeah it's all one big conspiracy man!!  Now go trade your BTC back into fiat, it doesn't matter that you're going in the wrong direction (history goes forwards) because you clearly don't know what you've got anyway!

Tue, 04/09/2013 - 12:35 | Link to Comment Haole
Haole's picture

Jesus, I'm just recovering my total costs for all my BTC plus a profit after cap gains with most of my remaining hundreds of BTC going into cold storage.

Of course I know what I have which is why I'm keeping most of my BTC.  Or are you so fanatical that you can't even understand a bit of appropriate profit taking at the current top of a massive parabolic move with a ridiculously small fraction of one's total BTC holdings which will end in total, overall net profit and hundreds of essentially free Bitcoin in cold storage??  Really?  Really? 

Don't get all fundamentalist extremist Bitcoiner on me for engineering hundreds of free Bitcoin for myself in 5 months.  Direct your comments to those on the other side of the argument if you see fit, I believe in Bitcoin which is why I am retaining most of mine, spare me your condescending bullshit please. 

Your comments reek of fanatacism and that is never, ever good.

Tue, 04/09/2013 - 08:04 | Link to Comment narnia
narnia's picture

There are a whole lot more neither.

Tue, 04/09/2013 - 09:09 | Link to Comment PaperWillBurn
PaperWillBurn's picture

Nope.

 

Tue, 04/09/2013 - 10:15 | Link to Comment PeakOil
PeakOil's picture

Not even close. PMs & crypto-currencies are brothers. They share the same philosophical DNA. What's not for a Gold bug to like? Same coin, different side.

Open your minds PM bugs - it is not that difficult to understand and appreciate.

 

Tue, 04/09/2013 - 13:09 | Link to Comment gabeh73
gabeh73's picture

I don't own much gold or any bitcoins, but I did lose a few hundred ounces of silver in a  boat accident once. I actively root for any ANY currency that attempts to challenge the government enforced money monopolies! I am very happy to see bitcoins doing so well.

 

At some point the money powers will mount an attack...we know this. I hope that bitcoin infrastructure is as sound as the enthusiasts say it is. If government and those money powers that have a vested interest in the monopoly power to print money can destroy bitcoin, then they will...and we will all be poorer for it.

 

Tue, 04/09/2013 - 15:05 | Link to Comment hawks5999
hawks5999's picture

Diversification FTW.

Tue, 04/09/2013 - 07:48 | Link to Comment i-dog
i-dog's picture

I think you mean .CB(s) ... we know that the banksters are determined to have an electronic currency and that .gov would be right behind it.

The banksters don't want a single dollar outside of their [leveraged] grasp, and .gov wants everyone on an electronically supervised receipt and expenditure monitoring system.

IMHO, Bitcon is the first pass to get everybody in the developed West on board with discarding "old fashioned" paper or metal currency - that can be exchanged for goods over the back of a HiAce or hidden in a mattress - and moving them towards the "totally secure chip in your arm" that will become the only permitted means of receiving government "benefits" ... or spending them.

Tue, 04/09/2013 - 14:01 | Link to Comment akak
akak's picture

The chill that I felt running down my spine upon reading your post leads me to suspect that there is a strong element of truth in what you say.

Tue, 04/09/2013 - 22:22 | Link to Comment Cathartes Aura
Cathartes Aura's picture

of course i-dog's right, and of course you know this, in yer bones.

acclimate the minds, frog in pot incre-mental temperatures rising, gamers turned drone pilots, soldiers turned mercenaries. . .

I could go on.

Tue, 04/09/2013 - 08:09 | Link to Comment narnia
narnia's picture

Is anyone with any real balance sheet offering futures on this?

Tue, 04/09/2013 - 10:21 | Link to Comment Freddie
Freddie's picture

I want to get the new iPhone 5 and some of these "bitcoins."  So cool.

Tue, 04/09/2013 - 07:26 | Link to Comment francis_sawyer
francis_sawyer's picture

@Harlequin

~~~

Bitcoiners needn't worry... Because when it all goes tits up, I'm sure the Fed & Treasury will get together and bail the whole system out...

Tue, 04/09/2013 - 07:32 | Link to Comment Harlequin001
Harlequin001's picture

What with, 'bits'?

Tue, 04/09/2013 - 07:35 | Link to Comment StychoKiller
StychoKiller's picture

Mmm, tit-bits!

Tue, 04/09/2013 - 07:38 | Link to Comment Harlequin001
Harlequin001's picture

Ah yes, tit bits. At least I could put those on my wall.

Somwehow 0's and 1's just don't cut it...

Tue, 04/09/2013 - 07:43 | Link to Comment Killtruck
Killtruck's picture

What about REALLY BIG 0's?

Tue, 04/09/2013 - 07:50 | Link to Comment Harlequin001
Harlequin001's picture

No, I'm afraid they'd have to be really, really big to get me excited...

and preferably with tit bits in the middle eh...

Tue, 04/09/2013 - 08:05 | Link to Comment Rusticus
Rusticus's picture

Not to worry, AIG has underwritten my Bitcoins.

Tue, 04/09/2013 - 07:48 | Link to Comment RussellB
RussellB's picture

I'll wait for bit coin options....or another exchange breakdown

Tue, 04/09/2013 - 07:56 | Link to Comment buckethead
buckethead's picture

I didn't have the nerve to get in Bitcoin. I still don't.

I suppose it'll just have to be another one of those times where I didn't time the markets.

Tue, 04/09/2013 - 08:02 | Link to Comment CH1
CH1's picture

Let's see, a maximum of 21 million units. Cyprus already raped, Spain up next, then Italy and Portugal and Japan and ....

Nah, no upside in damand there!

Tue, 04/09/2013 - 08:08 | Link to Comment francis_sawyer
francis_sawyer's picture

Let's see... 'Promises' from an anonymous person who nobody has seen or heard from... What could possibly go wrong?

Tue, 04/09/2013 - 09:11 | Link to Comment CH1
CH1's picture

Always a confirmation to be hated by you, Sawyer!

Tue, 04/09/2013 - 09:15 | Link to Comment francis_sawyer
francis_sawyer's picture

Why is it always about 'hate' with you people?

~~~

I articulate my contrary opinion to the idea... Anyone who 'disagrees' with you [or that other sect], is a 'hater' in your minds...

 

Tue, 04/09/2013 - 08:44 | Link to Comment AlaricBalth
AlaricBalth's picture

A quick look at Google Trends shows Russia having the strongest interest, followed by the US and Australia. Spain and Italy, not so much.

http://www.google.com/trends/explore#q=Bitcoin

Tue, 04/09/2013 - 09:01 | Link to Comment francis_sawyer
francis_sawyer's picture

Perfect!... Now the Bitcoin advisory committee will have the Russian mob on their asses when the whole thing crashes... This is getting better by the day...

Tue, 04/09/2013 - 07:19 | Link to Comment francis_sawyer
francis_sawyer's picture

Buy now or get priced out forever!

~~~

For chrissakes ~ How many times [& with how many schemes] have I heard that in my life?...

Tue, 04/09/2013 - 07:24 | Link to Comment Harlequin001
Harlequin001's picture

I've never heard that one before in my life. D'ya think they're serious?

Should I get in now?

Tue, 04/09/2013 - 07:25 | Link to Comment gold-is-not-dead
gold-is-not-dead's picture

$1 = 1 satoshi

Tue, 04/09/2013 - 09:37 | Link to Comment Urban Roman
Urban Roman's picture

Which would make billionaires out of many of us (those with >10 BTC) ... not sure if that would mean BTC means anything, or that the dollar has gone Zimbabwe.

Tue, 04/09/2013 - 10:36 | Link to Comment gold-is-not-dead
gold-is-not-dead's picture

that's the end game for bitcoin, after that it will be unusable... and it's going there, slowly...

Tue, 04/09/2013 - 07:34 | Link to Comment NoDebt
NoDebt's picture

One of the few times in my investing career I hit a Grand Slam and I did it with $500 as a "research experiment" (documented on ZH).  I was in at 48-and-change.  So a straight-up quadruple.  With a meaningless amount of money.  I guess I got no choice now but to ride it all the way to the crash to document what THAT'S like, too.

And please remember, we're not talking about a year ago.  It was last month.

Tue, 04/09/2013 - 07:40 | Link to Comment jeebus
jeebus's picture

You think you've hit a grand slam???

 

I've been buying since 2012.

Tue, 04/09/2013 - 11:01 | Link to Comment francis_sawyer
francis_sawyer's picture

Fuck your retroactively published 'grand slam'...

~~~

I gave everybody here [as it was happening]... The Baltimore Ravens [4-1] vs. Denver... [4-1] vs. New England... [9-5] vs. San Francisco PARLAY...

~~~

I have an even better grand slam... 5 years ago I bought a packet of ROMA tomato seeds for under a dollar... I've been through 4 years now of not paying for a tomato at the supermarket [because I harvest the same seeds from a few tomatoes at the end of the season ~ COST NOW = ZERO]...

This year I plan to do about 40 vines [I could easily do 400 or 4,000 if I wanted]... Water is zero cost because I have a well & I have enough compost from other stuff that I don't need to fertilize]... I get a yield of about 50 tomatoes per vine without really trying very hard... It's easily capable of more...

So... 50 X 40 = 2000 Roma tomatoes... Recently I saw a box of 6 of these things at a supermarket going for $5... 2000/6 = 33.3... Times $5 = $166 [mined from ZERO]... The real value is making sauces & things out of it [which is where you pay thru the ass at the supermarket]...

Now multiply that across 2-3 dozen different fruits & vegetables...

Cost? Zero... A little sweat & muscle... A lot of fresh air & sunshine...

Tue, 04/09/2013 - 12:09 | Link to Comment Black Markets
Black Markets's picture

Congratulations you are a fruit picker.

Tue, 04/09/2013 - 23:03 | Link to Comment buckethead
buckethead's picture

I applaud the growing of tomatoes, even as I applaud the fruit picker blast.

Tue, 04/09/2013 - 13:38 | Link to Comment Boozer
Boozer's picture

Who down votes a guy for planting tomatos?  My dad had a huge garden and his

ROMA tomatos were a thing of beauty.  He spent countless hours and the results

were enjoyed by family, friends and neighbors.  I miss those days and my dad.

Tue, 04/09/2013 - 07:50 | Link to Comment francis_sawyer
francis_sawyer's picture

Yeah ~ well here's how the story is going to play out...

~~~

This story will continue to get played [on ZH] up until the point [& past], that it peaks & comes crashing back to earth...

The only difference [in the comment section] will be this... All the 'geek squad', instead of telling us about all the crypto currency, techno indestructo, fixo finitus supplius [which they do now]... Will be bragging about how they perfectly executed the 'top tick' at the end...

You can be sure of that...

Tue, 04/09/2013 - 07:52 | Link to Comment Harlequin001
Harlequin001's picture

yes, this is one of them really great investment opportunities where literally everybody makes the absolute maximum amount of money.

er... and then changes it to gold, just as it bottoms...

Tue, 04/09/2013 - 08:05 | Link to Comment buckethead
buckethead's picture

Funny... And perhaps prophetic.

Tue, 04/09/2013 - 08:10 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

The sheeple have been programmed to accept a new gold-backed currency for years. Gold will be money in the new world and once again they'll have most all of it.

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