This page has been archived and commenting is disabled.
Bitcoin Passes $200
One can only sit back and watch...
»
- 34512 reads
- Printer-friendly version
- Send to friend
- advertisements -
Contact Information:
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Suggested Reading:
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
It would be very wise of you to study our disclaimer, our privacy policy and our (non)policy on conflicts / full disclosure. Here's our Cookie Policy.
Consider litecoin if you are on a very limited budget.
#1 download the bitcoin client and sync the blockchain
#2 create a cold storage wallet
#3 go to bitinstant and create an account
#4 go to walmart or cvs and throw $50 at it
#5 log back in zerohedge and resume bitchin etc about how you cant put your hands on it etc..{ I agree, its really hard to get your head around but that doesnt mean that it needs to make since, it just needs to make money..
#6 when it doubles up again trade half for 90% silver dimes
#7 thank me
bitcoin really needs a better client. Preferably, if you just have records of how much money each address has, after a certain period you could get rid of old records, to prevent the ledger from increasing in size exponentially. Also, remove the required transaction fee and leave it optional and of a manually selectable amount, rather than the current ~1% fixed rate.
If everyone is just trading bitcoin , It seems like a stock to me
Im waiting to see when it hits 300-320, what silver will do... 300-320 is a temporal marker according to Clif High, for Ag to start moving up, quickly.., hoping hes right about this.. Hes been recommending Bitcoins for a year+ now
It's a ying yang kinda thing, so long as BB has complete control of the bond and stock markets he also has control of the paper metals. When he loses that control the pm's will rocket higher. Our fiat masters are not going to lose control unless the people throw the DC prostitutes out first. Soro's has helped make sure that can never happen via his electronic voting machines. One should buy physical gold and continue to dollar cost average into it and go on about your work/trade/livelihood. Those of you in the field of finance with your bow ties and suspenders and the like are laughing stock now. What has become of your life's work ? Everything you've been taught and trained, all your theories, everything, your all made out to be clowns and fools now. BB's magic show is getting boring, those folks that are protecting themselves for when the big show ends will manage to survive.. better than those that don't anyway. These day to day swings in the fake metals markets meaningless. When the real moves start in the metals it will be instantaneous.. you were either gathering and building your stash before hand or your straight fucked when it all blows up. It's like saying you don't need to worry about de-fusing the bomb under your ass until you see the guy push the plunger down... oops.
oh and almost forgot, fuck all you bitcoin pussy ass techno geek nerd computer game playing had your fucking ass pummeled in the school yard faggots!
Pretty Good LongSoupLine style rant... [but you forgot 'peanut allergy', 'wedgie', & 'stuffed in lockers']
"lactose intolerance" LOL.
with scatterbrains ..... yeah, what he said
Sell your gold while it is still worth any bitcoins.
Still one should have metal hedge. For all the praises of BTC, it is still vulnerable in ways physical metal is not.
Bitcoin (sign: BTC) is a decentralized digital currency[9][10] based on an open-source,[11] peer-to-peer internet protocol. - this is the opening line on wikipedia.
So what backs bitcoin? gold? silver? other currencies? a military?
Exchanging US Dollars for some digits on a network - hats off to bitcoin inventors!!
what backs it ? Community willing to exchange fruits of their labour for bitcoin
So are Prechter & Neely 'double short', or 'quadruple short' at this point?
Perception. The same thing that gives gold its value.
No commodity backs BTC, which is why it is so great. A gold or silver backing can be confiscated. Programs on millions of computers in every nation won't be.
You use ciphered serial numbers on your bank notes.
So you can't play 'Liar's Poker' with your bitcoins... or paper football...
I'd put Bitcoin hype at about 6.5 out of ten on the Facebook scale right now.
@ downtoolong time to "unlike"
Scary shit...
As I said before (other BTC related thread):
Smells fishy.
Actually I tried to get in yesterday, for the fun of it - did not work out for various reasons -- but now !?
Hey c'mon - if that is not mania - what is ?
So - for now - I sit back, watch the show, pet my St Gaudens and .... perhaps... bite my knee to have missed the opportunity of a lifetime -- or watched a classic mania & craze phase with textbook collapse.
My question: what if someone shouts : FIRE ?
What if all those who get into BTC now and those just recently jumped on the wagon - what if they start 'taking profits' ?
I have the feeling the slope of BTC/USD BTC/EUR will look much worse than LBMA / Crimex hammer downs can ever produce.
Or... Am I just an overly cautious, negative, anxious, teutonic Angsthase !?
Many of the bitcoin holders are small time, it is their chump change investment, and they see no real reason to bail out with the crowd. Personally I will sell some at 200-250€, just to pay for my investment at 44€. If I am successful, what reason do I need to jump ship early?
What if China wants to send dome tremors to the dollar world?
They could easily pump the price to one million.
I'm holding out for the Titcoin.
Trust me - you want to hold physical.
If had sold a kg of silver 10 days ago, and used the money to buy litecoin, and sold it today to buy more silver I would have 7kg of silver in my portfolio. Not that silver is bad, but sometimes the money is to be made by taking opportunites at the right time.
HD ... hard to hold more than 2 hanfuls and a mouthful
Hard work is its own reward mate. Nothing worth doing is easy.
you guys are on fire, lol.
Where on Earth do you even buy these things? Geez...
Bitstamp is my fav.
Tulips, bitcoins, I mean you've gotta buy something with all these bills just laying around
Your not ready to accumulate gold until you understand that the lower the price of gold gets the rarer and thus more valuable it becomes. As BB smothers the price others increase their purchases and the metal disapears quicker. If you really want to see gold go to 10-15k you should hope BB pushes it down below 1k first.
It is matter of days before bitcoin is worth more than ounce of gold. Maybe even hours. Join the bitcoinaire train while you still can, this is once in a lifetime opportunity.
Got to be a little suspicious of a new "currency" that appears with much fanfare and money power behind it. Looks like astroturf to me. And astroturf ain't real. Phony "markets" are the hallmark of the current age.
There's a lot about bitcoin that any statist would absolutely love.
Except the (theoretically) lack of central control, which is the primary value of the statist. Personally, I hope we get Peer-to-Peer Commodity, Equity and Credit markets in the near future.
Since I watched the S&P go straight up the last year as everyone here slammed being in the market, I decided to go contrarian and buy 20 Bitcoins back in February when everyone started to slam it, too. Now I'm going to cash out 2 to regain my original investment. Come to think of it, I made a pretty penny on HLF, too - bought that just because everyone here on ZH was hating on it so much.
Are there any other investments that everyone absolutely hates around here? I'd like to make even more money and this echo chamber seems to be a great place to pick up good investing ideas. Just buying what everyone on here absolutely loathes has been EXTREMELY profitable so far....
An honest game with better odds can be had in Vegas if your just gambling which sounds about right to me.
We all HATE gold & silver... & we all HATE buying huge gonzo dick dildos & shoving them up our asses...
You will find people stop hating it when they buy into it. The ones who hate it the most fear that they have missed the boat. For such people there is always litecoin.
Wouldn't a believer in Bitcoin need the goods and services currently being offered?
My issue is the fact bitcoin can rarely be used for necessities.
It can be directly exchanged for cash, which can be used to buy necessities. Or gold. Or anything else.
Oh my, tulips are getting mighty expensive!
I bought bitcoin at $20 and tried to do technical analysis and daytrade it. I was reading a book on technical analysis at the time. Got shaken out one day when I thought it was going to crash. Was heartbroken when it immediately recovered in price. Wound up at square one. But I bought back in at $45 and have been holding ever since. If I lose all my money in a bursting of a bubble, so be it. It was less than 10 percent of my net worth anyway. But what a ride. This is so much fun.
By the way, 75 percent of my net worth is in physical gold and silver as of this writing. Pre-bitcoin, it was 92 percent, with the rest in fiat in case of a deflationary collapse. I'm adaptable that way.
Is this an infomercial?
duplicate post
Sorry for the duplicate posts. Rookie mistake.
Yeah, same here. I'd have 2 or 3 times as many if I didn't think it was going to correct at $50, $75, $100, ...
But correct it will. It may have some intrinsic value, but this is the most obvious mania I've seen since ... well since every other mania in the last several decades.
Runnnnn
It's a trap......!!!!!!
Damn right it's a trap, no way this can be allowed to succeed, watch it go parabolic and then a FAT FINGER?
A colleague has identified a vulnerability with BTC, and has posted an explanation on several websites. In all but one case, his comment containing the explanation was promptly deleted. On the back of an envelope, it took a few minutes to sketch out a methodology to demonstrate this vulnerability. Given that no robust counter-argument has yet been articulated against the logic of the vulnerability, I expect to see some interesting experiments unfold in the not too distant future. No doubt there are lots of eyeballs and neurons around the globe focused on the task of putting some kind of fork into the ribs of BTC. 'Investing' in BTC might make for some great entertainment in the short run, but there is no way I am going to bet any substantial part of my net worth on this technology.
Why not post the vulnerability here?
Copy and paste of comment describing the vulnerability:
Thanks for posting.
I am just shaking my head over here. It appears that there is a truck-sized hole in this scheme, and it is being ignored entirely. One would expect that any scintilla of technical doubt about this scheme would have an army investigating, debating, analyzing etc. No, there is silence, while speculators speculate.
Tweet it. I don't think anyone can delete your tweets very easily.
@simple & sheered
~~~
Don't worry... All of the HIGH TECH WHIZ KIDS here on ZH know everything there is to know about anything technical of this nature... They 'studied it'...
They told me so... So it must be true...
Touristic lodge in Portugal now accepting BTC
http://www.quintadoriodao.com/port/prices-abelenda.html
Okay, now I'm impressed.
Up Up UP.... 22 million bit coins and 7 billion suckers to buy them with trillions of fed funny money.
simple out of a thumb strategy: if it goes above 50 day average - sell it, if it goes below - buy it
Yeah right... So with this run-up... in about 35 days the 50 day MA will be over $100 [unless it crashes by then]...
The "stackers" are in love with a single story that they cannot accept anything else, its a bit sad. It's like listening to only one song your whole life.
PSSST, King Fiat has no clothes...
LOL. No one is saying Bitcoin can't go higher. Just that it is pure speculation. It is funny that the suppression of gold and silver is pushing the impatient into bitcoin. It is even funnier that the Fed is being humilated as the dollar crashes vs bitcoin. But bitcoin is still worthless. No one is going to trade goods and services for tulip bulbs or bitcoins.
I don't even believe the ticker you see is legit. It was rigged to he downside in the past. Plus too many pumpers.
no, for every $ spend on bitcoins is a $ still in control of the goverment. afterall the CIA is behind bitcoins. it is a trap. and good people are going to get a cyprus style haircut. but i am enjoying the show.
no, for every $ spend on bitcoins is a $ still in control of the goverment. afterall the CIA is behind bitcoins. it is a trap. and good people are going to get a cyprus style haircut. but i am enjoying the show.
Bitcoins are global. It is clearly in a bubble phase, but this is global in nature. Everyone across the globe is buying, and most of them are an extremely small subset of the general population. Most people in America have never heard of Bitcoin, let alone China, where the market is expanding rapidly.
is it just me or does bit coin smell a little
like the whole time share thing right now?
bitcoin broker/re-sellers will assist you .... out the door
Lots of first time posters pump, pump, pumping bitcoin. Does that make me suspicious? LOL.
Did I get put into the wayback machine while I was sleeping? Is it 2000? Am I on the Yahoo stock boards? Is there any Pets.com left for me? LO-F-L.
When they hacked it to make bitcoin go to zero, everyone was upset. Would they be upset if the ticker kept showing higher numbers even if they were fake?
You can buy good online with bitcoin. ( and the transaction can be anonymous: only if you are running Tor, otherwise you can be seen) You have missed some of the point here.
And with regards to the use of bitcoin for private "commerce" , we have so far seen little or any discussion or comment. re; the modern "silkroad" for example.
I switched from AU to AG back in 2009 (and I am 75% into PM). Back in mid January, I expected Gold and Silver to start their big move up ¨any day¨ and as we all know it has not happened yet. That said - Yes, maybe PM prices will go down another 10% before we see the inevitable economic colapse. But with accelerating currency wars and all the money printing going on (QE that CANNOT stop without directly triggering the colapse) - WE KNOW that the coming currency crisis is just a matter of time, it could be anyday, it could be tommorow... Are you willing to take a chance that that eventful final day (when it will be too late to get in) finds you waiting for that lowpoint in the price of PM´s? To each his own, but I for one sleep alot easier knowning that when that day finally arrives - I´ll be ready. I dont worry about the price going down, in fact I´m much happier when it does so that I can buy more - everytime it goes up hard I worry that ¨this is it!¨. I appreciate and am even thankful for TPTB´s obvious manipulation to control the upside, it gives me more time to aquire more silver (and platinum lately). On a cold January day I spent less than the price (at the time) of an oz of gold for 100 measly bitcoins (just in case...), I wish now that $1600 would have had another zero but I just couldnt get myself to put more than I was willing to lose. This morning my 100 bitcoins (actualy 99.997 due to a small commision) would have bought me over a dozen Gold Eagles, but I just could not get myself to part with all of them - so I just sold 15 BTC´s and ordered a couple of Canadian Gold Maples from J.M. Buillon with the proceeds. Anyway people, we need to stop rooting for PM´s to go through the roof, because the day that happens will mean that the world as we know it will be no more. Enjoy what life has to offer now (while you stock up on physical PM´s) - one day many of the comforts we have available may be hard to come by even for those of us that invested wisely. For those that can spare some ¨loose change¨, maybe buying a small handfull of bitcoins (like the 85 that I still have left) with some $ you can afford to lose will give you some happiness untill the day the SHTF and PM´s take off. In any case stop worrying so much and enjoy the show.
Strange, I haven't been getting the bitcoin mining gizzywig thingy ads lately here at ZH. Wonder what's up with that?
btc = banker demise accelerant... I am converting btc profits to silver every week and if btc halved in price i could not give a monkeys fuck... my btc value looks like it may exceed my value of pm's soon.. so be it .. it is an upside down balloon bursting to it s natural upside. . it is the natural reaction to the first taste of real freedom from wanker banker fiat.. and this giant crowbar will burst the door open for our metal too.... I have been consistant about btc here since $5 a coin... so dont say you were not told......
Nice :)
Bitcoin gets lots of positive press because this is where the big boys want all the wannabe goldbugs to stuff their money. Marketing campaign working so far!
Anyone investing in alternate currencies with this lot in charge is just asking to get broke. I wouldn't touch this shit with a 10 foot pole until governments start to topple and are replaced with freedom loving conservatives again instead of liberal communists and RINO sympathizers.
I read that some virus makers had comandeered a bunch of computers out there and focused them on bitcoin mining. And that was rising the price? Fact or fiction?
Botnets were big miners for quite a while till the cycles required shot past your average desktop.
I am stunned at the amount of ZH's who are shouting the govt. "it is only good to buy drugs from silk road" line here? WTF. This is a decentralised anti-bankster currency and you lot are dissing it??? WTF.
Didn't you learn fucking anything when gold was starting it's rise (Its a bubble, it will crash, bull market over, all the way up from $300 to $1900???!!!!)
I am seriously making a list of all pundits who call bitcoin a bubble, especially those ultra fucking idiots who seriously mention tulips or ponzis in the same sentence.
My god people, get a grip! Even if it does fuck up, it is still our best chance in years (and will probably be for many years) to extracate ourselves from the cold clutches of the parasitical global banksters!!
It just hit $210 by the way :))
P.S I have 1 bitcoin (bought at $95) so my view may be biased. haha.
Look if you want to ride the ponzi train, ride it. Just like the lottery, it may be the only chance to make something of your miserable lives. Just don't kid yourself that this is anything but a ponzi train. Admit to yourself that you are impatient, weak and child-like. Remember that you will need to find the strength to jump off of the ponzi train at the right time, or you lose everything. Also admit that the ponzi train attracts you, because over the last 30 years you've been programmed to love it. In your child-like state, you've basically lost control of everything that matters. You are pwned.
The ponzi train was set up by someone. They will be the winners. You will pay them. A casino sounds like a better bet.
I think it's worth mentioning that you are able to talk directly to bitcoin developers. They have many channels on Freenode:
https://en.bitcoin.it/wiki/IRC_channels
for general community, it's #bitcoin, for developers, it's #bitcoin-dev
IRC is internet relay chat, you can either get a dedicated chat client like XChat or connect directly from your browser.
Rather than posting vacuous speculation that is mostly misleading and shows a complete lack of appreciation for this new currency, why not join the channels and get clued up?
The vast majority of the users on the channels are awake and very aware of the malignant cacner that is our current monetary system.
Central planning has been a monumental failure to date and I pity those who believe it is the "pinnacle of civilization". If looting, genocide and violence is what you consider a pinnacle of civilization then perhaps bitcoin is not for you. Go long Treasuries for all I care.
Wrong move -> Ladder into a sale. Since it's dmn near impossible to outright sell it, you have to find a redistributeable (liquid?) good to purchase in bitcoins for a later purchase.
http://westlawinsider.com/law-and-techology/applying-money-laundering-rules-to-online-currencies/
I´m not completely sold on BTC by any stretch of the imagination, but the fact is that I´ve already taken out double my original investment and put it into PM´s - selling was VERY fast and simple! P.S. My remaining 85+ bitcoins are now in for the long haul with only minimal profit taking along the way...
You haters keep haten'. I've already cashed out more than I put into Bitcoin, and I still have coins to spare. I thought you people were investors. Every investor knows that you dont keep all of your eggs in one basket. I understand the value of gold and silver, but you guys don't understand the value of Bitcoin. When capital controls are implemented in your country, try crossing the border with you gold and silver. Those invested in Bitcoin can walk across the border, then convert the Bitcoins into gold, silver, or currency on the other side. That is value. On top of that, my remaining coins are up over 100% in 2 weeks. Keep haten'.
There may very well be something to the criticism that this is a generational thing, or at least a techie-vs.-non-techie thing. I don't understand BitCoin on a fundamental level, and I don't see how it diiffers fundamentally from fiat, with the exception that there are several billion people who will exchange stuff for fiat, and I have fiat even when the power goes out.
I'll accept the criticism that I don't understand what's going on because I'm 46 years old and not that technically informed. I'll also freely admit that I'm still not totally secure in believing I will always have a robust, secure internet connection. My kids seem to think that's how it's always been and always will be, but I grew up on a farm and whenever the wind blew, the power went out.
But tell me. Can I use it when the power goes out? What prevents hackers from stealing it? What prevents hackers, government-employed or not, from closing it all down? I understand the power of encryption, but does encryption trump methods like Semtex or bolt-cutters or high-voltage as applied to servers?
I think BitCoin is fascinating and it would be great if it worked. But the enthusiastic pitches I'm hearing now are a lot like the pitches for Pets.com stock, where nobody wanted to mention the fact that shipping a bag of dog food would have to cost more than the dog food; or real estate of which they're not making any more.
> I'll accept the criticism that I don't understand what's going on because I'm 46 years old and not that technically informed.
That's like saying "I'm blind and can't see the sunrise but I won't believe the people that have eyes."
Bitcoin is mathematiclally and cryptographically sound. That's what gives it value, unlike the financial instruments of the Banking class.
Personally, I prefer food (homegrown), tools, books, things that work, personal relationships with people nearby. My scepticism of Bitcoin is based on my understanding, perhaps flawed, that Bitcoin can't work without electricity, or robust secure internet access. I can actually remember when neither was a thing most people could rely on all the time, and it wasn't that long ago. I would be williing to believe that a sufficiently motivated entity could block access to Bitcoin on a global level, and quickly. Am I wrong in that?
I'll approach this from a luddites perspective so you understand it better. That was not a putdown, just so you know.
There is no server that controls Bitcoin. It isn't a central bank spitting out bitcoins every 10 minutes. In operation, it works like torrent files if you know what those are. If your kids pirate music or movies, games, etc, they likely are using some type of peer to peer software to do it. The entertainment industry hates this, but they can't shut it down for the same reason it would be impossible to shut bitcoin down - there is no central control.
Imagine bitcoin as if the world could be shrunk down to the size of a farmer's market. everyone transacts with everyone else on a 1 to 1 basis. Only at this farmer's market, there's a giant billboard that is displaying generic details about every transaction. The billboard would display some generic identifier for the farmer and the buyer and the amount of money the buyer paid for some unknown fruit or vegetable. Unlike a real farmer's market though, no one actually would give the farmer a coin. They would carry a notebook that had the same information that was up on the big display. If someone tried to buy some vegetables with the same money he already pledged to a different farmer for some fruit, the farmer would know and wouldn't accept his payment because his magic notebook knows what money is legitimate automatically. Any outside observer can watch this market, but they wouldn't have any idea what is being bought, only how much was being spent and how many transactions were made and the generic identifier (Farmer A) that now has the money.
If you wished to shutdown this farmer's market, you would have to confiscate the magic notebook of every single person at the market, every observer of the market, which the authorities cannot possibly see, and everyone that the observers (who are still anonymous) talked to about the market. The only other way to shut it down would be to coerce everyone at the market and a majority of the observers to say they saw all kinds of transactions at the market that never happened. If neither of these things occur, than the majority of the world would still agree legitimate transactions happened at the market and everyone would continue on their merry way, even if the authorities arrested everyone that participated at the market that day.
This is all true above, because everyone always knows what everyone else is doing in the bitcoin network. "Who" someone is and what they are purchasing from "Whom" are not completely apparent without some tracking effort. As said above though, you can't stop everyone else that knows at the same time though.
Thank you so much for this very clear illustration. I take no offense at the "Luddite" disclaimer. If I were such a shrinking violet, I wouldn't have joined Fight Club 3 and a quarter years ago.
As I mentioned elsewhere, I find Bitcoin fascinating and full of potential. I do like to categorize risk, and I find a lot of people who seem to assume there will always be a fully functional, fully accessible internet; always-on power; no situation where TPTB can sudddenly say you can only use their servers with their protocols; etc. People not living in Cyprus might consider that a bridge too far.
But I hadn't really understood how Bitcoin worked until your explanation, and I've read a lot of not-terribly-helpful explanations. Thanks again.
Rah, rah....Bitcoin sucks
Rah, rah.....no it doesn't. Fuck you
No, fuck you. If you knew anything about X then you'd understand moron.
Fuck me? Fuck you. If you knew anything about Y, then you wouldn't be such a tard.
I love Bitcoin articles.
Bitcoin = virtual currency with a specific cap to prevent debasement by banks and governments.
Dollar = virtual currency with some bits of paper to make you think it has a physical representation. Evn though maybe 1% of dollars actually exist as a physical asset.
don't get me wrong, I'm not mad about either of these but the bitcoin hate is a little unjust in IMO. But it's pretty obvious someone (cough, central bankers, cough) may well be trying to discredit an honorable alternative to their easy-print toilet paper by blowing a bubble in bitcoin.
On March 13th they introduced capitol controls.
Mt.Gox - Bitcoin Exchange
Remove all withdraw limits and lets see what happens...P
I'll see you dinosaurs in the tar pits. I'll be the small furry mammal picking at your bones.
ZH: The Land That Time Forgot.
How 'bout if the power goes out? A natural disaster, perhaps? Or if the internet is locked down by authoritarians?
I'm not trying to Hate On Bitcoin. I simply don't understand how proponents account for these very plausible disruptions. High-capacity, secure, always-on internet is a very recent development and far from guaranteed. If TPTB can steal Cypriot bank accounts, they can monkeywrench the internet. How are Bitcoins doing in China and North Korea?
I don't know fellahs, but I can't help but to think that TPTB aren't going to leave bitcoin unmolested. I feel in my gut that they're going to start squalking about "money laundering", "terrorists" , "tax evasion" or some such nonsense and turn bitcoiners into the next Usama bin Laden somehow.
That being said, I wish you guys luck, but I'll sit this one out for now. Got a bad feeling about this one, been down this road more than once.
No one entity can shut down the entire net. If two computers are running TCP/IP anywhere in the world, Bitcoin will still operate. That can't be said of any other market.
Bitcoin is doing well in China:
https://blockchain.info/nodes-globe
Thanks. Good to know.
If the power goes out for a prolonged time there is a 90% chance that you will die from either starvation, lack of medicine or social unrest. Read "One Second After" by William Forschten to see what the world will be like then.
Your money will be of the least concern then. Even your gold will be worthless, people won't accept it, they will want things that help them survive.
If the internet is shut down there will be social unrest and possibly revolution (try to imagine millions of iPhone/Facebook geeks being deprived of their instant information gratification). The economy will tank, all your paper assets will be worthless. Gold will probably do fine in the aftermath but still you'd need to survive the turbulent times.
Without these things happening Bitcoin will thrive.
Well, right, but I like to categorize risk. Your comment helps. I grew up very poor on a farm where the power went out whenever the wind got strong, which was pretty frequently (the area is now covered with windmills, in some sort of double-reverse irony). So while I wouldn't underestimate the outrage of deprived Fanbois, I do think many people could do okey-dokily in the even of an internet shutdown. Bitcoins might not be the currency of choice, and certainly not FRN's or credit cards or what-have-you. But food, animals, non-power tools, books, knowledge; those things would be valuable. And gold, silver and FRN's can currently be traded for them.
Not to demean the value and potential of Bitcoin. I love the idea. I'm just trying to slot it properly in my warped Maslovian hierarchy.
http://bullmarketthinking.com/comex-gold-inventories-collapse-by-largest-amount-on-record/
Boring. Bitcoin is small.
Apple used to be headquartered in a garage.
what the fuck is going one here?!
$225
Just like gold , only lighter.
Should I take my 500k profit in bitcoins or hold out for 1 Mill?
Please help me.
Take out 250, and let the rest ride.
Past performance is no guarantee of future results. This should not be construed as investment advice. Any resemblance between this and actual sound investment advice is purely coincidental.
Take out at least $400k, and let the rest ride.
All early adapters are presently dealing with this exact problem. If this is anything like the .com explosion, when a non-expert uncle or father-in-law in his late-40s buys it hard with his nest egg its time to get out of dodge...
I like watching this. On one hand, my 20/20 hindsight says I should have bought in 3 years ago. On the other hand, I remember what happened to my portfolio in 2000/2001. I have also been asked about (and have counselled against) various ponzi schemes that some greedy relatives of mine have been burned by.
I think that what is ultimately happening here, as in the case of most irrational exhuberance (greed) is that people think that value is something that can be arbitrarily assigned to a currency. The sad fact is that it cannot - espescially one that is truly free such as this one.
I would suspect that by now, most people are simply buying, and selling bitcoin speculatively for cash, and that not much commerce is actually going on. I will be much more willing to accept such a currency, when I see that it's use as an actual currency exceeds that of speculation.
As far as those who cry that bitcoin is a "free market" currency: free from government intervention, and central banker fraud - I suspect that many of you will be the first to bitch, moan, and cry for government intervention, and the arrest of those who misrepresented the intrinsic value of bitcoin - which is it's initial cost - $0
But that's just my opinion.