• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

BitCoin Drama Continues After Hours

Tyler Durden's picture




 

Think the great BitCoin drama is over? After plunging by over 60% intraday, touching $100 from an all time high of $265 earlier, BitCoin was just getting started, posting a just as epic rebound to $200 in mere hours... before tumbling once more to $125... before rebounding again to $180... before sliding to $140... and so on. As the vomit-inducing sequence above hints, merely following every twist and turn of the real time tragicomedy that is the minute chart of BTC is a full-time job. And with the bulk of assorted BTC price charts DDoSed into oblivion, or merely down due to record traffic, the only remaining real-time chart may be the following from Clark Moody: we suggest using 1 Minute resolution. Perhaps what is most fascinating, is that unlike regular stock, FX or commodity charts which are largely dominated by robots, algos and other electronic traders, the trading in BTC is purely carbon-form based. So for those who enjoy some seriously hypnotic after hours undulations, this chart's for you.

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Wed, 04/10/2013 - 19:56 | 3434345 Ahmeexnal
Ahmeexnal's picture

Looks pretty stable.....once it goes to zero.

"All digital money eventually reaches its intrinsic value: zero"

BitVoltaire

Wed, 04/10/2013 - 19:59 | 3434372 lenitivelea
lenitivelea's picture

Have you heard of this thing called subjective theory of value? It's kind of what all economics is based on.

Fucking retards.

Wed, 04/10/2013 - 20:04 | 3434391 lunaticfringe
lunaticfringe's picture

I downed ya just because of your tone. 

Wed, 04/10/2013 - 20:04 | 3434397 kushmere
kushmere's picture

I upvoted all of you because I'm a nice guy. Seriously though, the resilience of Bitcoin today has been amazing.

http://bestbitcoinsites.wordpress.com

Wed, 04/10/2013 - 20:09 | 3434413 Perseid.Rocks
Perseid.Rocks's picture

It's just growing pains as it moves toward it's true value.

Wed, 04/10/2013 - 20:19 | 3434450 strannick
strannick's picture

The market is realizing that like with its other manipulations, the Fed can just print fiat, and use it to buy/sell/'mine' bitcoin through its faux-Funds

Wed, 04/10/2013 - 20:22 | 3434473 francis_sawyer
francis_sawyer's picture

It turns out that Bernanke's printer is faster than the Butterfly Labs miner that someone ordered a month ago but still hasn't arrived yet...

Wed, 04/10/2013 - 20:30 | 3434495 nmewn
nmewn's picture

lol...good point...Benny & Co just hits print/pixel-populate. You can't win playing THEIR digital game.

Wed, 04/10/2013 - 20:32 | 3434508 Perseid.Rocks
Perseid.Rocks's picture

Shit that only makes it go up faster when the Fed keeps printing. The btc ain't changing value.. it's the fiat that's losing value, fast. Diversify. The only people making money with dollars are the people connected to the printing press

Wed, 04/10/2013 - 20:42 | 3434545 francis_sawyer
francis_sawyer's picture

Most people have not yet wrapped their melons around the fact that at the stage of the game we're in, MONEY PRINTING [if you own the franchise] is making you very wealthy...

~~~

Why? Because you 'incrementally' skim off the top & use it to buy physical [PHYSICAL EVERYTHING]... The Chinese are aware of this game... It's a race to the finish, but also must be kept on a slow boil until all the PHYSICAL is in the right hands...

Wed, 04/10/2013 - 20:52 | 3434585 kliguy38
kliguy38's picture

yes......mine

Wed, 04/10/2013 - 20:56 | 3434604 flacon
flacon's picture

KAPOO-YA!

KAPOOYA - AUTOTUNE REMIX! (Original)

http://www.youtube.com/watch?v=zP_Kr6i7itM

 

Wed, 04/10/2013 - 20:58 | 3434613 jcaz
jcaz's picture

It "recovers" because Farmville pays out every hour or so-  somebody harvested some corn,  BitCoin is saved again......

Wed, 04/10/2013 - 21:54 | 3434824 labestiol
labestiol's picture

BFTD

(if you're not scared about a little short-term volatility)

Wed, 04/10/2013 - 22:19 | 3434910 Bananamerican
Bananamerican's picture

what is a bitcoin?

Wed, 04/10/2013 - 22:49 | 3435006 SWRichmond
SWRichmond's picture

JHFC, I can't believe you guys don't get it.

What is the best way to discredit bitcoin in the public's eyes?

What mechanism is already in place which can be used to accomplish this?

Think, for Christ's sake.

Wed, 04/10/2013 - 22:57 | 3435043 Harlequin001
Harlequin001's picture

'What is the best way to discredit bitcoin in the public's eyes?'

I would think you just have to tell them about it.

Anyone with any sense will see straight through it, as many already seem to have.

Wed, 04/10/2013 - 23:19 | 3435104 gmrpeabody
gmrpeabody's picture

Well JHFC just tell us then...,

I'm really not getting this anymore.

Wed, 04/10/2013 - 23:42 | 3435182 francis_sawyer
francis_sawyer's picture

keep reading

Thu, 04/11/2013 - 04:25 | 3435469 gold-is-not-dead
gold-is-not-dead's picture

told you so... :)

there is no violence or regulation or market manipulation which is strong enough to solve the math problem...

Thu, 04/11/2013 - 03:54 | 3435454 fonestar
fonestar's picture

BITCOIN TO $1,000

 

WASH OUT THE PUSSIES AND LEAVE 'EM BEHIND!  I DON'T CARE IF YOU "GET" BITCOIN OR NOT.  NOBODY DOES!

Thu, 04/11/2013 - 04:28 | 3435470 gold-is-not-dead
gold-is-not-dead's picture

 bitcoin to where ever! :)

disclaimer: I got in bellow $1 and will never sell it for fiat...

Thu, 04/11/2013 - 04:37 | 3435484 malikai
malikai's picture

You may not ever sell it for fiat, but if you want to see BTC truly take off, people need to spend it.

With BTC velocity = value.

Also, a bit of entertainment. Be sure to turn on panic mode:

http://chackley.com/Listen-To-Bitcoin/

Thu, 04/11/2013 - 04:41 | 3435490 gold-is-not-dead
gold-is-not-dead's picture

Oh, I'm spending it, just not for fiat, only goods and services... :)

Thu, 04/11/2013 - 09:48 | 3435992 Citxmech
Citxmech's picture

Wake me up when you can buy gold with it.

Thu, 04/11/2013 - 10:17 | 3436110 wut
wut's picture

Rise and shine!

www.amagimetals.com

Wed, 04/10/2013 - 21:56 | 3434833 WmMcK
WmMcK's picture

At risk of dating myself, I prefer:
"The pounding of the cylinders increased:
ta-pocketa-pocketa-pocketa."
-- James Thurber

Thu, 04/11/2013 - 09:17 | 3435877 Cleg1
Cleg1's picture

To all the Walter Mitties out there.

Thu, 04/11/2013 - 05:52 | 3435523 draug
draug's picture

So bitcoin retraced the 5 last *days* of rising. Whoop-dee-doo, oh the terrible drama. Meanwhile, all the losers who missed out on the trade of the decade get to lick their wounds and tell themselves they were "right" all along. Good on you, keep on truckin'

Wed, 04/10/2013 - 20:56 | 3434606 Crash Overide
Crash Overide's picture

Yeah sawyer, and aren't the Chinese buying up US foreclosures in lots for pennies on the dollar...? whatever that means anymore.

Wed, 04/10/2013 - 21:15 | 3434667 francis_sawyer
francis_sawyer's picture

I'm referring more to the Chinese strategy in bullion markets [as discussed in this link]

~~~

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/7_Sin...

Wed, 04/10/2013 - 21:29 | 3434712 fonzannoon
fonzannoon's picture

Francis that link has Sinclair saying the fed will want gold to go higher....why? Because there really is all that gold in the vaults that it takes 7 years to get Germany a fraction of?

I don't follow the logic.

Wed, 04/10/2013 - 21:59 | 3434840 mick_richfield
mick_richfield's picture

The Fed has helped to keep the gold price low, and the American gold stockpile unaudited.

They serve people who have stolen most or all of the American & UK gold stockpiles.

The people who took the gold did not take it because they want its price to stay low forever.

All of us here know that a pure fiat system cannot last forever.  They know that too.  They have used that system to loot the Anglosphere of state-owned gold, preparing for the time when they can no longer keep the fiat system functioning. Or when they no longer wish to.

Wed, 04/10/2013 - 22:28 | 3434915 francis_sawyer
francis_sawyer's picture

Exactly

~~~

You used much more economy of words [while I was typing my novel below]... But I was trying to say the same thing...

To some it may be confusing because I use a lot of 'territorial' references while you speak mostly of the 'looters' [ostensibly ~ private banking families]

But in reality ~ one supports the other... There's no way, for example, the 'Rothschild Family' can occupy the entire Western Hemisphere... You need 'state' puppets to govern certain territorities...

The END GAME results in the GOLD returning as close to the Rothschild KEEP as possible [whilst maintaing representative GOVERNORS of your territorial pieces on the Monopoly board]...

~~~

& wouldn't it be a kick in the head if Rothschild flips & goes Chinese at the last minute?... u never kno...

Wed, 04/10/2013 - 22:57 | 3435044 Cathartes Aura
Cathartes Aura's picture

with respect,

& wouldn't it be a kick in the head if Rothschild flips & goes Chinese at the last minute?... u never kno...

as maybe I'm missing just what you're referencing - but haven't the Rothschilds been "in China" since Kissyngrr & Nixon "opened that door" in the early 70's?  you know, when the dollar was set free. . .

from the Rothschild's website:

Rothschild’s long-standing presence in China dates back to 1838, and we were one of the first business institutions from the Western world to re-establish relations after 1953.

Our offices in Beijing, Shanghai and Hong Kong give us direct access to the Chinese market. Our locally based team of advisory bankers commands an in-depth knowledge of the country’s economic development and the challenges facing its industries.

drift net for now, tighten up as they go. . . it's been "global" in some minds since forever.

Thu, 04/11/2013 - 00:02 | 3435205 francis_sawyer
francis_sawyer's picture

Yes you are correct

~~~

Hell ~ Nowadays they're even involved with the Chinese in 'weather experiments'...

Which is why I state [BELOW], that in the hypothetical outcome of 4 global powers [& I'll actually use "3", because these frat boys seem to get all ginned up about mystical numbers]...

- Russia

- China

- Whatever alliance the US & Europe can cobble together

That the US & the Eurozone are the 'weakest hands'... Therefore ~ Rothschilds may end up throwing in with the Chinese, if, in fact, it were to lead to more monopolization in SE Asia [& homesteading Africa]... Both of which have better infrastructural "growth" paths [don't laugh ~ I'm speaking in relative terms]...

~~~

I dunno ~ I'm just trying to figure out what I'd do if I'd managed to steal all the gold from the last century...

Thu, 04/11/2013 - 00:21 | 3435251 Cathartes Aura
Cathartes Aura's picture

heh, yes, I've been watching their "weather" interests too. . . control the meme, control the minds.

I like to play with the idea that "they" (whoever) use nationstates as little social experiments, played against each other, then re-rolled, combined, wipe out/over, etc.  of course, the eventual desired outcome is full spectrum dominance/control, but in the meantime, like cats with a mouse, they bat it around, terrorise it, watch, wait. . .

I want to see what might arise that puts a kink in their game.  nothing travels in a straight line forever, things are definitely feeling loopy!

Thu, 04/11/2013 - 00:42 | 3435280 francis_sawyer
francis_sawyer's picture

Yeah... 'TIME'... That's the thing...

~~~

FWIW ~ My scorecard runs like this:

- Right now it's basically, [NOT 100% mind you], but heavily Rothschild... [Which is why the Windsors have managed to stay around for so long]

- They 'systematically' supplanted the 'Hapsburgs'

- 'Hapsburgs', evolved, clumsily, after the carnage of the 'Julio-Claudians'

- At that point you have to move on to Ptolemaic & Hellenic dynasties [& onward/backward to ancient Egypt]...

My records get fuzzy about that time... [& of course, I'M JUST SPEAKING ABOUT THE WEST HERE}... I'm leaving out the simultaneous &/or randomly concurrent dynasties in the Orient, or in pre-Colombian Meso America]...

 

Thu, 04/11/2013 - 02:18 | 3435397 CompassionateFascist
CompassionateFascist's picture

Simply put, Ashkenazic Jews are orientals...out of Central Asia. Global Gulag = rule by orientals. Triumph of the collectivist East over individualist West. But for the Jews, a worm in the heart, the West might have won. When the European Royals let the Jews out of their medieval ghettos, they loosed the Devil.  

Thu, 04/11/2013 - 08:12 | 3435659 francis_sawyer
francis_sawyer's picture

I have no argument with your territorial perspective, or the motives & behavior...

~~~

The part about have been unleashed from the ghettos, to me, turned out to be a blessing & a curse [if I'm reading you correctly ~ & which I'm in agreement also]... I think it started out as a huge blessing because the ability to scheme, consolidate power, & drive forward was astonishing... They really are very clever... However ~ at this late stage of the game, where things begin to fall apart, exposes the fatal flaw... That is ~ their unwillingness to let go of that power [or even share it]...

You're never going to win any fight, long term, when facing a 99-1 disadvantage... You better hope people REALLY REALLY like you... Cause when they stop, you're toast... & I don't care if you're standing there with a 50 calibre Browning... If they all decide to bull rush you, you're done...

Thu, 04/11/2013 - 00:00 | 3435221 palmereldritch
palmereldritch's picture

FYI

China in 1838

http://www.houghton.idv.hk/?p=117

 

A Peoples' History 1793 – 1844 from the newspapers

Vol 11 No 31 – 31st July 1838

Memorial to the Emperor:

The people require severe punishment to be manageable. Officials must perform their public duty even if it arouses hatred. The prevalent opinion that opium smokers are too numerous to be confronted is overly indulgent.

If they have a year to abandon the habit, many will comply and others will be deterred from taking up the habit. The magistrates should examine all taxpayers under their jurisdiction. Take a bond from every five families to not smoke. This will suffice for rural communities.

In the cities, where people come and go, the neighbourhood associations must be used. Shopkeepers must be particularly impressed not to allow their premises to be used for smoking.

If any civil or military officials smoke after the year’s grace they must be more severely punished than is customary. The sons and grandsons of civil and military officers may be excluded from the public examinations.

Magistrates who successfully eradicate opium use in their areas will be rewarded. Magistrates who fail will be punished. Bonds are not required of every soldier but some joint bonding should be fixed on them.

Let this order be published everywhere so the people may know that the Emperor cares for their wealth and welfare. Opium smokers must purify their hearts and abandon their habit. Then opium will cease coming and silver will cease disappearing and the Empire will be peaceful for ten thousand years.

[Emphasis mine]

Thu, 04/11/2013 - 00:15 | 3435233 francis_sawyer
francis_sawyer's picture

Perfect addition [thanks for that]...

~~~

The 'Opium Wars' were crafted to steal silver from the far east by getting people hooked on drugs...

Laterally... It's why there have been constant wars in Afghanistan...

Wars, drugs, & precious metals, [& oil]... Always inextricably linked... [Spices were in there for awhile too, but faded ~ as well as other things]... King Louie of France almost went nuts trying to protect a coffee plant...

I'm sure all these centuries old behavioral nuances are firmly imbedded in the minds of 12 year old bitcoiners trying to figure out where to buy the fucking dip...

Thu, 04/11/2013 - 00:19 | 3435239 palmereldritch
palmereldritch's picture

SDRs are to be gold based and I suspect once they establish achieving that cartel they will then have exchange rates for PMs that will punish or criminalize small volume owners.

From one of TPTB's Alphacrims, himself...George Soros:

http://mises.ca/posts/blog/george-soros-sdr-us-dollar-and-gold-time-for-...

George Soros, SDR, US Dollar and Gold – Time for a New Reserve Currency? George Soros describes in the following video how we need a “New Financial World Order,” on the pretext that the current system is “broke” and creating huge trade imbalances.

c.f. with Sheeple propaganda...George is selling his gold!! (well at least the paper version...that helps with the physical price!):

http://money.cnn.com/2013/02/15/investing/soros-gold/index.html

Billionaire investor George Soros is increasingly bearish on gold.

Soros cut his investment in the SPDR Gold Trust (GLD) in half during the fourth quarter, according to a regulatory filing.

The $8.5 billion Soros Fund Management now owns 600,000 shares of the gold ETF, worth an estimated $97 million. That's down from 1.3 million shares, worth more than $227 million, in the third quarter. The ETF is one of the most widely held gold-backed ETFs.


I think George runs one of those booths at my local mall

 


Thu, 04/11/2013 - 00:27 | 3435258 francis_sawyer
francis_sawyer's picture

"George is selling his gold!! (well at least the paper version...that helps with the pysical price!):"

~~~

That's the yahtzee right there...

Look ~ I don't want to hyperinflate the role of Soros in this [in the grand scheme]... But the behavior pattern:

- being one of the first "vocal" GLD whale buyers

- announcing he was reducing & closing out GLD positions

- Never talking about physical whatsoever [but cryptically, now, coming out in support, not of 'PHYSICAL' ~ I'll call it 'sheep gold', which the public still thinks is an etf]...

Oh, & by the way, he's a big Obama supporter [which guarantees that half the American public & 100% of the MSM think he's fucking EF Hutton]...

One big clusterfuck snowjob massage parlor...

~~~

Guaran-fucking-teed that Soros is just a little 'Rothschild's' gopher boy... [Rich one, at that]... Who cares? He'll be fucking dead soon anyway [except for that pedophile virgin goat blood that he probably injects in his veins every two hours]...

Wed, 04/10/2013 - 22:19 | 3434904 francis_sawyer
francis_sawyer's picture

@fonzanoon

~~~

His interview rang true to me because it lined up precisely with what I've had suspicion about all along...

MY SUSPICION???

That after 100 years of pretending gold wasn't worth anything... Economically speaking, the paper ponzi is over... No matter what they do, they can't squeeze any more juice out of it... But the PROBLEM is that the game ended sooner than they expected... Perhaps they thought the NASDAQ bubble would go on longer, or the housing bubble, OR that China would continue to grow, or that the EuroZone would work... Or that Japan would hang on... Or that Russia would not rebuild so fast, or that Iran would cave...

For whatever [COMBINED] reasons,  they planned poorly and found thenselves behind the 8 ball...

When this game ends, it will have to be totally dismantled & replaced with a new system... They were arrogant in thinking that they'd easily be in control of the whole operation not more than a decade ago... Now they find themselves in a game that there are AT LEAST 3, possibly 4 'entities' which all hold some degree of power:

- Russia

- China

- US

- Euro

I believe that Russia & China are actually in the strongest positions... The US & Euro may wind up having to consolidate to some degree [as well as other areas]... The 'free agent' market consists [basically] of:

- India [gold]

- KSA [oil]

- Iran [oil]

- Brazil [oil & resources]

- Australia [gold & minerals]

etc. etc.

Then there will be the areas to be [cough cough] 'liberated' & 'homesteaded' [which includes the whole continent of Africa & even places like Venezuela]

Forgive me ~ I'm painting broad strokes here...

Anyway ~ because of being BEHIND on the timeline, the main issue to take care of is WHICH 4 'major' areas is the gold going to flow to to set up a system which includes 4 players [not ONE or TWO as they'd arrogantly hoped for]...

As the situation stands right now, there's the risk that the measures being taken by the major money printers [to keep their jurisdictions on life support], is having the negative effect on having more gold than would be really desired to flow to China & Russia... As Sinclair predicts, soon they're going to have to flip the switch...

They've known this for a long time [that suppressing metals prices might produce this outflow], but also had to let some of it happen, just to be sure... They'd hoped that they could just print money & skim it all for themselves at first, but are learning that the Chinese are beating them at their own game...

~~~

If all of this is unclear... It's like a giant game of cracking the candy bart and offering the 'smaller' piece to your little brother... See if he takes it or not... If he's smart, he'll carefully measure both pieces & make sure they come out even in the end...

You hope you can do this without having to resort to thermonuclear war...

Wed, 04/10/2013 - 22:46 | 3434998 Kirk2NCC1701
Kirk2NCC1701's picture

Francis, what happened to you? Did that smart Alec by the name of Jean Luc Picard beam you up to his Enterprise and expand your knowledge and wisdom? I don't see you in our logs. ;-). Kirk out.

Wed, 04/10/2013 - 23:30 | 3435139 gmrpeabody
gmrpeabody's picture

Critical thinking Francis...,

+100

Wed, 04/10/2013 - 23:36 | 3435168 Manipuflation
Manipuflation's picture

I will read that one tomorrow maybe Francis.  We have all probably offerred enough expertise for one day.  A very interesting day in monetary history though. 

I still raise my hat to the BTCers for what they have accomplished.  If anyone has not noticed lately, they are not giving up easily.  This chess match is anyone's game.

Thu, 04/11/2013 - 00:31 | 3435272 outamyeffinway
outamyeffinway's picture

Drop, drop, fizz, fizz...... (tm)?

Thu, 04/11/2013 - 05:57 | 3435519 fiftybagger
fiftybagger's picture

"When this game ends, it will have to be totally dismantled & replaced with a new system... They were arrogant in thinking that they'd easily be in control of the whole operation not more than a decade ago... Now they find themselves in a game that there are AT LEAST 3, possibly 4 'entities' which all hold some degree of power:

- Russia

- China

- US

- Euro"

There's this dream that God gave to this Jew more than 3 thousand years ago that may be of some interest to you Francis:

1 In the first year of Belshazzar king of Babylon Daniel had a dream and visions of his head upon his bed: then he wrote the dream, and told the sum of the matters. 2 Daniel spake and said, I saw in my vision by night, and, behold, the four winds of the heaven strove upon the great sea. 3 And four great beasts came up from the sea, diverse one from another. 4 The first was like a lion, and had eagle's wings: I beheld till the wings thereof were plucked, and it was lifted up from the earth, and made stand upon the feet as a man, and a man's heart was given to it. 5 And behold another beast, a second, like to a bear, and it raised up itself on one side, and it had three ribs in the mouth of it between the teeth of it: and they said thus unto it, Arise, devour much flesh. 6 After this I beheld, and lo another, like a leopard, which had upon the back of it four wings of a fowl; the beast had also four heads; and dominion was given to it. 7 After this I saw in the night visions, and behold a fourth beast, dreadful and terrible, and strong exceedingly; and it had great iron teeth: it devoured and brake in pieces, and stamped the residue with the feet of it: and it was diverse from all the beasts that were before it; and it had ten horns. 8 I considered the horns, and, behold, there came up among them another little horn, before whom there were three of the first horns plucked up by the roots: and, behold, in this horn were eyes like the eyes of man, and a mouth speaking great things.

Daniel 7
King James Bible

John the Jewish revelator confirms the story:

1 And I stood upon the sand of the sea, and saw a beast rise up out of the sea, having seven heads and ten horns, and upon his horns ten crowns, and upon his heads the name of blasphemy. 2 And the beast which I saw was like unto a leopard, and his feet were as the feet of a bear, and his mouth as the mouth of a lion: and the dragon gave him his power, and his seat, and great authority. 3 And I saw one of his heads as it were wounded to death; and his deadly wound was healed: and all the world wondered after the beast. 4 And they worshipped the dragon which gave power unto the beast: and they worshipped the beast, saying, Who is like unto the beast? who is able to make war with him? 5 And there was given unto him a mouth speaking great things and blasphemies; and power was given unto him to continue forty and two months. 6 And he opened his mouth in blasphemy against God, to blaspheme his name, and his tabernacle, and them that dwell in heaven.

Revelation 13
King James Bible

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