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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

Thu, 04/11/2013 - 06:30 | 3435549 Debugas
Debugas's picture

in order to preserve dollar Fed will want to back it up with gold which they have alot (compared to other countries)

Wed, 04/10/2013 - 22:40 | 3434980 Kirk2NCC1701
Kirk2NCC1701's picture

Well, praise be, Francis! Now you're talking like a sage and perceptive person. And no negativity. :-)

Wed, 04/10/2013 - 23:04 | 3435067 francis_sawyer
francis_sawyer's picture

I guess it's in the eye of the reader to determine 'negativity'

~~~

I admit to using abrasive tactics sometimes, but I believe I'm mostly telling the truth...

Unfortunately ~ the TRUTH isn't fun to hear sometimes... So you could say it sweetly [where you're called 'naive'], or you could say it abrasively [where you're called a @hole]... Also ~ The TRUTH isn't really ever black & white [because there are so many varying intermingled layers, that you cannot distill the TRUTH on a particular issue without risking to mislabel the other layers]...

It's like doing surgery with a hatchet & being blamed for being a bad doctor... [anonymous comments on an internet forum are in the hatchet class of tools]...

I don't really sweat it because on a long enough timeline & with enough effort, people will understand... The ones who just get pissed off and leave the table are the ones missing out...

Wed, 04/10/2013 - 23:15 | 3435096 Manipuflation
Manipuflation's picture

Francis did not change.  You did.

Wed, 04/10/2013 - 23:57 | 3435216 francis_sawyer
francis_sawyer's picture

You're right... This has been a long day! :-)

Thu, 04/11/2013 - 09:17 | 3435873 sessinpo
sessinpo's picture

True value?

 

On a long enough time line, the survival rate for everyone is zero.

Wed, 04/10/2013 - 20:19 | 3434458 AllThatGlitters
AllThatGlitters's picture

LOL - Resilience? From $265 to $105 in a few hours, and unable to fully recover?  It is now consolidating on the hourly - looks like perhaps a triangle.  Continuation pattern in my mind.  Could just get crushed again - next time to $50.  

The speculators (which most in Bitcoin were), will be long gone. The EOTWAWKI and newbie techie buyers will be scratching their heads, wondering what happened. Those who have a few dollars left may make their way over to precious metals, seeing a bargain there with recent declines, and not seeing a mere field of tulips.

Wed, 04/10/2013 - 20:27 | 3434489 dark pools of soros
dark pools of soros's picture

so fully recover is whatever the peak is?

so PM's are a bargain when they 'decline'..  why they decline?  why cant gold go back to 1900?  silver to 48?

 

why??

biased much?

 

Wed, 04/10/2013 - 20:42 | 3434546 AllThatGlitters
AllThatGlitters's picture

Yep, I'm biased. I have my reasons. That doesn't make me wrong. The crash proved that BTC was a bubble.  Like all bubbles, the BTC pushers here denied it, and shouted their believe that this particular bubble was indeed different, because of X, Y and Z.

The TA justifications for BTC are ludicrous and anybody attempting to use TA to suggest BTC is just fine at this point has a problem with acknowledging reality.  I would say that THEY are the ones that are biased, or that have had their logic facilities addled by too much cool-aid drinking.

50% haircuts and "stability" do not belong in the same sentence - especially when talking about a supposed currency and it occurs inside of 1 day.

Wed, 04/10/2013 - 20:53 | 3434584 francis_sawyer
francis_sawyer's picture

silver & gold can easily go back to those levels [& beyond]

~~~

The reason for such a long consolidation phase is because it takes a long period of time for the REAL PLAYERS to accumulate at the best price... Gold & Silver really are, tiny markets in a global spiderweb that has something close to a quadrillion dollars of notional value...

If you take it as a premise that Bernanke's sole reason for living & breathing is to prevent another 'Great Depression'... Then you have to believe that he's going to use every tool he has to skew the eventual BLOW UP towards the inflationary, not deflationary terminal...

There's no reason to allow that to happen though until you can confiscate every PHYSICAL thing of value you can... Thus the efforts of price suppression towards [most especially] gold, oil, & silver... At some point, they'll flip the switch, but they'll continue to drag everything along for as long as possible until they reach the end...

Wed, 04/10/2013 - 22:49 | 3435013 TraderTimm
TraderTimm's picture

So... Gold and Silver aren't rallying because they are "tiny markets"?

But bitcoin is "dead" because we have actual declines?

Wow, you're really off the meds this time, compadre.

Wed, 04/10/2013 - 23:14 | 3435091 AllThatGlitters
AllThatGlitters's picture

No, BTC is dead because it's well, nothing.  It is fiat.  It was never alive.  It is vapor. Heck, "bits" are worse than actual paper if you think about it.

Wed, 04/10/2013 - 23:32 | 3435157 phyuckyiu
phyuckyiu's picture

I wonder how those bitcoin gold coin dealers feel now that they were cleared out at $265 and it's worth 60% less today. SUKKKKKKA. Hell at least silver dropped by only 7% and everyone is still taking a shit about that years later. Here we have a 60% drop in one day, and the bitcoiners are still pontificating.

Thu, 04/11/2013 - 00:34 | 3435276 phyuckyiu
phyuckyiu's picture

"That huge leg down was triggered by a single trade of 69,471 BTC. it just pummeled the market."

 

LOL it took $18.5 in worthless fiat to crash 'real money' bitcoin 60% today. THAT IS THE MATH.

Thu, 04/11/2013 - 00:47 | 3435296 phyuckyiu
phyuckyiu's picture
  • Last price:$172.56638
  • High:$266.00000
  • Low:$105.00000
  • Sthabhilitheeeeeee
  • MOAR STHABHILITHEEEEEE
  • STHABHILITHEEE N0W BITCHEZZZZZZ
Thu, 04/11/2013 - 00:55 | 3435307 francis_sawyer
francis_sawyer's picture

LOL ~ you hit the nail on the head...

~~~

Fuck ~ later in this thread you'll read my theory of a sophisticated way to do a SYNTHETIC attack on bitcoin by creating thousands of accounts & funding them with printed money...

Now I find out that the main catalyst [with one trade] was all it took?... By people who can PRINT AT WILL in a 1 quadrillion notional asset value playing field that don't even blink at printing $85 billion a month?...

I thought these bitcoiners were science & math geniuses... I guess they are like idiot savants who only understand 'code' [but not 'aggregates']...

Thu, 04/11/2013 - 03:49 | 3435450 fredquimby
fredquimby's picture

I bought in at half of this mornings price so I am quite happy to see it up at $182 this morning. Just gutted my next funds didnt clear in time to back the truck up yesterday. Maybe today if we see another wild day.

Incidentally, the "price" action you see is an average between buy/sell price on the exchange (I use BTC-E).....There is no market maker. There are no HFT bots. There is no manipulation that I know of.

If you have a hardtime with bitcoin and still want to play, the next best dollar maker appears to be litecoin, which is based on the BTC architechture (but will eventually make 4x as many coins)......it also had a wild ride yesterday and is currently on $3.71 :))

Cheers!

Wed, 04/10/2013 - 20:56 | 3434594 Pool Shark
Pool Shark's picture

 

 

Not defending FRN's (or any other fiat currency for that matter), but real 'money' does not behave this way.

Good discussion on the subject by Denninger:

http://market-ticker.org/akcs-www?post=219665

Wed, 04/10/2013 - 20:45 | 3434556 rich_wicks
rich_wicks's picture

There's enough silver mined per year so that if every American bought just 2 ounces, it would entirely depleat mining resources.  It would cost $60 per person in the US to do this.

That's $21,000,000,000.

Another way to think of this is that the per capita debt of the United States went up by $3,600 from 2011 to 2012 - in ounces of silver, that's currently 60 years of mining.

Gee, think it might be a little undervalued?  I cannot say, all I can say for certain is the dollar is vastly over-valued.

Wed, 04/10/2013 - 23:04 | 3435063 BigJim
BigJim's picture

So, you think if 'every American' went out to buy 2 ounces of silver each, it would stay @ $30 an ounce while they were doing it?

Hmmmm. 

Wed, 04/10/2013 - 23:22 | 3435109 rich_wicks
rich_wicks's picture

No, I don't think that at all.

I'm pointing out the scarcity of the metal.

In 1964, probably every American DID own at LEAST 2 ounces of silver, becuase it was in our coinage.  That would be all of $2.80 worth of dimes, quarters, or halves.

The stockpiles that were gathered for the last 10 centuries have been destroyed to such a point that the average American can no longer have what was just $2.80 worth of silver.  That ought to shock you - that people have been so absolutely impoverished in just 50 years.  This is going to blow up I think, I don't see how it can't.

Wed, 04/10/2013 - 23:25 | 3435120 Hulk
Hulk's picture

No the price would drop. Increased demand == lower price.

Its the new economics...

Thu, 04/11/2013 - 02:28 | 3435406 Svendblaaskaeg
Svendblaaskaeg's picture

"Pete and I was up in Klondike panning for BitCoins - We got up there and found this great vain but later found out it was just foooools-BitCoins"

Wed, 04/10/2013 - 22:19 | 3434911 kushmere
kushmere's picture

quite biased. 

Also about as intelligent as a chimpanzee on quaaludes.

 

Wed, 04/10/2013 - 23:35 | 3435163 phyuckyiu
phyuckyiu's picture

Enjoy your psychotic 'currency'.

Thu, 04/11/2013 - 00:13 | 3435238 AllThatGlitters
AllThatGlitters's picture

Ah, no answer, so revert to ad hominem.. we all know what that means.

Your're the kid who rode his bike way down the street and once a safe distance was placed between you and your adversary, turned around and yelled "F-You!" Right?

 

EDIT:  Whoops, this was intended for Kushmere's retort above.

Thu, 04/11/2013 - 00:41 | 3435279 AllThatGlitters
AllThatGlitters's picture

"The resilience of Bitcoin today has been amazing."

 - kushmere, after bitcoin drops 50% in a matter of hours

 

Monty Python's Black Knight comes to mind:  

http://www.youtube.com/watch?v=zKhEw7nD9C4

 

Kushmere pimps a bitcoin site, makes the ludicrous statement above, then calls somebody that dares to question Bitcoin "biased."

 

That's just rich.

Thu, 04/11/2013 - 09:27 | 3435909 sessinpo
sessinpo's picture

I think what you miss in the message is that bitcoins trading value is sporadic. Yes, I know it's a new derivative (and I said derivative on purpose) so because of its newness, it might have wide price swings.

 

Here is the thing. Bitcoins is sold as an alternative currency to fiat. It is even an alternative to PMs.

Do you want a currency with such wide price swings or would you want a currency that is stable? At this point, bitcoins is trading like any commodity such as wheat, corn, live cattle, coffee or whatever.

The idea of a currency, whether fiat or backed by some physical good, is to provide a stable medium of exchange.

 

Consider an economy with a fiat that makes such huge price swings every year. That would be chaos for international trade and would filter down into chaos for the end user, you and me. These wide price swings only show bitcoin fail.

Wed, 04/10/2013 - 20:39 | 3434532 Winston Churchill
Winston Churchill's picture

Twitches from a corpse.

RIP .

Wed, 04/10/2013 - 21:46 | 3434789 prains
prains's picture

the involuntary spasm of the lungs filling with water before the darkness washes over

Wed, 04/10/2013 - 22:27 | 3434943 hmmtellmemore
hmmtellmemore's picture

Growing pains from an infant.  People got a taste for the potential of BTC, and its close to being large enough.  At over $210, it will be big enough for $50,000 transfers without affecting the price.  It will have the bulk to sustain a myriad of uses that people are wishing to see in the 21st century.  The cats out of the bag, there is no going back now.

Wed, 04/10/2013 - 23:37 | 3435169 phyuckyiu
phyuckyiu's picture

A 60% drop in one day and he says the cats out of the bag. Indeed it is.

Wed, 04/10/2013 - 21:16 | 3434671 XenoFrog
XenoFrog's picture

The market is so small that this likely wasn't even a really big fish jumping out of the market. I will monitor this thread to see if the bitcoiner superfans plan on apologizing to any ZH'ers they convinced to "jump in before it's too late!" at a price north of $200.

 

Wed, 04/10/2013 - 21:31 | 3434724 Godisanhftbot
Godisanhftbot's picture

 It was the last anii hitting the bid instead of taking the offer that did it in.

Wed, 04/10/2013 - 22:30 | 3434949 Matt
Matt's picture

Did anyone actually make a recommendation to other people to buy bitcoin, particularly at any point over $200?

Thu, 04/11/2013 - 01:28 | 3435351 XenoFrog
XenoFrog's picture

Lots of people are catching the knife trying to get it back to $200.

Wed, 04/10/2013 - 22:30 | 3434950 hmmtellmemore
hmmtellmemore's picture

BTC are very cheap right now in the $160.  Next month you can apologize to us.

Wed, 04/10/2013 - 22:54 | 3435031 Harlequin001
Harlequin001's picture

Cheap to what?

Wed, 04/10/2013 - 23:40 | 3435178 phyuckyiu
phyuckyiu's picture

'next month you can apologize to us.' Wow even us metal bugs aren't that smug. Still waiting for someone to teach Truecrypt to my grandmother so she can mount her drives. She might ask you to repeat yourself about 1,000 times though.

Wed, 04/10/2013 - 23:46 | 3435197 hmmtellmemore
hmmtellmemore's picture

When BTC stabilizes above $180 for more than a day, then people will realize it is for real.  Many payment systems are gathering resources and capital to use BTC as infrastruture.  Mobsters, rogue nations, and even everyday people want a way to send money in a system that can take their $100,000+ transfers without blinking an eye.  At above $200 BTC that is possible.   If $180 is OK, then why not $200?  I expect prices stable over $200 before this Summer.  I would also expect a spike to $240 as well.

Thu, 04/11/2013 - 00:19 | 3435240 margaris
margaris's picture

We'll see.

What I like about BTC is that I see a lot of shops, media, developpers etc put a "Pay with BTC"- or "Donate Bitcoin"-Button next to the Paypal / Visa buttons they have on their websites.

That alone tells me that something big IS happening.

Pricefluctuations don't matter at this point, no matter HOW big they are...

If those "BTC-Buttons" start to disappear again, then BTC is dead. If they stay and multiply BTC has a future.

I am still grasping to understand why the price discovery has to happen on a few small exchanges....

Ok, we don't need central banks with BTC.... can't we extend this so we don't need exchanges too?

I mean when gold was beginning to be used as money a few thousand years ago... did they need an exchange to "know" what the value of gold is?

Was is not a constant comparing, adjusting and transacting that lead to a "widespread" measure of what amount of gold buys what amount of X?

Well ok, that's the definition of an "exchange"... but I mean a direct exchange of goods and services... and NOT an exchange of other "flawed" currencies.

Wed, 04/10/2013 - 22:56 | 3435021 wee-weed up
wee-weed up's picture

XenoFrog

"I will monitor this thread to see if the bitcoiner superfans plan on apologizing to any ZH'ers they convinced to "jump in before it's too late!" at a price north of $200."

Ha! Good luck with that!

Wed, 04/10/2013 - 22:52 | 3435022 TraderTimm
TraderTimm's picture

@XenoFrog

Oh, what a coincidence - not a peep out of you until we have some kind of price decline. Apologize? I thought ZH was full of "professional speculators". Am I to apologize to someone who should understand markets? It isn't any secret that something trading like Bitcoin did on the linear and log charts would eventually decline.

I guess the main difference is you'll say Bitcoin is "dead" while we'll cheerfully pick up the pieces and move along. We've been through this in various forms several times. We don't need your mock concern, honestly.

Wed, 04/10/2013 - 23:00 | 3435055 Harlequin001
Harlequin001's picture

What pieces? There aren't any.

Unlike gold of course...

Wed, 04/10/2013 - 22:18 | 3434903 Van Halen
Van Halen's picture

I keep seeing comments about using bitcoins to buy PMs but are there truly reputable PM dealers who accept bitcoins? Or are you yet at risk again of buying coated tungsten?

Wed, 04/10/2013 - 22:58 | 3435049 Dingleberry
Dingleberry's picture

Bitcoin ain't going anywhere. What you saw was a pump and dump on thin margins trying to shake weak money out into the strong (hedgies). Unlike when this shit happens on Wall & Broad, there is an extremely finite amount of bitcoins. And getting finiter. 

I'm not a bitcoin fan, but it will rise. The codes are unbreakable. The exchanges are the weak link.

For now. 

Wed, 04/10/2013 - 23:05 | 3435066 Harlequin001
Harlequin001's picture

'And getting finiter.'

How is it getting 'finiter'?

Wed, 04/10/2013 - 23:24 | 3435121 RebelDevil
RebelDevil's picture

Spot on analysis!
luckily, we have OTC exchanges now, but they're slow.

Thu, 04/11/2013 - 09:34 | 3435934 sessinpo
sessinpo's picture

Dingleberry    "The codes are unbreakable."

 

Says who?

What if I was the creator of the algorithm of bitcoins. I saw the run up in bitcoins as it traded as a commodity and decided to myself - "Hey, I can profit from this by creating another electronic money form.

After all, I know the bitcoin code. I can create another competing bitcoin."

 

Hmm, never thought about bitcoin competition, did you?

 

And may I ask, why is it you think that only one person or persons are smart enough to be able to code bitcoins and that no other person could break it?

Wed, 04/10/2013 - 20:06 | 3434405 knukles
knukles's picture

Somebody's getting pretty prickly about this BitCion thing and makin' it get some scabs and open sores around its figurative mouth...
I wonder who that could be?

Could it be Satin?
     -Church Lady

Wed, 04/10/2013 - 20:21 | 3434467 in4mayshun
in4mayshun's picture

You have something against satin? Personally I love satin sheets....

Wed, 04/10/2013 - 20:46 | 3434561 rich_wicks
rich_wicks's picture

I like seitan.  I ate some yesterday.

Wed, 04/10/2013 - 21:08 | 3434638 Quinvarius
Quinvarius's picture

I have a Sultans album.

Wed, 04/10/2013 - 20:48 | 3434568 Pure Evil
Pure Evil's picture

He's got you there Mr. knuckles. Satin has the touch of something almost..........Pure Evil.

Wed, 04/10/2013 - 21:15 | 3434674 Pool Shark
Pool Shark's picture

 

 

I don't know; satin shows no commitment.

Either go flat or semi-gloss...

 

Wed, 04/10/2013 - 20:12 | 3434421 defencev
defencev's picture

Who cares about your fucking theories? If I am merchant, I am not going to accept this shit called bitcoins taking into account presented chart. And this is pretty much the end of this fucking story. The fucking idiots who promoted this bullshit fully deserve this outcome.

Wed, 04/10/2013 - 20:17 | 3434447 BurningFuld
BurningFuld's picture

I am Merchant.......no Bitcoin here...gold...OK...Silver.....OK

Wed, 04/10/2013 - 20:37 | 3434523 nmewn
nmewn's picture

+1

(Not you personally) just let something go for half price yesterday.

Its a good life lesson (overall) that people learn what money is. Money is not an overdrawn account in some hut in Nigeria.

Wed, 04/10/2013 - 22:33 | 3434965 Matt
Matt's picture

You could take payment via BitPay; that way, you recieve USD (or whatever your preferred fiat money in digital form is). Seems pretty low risk to me. Also, BitPay has overtaken Silk Road in volume, which indicates more BTC are now used for legitamate purchases than illicit ones.

Wed, 04/10/2013 - 21:18 | 3434684 Pool Shark
Pool Shark's picture

 

"I am Merchant.......no Bitcoin here...gold...OK...Silver.....OK"

 

Boris? Is that you?

 

Wed, 04/10/2013 - 20:35 | 3434517 msmith9962
msmith9962's picture

Good point.  I wonder if the merchants who sold shit today when it was at $260 are going to deliver their goods and/or stop taking bitcoins.

Wed, 04/10/2013 - 20:37 | 3434528 fonzannoon
fonzannoon's picture

wow a bitcoin DK. I never considered that angle.

Wed, 04/10/2013 - 23:43 | 3435188 phyuckyiu
phyuckyiu's picture

Great point. If the gold coin dealers accepting bitcoin don't deliver at $265, the gig is up. Period. Should be very interesting.

Thu, 04/11/2013 - 01:08 | 3435314 francis_sawyer
francis_sawyer's picture

I'm glad you're around... I've been HAMMERING these same points to these 12 year olds... Hey kids ~ the 'field trip' is over & as it turns out, you DIDN'T get to feel up little Jennys budding nubs in the back of the bus on the way home...

Scroll up...

See that fucking chart up there... It's a goddamned reverse pennant... Know what that means?... It means the science project is over... It means, AT BEST, $26.6 for your little shitty babysitting money...

But you won't bail now, will you?... No ~ you'll wait until $25 [at which you'll have given up and will have to use two hands to click the sell button while you scream 'Mt. GOOOOOOOOOXXXXX'!

Wed, 04/10/2013 - 21:50 | 3434804 malikai
malikai's picture

If you accept BTC commercially, you normally offload your BTC into local fiat right away (for tax liability you must account for it immediately at TOS in most jurisdictions).

Also, if you accept BTC commercially, you also accept the vol and risk.

Wed, 04/10/2013 - 23:09 | 3435076 Kirk2NCC1701
Kirk2NCC1701's picture

I didn't want to say it yesterday, lest it become self-fulfilling, but one way for the Fed to snuff the BTC baby, is to pump & dump. In the hopes of scaring the masses.

/ Ah, the joys of free market dynamics, especially when the speculators and Feds get involved. /s

Wed, 04/10/2013 - 21:25 | 3434690 malikai
malikai's picture

As a merchant, I gladly accept BTC.

I'm not quite sure what the "outcome" is that you are referring to. But I am certain that instead of BTC or Gold, you take fiat. I find it silly how people who don't do something pontificate on what those who do, do.

Wed, 04/10/2013 - 21:30 | 3434717 Godisanhftbot
Godisanhftbot's picture

 As a merchant , you'll sell your grannie for a profit.

Wed, 04/10/2013 - 21:41 | 3434764 malikai
malikai's picture

That's very socialist of you, comrade.

Am I your bourgeoise?

Wed, 04/10/2013 - 21:48 | 3434797 FIAT
FIAT's picture

no.

you're just a trash peddling jew liar (redundancy acknowledged)

Wed, 04/10/2013 - 21:49 | 3434809 malikai
malikai's picture

Solid. I didn't know I was a jew or trash peddler.

Thanks for the insight into nowhere.

Wed, 04/10/2013 - 23:45 | 3435194 phyuckyiu
phyuckyiu's picture

What labor or items do you trade to bitcoins. Give us some concrete information other than this 'i'm a merchant who accepts bitcoins' crap.

Thu, 04/11/2013 - 05:03 | 3435499 malikai
malikai's picture

If you don't know, don't worry. You don't need to know.

Wed, 04/10/2013 - 22:34 | 3434969 nmewn
nmewn's picture

Dickhead.

Thu, 04/11/2013 - 01:48 | 3435374 freedogger
freedogger's picture

You might when you realize that the gov has no way of proving that you received any income or were part of any transactions. Snipped from a Bloomberg article

If widely adopted, crypto-currencies would cripple government in three central functions: taxation, police and macroeconomic stabilization.


Wed, 04/10/2013 - 20:26 | 3434485 Groundhog Day
Groundhog Day's picture

If its one thing ZH readers and i for one have learned over the past 3 years is the resiliancy of the central banks and politicians.  When push comes to shove bitcoin will be hacked, manipulated or outright EMP'ed if it becomes a viable alternative to fiat.

Wed, 04/10/2013 - 20:31 | 3434496 dark pools of soros
dark pools of soros's picture

funny thing is, non of you guys will stand by any of your words when the bitcoin market grows and grows stronger..   you will just go back to saying it'll die,  just you watch!!

I guess you all love the central bankers.. you seem to worship their power

Wed, 04/10/2013 - 21:18 | 3434618 francis_sawyer
francis_sawyer's picture

Grows stronger?

~~~

Do you call the behavior of that market, today, a sign of strength?

Furthermore... Most of us were outright SCREAMING for the past few weeks that a 'hockey stick' pattern was a sign of something weak & unstable...

Now ~ toss in the 'merchant' EXODUS [as described above]...

It's hard to say when bitcoins will overcome the threshhold of TRUST...

Things are getting WORSE, not better...

Wed, 04/10/2013 - 21:42 | 3434777 malikai
malikai's picture

One guy states an opinion, another guy who has never taken btc says he never will.

..And this is an exodus? Thank god we have you around to give such superior insight.

Keep the hits a'coming!

Wed, 04/10/2013 - 21:59 | 3434843 A Nanny Moose
A Nanny Moose's picture

That's 66% of the people who have stated they are merchants, that I have read so far, on this thread, including you. That doesn't bode well for BTC.

I won't buy or sell anything in BTC, because pricing is impossible under such volatility.

Wed, 04/10/2013 - 22:39 | 3434979 francis_sawyer
francis_sawyer's picture

& for the record... I was speaking of the 'phenomenon' of a merchant exodus... [which, anecdotally, is proving to be a viable concern]

~~~

Arguing with bitcoiners really pisses me off sometimes because you can articulate a hypothesis or theoretical outcome [based on logic or experience], and you get ridiculed for that instance having never occurred... Then when it happens, they scuttle on off to the next argument...

Fukushima... What could possibly go wrong?

Wed, 04/10/2013 - 23:10 | 3435080 Manipuflation
Manipuflation's picture

Mr.s M indicates the reason why.  20 somethings are weak minded and make for good cannon fodder because they think they know it all.  She's not usually too far off base.

Has anyone bought anything phyzz, coin or bullion, with bitcoin?  If so, how did that go?  I mean, there have to be some stories of conquest right? 

Thu, 04/11/2013 - 07:10 | 3435578 malikai
malikai's picture

One of my best friends, not me sadly, just bought several eagles on Tuesday. He also got a car, which I won't divulge the details of.

Real solid top-ticking, imo. Especially, considering he is able to buy it all back net zero today.

Thu, 04/11/2013 - 05:31 | 3435515 Acet
Acet's picture

That's the exact same experience as one has when discussing religion with a deeply religious person or sports with a hardcore fan or politics with a strong supporter of one side.

It's because they're emotionally invested in it: their mental process about it is "start with a conclusion, find examples that seem to support it, ignore or disbelief inconvenient things", almost the exact opposit of the rational skeptic or of the scientific method.

Or at least that's my generous conclusion when it comes to Bitcoin and its defenders here. The less generous conclusion is that some are manipulative assholes knowingly trying to find more suckers so that they can offload at a higher profit.

Me, I'll keep off from Bitcoin since so far a hard-nosed analisys of it shows it's full of problems and because its structure is such that it gives huge benefits to early adopters but requires a constant flux of new adopters just to stay afloat, exactly like a Ponzi.

Thu, 04/11/2013 - 07:08 | 3435494 malikai
malikai's picture

With a sample size of 3, I think it's quite difficult to determine any sort of trend. But what do I know?

Your second argument would be correct, except for the fact that pricing is done automatically. I do not need to price BTC's value and neither does any merchant. You simply take your exchange rate and quote your local fiat price * xrate. All multicurrency shopping carts (BTC especially) do this, and if you have a custom application such as mine, you write a back/front office to do it for you.

Just because it is volatile, doesn't necessarily mean you have to take on lots of vol risk. I didn't lose a penny yesterday and my tax liability is flat.

+1 for a semi non-inflammatory response.

Wed, 04/10/2013 - 21:18 | 3434685 XenoFrog
XenoFrog's picture

Does your psychiatrist take bitcoins?

Wed, 04/10/2013 - 22:53 | 3435023 WmMcK
WmMcK's picture

My hypnotist does -- but he won't take a check, credit or debit card.

Silver also works fine.

Wed, 04/10/2013 - 23:24 | 3435118 AllThatGlitters
AllThatGlitters's picture

Your hypnotist?  Hah hah..  That explains everything! You won't stop believing that BTC is money until he / she snaps fingers and counts backwards from 10, right?

Wed, 04/10/2013 - 23:47 | 3435202 phyuckyiu
phyuckyiu's picture

Wow your hypnotist takes bitcoins. Impressive. Does your Tarot Reader take bitcoins as well? Perhaps your Palm Reader as well? Click your heels three times then open your eyes.

Wed, 04/10/2013 - 21:48 | 3434802 Croesus
Croesus's picture

@ dark pools of soros:

When has my story ever changed? I said it was a scam then, and I say it's a scam now. I never said you can't make any money off of it, just that I wouldn't put any of my money in it (fiat, wampum, or other) .

I've also said the following about 3-4 times by now (at least):

Bitcoin is not "fighting the system", or "fighting TPTB"; It is fully-trackable, and not the least bit anonymous, so you guys are doing exactly what TPTB have wanted you to do for years.

But hey, what do I know? It's not like I haven't been around the block a few times.

 

 

 

Wed, 04/10/2013 - 22:27 | 3434945 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

"Bitcoin is not "fighting the system", or "fighting TPTB"; It is fully-trackable, and not the least bit anonymous, so you guys are doing exactly what TPTB have wanted you to do for years."

 

I've always thought bitcoin would either peter out or become a template (there's that word again) for TPTB to build the most personally invasive currency ever conceived.

Wed, 04/10/2013 - 23:27 | 3435130 Kirk2NCC1701
Kirk2NCC1701's picture

HSBC postet at Toronto airport: picture of index finger with BTC RQ code on it, and the caption "Your DNA will be your data".

Need one say more?

Like it or not, admit it or not, but... TPTB will allow BTC to run long enough to create sustainable demand for cyber currency and work out the bugs, for them to step in and take it to the next level. SOBs!

Wed, 04/10/2013 - 22:48 | 3435004 i-dog
i-dog's picture

 

"Bitcoin is not "fighting the system", or "fighting TPTB"; It is fully-trackable, and not the least bit anonymous, so you guys are doing exactly what TPTB have wanted you to do for years."

EXACTLY!

Thu, 04/11/2013 - 01:15 | 3435332 francis_sawyer
francis_sawyer's picture

Farcebook... on steroids...

Thu, 04/11/2013 - 08:03 | 3435645 Overflow-admin
Overflow-admin's picture

With a very very tiny exception for the hackers that know how to use computers adequately to protect their privacy and biz.

Wed, 04/10/2013 - 22:04 | 3434859 Groundhog Day
Groundhog Day's picture

We don't love them, we dispise them.  If they can do what they did in cyprus, do you really think they will stand by and let bitcoin takeover and ruin their corrupt system which took decades to build?  If you really do believe that i have a bridg i need to sell.  Call me asap and btw i will accept your bitcoins for the bridge.

Wed, 04/10/2013 - 21:07 | 3434636 lickspitler
lickspitler's picture

INCREMENT BITCHEZ

Wed, 04/10/2013 - 21:12 | 3434661 lickspitler
lickspitler's picture

Well at least they are moving.

Unlike the T-Rex that is Gold  lying there like a beached whale

Wed, 04/10/2013 - 21:22 | 3434700 RideTheWalrus
RideTheWalrus's picture

That beached whale is a delicacy in China. When they are done harvesting, then you'll see a great awakening.

Wed, 04/10/2013 - 21:51 | 3434810 UH-60 Driver
UH-60 Driver's picture

Why are they fucking?  I "downed" you too, for lack of class.

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