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Bitcoin Hits New Record, Crosses $250

Tyler Durden's picture




 

It seem like it was only yesterday that Bitcoin crossed $200 for the first time. Oh wait, it was.  It is now 24 hours later, and as parabolic rises imply, it is only "fair" that the price of the electronic currency (expressed in the same currency that incidentally can be created out of thin air and is used to transact for BTC) is some 25% higher, or well over $250.... In one day.

As before we will merely continue to watch in quiet amazement as the parabolic chart gets parabolic-er, but we will suggest this: those who absolutely must chase this runaway chart should not "invest" one penny more than they are comfortable losing, and as we said before, "This leaves us with the question, which line item on the Fed's Balance Sheet is 'Virtual Currency Transactions'... what better way to destroy an up and coming currency competitor than to blow a bubble in it and explode it?" Because the fervor for BTC now will only turn to all out loathing and disgust if and when one of the major buyers in the illiquid market decided to take out all stops to the downside (if only Mt Gox had stops that is) and send the price of BTC, expressed in paper money and thus analyzed not as a currency but as an asset, plunging.

 

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Wed, 04/10/2013 - 08:08 | 3430247 A_Dog
A_Dog's picture

Woke up at exactly 6:00. I need no alarm clock. Two women saw my bitcoin investment and woke me by sucking my cock, which by the way is 17 and a half inches. I didn't need to shower, because my body self cleanses and mypores emit the manliest cologne possible.

I got in my 2013 Lamborghini Murcielago that I bought for 10 bitcoins and another one of my fuck buddies was waiting in the passenger seat. She was in the car all night, because she couldn't sleep without me having penetrated her. 

She hopped on me and started riding my dick while I squeezed her tits and drove with my knees. In three seconds, I arrived at the gym, which was fifty miles away. I threw her off me, and she quickly returned to the passenger seat, where she would sit until I got back. When I got out the car, I flexed.

My bulging, huge, muscles ripped my shirt off, and six women lined up. We had an orgy, which didn't last too long. Each woman climaxed when my cock came within five inches of her pussy, and went into an eternal state of euphoria after I put it in. I came, and three hundred gallons of semen shot out. It landed in Ghana, and ended the drought.

I hovered into the gym, because the ground was too scared of my calf muscles to touch my feet. After benching seven thousand tons, I squatted four million kilograms. I started doing my four hundred laps around California, but I got a phone call. It was a conference call with nineteen supermodels and bitcoin president. 

They orgasmed after hearing my voice. My fuck buddy in the car was getting lonely, so I went back. She sucked me off as I took the three second drive back home. I left her in the car and went inside, to type this to you. Be honored. Bitcoins rule.

 

Wed, 04/10/2013 - 08:11 | 3430268 GetZeeGold
GetZeeGold's picture

 

 

See the glory.....of the Royal Scam.

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

 

Wed, 04/10/2013 - 08:18 | 3430313 johnQpublic
johnQpublic's picture

if this hockey stick is as legitimate as al gores climate change hockey stick, then lookout below

Wed, 04/10/2013 - 08:22 | 3430332 New England Patriot
New England Patriot's picture

But will it bloom every spring?

Wed, 04/10/2013 - 08:42 | 3430405 MagicHandPuppet
MagicHandPuppet's picture

How do I buy bitcoin shorts?

Wed, 04/10/2013 - 08:53 | 3430444 The Juggernaut
The Juggernaut's picture

THIS is how gold should perform if it wasnt was control by JPMorgan

Wed, 04/10/2013 - 08:57 | 3430474 draug
draug's picture

"Why isn't my gold rocketing in value? The guy on the internet said it would. It's not FAIR!"

Wed, 04/10/2013 - 09:01 | 3430481 kaiserhoff
kaiserhoff's picture

It's a momentum trade, Tyler.

Ain't ya learnt nuttin'?

Now...., what can I pair that with.  Oh yeah.

KARDASHIAN   VIRGINITY...   2 microseconds ahead of you, Hundin.

Wed, 04/10/2013 - 09:13 | 3430562 Ignatius
Ignatius's picture

Here:

 

Hey!

Don't you?

Don't you?

Have an i-dea?

 

https://www.youtube.com/watch?v=2VRfAOSHAEA  (volume to LOUD)

Wed, 04/10/2013 - 14:25 | 3432488 NewThor
NewThor's picture

The King has no Bitcoin clothes!

Wed, 04/10/2013 - 08:55 | 3430463 draug
draug's picture

The conspiracy theories ("the central banks are doing it") are just stupid. This rise in BTC is easy enough to explain: bitcoin has gone viral, with some extra help from the Euro/Cyprus crisis. Just look at all the media attention it's gathering right now, bringing in lots of new people who try it out. In a thin market like BTC this has an enormous impact.

It's impossible to say how much of todays valuation will go away when the speculative premium pops, my guess is that right now is a horrible time to buy BTC. However, after it pops there will still likely be more total users than before the bubble started, so I'm a long term optimist.

Wed, 04/10/2013 - 08:58 | 3430477 EscapeKey
EscapeKey's picture

Some people refuse to take responsibility for anything, and thus, it's far easier to blame some invisible entity for something they think just ain't so.

Not saying that the BIS doesn't exist, etc, but some of the shit I've heard on the Alex Jones show frankly makes me question whether I should laugh or cry.

Wed, 04/10/2013 - 08:58 | 3430469 EscapeKey
EscapeKey's picture

Step 1: Go long bitcoin.

Step 2: Short bitcoin, borrowing your own long in the process. But obviously, you have to promise yourself that you'll return your bitcoin at a later point, or you won't get to borrow your bitcoin.

Wed, 04/10/2013 - 09:01 | 3430488 deKevelioc
deKevelioc's picture

DARPA. the mystery developer of Bitcoin, will come out with a future after every PM investor dumps his real money to jump aboard the Bitcoin train.

Wed, 04/10/2013 - 10:06 | 3430865 Scarlett
Scarlett's picture

I think DARPA was a little naïve to release open-source code that's basically tried and true and everybody understands.  

 

At any rate, /r/bitcoin is growing super-exponentially.  Now reaching 1000 new subscribers per day, and accelerating super-exponentially.  There is still fuel to go.  

 

 

Wed, 04/10/2013 - 09:05 | 3430515 Dingleberry
Dingleberry's picture

Bitcoin chart looks like one showing the price of half-eaten boxes of Twinkies on ebay when you fat fuckers were panicking about them going out of business.

When bitcoins can be used for hookers and coke, wake me up. I'm all in at that point.

 

Wed, 04/10/2013 - 09:10 | 3430558 draug
draug's picture

There's already a large black market economy using bitcoin. Not sure about hookers but you can probably find coke pretty easily.

Wed, 04/10/2013 - 09:19 | 3430630 fuu
fuu's picture

See reddit.

Wed, 04/10/2013 - 09:12 | 3430563 Wile-E-Coyote
Wile-E-Coyote's picture

Why do I get the feeling bitcoin is a Muppet trap.

Wed, 04/10/2013 - 08:26 | 3430348 LawsofPhysics
LawsofPhysics's picture

Ha!  Plus one for the "Al Gore hockey stick" remembrance.  Wake me when I can buy diesel for my tractors with bitcoin.

Wed, 04/10/2013 - 08:53 | 3430416 vmromk
vmromk's picture

Selling all my physical gold & silver and going all in on Bitcoin.

Then when it blows up, I'll have no excuse but to blow my brains out.

 

Wed, 04/10/2013 - 08:20 | 3430325 WmMcK
WmMcK's picture

"He reads the letter
How they are paid in gold
Just to babble in the back room
All night and waste their time
And they wandered in
From the city of St. John without a dime."

... Lies of riches ...

In the land of milk and honey --
oops that's from Can't Buy a Thrill,
another ancient relic.

Love all of the Dan.

Wed, 04/10/2013 - 08:55 | 3430452 Smegley Wanxalot
Smegley Wanxalot's picture

No worries

 

Soon enough there will be a Federal Bitcoin Reserve Bank, and then and only then through Computative Easing will there be enough bitcoins to fill the needs and demands of a growing world economy which shall not be lynched on a Cross Of Gold.

Wed, 04/10/2013 - 08:10 | 3430271 CH1
CH1's picture

I think everyone is expecting a pullback at some point here.

The question is long-term demand. Either it's there (and it should be) or it's not.

Wed, 04/10/2013 - 08:10 | 3430280 unrulian
unrulian's picture

it's going to go up forever....

 

/s

Wed, 04/10/2013 - 08:15 | 3430305 NewThor
NewThor's picture

Speaking of things that are digital and doing AWESOME right now.

Part 2 of my Epic Series Comet ISON WTF NASA?

Is hot off the press....

http://www.youtube.com/watch?v=PaD4wewuVYU

Part 1 is here...

http://www.youtube.com/watch?v=h5a7uwDkgZs

Enjoy, bitchez!

 

Wed, 04/10/2013 - 08:44 | 3430418 kridkrid
kridkrid's picture

that was pretty funny. My attention span only got me through 2 minutes of the first installment, but funny.

Wed, 04/10/2013 - 08:18 | 3430310 francis_sawyer
francis_sawyer's picture

<ZOMG> Buy now or get priced out...

Wed, 04/10/2013 - 08:22 | 3430324 NewThor
NewThor's picture

I just invested ONE MILLION AMERICAN DOLLARS

in digital bullets. They are going to be awesome as soon

as they are invented properly.

Wed, 04/10/2013 - 08:45 | 3430420 jbvtme
jbvtme's picture

with a 4D printer?

Wed, 04/10/2013 - 08:19 | 3430312 Anasteus
Anasteus's picture

A must-have desktop wallpaper for all Bitcoin freaks...

http://preev.com/btc/usd

Wed, 04/10/2013 - 08:43 | 3430411 draug
draug's picture

We've had this exact pattern once before, when BTC after some media attention exploded to the "ridiculous" valuation of $30 - before collapsing. But note that it never collapsed back to anywhere near the pre-bubble values. I suspect the same will happen here. BTC can hit $300-$500 easy from this point before the bubble pops. But it won't go back down all the way. In fact bitcoin may continue to rise towards a stable value through a series of violent bubbles.

It's hard to predict the future, but long term I'm a BTC bull.

Wed, 04/10/2013 - 11:19 | 3431472 licutis
licutis's picture

The price only colapsed due to the hack and crash of mtgox, its really hard to say what would have happened if mtgox remained secure at that time. 

Wed, 04/10/2013 - 08:49 | 3430437 deKevelioc
deKevelioc's picture

"Pullback?"  Sure, buy on the dips, and watch this thing crash on your face.

Wed, 04/10/2013 - 09:07 | 3430534 deKevelioc
deKevelioc's picture

You must be joking; someone junks my comment.  Now we really know that this thing is a bubble.

Wed, 04/10/2013 - 09:26 | 3430683 deKevelioc
deKevelioc's picture

Now stop that junking.  It's not funny.  I mean it, seriously.  I'll tell your mother.

Wed, 04/10/2013 - 16:38 | 3433502 deKevelioc
deKevelioc's picture

It's 4:34 p.m.; do you know the price of a Bitcoin?  It crashed in your face, as I suggested.  Come on, people, get the real thing: gold and, especially, silver.  Stop playing around and get the physical stuff.

Wed, 04/10/2013 - 08:10 | 3430272 Bearwagon
Bearwagon's picture

Careful with that Murcielago: Fire-hazard!

Wed, 04/10/2013 - 08:25 | 3430346 PaperWillBurn
PaperWillBurn's picture

fyi

No Murcielago in 2013

Wed, 04/10/2013 - 08:30 | 3430360 Zgangsta
Zgangsta's picture

But everything else was absolutely true.

Wed, 04/10/2013 - 08:10 | 3430274 lickspitler
lickspitler's picture

Increment BITCHEZ

Wed, 04/10/2013 - 08:19 | 3430317 Downtoolong
Downtoolong's picture

Just a little more hype and bravado and you’ll have the script for a Dos Equis commercial.

“Stay greedy my friends”

Wed, 04/10/2013 - 08:31 | 3430340 A_Dog
A_Dog's picture

 

I'm working on it.

Wed, 04/10/2013 - 08:30 | 3430368 francis_sawyer
francis_sawyer's picture

You just characterized what the Get.Off.My.Lawn crowd thinks about the mentality of bitcoiners...

~~~

Remember folks, francis_sawyer is the resident nutjob around here...

Wed, 04/10/2013 - 08:56 | 3430461 AlaricBalth
AlaricBalth's picture

Your comment allowed me a moment to reminisce about growing up in the '60s and 70's. I recall playing baseball on the backyard. One time, one of my buddies nailed a liner into the neighbors bushes behind his house. I ran over to retrieve it and the this old dude came out yelling at me, "get out of here!" I ran like hell and he kept our ball. Later that night my buds and I put some sugar in his gas tank. ;-)

I don't see the kids playing ball outside anymore. Kinda sad...

Wed, 04/10/2013 - 09:03 | 3430497 LawsofPhysics
LawsofPhysics's picture

"sugar in the gas tank"  - fortunately, by the time we were kids, we knew where the Roundup was and how to use it.  That old man never did figure out why nothing ever grew in his yard again, ever...

Wed, 04/10/2013 - 09:11 | 3430573 Oldballplayer
Oldballplayer's picture

We just broke into his house that night, put as knife to his throat and gave him 30 days to sell his house and move out.

 

He was gone in a week.

Wed, 04/10/2013 - 09:20 | 3430636 Ignatius
Ignatius's picture

Chicago?

Wed, 04/10/2013 - 09:41 | 3430774 LawsofPhysics
LawsofPhysics's picture

Unfortunately, this opld man was a well armed and and trained Vietnam Vet.  Wasn't going to go threre.  Be careful what you wish for.

Wed, 04/10/2013 - 09:03 | 3430508 CH1
CH1's picture

I don't see the kids playing ball outside anymore. Kinda sad...

It is. Of course, parents these days know that every person on the street is a pedophile killer.

Wed, 04/10/2013 - 09:16 | 3430608 WarHorse
WarHorse's picture

The kids are too busy mining bitcoins to play outside

Wed, 04/10/2013 - 09:25 | 3430666 francis_sawyer
francis_sawyer's picture

So that when they strike it rich, they can afford to BECOME pedophiles... That dude with the first comment <above>, will soon become tired of supermodels & lambos...

Wed, 04/10/2013 - 08:32 | 3430375 Bearwagon
Bearwagon's picture

“One thing you still lack. Sell all that you have and distribute to the poor, and you will have treasure in heaven; and come, follow me.”

by Dead Dude

Wed, 04/10/2013 - 08:51 | 3430440 Tree of Liberty
Tree of Liberty's picture

"God will not be mocked"

"Dead Dude" - It is written that he rose from the dead on the third day into heaven and is seated on the right hand of the Father.

His Name is "Jesus Christ" and you should seek him while you can still find him.

-Just saying!

Wed, 04/10/2013 - 09:37 | 3430746 oddjob
oddjob's picture

Sending someone to hell for mocking seems fairly unchristian.

Wed, 04/10/2013 - 09:43 | 3430798 Bearwagon
Bearwagon's picture

Look up Luke 18. 11 again, Pharisee

- Just saying (and no offence taken)

Wed, 04/10/2013 - 08:23 | 3430343 All Out Of Bubblegum
All Out Of Bubblegum's picture

> I hovered into the gym, because the ground was too scared of my calf muscles to touch my feet.

It sounded believable until here.

Wed, 04/10/2013 - 09:48 | 3430816 dick cheneys ghost
dick cheneys ghost's picture

@Bubblegum, can you explain what you mean by these words that you wrote:

 

''The old fashioned way. Buy some bitcoins. Sell them because you know they'll drop. Buy the low priced bitcoins and repeat. You'll be rich in no time.

I sell bitcoins at market price plus 5%. It might go up to 6% if demand stays this heavy.''

Wed, 04/10/2013 - 08:34 | 3430378 Quinvarius
Quinvarius's picture

That post was the only thing that ever came close to making me want a bitcoin.

Wed, 04/10/2013 - 08:37 | 3430394 I Am Not a Copp...
I Am Not a Copper Top's picture

Definitely one of the funniest things I have read here in a while

Wed, 04/10/2013 - 08:47 | 3430421 CheapBastard
CheapBastard's picture
Mali to give France new camel after first one is eaten

 

http://news.yahoo.com/mali-france-camel-first-one-eaten-154238784.html

 

See. Things are not that bad.

Wed, 04/10/2013 - 09:55 | 3430871 ParkAveFlasher
ParkAveFlasher's picture

...along with a boulliabaise (sp) recipe?  "Stewed" camel can be so boring...

Wed, 04/10/2013 - 08:49 | 3430435 HD
HD's picture

 I call bullshit.

"Woke up at exactly 6:00. I need no alarm clock."

No one can do that. No one.


 

Wed, 04/10/2013 - 09:14 | 3430587 Oldballplayer
Oldballplayer's picture

I don't believe it either.  Who would let a drippy skank sit on their leather seats all night?

How do you get THAT smell out?

Wed, 04/10/2013 - 10:14 | 3430701 HD
HD's picture

I'm assuming he only uses each car once. He balls up the used car with his bare hands and throws it into the sun.

Wed, 04/10/2013 - 08:54 | 3430454 thermroc
thermroc's picture

This dog reeks

Wed, 04/10/2013 - 09:11 | 3430574 Fuh Querada
Fuh Querada's picture

perhaps you ought to leave your semen in the naval base.

Wed, 04/10/2013 - 10:16 | 3431012 Monedas
Monedas's picture

I approve this message !        Monedas     1929      Comedy Jihad World Tour

Wed, 04/10/2013 - 10:54 | 3431258 earleflorida
earleflorida's picture

@ AssHole DOG...

you fucking worthless troll ... 2 weeks on ZH and you think you can paint the forum with your puerile porno

your just a useless cunt...

you POS!!!

get lost!!!!!!!!!!!!! 

Wed, 04/10/2013 - 10:50 | 3431261 SokPOTUS
SokPOTUS's picture

Apparently, ZH is now up to 45 female readers, worldwide....

Wed, 04/10/2013 - 13:11 | 3432118 EINSILVERGUY
EINSILVERGUY's picture

I remember the first time I read a Penthouse letter

Some decorum please

 

Wed, 04/10/2013 - 08:05 | 3430251 jeebus
jeebus's picture

Bitcoin is making me feel extremely dirty now.

 

I'm not sure if my newfound wealth is something to be celebrated, or feared. Maybe both.

 

Just traded some of my bitcoins on amagimetals. Bought a BUNCH of maples and eagles.

 

Hi-5 zero hedgers!

Wed, 04/10/2013 - 08:08 | 3430261 JPM Hater001
JPM Hater001's picture

Hey buddy, do you have a pin I could borrow?

Wed, 04/10/2013 - 08:18 | 3430320 NewThor
NewThor's picture

An EMP is a Bitcoin White Swan.

Wed, 04/10/2013 - 08:46 | 3430331 francis_sawyer
francis_sawyer's picture

& once again... The prophetic words of francis_sawyer manifest in real life before your very eyes...

~~~JUST YESTERDAY~~~

http://www.zerohedge.com/news/2013-04-09/short-squeeze-silver-surges-mos...

@Dagny

~~~

Bitcoin crew... Bragging about 'grandslams'... Coming on to ZH to tout their 'winnings' & how they cashed in their original stack [leaving them still with some bitcoins in their wallet]... & buying silver this morning... No WAIT... late last night...

Coming in 5...4...3...2...

~~~

Phases of BITCOIN mania

1. It's cool & techy... I'll toss some money at it & be coolest dweeb at the Star Trek convention

2. Hey ~ I just ordered a new graphics card & paid with bitcoins... Sweet... I will destroy all 'World of Warcrafters' in my path

3. I'll get myself a miner & mine me some coins... Hell with paying 'money' for upgrades anymore

4. OMG ~ the price just went from $5 to $10 bucks... My miner is too slow... I'll plow some of my Best Buy Geek Squad earnings into this

5. $10 - $20 ~ Now that ZH website is featuring BITCOIN ALL DAY articles... I think I'll go troll there some & spread the gospel

6. $20 - $50 ~ Still nobody believes me?... OK ~ I'll just look around and find some random causality to make my case [that Cyprus thing looks good]

7. $50 - $100 BITCHEZ!

8. $100 - $200 ~ This thing could go to a billion... I'm a fucking billionaire... I'm going to go look for Ferrari's tomorrow

9. $200+ Hmmm... I'd better sell just a few & buy silver so I can troll to those ZHers that I'm fucking Jesse Livermore [but  I still believe it's going to Pluto]

10. $200 + + Nothing I say anymore has anything REMOTELY to do with 'digital non-fiat' currency, or the merits... It's all about how many yachts I'll be able to buy...

Wed, 04/10/2013 - 09:24 | 3430671 mess nonster
mess nonster's picture

I lost all my bitcoin in an unfortunate boating accident?

Wed, 04/10/2013 - 09:26 | 3430691 francis_sawyer
francis_sawyer's picture

bitcoiners don't need boats... They 'HOVER', remember?... They only need the boats to ferry arround all their skanks...

Wed, 04/10/2013 - 08:15 | 3430296 aphlaque_duck
aphlaque_duck's picture

I think you mean you sold your bitcoin for a bunch of US and Canadian legal tender coins, having a face value $50 ea.

Wed, 04/10/2013 - 08:18 | 3430309 Dr. No
Dr. No's picture

careful on that boat trip.  The sea is angry today my friend.

Wed, 04/10/2013 - 10:26 | 3431072 Buckaroo Banzai
Buckaroo Banzai's picture

Like an old man trying to send soup back at a deli.

Wed, 04/10/2013 - 08:19 | 3430316 Awakened Sheeple
Awakened Sheeple's picture

Reminds me of the blow off in silver. About a week or so before it topped, gold started to catch ...

Well done jeebus!

Wed, 04/10/2013 - 20:18 | 3430344 jeebus
jeebus's picture

huh

Wed, 04/10/2013 - 08:43 | 3430409 jeebus
jeebus's picture

How Jeebus got his money outside the banking system:

Step 1: Recognize bitcoins as significantly undervalued at $10-15. Use bitcoin related services to purchase lots of bitcoins.

Step 2: Notice that bitcoin is getting absurdly absurdly hot and going up every day on no news. Conclude that perhaps it is time to sell.

Step 3: Purchase lots and lots of gold and silver from amagi metals. I think I may have purchased a significant amount of their inventory.

Step 4: Consider purchasing a rocket launcher on the bitcoin black market to protect myself.

 

 

Wed, 04/10/2013 - 10:39 | 3430723 francis_sawyer
francis_sawyer's picture

And here it comes people...

~~~

For the next [insert period of time here]... All you're gonna hear are the stories of the TITANS OF INDUSTRY [like jeebus]... Who never built anything with their hands & probably needs velcro shoes, how they SAW VALUE...

They'll be going on book & seminar tours & be on every single all night infomercial ad to regale you with stories about their PATH TO GLORY...

~~~

Unless, of course, it all crashes... Whereby you'll hear stories about how they 'top-ticked' the whole thing & went long physical silver... Unless paper silver crashes too, whereby you'll hear that it's all fiats under the mattress [you know  - those little things that they hated in the first place]...

~~~

I'd applaud you people if you weren't so FOS... Here's your actual story <from above>

 

How Jeebus got his money outside the banking system:

Step 1: Be a geek & take a flier on bitcoins... Get lucky & hit the lottery...

Step 2: Notice that bitcoin is getting absurdly absurdly hot and going up every day on no news. Conclude that perhaps it is time to sell [FOS alert right here, because if you REALLY believed in bitcoin, why would you ever sell?... You see... Motives change when the idea of 'profits' sink in]...

Step 3: Purchase lots and lots of gold and silver from amagi metals. I think I may have purchased a significant amount of their inventory.

Step 4: Consider purchasing a rocket launcher on the bitcoin black market to protect myself. [IOW - 'Trade in & Out of Bitcoin as a commodity' going forward, which is completely different than my original motive ~ At this point, I'm only a profit whore and will redeem such profits into something PHYSICAL, NOT DIGITAL, from here on out even though I spent countless hours blabbing about how 'digital' was the new paradigm & the Get.Off.My.Lawn crowd can go fuck themselves]...

~~~HERE'S ANOTHER STORY~~~

How francis_sawyer got his money outside the banking system:

Step 1: Work & earn money producing goods, or services & save your money

Step 2: Pay off all debt

Step 3: Close bank account

Step 4: Buy land, food, guns, ammo, & PM's

I'm definitely not as smart as you...

Wed, 04/10/2013 - 11:53 | 3431682 jeebus
jeebus's picture

You are an embittered person.

Wed, 04/10/2013 - 08:31 | 3430364 swmnguy
swmnguy's picture

Bear in mind that US and Canadian Legal Tender Coins in $50 denominations can function after being submerged in water, unlike electronics.  Which is probably why there are so many unfortunate boating accidents regarding those coins, and so few (reported, at least) involving BitCoins.

Wed, 04/10/2013 - 11:12 | 3431432 resurger
resurger's picture

woot

Wed, 04/10/2013 - 08:04 | 3430252 news printer
news printer's picture

Fuck me, Fuck me

They won't leave it like this,

 

 

Wed, 04/10/2013 - 08:12 | 3430277 CH1
CH1's picture

It will be attacked.

It will probably survive quite well... after the initial mega-gloating by the haters.

Actually, I expect a deafening scream of victory the next time ANYTHING negative happens to Bitcoin.

Wed, 04/10/2013 - 08:15 | 3430293 gold-is-not-dead
gold-is-not-dead's picture

if someone shorts it to take profit, it's the last time he will posses btc... good luck with mining at 1 exaflop diff...

Wed, 04/10/2013 - 08:16 | 3430307 RSBriggs
RSBriggs's picture

You can't short bit coins.   You can sell what you have, but you can not sell any that you don't have.

Wed, 04/10/2013 - 08:23 | 3430341 gold-is-not-dead
gold-is-not-dead's picture

thanks for correction, true...

even at $10k btc could still serve the purpose for silk road and other transactional demand... and yet mining one is becoming hard as hell... you need 15 ghash to mine 1 per day...

Wed, 04/10/2013 - 08:45 | 3430412 dark pools of soros
dark pools of soros's picture

One per month pays the electric bill now

Wed, 04/10/2013 - 08:53 | 3430438 Dr Benway
Dr Benway's picture

Even at $10 bitcoin could serve its ostensible purpose at Silk Road etc.

So what does bitcoin at $250 tell you?

The skyrocketing price is obviously not due a concomitant explosion in use. It's due to a speculative bubble.

Wed, 04/10/2013 - 12:15 | 3431772 Matt
Matt's picture

Well, let's see: transactions using bitcoin, excluding the 100 most popular addresses: up 10-fold in one year, and double in the last 30 days:

http://blockchain.info/charts/n-transactions-excluding-popular

This should, in theory, filter out all the online gambling transactions that make up a huge portion of bitcoin transactions with sub-penny bets.

So, we can see that while it is likely that a large portion of the price increase is speculation, there is a substantial increase in transactions with bitcoin as well.

EDIT: this should also exclude bitcoin transactions for Forex trading through an exchange. As we can see from the list, MtGox is part of the top 100 addresses. Note other exchanges may or may not be included, as they may not be in the top 100, since they have not opted to label their addresses.

http://blockchain.info/popular-addresses

Wed, 04/10/2013 - 09:25 | 3430679 Ignatius
Ignatius's picture

I'd like to believe what you say is true...

They also said I had "no chance" with Mary Highmaker....

Wed, 04/10/2013 - 08:06 | 3430253 RaceToTheBottom
RaceToTheBottom's picture

So there was no validity to the report that virus makers had caused the rise by comandeering many PCs and performing the bit mining calculations?  I read it a day ago but have not heard more about it...

Wed, 04/10/2013 - 08:18 | 3430298 RSBriggs
RSBriggs's picture

No validity at all.  The price is set by bid/ask offerings in various currencies.  If no one is buying, the price goes down until there are.  If there are more buyers than sellers, the price goes up.  The rate of mining has nothing to do with the price in $$...

Wed, 04/10/2013 - 10:16 | 3431007 RaceToTheBottom
RaceToTheBottom's picture

thanks for the reply

Wed, 04/10/2013 - 08:05 | 3430256 ParkAveFlasher
ParkAveFlasher's picture

The horror.  The horror.

Wed, 04/10/2013 - 08:13 | 3430292 Bearwagon
Bearwagon's picture

Upvote for citing Kurtz.

Wed, 04/10/2013 - 08:15 | 3430304 ParkAveFlasher
ParkAveFlasher's picture

Give me napalm.

Wed, 04/10/2013 - 08:10 | 3430270 The Dancer
The Dancer's picture

The NWO is not happy with this site. One strategy is going to be to use trolls here to trash up the site with low-life like what just appeared 1st on this article. They are very tricky...I hope the site management team is allert to this...good luck!

Wed, 04/10/2013 - 08:11 | 3430282 Bearwagon
Bearwagon's picture

Don't worry: This is Fight-Club, and humor is absolutely necessary to keep from going insane these days.

Wed, 04/10/2013 - 08:09 | 3430273 LoneStarHog
LoneStarHog's picture

New verb being created:  Bitcoined

Wed, 04/10/2013 - 08:14 | 3430297 The Abstraction...
The Abstraction of Justice's picture

Did you coin that at 250, or 50?

Wed, 04/10/2013 - 08:27 | 3430349 francis_sawyer
francis_sawyer's picture

Did you get 'conned' at $50 or $250

Wed, 04/10/2013 - 08:39 | 3430399 SilverIsKing
SilverIsKing's picture

Can the ISPs monitor and/or shut down BTC activity?

If so, that is only one of a number of ways this will be stopped.

I do think this bubble has much further to run so I do expect we'll be seeing more of these types of articles in the coming days.

Wed, 04/10/2013 - 08:46 | 3430423 dark pools of soros
dark pools of soros's picture

It's not a bubble, it's a revolution and sad that so many ZH'ers stand idle and miss the boat after years of loathing central bankers

Wed, 04/10/2013 - 09:17 | 3430600 The Abstraction...
The Abstraction of Justice's picture

The Bitcoin wallet software has the option to specify a SOCKS address, so I guess they would have to shut down all encrypted traffic to stop it. I would change ISP, unless all the ISPs were so constraining, that case  I would change emmigrate.

Wed, 04/10/2013 - 20:19 | 3434466 jeebus
jeebus's picture

how many will end up bitcoined??

Wed, 04/10/2013 - 08:12 | 3430278 Rot-10
Rot-10's picture

BTMFD!

Wed, 04/10/2013 - 08:22 | 3430334 Bearwagon
Bearwagon's picture

FTMFW!

Wed, 04/10/2013 - 08:32 | 3430372 Hulk
Hulk's picture

TTID !!!

Wed, 04/10/2013 - 08:10 | 3430279 CheapBastard
CheapBastard's picture

Obviously a sign of a solid recovery......mmmmmm.

Wed, 04/10/2013 - 08:12 | 3430281 saulysw
saulysw's picture

This is going to be brutal.

Wed, 04/10/2013 - 08:13 | 3430291 GetZeeGold
GetZeeGold's picture

 

 

Sounds like fun.

Wed, 04/10/2013 - 08:16 | 3430308 aphlaque_duck
aphlaque_duck's picture

I think it will hit parity with gold before there is a horrible crash down to $400.

Wed, 04/10/2013 - 08:13 | 3430283 unrulian
unrulian's picture

this is what PMs should be doing...but then again you can't eat PMs

Wed, 04/10/2013 - 08:14 | 3430294 The Abstraction...
The Abstraction of Justice's picture

You can print out your bitcoin.dat file on a slice of rice paper and eat it.

Wed, 04/10/2013 - 08:44 | 3430415 fuu
fuu's picture

You can cook your BTC's QR code into toast and eat it.

Wed, 04/10/2013 - 08:32 | 3430377 Winston of Oceania
Winston of Oceania's picture

Eating gold and silver rather than trading them for food is just silly. No matter the circumstance gold and silver will be accepted by those who have a higher objective exchange value for PM or what they represent to those who would trade for it. You may have to part with more of it than you wish but then EVERYTHING has a price. 

Wed, 04/10/2013 - 08:12 | 3430286 bitgroin
bitgroin's picture

$10,000 BITCHEZ.

Wed, 04/10/2013 - 08:12 | 3430287 GrinandBearit
GrinandBearit's picture

Beanie Babies.

Wed, 04/10/2013 - 08:14 | 3430288 lickspitler
lickspitler's picture

Gold n Silver...... the T-Rex trade.

Wed, 04/10/2013 - 08:16 | 3430301 Bicycle Repairman
Bicycle Repairman's picture

Bitcoin has direct competitors in this "space" e.g. litecoin.  How are they doing?

Wed, 04/10/2013 - 08:19 | 3430323 PeakOil
Wed, 04/10/2013 - 08:28 | 3430350 Dr. No
Dr. No's picture

Actually, the competition is healthy.  In the long run, the market will figure which coin it likes.  America did this along time ago until the government put a monoply on currency printing.  Look where we are now.

Wed, 04/10/2013 - 08:30 | 3430367 PeakOil
Wed, 04/10/2013 - 08:19 | 3430318 Smuckers
Smuckers's picture

Pitcoin, coming soon.

Wed, 04/10/2013 - 08:20 | 3430326 Downtoolong
Downtoolong's picture

I just want to know how many Bitcoins Mila Kunis bought. Come on Maria, do your damn job.

 

Wed, 04/10/2013 - 08:24 | 3430339 earnulf
earnulf's picture

So, how do you short this sucker?

Wed, 04/10/2013 - 08:27 | 3430351 All Out Of Bubblegum
All Out Of Bubblegum's picture

> So, how do you short this sucker?

The old fashioned way. Buy some bitcoins. Sell them because you know they'll drop. Buy the low priced bitcoins and repeat. You'll be rich in no time.

I sell bitcoins at market price plus 5%. It might go up to 6% if demand stays this heavy.

Let me know when you want some bitcoins to short.

Wed, 04/10/2013 - 08:32 | 3430357 Dr. No
Dr. No's picture

Buy some bitcoins. Sell them

So you just paid a bunch of useless fees when you could have left your money in your pocket and just bought after the price dropped.  Do you run a 3X ETF by chance?

Wed, 04/10/2013 - 08:36 | 3430385 All Out Of Bubblegum
All Out Of Bubblegum's picture

We can finally fuck the big boys on fees and you're bitching?

Tough crowd.

Wed, 04/10/2013 - 09:42 | 3430397 dick cheneys ghost
dick cheneys ghost's picture

You sound like a jooish banker.........You have exposed your 'jooishness'.....

Wed, 04/10/2013 - 11:55 | 3431707 francis_sawyer
francis_sawyer's picture

What he did was expose his FOS-edness...

~~~

For over a year now... All the rhetoric from these clowns is how the 'digital currency is the new paradigm', 'fuck the bankers', blah blah bullshit...

Now what we find out when the rubber meets that road is that they're just average 'run of the mill' DAYTRADERS... Exactly ZERO fucking difference from a banker... Why?... Because on the 'other side' of every one of those BUY LOW - SELL HIGH trades that he brags about as the 'way to make money', is somebody who got burned... Probably their own fucking grandmother...

 

Wed, 04/10/2013 - 08:29 | 3430358 dick cheneys ghost
dick cheneys ghost's picture

spoken like a true JOO

Wed, 04/10/2013 - 09:15 | 3430605 Fuh Querada
Fuh Querada's picture

sell for what?

Wed, 04/10/2013 - 08:23 | 3430342 Catullus
Catullus's picture

When you have to think about it, sell it

Wed, 04/10/2013 - 08:29 | 3430352 Winston of Oceania
Winston of Oceania's picture

It's like a little image of yourself sitting on your own shoulder screaming at the lunkheaded giant SELL SELL SELL!

Wed, 04/10/2013 - 08:31 | 3430362 Yellowhoard
Yellowhoard's picture

Just spitballing here but what if the powers that be, in an effort to discredit a competing currency, are bidding up BitCoins through the stratosphere so that they may draw attention to it just before they dump the Bitwad all at once and fuck anyone that had the audacity to own a currency that was not created out of thin air by their club?

Wed, 04/10/2013 - 08:38 | 3430392 All Out Of Bubblegum
All Out Of Bubblegum's picture

Let 'em. They've already shown how high it can go. The cheap coins would go like hotcakes and the price would continue its ascent.

The powers that be are so fucked they might nuke something.

Wed, 04/10/2013 - 08:57 | 3430471 dick cheneys ghost
dick cheneys ghost's picture

So Bitcoin is going to bring down the mighty American empire???

Wed, 04/10/2013 - 08:32 | 3430366 Silverhog
Silverhog's picture

This could be a rue to pump the coin into a big POP ending investor interest. No government would want to do that. I had the same exact thought "Yellowhoard"

Wed, 04/10/2013 - 08:34 | 3430379 firstdivision
firstdivision's picture

Anyone want to sell me a July 200 put?

Wed, 04/10/2013 - 08:34 | 3430380 PUD
PUD's picture

Bought at $5 sold at $45. Bought back at $140 and will add more here. Thank you for selling any you have to me. The bet is simple...bitcoins become a viable medium of exchange or they don't. I bet they do and that in a couple of years there will be several zeros added on to their us fiat $ conversion price. Thanks again!

Wed, 04/10/2013 - 08:34 | 3430383 Balvan
Balvan's picture

Most people on the street still haven't heard of bitcoin. It's way too early even to mention B word.

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