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BitCoin Halted

Tyler Durden's picture




 

Yes, it is supposedly distributed, but that does not prevent BTC trading platform MtGox from halting trading for a bit, or 12 hours as the case may be.

In other news, according to today's leaked memo from the bearded chairman, one should move out of the BitCoin bubble and boldly go into the S&P bubble.

h/t @thedrickster1

 

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Thu, 04/11/2013 - 11:16 | 3436454 A_Dog
A_Dog's picture

On a cold Friday afternoon, I had come home from school. I had been thinking of the bitcoins all day. I was hungry, didn't have any lunch. In fact, I didn't eat because I spent the money. For the past month I was saving up for something. Something special which I bought via Zero Hedge eshop. I was surprised Tyler didn't ask for ID; I was pretty sure he noticed how nervous I was. Anyways, my mom asked my how my day was when I got home, but I ignored her. I have more important things to do. I run to the bathroom and unpack my bag. In my school bag is a white plastic bag from ZH. I open the bag, first removing the receipt and flushing it down the toilet to get rid of the evidence. My heart was racing now. I unpack the bitcoin monster from the bag.

 

I wonder what people will be asking me when they see that I am a millionaire. Should I say I was just work a lot? I remove the label from the tub and tear it into a thousand small pieces. I flush that down the toilet, too. It is time now. I run up to my room when my mom ask me what I am holding. I panic, sweat drips down my forehead and my teeth chatter. "Mom, it's just for a school project". "What project?" "I don't know mom I just started it!". A tear runs down my cheek. I run upstairs and calculate the bitcoins. What have I gotten myself into. There is no turning back now. The bitcoin monster is inside me now, it will control me. What should I do if I die? I can’t let my family know about this.

 

I throw bitcoin bag out the window. I feel bitcoins taking control of me; I am now the monster. I walk downstairs, it’s time to check price; time to get rich. Now I worry, I don't want to get too rich; people will think I am from WallStreet. I am from WallStreet. No I am not. Bitcoins. All I see is the cash and babes now, I am almost downstairs when I hear "Do you want a cookie I just baked". I know I do not have time for this shit now. "No mom I do not want a cookie" I walk in the basement and drop to my knees before the computer screen, looking at the bitcoin chart, tears running down my cheeks. I turn to the right and look at myself in the mirror. Oh god, what have I done?

 

 

Thu, 04/11/2013 - 11:19 | 3436474 redpill
redpill's picture

-- Excerpt from Chapter 17, Confessions of a Zero Hedge Sockpuppet by MDB, Copyright 2013, All rights reserved.

Thu, 04/11/2013 - 11:23 | 3436493 hedgeless_horseman
hedgeless_horseman's picture

 

 

Now, wait for the legislation.

 

 
Wed, 04/03/2013 - 12:11 | 3403641 hedgeless_horseman

Bitcoin will not be stopped!

Yes, this type of mania (irrational exuberance) is exactly what Bernanke wants. Please, allow me to line up Bernanke's sight picture for you.

The risk that legislation by the government could significantly alter the business prospects of one or more companies, adversely affecting investment holding in that company. This may occur as a direct result of government action or by altering the demand patterns of the company''s customers.

 

Bitcoin will not be stopped!

+ altering the demand patterns

+ Bitcoins Go Parabolic

+ legislation by the government
__________________________

= Deflationary Tiger Rug

Thu, 04/11/2013 - 11:24 | 3436510 McMolotov
McMolotov's picture

Bitcoin up and disappears like a fart in the wind only to reappear at a later date as a government- and central bank-controlled electronic currency.

Thu, 04/11/2013 - 11:27 | 3436528 Abraxas
Abraxas's picture

I'm sick and tired of theis bulshit and stupidity. Hey, there's this Japanease guy who thought of the full-proof way to overthrow the governments. Listen, it's brilliant. It's an open-source, and, and, you have these nodes, and then, like, everybody has these numbers, and they are like money... but only it's not really money...

Thu, 04/11/2013 - 11:27 | 3436529 Harlequin001
Harlequin001's picture

It's just a flesh wound...

Thu, 04/11/2013 - 11:32 | 3436565 Harlequin001
Harlequin001's picture

It's ok, it's only 12 hours. Obviously there's just too many people trying to get in... Buy, buy, buy.

Hopefully it's not just plain bye bye...

Thu, 04/11/2013 - 11:36 | 3436590 jayman21
jayman21's picture

How does one get such a long post in position number one?

 

Awesome post +1

Thu, 04/11/2013 - 11:37 | 3436612 Harlequin001
Harlequin001's picture

I think you have to type faster than Bitcoin plunges. Impressive though isn't it?

Thu, 04/11/2013 - 11:45 | 3436660 BaBaBouy
BaBaBouy's picture

WATCH OUT !!!

ROYTERS May Issue Another FuckShit Story That

The EU Will Force Cyprus To SELL ALL Its BITCOINS ...

Thu, 04/11/2013 - 11:48 | 3436671 Pladizow
Pladizow's picture

As occurred in Cyprus with the London branches remaining open, the 12 hr halt will allow insiders to get rid of their Bitcoin!

Thu, 04/11/2013 - 12:27 | 3436898 Harlequin001
Harlequin001's picture

Anyway I'm going to 'do a Bitcoin' now and take a break for a couple of hours...

Thu, 04/11/2013 - 12:41 | 3436982 johnQpublic
johnQpublic's picture

i personally try my best not to purchase things that do not actually exist

Thu, 04/11/2013 - 12:59 | 3437011 Harlequin001
Harlequin001's picture

well not with real money anyway.

But it's ok, I'm reliably informed by fonestar et al that just about everybody managed to get out literally seconds before it was halted right at the top, luckily and they all managed to move to physical gold too...

and you can take that to the bank 'cos there's not one single bullshitter amongst them...

except bitcoin that is, you can't take that anywhere...

Thu, 04/11/2013 - 13:05 | 3437108 fonestar
fonestar's picture

"real money" you traitor.  Bitcoin is real, Federal Reserve Notes are fake.

Another fake libertarian (real American) who loves Ben and his green rectangles. 

Thu, 04/11/2013 - 13:07 | 3437113 Harlequin001
Harlequin001's picture

Bullshit.

Thu, 04/11/2013 - 13:09 | 3437122 fonestar
fonestar's picture

1st class moron

Thu, 04/11/2013 - 13:11 | 3437127 Harlequin001
Harlequin001's picture

Definately.

Gold is real. Bitcoin is not.

Don't be so hard on yourself.

Thu, 04/11/2013 - 13:13 | 3437137 fonestar
fonestar's picture

Mindfuck time for you!  I own gold and silver!

Doesn't that just shatter your whole either/or universe now?

Thu, 04/11/2013 - 13:18 | 3437145 Harlequin001
Harlequin001's picture

Clearly you don't own very much of it now...

and no, it doesn't. You can either own gold OR you can blow it on bitcoin. You can't do both, that's the problem with gold...

Thu, 04/11/2013 - 16:03 | 3437868 Jack Napier
Jack Napier's picture

Allow me to help you out fonestar.

BitCoin is better than fiat currency (debt) therefore:

[insert leap of faith here]

BitCoin is better than or just as good as sound money (gold and silver).

It's like saying the 2 AM hideous kinky troll is hot because she's not a dude.

BitCoin is not real money. It is CURRENCY.

Real money must qualify as both a unit of account [divisible, fungible, portable] (BitCoin pass), AND a longterm store of wealth [durable] (BitCoin fail).

Thu, 04/11/2013 - 16:05 | 3437917 fonestar
fonestar's picture

Bitcoin is a currency and if you ever bothered to read any of my posts you would know I have never said otherwise.  Bitcoin is not a store of wealth in the present time, in the future it may be able to facilitate that role as well.  Currently, it is the most advanced and sophisticated transfer-of-payment method on Earth.

Thu, 04/11/2013 - 16:11 | 3437949 jcaz
jcaz's picture

....And yet, you're still a douchbag of MDB proportions-  these are the dichotomies of life, son.....

Go back to Farmville and make Momma some more coins....

Thu, 04/11/2013 - 13:30 | 3437214 smlbizman
smlbizman's picture

went has lost more value the last 2 days....bitcoins or max keisers credibility?

Thu, 04/11/2013 - 13:44 | 3437272 defencev
defencev's picture

Neither  bitcoins nor Max Keiser ever had any credibility (or intrinsic value if you wish).

Thu, 04/11/2013 - 13:56 | 3437335 fonestar
fonestar's picture

The average mind on ZH has no "intrinsic value" as far as I am concerned!

Thu, 04/11/2013 - 14:05 | 3437379 Citium
Citium's picture

LOL I love how you call us fake libertarians who support ben bernanke but you are the one playing into the NWO's game by getting into a oneworld digital currency that has no intrinsic value what so ever. It's fake and only has perceived value upon who will accept it. The more you guys have flash crashes the less people will view this as a stable currency or even medium term store of wealth. Seriously bro do you even have a job besides coming on ZH to Pump and dump your BTC to hopefully make a living and move out of your moms house?

 

I support BTC people in principle if they held more of a libertarian attitude and let people make their own decisions without you calling them names and using such hyperbolic BS. Seriously go invest in BTC and leave everyone else alone who wants to hold real tangible items that aren't at the whim of people having a clue what they are, or the government controlling the internet, or electricity, or passwords, or correct blockchains, stolen/hacked bitcoin wallets.... Come on bro you know by now you sound like someone at the top of a huge bubble screaming for everyone to jump on the titanic with you.

 

Get a life.

Thu, 04/11/2013 - 14:19 | 3437464 fonestar
fonestar's picture

The whole reason people were scared of a one world currency is because TPTB would control it.  Bitcoin is not controlled by these psychopaths and thus, does not merit the same concerns.

Thu, 04/11/2013 - 15:21 | 3437727 Panafrican Funk...
Panafrican Funktron Robot's picture

I actually agree with you on this, I would put BTC > USD easily.  

That said, and I know I'm just being simple minded here, but I lost my ass in the .com bubble, and learned "if you don't hold it, you don't own it".  That's the issue with storing your wealth in anything other than tangible assets (not the financial definition, the actual definition).  

Thu, 04/11/2013 - 17:11 | 3438190 Drachma
Drachma's picture

"Bitcoin is not controlled by these psychopaths..." First big assumption that you can not verify. Interesting how we still don't know the real identity of those who designed the algorithms. Have you audited every bit of source code? Your overconfidence in something you think you know all about is astounding. Have you ever built a mathematical model to simulate real-world economic activity? Amazing how you put your faith in a nom de plume such as Satochi Nakamoto; your hero has been created especially for you. Mission accomplished.

Thu, 04/11/2013 - 14:43 | 3437573 Freewheelin Franklin
Freewheelin Franklin's picture

Nothing has intrinsic value. Not even goats and chickens. 

 

 

Thu, 04/11/2013 - 15:06 | 3437658 MsCreant
MsCreant's picture

I hear you Frank, but I can always eat those. Or use the feathers, eggs, hide...even the shit for compost.  They do have use values even when they don't have an exchange value.

Thu, 04/11/2013 - 15:03 | 3437649 fonestar
fonestar's picture

+100 for Max Keiser's credibility in my books!

He was spot-on the money identifying you fake libertarians!  You cheer when the Benny Bux goes up.  You value your silver in Benny Bux.  You tip the waitress in Benny Bux.  You love the Benny Bux.  Your your own worst enemy.

"The enemy of an enemy is an enemy" goes your contorted, bastardized logic....

Thu, 04/11/2013 - 15:08 | 3437671 MsCreant
MsCreant's picture

Your need to come here and act this way is weird. Live and let live. 

You sound scared or employed to do this. There is no other reason to act the way you are acting.

Peace, fonestar.

Thu, 04/11/2013 - 16:04 | 3437911 Jack Napier
Jack Napier's picture

I used to like Max Keiser when he was pushing silver. Now he helped the BitCoin bubble and has outed himself as a total tool along the lines of Paul Krugman. Keiser still says a lot of the right things, but is just another Eichmann.

Thu, 04/11/2013 - 16:20 | 3437985 fonestar
fonestar's picture

Why or better yet, who would employ someone to come here and supposedly shill for Bitcoin?  The idea is absurd. 

What I find amazing is that these supposed libertarians who believe they understand the fraudulent nature of the Federal Reserve System and fractional-reserve lending could go on to make such an idiotic logical fallacy as to confuse what is corporeal with what is real (or not).  If you deny the existence of Bitcoin, you must deny the existence of P2P networking.  Then it becomes axiomatic that you deny the existence of the public internet!  Then you must deny the existence of the people whose jobs and careers are set with maintaining this network!

Far more likely, this is the foolhardy, emotionally charged backlash of the technically non-sophisticated railing against what they cannot understand.  They find themselves drowning in an increasingly virtualized and sophisticated digital world with no virtual life vest.  Nobody is going to take the time to explain this to you.  You enjoyed this technology when it was warm and fuzzy and now if you don't grasp it, prepare to get fucked hard by it.

Thu, 04/11/2013 - 15:11 | 3437684 DaddyO
DaddyO's picture

Dumbass, you wouldn't know a libertarian if he/she came up and poked you in the eye.

Take your anger and direct it where it really belongs, in the mirror.

All this bitcoin turmoil didn't cost me a dime, well maybe a little for the power to fuel my computer...

So how much do you have tied up, basement boy?

DaddyO

Thu, 04/11/2013 - 16:09 | 3437938 fonestar
fonestar's picture

You really think anyone who has been envolved in Bitcoin since 2009, 2010 sold their bitcoin and threw their hands in the air over the last two days?

"My god MtGox got DDOS'd, the sky is falling!"

ROFL!!!

Thu, 04/11/2013 - 16:14 | 3437959 jcaz
jcaz's picture

Dude- your money is GONE- deal with it-  that phony exchange ain't EVER opening back up for little guys like you.....

Thu, 04/11/2013 - 16:23 | 3438000 fonestar
fonestar's picture

Would we care if it was gone moron?  It would be far better to have 1,000 smaller exchanges all over the globe.

Thu, 04/11/2013 - 13:42 | 3437254 Melin
Melin's picture

aren't you guys just talking about two different things? You seem to have the currency/money thing straight whereas dude thinks currency is definitionally money, which it's not nor does it have to be. 

Thu, 04/11/2013 - 13:45 | 3437269 fonestar
fonestar's picture

So you deny p2p networking even exists?  Or that Bitcoin is a protocol that runs over that network?  Why do I bother arguing with people who are delusional?

Please list some other things that are "not real" acccording to your tungsten-filled brain.  Go on now, I am quite amused by this attempt at logic.

Thu, 04/11/2013 - 13:47 | 3437288 defencev
defencev's picture

Do you realize, pathetic motherfucker that you own nothing? Bitcoins is nothing: I can draw :0,1,0 ,1...

Do I own anything? What a bunch of stupid , worthless motherfuckers... You will be punished this time thogh: stupidity should be punished.

Thu, 04/11/2013 - 13:56 | 3437327 fonestar
fonestar's picture

Do you realize moron that thousands of years of human thought, engineering, philosophy and a desire to communicate went into making those 1's and 0's possible?

If you deny the public internet, if you deny P2P networking....

 

THROW AWAY YOUR COMPUTER AND GET OFF THE F*CKING INTERNET!!!  YOU DON'T RESPECT THE TECHNOLOGY/ENGINEERING AND NOBODY WANTS YOU CAVEMEN ONLINE ANYWAY!!!

Thu, 04/11/2013 - 14:36 | 3437528 TPTB_r_TBTF
TPTB_r_TBTF's picture

Humans are behind this internet thing?  No wonder it took so many thousands of years to complete!

Thu, 04/11/2013 - 14:50 | 3437601 fonestar
fonestar's picture

Yes, humans.  And as the comment section on ZH regarding Bitcoin will attest, that makes the public internet all the more amazing.

Big things like bitcoin are difficult to grasp for small caliber minds.

Thu, 04/11/2013 - 15:12 | 3437683 MsCreant
MsCreant's picture

Insulting people is not going to sell your point. What on earth are you doing?

When I teach, if I insult my students they shut down. That is hardly ever my strategy. If you are teaching, then have compassion for the folks who don't see what you see. 

I think you are not here to teach. I think you are up to something less wholesome. The evidence is in your choice of words.

Thu, 04/11/2013 - 16:06 | 3437918 Jack Napier
Jack Napier's picture

BitCoin is even less real than the US dollar. At least fiat currency has paper representations. BitCoin is about as real as fonestar's cyber girlfriend who is really a dude who is really working for a government agency who is really a double agent for China who is really a bull dyke pretending to be a dude.

Thu, 04/11/2013 - 16:26 | 3438013 fonestar
fonestar's picture

I really don't care.  It is time people take some god damn responsibility for the digital world they have built up around themselves.  I am not here to preach or to teach and I couldn't care less whether the fake libertarians are onboard or left behind sitting on the tracks.

Thu, 04/11/2013 - 20:04 | 3438884 freak of nature
freak of nature's picture

ZH hint... your forum is garbage.

Thu, 04/11/2013 - 13:19 | 3437160 Lore
Lore's picture

Ignore the naysayers. What does your heart tell you?

Thu, 04/11/2013 - 13:21 | 3437177 Harlequin001
Harlequin001's picture

Absolutely. When faced with cold hard facts, and not to mention an exchange shut down, pure blind faith will always win in the end...

Thu, 04/11/2013 - 13:39 | 3437244 fonestar
fonestar's picture

Do the technically sound thing and buy according to fundamental value.

Thu, 04/11/2013 - 14:41 | 3437544 TPTB_r_TBTF
TPTB_r_TBTF's picture

There is no "fundamental value" with bitcoins.  There is only wasted electricity, a waste of energy to create the electricity, misuse of computing power and a waste of resources to build a miner-computer.

Thu, 04/11/2013 - 14:47 | 3437590 fonestar
fonestar's picture

I cannot think of anything more intrinsically valuable than the right to liberty, free commerce (ie money laundering), personal security and privacy.  Bitcoin is real and bitcoin is immensely valuable.  I support these ideals and I support Bitcoin.

Thu, 04/11/2013 - 16:09 | 3437932 Jack Napier
Jack Napier's picture

Gold and silver have all these freedoms you've listed, but none of their intrinsic value is derived from them. You can have freedom with seashells and unicorns too, but they aren't sound money.

Thu, 04/11/2013 - 14:48 | 3437595 Jean Valjean
Jean Valjean's picture

I'm pretty sure this is EXACTLY what Warren Buffett said about gold.

Thu, 04/11/2013 - 15:21 | 3437729 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

There is only wasted electricity, a waste of energy to create the electricity, misuse of computing power and a waste of resources to build a miner-computer.

Please explain this line of thinking.  I'm sure your thoughts on this matter will be quite interesting.

Thu, 04/11/2013 - 15:49 | 3437836 TPTB_r_TBTF
TPTB_r_TBTF's picture

What i wrote is probably hard for you to understand since your Mom pays the electricity bill.

Thu, 04/11/2013 - 15:58 | 3437878 time for trumpton
time for trumpton's picture

they can't see any value. nobody explained it with pictures

Thu, 04/11/2013 - 14:03 | 3437376 Seer
Seer's picture

As someone who doesn't support any group or ideology I am extremely non-biased...

I've been IN the business, I've been involved in electronic banking shit, stuff that, like Bitcoin, was, although pushed at banks, completely able to operate totally outside of the normal banking clearing control.  A major bank (no names will be mentioned) basically tied up the company as a way to keep this from being picked up by anyone.  This was about 12 years ago.  All I can say is that trying to operate on the SAME playing field as the titans will only lead to having your ass kicked.

Those who think that the Internet doesn't have control points just doesn't understand ow networking really works.  The software can be the most wonderful thing since sliced bread and the American Revolution, but it has to run ON TOP of the infrastructure that the titans use AND do so in direct competition with said titans!

Anyone who has a clue about software release controls and the environment at EVERY key point that contains the required software to enable said (main) software knows that you cannot guarantee that things cannot get tampered with.  The US govt's budget is HUGE; I bet you that the NSA and CIA (who work with/for major corporations, like banking) are able to hook into anything and everything.

You might have the best goods, and a great wagon to boot, but you're going to be crossing Khyber Pass.

The "technology is the answer" mentality is going to bite a LOT of people...  Nature doesn't do "virtual." (WWND- What Would Nature Do? squirrel away physical or squirrel away virtual?)

Thu, 04/11/2013 - 14:13 | 3437421 dontgoforit
dontgoforit's picture

I see, Seer.  Well said.  Nature conforms to nature.

Thu, 04/11/2013 - 14:32 | 3437511 fonestar
fonestar's picture

Actually, in keeping with reality here both Bitcoin and the Federal Reserve System are real systems.  It's just that the former is decentralized and democratic in nature.  The latter was designed to enrich a few at the expense of the many.  But both are real systems.  They exist in the real world.

Thu, 04/11/2013 - 12:49 | 3437018 Backspin
Backspin's picture

But do you own any USD?  These days they are just as digital as BTC, no?  Do the dollars in your bank account "exist"?  I know that Bitcoin is not a perfect money.  But just compare it to the US Freaking Dollar, for crying out loud!  It's not like the Dollar exactly has its sh#t together these days.

Thu, 04/11/2013 - 13:11 | 3437130 fonestar
fonestar's picture

They know that, they just love cheering for Ben and his fabulous printer.  Cos at the end of the day, Bitcoin would mean they would have to get off their arse and work for a living instead of invading/exploiting the rest of the world.

Thu, 04/11/2013 - 14:08 | 3437396 Seer
Seer's picture

It's only one way or the other?

What do Bitcoin and FRNs have in common?  BOTH are purely virtual constructs.

I don't care what means of trade you employ, as long as there is Interest involved the entire paradigm is fucked, as that's a grow-or-die system (and on an finite planet that's going to run into trouble).

Thu, 04/11/2013 - 14:51 | 3437603 Jean Valjean
Jean Valjean's picture

In theory only one of them is limited in supply.

Thu, 04/11/2013 - 14:38 | 3437539 tenpanhandle
tenpanhandle's picture

Me thinks you must masterbate to bitcoin.

Thu, 04/11/2013 - 14:54 | 3437621 fonestar
fonestar's picture

I don't even get excited about things.  That should give you an idea of what I think about the bitcoin phenomenon.

Thu, 04/11/2013 - 13:04 | 3437093 fonestar
fonestar's picture

"do not exist"??

 

Then get off the internet you f*&TS&^ MORON!!!!

Thu, 04/11/2013 - 13:42 | 3437259 Ness.
Ness.'s picture

1001010101000101010111010101011001001010101

 

I'm rich Bitch!!!

 

 

Thu, 04/11/2013 - 13:53 | 3437310 Citium
Citium's picture

awwww poor baby needs to be burped and put down for a nap cos these bitcoin crashes are making him cranky. When will the militants realize that if something is illusory and has no intrinsic value that it will return to it's natural value....ZERO

Thu, 04/11/2013 - 13:59 | 3437352 fonestar
fonestar's picture

Your value as a member of society is ZERO.  Bitcoin will do fine, especially once more exchanges start up.

Thu, 04/11/2013 - 14:11 | 3437404 Seer
Seer's picture

"Your value as a member of society"

Well, done, spoken like a true Statist!

Thu, 04/11/2013 - 14:16 | 3437450 fonestar
fonestar's picture

I've just decided that jobs in communications, software, etc are "real jobs" and plumbers, carpenters, steel workers, mechanics are all "fake jobs".

Thu, 04/11/2013 - 15:59 | 3437889 TPTB_r_TBTF
TPTB_r_TBTF's picture

you'll change your mind when you need a plumber.

Thu, 04/11/2013 - 11:48 | 3436676 Harlequin001
Harlequin001's picture

If that happens I'll just throw the fucking phone down...

Thu, 04/11/2013 - 13:16 | 3437163 The Big Ching-aso
The Big Ching-aso's picture

Has anyone played the new game, BitCoin Monopoly?    You play with digital funny-money, invisible card dealing , and the bank's virtual.   Ya, it really mirrors real life.

Thu, 04/11/2013 - 14:11 | 3437414 Seer
Seer's picture

I heard that "down south" there's all kinds of animals that pack Bitcoins around.  If you go out at night with a flashlight...

"Men argue, nature acts." - Voltaire

Thu, 04/11/2013 - 14:45 | 3437579 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

In that case then the predators in the nature predate either on the weak or attack when they feel threatened. They only face off needlessly against an equal or stronger opponent in desperation. This battle is still far from over you know it and all the naysayers know it. Too much big money is starting to jockey for position in bitcoin ventures. That don't happen if they don't smell long term success even if not in the ways envisioned by the original creators. That is nature acting...........

Thu, 04/11/2013 - 11:39 | 3436628 tip e. canoe
tip e. canoe's picture

copy & paste

Thu, 04/11/2013 - 11:39 | 3436632 Frank N. Beans
Frank N. Beans's picture

some people were emailed this post before it was posted for everybody

 

Thu, 04/11/2013 - 12:39 | 3436976 scattergun
scattergun's picture

How does one get such a long post in position number one?  Cut and Paste?

Thu, 04/11/2013 - 12:50 | 3437024 Backspin
Backspin's picture

Probably prepared in advance and pasted in.  And another great side-slitter from A-Dog.

Thu, 04/11/2013 - 13:00 | 3437078 DollarMenu
DollarMenu's picture

The same way the "Patriot" act came about.

It sits on a shelf awaiting the right opportunity.

Thu, 04/11/2013 - 12:52 | 3437045 waterwitch
waterwitch's picture

I think it was copy and paste from yesterday's thread.

Thu, 04/11/2013 - 13:22 | 3437183 GoldForCash
GoldForCash's picture

It's premeditated then copy and paste.

Thu, 04/11/2013 - 14:03 | 3437366 A Nanny Moose
A Nanny Moose's picture

Prepared comments waiting for the right post? CTRL+C then CTRL+Z?

Thu, 04/11/2013 - 12:33 | 3436945 natronic
natronic's picture

riiiiiiiiiight because when people are buying price necessarily deflate

Thu, 04/11/2013 - 11:33 | 3436559 Abraxas
Abraxas's picture

"It's just a flesh wound..." he said, while picking pieces of his skull and brains from the sofa...

Thu, 04/11/2013 - 11:42 | 3436578 Harlequin001
Harlequin001's picture

I was kind of like that when I thought I'd missed the boat but luckily someone sold me a shit load at $260...
and then I thought yip yah, 'time to back up the truck' and then I remembered, it's bitcoin, I don't need one...

Hang on...

Thu, 04/11/2013 - 11:41 | 3436640 Winston Churchill
Winston Churchill's picture

Whatever you say Brutus.

Thu, 04/11/2013 - 11:59 | 3436746 TerminalDebt
TerminalDebt's picture

If bitcoin is a currency, and the only currency of the future then why the hell do people care how many fiat dollars it's worth? When you start controlling the trading and caring about the conversion fluctuation it's no different from any other money, so wht's the point of it again?

 

Thu, 04/11/2013 - 14:17 | 3437449 Seer
Seer's picture

Yeah, and when you think that it can ONLY exist via the SAME computing infrastruture that TPTB control everything by... AND, when all other infrastructure is breaking down you have to ask yourself whether this is really "the" direction to go for "liberty."

Thu, 04/11/2013 - 14:54 | 3437617 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Wireless mess networks, FidoNet for the 21st century on cell phones. I can always generate electricity the old fashioned way using a handcrank, a few rusty nails and some wires, all I need to power them wireless mess networks if you want to go that route. The local networks will pop up and then they will interconnect over time. Force the government to play catch up then when everything is encrypted on those channels and they don't have the master keys. They could jam them but they still don't know what is being passed along inside them. That scares the shit out of control freaks.

Thu, 04/11/2013 - 16:04 | 3437913 TPTB_r_TBTF
TPTB_r_TBTF's picture

And this wireless network is going to have the bandwidth to copy and recopy the block chain over and over?

FidoNet might make a comeback, but you ainT gonna run bitcoin over it.

Thu, 04/11/2013 - 17:55 | 3438401 Urban Redneck
Urban Redneck's picture

The government wouldn't be playing catchup with the serfs.  It has 70 years of worldwide experience in the practice, and tens of billions of infrastructure to support that experience.  First the serfs have to play catchup to the tech level of the Russians and Chinese (and all the US "alllies" that the CIA & NSA spent years spying on).  The WWW and cellular tubes got rolled out because- like all fat assed bureaucrats the CIA & NSA would rather not work if they don't have to.  It's much easier to spy on the masses when they utilize the State's convenient communication tubes, but all the State needs to go hardcore old-school is to reread their manuals and perhaps dust off or relocate some equipment.

Thu, 04/11/2013 - 12:19 | 3436848 Bicycle Repairman
Bicycle Repairman's picture

"only to reappear at a later date as a government- and central bank-controlled electronic currency"

This aspect of bitcoin will not be revealed during the re-launch, but the FED and the CIA will have back doors to bitcoin.  And they will do whatever they please with it and you.

Thu, 04/11/2013 - 12:33 | 3436947 Alea Iactaest
Alea Iactaest's picture

As FaceBook credits or GoogleBux or whatever.

Thu, 04/11/2013 - 12:44 | 3436997 johnQpublic
johnQpublic's picture

or like scrip in the virtual mining town of the interwebs

Thu, 04/11/2013 - 13:57 | 3437342 Kirk2NCC1701
Kirk2NCC1701's picture

McMolotov: "Bitcoin up and disappears like a fart in the wind only to reappear at a later date as a government- and central bank-controlled electronic currency."

McM, I'm happy that you and you up-arrow fans come around to this viewpoint -- one that I've been saying for some time now, if you check my postings.  I've also been saying for some time that TPTB are also leveraging Intel (the company) and its RFIDs for this purpose.  Which others will also start posting as their own idea.

As to whether this is still "news" is debatable, as I've also had multiple postings in the last week, that the HSBC bank is promoting the coming of CB's version of Bitcoin.  But, like all good predators, they will first leverage Bitcoin:  They will let Bitcoin develop the market and infrastructure, and work out the kinks, before they attack it indirectly (PR attacks in MSM and trolls on ZH), and with more direct attacks a bit later.  And a Hot war is always preceded by a Cold war.

I've been telling ZH for a while, that YOU will become a walking, talking "Bitcoin" of the future.  After the BIG RESET of Fed led fiat currencies.  Other cyber currencies will either be marginalized ("Used by terrorists, money launderers and tax evaders" will by the MSM message), or they will become obsolete.  Savvy?

And for those who missed it the first 7 times around... HSBC: "Your DNA will be your data". 
The same 'HSBC' bank that's  TBTJ (Too Big To Jail), and that's and on Fed's "Preferred list".

/How much louder and clearer do ppl on ZH need it spelled out for them (by HSBC and TPTB), before the 'light' goes on? /s

Thu, 04/11/2013 - 14:23 | 3437472 Seer
Seer's picture

The logic has always been simple, hasn't it?

If it has good control points then it WILL be controlled.

Clearly, fiat is being recalled by TPTB.  If there is to be any hope for Them it will be along the lines of something like this.

I ask for forgiveness for ever being involved in the development of software like this...  (I washed my hands some 12 years ago; never did become wealthy- forgot that part I suppose)

Thu, 04/11/2013 - 17:19 | 3438228 Cathartes Aura
Cathartes Aura's picture

perhaps you can reframe the need for "forgiveness" within the awareness that you are still involved, yet now are able to share your direct experiences with this systemic creep of control, thereby

freeing up others to share your awareness going forward.

priceless?

thanks See-er.

Fri, 04/12/2013 - 01:27 | 3439707 Tompooz
Tompooz's picture

Was it Digicash, Seer?

Thu, 04/11/2013 - 11:24 | 3436512 AllThatGlitters
AllThatGlitters's picture

What? I was assured on a thread yesterday by a Bitcoin promoter that Bitcoin showed "Amazing Resilience" yesterday!

And another poster told me it was "Technically Stable" after the initial plunge while it was trading at around $170!

So how could this be?

Thu, 04/11/2013 - 11:30 | 3436546 Harlequin001
Harlequin001's picture

That'll be fonestar looking like a complete knob end then...

Thu, 04/11/2013 - 12:35 | 3436951 TheGardener
TheGardener's picture

But who really to call this one correctly even on ZH? Some thoughtful responses sounded reasonable but no one really had anything but hunches to guide them and the pushers had market action to back them up . But despite due diligence I had not a clue either as an IT veteran who decided knowing encryption and distributed networks from the roots does not qualify to comment on the nation and state of the forests. I had zero evidence to back up my doubts so I had to shut up.

And claiming clairvoyance after the fact has a special term in psychology that just eludes me. ZH rocks, no easy answers
but all the right questions.

Thu, 04/11/2013 - 12:47 | 3437015 AllThatGlitters
AllThatGlitters's picture

What? I'm not sure what you are trying to say.  

Many, many people called this correctly. Here on ZH, with relatively solid timing. The calls for a pending crash increased once the price started its parabolic move.

They were quite explicit as to what would happen, citing historical precedent with bubbles and ponzi schemes, as well as technical issues with BTC itself.

Luck? I don't think so with this one.  Bitcoin was like a characature for Ponzis and Bubbles it was so pure and obvious.

Thu, 04/11/2013 - 13:00 | 3437079 TheGardener
TheGardener's picture

Thanks for the junk, and seriously I was talking about your
kind of fool who would claim he saw all this coming after the fact.

But I`m not talking to you fool but to those aware how our mind is conditioned : after the fact we alter our expectations and even convictions to fit the new reality.

Welcome to ZH, where there are only fools in the end,
taking all their foolish wisdom to the grave.

Thu, 04/11/2013 - 13:01 | 3437091 Harlequin001
Harlequin001's picture

Are you looking on a different site?

This was called clear as day many, many times.

Thu, 04/11/2013 - 13:24 | 3437192 Lore
Lore's picture

Fascinating how much this resembles rationalization in the real estate industry: "The best store of wealth is a HOUSE."

Thu, 04/11/2013 - 15:00 | 3437636 DaddyO
DaddyO's picture

Even a cursory glance at the comments section of any ZH posting related to the "Bitcoin" subject matter will reveal the truth...period!

Anyone on ZH saying anything to the contrary about us naysayers having to be "Clairvoyant" is just so much BullSh*t!

Most ZH naysayers are not against the idea of a bitcoinesque means of currency movement, just against the first interation as we've just seen it play out.

My main concern over something that is so easily controlled and distorted is just that the "ease".

Whereever and whenever our means of conducting business goes completely digital, the black market will grow with the same rapidity that bitcoin just did over the last month.

Do you want someone in control of and watching your every monetary move?

Even Ray Charles could have seen this one coming...

DaddyO

Thu, 04/11/2013 - 13:48 | 3437281 AllThatGlitters
AllThatGlitters's picture

The Gardener, the problem with your statement is that it is wrong, and easily verifiable as wrong.  

Furthermore, your post to which I replied is full of the same kind of AFTER THE FACT BS that you claim others are engaged in.  Blatant hypocracy on your part.  

Look at the BTC threads BEFORE the crash.  Many, myself included, said BTC was a crash waiting to happen. It was characterized as a horrible idea for many reasons, BEFORE the crash.  Saying something BEFORE it happens is not saying something AFTER the fact. 

Who's the fool?  

Now, this is where you get even more bizarre.  Look at your own post to which I replied.  It says you thought BTC was not a good idea after extensive research and mumbo jumbo, but you state that you chose to "remain silent" because "who really knows?" or some such nonsense. You are informing us of your own great wisdom - AFTER the fact - in your own post, where you suggest others are doing it! 

What kind of bizarre rationalization are you engaged in here? It feels a lot like sour grapes driven thinking.  

Fess up.  Did you happen to buy a little BTC at the top? If so, it would have been better for you to continue to remain silent.

Thu, 04/11/2013 - 13:58 | 3437345 Citium
Citium's picture

People all over the internet have been calling for multiple crashes in bitcoin. Once it went full on retard parabolic on a currency that is illusory and has no intrinsic value it didn't take a psychic to see where this was headed.

Thu, 04/11/2013 - 14:25 | 3437483 AllThatGlitters
AllThatGlitters's picture

Exactly, which is what makes the claims so bizarre.  Many saw it coming, except for those who bought in at the top of the bubble.  

Thu, 04/11/2013 - 14:17 | 3437445 TheGardener
TheGardener's picture

Who is the fool ? Kind of cheap but I appreciate your attack
on the fool myself for admitting that I `am indeed the fool on this issue and I did not see this coming like all the uber clever ones like yourselves. While posting those psychological exploits I new I was not making friends but
being shot at for being the messenger.

Thu, 04/11/2013 - 14:36 | 3437530 AllThatGlitters
AllThatGlitters's picture

Look you started off by calling me a fool.

Further, you exhibit anger at those who were trying to warn others about the pending collapse in BTC, suggesting that they only came out after the fact, when that was clearly not the case. Your anger was misdirected.  

You were the ones shooting at the messenger - those who dared warn before the crash and continued to warn after the crash.  

I was warning again yesterday, after the crash, because BTC promoters were on here yesterday claiming that the price was "Technically Stable" and that BTC was showing "Amazing Resilience." I called them out on that because technically, yesterday's "stabilization" appeared to be nothing more than a Dead Cat bounce.  Those continuing their pump had a vested interest in misleading others.

Thu, 04/11/2013 - 14:40 | 3437555 AllThatGlitters
AllThatGlitters's picture

.....fool myself for admitting that I `am indeed the fool on this issue and I did not see this coming....

 

OK, perhaps I didn't read this into your post.  In fact, I thought you had claimed to stand aside, so I may have misinterpreted a large part of your message. If so, I apologize.  

But at the same time, don't attack those that were sounding alarm bells on BTC, because they were out in force on ZH and you simply chose not to hear.  That isn't their fault, and it doesn't make them wrong. It certainly doesn't mean they weren't present before the crash and are only showing up after the fact.

Thu, 04/11/2013 - 14:41 | 3437554 TheGardener
TheGardener's picture

"What kind of bizarre rationalization are you engaged in here? It feels a lot like sour grapes driven thinking. "

Well maybe the other way round, posting kind of sober with
rational sounding admittance of limited understanding
you smelled weakness and attacked.

I used to made absolute statements here you might have seen and think now you are ready to attack some half thought through thoughts.

Thanks for you personal attack. Sorry to disappoint you.
I`m not into the bizzare or the rationalizing school,
just plain old philosophy.

"It feels a lot like sour grapes driven thinking. " still holds and I take it as kind of a compliment.

And apologize for a sober comment.;-)

Thu, 04/11/2013 - 14:21 | 3437466 silverserfer
silverserfer's picture

oh look anothe IT snob who's brain is crunchy from staring at a computer for too many years. Yes Neo what is reality so fucking hard to fighure out right? Bend your mind man and expect the unexpected. Like a David Blane mindfuck.

Stuipd people are not capable of comprehending people smarter than them because they are stupid.

Why does the ant  delight in the dried puke on the sidewalk never to comprehend the mind is weaker that two antenne?

 

Thu, 04/11/2013 - 14:16 | 3437427 RebelDevil
RebelDevil's picture

Of course, a 3 day boom has to come with a bust just as fast. However, it just goes to show how much people can be LOSERS buy bitching that "bitcoin's gonna crash! Bubble! Ponzi! Physical bitchez!" while they do nothing else. The real WINNERS bought a week ago or eariler, then sold sometime between monday and wenesday morning.

Buy low, sell high! Volatility is opportunity, bitchez! 

Thu, 04/11/2013 - 14:28 | 3437492 Seer
Seer's picture

"But despite due diligence I had not a clue either as an IT veteran who decided knowing encryption and distributed networks from the roots does not qualify to comment on the nation and state of the forests."

I "knew" enough about commuting to know that shit like this could never fly.  One need not get so involved at the molecular level to understand the real forces at work.

Whether Bitcoin is good or not (whatever intention lies behind it, and would continue to do so) is kind of irrelevant when one asks the simple question: what happens when there's not enough PHYSICAL? (food, water, shelter etc- really think that electricity is going to always flow? those that oppose things are always going to be whacking good and hard on it- think about the various pipelines that keep getting attacked in the ME).  Too many moving parts presents many points for entropy to chomp on...

Fri, 04/12/2013 - 02:38 | 3439783 Urban Redneck
Urban Redneck's picture

 

Here's a damn warning, clear as day.

SEVERAL HOURS BEFORE TSHTF

Even includes the wild rollercoaster retracements later in the day...

http://www.zerohedge.com/news/2013-04-09/guest-post-bitcoin-money-future...

 

Thu, 04/11/2013 - 11:34 | 3436581 TeamDepends
TeamDepends's picture

It depends on what your definition of "halted" is.

Thu, 04/11/2013 - 12:16 | 3436828 NoDebt
NoDebt's picture

You know- HALTED.  As in STOPPED.  Nobody can do anything.  Except, of course, a few Russian oligarchs and some important politicians and their families- they have full and unfettered access to their accounts.

Thu, 04/11/2013 - 12:34 | 3436955 natronic
natronic's picture

rich oligarchs aren't buying shitcoin, they didn't become rich by wasting money

Thu, 04/11/2013 - 12:43 | 3437000 RSBriggs
RSBriggs's picture

Mt Gox the website is halted.  That's a single exchange.   Nothing else Bitcoin related is halted.  Get your facts straight before running your yap.

Thu, 04/11/2013 - 12:53 | 3437046 Backspin
Backspin's picture

Correctomundo.  Anyone using bitcoin can still send any amount of BTC to any address, without having to ask permission, without having to show ID, without having to drive to the bank, without facing any daily limits, and without having to wait a day or two for the funds to settle.  Bitcoin is very much up and running, on a few million computers all connected together.  Mt. Gox is down, not because bitcoin is busted, but because Mt. Gox is overwhelmed with new interest in bitcoin.

Thu, 04/11/2013 - 12:58 | 3437068 Harlequin001
Harlequin001's picture

except my address because I don't accept it.

I should think anyone using bitcoin will by now be desperately trying to get someone, anyone to sell them some gold in exchange for it...

Good luck with that.

Thu, 04/11/2013 - 12:57 | 3437054 Totentänzerlied
Totentänzerlied's picture

The NYSE is halted. That's a single exchange. Nothing else j00bux related is halted.

Thu, 04/11/2013 - 12:59 | 3437077 CommunityStandard
CommunityStandard's picture

EDIT: Never mind, you corrected.

Thu, 04/11/2013 - 13:59 | 3437357 Citium
Citium's picture

Mt. Gox holds around 77% of all bitcoins so when they are halted you have 4/5ths of your market halted. Get your facts straight before running your yap.

 

Bitcoin is worthless. End of Story. It's an illusory currency without any intrinsic value.

Thu, 04/11/2013 - 14:05 | 3437387 A Nanny Moose
A Nanny Moose's picture

Yeah...just 70% of bitcoin volume/trasactions/WTFEver. No big deal. Only a flesh wound.

Thu, 04/11/2013 - 11:39 | 3436625 Crash Overide
Crash Overide's picture

I thought the chart for the btc moves yesterday was a music waveform...

Thu, 04/11/2013 - 11:53 | 3436707 Harlequin001
Harlequin001's picture

To which Dark Pools of Soros was heard to scream the lyrics

'You're all fucking dumb, er ... What the Fuck was that!"

Thu, 04/11/2013 - 12:36 | 3436961 Alea Iactaest
Alea Iactaest's picture

I love it when computer geeks try to explain monetary theory, especially when they probably haven't even heard of the Dutch East India Company or the Bank of Amsterdam. Second Bank of the United States is probably more apt, however.

Thu, 04/11/2013 - 12:41 | 3436990 Alea Iactaest
Alea Iactaest's picture

Down arrow? Damn these BitCoin threads are entertaining. So much stupidity on display.

Thu, 04/11/2013 - 13:09 | 3437118 El Viejo
El Viejo's picture

How come this very important bitcoin issue wasn't portrayed in the movie TRON ??

Thu, 04/11/2013 - 12:10 | 3436725 fuu
fuu's picture

I spent some time last night taking screenshots of the hourly, 15-minute, and 1-minute charts and putting them into Harmor. Using the image to change frequency resulted in some seriously hilarious "music".

Long live filter sweeps.

Thu, 04/11/2013 - 12:28 | 3436920 francis_sawyer
francis_sawyer's picture

@fuu

~~~

I haven't seen CH1 here for the past two days...

Did you shoot him [or did he hang himself]?

Thu, 04/11/2013 - 12:34 | 3436956 Harlequin001
Harlequin001's picture

I think he's got a new job trying to de-encrypt Bitcoin so he can get his money out...

Thu, 04/11/2013 - 12:42 | 3436991 fuu
fuu's picture

He was in the PC shipment thread this morning.

Thu, 04/11/2013 - 13:43 | 3437216 Croesus
Croesus's picture

FONESTAR:

Wake up, dude! Bitcoin is NOT REAL any more than Fiat FRN's are. Bitcoin is a pump and dump scam, where the creators take your money, and use math to make it their money.

I'm glad to hear you own some PM's. You should forget Bitcoin, and buy more Gold. Trust me, you'll thank me later, pal!

My story has not changed one time....you can google all of my posts on Bitcoin and they all pretty much say the same things (with variations on a theme, context permitting).

The main point I've tried to make to you Bitcoiners is that you are not "fighting the system" or "fighting TPTB" by buying into Bitcoin. Banks and DotGov have been trying like hell to get cash out of your hands for decades. So, buying into Bitcoin is essentially doing exactly what they want you to do.

Remember this comment?

http://www.zerohedge.com/news/2013-04-03/bitcoins-go-parabolic#comment-3...

"I'm still a buyer of BTC at $140.  Will be buying BTC at $500 too."

Man, GTFO ASAFP! BTC will never see $500 prices. It's not gonna happen.

Thu, 04/11/2013 - 11:40 | 3436635 jayman21
jayman21's picture

I keep my mining rig on as a political statement.  As far as I can see it is the most honest *&^%$ whatever you want to call it out there to facilitate transactions between carbon based things.

 

 

Thu, 04/11/2013 - 12:38 | 3436975 Alea Iactaest
Alea Iactaest's picture

Honest? I don't think that word means what you think it means.

Thu, 04/11/2013 - 11:35 | 3436597 LawsofPhysics
LawsofPhysics's picture

Never put a black/free market exchange mechanism out in the open where government operatives can fuck with it.

Thu, 04/11/2013 - 12:01 | 3436749 Ghordius
Ghordius's picture

perhaps there were some gov intervention - nevertheless it's a small and inelastic currency, isn't it? we are in the downward leg of a currency war, imho this is a quite typical result of market forces in those conditions

there is some hope after some grass grows over this "spiking" event - time heals

Thu, 04/11/2013 - 11:37 | 3436598 Bangin7GramRocks
Bangin7GramRocks's picture

Suckers! I told you the top was $200 and I electroned out. Bit coin is halted but my Beanie Babies, Magic: The Gathering cards and Limited Edition Pog slammers are still intact. Easy street here I come!

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