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Bitcoin Spikes To Record High At $270
The last month has seen the USD price of Bitcoins double from $130 to $270 as a combination of wider acceptance (in China and even ebay/Paypal 'watching') and concerns over ongoing global money printing (delayed taper) have sent the cryptocurrency to new record highs. With most 'markets' now manipulated or repressed by government mandate, one wonders whether Bitcoin represents the last bastion of free market expression for concern at the fiat status quo? Or is it already 'broken'?
Charts: Bitcoincharts.com
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Booooom +1. "A must read, would recommend"
Jesus, take some profits, at least average out a little and set in other holdings, then of course btfd/ath.
They won't let this interfere.
You'd have to translate that into Chinese and post it on message boards over there. nanu nanu, out.
If bitcoin is a coin made from bits (a electronic representation of a 1 or 0 in a binary counting system), what is the value of this again?
Gold is made up of atoms. Atoms are made up of electrons. Bitcoins transactions take place using electrons.
so how much is an ounce of "bits" going for these days?
buddy, get back on meds soon
Actually, they aren't much more expensive than an ounce of gold was 12 years ago, but 13,500 times more than they were only 4 years ago. Something you might spend a bit of time thinking about before making your next retarded comment.
It's the same 1's and 0's that comprise your bank account, 401k, stocks, and medical coverage. Bitcoin is the only one you are the sole owner of.
It's value is whatever you say it is. Like anything. Some features that can influence your and my decision:
1. It is massively distributed and decentralized with incredible hashing power providing security.
2. Each coin or fraction thereof is readily portable, divisible, recognizable, scarce and fungible.
Greatest wealth transfer in the history of the world if you got in 2010 while it was $0.02, and sell now for $270 before bubble (faith) bursts.
If every bitcoin in existence right now were sold for $270, that's only $3 billion. Not the "greatest wealth transfer in the history of the world". Maybe someday...
Maybe not the greatest wealth transfer, but the return on capital invest would be awesome. $13,500 for every dollar invested. lol
The Bitcoin chart looks like every other momentum traded bullshit stock this year. I'm supposed to trust that?
What fundamental supports Bit coin rising 100% in one month? The value of the dollar wasn't halved in one month.
Tesla needs to sell over one million cars to justify its valuation. Netflix has to practically have the entire planet subscribe to justify its valuation.
Bitcoin pretty much followed Netflix this year, why trust that.
People are not in Bitcoin because they want to buy things with it, they hope Bitcoin continues to rise in value to make them rich. I almost suspect the story of the guy turning $25 into close to $1 million of being a fake planted story to push more people into Bit coin so they too can strike it rich.
A lot of vendors accepting Bitcoin are only doing so because they hope someone will trade Bitcoins for a product so then they can get in.
From an objective standpoint Bitcoin has always looked like a scam. Every time someone claims it's not they spout, "No it's a crypto currency that mocks fiat currency and everyone will use it. I got in at $2 and now its worth xxx."
A pizza traded for Bitcoins is now worth $2 million?
I remember something about tulip bulbs. People who never intended to plant tulips traded everything they had for them because there was a belief one tulip bulb would make them rich. Sounds a lot like Bitcoin. If one tulip bulb was going to allow you to retire, you might spend three year's salary on a trip to somewhere you might be able to "mine" tulip bulbs in the hope that trip would pay off big time.
The correlation is there, but like all those people trading tulips the Bitcoin they are blinded by the game.
Bitcoin is being inflated by Bernanke's QE, just like every other asset that you can purchase.
The chart looks the same as the adoption of any new technological invention. First there were 0 telephone users, then a few, then more and more, then saturation is setting in. Bitcoin is still a very new technology. 99% of the world's population have never thought of owning some Bitcoin currency, perhaps they will in the future.
China may well be the catalyst for bitcoins' acceptance. The Chinese government wants a native paypal-like infrastructure but paypal won't hand over the code. With bitcoins all of the hard foundation work has been done and no annoying IP or licensing fees required. If eBay/paypal sees this as a threat then it could bode very well for btc. I hold a speculative amount. I think it is crazy not to.
I wonder if they are looking at Litecoin also. It seems like http://litecoin.org has come up with a more efficient implementation of the cryptocurrency protocol making mining more efficient and blockchain hashing quicker.
Looks like Litecoin is a much better solution from a purely technical perspective. One thing can be said for China, they are very technically aware and will see this pronto.
Once a digital currency is endorsed by a .gov the black market will start trading in? Diamonds?
Over.
Am a big Bitcoin fan . . . could the government be doing to Bitcoin what it did to Ammo?
Biggest threat is not the code itself, or the fact that it's all crypto cyber and such. Nope: it's the monopoly on force not taking kindly to incursions on its plantation farm.
You assume that the FED is not "Satoshi Nakamoto". Who in their right mind believes that someone would just think this up, do all the coding, and release it anonymously?
Again, that violates a basic principle of human nature, vanity, and reward for energy expended. If you come up with something brilliant you want credit, maybe even some sort of profit for your idea.
It's total bullshit and the moneymen are behind it.
Over.
Riiiiight.
And if Satoshi's true identity was really known, you'd be jawboning about how he/she is part of this or that political party, or what job they did, or the color of their skin. We get it, you don't care about Bitcoin. But your ignorance is rather striking - if the "moneymen" were really behind Bitcoin, then why would they shut down bank accounts for trading in Bitcoin?
Why haven't they extended an open hand to join the SWIFT network perhaps? Or even better, start using Bitcoin as a system to transfer notional value between banks?
They won't, because they aren't part of Bitcoin, and they fear it. Much like you do, for whatever reasons rattling around that skull of yours.
This is a battle between the established crony-financial system and something that has the potential to eat their lunch. If you can't see that, you're truly blind.
Hey dumb dumb. The FED and the FBI are not part of the same team. The FED owns the FBI just like it owns Bitcoin, and you.
Over.
Running on Bing, you're a ding-a-ling. Here are some razor blades. Go play in the street.
The .gov is already holding hearings on bitcoin. In the U.S. you need to give your personal info if you want to hold a bitcoin account at an exchange. I believe you can still open a personal wallet though more cumbersome.https://blockchain.info/wallet/how-to-get-bitcoins
It's not a question of if, but when Bitcoin is taxed. It will be done under the guise of money laundering, and illicit use.
How do you tax something that has slipped through SSL and remains encrypted on a hard drive and renamed sex.jpg.
Easy, with the threat of a 60 year jail sentence and a small room full of Tsutomu Shimomura protege's.
Over.
Yeah, those prison sentences really stopped people from sharing MP3 files, too. Or drugs, man, the USA really "won" that war, nobody can get high now.
Does it hurt to be that wrong? Or is it more like a forbidden rush, that keeps you going even though you know you're a complete idiot?
Everyone here knows he's an idiot. He's just trolling hard at this point.
Good luck converting your Bitcoin to usable currency. Last I heard it required a machine that needs your biometric handprint to operate as an ATM. lol.
Your arguments are weak and you are a fair weather ZH'er, only appearing when you have something to sell like our resident assclown Reggie.
Over.
It will be done through regulation, at least in the U.S. of vendors that accept bitcoin for payment. They will have to report transactions. There will be a segment that operates(just like every other currency) under the radar, but it will be much harder to do business in bitcoins.
The best solution would be to implement a GPS feature on all point of sale terminals and tax at the POS. Taxing can be done geographically, and the coins can be automatically transferred to both the merchants account, and the government. This will be easy to implement, as most POS terminals will be iPads anyway.
I wish an oz of gold was to be had for $270.... Don't care for bitcoin. I'm a farmer. My customers can show up with anything they'd like to barter for produce and livestock including paper money and coins but I'm not accepting any virtual promises to pay. I barely like to accept the paper promises to pay. Money is worthless. Get it in your heads.
What the bankers are doing is a mind game but at the end of the day, each one has to ask him/herself why be a slave to the system and get paid in a diluted ponzi and debt paper that makes 1% filthy rich?
Money is worthless! Don't be a shitty whore or slave to the paper queens.
"I'm not accepting any virtual promises to pay."
That's cool. Use of Bitcoin is completely voluntary (the opposite of fiat). At least you've been exposed to the idea and had the opportunity to make an informed decision. Bitcoin makes these claims: decentralized, portable, divisible, recognizable, fungible and scarce. Hard to say if it is a side-effect or primary goal, but Bitcoin is in a struggle against fiat paper money.
zh promoting the bitcoin bubble. gross
ZH has run about 6 bitcoin articles in the last 2 weeks. I know of no other tiny (3 billion market cap) industry that gets the same treatment. My theory is that the Tylers have found Bitcoin to be viable and sound but it takes more than a few articles to get through to the helmet heads here on ZH. Or maybe whatever that gets page clicks and sells ads is what gets posted, eh?
Most other tiny industries aren't presenting an alternative to the current banking system.
And in about 20 to 80 hours shitcoin will lose 50% in fiat currency units.
Actual tangible goods will not adjust in btc price to compensate for the losses with the regular economy.
That's the problem with using something foolish like btc with fiat exchange grids as the primary exchange / acquisition method rather than having tangibles priced in btc with NO connection to the fiat system except barter/sale of the tangibles.
EPIC FAIL horizon rapidly approaching.
Lol, can I quote you on that? Anyways, it would be right where it was 4 weeks ago and would constitute a buying opportunity.
I recently contracted a job for a fixed BTC amount. When I put coins into escrow they were $130. When the freelancer was paid the coins were $260, a boon to him. We in the BTC world are fully aware of the possible risks and rewards transacting in this manner. Look at the Bitcoin Miners, they have large capital expenditures to get up and running but the reward for their efforts is a fixed amount of BTC that actually decreases as more Miners join the network.
Bitcoin is still very young and volatile. Being stateless (the opposite of fiat) it could not sprout up overnight fully formed and is tracking fiat currency for most sales today. But, to use an analogy, if I were in the T-shirt business and the cost of cotton suddenly decreased or increased, I would have to reflect those price swings in my finished products, else the competition would edge me out of business. That's the bitcoin world today but it won't always be that way.
Bitcoin marketing department gets a beatdown!
Dateline Nov. 6th 2013
Bitcoin marketers bring a lame marketing scheme to website Zerohedge. Unprepared and ignorant about their own product the ZH audience rips them to shreds with comments like "Go fuck yourself you FED puppets"!
With comments like that we know whats going on. The wolves showed up in sheep's clothing and NOBODY bought into it...
Over.
It's not me BitCock, it's your lame marketing game. Come correct or DO NOT FUCKING COME AT ALL! You're an armature and whoever is paying you needs to evaluate your performance.
I was wondering why you keep saying Over in your comments. Also noticed you said you are ex navy in your profile. Then I did a search for the term Over and found out why you use it!
http://www.urbandictionary.com/define.php?term=over
6. over! What someone says into the headset after they talk on xbox live. "I am your new squad captain, "over!""I want a new squad, "over!"
"You are no longer in my squad, "over!"
"Im Kyle, "over!"
"Attack from the right, "over!"
"You are a terrible squad, "over!"
Hey Bitcock. The upside for you is that at least you have one good reference on your resume. "I worked for The Federal Reserve tryin' to market their new digital currency. It was hard work and I won.".
Not bad for your first year out of college.
Maybe Glenn Beck will hire you next at his awesome site TheBlaze. Lol.
Seeya loser.
Over!
Is there a temple of the Bitcoin yet?
I feel as though I need to go kneel to an idol of one sort or another.
The Giant Spaghetti Monster is a merciful god but he isn't a currency and gives me heartburn.