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Meet "FiatLeak.com" – Real Time Map Of Bitcoin Transactions By Country
With Bitcoin ranging from $395 to $295 and back up to $370 in the last 24 hours, keeping an eye on where exactly the "selling" and "buying" is coming from may prove useful to some. As Liberty Blitzkrieg's Mike Krieger highlights, there is a site for that "FiatLeak.com," which uses data from the three major Bitcoin exchanges for which data is published, Mt. Gox, Bitstamp and BTC China to show you which countries and which currencies are moving in and out of bitcoin in real time.
As the site notes,
fiatleak - watch the world's currencies flow into BTC in realtime
When one of the fiat currencies listed below is used to purchase BTC on any of the major bitcoin markets (MT.GOX, BITSTAMP, BTCChina) a bitcoin is sent from the currency counter in red to the country on the map. The total BTC value is listed in green and plotted across the map.
Refreshing the site will cause all data to be reset to 0, allowing you to track different periods in time.
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I am dreaming about the girls in the "ranking the hottest actresses who have gone topless in a movie", will they do it for bitcoins?
"....will they do it for bitcoins?"
By the time they hear about it they will be doing it for satoshis, not Bitcoin. Join now or forever be stuck on the right side of the decimal place.
Why don't you join us in other threads? Only bitCoin threads makes you look like a zealot and it makes us get all jihad on you and declare a currency fatwa.
Over
What better to measure the effectiveness of "Bitcon" with than a tool which shows its major outperformance against precious metals. Turd et al. unfortunately missed the boat on this one, as it sunk with their pirate's booty
Pretty unbelievable that gold has been sent fleeing below $1300 like a dog with its tail between its legs, given everything. What will it take, short of Ben announcing a helicopter cash drop stunt, for /GC to catch a bid?
Well, TPTB can conceivably keep this charade going for another number of years by knocking off disposable dictators like Qadaffi and stealing their loot.
Bitcoin can help bring about a victory in this war much sooner than a "metals only" attack.
Are you watching this shit in real time or are you just going to continue to talk out of your ass all the time?
Now would you care to refute anything that I have just said?
....didn't think so.
I asked you about the real time trades. WTF? Do you have rocks in your head?
I make one trade and one trade only, Fiat >> Bitcoin + Silver.
Buy and hold.
No, the real time trades involving only China and the USA. Well over 95% of the total. How much demand do these exchanges account for?
Simple question.
I do not know what percentage they account for and frankly don't really care either. I deal primarily at localbitcoins.com because I don't want to trust a third party with my cash before I can even convert that into Bitcoin. Plus after MtGox wanted to make their clients jump through hoops because they may come under regulation I figured it wasn't worth the trouble.
Thanks. I was just curious why China and the US dominate this trade according to that website.
Also, I'd prefer to use independent sites rather than exchanges because if governments do choose to strike against the Bitcoin the exchanges will likely be their first target. Ie, you may never get your money back out of them....
http://coinometrics.com/bitcoin/bmix
Most anyone who would have tried to short the Nasdaq bubble would have been trampled. But some people did it successfully.
Going long XAU/BTC at some point would be a nice trade, but difficult to execute.
Or one could simply be long coinage metals. What a ride that BTC!
Hong kong is the new center for reserve currency status with it's bit coin collection, soon to be backed by gold?
http://youtu.be/NLwKKU8gTq0
Naggers beware.
Does the new bitcoin ATM have anything to do with this?
http://www.planbeconomics.com/2013/11/venture-capital-muslim-money-exten...
ATMs have a lot to do with it. We haven't even seen the big money pour into Bitcoin yet. Bitcoin is the ultimate tax-haven as well.
What about the new Internet architecture, Einstein?
Once implemented I guess your bitCon's will be fully controlled by .gov.
http://named-data.net/
Over.
Backscatter from the Data Plane --- Threats to Stability and Security in Information-Centric Networking
http://arxiv.org/abs/1205.4778
Yes, I am sure TPTB would love to re-invent the internet from the top down!
"Hey, have you tried the new internet out? Yeah, you have to sign in using biometrics linked to your DNA. No more free music, Piratebay, downloads, IRC, porn or Bitcoin..... but at least you can still check your Facebook!"
Good luck selling that one, hahahahahaha........
Exactly...what are they going to pay us? Dollars?
HAHAHAHAHAHAHAHAHAHA...no. They can keep the bog roll. The entire infrastructure is ours to begin with. They come to us for a change, not the other way around. The bastard operator from hell is no myth. If an entre industry wants to go to war with us, watch how fast we nab everything. Best they comply with situation so they have a role to be offered.
Better yet, join up early. Early adoption of any change is painful until the bugs are worked out. Much better that than being several versions behind a piece of software and chasing a version control rabbit.
For the moment. Once the screws are put to the retail banks in Jan. They can either get on board, or every technical solution provided to keep them 'live' will act as a money sink to bleed them like a hung deer. That's a promise. Join or die. Migrate or fade away to oblivion, and IT moves faster than the banks. The banks without tools are just clowns in suits otherwise.
It will be the single offer for them to do their jobs proper and protect their clients or they'll just be plonk'd. Then the guns will be turned on the equities markets. Stay in depreciating fiat or stay in business. Understand that the same weapon can be turned against themselves now with the current situation. They play as if the money means something. We play with the intention the software is being migrated with a minimum of disruption and catching bugs before production. Guess who wins?
The Chess game is going to be quick, with a minimal loss in eight moves and completely fair, which is something none of them are used to and don't understand. It's going to be hilarious and my prediction is lots of apologies are going to be issued publicly. Once that's done, mind pennies and the bitcoins take care of themselves. Then people can get back to what they need to do in their lives instead of worrying about bits of paper and fighting about it.
Very well said. I am banking on a Bitcoin victory because ultimately I believe that data centers, ISP's are more valuable to society than an antiquated central banking system whose sole purpose is to skim wealth from productive members of society. Yes, we are currently dwarfed in size by said system but it is strategy and rate of adoption that will allow us to turn the tide in our favour. The dollar system and the Bitcoin network cannot co-exist because at a certain point the majority of dollar holders realize what is the superior system and change sides. Force them to defend an indefensible position and let praxeology do the rest.
Stop thinking like there is a 'dollar' system. There isn't one, hasn't been since Nixon. It's all inflationairy nonsense layered with the polished turd of compound interest with skeletons hidden in well constructed containers.
The position is one of already been won. Staging is done and it's shown exactly how tough it is as a currency. TPTB is throwing the entire kitchen at BitCoin and coming up with nothing. Why?
It's honest money. Hard to beat honesty in a transaction. Basic playground rules. The shitty kid gets put in a corner until they learn to play well with others now. Once they learn that, the playground of options opens back up for them. Eventually the other kids will play with the shitty kid again too. No one needs to lose, this is a matter of priorities at this point and not money.
I'm not getting paid to do any of this. I'm doing this so I don't have to worry about my parents. Worry about friends taking care of business. Worry about my family. Make it honest, replace worry with opportunity. We've all been stuck in a holding pattern for decades, it's time to move forward and resolve this so we can get to the business of...well, everything.
First place to start is making sure everyone understands how much they've got in their wallet and what it can buy them in a predictable, stable and completely standard way. Remove the dirty business from 'money', and drop the ownership back to the people using it. It still allows for open markets, police forces, military, schools AND because a buck stops somewhere it refocuses priorites. Currency is a very powerful tool and necessary at this moment in time to avoid collapse across all sectors of civilzation. It's the glue that makes all business happen and why most people get up in the morning to do their business.
Staying realistic though in what a currency does honestly is important to the world.
That's what makes the Bitcoin phenomenon so fascinating! It's psychological warfare meets game theory, the highest stakes game of poker in town with the strategy of Risk. It's the presencing of virtualization technology in the layman's world. And this is a "winner takes all" game.
And all it took was the price of bread.
You haven't been at this very long, have you?
-Chumblez.
Quantum computing will crack bitcoin encryption no?
It's not really a realistic threat to Bitcoin anymore than a CME or EMP is. Cryptanalysts and cryptographers are always cat and mouse but even supposing that it does happen one day, there will be better cryptography coming soon after.
quantum can't break the hash functions
Yes, hashing is one way function.
FFS are you stupid. There is nothing that is done in code that can't be undone in code.
In one half of your brain you look to the future of bitCons, but in the other side of your brain you look at the present state of technology, which in your opinion is static.
You're a lopsided idiot. Futuristic and antiquated at the same time. You must be fun to laugh at during dinner conversations.
Over!
Dude, this is you, isn't it?
Dude, you should know by now that I don't do the tube, google, fagbook, twatter, linkedin or any other CIA, NSA efforts like cryptocurrencies for example.
Can you make your point otherwise? Or is you're head that far up you're ass?
Over.
Stick to commenting on cleaning gutter guards, laying bricks or whatever it is you do. Seriously, you're embarassing yourself.
Is 'rubber' and 'glue' going to be in your next comment?
Over.
Ladies...you can have a cat fight in your spare time. Get your purses there is work to do.
How long you been in IT? (and you don't understand the open source idea, it's call many eyes on a single piece of source.)
Guess what happens when a trap door is found in that situation? If you haven't seen the outcome to that situation you need more experience working in IT.
Believe me, you don't want to be the guy that gets caught doing it. Ever. You don't fuck with gatekeepers of all the information on the planet or hamstring your own clients. Standards for public safety and fairness. How it gets done, it's called a 'Mechanical Turk' which happens for a variety of reasons. Mostly it's the the 'greed' modivation of seeing how some other person built it then offering a change or testing in a branch from the trunk.
All the rules to not screw the next guy down the line and keep it honest. Everything is intended to make less effort later, hence the reason of open source automation and appliance offers today. 15 years ago you've need a team of people to get a website working properly. Today, it's so open, automated and seemless anyone here can whip out a credit card and in about two minutes have unlimited hosting for less than 2 bucks a month with a domain name.
We eat change for breakfast.
.
@maskone909
The current contender is actual an "annealer" not a true quantum computing processor. It will take many years before a true quantum computer can be made, not just one that is designed to plumb very specific n-dimensional problems.
An annealer is exactly that - a narrow phase space of possiblities that it has tuned specifically to, not the true quantum "process all possible states of every permutation" kind of calculation.
Well u might say im off my rocker but supposedly the us government has had in existence quantum networks for about two years
http://www.wired.co.uk/news/archive/2013-05/7/quantum-internet
Their annealing system btw is 3600 times more powerful than classical systems, enough to peak google, nasa , and several defense contractors
Something big in the works. Ancestry.com is requesting people pay them to send in their dna samples. Every portable device has backdoor access to your data/microphone/camera, new car ecu's can be accessed remotely... Or maybe im fucking crazy
Fuck 'em. We won't be herded into providing the ALL-important DNA with BS or FUD.
a) That's a quantum network, used for secure transmission. It's not a quantum computer.
b) As correctly pointed out, no true quantum computer works outside of the lab. If there, even.
c) Shor's algorithm is not applicable in regards to SHA-256, also correctly pointed out, a one-way hash function.
I think it's about time we start filling out a FAQ. I'm getting really, really bored of the same stale old questions being posted repeatedly.
I swear some people appear to think that the supposedly above nature all-powerful government is smarter, more capable, and has more resources than anyone else (every individual combined, even, despite 70% of the US economy being consumer spending). Except, of course, when it comes to running social programs. Then, suddenly, they're complete idiots.
a.
b.
c.
d.eez nuts
.gov still has guns and imunity. you can do your so called FAQ's smart guy but you are only toying with the info that they let the public be aware of. nuclear bombs didnt exist either until one droped on japan. such arrogance on the bitcoin threads
And all those people have family that need a problem solved more than they need guns and immunity. This is bigger than all of it, everyone knows that and it's safe to say that everyone recognizes the scale of the problem that needs to be fixed.
With honest money, it also means we all have to be completely honest with ourselves with the scale of the problem of 'money'. Once done, governments can go back to the business of providing scoundrels places to work on law and govern like they are supposed to do. Maybe even make a difference in their respective countries, actually HELP their communites. Business will actually know which way is up in terms of what something costs and do what they've been BEGGING to do for two decades, which is develop businesses. Can't do that if the bag of loot you have is losing value by the day. Students will start picking educational paths that will be productive instead of the legions of Psych majors and teaching college grads. With honest money, even an 18 year old will be able to sort out what is bullshit or not. Even places of faith, religious/masonic/club/temple/mosques, that function as community organisations will see the change in fortunes because they will be able to budget long term community efforts like food banks, park development, kibutzes.
There are 7.2 billion reasons to migrate it all, all of them match where we all need to go as a civilzation and as individuals. What we are doing now, anyone really that interested in living in the video game Fallout 3? If they are, they should seek professional help.
Why should money inflate or deflate? What if it was just static?
Further more, how can a digital currency be considered honest? Every 5-10 years the tech will become obsolete ruining peoples savings and countless lives with it. Can we afford to gamble on that? I appreciate the tech and the idea but we cant keep up with the pace of acceleration of tech. I own btc btw
Why? Well basically because I have been in this circus since 2008. It's getting boring... what more is there to say? We know things are falling apart. We know the governments around the globe are going to do everything possible to preserve themselves first and foremost. Get your stuff now, get your debts paid, get out of the system and look for other ways to diversify.
I'm mainly interested in Bitcoin because I think it's a technological break through on par with the internet itself, powered flight, the radio and the personal computer.
i keep hearing how the powers that be want us to go to a 100% cashless system. it seems that such a system arrived before they could implement theirs.
if Bitcoin does end up taking off and becomes the universal electronic currency i feel a lot more comfortable with an independently created system than anything the government comes up with. with the government stamp on anything you know you're getting screwed somehow.
You think the Bilderbergers would actually reveal the one world digital currency in their name or in any way shape or form tied directly to them?
Bitcoin is perhaps THEIR one world currency and they are playing us again like a fiddle.
If Bitcoin goes to the moon and is accepted as currency, then hyperinflation is here. Love it or hate it. If Bitcoin is a safe and secure store of wealth, all fiats are toast and the world's population will inevitably shrink because food is scarce and bitcoins will be the preferred medium of exchange.
Bilderburgs are going to have to follow the lead on this. They have no choice or they don't get to play their reindeer games, plus they'll be needed to point out where the bodies are buried and offer an apology. Then they can move on with their lives. Everyone already knows who they are and I'm pretty sure they'd prefer to have options themselves with the corner they've painted themselves into.
They bunch of them need to settle down then listen with their ears and not their mouths. So they bunch of them are needed as well but not necessary to the end project deployment. Alternative project management teams are already available for use. Again, they failed to lead, now they can follow and help, or get out of the way.
Best option though is they help, stand on side and sort out their own internal differences in the manner they are accustomed to.
This is bigger than them. Much bigger.
I wouldn't go as far as saying that. But it's certainly an interesting technology with a future in one shape or another.
Meh, don't really care enough about EBT cards and Obamacare to comment, already know the financial system is toast.
"Join now or forever be stuck on the right side of the decimal place."
Already there, dude..
Already there...
Try http://litecoin.org
It's not bubbleware.
April Bitcoin spiked to around $237. It then fell all the way to around $69 in July, now up to $400+ ask on loco_coin.
It'll hit $25 in Jan 2014. Nice 'investment'.
Over.
So you ask me to buy "bitcoins" from you for 400$ that you bought for 0,1$? No thank you, i wount transfer my wealth to you, better find another sucker...
Or loose it all:
Chinese Bitcoin exchange DISAPPEARS, along with $US4.1 MILLION
http://www.theregister.co.uk/2013/11/12/bitcoin_gbl_hong_kong_collapse/
Chinese Bitcoin exchange GBL has shut down, taking with it over 25 million yuan (£2.5m, $US4.1m) of investors’ money, in another warning to those who don’t look before they leap with the digital currency.
Users first suspected something was up on October 26th when they could no longer access the site of Global Bond Limited (GBL), according to Coindesk.
On closer inspection, the office address in Hong Kong was found to be empty, its QQ instant messaging contact unresponsive and customer-facing phone lines silent.
Goodnight bitCon!
Over.
That would be considered a failed side project and 4 million is nothing isn't it? All the Oil sands mining outfits spend that on oil changes and tires for their equipment over a day. So settle down chicken little, all projects are visited by Murphy's law. Outright theft does happen, just means those assholes get blackballed from the project forever.
You too?! What longtime ZH'er isn't balls deep into this?
Over.
Look, you ignore the history of human stupidity at your own peril. The entire world has a long standing love affair with currency that they can print from nothing and change the value of ad hoc. Fuck that noise. Gold and silver is still worth more than advertised, but it's unreasonable to assume that it's going to help in this situation. It's failed because of the second point. People manipulating the price action on a veeeeery limited resource.
Let it go and this will be so much less painful. In IT we can fix a lot of things but we haven't been able to fix two things yet. Stupid and stubborn. So bitching around it isn't going to fix it. Fixing it, fixes it.
Anycase I would like you to review the project stuff once it's done too, there always needs to be a 10th man (11th, 12th, millionth) to make any project worth something to the end user because optimism is a bad place to be in a migration. Meeting milestones and understanding possible problems before they happen is the only place to be.
So what are the specifics on what happened to 4.1 million? Was it theft? Was it ignorance of procedural backup routines? Was the group in charge running a decoy operation to hamstring the project? I've been around a while in industry to have seen it all and run enough projects to find and remove a problem. Best way to deal with that problem is kick it to death and then move on. I'm so done with the suburbanite assclown country club attitude of watching Rome burn.
It's time for the bunch of them to get the fuck out of the way, go somewhere else and recycle oxygen.
As an industry, we move way faster than any other on the planet. We eat change and problem management for breakfast.
Bitcoin's success or failure ultimately does not hinge upon the ignorant grasping Satoshi's genius anymore than your flight leaving the airport hinges upon the ignorant grasping how a jet engine works.
Exactly, no more than my Mum needs to understand that Solitare games on her lappy are built by teams of really smart folks that want that game to work well and in the bounds of the rules of the game. (52 cards, match sets and randomize the shuffle of the deck). I think everyone in IT has taken a crack at building a game platform at least once. Our goal is to build something fair, works well and cool to play. My mum's modivations...she's more interested in seeing if she can finish a deck enjoyably with her afternoon cup of tea.
It just happens that every government on the planet has accidentally built think tanks of game theory folks that have published...well everything. lol (thank you world) Time to put it all to use then instead of using it to invade and kill, we can apply the same rule sets to implimentation. 'Borrow' from it. Then after it's all done. Guess what those guys can do. They can help improve it. Why? Because they love fucking around with strategy, and those folks input is needed as well.
No baby's are being thrown out in the bathwater here. If we all zerg, then the transition and cut over to production should be fairly easy for everyone with the ITIL box of communication and client training. We have apps, we have servers, operating systems, infrastructure is in place with processes, cell phones as wallets...everything is in place now and ready. Just need to finish a plan to meet the requirement. Then argue about it, tear out what won't work, put in what does and then forklift it into place.
...there is no lose when a project baseline is done. Only post project community change requests reviewed on a CAB that involves everyone, because it effects everyone. Literally everyone can sit at the table, dogpile ideas, polish turds, piece meal the good and bad. It's how it gets done now in IT, applying the same process against currency as a software migration. I'm willing to bet that similar issues pop up and the solutions we've all found through careers apply as well.
If looking at this from the standpoint of a project. This is the 'staging' area right now. Testing is done. Procs are done. All that's missing is the 'install sheild' wrapper to deploy it.
There are really only two things we know for sure:
1. Bitcoins are a scam because they can be stolen.
2. Gold coins are good because they can't.
Wait, I mean:
1. Bitcoins have no value.
2. All the thieves are trying to get them.
Wait, maybe it's:
1. The government is full of idiots too lazy and stupid to put up a damn website.
2. The government masterminded a secure cryptocurrency with the help of the Illuminati\Bilderbergs and now they are rapidly tricking the weak-handed gold bugs into jumping on board before pulling down the curtain and showing how well they have enslaved us with their NWO electronic supercurrency that single-handedly destroyed their fiat gravy train.
Wait, what I meant to say was:
1. If the power goes out and no one has any food, bitcoins will be worthless.
2. If the power goes out and no one has any food, anyone will trade you their last can of beans for a shiny metal disk with a face on it.
Wait . . . I had something for this . . .
Van Gogh sold a single picture of his for 400 francs. You wouldn't buy it from that lucky guy for 400000?
"So you ask me to buy "bitcoins" from you for 400$ that you bought for 0,1$? No thank you, i wount transfer my wealth to you, better find another sucker..."
Okay, I'll come back and ask you again at $4,000 BTC who the sucker was?
Yup. We already know that an idea can start as a trickle and eventually will carve out a river, then an ocean.
Just takes time through a migration effort to deploy a new currency. If viewing the idea of fiat as 'software', the trick is getting 20 steps a head of the target end date in anticipation of the usual migration annoyances.
An example of Change Management done worldwide without pain:
Memory sticks. Anyone remember being advertised one?
Nope. Everyone just has one because IT needed to get everyone off of floppies, CD/DVD and tape media because they are garbage. Too much data loss, low capacity, barely reusable, energy expensive, restrictive in legal, space and storage requirements. Therefore all the floppy media had to go and thanks to Michael Dell listening to his engineers, techs and users, plus the army of Boffin's out in the field supporting the effort it happened. The slight change was Dell removed floppy drives and installed usb ports. Dell was the real reason the laptop industry changed and contrary to popular believe, Apple changed because of Dell...everyone changed because of Dell.
Anycase...No one even noticed the change. It was so gradual the world didn't even feel the bandage removed and replaced.
We are doing that with money now because if we don't wrangle it in the same fashion...well just look at the central banks. If anyone wants to keep their 'information' (aka money) during the migration, get on board or you'll be holding a stack of 'floppies'.
@fonestar (and anyone else): I'm putting together some stuff and I'm hoping it's all done before Dec. Can I bug you (and anyone else) in a couple of weeks to look it over and pick it apart. I'm hoping I have a project plan, milestones, process, risk assumptions and end user training down on paper with some other goodies to make it as invisible and painless as possible to end users.
Basically a real project plan versus the scattered mess that's happening now.
Sounds cool, reddit.com/r/Bitcoin might be a helpful resource, too.
That's part of the reason I'm doing it, everyone is in trade show mode. They are running around making grand announcements, smiling a lot and assuming the position of the world is going to change with talking. Instead of doing what we do in IT, aim for change and make it easy enough you could hand it to a 4 year old or a 104 year old. Everything is built to do that now.
Our industry problem though, as propellor heads and wire monkeys, we are all over the map because everyone attempting to replace everything around a 'currency'. In IT we don't do that at all because we all know that it's just a piece of software, versus the herd consensus which is hold on tight to something not working. This leads to incredibly dumb ideas like 'print more' (patch it to death) or moving the deck chairs on a large sinking analogy (reorgs, reorgs, reorgs).
It's time to formalize it all with the tools everyone's been working hard on. Infrastructure is in place, we will just use all the stuff we built for the banksters on their dime and take it all back.
If the banksters don't like it. Too bad. They were given the option to lead. Now they only have two options. Follow or get out of the way. Those that squawk are going to feel the passive agressive wrath of IT.
"Oh shit. Your cell, mail, files and computer is fucked...so sorry, call support. Muhahahahahah. good luck" Then they just 'disappear' in the electron pool until some candy and cookies show up at the users desk with an apology. An entire career of watching exec's acting like pricks to techs, the process and outcome is always the same. We always win that fight. We zerg the shit out of a prick's career, and nothing of value is lost.
As I mentioned, EVERYTHING is in place now except a finalized plan that everyone, everywhere on earth can leverage. It's going to be 'go' button time soon.
Probably not for a while, but these girls will: http://bitcoinsites.com/PhpLD/Adult/
I didn't think they would do an old geezer like me for bitcoins, but they might if I paid with the fiat dollar.
...type of chicks that would double-up on a dude like me.
Office space nice
.
Bitcoins are just like some of the games on the back rows and corners of a casino in Vegas.
If someone has to sit you down and explain all of the rules on how you can win, pick up your money and run like hell.
Which seems to be an apt description of any fiat currency - the creation and distribution is too much to explain to people, which is why they continue to sit at the table.
Agreed, except the our govt hates competition, and I don't see anyway in hell they, along with the other fiat printing countries across the globe will let Bitcoin gain in prominence in our fiat world.
Bitcoin is like gold in that it is in every government's best interest to suppress the popularity of gold and to crush Bitcoin once it is seen as a big enough threat.
"Agreed, except the our govt hates competition, and I don't see anyway in hell they, along with the other fiat printing countries across the globe will let Bitcoin gain in prominence in our fiat world."
Good luck with that. Maybe you should sit down and learn about bitcoin after all.
Go for it hero, sink your entire life's savings into Bitcoin. It's almost like Keno. You give me your money, and then I'll come back later and tell you if you've won. BT Barnum himself could not have created something as creative and wonderful as Bitcoin If he tried, He did always say there was one born with every miner purchased.
I was agreeing that Bitcoin and Fiat currencies were indeed based upon the same foundation. That doesn't scare the hell out of you ? It should.
Good luck !!!!
"I was agreeing that Bitcoin and Fiat currencies were indeed based upon the same foundation."
Uh, you couldn't possibly be more factually wrong about something. The very word "fiat" basically means by dictate. Bitcoin is the exact opposite. Bitcoin is voluntary currency and is the perfect embodiment of the non-aggression principle.
umm... let see how many volunteers will remain, once the ponzi starts to unwind. those "volunteers" are just volunteering to participate so they can ride this pyramid scheme and get something for nothing... once the course reverses (and it will), then there will be no volunteers left, only bag holders.
Did I hear somebody just mention something about cheap coins?... Where can I get in on this action?
That's the current scheme. With BitCoins though...throwing away a 400 dollar bitcoin today to lose the million dollars in the future because it is going to be the currency. No more fiat. Honest money. Honest trade and everyone starts re-evulating how fucking retarded they were for 100 years and never do it again.
This is going to happen. Eat what's given or die at the table. If we're going to have fiat, we're going to have one that is limited in distribution to make it a certainity that if poorly managed lending and multiplier are EVER used, ever it will only prove financially fatal to the idiot attempting to game a system.
Think of it as bumpers until the 'money' game eventually reaches it's inevidable conclusion of 'there is no yours, there is no mine, there is just ours'. Not communism either, just proper tallied trade that's fair.
Out of all the places on the planet right now that is in the BEST position to leverage it. Africa. They get on board early and they can tell the IMF cocksuckers to jump in a lake and reboot their agricultural industry and be up and running in a year.
So go to the casino if you want, just understand what it really costs as an adult.
@DirkDiggler11
Yeah, complexity is hard - you're right - the US should've blown up the Space Shuttle years ago, I mean - it only gave us major satellite launches and experiments, real-time data tests, just useless shit like that.
I guess you shriek and cower when you have to read a manual for a new gadget you just bought. Or do you just throw it away and save your tired old pea-brain the trouble?
"Fiatleak" is an excellent name for this. Watch the Bitcoin in an exponential growth curve and tear your world apart.
"Fiatleak" is what I call it every time my wife goes shopping.
You know, Leak my ass, its more like a Fiat Tsunami come to think of it ...
Benny is going to wrap a diaper around your head until you leak bro.
Over.
Hmm.... my BTC-USD charts are telling me otherwise.
I love how this old-timer (either mentally or physically ... or both!) is harping on Bitcoin. Just keep collecting your checks grandpa, you know, the ones that all the young people paid for.
And the "over" part? What the fuck is this, some ancient black-and-white war movie? Who the fuck says "over"? That is, if they aren't brain damaged.
it's less annoying than "roger dodger" I guess?
Everythying is 0 except USD and CNY. How do I read this?
It's reset every time you refresh. Only stuff that's jumpin' is going to show ANY change if you refresh fairly often. No way of knowing how long they waited to take that screen grab after the last refresh. Probably not very long would be my guess.
Guess that settles where all the demand is coming from.
Yeah, that's pretty much what I was thinking, too. Just look at China. ROCKIN' the bitcoin world.
I see 80% China and almost all the other 20% US.
So much for the rest of the world. Speaks volumes to everyone else. No Bitcoin for you.
Looks like Chinese trading their US-Treasuries for Bitccoin.
It's just AnAnonymous blobbing-up the fiat alternativizing means.
If these numbers are accurate and in real time, Bitcoin is a big fucking joke (scam).
Seriously, how is this possible if it is decentralized and worldwide?
That's just where the demand is coming from right now, also the consider time of day and that this only reports 3 exchanges. Many unreported person-to-person trades are going on, I just sold BTC for Yen but that won't show up on any site.
How much demand do these 3 exchanges account for?
It is really hard to say. Localbitcoins.com (person-to-person) does a lot of trade, even then you can connect through that website but not report the deal. On the exchanges a lot of the transactions are day traders, basically trading the same coins back and forth on price variance. Big deals are often off the table (cause why not, ain't nobody says you have to).
Proud to say I was one of the first sign-ups on both eBay and localbitcoins.com.
Fonestar is always ahead of the curve.
Fair enough. I guess nobody knows then.
I understand that BTCChina is over 30% of global volume now but this should be used as a very rough estimate in any case.
http://bitcoincharts.com/charts/volumepie/
Bitcoin is not a joke. It may go to zero or to many zeros but either way it is no joke.
Do you think the Chinese are using Bitcoin profits to purchase physical gold and silver?
Seems logical to me seeing their massive demand for the metals.
I don't think so. The Chinese volumes have really spiked in recent weeks but they've been buying gold for years. Also note that the price of a BTC on the Chinese exchanges is consistenly higher than even Mt.Gox. So any profits to be had is by trading amongst themselves. They could be using BTC to buy other currencies (avoiding gov't controls) but paying a hefty fee to do so. Also note that BTC has traditionally been traded in USD and even though you don't see a lot of EUR trade, Europeans are probably just using their existing USD channels. At any rate, be prepared to buy both gold and BTC from the Chinese in the future.
fonestar, pls contact me under my name at hush mail. Thx, much obliged.
Actually this really needs to be cleared up regarding Chinese exchange volume. BTCChina is offering promotional 0% fee for trades while the other exchanges take around 0.5%. This means that Chinese traders can and do make a profit trading a 1 yuan difference over and over again while traders on the other exchange need to see around a $1.80 difference to pay the fee. So things are skewed and some of it is not "true" fiat leakage.
ZH, really? Don't you think it is about time for a man of integrity to make an honest discolsure on his holdings?
Maybe not. After all, on a long enough timeline...or as Keynes said: 'We're all dead.' I see clearly why you are fight club, Tylers.
Carry trade on, munchkin.
This isn't a carry trade situation anymore.
This is a migration. Change happens, get ready and in position if you want to play after. This will be the first time everyone gets the option to either continue wrecking their own financial house under the current method of FX or move on to accomplish something. Eat what's given, or die at the table. No more pussy footing, that's done with and finished.
Don't be the motorola guy in an eight way core Intel/AMD universe. You only limit your options and tools available.
i wonder if Columbia River hyrdo power can be used to mine these things? Solar plays had an epic day today...as a growth investor always love to see big moves off the low. a "Solar City" ready to be built out for real? not ready to buy into bitcoins but it is fascinating to "watch." thanks for the post. maybe we can start a real time scroll at ZH as "the era of virtual currencies has begun."
Answer: yes. Indeed right before GPU mining imploded miners clustered around cheap (usually hydroelectric) power.
With ASIC miners it's still profitable even with expensive power, but those days will end shortly and they'll cluster around cheap power again.
What's up with pm's, smackdown coming?..... i feel a great disturbance in the Force.
Quiet down there Smith, the cult followers of the mighty Bitcoin don't like it when anyone mentions the shiny metals in their thread.
@DirkDiggler11
I don't mind gold or silver, what I do mind is when some fucking psuedo-49'er says "I canna see it or hold it, I gotta pan for more gold, yesirrreeeeee!". Because that's the most fucking close-minded attitude that most display when confronted with Bitcoin.
They can work together you fucks, if you bothered to stop fapping to your guns & ammo and stepped out into the sunshine once and a while.
Not true, just the opposite. You don't have to be stuck with either one or the other. Got another shipment of 10 gold maples ordered over the weekend.... with Bitcoin. Each has their advantage.
This has me in a very WTF state of mind, considering the source:
https://smallbusinessonlinecommunity.bankofamerica.com/community/running...
BOA selling bitCoins? What's strange about that?
Over.
Running-on-Bunghole-Fumes spouting stupid bullshit?
LOL "over"
What a maroon.
From B of A ? I smell a rat. Since they have stolen billions from the citizens, now it seems they are after your labor now thru the barter" system as well. I can see the loan application now... Want a mortgage loan? Then you have to put on pink panties and a cheer leading outfit every afternoon for 30 years while Ken Lewis gets you to spank him while he wears his gimp outfit.
That's hot...
It was written by touchpoint media, a 3rd party provider of bullshit blog content. Either way though, seems like we've got an inside man over there. Probably one of the junior staffers and he is trolling pretty well if you ask me.
BofA knows the end state of FIAT.....BofA is destroying and causing!!
Why not position and co-op the middleman function NOW!!...1-3% processing fee...just like CC's!
BofA will NOT survive the coming Collapse!
IRS will be slightly interested in any gains that go unreported?
NSA should be able to help them?
Good luck to the NSA when this gets included in bitcoin standard:
http://zerocoin.org/
I need to be able to compile my own before I'll fuck with that shit.
Where's the source?
Over.
Well, most people use Google Running-on-bunghole-fumes, but seeing how you probablly connect to the internet using "Magic Jack" or some other bullshit, just go down to your library where they have a faster connection, and type in bitcoin.org.
If you can't find it from there, then you need to take yourself over to the nearest elderly care facility and check in. Don't worry about paying, I'm sure all the younger people that have paid over the years will finance your drooling descent into oblivion.
Can you please put together a website similar to the .this, that counts the number of juice who are behind CC and bitCon in particular, and their geolocations?
I'm sure you could just put up a map of tel aviv with a bunch of red dots on it if you wanna do it quick and dirty.
Much obliged patna.
Over.
When I go to the website, it just spins round and round saying "waiting for first trade ...".
It's been doing that for 15 minutes. About as fun as watching grass grow.
Sounds like you are on www.obamacare.gov. If you have a problem, you can call the N*-*-S*-*A 24x7 at 800-F*c-kYou. They can help you.
WTF? just saw a coin land in the middle of the freakin' ocean.
To Atlantis! Even mermaids want BTC.
US, China, Japan so far. No Euro...
China & the US, how revealing.
Just like the petrodollar and most commodity quotes, BTC has traditionally traded in USD. But times are changing. I would estimate about half of the USD trade is coming from outside the physical U.S. For every BTC bought for a price/currency there has to be somebody willing to sell for that price/currency.
It ain't even loading for me... :(
Is nobody using the the fancy BTC ATM machine just installed in Vancouver? That must suck. I wonder how busy the gold ATM is in Dubai?
Stack On
They've only pulled in 100,000 bucks since they opened a little over a week ago. I know that isn't much, but its a start....
There is a new type of BTC atm available - no palm print for that one. They are going for $5k each, and Id say if you want to get into the BTC business cheap and easy, then a few of those machines would go down very well. If you have a small shop, a nice big 'BTC - Buy/Sell' sign on your shop is going to add a significant competitive advantage, very soon.
Fuck this shit, give me silver.
Im about to start mining silver, where the fuck is my shovel.
Cool, while you're asses and elbows deep in some mudhole, I'll be drinking a lager and adding on to my expansive bitcoin collection, you know, the one that is up over 20,000% since 2011.
By the way, what is silver going for, I lost track ever since the Hunt Brothers debacle.
See, it's that kind of response and attitude that raise flags to people. You see, we're skeptical that people always tell the truth here. You sound like you are a PM troll or full of shit. Either way, you're certainly clueless on why people hold silver.
Go look at what a Bitcoin cost in 2011 and what they are selling for now. Doesn't seem like much of a stretch at all that a paultry "investment" a few years ago is now a small fortune.
Not a red flag in the least, the wealth that has been created through BTC is no mystery. That's real, explosive appreciation of purchasing power.
Is this the bottom of a potential technological adoption curve, the internet in '94? To zero or many zeros, the truth will come in time irregardless of what any of us think.
Haole, I don't care how much money he says he made. He's a fucking dick for talking like that. Gold and silver are being violently suppressed and everyone with half a brain knows it and is stacking more, not selling. And guys like him don't deserve pats on the back for bashing holders of real money.
Look upthread. Even fonestar says there is huge risk holding Bitcoin. Many could get killed holding it (lose their money).
Sure, we could all get killed. There is risk everywhere. No reason to start crying over metals manipulation as others get wealthier. Like I said, BTC could as easily go to zero as it could to $100K/BTC, no argument.
I wasn't so much defending the commenter but more so what he was saying.
The facts and truth of the matter is that people are getting wealthy being involved in BTC. Real money, schmeal money. This is purchasing power and value we're talking about, period.
It's ironic that it's alright to incessantly bash Bitoin, bitcoin enthusiasts and their multi-thousands of percent gains in real wealth over a very short time on ZH but don't say anything bad about PMs/"real money"/etc... Laughable really.
Ask the guy who bought silver in 2011 what he thinks of his purchasing power. If they'd taken an equal risk and put half that money into Bitcoin they'd be much wealthier, giving some of their silver away as presents and laughing at the anti-BTC commenters on ZH too. What about the guy in Norway who bought $27 worth of BTC a few years ago and just spent a fraction of it on a new apartment? Good thing he didn't spend that $27 on silver huh?
Timing and flexibility cannot be trivialized. Bottom line is that Bitcoin as of yet is creating wealth and prosperity for many, a whole financial and consumer-based ecosystem is coalescing around it. PMs, not so much. There is more to capitalizing, building and maintaining wealth in life than PMs and doom preps as abstract as that might sound to many ZHers.
True wealth can only be created through the exchange of labor. There has to be something of value. Bitcoin has no value and takes virtually no labor to create, computers don't count as labor.
Making a fortune with Bitcoin is no different that Bernanke handing a few billion to a select group of inside investors.
A better system is where there is no easy money and all wealth must be earned.
> computers don't count as labor.
Bull. Programming, learning to program, keeping networks and data secure...that's all labor. Bitcoin specifically and computers in general are tools. It takes labor to use and learn how to use computers.
I traded my time and my labor and risked my capital in order to learn Bitcoin and how to get them. I earned every satoshi.
Fuck you, btw.
No fuck you. Did you program any part of the Bitcoin network?
Did you push a button over and over, write thousands of lines of code?
If you didn't than you didn't earn a dime. You think your time researching Bitcoin was worth something? If I paint my own house, I don't expect to pay myself. The value of my labor is what I saved doing the job myself.
Unlike you, I can build with my own two hands. I create products of real value every day. If you offered me one million bit coins in exchange for something, perhaps food I grew to keep you from starving. I'd tell you to go fuck yourself and starve.
Learn how to add something of value to society or put a bullet in your fucking head.
I'd sell food for bitcoin! I have canned quite a few quart jars of pickles out of the garden this year. Want some? Hit me up.
My only regret is not accumulating more in 09. Oh wellity.
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