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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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>thousands of lines of code?
<cough> tens of millions
So people that research the PM market and then risk their own capital in order to participate do no work and are entitled to no reward for their risk?
Are you sure you're on the right discussion board?
Tell that to the hedge fund cunts driving around in gold plated Bentley's!
"True wealth can only be created through the exchange of labor."
If a pure 20 lb gold metorite lands in my backyard would I not become truly wealthy (assuming I was not directly under it when it landed)?
"computers don't count as labor"
That's like saying a machine in a factory "doesn't count as labor" and therefore "has no value". The truth is, they are both capital goods producing things of value.
The machine in factory produces tangible goods.
The computer mining bitcoins is doing accounting work for the system by verifying transactions, thereby producing a global, decentralized, medium of exchange.
Both of those things are valuable to me.
Speaking of getting 'killed'... My precious 6-figure "sure bet" in PM last year turned into a 30% (5-figure) drop. Some "store of value", if one needed to cash it in.
Had I opted for BTC, as some suggested, I'd be in 8-figures and on a yacht. Or are we only supposed to get rich on PM, to be considered "cool" and "shrewd"? The thing about facts and truth is that they're a two-edged sword that can cut for or against you.
PM might be good in 5 years from now, but it'll be going only sideways, while BTC will keep ramping.
That is one of the reasons that the absurdity of many of the comments in these bitcoin threads is off the scale and why if Bitcoin continues to flourish many will be left behind to one extent or another with under-performing assets comparatively. PMs are lovely but they alone likely won't be vehicles to financial and monetary nirvana as is being proven right before everyone's eyes.
Yes, apparently the only way one is allowed to prosper and become wealthy is by holding PMs and investing in doom as far as ZH commenters are concerned. I can't figure that one out either. Whether it is PMs or Bitcoin or other means of preserving/building one's wealth, one would think that these common ideals shared would be more important and understood.
I foresee a day of festivities in here as 1 BTC surpasses the price for an ounce of gold and if it doesn't go to zero, it could well before too long.
No wealth has been created my friend, just tranfered... just trasfered...
What about food banks funded with BTC, a guy in The States who accepts (accepted?) BTC funding through his web site to buy laptops and teach programming language to an interested homeless man during his spare time in his town, to Kenyans being able to conduct commerce and self-bank in their own town on their cell phones over M Pesa... Just a few of many examples of course.
From the smallest things that improve communities up to what is now significant small business growth to philanthropic donations...
I don't even know what "ZH's" definition of prospering and/or wealth is anymore Bird but that sounds like wealth to me and is just the beginning according to many smarter and better connected then us.
0.06BTC/oz.
Did you sell it. So its all fake and in your head. Just like people with big 401k they don't sell so they don't have anything but they all think millionaires until they are not. Oh look a gold coin in my hand I WIN.
//Anybody looking forward to a new All Time High?
Roy Ellis - One Way Ticket To The Moon [4:12]And man, that website is doing a number on my memory card, more like RAMleak.com
Bitcoin is now the 9th largest payment network on the planet:
http://coinometrics.com/bitcoin/btix
Bitcoin's M1 is about to pass Lebanon's:
http://coinometrics.com/bitcoin/bmix
Also, see here:
http://peculium.net/2013/04/08/bitcoin-is-a-bubble-only-if-you-think-the...
Last Fall I recall the bloggers on this site going ape (bullish) on both PM and hoarding of guns & ammo.
Boy, did the bullion dealers and small-arms merchants and their executives have a "green" fiat Christmas. Given the current prices and availability of all of these, it sure looks like the perms-doom crowd got "manipulated" even more than PM.
Admittedly I am included in that crowd, but at least I'm man enough to admit it, make a course correction and move on. Some, alas, are not and have not.
Chicago fed paper on BC: http://www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2013/cfldecember2013_317.pdf
You can realize how much Central Banking tyranny we have all been under when you realize that the the military industrial complex, Politicians, Drug dealers, Corporations, Nations and citizens around the world all benefit from the use of BitCoin.
Wow I went to the site. The Chinese MoFos and D.C. politicians are scarfing that shit down homey.
>>>
...Bitcoin ranging from $395 to $295 and back up to $370 in the last 24 hours...
<<<
When things move around as violently as that (and Bitcoin is supposed to be a currency, not a stock), it usually means total collapse is not far away.
If retail is doing the buying, make the collapse date earlier...
Watson
Bitcoin will start to stabalize above $10,000, so says the wizard.
I agree - I think after it hits $10k the rise from there will be a great deal slower, and it should be vastly less volatile. After $10k it will be destroying the remote payment market (paypal, visa, mastercard etc), and that will be causing a whole lot of unpleasantness for some people - it will require restructuring.
See this:
KARL DENNINGER STOCK PICKS--below! You'll see just how good--or BAD--Denninger really is:
https://www.youtube.com/watch?v=XqWIS0O2gIk
The one thing i notice a lot of people don't get is that it takes resources to generate bitcoins. I fiddled with it for the fun of it a while back and could generate about $10 in bitcoins for about $12 in electricity, not including initial hardware costs. I'm sure people in the 'know' can make a decent profit with the latest techniques. To me this seems it could end up way more stable than any fiat currency. There is a lot of volatility right now but if/when usage becomes commonplace I believe it will settle.
I wonder if the new Bitcoin millionaires will be so kind as to lend Bitcoins at miniscule interest rates? Or will they become even worse than the current banks. The worst thing about Bitcoin is that people are making money without having to work for it. Everything that is wrong with our society today. Real work is for chumps. Why work when you can make 10000% in a year on some electronic currency.
Bitcoin was designed so those who hold Bitcoins will always have power over those who do not. If Bitcoin does become a standard currency it will always cost more for newcomers to buy, making the holders of Bitcoin wealthier. It is nearly impossible for newcomers to mine thier own Bitcoins. They must get them from the established players. A perfect pyramid scheme.
Just like a pyramid scheme, the holders of Bitcoin are trying to lure as many people as possible into the system. Also like most pyramid schemes it has been very lucrative for those who got in early.
Can anybody explain why Bitcoin doubled in 24 hours? World currencies didn't devalue 50% during that time. My dollar didn't become $.50.
Has there actually been a huge uptick in the volume of goods bought with Bitcoin, or is everyone just chasing each other to get in on the latest get rich quick investment scheme?
If Bitcoin was supposed to be a stable form of exchange, then why isn't its value pegged to something constant? Everyone agrees that the Gold Standard helped keep the US economy stable and that going off it created the mass inequality we have today.
Jesus, Bitcoin is creating larger income inequalities than the Fed. For what and why?
Great points, thanks!
bitCon'ers should be hunted and dispatched, an online game that pays out gold or silver when you 'score' points.
The Satoshi target pays out 1 full bar of Au.
Over.
lol
Its a brand new asset class - there are more investors and users moving into the market. Apparently the free market shouldnt be able to decide what its value is? Perhaps you'd rather have a certain bearded PhD set the value instead?
If you want it, you can buy it. As far as causing 'mass inequality' - BTC is available for anyone, people who were flat broke have made fortunes. Where did the value come from? It came directly out of the value of fiat currencies.
As far as your comments regarding why it is so volatile, perhaps you are unfamiliar with the concept of supply and demand? You do know the supply is fixed right? Its not an iPhone or a USD, where you can just make another few million (or trillion) to satisfy demand and keep the price stable. When the market is saturated, the price will stabilize, but that appears to be a long way away right now.
For what and why? Because BTC is superior money, it is not currency, it is not fiat, it is not a ponzi scheme, it is not a pyramid scheme - it is fkn money - and frankly anyone who uses those terms for BTC in future has no business posting anything on ZH imo - because they might whine about fiat currency, and glorify gold - but they obviously cant tell the difference between the two of them
What is gold backed by? Nothing because its fkn money. What is BTC backed by? Nothing because its fkn money. Only money receits, or money tokens (fiat) need to be backed by money, because reciepts can be printed at will. Money can not be printed at will.
you can stick your free market argument... a pyramid scheme is still pyramid scheme, scam is still scam... the fact that participants volunteer in hopes of big gains and geting something for nothing doesnt make this scheme somehow valid or sustainable.
Are all digital currencies doomed to fail? In your opinion, what changes would be needed to make a viable digital currency, how would you get it started?
I have said it many times that if you want to create real alternative currency then it should be priced in a basket of real goods and servises. You can include many things in that basket to represent real value and tie 1 btc to it. Then as inflation and money printing eats away the value of your fiat and that basket costs more in terms of that fiat, it would sill cost 1 btc. I would be all for bitcoin in that scenario. But no bitcoin hyper supports it because they are not interested in sound money, they want to get something for nothing and get rich off of it by milking those suckers who join this ponzi late. They say they want to fight bankers and Bernank etc but really they want themselves to become Bernank. But as the supply of suckers dries up then this will collapse, because there will be no point in holding on to bitcoins when it reverses course, as everyody will rush to cache in their bitcoin profits.
Why doesn't BasketCoin exist? First off, nobody is in position to get it started. Second, it sounds rather expensive to operate, always juggling the basket to match Real Tangible goods at any given time. Third, centralization and 3rd-party trust issues?
Bitcoin's scarcity coupled with its security and transactional properties is enough to give it value for enough people. Perhaps not for you, that's understandable. Fortunately it's use is voluntary unlike the fiat currency of your country.
BasketCoin doesnt exist because unlike pyramid scheme like bitcoin, there would be no such profits for insiders and early adopters so nobody bothers.
No, its not difficult nor expensive, a lot of commodities are publicly priced on world markets and its not difficult to track.
Sound money should be stable, bitcoin is opposite of sound money... why would i want to join bitcoin if i know that by doing that i will tranfer my hard earnend wealth to some next "bitcoin millionaire", who got my hard earned wealth FOR FREE. And i will remind you that some 6 000 000 easy complexity bitcoins were mined by insiders before it even took any traction... who has them?
EDIT: Oh i forgot... i tell you why would i want to joint bitcoin at this point. THE ONLY reason why, is that i would hope to "ride" it and sell it to some greater fool down the line for greater price and make a nice profit out of nothing and im sure this motivates 99% of bitcoin buyers. But no thanks, ill pass.
I actually don't mind the pyramid scheme moniker for Bitcoin. The fact is that the more people who use it and have a stake in it, the better it is. Just like the internet and even telephones -- the more people I'm able to reach on my phone, the more useful my phone becomes. Ponzi is a different issue. If you are wrong and Bitcoin is not a Ponzi, then eventually the market will settle into a price for a Bitcoin. Most likely it will overshoot the price a few times before it starts to get it right. That's ok. Only time will tell. The thing is only a small fraction of the potential market has even heard of Bitcoin so trying to price the darn thing right now pretty ridiculus. The quantity of bitcoins are frighteningly, shockingly small. Speculators realize this and are willing to risk some capital riding the market up as demand increases. They might even be a majority of the market at this point in time. So what? It's not regulated and there's nothing I can do about that.
The quantity of bitcoins is determined by the code... the code can be modified in the future as easily as central banks can change their policy, so no, its not "impossible" to change the limit. And i dont even think that the code will be modified to allow more bitcoins, thats actually bad for the ponzi, whats good for the ponzi is that bitcoins are devisible indefinately, right now up to 8 decimal points but that too can be increased in the future. So actually the supply is pretty much unlimited.
Yes, if im wrong then 5-10 years from now bitcoin have overtaken the world, a group of mystery people are now in charge of the world (thos who have 6 000 000 of bitcoins (30% of all the wealth), some early adopters are filthy rich and got (a lot of) something for nothing and then you have much much more people who are enslaved and got nothing for something.
Plot twist: In rides BasketCoin to save humanity in it's deepest darkest hour from BTC's evil clutches. ;)
<<"code can be modified in the future as easily as central banks can change their policy">>
No, you'd have to convince over 1/2 of the network to run that new code that would destory Bitcoin's integrity and their own investment immediatly. This is what decentralization means in practice.
"the code can be modified in the future as easily as central banks can change their policy, so no, its not "impossible" to change the limit."
Kind of like our current debt ceiling. What a wonderful feature.
Who would ever allow it to happen, and BtC doesn't work that direction it goes past the decimal place on the otherside. It makes existing debt servicable and can still pay out monthies.
Again not seeing a downside here.
No, by design ALL money is fungible. As the upper limit of 21 million BtC is finally produced and it is distributed it follows a wide based distribution to where it's required. The initial wave of BtC price action will be like a strong wave, but markets with a honest currency always settle out quickest because external demand requires that the BtC be used over credit.
It is a system that could service existing debt because it uses the decimal point on the other side of .000000000000000000000 ---> ad infinitum. The price action of the debt recovery of everything would cause the debt to float at a lower cost. Market forces would do as they always do and price government services properly because agreed interest rate charges would be fixed at per-conditional rates on the other side of the decimal place. 6.0% on .x20 '0s -----> that away is a hell of a lot less than the situation now, which is 100+% of GDP is debt driven.
It would act as a storage tank for existing debt. And even if early adopters held the BtC like misers it would eventually be spent. You know who the sorriest bastard is in a small town?
The guy with the biggest wallet, the 20% awesome surcharge always happens. Again 'money' is fungible. It goes to who collects it, but it eventually gets spent on whatever. Bubble gum or Zebra pattern hot pants. Doesn't matter. After a wave crashes it all settles back to the ocean of fungible assets and levels out, because of the fact all currency is fungible. It always levels out, it's why cash is liquid, goes where it needs to. So don't fear futility because it also rains on the ocean. Just enjoy the beach and the action for what it is. The world can't wait ten years, if you want ten more years of this shit you are out of your mind. It's got to be fast, like bandage off the knee fast.
The status quo can wind down to sanity levels, business interruption to nearly nothing because the businesses themselves will do the foot work to to make the exchange happen because a business man that doesn't move doesn't do much business. To a religious group, it would mean nearly infinite options for funding community projects as part of their early adoption, and it trickles all back and forth. The entire currency changes how savers win, investors build, businesses expand, governments sort out their shit, gives options that weren't there or remotely possible before. It would make commodities price act worth while again so local markets in all parts of the world would properly adjust costs and price expectation.
If someone wanted to live like a 16th century peasant with a laptop in the sticks, they could do it. If someone wanted to build a space platform and head to see what's out there, they could afford it. You think a bunch of geeks are going to sit around holding BtC? LOL...there are guys I know at Comic cons that would fund it just to meet the NTI prince/princess of their dreams if at all possible. And I'm seriously not kidding about that.
It's a soft rebooting method of how currency and how funding works. I'm not seeing the downside anywhere here. Really think about what it means to be able to slide....backwards against the general problem of debt and move it so it can be controlled better. Since no one is calling a debt jubille, guess what...business still needs to carry on. Right now Debt to GDP IS +100% all over the world. The math problem needs a reboot that allows things to settle properly.
To do that you have to change the 'software', in the case of all existing debt crippling the shit out of everything, take that traded against BtC. Governments again could own the currency as a point of distribution and their own citizery generates it as well. And if anyone thinks it's easy making a single BtC they can suck a bag of rocks.
For the second last set of numbers in the chain of BtC, the machines haven't even been invented yet. Technology is driven to squeeze efficiency out of the system. So there's something for the banks to do. Don't discount all the systems available, banks are built to handle data, they are IT tanks.
A properly managed Medium of Exchange *(MOE) has no concern for pricing.It is simply "a promise to complete a trade". Traders themselves set the prices (number of MOE tokens which exchange for goods and services).
The key to proper management of any MOE is guaranteeing zero INFLATION of the MOE itself. That means certifying trading promise; recovering the certificates on delivery of the promise; monitoring DEFAULTS; and collecting a like amount of INTEREST. This guarantees that INFLATION is zero by the relation INFLATION = DEFAULT - INTEREST.
Since the certificates represent trading promises, the supply of them always exactly matches demand for them. And since any trader can make a trading promise at any time and get it certified (paying interest according to his propensity to default), this MOE is always in free, unrestricted supply. It as good as any MOE can be.
What cryptographic currency can bring to the party is a guarantee against forgery and counterfeits.
BitCoins are filling a very real need. It is in the sale of elicit items. Make those items legal and BitCoin loses its appeal. Catch a few more Silk Roads and it will lose its appeal. BitCoin usage is "not" anonymous. This is going to be a very narrow window indeed.
Fortunately for you, adr, we are still very much in the early adoption phase. The barrier to entry is still reasonably low and it hasn't gone mainstream yet. So... do more research or dismiss BTC out of hand? Come back this time next year and the situation will have drastically changed. It's up to you as a free market agent judging risks and rewards. It is a voluntary proposition to get involved, all up to you. (Actually, further on down the line Bitcoin will be the backbone of many of our daily transactions but that will happen behind the scenes)
<<"why isn't its value pegged to something constant? ">>
What something? How would a non-soverign grass roots currency be able to set up such a peg to begin with? How, specifically, could Bitcoin have started and gotten going any differently than it has?
If a goal of Bitcoin was to solve inequality, it would have failed before it got started. That is an unsolvable problem and can't believe I had to say this on ZH. It does strive to create a non-fuckable-with currency base and transaction system. That's it.
So you want me to buy bitcoins from you for 400$ that you got for 0,01$? No thank you, i wount transfer my wealth to you, find another sucker.
I wouldn't sell my bitcoins to you for $400 anyway, so I'm not dissapointed.
However, if you send me a valid bitcoin address, I'd be happy to send some your way, gratis.
Adr,
Everything in your comment is absolute and obvious fact. Yet at this point you have 7 negatives to now (including mine) 8 positives. I would love to see those seven negatives represent and justify their position in the open. BitCoin is flawed on its face. PTBarnum was skilled at identifying people who failed to see flaws (mostly because these foolish get rich quick people were so abundant).
So Bitcoin is increasing in value steadily and gold and silver are declining. Hmmmm. This reads like a JRR Tolkien book. Let's call it the 'Hobbitcoin'.
If I ever traded a silver coin for a BitCoin it would be for just a short period of time. Selection of that time is fairly problematic as you can see by observing their price over just the last two weeks.
Surprisingly, BitCoins are more negotiable than junk silver coins (pre 1965) but far less negotiable than current facsimile coins containing no silver. But this won't go on for long.
BitCoins are fundamentally flawed as a medium of exchange because they don't represent "a promise to complete a trade". They just represent someone wasting electricity. Our existing dollar is similarly flawed. As a BitCoin represents only wasted electricity, our dollar represents wasted energy, paper, ink, and now plastic.
When we stop printing the kleptomaniacs faces on our MOE we will have made a great stride forward.
Nothing is leaking. Someone is still holding the fiat money on the other end of the transaction. There is always a buyer and seller of bitcoins...
If only we could DESTROY fiat...
The solution to pollution is dilution.
High quality counterfeiting will bring it down. Saddam was big into this and Benny sent in his army to stop it.
Over.
Wrong. In the case of a BitCoin miner, there is no seller. And BitCoin "is" fiat.
Claims: "Bitcoin Is Broken", "Security Vulnerability" - Bitcoin site is hacked, with $1million of the virtual currency stolen.
MIT Technology Review:
http://sufiy.blogspot.co.uk/2013/11/bitcoin-site-is-hacked-with-1million-of.html#
Sufiy, your sufiy.blogpost article is retarded, it just reviews ZeroHedge's bitcoin valuation article from yesterday and has nothing to do with your title.
The Chinese are buying bitcoin. The Chinese are buying anything that isn't dollars.
It looks like the active map at http://fiatleak.com/ tracks the currencies used to acquire Bitcoin, but that it would not distinguish from what country the transaction occurred.
So, maybe the Chinese (or others) are trading (unloading) US Dollars for Bitcoin?
I don't see a way to track that at http://fiatleak.com/ , but it would be interesting if they could use IP address in addition to currency type to track the purchases.
While it is 'cool' that BitCoins can double in price overnight - it points out that the only real purpose of BitCoins is to speculate. No 'real' currency can have swings like that. Don't think about the people holding BitCoins - think about anyone who wishes to price a sellable product in BitCoins. Can you really price something and make a profit on something that swings 50% or more in a matter of days? You price something in BitCoins, get a pile of orders, and BitCoins soar in value -- you've just lost money -- and now you have to go out into the real world and buy the materials to make the products to fill those orders? Using BitCoins? Sure...
Have you seen http://litecoin.org?
They have stability because they will issue a much larger pool of coin. In this case bigger is better.
With bitCon they kept their pool small so the early adopters could pump the price and cash out as wealth men. They knew that litecoin would take the market over as it is a far superior product.
Over.
"With bitCon they kept their pool small so the early adopters could pump the price and cash out as wealth men. They knew that litecoin would take the market over as it is a far superior product."
You really don't have a clue how this works, do you? Kept what "pool" so small? Who manages the pool? The people willing to join it? And if they were early adopters, Litecoin wasn't even around then. Man, you are dumb.
You would do well to simply be quiet and learn something.
You and others obviously still don't know what you're talking about.
Getting under your skin huh?
Send me some litecoin and I'll consider your proposal.
Here's my blockchain:
weI%ujDu3289uH8ND938)L>p'J8h3suh
Over.