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Bitcoin Surges To New USD Record High (+100% In 7 Days)
A week after spiking above $900, before dropping 50% in the following 48 hours amid last week's Senate hearings, Bitcoin has recovered the losses (i.e. doubled) and is now trading at record high levels against the USD - $930 on Mt.Gox. Notably, in China, Bitcoin remains well off its record highs (5200 vs 6989 highs).
As Mike Krieger asks, is Bitcoin the Black Swan no one saw coming?
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I like unobtanium....
My localbitcoin shows $925 to $1018 to buy right now. Sellers are asking $726 to $880.
Quite a spread there.
I'm going with litecoin. Just a small bite. Why not....
(this time i'm serious)
I wish all here success in navigating these treacherous financial waters. Good luck fonz...
I see a time in the future when the authorities move on this issue and Im afraid it will be very bad news for some. Will they be able to regulate and control it....who knows. I do know they will blame drug trafficking, money laundering and tax evasion as the reasons for stepping in though.
I have 30 years to go before I retire. and by retire i mean keep working. I have completely ditched the idea of saving money in dollars. So my plan from here on out is to use the paper markets, and now crypto markets to hopefully fund hard asset purchses that either retain some value (pm's) or provide cash flow. I will probably also short this shit out of any pop in gold via DUST. If/when the music stops I will lose some moeny in the casino but hopefully i will have extracted more out and turned it into something real.
I'm listening to Frank Holmes on CNBC telling the hosts that he owns tiffany's in his gold fund and to have 10% gold and 90% S&P as your allocation.
The gold guys are jumping ship.
Um. That means it's time to go pick up another 1/4 oz or two, right?
90% in stocks? Wow, that sounds strange coming from him (as Ive heard him speak many times before).
His miners have been crushed for 4 or 5 years. I'm sure that's a big reason why.
Fonz - you need to really need to go study that Modern Portfolio Theory shit. (sarc)
I have those books on the shelf behind me. Funny eh?
Janet Yellen to the rescue...
Post a BTC wallet address and I'll give you the same amount of bitcoin I gave to DoChen for you to play with.
seek i really appreciate that. I downloaded a litecoin wallet (not sure if it works for both bitcoin and litecoin). My neanderthal plan is to buy some litecoin as if it were silver. Look at it in a few months and see what happened.
I have to go onto the exhcange later and make a purchase. thanks for your offer. i am out now so don't know the address. will catch u on here soon enough.
The 1:1 ratio of litecoin/silver will be reached tonight...
Erik Voorhes on Litecoin: "Understand that there is huge advantage - a massive technological and societal utility - in the current world moving toward Bitcoin. There is no advantage in a Bitcoin world moving toward Litecoin."
At least Max Keiser is pushing LTC for a $50 handle...
Where's you do that? I ask you since you are doing what I was thinking about doing, an I've read (and enjoyed) your comments enough to know you aren't some kind of shyster or troll that just shows up to pump or bash on these kinds of articles
The Central Bank of DoChenRollingBearing confirms what seek offers, and actually did.
If you think that bid/offer spread is large, try trading AD Hub on a whacky weather day.
Over at HPH language says that if it goes to and stays above $911, it will go to $3,400 before it levels out.
that's just as probable as the possibility of it going to $.01
That is not possible.
...says the guy trying sell his BTC to the greater fools.
anything is possible at this point.
I'm an advocate of bitcoin, but never say never.
I know that someday the USD will go to zero, and I think bitcoin has a non-zero chance of that as well. I'm in because I believe the assertion that it's value will either be zero or a really big number, but I don't kid myself that zero isn't a possibility, just like it is with any other currency (even AU.)
Even au. I can only hope that day comes. At that point physical becomes king
There are circumstances (typically peak crisis) where even physical has no value. In the middle of a desert, it's the guy with the water and not the gold that sets prices.
I understand that in the desert water is king. But if I am a water vendor what do I take as a means of exchange?
I'VE HEARD OT WAS GOING TO A MILLION!!!
the dude din't say if it was pesos, rupees or lindendollars...
I don't even know if it was in the real world or a computergame either...
Well, if you remove all risks its worth a million or two. However, its still got plenty of risks, so lets just say $250k or so, no need to get ahead of ourselves. The competitors like LTC are also chewing into the effective market cap, obviously some diversification of risks I imagine.
I think only Ripple and LTC are likely to have a wide acceptance out of BTC competitors in the short term. The only thing likely to beat BTC - is a better BTC.
I'm not sure what you are going to say when it crosses $50k .. something like "......" because anything youll have to say at that point will be widely regarded as not worth hearing.
I love my silver, and my gold as well - but BTC is paying me out right now - based exclusively on the idea that BTC is a store of value that is more secure, more portable and easier to transact than gold.
WHOEHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
looks like a bull trap
YAWN!!! Bitcoin AGAIN...
getting tired of your Sh*t
Well then give up and go away because crypto-currencies are here to stay.
Don't think so...
And why do you people call it currency? It's no currency... as long as it is so volatile nobody uses it as currency
Wrong again. People are adopting Bitcoin around the world in a viral fashion.
To bad I don't know that many. 1 to be exact and I had to buy them for him because he had no clue and he still doesn't.
To bad I don't know that many
Not surprised with your attitude. We'd rather see trolls stay out of it.
So... somebody doesn't do the monkeydance and he's a troll....
Just like people adopted South Seas Company shares in viral fashion.
Bitcoin is the MySpace of the fiat world.
It's not even a fiat yet. For the moment it's just a ponzi that makes poor people dream of riches.
...soooo it's a lottery then?
if that were true, then why did BTC lose 50% of its value in less than 24 hours?
your virality argument doesn't hold water.
It didn't lose 50% of its VALUE, it lost 50% of its PRICE. Bitcoin's utlity is growing daily, but it looks like the price is maybe getting a bit ahead. Interesting to see the spreads between exchanges are much smaller than they were.
Agree. A 1% move in any currency in one day in FOREX is huge. This thing moves 20%+ per day sometimes.
I get the feeling that the word "coin" pinned to the word "bit" is why people gravitate to it. But really, a bit can be attached to anything.
What about Bitmortgage for americans?
Bitrice for Chinese
Bit-heat for Canadians
Bitwater for Africans.
Seems to me the word "coin" has everyone in a knot, but the fact that a crypto trading platform exists, doesn not necessarily mean it needs to be a currency.
And since I struggle to define its natural form and nature, and I find it so nefarious, I'm out.
I'm going to create an algorithim that "mines bits of porn videos" and call it bitporn.
Damn, I think you're onto something there.
Of course, I only ever read Playboy for the articles.
Funny you should mention that. You can actually store your mortgage docs in the block chain. Check out colored coins.
I have this overwhelming feeling that Bitcoin was setup to suck people in, and away from gold. For starters, you "mine" bitcoins. The supply is limited, the logo gold plated, the use universal.
To me the whole thing stinks and is meant to look like a replacement for the real thing: Gold. The USGovvy is not stupid when it comes to defending its currency, and I think this was hatched by the Fed. Just looks like a setup to me, and the timing with China importing tons of gold make it all the more so.
I tend to agree.........I came across this article yesterday as I was reading about the Patriots win over the Broncos.....
http://www.boston.com/blogs/news/local/chartgirl/2013/11/where_in_the_wo...
The fact that nobody knows who this chap is is distrubing....
Do you need to know all about Samuel Clemens to determine if Mark Twain wrote some great books? All the bitcoin software was released into the public domain and has been hashed and re-hashed by the best minds around. Sure that guy (The Right Honorable St. Nakamoto, Esq.) is very wealthy at the moment but with great wealth comes great risk...
It also creates an interesting problem for taxation and regulation. It defies standard definition of currency, commodity or money. Bitcoins themselves do not exist, so can't be confined to geography. There is just a public ledger and people who have certain keys that are allowed to make a transaction.
Interesting aspect. Do I need to declare that I am carrying more than x USD (usually 10k) when I cross the border, just Ibecause I have a few BTC on my laptop?
You do not have them on your laptop. A Bitcoin does not exist. At most, you have keys. The keys are just extremely large numbers that marry up with a public key and allow you to transact.
I guess it would be the similar to carrying a copy to the key to your safe across the border...but even that isn't equal since if you have the key(s) you can spend the coins. I am actually curious how this will be regulated.
It doesn't matter, in the end will be the FED vs the chinese and the ECB trying to mine bitcoins. don't you get it?
"But really, a bit can be attached to anything."
bit + ch = bitch
God damn, you're right, it works.
bitcoin, bitches
I love your posts but on this one please don't give them any more ideas
It makes little sense to me, BUT the market is choosing bitcoin.
May be due to gold suppression, I don't know.
Until they aren't.
Time goes forward, even for the ignorant masses (they just get dragged by the nose).
Few months ago everyone on zerohedge was talkin shit on bitcoin. Now look at all these experts. Lmfao
I will always continue to talk shit about bitcoin. My stance has been "I admire your dashing and daring, but it's a bad idea" from the get go. That's for folks who take this seriously. For those who are riding this wild ride for the dough, congrats to those who made their loot. I'll just go to work and come home, drink beer, and watch from the sidelines.
I disagree, but understand and respect the drink beer part. The idea is good, moving fiat away from a government into the hands of the many. Free from manipulation (for now). Perhaps the implementation will have a flaw to be superceded by a better version. But the idea is good.
Yep, we know when to recognise a fraud game anytime!
u know it a bubble when bix weir likes it
It'll be fine as long as nobody tries to sell any...
better plug int hat pc miner to make some new free bitcoins!!!
BITCOINS = BACKED BY ELECTRICITY!!!
Why are you so bitter about btc dude?
Your knee-jerk (jerk-like) negative reactions to every positive btc post is getting very, very tedious.
We know the risks, thank you.
Heres my take; The NSA can and do track everything. They know every digital wallet out there and its contents. Once they determine the value of said wallet, they will inform the IRS who will send you a bill for 38-50 percent of value Plus up to 100% penalty for non disclosure of income. Then tell you to include the payment with your April 15th taxes. That is where I see the Gov taking control. There is NO privacy.
It's pretty easy to track.
First of all, you need a visa... that is easy .
Second, you need to give like your birth certificate to open a account.
And you might be able to sell them but the money comes into your account straight back to your visa,
mI don't think that so bulletproof as many say it is.
I never gave a visa or birth certificate. You buying bitcoin at the dmv?
Things are changing. Look at the sign at Mt Gox:
*Attention: accessing your account via the Tor network and/or public proxies may result in a temporary suspension of your account, and having to submit documents for AML verification.
AML is Anti Money Laundering
Govts can change the game anytime.
NSA hashing functions are at the heart of BC security but miraculously they decided to release the hashing functions into the wild without a backdoor. Good thing the NSA was so nice enough to do that since those hashing functions can not be replaced in a backwards compatible way.
Sure, if the cyptography gets broken, it can be fixed. Just come out with bitcoin 2.0 with the new hashes, and allow people to get their new coins by burning the old ones:
https://en.bitcoin.it/wiki/Proof_of_burn
You've got a point there SK, luckily, those of us who live outside of the USSA don’t have to worry about this. Here in Spain, the tax authorities have a looooong way to go to get anywhere close to total information about their serfs.
Have you thought about moving?
haha that is so funny. Inform the IRS about who? Americans? Most of the world isn't american if you hadn't noticed, and they/we all don't give a flying flock about the IRS.
And anyway, who says we aren't going to declare our profits, like we would any other trading/gambling profits when we do our slavey taxes?
Why would btc gains be any different to any other gains realised?
Get some Gridcoin before it's too late, this is the first innovative coin besides Bitcoin and Litecoin. It splits the power between coin mining and science projects on BOINC.
Bitcoin + Science = Gridcoin
http://www.youtube.com/watch?v=s1tmNmZomeM
Think about this. After posting a breakout prediction for Litecoin from 9.9 yesterday here It has now crossed over 18 dollars per coin. That means that since the time of that prediction the market cap of Litecoin has increased by more than 150 million dollars. Namecoin is up 10 fold in as many days with a current market cap of 50 million dollars. Yet most of the people on Zerohedge are still clueless about cryptocurrencies as people are doubling their money on a daily basis. UNBELIEVEABLE!
The Bitcoin Channel
Discovered btc-e.com today. Now I am completely out of bitcoin and into the alternatives. 100% per week gain is so stale.
BTC also has a 100% gain in 7 days...
Most the alternative cryptos made about 100% in one day yesterday.
NVC went from $7 to $28 and settled at $22. Yesterday.
Bitcoin is the Napster of the banking industry, the music industry tried to ignore Napster which was a huge mistake, the banking industry would be foolish to do the same, just like we got used to free music and movies, we will get used to free money transfer - it will be difficult to stop BTC, if it is blocked I will move on to the next crypto currency available.
Been there, done that, now on to litecoin, feathercoin, namecoin et.al.
just add coin to the end of the word, we will all be billionares
If Bitcoin has a specific network protocol type it could be blocked, but even then it will be difficult. The Feds/Banks would have to get all the routers on the internet backbone to block it, but if the rest of the world didn't go along with blocking it then you could still open a virtual channel to a server outside the US and still use your wallet.
The BRICS are setting up their own internet backbone out of Western control. What does that tell you?
Bitcoin is the Napster of the banking industry...
As I recall, Napster filed for bankruptcy in 2002. In the end, it was basically replaced by music industry approved alternatives like iTunes.
I think the banking industry is much more powerful than the music industry.
First polish dentist is accepting BTC payment for his services... It was widely advertised. One small stone into in this subject...
A POLISH DENTIST!!!!
WHY DIDN'T YOU SAY THAT BEFORE!!!
SO IF YOU NEED DENTAL WORK, YOU JUST STEP ONTO A PLANE TO POLAND, TAKE THE BUS OVER THERE FOR 10 HOURS TO GET TO THAT DENTIST...
well... ever been in Poland?
I don't really feelt he urge to do so :)
plus I only pay 5 euro's for my dentist and all the rest is insurance so why would I do that?
Poland is beautiful; you sound like you live in a den of despair
I was going to buy $1000 worth of bitcoins when it started - i didn't.....what would that be worth now?
well you didn't do it so why worry about the math :)
And nobody bought for a 1000 when it started.
Nobody bought for $1000 when it started? Please explain how you know how much people went in for.
I just said i wanted to....i had the $$ and didn't do it....
a trillion benny bucks
what if you have to pay a bill on one of the down 50% days. what is this a fucking hobby for pretned smugglers, wanna be gangstas and pretend tax evaders...real players need bitcoin like a set of tits on a bull... one of these days you will get a giant middle finger when you rev up your computer to see what this cyber coin is worth.. followed by the infamous blue screen and smoke exuding from your computer exhaust vent.. BUT,,BUT,,,PEOPLE IN CHINA ARE BUYING... YEAH THE SAME ONES EATING RAT, DRINKING CESSPOOL WATER AND DROWNING BABY GIRLS... UNDER A COMMIE REGIME, 97% OF THE POPULATION LIVING IN SLAVE GYMNASIUMS MAKING CONSUMER SHIT, STEALING OUR TECHNOLOGY AND PLANNING OUR ECONOMIC DEMISE.... NOW THAT'S THE CROWD I WANT TO EMULATE
Cool, man, stay out of it. It means cheaper coins for everybody else.
Does anybody know where I can buy a Maserati with my bitcoins?
Probably won't be long till you could get a used one without service records via flea bay.
They've got some nice cars listed on http://www.bitpremier.com/. Also, an island.
http://www.bitpremier.com/items/view/100
A Hennesey Venom for 1300 bitcoins?
china buy side is the make-believe DEMAND driving the "price" up up up up up ..... china has so many internet restricitons and controls.... why the freedom for bitcoin ????? oh i see ... because its so cool and evades government control... yeah right. Hey let's go protest in Tienamin square... you can lay in front of one of those tanks and ill take your picture and post it on assbook..and tweet about it too...
It evades US government control and allows for money to move outside the SWIFT banking system and guess who provides a safe haven for that money. You guess it China in their banking system through the chinese BTC exchange. Fuck you Bernanke and the FED. You can print all you want the Chinese figured out to hoover that money velocity away from creating inflation in it's respective economy.
I may buy a few litecoins but I think I'd just rather start my own crypto-currency. That's how to really play this market. Feel free to suggest a name for my new CC!
ZeroCoin
Euro
No one here, or anyone else you know is buying bitcoins at these ridiculous levels... no one can afford it! Only HFT algos, Chinese gamblers.
Silly bittulip casino.
You don't have to buy a whole bitcoin. They be divisible, yo. Let's see if I can find you an analogy... For instance, you can buy 1/2 oz, 1/10 oz of gold, etc. Next up: parity with gold (~$1300).
Someone bought one from me today, and the volumes on cavirtex is too low to be any bot trading going on.
You are kidding right?
I bought mine for $47, $69, $120, $399 and $840 (yesterday).
so 21million bits @ 900+ = about 18billion$ .
so these bits are now 'worth' about 5 years supply of silver.
Only 12 million bitcoin currently exist, but you are in the right ballpark.
I calculate 12M BTC to be worth around $10B @ $900/BTC. For comparison, the GLD ETF is worth around $33B with gold @$1243.
Doesn't that worry you? First because, the valuation is becoming big enough to catch the attention of governments. They are going to want their cut. And second, because as the valuation goes higher and higher, will there be enough money around to allow all the BTC owners to cash out?
Sure governments will want to have a cut. The general idea is that they will find themselves hamstrung in many ways if/when they apply themselves to that problem. This is part of what is holding BTC value up and what's made it successful so far (ref: illegal drug marketplaces online).
"enough money around to allow all the BTC owners to cash out?"
Never go full fiat. I'm quite paranoid about keeping my BTC stack growing, only selling small amounts into the market on price movement and momentum. If everybody tried to cash out of any one thing at the same time, be it gold, IBM stock, BTC or whatever, obviously the market price would crash.
And a $10 billion market cap is where "sophisticated investors" start eating into it... price positive.
so 21million bits @ 900+ = about 18billion$ .
so these bits are now 'worth' about 5 years supply of silver.
When this crashes and burns, is the Federal Government responsible for bailing this out too?
Yes, because otherwise I cannot buy so much stuff without working!
Actually it is the other way around. Switch the subject and the object.
The mp3 analogy goes further than just the banks acting like record companies and trying to block it. People also long for gold the same way that they reminisce about the good old days of vinyl records. But how many people here have never played an mp3 and marveled about just how damned convenient they are? There will only be 21M bitcoins so everyone here should buy at least one for their offspring. Also why not buy one for yourself and every month take the profit and buy silver? Most people on here can afford to speculate with 1000 Benny bucks I'm sure.
http://www.youtube.com/watch?v=6qXhqSy0nbg
Still Report #132 - Quark vs Bitcoin?
Are you guys sure B.C. isn't just another one of NSA's little tricks? Flush out the dirty money and track every transaction while you convince the gullible that payments can't be traced ...