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Bitcoin Tops $1000

Tyler Durden's picture




 

Well that escalated quickly. Having broken above $900 yesterday to new record highs (and a 100% gain in a week), the crypto currency is not looking back now. On what is higher than average volume this morning, Bitcoin just broke above the magic $1000 level for the first time (at $1025). Meanwhile, the BTC China "arb'd" rate is around $950 for those playing at home; and Litecoin has just topped $26 (from $4 a week ago!).

 

Bitcoin...

 

 

Litecoin...

 

 

 

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Wed, 11/27/2013 - 10:55 | 4193538 DaddyO
DaddyO's picture

<----To the moon, bitches...

<----Shut the power off, bitches...

DaddyO

Wed, 11/27/2013 - 10:54 | 4193540 fonzannoon
fonzannoon's picture

I downloaded my litecoin wallet. It's the one that says "Bad Motherfucker"

Wed, 11/27/2013 - 10:55 | 4193542 Stackers
Stackers's picture

Now if I can just find the password to the wallet that has 20 BTC in it I bought last year at $10......

Wed, 11/27/2013 - 10:57 | 4193545 fonestar
fonestar's picture

Nothing can stop Bitcoin.  Watch it cut through the gold price in the next few weeks!

Wed, 11/27/2013 - 10:59 | 4193551 Dear Infinity
Dear Infinity's picture

I actually think you are right about this. Scary huh? Bitcoin:Gold ratio is just under 1.3 BTC/oz of gold right now.  

Wed, 11/27/2013 - 11:00 | 4193559 fonestar
fonestar's picture

Well of course, these are just zeros that Bitcoin is effortlessly stacking behind it.  It's tracking the loss of faith in nationalist toilet paper in real time.

Wed, 11/27/2013 - 11:03 | 4193566 fonzannoon
fonzannoon's picture

fonestar I have my litecoin wallet up and running and I am dying to throw a few bucks out the window. What is the best place for me to go to and throw a few bucks at litecoin. I don't have time to meet anyone face to face, I need to sit here and keep posting useless comments. Help please.

Wed, 11/27/2013 - 11:07 | 4193571 fonestar
fonestar's picture

I got mine on mcxnow.com.

Wed, 11/27/2013 - 11:13 | 4193587 fonzannoon
fonzannoon's picture

Thanks, do I have to register as a user?

Hey so much for that

https://mcxnow.com/

"

mcxNOW is shutting down for a period of time Withdraw all your coins before December 20th

mcxNOW has seen unprecedented growth in recent months and especially in the last few weeks. mcxNOW is a custom coded exchange built 100% by one man in C++ . This means if anything has to be modified then only one person can do it.

Unfortunately the growth has been too fast to match with the support requirement as only one person can currently do all support. This is a burden of 200 to 400 emails a day among many requests on IRC and through chat. This makes development of mcxNOW nearly impossible without neglecting valid user requests through support.

I am happy that in over 7 months mcxNOW has not been hacked or lost any coins and that the exchange has scaled well from 100 users upto a peak of about 3500 users online at once, it shows the design here is pretty good. However I never anticipated some aspects of running an exchange that are quite important (ie. support) so I need to work on this before allowing the site to grow."

Wed, 11/27/2013 - 11:17 | 4193609 linniepar
linniepar's picture

This reeks of filthy money-changers pulling their evil levers. I got mine though.

Wed, 11/27/2013 - 11:24 | 4193636 Paveway IV
Paveway IV's picture

What is Bitcoin? Is it anything like Twitter?

Wed, 11/27/2013 - 11:29 | 4193653 Sudden Debt
Sudden Debt's picture

1. Uses bandwith => Check

2. Is made out of 1's and 0's => Check

3. Is for people who spend way to much time on the internet => Check

4. Nerds think it's cool => Check

....

Yep, it's pretty much the same.

Wed, 11/27/2013 - 11:33 | 4193664 EscapeKey
EscapeKey's picture

Weighs over 10g: check.
Sinks in water: check.
Some people are excessive in their interests of these: check.
Nerds think they're cool: check.

 

Yep, Krugerrands and rocks are pretty much the same.

Wed, 11/27/2013 - 11:39 | 4193680 Herd Redirectio...
Herd Redirection Committee's picture

People are going to get scammed by their third-parties.

But I called Litecoin a 'better speculative choice' than BTC last week.  Not a cryptocurrency speculator.

 

Wed, 11/27/2013 - 11:44 | 4193695 PP
PP's picture

 

There are 80+ Bitcoin - similar electronic coin developed, heard some names like Zues coin? Grid coin? Ultralite Coin? Bitch coin? BB coin? God Coin? Allah Coin? Hades Coin?

Wonder all of them could rise to 1000+ level from several cents.

 

 

Wed, 11/27/2013 - 11:48 | 4193715 Skateboarder
Skateboarder's picture

PennyCoin##################. It's like a penny stock, except in bitcoin terms. The # can span 18 digits. Bet now! Someday you might make it big!

Wed, 11/27/2013 - 11:56 | 4193751 TruthInSunshine
TruthInSunshine's picture

There is a man named Satoshigoldrubensilverstein somewhere, laughing his ass off.

He's got two tickets to paradise, bags are packed, he's ready to leave at a moments notice.

Wed, 11/27/2013 - 11:58 | 4193760 nope-1004
nope-1004's picture

My gut feeling is that bitcoin was hatched by a central bank.  The logo is gold, the coins are "mined", supply is limited...... the whole thing reeks of a speculative replacement of the real thing that the govvy doesn't have:  Gold.

 

Wed, 11/27/2013 - 12:02 | 4193770 Skateboarder
Skateboarder's picture

FortKnoxCoin?

I'll stick to my stance that by letting any 'alternative' currency touch any existing diluted fiats, you invalidate the alternativeness and thus its merit as a standalone/fungible freemarket proxy. Of course, those last three words really have little meaning anymore.

Wed, 11/27/2013 - 12:06 | 4193781 Jack Napier
Jack Napier's picture

SoberOne nailed it. Hope you gamblers are ready to get fleeced. Digital currency may very well be the alternative du jour for the failed fiat experiment, but they will not be of any value when the experiment is over. Have fun with your tulip bulbs, suckers.

Wed, 11/27/2013 - 12:11 | 4193799 ParkAveFlasher
ParkAveFlasher's picture

BTFATH

Wed, 11/27/2013 - 12:25 | 4193850 fuu
fuu's picture

Workin' in a CUDA mine, going down down, workin' in a CUDA mine whoop about to slip down.

www.youtube.com/watch?v=ms79633njIg

Wed, 11/27/2013 - 17:54 | 4195003 Suisse
Suisse's picture

CUDA is Nvidia technology, Bitcoin and other crypto currencies have traditionally been mined on AMD hardware. 

Thu, 11/28/2013 - 14:55 | 4197288 fuu
fuu's picture

Yeah but the AMD's run hotter and take more juice. It's all a trade off.

Wed, 11/27/2013 - 12:16 | 4193818 fonestar
fonestar's picture

I'm as bullish on Bitcoin as when I first got into it at $16.  Retards still do not understand it, they don't understand the fundamentals.  All they can do is come up with increasingly stupid arguments as to why Bitcoin should not be doing what it is clearly doing (puncturing the fiat bubble).

Wed, 11/27/2013 - 12:18 | 4193827 Herd Redirectio...
Herd Redirection Committee's picture

Stupid arguments?  So you don't think this is hot money, either from Wall St. or being laundered out of China?  You also don't think this is a speculation phase, fueled by all the media attention in recent weeks?

Wed, 11/27/2013 - 12:25 | 4193851 Haole
Haole's picture

Bottom of a technological adoption curve.

If it is not a bubble and if it doesn't fall to Earth in short order, who knows how far out into orbit this S curve is going to reach.

Wed, 11/27/2013 - 13:01 | 4193986 SilverIsKing
SilverIsKing's picture

I bought a few BTC recently only because I don't think we're nearly close to the point of irrational exhuberance.  I do not think the cryptocurrencies will survive (at least not these) but I do think that their valuations will become .com-ish before this thing is over.

Some have claimed that it may have already peaked but we have not gotten anywhere near the mania stage.  When everyone, including the guy behind the deli counter, is telling me how much they are making in BTC, then it will be time to hit the exits.

Most people haven't even heard of it and many who have, don't know what it is or how to purchase.  Once the price gets to $5,000-$10,000, driven by the Chinese (they love this shit), the headlines on the financial news programs and newspapers will drive the next and perhaps final leg before a crash.

What it does after that point, I have no thought on but unless BTC is widely accepted as a means of exchange and with no .gov interference, I don't see it lasting much beyond that.

But in the meantime, I do regret not getting in much sooner.  I, like many, enjoy a bit of gambling.

Wed, 11/27/2013 - 13:08 | 4194006 Haole
Haole's picture

"...but unless BTC is widely accepted as a means of exchange and with no .gov interference..."

It already has and adoption continues! One can now pay their invoice from eBay or Amazon with BTC through at least one intermediary payment processor for instance. More employers are now paying staff in BTC. I can walk two blocks and see people buying breakfast with BTC in my town.

Wed, 11/27/2013 - 12:28 | 4193856 Stackers
Stackers's picture

So what if it is ? Nothing wrong with riding a bubble if you got in right. Bitcoin does have some long term potential just because the current monetary system is imploding in on itself.

Wed, 11/27/2013 - 12:27 | 4193860 fonestar
fonestar's picture

No I do not.  As a matter of fact, we have not even got to the best part of the show.  As Bitcoin spreads through China and gains popularity, the price is going to absolutely explode and make the current rally look a small pitance.

Wed, 11/27/2013 - 14:13 | 4194174 Herd Redirectio...
Herd Redirection Committee's picture

So going up 5x in two months or so is NOT EXPLODING, in your opinion?  Thanks for the humor.

Wed, 11/27/2013 - 14:28 | 4194197 fonestar
fonestar's picture

This is not some stock you are watching.  This is an epochal change that we will not likely see again in our lifetimes, the death of one form of currency and the birth of another.

Wed, 11/27/2013 - 22:48 | 4195803 threeputting
threeputting's picture

THIS TIME IT'S DIFFERENT

Wed, 11/27/2013 - 12:28 | 4193863 N_Jones
N_Jones's picture

So I do have a question....... What are using your bitcoins for? Food? Water? Shelter? Are you being paid in Bitcoins for exchange of some production? If not then isn't bitcoin just another trading card like any equity stock? Your buying low (or BTATFH) hoping to sell high and exchange your bitcoins for more fiat currency than you bought them for....

 

Just sayin......

 

Noel

Wed, 11/27/2013 - 15:32 | 4194415 Robsabi
Robsabi's picture

Hey, fonestar, I'm curious as to something. I don't use Bitcoin, so I don't know a lot about how it behaves. Does the price of things in Bitcoin drop comensurate with the rise in Bitcoin vs. the USD? So, for example, if Bitcoin doubled against the USD tomorrow, would the cost of things in Bitcoin drop by half?

It should, if Bitcoin is actually functioning as a currency. The next question is, assuming it does, does the adjustment of the price of goods in Bitcoins happen at the same speed with which Bitcoin changes against the USD? Or is it somewhat sticky?

Wed, 11/27/2013 - 13:46 | 4194062 Trucker Glock
Trucker Glock's picture

FortKnoxCoin - You open your wallet and it's empty.

Wed, 11/27/2013 - 12:22 | 4193843 Son of Captain Nemo
Son of Captain Nemo's picture

nope-1004

Your gut feeling is my gut feeling...

And to add to that -

I would love to put my faith and trust in a guy like Max Keiser turning the corner -but lets remember where he came from.

Wed, 11/27/2013 - 13:05 | 4193997 outamyeffinway
outamyeffinway's picture

nope-1004 et al, It's apparent many on this board didn't watch the congressional hearings on BTC. If you did, you would be singing a different tune. Did some of you know that wealthy families are selling a portion of their gold to buy BTC/LTC? And if you did watch the hearings you would know that central banks didn't create this. Can't say the same for the CIA but they have different interests than Congress who seems hell bent on destroying the currency.

If gov's are going to control everything on the face of the planet, evolution itself (whatever it is) will intercede. Do not participate at your own peril. A storm is 'a coming.

Wed, 11/27/2013 - 13:20 | 4194046 mbutler101
mbutler101's picture

Another thing that bothers me is Satoshi Nakamoto. Who/what is he? If bitcoin is 'the people's money', why is the founder/creater cloaked in secrecy? Secrecy and hierarchical systems are often associated with control mechanisms.

Wed, 11/27/2013 - 14:54 | 4194287 daveO
daveO's picture

My sentiments exactly. It's most likely a diversion created to steer the sheeple away from real money. Then, if/when needed they will shut it down and steer the sheeple to something else. 

Wed, 11/27/2013 - 14:00 | 4194148 therover
therover's picture

Or, that the govvy does not want YOU to have.

Wed, 11/27/2013 - 11:58 | 4193762 ElvisDog
ElvisDog's picture

And I'm willing to bet he's unloading his bitcoins to the suckers and trading them for Caribbean islands, sports cars, and hookers.

Wed, 11/27/2013 - 13:01 | 4193983 Save_America1st
Save_America1st's picture

that's what I'd be doing! lol  I'd trade my Bitcoins in for real phyzz silver and gold and use some leftovers as Bitchcoins for the bitchez, bitchez! lol

Wed, 11/27/2013 - 13:05 | 4194001 outamyeffinway
outamyeffinway's picture

I swapped 200 BTC for gold and silver two years ago. How well do you think that went for me?

Wed, 11/27/2013 - 13:56 | 4194139 therover
therover's picture

Depends...as of today, not so good. 5 years from now, who knows.

Then again, we can all be dead 5 seconds from now. Gamma ray bursts are scary.

Wed, 11/27/2013 - 11:48 | 4193723 NoDebt
NoDebt's picture

Putting on my best Dave Chapelle voice... "I'm Rich, Bitch!"

Wed, 11/27/2013 - 11:45 | 4193681 nope-1004
nope-1004's picture

It's exponential price increases like these that attract attention from Il Douche.  Investment?  Or asset?  Hmmm....  At any rate, the price action is crazy and this could go up another 10,000%, or fall like a rock.

Will be interesting to watch.  Not my kinda secure asset to hold though, especially since it really doesn't exist in physical form, much like the existing financial system that teeters on the brink of catastrophe.

MBS and CDS's had mortgages behind them, and look how that turned out.  What's behind this thing?

 

Wed, 11/27/2013 - 11:53 | 4193745 firstdivision
firstdivision's picture

Much like your analogy of MBS/CDO's, there were assets backing them, they were just over-inflated in value (driven by speculative interest). But I'm sure no one would be able to inflate the vaule of a BitCoin..........

Wed, 11/27/2013 - 12:59 | 4193974 fonestar
fonestar's picture

We can see how smart it was for the Fed to allow you to continue to hold some amount of paper dollars.  I guess in your mind this makes the dollar "real" and Bitcoin "not real". 

Suckers.

Wed, 11/27/2013 - 15:02 | 4194303 daveO
daveO's picture

It'll rally till gold breaks below $1000/oz. or they can't find anymore gold to short.

Wed, 11/27/2013 - 12:40 | 4193907 Haole
Haole's picture

@ EscapeKey

...

Has devalued thousands of percentage points against BTC: Check

Wed, 11/27/2013 - 12:47 | 4193928 dynomutt
dynomutt's picture

Damn it, they're not rocks, they're minerals!

Wed, 11/27/2013 - 13:48 | 4194119 therover
therover's picture

Diamonds are considered rocks, right ?

Wed, 11/27/2013 - 11:54 | 4193731 waterwitch
waterwitch's picture

Forgot one: Is susceptible to EMP.

Wed, 11/27/2013 - 12:12 | 4193809 fonestar
fonestar's picture

My guess is none of your brains are susceptible to EMP.  You are safe.

Wed, 11/27/2013 - 14:57 | 4194296 Oldballplayer
Oldballplayer's picture

You are correct.  if an EMP hits us, my 30 bitcoins are screwed.

Of course, if an EMP hits us, 90% of us will be dead.  I will just come over and take your silver and gold out of your dead hands.  And then i will die, because you cannot eat that shit either.

The EMP, power goes out, argument is a BS argument.

The wallet that I have stored in the EMP proof box will survive.

And EMP will not affect the entire world.  Even a CME will not affect the entire world.

Please, if you don't like Bitcoin thats fine.  What is not fine is spouting stupid crap that makes no sense.

If you havent taken a few bitcoin and tripled your money over the past month, pulled it out and left the profits to go...well then, you have a right to be jealous.  But you don't have a right to try to piss into my punch bowl with your weak arguments.

Wed, 11/27/2013 - 20:54 | 4195506 aerojet
aerojet's picture

EMP is probably one of the most over-hyped bunch Internet tinfoil hat bs that has ever come along.  

Wed, 11/27/2013 - 13:06 | 4194002 BitStorm
BitStorm's picture

Queue up the sad panda parade! SD, your lead float is ready....

Wed, 11/27/2013 - 11:23 | 4193634 Sudden Debt
Sudden Debt's picture

so if that fucker gets runover, the pipedream ends?

Wed, 11/27/2013 - 12:44 | 4193916 fonestar
fonestar's picture

I just BTATFH in Bitcoin!

Wed, 11/27/2013 - 12:09 | 4193794 Haole
Haole's picture

Just go to Litecoin.org and look at the side bar fonz. BTC-e is the predominant exchange but not sure about getting USD to them. If you use BTC it's easy, get an account, fund account with BTC and then buy LTC on the exchange. It's much easier to play with Litecoin if one has Bitcoin, takes a lot of the hassle out of it. Good luck.

Wed, 11/27/2013 - 12:17 | 4193823 fonzannoon
fonzannoon's picture

Thanks man. From what I see it is hard to get USD to them without paying a massive premium.....and I thought the 20% premium on ASE's were high....

Wed, 11/27/2013 - 20:50 | 4195497 aerojet
aerojet's picture

Wow, yeah, that sounds completely trustworthy to me.  One guy writing C++ that probably isn't open source, and even if it was, how can you verify that the public code is the production code?  

Wed, 11/27/2013 - 11:16 | 4193608 InTheLandOfTheBlind
InTheLandOfTheBlind's picture

that site (mxcnow.com) is shutting down

Wed, 11/27/2013 - 11:19 | 4193618 fonzannoon
fonzannoon's picture

That is mildly concerning

Wed, 11/27/2013 - 11:46 | 4193712 TruthInSunshine
TruthInSunshine's picture

I have bitcoins, litecoins & other cryptocurrencies for sale for 10% under spot at all times.

No worries about losses, because I'm a member of the FCIC (Federation of Cryptocurrencies Insurance Corporation), bitchez.

Wed, 11/27/2013 - 12:11 | 4193797 Skateboarder
Skateboarder's picture

So what you're saying is that uninsured miners and coinholders with over 100BTC in their accounts may be subject up to a 60% bail-in?

Wed, 11/27/2013 - 12:49 | 4193935 ParkAveFlasher
ParkAveFlasher's picture

One of the problems with fiat is redemption.  This is no different.

Wed, 11/27/2013 - 11:28 | 4193652 Mad Mohel
Mad Mohel's picture

Shutting down!?!? Pffffttt minor inconvenience. More dope motherfucka!!!!!!

Wed, 11/27/2013 - 11:30 | 4193657 Sudden Debt
Sudden Debt's picture

mxcnow....

 

catchy name he?

Wed, 11/27/2013 - 11:58 | 4193761 Haole
Haole's picture

@ fonestar

The guy who ran that thing has a history of scammery, it just turned into the MF Global of Cryptocoins this week FFS.

Wed, 11/27/2013 - 12:18 | 4193825 fonestar
fonestar's picture

I heard that.

Wed, 11/27/2013 - 12:30 | 4193870 Bay of Pigs
Bay of Pigs's picture

And this is the place you bought your Bitcoins?

WTF? Am I missing something here?

Wed, 11/27/2013 - 12:56 | 4193956 dwayne elizando
dwayne elizando's picture

fonestar, how many times throughout the day would you say you do the money dance?

Wed, 11/27/2013 - 14:53 | 4194278 Harbanger
Harbanger's picture

I bought 100 litecoins from from mcxnow 2 week ago as speculation after reading some comments about it here. 
I just went on the website and guess what I see,

"All trading stopped. Please withdraw your coins before 20th December 2013. "

Wed, 11/27/2013 - 21:31 | 4195629 StychoKiller
StychoKiller's picture

Well, anything preventing you from withdrawing yer coinz?

Wed, 11/27/2013 - 11:15 | 4193603 DoChenRollingBearing
DoChenRollingBearing's picture

Now that I have some non-trivial BTC to play with, I would like to ask fellow ZH playgrounders to recommend good sites to spend them at.  Especially re PMs.  Or software that I might need, etc.

Fellow BTC travellers are welcome to comment at my blog (you can delete the comment right after and it goes to my email, but I still get the message even when you delete the message).  Commenting with a Google account (gmail) is much easier.  

Even safer is picking an OLD POST of mine there and then doing the "comment and delete", I still get the message.  Still concerned?  Make up a throwaway gmail or use ONLY for emailing me, then you do not have to worry...

Wed, 11/27/2013 - 11:17 | 4193615 fonzannoon
fonzannoon's picture

Dochen why can't you just cash them out and buy PM's with them and laugh at the sun at the insanity of it all?

Wed, 11/27/2013 - 11:26 | 4193644 Sudden Debt
Sudden Debt's picture

It needs to be complex to be cool :)

Wed, 11/27/2013 - 11:30 | 4193654 DoChenRollingBearing
DoChenRollingBearing's picture

I don't want to do that just yet, fonz.  Cashing them in would probably require payment to me by wire transfer, which I do not want to do.  Besides I am still learning about BTC.

Yes, I would like to buy some PMs at some point.

Wed, 11/27/2013 - 11:59 | 4193766 TheHound73
TheHound73's picture

Amagi Metals is what you are looking for, DoChen.  I've heard good things about goldsilverbitcoin.com, but no personal experience.

Wed, 11/27/2013 - 12:33 | 4193884 DoChenRollingBearing
DoChenRollingBearing's picture

Thanks, I'll look into them.

Wed, 11/27/2013 - 12:38 | 4193904 Overfed
Overfed's picture

That's what I would do if I had any BTC. I looked into that whole deal back when BTW were like $4. I coulda had 20 oz. of Au for $100. :-(

At any rate, when Kitco or Apmex start accepting BTC for PMs, you better buy with both hands.

Wed, 11/27/2013 - 11:34 | 4193669 Running On Bing...
Running On Bingo Fuel's picture

How about, fuck you and your blog?

Over.

Wed, 11/27/2013 - 11:41 | 4193688 Herd Redirectio...
Herd Redirection Committee's picture

Fight Club is nothing without its community.  WTF?  Jokes, namecalling, everything goes, but just being plain hateful?

Wed, 11/27/2013 - 12:31 | 4193828 Running On Bing...
Running On Bingo Fuel's picture

I said 'How about' bro. It was a question...

I got lots of questions. I'm trying to get Hedgucated.

And with my Hedgucation I can BUY, BUY! Financial products, and fin-scams and some such other things but I'm not hedgumecated enough to tell you, YET!

Over.

Wed, 11/27/2013 - 15:30 | 4194407 BitStorm
BitStorm's picture

Hey there, Capt. Downvote! Can you figure out that no one agrees with your brainless posts?

You're over

Wed, 11/27/2013 - 13:56 | 4193873 Son of Captain Nemo
Son of Captain Nemo's picture

 

Herd Redirection-Committee

Speaking of "Fight Club"

Amusing to say the least.  Tyler may have to change the whole theme of the site now. /sarc

http://xrepublic.tv/node/6387

Wed, 11/27/2013 - 11:49 | 4193725 Sudden Debt
Sudden Debt's picture

Why do you say that?

What do you do that is so much better?

I respect him for the stuff he's willing to share and how he dares to humbly say his opion.

And if you don't agree, just keep it to yourself than.

No need to insult anybody.

Wed, 11/27/2013 - 11:53 | 4193750 Dr. Engali
Dr. Engali's picture

He contributes virtually nothing to the conversation.

Wed, 11/27/2013 - 12:32 | 4193883 fuu
fuu's picture

Like that has ever really been a requirement of posting on the hedge.

Wed, 11/27/2013 - 11:48 | 4193720 WOAR
WOAR's picture

This has been the only feature of Bitcoin that has bugged me: Actual usability.

If you can figure out websites that actually take the stuff, I might consider getting my feet wet. Then again, it's now worth more than I care to spend on something I can forget the password to...

I'll BTFD when it crashes in...6 months? A year? It will re-valuate at some point.

Wed, 11/27/2013 - 12:34 | 4193887 Herd Redirectio...
Herd Redirection Committee's picture

WordPress supposedly takes it.  AFAIK you could sign up for the next 5 years, and prepay right now using BTC.

Wed, 11/27/2013 - 21:00 | 4195538 aerojet
aerojet's picture

It's like a 401K in that regard--you're just supposed to put money *INTO* one, receiving value in the future is purely theoretical in nature.  I read discussions on other boards all the time--"in good times and bad, I just add to my 401K no matter what."  So what's the exit strategy there genius?

Wed, 11/27/2013 - 13:09 | 4194019 Save_America1st
Save_America1st's picture

now if only Target would sell phyzz silver and gold bullion, which for me is the only worthwhile thing to trade a bitcoin in for.  I hope the people who got in early and are suddenly in a much higher tax bracket are using their "winnings" to scoop up the real deal, phyzz silver and gold. 

Happy Thanksgiving to all and may your turkeys be tasty tomorrow.  Oh yeah...BTFD, bitchez!  Silver is on SALE!  ;-)

Wed, 11/27/2013 - 15:10 | 4194324 BitStorm
BitStorm's picture

Amagi Metals
I've done business with them many times and have nothing but good things to say

Wed, 11/27/2013 - 11:46 | 4193709 Hulk
Hulk's picture

LOL !!!

Wed, 11/27/2013 - 11:16 | 4193605 firstdivision
firstdivision's picture

Not worthless if I can still wipe my ass with it.  Can't do that with wothless BitCoins

Wed, 11/27/2013 - 11:20 | 4193622 Lost My Shorts
Lost My Shorts's picture

If you missed the boat on bitcoin, I can get you a great deal on buttcoin.  It's a new digital currency that I just pulled out of my -- OK never mind where it came from, but it will be up 10x by next week.  How many you want?

Wed, 11/27/2013 - 11:27 | 4193645 dick cheneys ghost
dick cheneys ghost's picture

www.invisicoin.com

priceless.................

~~~

Wed, 11/27/2013 - 11:41 | 4193686 Sudden Debt
Sudden Debt's picture

I was thinking about launching something like: WWW. YOURMONEYINTHECLOUD.COM

cool he?

Once I paid that 50$ hosting and get a few pics on it, I'll sell about a million.... euh.... BUBACOINS

only a million!! I PROMISE!!!

So that means they'll easy go to 7000 dollars per coin FAST as there are 7 billion people on this planet and only a million BUBACOINS!!

and after that I'm starting a second site where you can use those bubacoins to buy stuff!!!!

WWW.WESELLCLOUDS.COM

Wed, 11/27/2013 - 11:51 | 4193736 Frank N. Beans
Frank N. Beans's picture

gonna buy me a bit of silver coins this weekend muthafucka

 

Wed, 11/27/2013 - 21:02 | 4195543 aerojet
aerojet's picture

So dead on--when TARP came out, some guy put up a website called "Buy my shitpile" or something like that.  

Wed, 11/27/2013 - 13:00 | 4193982 itchy166
itchy166's picture

It's tracking the loss of faith in the entire system. The irony is that if the system that Bitcoin is fighting against loses, Bitcoin disappears too.

Bitcoin is walking a fine line between degrees of change that it is able to exist under.  The best way to play Bitcoin is to establish a Bitcoin income stream, and then buy PM's with that income.  Play the strengths of both until Bitcoin fails. (and if it doesn't fail, you are covered there as well.)

 

Wed, 11/27/2013 - 11:03 | 4193564 Stackers
Stackers's picture

WIth the amount of fiat units floating around out there and only 12 million BTC mined, a lot of those lost forever or being hoarded, if just a small fraction of the money looking for somewhere to go right now floods into BTC, the numbers could get staggering

Wed, 11/27/2013 - 11:45 | 4193700 Herd Redirectio...
Herd Redirection Committee's picture

What exactly do you propose has happened these last 3 weeks?  It has been absolutely manic.

The time to get in was 3 weeks to years ago, not now.  Think of if just a fraction of that money looks for SOMEWHERE ELSE to go, i.e. it is being used to launder funds across borders?  Then it will not be staying in BTC forever, will it?

Wed, 11/27/2013 - 11:50 | 4193734 Stackers
Stackers's picture

You aint seen nut'n yet ............... just wait

Wed, 11/27/2013 - 12:20 | 4193830 Haole
Haole's picture

There are people all over the planet still waiting to have accounts verified and account credited with funds to get into this thing. Most of the exchanges are backlogged with new prospective clients. Institutional money, aside from SecondMarket, Exante, etc., are just starting to sniff around. You ain't seen nut'n yet is right.

Wed, 11/27/2013 - 12:22 | 4193839 Stackers
Stackers's picture

It took mtgox over 3 weeks to reply to my account verification request recently.

Wed, 11/27/2013 - 13:10 | 4194022 Matt
Matt's picture

Oh, why Mt Gox? They sell BTC at the highest prices, and you cannot easily get your money out. Bad place to buy or sell.

Wed, 11/27/2013 - 13:16 | 4194033 Haole
Haole's picture

Actually, due to awesome liquidity, it is a great place to trade BTC. If one wants to "cash-out" however, you are correct that it is not the place to do it. ;)

Wed, 11/27/2013 - 13:29 | 4194071 Bay of Pigs
Bay of Pigs's picture

Cashing out is going to be the problem isn't it? Doesn't say much for your "awesome liquidity" argument (although I know you are talking about trading, not holding).

Good luck dude, sounds like you have a lottery ticket that needs cashing at some point.

Wed, 11/27/2013 - 13:58 | 4194129 Haole
Haole's picture

Cashing-out is absolutely not a problem, GOX is not the place to do it, I think you're confusing what I said.

Wed, 11/27/2013 - 16:22 | 4194640 thisandthat
thisandthat's picture

Reminds me of an old Eagles song...

Wed, 11/27/2013 - 13:20 | 4194044 Bay of Pigs
Bay of Pigs's picture

"Bad place to buy or sell"?

How can you say that? I've watched the action there the past week or two. Its a fucking madhouse of trading that is pushing this thing higher

http://fiatleak.com/

Looks like algos and HFT gone wild to me. Dominated by the Chinese (and US) trading (80-90%+ always). You guys love having it both way on this deal. Everyone wants BTC but don't use the big exchanges who are pushing it.

Comical.

Wed, 11/27/2013 - 14:16 | 4194180 Herd Redirectio...
Herd Redirection Committee's picture

Its all China, according to fiatleak.  Watched for 60 seconds, all China.

Wed, 11/27/2013 - 15:05 | 4194314 Oldballplayer
Oldballplayer's picture

That all depends on when you are watching it.

Drunk Chinese trade at night time, our day time.  its all pretty globally confusing.

Just toss a few grand in the pot and what it go up, go down, grind, spring up, drop off...

Its like six flags for god's sake.

Wed, 11/27/2013 - 12:22 | 4193845 fonzannoon
fonzannoon's picture

Haole any chance this ends up with a bout of massive inflation that holders of fiat currencies get crushed under?

Wed, 11/27/2013 - 12:30 | 4193867 Haole
Haole's picture

Not sure I understand your question but haven't holders of Fiat already had their currency hyper-inflated against BTC? PMs have essentially been devalued by thousands of percent this year also. If it doesn't go to zero, this is just the beginning.

Wed, 11/27/2013 - 12:38 | 4193900 Skateboarder
Skateboarder's picture

fonz, the overall USD market size of BTC is (# of BTC in existence)($1000/BTC). The inflationary effect BTC may/will have on fiat currencies is entirely underpinned by the market size, i.e. "can a BTC bank run bring down the entire global ponzi?"

Joe Average with an "iPhone that does facebook" surely will not be buying or selling thousand dollar virtual coins.

Wed, 11/27/2013 - 13:11 | 4194023 Bay of Pigs
Bay of Pigs's picture

True, and how many people are waiting to get paid? How long are those waits? I've heard weeks already.

Wed, 11/27/2013 - 14:58 | 4194297 fonzannoon
fonzannoon's picture

Hey I hear you guys. I think Meathammer had an interesting point below. Shouls be interesting to see where this all goes.

Wed, 11/27/2013 - 21:03 | 4195547 aerojet
aerojet's picture

I'm pretty sure that it was the next level of the Ponzi was reached.  They're still vacuuming up suckers, plenty of time to get in!

Wed, 11/27/2013 - 11:10 | 4193585 Mr. Magoo
Mr. Magoo's picture

This can stop it

Europe’s primary bitcoin payment processor for merchants and free online wallet service, BIPS, was the target of a major DDoS attack and subsequent theft in the past few days that saw 1,295 BTC (just over $1m on CoinDesk’s BPI) stolen.

 

http://www.coindesk.com/bitcoin-payment-processor-bips-attacked-1m-stolen/

Wed, 11/27/2013 - 11:44 | 4193694 fredquimby
fredquimby's picture

Nah, nobody gives a toss, just like nobody cares if you lose your real wallet.

 

Wed, 11/27/2013 - 12:05 | 4193784 Matt
Matt's picture

Be wary of hot wallets and online wallet services. Honestly, I think the lack of a decent wallet is the biggest drawback to bitcoin right now, from a useability standpoint. 

Wed, 11/27/2013 - 11:18 | 4193617 Itch
Itch's picture

Homelessness can be fun.

Wed, 11/27/2013 - 11:20 | 4193620 indygo55
indygo55's picture

Has anyone tried to buy a bitcoin in the US? Try wiring money to one of these exchanges. Either it is blocked or they stall ten days or more to receive the money or a site will offer a bitcoin (CoinMAMA) for a 50% markup and then not have any in stock. Now, if you are anywhere other than the US it is as easy as it gets. There is clear manipulation of the process here in the US to be part of this.

 

I can't understand why the FED (SWIFT)  would try to slow and stop such a great idea that makes the transference of money so easy and inexpensive. /sarc

Wed, 11/27/2013 - 11:27 | 4193646 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Wait until the day this market takes a huge dump. Oh one more thing, the authorities will show up at your door accusing you of drug running through the Silk Road site even though you never got near the trade.

Wed, 11/27/2013 - 11:35 | 4193670 TheHound73
TheHound73's picture

Yes, all the major exchanges are not located on U.S. soil, for good reason.  Coinbase.com is like a Bitcoin store (not an exchange).  They are located in the U.S. with money transmitter licenses in 50 states.  Also, the old stand-by: localbitcoins.com if you can find a seller without an outlandish premium.

Wed, 11/27/2013 - 21:05 | 4195552 aerojet
aerojet's picture

It would be easier to just start selling pot in Colorado or run cigarettes from the Carolinas up to New York.  

Wed, 11/27/2013 - 11:45 | 4193698 firstdivision
firstdivision's picture

Lack of power can.

Wed, 11/27/2013 - 13:48 | 4194121 RazorForex
RazorForex's picture

I would not be surprised at all.

Wed, 11/27/2013 - 15:45 | 4194476 Bunga Bunga
Bunga Bunga's picture

-> Bitcoin: 1.3 mln per year

-> Gold: 80 mln ounces per year

Mining contest.

Wed, 11/27/2013 - 10:58 | 4193546 Dear Infinity
Dear Infinity's picture

That's brutal! Litecoin reached parity with silver today, but what's Litecoin's utility?

Wed, 11/27/2013 - 11:09 | 4193577 Sudden Debt
Sudden Debt's picture

You can buy lindendollar with them which you can than use to buy bitcoins. And you just save the bitcoins untill they go to a million and than you go to your favorite game and buy a horse with rocketboosters to fight the WoTangClan who have laserguided owls and if you win you can go to the next level.

Wed, 11/27/2013 - 12:59 | 4193971 ParkAveFlasher
ParkAveFlasher's picture

+1 for "laserguided owls".  On that note, you can always redeem your bitcoins for AK-47s and meth-making hardware.  Make sure you select the "pick up" option, UPS isn't keen on shipping stuff like that.  You might have to travel to the Dushanbe Road, a few dozen miles up the Toogooskan Valley there is a low-hutted village, ask the red-turbaned gent with the frosted eye that you want to buy a blind camel, he will take you into the wilderness to a yurt village where there is internet, enter your encryption key in mandarin ASCII on the Commodore, then log in to Red Hat on your batwatch, do a pirouette, call for the Invisible Swordsman, etc.

Wed, 11/27/2013 - 13:13 | 4194028 Save_America1st
Save_America1st's picture

@Sudden Debt

You write some funny fuckin' shit on here man! lol

Wed, 11/27/2013 - 14:47 | 4194261 Nostradumbass
Nostradumbass's picture

Sudden Debt,

You made me LOL with that post!

Cheers, mate.

Wed, 11/27/2013 - 11:08 | 4193580 tvdog
tvdog's picture

what's Litecoin's utility?

That's what I wonder. I don't see people actually buying stuff with it.

Wed, 11/27/2013 - 11:11 | 4193586 Sudden Debt
Sudden Debt's picture

Not even a footlong at subway?!

And what about that Polish dentist? Does he accept them or does he only work for bitcoins?

Wed, 11/27/2013 - 11:25 | 4193641 ThirdWorldDude
ThirdWorldDude's picture

Yoy can buy Dubble Bubble with BTC and LTC.

Wed, 11/27/2013 - 16:34 | 4194695 thisandthat
thisandthat's picture

Interesting... but will they pop?

Wed, 11/27/2013 - 21:08 | 4195559 aerojet
aerojet's picture

He does the dental work for free, you just have to suck some whipped cream through a garden hose in the alley while blindfolded.

Wed, 11/27/2013 - 11:14 | 4193597 fonzannoon
fonzannoon's picture

If I buy litecoin at $25 and sell it at $50 and take those proceeds and buy silver with it, that's fine with me. 

I am sure Max Kaiser is telling everyone to do that, right?

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