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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DaddyO's picture

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

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

DaddyO

fonzannoon's picture

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

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......

fonestar's picture

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

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.

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.

fonestar's picture

I got mine on mcxnow.com.

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."

SoberOne's picture

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

Paveway IV's picture

What is Bitcoin? Is it anything like Twitter?

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.

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.

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.

 

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.

 

 

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!

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.

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.

 

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.

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.

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

Suisse's picture

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

fuu's picture

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

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).

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?

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.

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.

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.

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.

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.

Herd Redirection Committee's picture

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

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.

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

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?

Trucker Glock's picture

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

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.

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.

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.

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. 

therover's picture

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

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.

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

outamyeffinway's picture

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

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.

NoDebt's picture

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

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?

 

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..........