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Bitcoin Tops $1000
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!).
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Exactly Fonz. If you are playing the investor angle it is just a means to an end to do more stacking if you that is your thing.
If you buy litecoin at $25, then I would be sitting at my computer screen with an itchy trigger finger, until I have unloaded. Before yesterday, LTC had never exceeded $10, AFAIK.
Yeah, good ol' Max. Moving on from gold to silver to bitcoin to litecoin. What next? A return to Tally Sticks?
He is a hack and a used car salesman.
He is trying to get some cred back. For that I don't blame him, but this is Sell or Hold time, not time to Buy.
Interesting that he and Stacy haven't even mentioned AGW once in a long time after their credibility blew-up pandering that BS religious agenda to the point of calling for "deniers" to be executed or something to that effect...
Concur.
More purchasing power than silver, that's what it's "utility" is, as if it wasn't obvious.
http://www.bmfwallets.com/
This really is the bubble of all bubble markets. But we have a long way to go before it reaches its peak. The March 2000 market high of 1,553 S&P came with a 10 year rate of over 6%. The October 2007 market peak of 1,565 S&P came with a rate just under 5%. We have exploded through all time highs and now above 1800 S&P and 10 year rates are at 2.7%? LOL. The FED owns the market's soul. Thing is, this could go on for a loooong time before it pops. If markets can reach all time highs with rates much higher than this, how high can this thing go before it topples over? I realize most people on here are gold/silver hoarders and think the day is near but it's not. Gold and Silver will fall much lower than this and the S&P will explode to 2500 because the FED made the phone call 5 years ago "Blue horse shoe loooves QE Infinity with 0% FED fund rates". The FED will support any market pop, the FED will jack the yield curve for years, and the FED will only add to current QE buying. No one wants to buy gold when the chase for market highs will go on and on for several more years. Look at the yield curves from 2000 and 2007 and compare it to today...its insane. This market will keep going on and on. Of course, when it pops and collapses we all burn in hell and eat out of trash cans for 2 generations but dude, that could be 10 years from now. Maybe 20!!! no idea, but the point is, as long as the FED is there this thing ain't stopping. You'll have a chance to get into gold later after the massive liquidations to cover margin calls from all this speculation. Ride the wave. It's no where near over yet.... But, stay out of bitcoin, we all know competition will enter the market if money is to be made. So....stay away from bitcoin.
http://www.wired.com/opinion/2013/11/once-you-use-bitcoin-you-cant-go-ba...
As much as the paper gold manipulators are slamming PM's , it appears other manipulators are doing just the reverse at Bitcoin.
Just one question ; what tangible asset backing ,or 'good as gold' guarantee's are there in place for BTC ?
Yep, and probably to teach them a lesson. Like the run-up in gold and silver prices, what, 2 years ago now?
<crickets>
I find Bitcoin to have very excellent properties that I value but probably nothing you'd be interested in. You should probably just stay away.
Very excellent? As opposed to just excellent? There must be a bubble in the use of superlatives on this board.
he's 1000% behind it. because it's more than perfect.
Just wait until GS creates a derivative that allows you to short BTC.
Can you imagine how fast people would get stolpered out on a short in bitcoin? A single 20% move and POW vapourized. Margin FX trading with bitcoins would be pretty stressful. I hope GS et al get some crazy ideas about HFT bots and bitcoin, too bad they'll probably use the Winklevoss ETF and the exchange will just reverse their loses for them.
I still don't get how you could create derivatives on something that isn't even a currency or a commodity. Bitcoins actually have less actual value than those fucking Dutch tulips!
This will be a challenge, the only thing they can do is covered (not naked) shorts.
The current rise in price is a combination of adoption and mania, and not manipulation. BTC is much harder to manipulate than AU, and harder still to manipulate without leaving an obvious trail of evidence.
Go to bitfinex.com, make an account, borrow some btc margin and start shorting today. It's been possible to go short on this exchange for over a year. I made some money going short during the Silk Road dump, (then made a lot more going levered long afterwards).
Maybe you can time the correction and really rake it in.
Or get blown out of the water on the next leg up.
You choose.
Like a fucking freight train. Go Bitcoin!
Calling Fonestar .....
I'm on this.
I see the flat earth society has already joined you, posting new and exciting questions, which have never come up before.
Have fun.
I have one of those: bubblecoin or bitgum?
Silver is up 0.15% thus far today....the turtle beats the rabbit in the long run.
Only if the turtle is pointed in the right direction
But if you're a good technical trader you'll own litecoin for a week or two then sell them and buy silver!
Silver WAS the rabbit two years ago. The market wolf came out from behind a rock and bit its legs off. No rabbits win long term... the wolves are out to get the fastest AND slowest runners. Silver is down 60% from the market high in 2011. Silver will see 12-15 range again.
Yeah, just like on SNL last weekend: "Your rabbit is dead. I think its in the dumpster, either right above or right below the fucking dead turtle."
I remember people saying that when Bitcoin was on-par with silver.
I just posted here on ZH regarding bitcoin and Paul Krugman's inaccurate characterizations of such... http://www.zerohedge.com/contributed/2013-11-27/anti-economist-vs-paul-krugman-who-calls-bitcoin-anti-social-network
One should note that the US dollar had very volatilie beginnings as well, as has many if not most fledgling currencies that were thinly traded at first.
Reggie are you in on this?
Hey Fonz. Here is a text from a fairly large client. He takes very little interest in his actual holdings. All he cares about is whether or not the last statement was higher than the prior:
"Have u heard of bitcoins and is this the next world currency.I read that a guy bought 24 dollars worth 4 yrs ago and cash in this yr for 680 k. Nice investment"
So guess what........
I'm with you Doc. I have had about 5 similar texts/emails from friends and clients. It would be interesting if bitcoin/litecoin exploded (or continued to) and as people all over the world cashed out and spent their gains, it accidentally unleashes an inflationary tsunami.
Doc what's your take on all this?
I find it fascinating. I threw some disposable money at it a while back. My feeling is that it's not a bubble yet, because retail hasn't jumped on it. It is starting to catch some attention right now by TPTB, and I can't see how they don't eventually smash this thing if they can. There is no way that they are going to give up control of the money supply. Even if they can't smash it, they will find a way to tax the shit out of it.
I think you are right. Or I believe they will issue an etf "tied" to it as well. Once they have that up and running everyone will pile into that and then the etf will be the tail that wags the dog.
CNBC will fall over themselves trying explain the benefits of owning the etf over going through the trouble of buying it elsewhere.
Or, maybe, technology triumphs over central bank, fractional reserve debt-based money.
It is intriguing, to say the least, and the govt. will surely try to debase/smash it, but maybe it's time for a change?
I am interested and still learning and waiting. My thinking is that when ebay and/or Amazon starts taking bitcoin for payment, it's really off to the races.
No way Amazon and Ebay would take bitcoin....hahahaha. Do you even understand the risk they would be taking to accept bitcoin as payment? They would have to immediately convert bitcoin to dollars themselves and since gyrations in the bitcoin market are insane they could lose millions in one day just from bitcoin volitility. No CEO/board would put their shareholders at risk like that. None. Bitcoin is pretty much a black market currency and an international currency. The US market wont use it like that. And secondly, do you really want to be buying into every Chinese induced bubble? Gah.... This is gonna be a slaughter fest.
What's gonna stop someone else from starting a "virtual currency" to rival bitcoin? Remember MySpace? Same damn concept. What happens if a bank says "Ok, fine, we are gonna start our own virtual currency backed by gold or some other basket of commodities and make a sh*t ton on exchange rates" Convert dollars into AmazonCoin and use the currency world-wide with an exchange rate of 3% and its backed by hard assets. Meaning if Gold and Oil go higher your purchasing power goes up. Gold goes higher you can buy more goods on Amazon, Ebay, Walmart.com and wherever else. Then, the govenment gets control of the system again because they can tax profits by business based on increases in purchasing power of the virtual currency. Plus, dude, hackers can crack anything. ANYTHING. Wait till the boys at ANONYMOUS get into this. When they do, collapse. House wins. ALWAYS.
Why the hell would anonymous try to take this down. This is the type of Anarchy that they love.
In any event, the source code has been public for years. Trust me, if someone could hack this thing to make a buck--they would have done so already.
The hacking you read about is from crappy online wallets. Back the shit up onto a couple of off line drives and you are OK.
What's gonna stop someone else from taking a physical commodity with few practical uses and using it as a currency?
(Lack of) scarcity?
and as people all over the world cashed out and spent their gains, it accidentally unleashes an inflationary tsunami.
fonz - IMO what may happen instead is the BTC black market grows exponentially and people won't want to cash out. It'll be FRNs going in never to be seen again.
Good point meat. Interesting.
Posted this earlier in the thread, but following up here. These are our thoughts too.
http://shitco.in/2013/10/24/who-will-be-the-bagholders/
Yes, but in the beginning the USD had actual assets backing it. What asset is backing BitCoin?
Oooh, oooh, I know, thin air....
DaddyO
Math and the most powerful computer network on planet earth by orders of magnitude.
didn't know the Chinese government was into faux mining. http://www.ibtimes.com/chinas-latest-cyberweapon-unveiled-tianhe-2-huge-fast-dangerous-1478608
Chinese supercomputer, allegedly most powerful in the world: 33 PetaFLOPS
Bitcoin network: 63,000 PetaFLOPS.
They could use it to maybe pay for itself if they have free electricity, but they definitely won't be doing any attacks with it.
IS THAT THE SAME COMPUTER NETWORK THAT KNOWS HOW TO PLAY CHESS?!!
WOW!!!
I'm impressed!!
Read this for a historical perspective http://boombustblog.com/blog/item/9178-the-anti-economist-calls-bitcoin-...
Volatility is the name of the game with new currencies that have limited penetration and distribution, no? Why pick on bitcoin? Let's recall how the US dollar got started via the continental note, as per Wikipedia:
By the end of 1778, Continental Currency retained between only 1/5 to 1/7 of their original face value. By 1780, Continental bills - or Continentals - were worth just 1/40th of their face value. Despite efforts by Congress to reform the currency by removing the old bills from circulation and issuing new ones, the attempt met with little or no success. By May 1781, Continentals had become so worthless they ceased to circulate as money. Benjamin Franklin noted that the depreciation of the currency had, in effect, acted as a tax to pay for the war.[1] In the 1790s, after the ratification of the United States Constitution, Continentals could be exchanged for treasury bonds at 1% of face value.[2]..
Now that little bit of Bitcoin volatility you see doesn't look all that outrageous, does it? I'm not necessarily endorsing bitcoin, but it's not as if this behavior is unprecedented, especially to you Americans, no?
actually... you're compairing a token like bitcoin to a currency that was created by a government which people put their faith in and that did everything to become the most democratic and free country in the world.
What did the bitcoin "organisation" ever do?
Well, for one it didn't fall 99% in value, did it?
Maybe but it was a legal entity and bitcoin isn't.
If bitcoin isn't illegal, then it is legal.
What's their legal adress?
1 Tulip Gardens in Foreheadslapsville.
Now, see here, bitcoin haters. The fact that a currency is created by a government, making it "legal" tender in some minds is just a foolhardy notion caused primarily, I believe, by normalcy bias.
What is so good about a currency backed by a government that is unconstitutional (a la the Federal Reserve notes). I submit that bitcoin is just as "legal" as any other shit-worthless fiat currency, and, in fact, because it is not centrally-controlled and not debt-based, may actually be better.
Now, all you Luddites can get your collective heads out of your collective asses and think a little bit (no pun intended). When Henry Ford motorized vehicles, the horse-drawn cartel was probably having a few good laughs over his invention. How about the internet? Ever even heard of it 30 years ago? Now, all you anti-progress nit-wits use it to mindlessly slam an innovation that may have great promise.
I'm not endorsing bitcoin, but I am not ready to dismiss it, either, and I'm certainly not going to sit idly by and watch people make fools of themselves posting nonsense. I will respond to nonsense with either common sense or more nonsense.
You like your fiat-based currency, your Jamie Dimon presidential cuff link criminality? Your $17 T national debt? Obamacare? Unfunded liabilities?
Keep it.
The rest of us will at least look into alternatives.
BTW: barter isn't backed by anything except the agreement of a fair trade by two competent parties, but I don't see anyone flogging barter.
30 years ago? Dude, I was like 8 months old.
Actually, it was the Worldwide Web that was the killer app that made the Internet take off. Before that it was pretty ho-hum and boring. The commericalization that followed is what changed the world. I don't see how Bitcoins even compare.
A currency does not need to be 'legal tender' to be valid (that is just what the money changers want us to fearfully believe and accept. Legal tenders laws are actually more illegal - because they are immoral - than any community adopted barter-currency). Being a generally accepted medium of exchange is the better exception. If it is generally accepted, then there is nothing the government can do to stop it because they would be in fear of the majority who accepts it
Once the marketplace accepts it as a medium of exchange it takes on currency status
Do you really think a(ny) virtual currency would stop the Dimons, Corzines, Blankfeins, the politicians, from doing and becoming what they did? How delusional can anyone be?
"1 Tulip Gardens in Foreheadslapsville."
Ahahahahahahahahahahahaha!
Here's the address:
https://github.com/bitcoin/bitcoin
REGGIE, YOU AIN'T ONE OF US ??
That looks more like plain, steady FRN-like devaluation, than outright BTC volatility swings, no?
The asset backing Bitcoin, is the general disgust at the current state of affairs. Good as gold, and as tangible as anything else today.
If you can exchange bitcoin for dollars, then isn't bitcoin backed by the dollar?
If so, then bitcoin is not a replacement for the dollar. It's just another currency trying to find its footing.
No. You can exchange USD for Zim dollars, and that doesn't make the USD backed by Zimbabwe. Any currency that floats against others isn't backed by them. When the exchange rate is fixed (e.g. 20 USD to one ounce of gold) you can argue it's back, but even that's a promise that can be changed with a stroke of a pen.
If bitcoin was backed by the dollar then bitcoin wouldnt change in price against it. Bitcoin is floating, which means when the tide goes out, it hits bottom. Such a ridiculous idea to buy this stuff. How do you value this? Hey, all you CFP's/CFA's/Investment bankers/Portfolio mgrs etc etc...how the hell can u justify buying something you can't value? How about beanie babies? Were those "investments" back in 1997? Lol. At least those were tangible assets that had collector value, much like baseball cards. But how do you pay $1000 for something when you cant determine if it's even worth 200? I mean, I'm having trouble figuring out what the hell the value of bitcoin is all of a sudden. Why wouldnt you just buy gold coins? It's as "secretive" as bitcoin. Hell, you can trade stolen credit card numbers for drugs if you wanted to. Why not start a virtual currency backed by stolen credit card numbers? That's how insane this sh*t is.
Dude, clue up!
Bitcoin isn't a "virtual coin." It is an open-source protocol for storing and transfering value using computer networks. It brings a number of innovations that earlier efforts did not: a de-centralized architecture, a solution to the problems of forgery and double spending. ("but those are just 'ideas,' you can't touch them") Guess what, networks have value -- the conections and information on them, not just the wires and servers. Are spectrum acutions bogus because you can't touch the airwaves? ("but someone will just "issue" another frequency anyway....! Those phone company guys are idiots! . And email is stupid too. So is HTTP....")
Just read the paper and stop sounding so dumb.
http://bitcoin.org/bitcoin.pdf
I sound dumb? Lol. Please explain what you just told me to 99.9999% of civilization and see what there response is. You need to get out of mommy's basement and get some pussy for once in your life. Or maybe your "decentralized architecture" pick up lines don't work so well outside of an apple store. Hey, good luck to you. Enjoy your bitcoins and open source protocol value storage thingy. Sounds pretty uhhhh cool I guess.
And now the dollar has dick behind it. Or rather, Ben.
I trust nerds who write code more than I trust those douche bags.
Wait untill the ES really gets its legs and that FED money really hits the market, its going to do the same thing. You ain't seen nothing yet! I am thinking around 20,000 by this time next year on the S&P.
Litecoin is a pump and dump scheme that Max Keiser is getting filthy rich off of by telling his viewers its going to $50. this guy has to have made between 50-100mm so far off of both of them. probably more.
there are merits in the cryptocurrencies but making an analogy of silver to gold with relation to bitcoin is hilarious. good luck folks
I like Max Keiser generally, but he is getting filthy rich off of bitcoin because (unlike fonestar) he truly was an early adopter. He probably bought his bitcoins for less than $1. He's smart, though, so I bet he is steadily selling into the parabolic blowoff.
Whats funny to me is thinking back to when BTC was at $40 and I did my 'initial assessment'. Even at that time I thought it was a risk, so I guess I wasn't in early enough, for my particular set of risk preferences.
Well, it's hard to predict which one of these investment scams/schemes will catch the public conciousness and go parabolic. If I knew what the secret was, I'd buy that island the Angelina gave Brad.
I was looking at it at $16.
Semmed too complicated for my feeble comprehension of bits/bytes after a couple hours researching on the intertubes... DOH!
Unwilling to speculate at this level and will stand by as it shoots into space or crashes...
Exactly.
Can we have a new rule that says you cannot tell us you looked at it at $XXXX, but decided against it.
Either you are in, or you are out.
I could have pulled out that night. But now I have two kids.
I was looking at it at $16.
It seemed too complicated for my limited bits/bytes comprehension after a couple hours researching on the intertubes.
I'm unwilling to speculate at this level and will be an observer of its launch toward outer space or crash... can't win 'em all...
... the parabolic blowoff ... of fiat
Bernenki stocking up for he's retirement.
Probably the Fed enjoying a bit of manipulation... anything but pm's.
I'm so lucky I'm sure if I invest, it's gonna crash right away.
I'm way ahead of you man. I want you all to see me mush this thing in real time.
You'll do fine until I start seriously looking at it (will let you know when that is). : )
I don't care if its french fries, dog shit or seashells as long as it kills Janetscams, I say fine. I look forward to using Bitcoin for my angora goat ranch's cash needs some day until then keep stacking because Gold / Silver is for saving and Bitcoin is for spending.
Nope, no bubble here. Just keep pumping your momey into these iTulips.
You betcha!
when MarketFarce heralds the merits of yet another intrinsically worthless diversion away from real money, then you know its truly WORTHLESS.........
"While bitcoin has been soaring in price, gold has been falling. At the start of this year, gold was trading at $1,700 an ounce. Now it has fallen below $1,250. The two-decade bull market in the metal looks to be decisively over. A few brave investors might be buying , but with inflation subdued and the Federal Reserve planning an end to quantitative easing, gold looks unlikely to recover any time soon. Why is bitcoin is doing so well when gold is doing so poorly?"
http://www.marketwatch.com/story/bitcoin-not-gold-has-the-midas-touch-20...
"why is Gold doing so poorly?"
HILARIOUS.....
Repeat after me, "Gold is not a pyramid scheme, Gold is not a pyramid scheme..."
Indeed, what logical answer could be provided to that question, of why gold's (rigged) performance has been poor, and BTC's (rigged) performance has been phenomenal (thus far).
the problem with crypto currency is not that you can create from air, but that you are going to have too many kinds. there are going to be too many algos
My grandfather used to say "If you take a dump in a bucket and put a ribbon on it, you'll always find a sucker who's willing to pay bigtime for it. You can recognise them by the way they look interested to the people puking"
He was a caddle trader so he know what real trading was :)
The bitcoin network is doing 5.2e + 06 calculations per second. Thats why bitcoin will be number 1. They are precious numbers.
Here's another number for ya:
456465465465465123228843123132164654654654513213216484561313215443161 +5
NOW GIVE ME 1000$
That's just the thing--they aren't. They're just numbers. It's so fucking stupid.
Another problem with bitcoin is that you can't have a currency with this much volatility. Goes down by 50%, doubles a week later. It becomes paralyzing. Do I exchange my bitcoin for a new car? If I wait a week, I might get that car for half as many bitcoin. But if I don't buy now, it may take twice as many bitcoin tomorrow.....
I was just thinking that it's going to be odd to make price evaluations in Bitcoin.
When the currency is going parabolic, what's the price of a car? Do you have to update the price by the minute? Is it 1 bitcoin today, and .5 bitcoins tomorrow, and then 23 bitcoins the day after that?
This shit needs to settle down. It reminds me of my dog...
It reminds me of my local gas station--they got those fucking electronic signs and now the prices float with whatever butterfly is flapping its wings in China this week.
I gave $50 worth of btc to a friend a week ago. It has doubled already. We are both ecstatic about that, so why is this volatility a problem? Are we are making too much or something?!
Some dude bought two pizza with 10,000 btc in 2010, now worth $9.6 million. He didn't wait either.
Nor did the guy who just paid Branson to go to space with some bitcoins. You may get more if you wait, but you may also get less. Same with anything.
"Same with anything."
In Weimar Germany, yes.
How is this different than gold swinging $50 a day a couple of years ago. Or silver moving a $1 a day.
Because its something your grandparents used, you thought that was great.
This will settle down. Its just going to take some time. This is like the first round a game of risk. We are just spreading the pieces across the board.
In a year, either I will be right or wrong.
I am fine. It has to drop an awful lot for me to worry. Just like my $16 silver.
This has all the hallmarks of an awesome scam! You have to create a dream in the minds of the suckers. Those stories certainly accomplish that requirement of the scam.
Shitcoin just smear dog shit on a wallet size picture of Janet Yellen.
So what happens if you loose your internet connection or something god forbid ever happens to power/internet, then what? POOOF. gone.
Bitcoin= gold litecoin= silver. But this is just a mirage
What happens if a comet hits the earth and everyone dies?
i just scract my head when something is intangible ...i can at least get my hands on paper money and physical metals, but this is just on an entirely different level.
Can you put your hands on the Internet? No, so stop using it, it has no tangible value.
That's correct, which is why it is used for KNOWLEDGE, which is also intangible.
Hacking (in the short term), and breaking of encryption (in the long term) are the real threats, and the fact that its not untraceable means its not as secure as supposed, nor as useful.
Then there are those who will lose their wallets. At least 2% of all BTC holders who read this message will at some point experience this.
And how much gold lies at the bottom of the ocean?
I have said this before, but it bears repeating: The source code for this is open. Hackers have been going at this for years already.
I am not so naive to think that the encryption will be unbreakable forever. But its going to be a long time--at the even the most optimistic rates.
Its OK not to like this. Its even OK to shit those of us who have made gobs of money.
But those of us who DO know what they are doing are going to be able to live for a few months off the FRNs we've pulled out of this sucker. We WILL NOT be the ones holding the bag.
Another hallmark of a great scam is to distract people from actual threats. Sure, the code is public, the algorithm is tight. That's all part of the distraction, the "look over here" while I empty out the safe.
Also, if there is a breakthrough in quantum computing, kiss it all goodbye--all of today's cryptography will be instantly obsolete. One technological innovation and it's done.
Oh yeah, and ANOTHER hallmark of a fine scam is to nail otherwise smart people! "I know all about this <fill in the blank> there's no way I can be tricked." Yup, just like ALL the other otherwise intelligent people who got ripped off. It's human nature. So don't feel bad, but also don't get taken. Just trying to warn you.
A contract between two parties is intangible. The United States of America is intangible.
I served on three different Los Angeles-class submarines during my tenure in the USN. They seemed pretty fucking tangible to me, yeah?
Good example of contrast, Balanced. Submarines are real, tangible things. The people serving in them are tangible. The entity or thing those people pledge allegiance to is intangible.
If everyone dies, i'm sorry to tell you mate, but gold and silver won't save you either
than nobody arround you would laugh their ass off while you're crying your eyes out :)
I guess the aliens get the gold, coz it'll still be here.
Bitcoin explosion
1030$ and more
Bitcoin quotes realtime:
http://btcpost.net/index.php
Those that are ordering BitCoins over silver/gold eagles are the greater fools.
Really? I paid $69 for a bitcoin in May.
Right, so it makes perfect sense for worthless numbers to be hitting $1K now, right? Right?
Bitcoin vs. Gold: The Future of Money - Peter Schiff Debates Stefan Molyneux
We have a great conversation about Bitcoin between Peter Schiff and Stefan Molyneux. You can find a lot of additional information on Bitcoin from Stefan's video. Everybody decides for themselves where is the Intrinsic Value and where is the Bubble. We are siding with China here - who is buying record amounts of Gold this year with Thailand, Turkey and other Asian countries. http://sufiy.blogspot.co.uk/2013/11/bitcoin-vs-gold-future-of-money-pete...
Peter Schiff: Bitcoin vs. Gold GLD, MUX, TNR.v, GDX
"Peter Schiff puts together the very compelling case for Bitcoin Bubble "Tulip 2.0" and why nobody should mistaken it with "Gold 2.0" Bitcoin replicates almost all the Gold properties apart from the most important one - Gold's Intrinsic Value. Bitcoin was around for 4 years - Gold was around for 4 thousand years, will Bitcoin be around in the next 4 years? It can be substituted by another cryptocurrency - which are plenty around already - or, maybe, even Gold backed electronic cryptocurrency one day."
Instead of celebrating Thanksgiving, Taylor will be writing the article "Bitcoin Tops $2000" for next week's publishing...
Tell me again How the Government won't find a way to Counterfeit it...
Every transaction is verified and double verified by me and the other 500,000 nodes on the network.
Wait till one government bans it and records every IP within it's domain that ever fucked with it.
Then that Bitcoin'er gets a knock on the door demanding their coins.
Some other countries are very strict on Internet usage.
This is going to happen at some point, maybe even in USSA.
Over.
Ok, I'm looking forward to it. Bitcoin won't go down without a fight, that's for damn sure.
Jesus h Christ on a popsickle stick......what the fuck are you talking about. You have zero understanding of how this works, that is abundantly clear. Your posts come off as seriously ill advised and incredibly uninformed. On the flip side this a natural reaction to fearing the unknown. Stick to planes, playdoh or some type of fun with numbers book.....I'm doing you a favor to prevent you from further public embarassment and making a jackass of yourself.
wait..forgot the obligatory and full retard..."over".....
Tulips, more tulips!
By my calculation's on burnside's calculator, a ~$1,200 investment in computer hardware (graphics cards mostly) ends up yielding ~$21,000/yr at present price levels and mining difficulty... and you get to keep the hardware to boot.
Not with Bitcoin. You can still mine Litecoin with GPUs but you might only get one a week.
If you try to mine Bitcoin with $1200 worth of GPUs you might get .0001 Bitcoin in a year.
yes... I was clearly talking about litecoin mining... bitcoin mining is out of the question unless you manufacture asics or know someone who manufactures asics. All of the scrypt based cryptocurrencies are still up for grabs though... the front runner of which is litecoin.
Only a matter of time before specialized chips hit the market, but at the present rate of return there may be some time to get a return. I was planning on jumping in when the price was $4 for litecoins (because the rate of return was good enough for me) and now it's just crazy...
This world is completely insane.
I wonder if anyone will even try to make a real product for sale anymore when you can just "invest" in something that quadruples in value in a week. Pretty soon everyone will be filthy rich in some measure of currency, but you won't be able to buy anything because nobody got around to making anything to buy in the first place.
Loss of faith in the dollar doesn't explain these moves. What cost $.25 last week doesn't cost $1 now.
Fake stocks, digital currencies, Facebook and Twitter.
Millennials couldn't build something tangible to save their life. What the hell is the world going to look like in twenty years. People begging the only guy in town that knows how to use an oven for a loaf of bread. I've got 1 million Bitcoin, can I have some bread?
If everyone is rich, it means nobody is. That's why get rich quick schemes are always scams.
I wonder if anyone will even try to make a real product for sale anymore when you can just "invest" in something that quadruples in value in a week. Pretty soon everyone will be filthy rich in some measure of currency, but you won't be able to buy anything because nobody got around to making anything to buy in the first place.
There is always someone who is being productive. However, the question we must all wrestle with is whether the productive will agree to part ways with the fruits of their productivity for rapidly devaluing currencies. This is where the rubber meets the road.
The robots are making all the goods, and are rapidly taking over the services. What else, besides speculation, are 8+ billion people going to do for a living in a Jetsons society?
Humans, AFAIK, still have to eat, so farming/gardening/fishing/hunting/gathering comes to mind. I can think of worse ways to spend my time on this little spinning orb.
Unless... robotic farming? Paging Monsanto and their nutrient-depleted GMO crops...
0.5% of the American population can produce enough food for 2.5 billion people. GPS-guided automatic harvesters have been around for a while. Unless there is a serious oil crisis, I don't see farming as being a major source of employment growth.
If those that desire to make us all slaves don't get into control then that is the way I see the world heading. Kids will 'serve' in the workforce for a few years out of school similar to what they do for mandatory army service in many countries. Maybe 5 or 10 years of service to handle the stuff that is too tedious for a bot to handle (and to build a little bit of character into them) and then you are set for life. Everything else is what you choose to do to fill your head and eliminate boredom
Yes, I'm enjoying the irony. Everyone in that generation was told over and over how smart and special they are and they believe it. Bunch of narcissists who can't understand math now think they're onto a really hot prospect with all this nonsense. It's all going to blow up in their faces and they are going end up very, very disillusioned at some point. It's not a coincidence that the video game generation, who pays for "power ups" inside video games, would get played this way. It's so damn obvious what is taking place here...
WU-TANG CLAN !!!! NOT WOTANG DANM IT
Tulips anyone???
Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha!
+1
FONESTAR
could you answer a question if your still here?
Bitcoin is going to be me my greatest investment ever, until Gold ......Thanks ZH