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The Bitcoin Parabola Continues: Up 10% In 12 Hours, Hits $1170

Tyler Durden's picture




 

Despite the US being largely on holiday, the demand for digital currencies continues to surge. Bitcoin has rallied another 10% overnight as Chinese appetite for alternative stores of value remains unabated (BTC China is nearing its record highs) as USD/BTC is trading at $1170 - on its way to crossing the Maginot line of gold's spot price (within a few hours at this pace). Bitcoin though has nothing on its smaller cousin Litecoin which has now run from $1.11 to over $48 in the last 5 weeks. In fact, almost every crypto-currency in the world - from Infinitecoin to AnonCoin is surging... with only the ironically named PhoenixCoin (-68% overnight) not rising from the flames of fiat torment.

 

Bitcoin is making new highs in USD...

 

Getting close in China...

 

and Litecoin is exploding...

Charts: BitcoinWisdom

 

Almost every digital currency is on fire... (via coinmarketcap.com)

 

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Thu, 11/28/2013 - 10:38 | 4196459 fiftybagger
fiftybagger's picture

Now Zerohedge is covering coin market cap?  Will wonders never cease?

 

Bitcoin Report Volume 61 (Mad Rush) 

The Bitcoin Channel

Thu, 11/28/2013 - 10:44 | 4196491 fonestar
fonestar's picture

Good to see you back out in the wild BJF! 

Thu, 11/28/2013 - 10:57 | 4196526 fiftybagger
fiftybagger's picture

Thanks fonestar.  Being right can be a lonely occupation.  I can't wait until physical silver does the same :-)

Janet gonna be yellin' FIRE!!!

Thu, 11/28/2013 - 11:01 | 4196537 SilverIsKing
SilverIsKing's picture

Me too. It will happen but it may look different outside when it does.

Thu, 11/28/2013 - 10:35 | 4196467 Kina
Kina's picture

Sell!!!!!!

 

Take your profits, before they do.

Thu, 11/28/2013 - 10:36 | 4196471 1stepcloser
1stepcloser's picture

Am I crazy?  I still like silver coins.....They are so kewl, the masters of the universe deep six the price, in order to aquire more at a lower price.

Thu, 11/28/2013 - 10:37 | 4196474 know-zilch
know-zilch's picture

what ever happened to Max? Keiser that is...  

Thu, 11/28/2013 - 10:44 | 4196495 fonestar
fonestar's picture

I don't remember if I first heard of BTC on his show but I got my first BTC around that time ($16).

Thanks Max!

Thu, 11/28/2013 - 10:37 | 4196475 robertocarlos
robertocarlos's picture

Is it any different then making your own currency?

Thu, 11/28/2013 - 10:38 | 4196479 noname
noname's picture

I have 27 Roger Clemens rookie cards for sale any offers

I have several dot com stocks for sale any offers.

I have 100 of General motors old stock for sale any offers.

I have 1000 of Washington Mutual old stock for sale any offers?????

Thu, 11/28/2013 - 11:02 | 4196538 Beam Me Up Scotty
Beam Me Up Scotty's picture

Do you have any Beanie Babies?

Thu, 11/28/2013 - 11:02 | 4196539 GrinandBearit
GrinandBearit's picture

Not interested.

Now if you had some 'pet rocks', I'll buy all you got.

Thu, 11/28/2013 - 14:04 | 4197128 MeelionDollerBogus
MeelionDollerBogus's picture

hold on a sec son, stop teasin' and start talking REAL assets:
you got any bre-x, MFG or Lehman bonds?

Thu, 11/28/2013 - 15:36 | 4197377 WmMcK
WmMcK's picture

I have 1 Rogers Hornsby card.  Not for sale in bitcoins.

Thu, 11/28/2013 - 10:42 | 4196488 bugs_
bugs_'s picture

Vaticoin, the world's most holy way to pay and get paid.

and remember - its holy anonymous

Thu, 11/28/2013 - 10:45 | 4196496 Tinky
Tinky's picture

"its holy anonymous"

and therefore perfect for child porn

Thu, 11/28/2013 - 11:05 | 4196542 Sudden Debt
Sudden Debt's picture

you'll probably end up being ass fucked by a Vaticoin as with a Bitcoin

Thu, 11/28/2013 - 10:44 | 4196493 q99x2
q99x2's picture

Tulips. I like tulips. They smell much better than BitCoins

Thu, 11/28/2013 - 10:46 | 4196497 xray vision
xray vision's picture

So I wonder how many bit coins are never going to be able to circulate because the password was lost?  If someone dies and their heirs know they had a wallet, but can't find the pwd or it's just lost/forgotton or the computer dies and is not backed up.  It just seems like a lot of these could end up sitting in wallets forever.

Thu, 11/28/2013 - 10:49 | 4196502 1stepcloser
1stepcloser's picture

one X class solar flare anyone!

Thu, 11/28/2013 - 10:49 | 4196504 LoneStarHog
LoneStarHog's picture

Soooooo...is the old Dot Com the new Dot Coin?...Hell if I know.

Thu, 11/28/2013 - 10:58 | 4196529 1stepcloser
1stepcloser's picture

stuxnetcoin is going to be the bomb!

Thu, 11/28/2013 - 11:43 | 4196644 A82EBA
A82EBA's picture

lol

Thu, 11/28/2013 - 18:32 | 4197817 resurger
resurger's picture

double lol!

 

Thu, 11/28/2013 - 11:06 | 4196545 FranSix
FranSix's picture

Either the U.S. dollar is collapsing into hyperinflation, or bitcoin is hyperinflating.

Thu, 11/28/2013 - 11:11 | 4196559 robertocarlos
robertocarlos's picture

Bitcoin will usher in hyper-deflation. And that's a good thing. No longer will the parasites steal our labour.

Thu, 11/28/2013 - 13:59 | 4197111 MeelionDollerBogus
MeelionDollerBogus's picture

idiot. Hyperdeflation is impossible mathematically. HOWEVER, dropping alleged prices low enough no one has any reason to sell goods or services is possible: you increase a currency more than 10% in a day and you can expect NO SALE at any outlet. Anywhere

Thu, 11/28/2013 - 11:07 | 4196547 lolmao500
lolmao500's picture

So is there bitcoin ETF or what?

Thu, 11/28/2013 - 11:17 | 4196573 Sudden Debt
Sudden Debt's picture

There's a problem with that....

Even the most corrupt ETF's are backed by 1% of something...

So a ETF on something like a bitcoin would be impossible to sell...

Unless you're a monkey or a redneck whackjob...

Thu, 11/28/2013 - 12:51 | 4196887 Oldballplayer
Oldballplayer's picture

I am just wondering.....do you read what anyone else says?  Or do you just cut and paste the same crap every time there is a bitcoin thread?

Christ, this is getting to be like the old yahoo boards.

Thu, 11/28/2013 - 11:23 | 4196589 disabledvet
disabledvet's picture

coming soon. I can't speak to the other "crypto-currencies" but the Winklevoss twins are in New York right now doing just that. There was a good WSJ article on this past week...go ahead and looking up. my guess is once real dollars start appearing in their the price will collapse...but those will be dollars and if the alternative is hyperinflation, price controls, stealing deposits, etc bitcoin could very easily be used as a way to protect your dollar convertibility. it's not like there's no shortage of dollars in the form of profits sloshing around right now. the real estate statistics from San Francisco are truly amazing. you've got houses of postage stamp size being sold for millions right now.

Thu, 11/28/2013 - 11:25 | 4196598 TheHound73
TheHound73's picture

EXANTE fund platform. Year-to-date return 4,847%.

Newer BIT Bitcoin Investment Trust. Up 617.8% since inception. 

Thu, 11/28/2013 - 11:08 | 4196550 jmcadg
jmcadg's picture

And when Amazon decide to accept bitcoin?

Thu, 11/28/2013 - 11:19 | 4196579 Sudden Debt
Sudden Debt's picture

That wouldn't do jack shit!!

because only 1% of the population reads books.

Thu, 11/28/2013 - 15:10 | 4197327 TPTB_r_TBTF
TPTB_r_TBTF's picture

Amazon sells everything.  Is there anything not available on Amazon and the marketplace?

 

They have almost 22 million books but also

millions of other products:

 

examples of figures for other "Departments" with total, and 1-day-available from Amazon.

Home Improvement: 1,723,165 48,275
Music: 1,971,227 501,893
Toy & Games: 525,064 28,660
Mp3 Download : 5,496,379 MP3 songs
Movie & TV : 270,918 117,422
Health & Personal Care: 1,474,608 58,223

Ask at Amazon

 

Thu, 11/28/2013 - 15:22 | 4197352 Haole
Haole's picture

One can already pay an invoice with BTC for anything on eBay and Amazon through two intermediary payment processors I know of.

Thu, 11/28/2013 - 11:10 | 4196557 whatthecurtains
whatthecurtains's picture

The new "new economy".   Fucking brilliant

Thu, 11/28/2013 - 11:15 | 4196569 centerline
centerline's picture

Anyone here consider that stability is really the key to a currency?  lol

But, like anything else, there is time to buy and a time to sell.

Thu, 11/28/2013 - 11:19 | 4196581 Sudden Debt
Sudden Debt's picture

isn't a daily 20% price fluctuation a sign of stability?

Thu, 11/28/2013 - 12:00 | 4196698 TheHound73
TheHound73's picture

Patience, grasshopper.  Give it time.

Thu, 11/28/2013 - 13:54 | 4197095 MeelionDollerBogus
MeelionDollerBogus's picture

cool, then it can hit a daily 80% fluctuation, much more stable.

Thu, 11/28/2013 - 12:09 | 4196729 fiftybagger
fiftybagger's picture

Stability? You mean like the dollar?  A stable decline of 99% since 1913?  Bitcoin has had a rise of 10 million percent against the dollar from .01 to 1000.  I'll take a volatile rise any day over a stable decline.

The Bitcoin Channel

Thu, 11/28/2013 - 13:50 | 4197081 MeelionDollerBogus
MeelionDollerBogus's picture

and  yet btc can have all that instability and destruction in one WEEK instead of one CENTURY.
Looks like btc failed WORSE than dollars.

Thu, 11/28/2013 - 14:04 | 4197129 centerline
centerline's picture

That's the stupidest thing I have read all day.  Predictability is what is necessary for anything to be used as a currency.  Even if it is a steady decline.  Is all about confidence.

Thu, 11/28/2013 - 11:16 | 4196572 robertocarlos
robertocarlos's picture

I hope BTC works cause it has to be better than the shit system we have now.

Thu, 11/28/2013 - 14:59 | 4197305 TPTB_r_TBTF
TPTB_r_TBTF's picture

Better?  For whom?

It will be easier for "them" to trace your financial activities.

 

How to Follow the Bitcoins

“There are ways of using Bitcoin privately.  But if you’re a casual Bitcoin user, you’re probably not hiding your activity very well.”

Thu, 11/28/2013 - 11:17 | 4196574 Jreb
Jreb's picture

Why gold represents money and wealth and bitcoin does not:

Requirements for production:

Gold - Human capital; time, energy and equipment. Large quantities of all.

Bitcoin - Computer time and little human capital; requires some FED generated currency (represents your time) but not a lot in comparison to gold and pf course - the push of a few computer keys. No infrastructure in terms of either human labor or machinery required. In a sense - it is is what I would call "easy money". Other than being finite in quantity it has required very few resources to produce. I see it as useful for moving large amounts of capital around but I could say the same of Western Union....

In the end - only slightly superior to our current fiat system and not representative of my time.... which is what a monetary system should back.

The essense of money is value and value is a representation of my time. Bitcoin may (or may not be) be freely traded but it's value in relation to the energy required to produce it is suspect.

 

Thu, 11/28/2013 - 14:34 | 4197225 John___Connor
John___Connor's picture

So then why is the price of gold going down for the last two years?

Thu, 11/28/2013 - 14:50 | 4197277 TPTB_r_TBTF
TPTB_r_TBTF's picture

so that the Oligarchs can scarf it up on the cheap?

Thu, 11/28/2013 - 14:57 | 4197289 John___Connor
John___Connor's picture

If the Oligarchs are buying gold wouldn't the price of gold go up?

Thu, 11/28/2013 - 15:01 | 4197307 TPTB_r_TBTF
TPTB_r_TBTF's picture

not if "they" naked short it first.  :-P

Thu, 11/28/2013 - 15:03 | 4197315 John___Connor
John___Connor's picture

Oh. If they can naked short gold then doesn't that mean there is an infinite potential supply?

Thu, 11/28/2013 - 15:13 | 4197342 TPTB_r_TBTF
TPTB_r_TBTF's picture

yes.

an infinte, rehypothecated, VIRTUAL supply (of "paper" gold).

 

Thu, 11/28/2013 - 16:20 | 4197451 John___Connor
John___Connor's picture

Ok. If there is an infinate supply then are human capital, time, energy and equipment required in large quantities to produce this supply?

Thu, 11/28/2013 - 16:30 | 4197494 TPTB_r_TBTF
TPTB_r_TBTF's picture

yes.  Trillions and trillions of derivatives are no easy task to accomplish.

Imagine trying to keep track of all that rehypothecation and counter-party risk!

Thu, 11/28/2013 - 16:32 | 4197505 John___Connor
John___Connor's picture

Oh. How is that possible if the TBTF banks are being paid 25bp to recieve $82 billion every month? It seems there is a negative cost of producing an infinate supply of paper gold, no?

Thu, 11/28/2013 - 17:08 | 4197595 TPTB_r_TBTF
TPTB_r_TBTF's picture

no.

Human capital, time, energy and equipment are required in certain quantities to produce this supply

 

Debt will pay these costs, ... til it doesnT.

Thu, 11/28/2013 - 17:13 | 4197608 John___Connor
John___Connor's picture

Yes. But the value of that human capital, time, energy and equipment is being extrated by force from the Federal Reserve to pay the TBTF 25bp to recieve $85bn every month to use for naked gold short positions. Until the mechanism of value extraction by force is ended is there not an unlimited supply of naked gold shorts available? 

Thu, 11/28/2013 - 20:46 | 4198058 peruchocanuck
peruchocanuck's picture

John Connor, in your apocalyptic world, full of terminators and with Skynet controlling all the computers, you rather have a gold rock on your pocket rather than a usb drive full of codes that mean nothing after Skynet hacked all the bitcoin protocols and made it (and all other crypto currencies) worthless...I would recomend you keep travelling to your past (our present) and keep exchanging your bitcoins for gold, you can get one Oz of gold for one bitcoin, it won't last long !!

Thu, 11/28/2013 - 15:36 | 4197373 peruchocanuck
peruchocanuck's picture

you naked short GLD (papper), you acummulate GOLD (bullion)....do your homework kid...and talking about infinite supply, what about bitcoin going from 21 million to 21 BILLION??!!!

physical gold cannot be multiplied by 1,000

Bitcoin can...you only need to add three zeros to the total amount, then you go, 21 billion bitcoins !!

but...but...the protocols doesnt allow it...yeah right....you will see...bitcoin inflation....like fiat inflation...just add some zeros in the computer....but...but...the miners won't accept it....yeah right....somebody in China is controlling this game, with the help of the Lee Brothers....the troyan horse will destroy bitcoin from within....maybe the FED and the Chinese gov are the ones buying bitcoins right how, the idea is to be the troyan horse and destroy it from within . 

How?

"Economic Majority" is the key:

"...The miner's code could be modified to change the rules and grant any number of coins but that block then would be relayed to peers.  Since that change breaks the protocol, peer nodes would reject that block as being invalid and then would not relay it.  

Now if other nodes run the same change and thus accept that block, they will relay it but it still doesn't matter if nobody will buy those mined coins.

So there would be a reason for enough people (an "economic majority") to decide that the change is wanted and to be willing to buy those coins from the miner.

But if you hold bitcoins, you wouldn't want those to be devalued and thus would reject the change.

And if you have borrowed coins and have to repay, and the lender will refuse any coins issued after the change occurred, then you won't buy those coins from the miners either.

So yes ... technically it is as easy as changing one line of code.  But getting the economic majority to accept the change is the hard part (essentially the impossible part, for the change you are suggesting)."

(from " How hard is the 21 million cap on bitcoin?" discussion on bitcoin talk)

When the author of this comment says "...But if you hold bitcoins, you wouldn't want those to be devalued and thus would reject the change.", he is missing this part "...UNLESS YOU ARE THE FED AND/OR OTHER CENTRAL BANKS AROUND THE WOLRD"

Thu, 11/28/2013 - 16:12 | 4197443 John___Connor
John___Connor's picture

I see. So there is a limit to the supply of Oligarch gold naked shorts? How much is the producxtion cost of a gold naked short?

Thu, 11/28/2013 - 17:32 | 4197646 BigJim
BigJim's picture

The 'cost' of the naked short is that - like any price-capped commodity - there will be a drain of the actual physical item from the exchanges and an almighty short squeeze will erupt.

The shorts might be naked but the gold underpinning them (at something like 70:1) is very real and if the paper price is significantly lower than what people are willing to pay for it, then it will get hoovered up. Hence the constant mainstream bashing of gold - 'value' is subjective, so if the financially uninformed are subjected to a non-stop barrage of anti-gold propaganda from the 'accredited experts' (h/t MDB_), they will be less likely to buy it.

Given the demand China (and the rest of the East) are evincing for physical metal, it's not working too well.

Fri, 11/29/2013 - 21:17 | 4200923 MeelionDollerBogus
MeelionDollerBogus's picture

no, it means there's a very small finite supply & an infinite paper bailout on shorts-losses from non-delivery since the Fed prints it for them.
Lose a million? Print a million. Now short naked on gold that can't ever exist. That's what "naked" shorting means. Otherwise if it's covered it's on gold that's in-hand somewhere.

Thu, 11/28/2013 - 17:17 | 4197615 Jreb
Jreb's picture

John,

This is largely a phiolosophical question:

It is the difference between the way something is and the way something ought to be. Is vs ought.

Eventually - in the case of gold - I suspect that ought will overcome "is" and eventaully become "is". In the mean time by all means - buy bitcoin. Looks like a bargain to me.

 

Fri, 11/29/2013 - 21:07 | 4200902 MeelionDollerBogus
MeelionDollerBogus's picture

bonds & real estate. Once real estate pops gain, up goes gold. They are inverses.

Thu, 11/28/2013 - 11:26 | 4196597 GeorgeHayduke
GeorgeHayduke's picture

Crypto coins are outpacing gold and silver, but then they aren't controlled by the cabal either. People are seeking any way possible out from under the thumbs of the bankers. Unfortunately, you still have to convert to Dollars to buy most tangible assets like land, food, gasoline, etc.... At least for now.

Thu, 11/28/2013 - 11:42 | 4196639 robertocarlos
robertocarlos's picture

People are tired of getting fucked in the ass by bankers. Why do they get a free ride in life? What risks did they take?

Thu, 11/28/2013 - 11:32 | 4196614 mydogisprettier...
mydogisprettierthanyou's picture

Im sure it wil end well.

 

/sarc

Thu, 11/28/2013 - 11:34 | 4196622 whatthecurtains
whatthecurtains's picture

Bitcoin has gone from a virtual currency that crosses borders to a get rich quick scheme.    This sort of shit is the LAST thing Bitcoin needs.

Thu, 11/28/2013 - 15:31 | 4197367 The Abstraction...
The Abstraction of Justice's picture

More the case of getting out of the printed fiats before people accept they are worthless.

Thu, 11/28/2013 - 17:59 | 4197728 bwh1214
bwh1214's picture

Agreed, the trick they need to try and pull off after this hyperbolic rise is for it to level off and be stable, nearly impossible. 

And the ”they” is a bunch of anonymous unconnected bitcoin owners. No it will not just level off, human nature will kick in, greed will change to fear and the first newly minted millionaires to blink, flinch, chicken out will be the only winners.  This kind of movement will cause to many to get burned, heck it went up to 1224 today and is back under a thousand.  Anyone who bought at the high is down 20% if it doesn’t return for an extended period of time they will sell at any good price bump and never return to get burned again.

Thu, 11/28/2013 - 11:41 | 4196637 Son of Captain Nemo
Son of Captain Nemo's picture

To go along with BTC's unyielding success...

This is interesting news on too many levels.  Even after this came out GLD and SLV still dropping in the Anglo-American controlled market.

http://investmentwatchblog.com/venezuela-denies-goldmans-gold-deal-as-inflation-tops-54/

Thu, 11/28/2013 - 11:58 | 4196694 Son of Captain Nemo
Son of Captain Nemo's picture

Another reason why we may not want to give up the "yeller stuff" just yet.

http://www.bbc.co.uk/news/uk-wales-south-east-wales-25134289

Thu, 11/28/2013 - 12:04 | 4196714 Stuck on Zero
Stuck on Zero's picture

I'm going with BosonCoin.  You can put an infinite number of them in your pocket.

 

Thu, 11/28/2013 - 12:59 | 4196765 katchum
katchum's picture

Would you prefer a bitcoin or an ounce of gold?

 

http://katchum.blogspot.be/2013/11/a-bitcoin-for-ounce-of-gold.html

Thu, 11/28/2013 - 12:44 | 4196865 BadDog
BadDog's picture

For all you bittards out there, here's an explanation of where bitcoin is going.  Next stop $3,405. 

http://www.halfpasthuman.com/audio_access.html

Thu, 11/28/2013 - 13:48 | 4197070 MeelionDollerBogus
MeelionDollerBogus's picture

bzzt wrong.
Next stop $450. Then $2000. Then $20.
BTC is absurd nonsense.

Thu, 11/28/2013 - 14:24 | 4197189 dwayne elizando
dwayne elizando's picture

Quick, max out your credit cards on bitcoins!

Thu, 11/28/2013 - 12:54 | 4196899 jomama
jomama's picture

i get that it's supposed to be reflecting the currency wars worldwide.

 

but i somehow doubt that it's tracking this easing in an orderly fashion.

 

but that's ok, i bought one last week!  fucking yay,

Thu, 11/28/2013 - 13:07 | 4196939 robertocarlos
robertocarlos's picture

Your fair share of BTC is around .001-.002 BTC. One or two is enough. It's the same with gold, 1-2 ounces is enough.

Thu, 11/28/2013 - 13:33 | 4197034 MeelionDollerBogus
MeelionDollerBogus's picture

no, it's not enough. I'd need about 4 oz/year purchasing power for every year of my life. That's a good normal amount of spending.

Thu, 11/28/2013 - 13:28 | 4197011 Manipuflation
Manipuflation's picture

What could go wrong with parabolas that are so steep as to be nearly vertical?

Thu, 11/28/2013 - 13:29 | 4197018 MeelionDollerBogus
MeelionDollerBogus's picture

not to worry, I'm sure it will drop only about 70% in the next 48 hours!
LOL
Now that's one safe investment

Thu, 11/28/2013 - 13:53 | 4197092 mantrid
mantrid's picture

BUBBLECOIN, BITCHEZ!

Thu, 11/28/2013 - 14:21 | 4197178 The Abstraction...
The Abstraction of Justice's picture

Smug contempt means you probably missed the boat.

Thu, 11/28/2013 - 15:44 | 4197392 mantrid
mantrid's picture

indeed, I don't enter toy-boats with a hole in the middle of their concept. neither do I miss them.

Fri, 11/29/2013 - 21:03 | 4200897 MeelionDollerBogus
MeelionDollerBogus's picture

I have the same smug contempt of 99% of pennystocks - think I missed the boat on those too?

Thu, 11/28/2013 - 13:58 | 4197107 Not My Real Name
Not My Real Name's picture

Then there are the FreeBitcoiners. Some guy named BOBOA is saying bitcoins will be selling for $55,000,000,000 each when that finally hits.

Thu, 11/28/2013 - 14:44 | 4197260 TPTB_r_TBTF
TPTB_r_TBTF's picture

so all we need to know now is

"who gave Boboa this info?"

Thu, 11/28/2013 - 15:12 | 4197339 Wen_Dat
Wen_Dat's picture

 

 

 

 

 

 

 

 

 

Thu, 11/28/2013 - 15:45 | 4197396 mantrid
mantrid's picture

that's Yellen's BTC price target

along with S&P at quadrillions

Thu, 11/28/2013 - 14:06 | 4197135 1stepcloser
1stepcloser's picture

My local online Whore house has snatchcoins...  

Thu, 11/28/2013 - 14:23 | 4197183 The Abstraction...
The Abstraction of Justice's picture

For those ZHers who accept their gold zealatory has blinded them to real gains, it is still not too late to invest. Bitcoin was cryptocurrency version 1. The other coins are based on its source code, but fix may of its problems. You can still buy into them real cheap and spread some of the risk of holding all your assets in the one PM basket. 10000% gains in the next few months. Get out when everyone else is getting in, then buy all all the silver you can with the rewards.

Thu, 11/28/2013 - 14:35 | 4197228 chemystical
chemystical's picture

thusly it's about speculation and not commerce or utility or fuck the Fed etc.

as such, and being the speculators that you are, can I interest any of the pumpers in buying a few thousand Nov 2014 at $200/Btc?  What price would that put be accepted at? 

Let's see who the true believers are.

Thu, 11/28/2013 - 14:49 | 4197275 The Abstraction...
The Abstraction of Justice's picture

Who said that I believe in anything?

Thu, 11/28/2013 - 15:10 | 4197332 Wen_Dat
Wen_Dat's picture

great, a fuckin nihilist...

Thu, 11/28/2013 - 15:30 | 4197366 The Abstraction...
The Abstraction of Justice's picture

I studied theoretical physics. You learn not to take theories for granted. You learn to handle multiple contradicting theories without feeling a hypocrit. Belief is so yesterday.

Fri, 11/29/2013 - 02:27 | 4198639 Wen_Dat
Wen_Dat's picture

Sounds illogical

Fri, 11/29/2013 - 20:59 | 4200882 MeelionDollerBogus
MeelionDollerBogus's picture

real gains are in ounces of solid material, not bits. Not dollars.

Thu, 11/28/2013 - 14:29 | 4197209 chemystical
chemystical's picture

"It will not crash and burn because Bitcoin fills a niche that no other currency or precious metal can facilitate"

Quote from the resident pumper who accuses every naysayer of being a goldbug and a fake libertarian.

'no other currency' .  Yeah, right, except, um, for every other digital currency.

A major factor in the price of anything is the barrier to entry for competitors. Bitcoin has ZERO intellectual property and ZERO trade secrets.  Bitcoin fundamentally has nothing that you or I or anyone else can't do. What Bitcoin does have is momentum, but that momentum is largely built on hype and fear. Neither of those has any mass and once they are removed from the equation Btc's inertia stops dead in its tracks.

Price ceiling will be inversely proportional to the presence of competition, who - it must be stated again - are innumerable and have no barrier to entry. I wouldn't pay $50 for a Coke because I have suitable alternatives. Ultimately we'll learn that Btc truly is worth not much more and not much less than other digital currencies. That might prove to be $0.00001 or $1,000,000, and the latter would mean that speculators need to get
in on the others while they're at the bottom (and then watch in the short term as they ride Btc's coat tails). Any price differences between Litecoin, Bitcoin, Windowscoin, Facecoin, etc will have nothing to do with the crypto aspect etc and will instead be due entirely to the success of the marketing and the ease of the network.

If I was one of the handful who hold (putatively) millions of USD or Yuan worth of Btc, I'd waste no time blogging and would instead work tirelessly to get more ATM's out there and more on-line merchant acceptance. Me? If I held $50,000,000 worth...I would not only offer prebates and rebates to the merchants, I WOULD BUY THE FUCKING ATM's and GIVE THEM AWAY.  The first cryptocurrency cartel to to succeed at that will emerge winner (for a while at least...and eventually Beta will give way to VHS which will later yield to DVD which...).

With the supposed anonymity, however, there would be no way to network and form such a cartel.  Would I like being the only one giving  away Btc ATM's and letting the other large holders ride my coattails?  No, but I'd do it. 

I'd be interested in whether the e-tailers and retailers have been approached by anyone offering such prebates and rebates, because the veil of anonymity would start to lift.

Thu, 11/28/2013 - 14:37 | 4197239 TPTB_r_TBTF
TPTB_r_TBTF's picture

.

"'no other currency' .  Yeah, right, except, um, for every other digital currency."

Tulips come in so many pretty colors.

Thu, 11/28/2013 - 21:56 | 4198165 El Hosel
El Hosel's picture

Diche that Niche, Biche.

Thu, 11/28/2013 - 22:44 | 4198238 carlin401
carlin401's picture

"BTC is built on fear and hope"

I agree with all but this premise, ... no BitCoin is built on LIES, ... 100% lies ..

Bitcoin is safe - bullshit

Bitcoin is private - bullshit

Bitcoin is libertarian - bullshit

Bitcoin is your friend - bullshit

Bitcoin came from little people - bullshit

Every lie pushed here on ZH will be remembered. It must never be forgotten here on ZH that the majority backed the NSA/CIA plan to enslave us all.

Thu, 11/28/2013 - 14:59 | 4197304 ivana
ivana's picture

Can you feel peak stupidity? Amazing, feels so real , like you can touch it ...

Thu, 11/28/2013 - 15:06 | 4197321 joego1
joego1's picture

I thougt that people wanted stability in their currency?

Thu, 11/28/2013 - 15:16 | 4197344 ToNYC
ToNYC's picture

So good you don't want to use them or be the last one holding them.

Thu, 11/28/2013 - 16:02 | 4197435 The Abstraction...
The Abstraction of Justice's picture

I would happily be paid with them and would pay the rent with them.

Thu, 11/28/2013 - 23:27 | 4198326 TheHound73
TheHound73's picture

Currently doing both.  +1

Thu, 11/28/2013 - 16:23 | 4197485 bwh1214
bwh1214's picture

My old thoughts are below, let me know what you think.

 

The CIA was interested in Bitcoin close to the beginning, and had a friendly meeting with the masterminds.  Do you not think they had a meeting after that little talk discussing how they could use it to their advantage?  My humble opinion is that the meeting went something like this: “So wait we can just put a few super computers on this thing and get tons of them for free without changing the market, ok Bob you do that.  Ok Tim, just to be safe, buy as many bitcoins as you can into as many wallets as you can, I don’t care if it goes from 50 cents to 9 dollars or to 1000 dollars for that matter.  We can get appropriations to throw a hundred mil at our little scheme no problem.  Anonymous they must be kidding, this is too easy” 

This could be easy pickings for the NSA, CIA Ect, and fun to boot.  This is what they do.  I know you feel that you have outsmarted them but I have a strange feeling you haven’t.  

They could have gotten tons of bitcoins for free mining and the lions share of this tiny market, 50, 60, 80 or 90% and because of the anonymity no one would know the wiser.  With a market share like that they could do whatever they wanted at times of low liquidity which compared to some markets the gov deals in, is all the time on MTgox.  I don’t think this is the a conspiracy theory, its only what I would do in their shoes, if for nothing else for a little safe keeping control. I think the shock and awe destruction will come.

The Gov talking nice about Bitcoin threw me off for about two secs (see yahoo story Gov Agencies see Benefit in Bitcoin), but then I realized that if they had control, they could crush it say it had some good points and again lay in wait.  Then a few years from now when they think the time is right, or in case of a dollar crisis, they could introduce the US gov E-currency, and say it has some bit coin features but new and improved with gov backing.  This was a theory until I saw the E Dollar story on yahoo (There is an E Currency that could save the Economy but Its not the Bitcoin).  Find that story and tell me its not 1913, 1933, 1971 all over again.

 

If you want to see what the Gov does when they are threatened by a currency remember what happened with the Liberty Dollar.  Don’t say you have not been warned.  It’s not bad to never make the million dollars on a speculation; it’s pretty hard when you lose it.  Its screaming bubble, no one ever made money until they sold. It may keep going up but I think it would be prudent to swap out to some other assets.  I’m sure a lot of the bitcoin millionaires have almost all of their money in bitcoin, don’t think about it as selling, think about it as diversifying. 

Thu, 11/28/2013 - 22:40 | 4198234 carlin401
carlin401's picture

Real Gubmint, CIA is 'muscle' in the mafia sense,

NSA is the 'brains' the hw/sw behind the gubmint, not unlike the 'wizard' behind the curtain in wiz-of-oz.

NSA 20 years ago was researching and publishing paper's on crypto-coin. The NSA created BTC's and released it as free software, and now ALL is following. What I mean is that ALL the clones essentially follow the BTC model.

Now the NSA history forever is to OWN the encryption technology of the day, DES, AES, ... whatever and whenever, it always comes from the NSA, which means they got the backdoor 24/7.

CIA is muscle all over the world its the CIA's job to make sure that black-market gold, oil, cocain, and heroin, ... are all traded in USA dollars, for its the black-market that give the USD its power.

But everybody now knows the USD is fucked and the NSA has to create a new 'black market' currency, but don't worry the CIA will still be the police, to make sure that people who rent children to fuck, pay in BTC's.

Thu, 11/28/2013 - 16:32 | 4197506 WhiteNight123129
WhiteNight123129's picture

When it is MY bubble, bubble is good no? ahahahah

Thu, 11/28/2013 - 16:40 | 4197517 bigrooster
bigrooster's picture

What a fucking joke!  Does anyone remember March 2000?  How is that pets.com and toys.com stock working out.  All of these digital currencies will be worth the same pretty soon, $0!

Thu, 11/28/2013 - 16:50 | 4197551 bwh1214
bwh1214's picture

I agree, this feels like so many things before.  I've had these arguments before.  I see way to may holes.  The government has plenty of tools to crush this thing, they probably own anonymously 50+% of the market, they can easily make it illegal for retailer to accept ect ect.  I remember hearing arguments against bit coin saying that other digital currencies would pop up and the bit coiners would bash them saying it wasn't possible, well its happening like crazy now.  There are plenty of people getting rich on here that are commuting their bias hoping that it continues, and others feel that they may have missed the boats committing their bias hoping it fails.  I didn't get in so I may be the latter, but I think I'm looking at it objectively and it doesn't look good. 

Thu, 11/28/2013 - 22:32 | 4198217 carlin401
carlin401's picture

Well the fucking MSM is full on this bitch now, and that draws in every fucking village idiot,

Funny if you step back and look at the SHOW, most never spent a 'dime' on their COIN, but sometime back about April 2013, it became FUCKING impossible to 'mine' BTC's, and that's when the price started going UP, because the only way for folks to get BTC's was to buy them. Today some 90% of all BTC's are mined by just 2-3 pool's.

How fucking hard is it now to MINE BTC's? Well if you had a PC it would take 100+ years, and a high performance $1,000 graphic card, maybe 1-2 years, and if you spent $50K on a mining center, maybe it would be a week. So the ROI on MINING is now FUCKED in the ARSE, unless you mine litecoin, or smaller, where the 'hard' factor is in days, rather than years of running your computer system's.

I think its no accident that TPTB chose now, when MINING was kaput to tell the MSM to tell the masses to BUY BTC's, cuz once it became impossible for nerd's to mine, then add in the social-networking IPO dollars and you have the perfect storm for a 'Pyramid Scam', note I will NOT call this a ponzi, cuz Ponzi's always PAY INTEREST.

Thu, 11/28/2013 - 17:10 | 4197597 Marzen
Marzen's picture

The chances of BTC crashing after this type of Parabolic move is as sure as me banging the shit out of a drunken sorority chick in my bed on any given Friday.  Git r dun!

Thu, 11/28/2013 - 19:10 | 4197885 gafgroocK
gafgroocK's picture

 

 

I'm out with a new one tomorrow - "ShitCoin"

Thu, 11/28/2013 - 20:16 | 4197995 noob
noob's picture

Winklevoss Bitcoin Fund: Dumb Money or Good Idea?
http://www.youtube.com/watch?v=C0cYUrcZBNY

Thu, 11/28/2013 - 21:54 | 4198158 El Hosel
El Hosel's picture

Convert those Bitcoins to Silver Eagles now...BitBitchez.

Thu, 11/28/2013 - 22:23 | 4198205 carlin401
carlin401's picture

QE drives 'social networking'

Morons with their Social-Networking $$$ buy crypto-currency,

So fucking Y2K/dot-con

QE is driven by the NSA, and crypto-coin all developed by NSA,

You would think the new kids and their easy 'spy software' gadgets would buy GOLD?

But no fucking way, they BUY into the biggest pyramid scam in human history.

Stupid MONEY fucking YES.

Winkelvoss twin fucks ( Siamese twins share common asshole ) are the ultimate example of stupid money 2013, this year will go down as the ultimate sign of 'where in the fuck did the QE money go?"

Thu, 11/28/2013 - 22:26 | 4198208 carlin401
carlin401's picture

Last week I was telling everybody here that if you must buy crypto-coin buy LTC ( litecoin.org ), and last week it was $4,

Today its $50 USD, ... now that my friends is fucking god-damn parabolic.

No bigger indicator, than this thing will burst and SOON.

It just takes a few morons to pull their fingers ( out their ass ), out of the dike, cuz when the fuck-heads start redeeming, all these turds will go down.

p.s. still mining LTC's just for fun, BTC's are so hard now, that even the NSA can't mine anymore,

BUTT, and I'll say this with a BIG BUTT, I would never use real CASH ( USD, SGD, CNY ... ) to buy a fucking crypto-coin.

Thu, 11/28/2013 - 22:35 | 4198223 carlin401
carlin401's picture

MYTH's of BTC ..

I hate the term 'mining', but I have to admit its been big bucks for the HW companys, cuz its gotten folks to go out and upgrade their computers to mine.

For those that mine, they quickly find that its impossible to nab coin, Now this is where the real art comes in,

There are ton's assholes just like our own folks here on ZH, that say never mind "Don't MINE, just BUY with your CASH", ... better "investment",

It's funny, but BTC mining once upon a time was a 'hobby' only a baby fucker could call BTC purchasing an 'investment'.

Fri, 11/29/2013 - 00:13 | 4198398 Fail2Deliver
Fail2Deliver's picture

Coinbase has sold out of bitcoins. I just tried to buy more and the site says they are out until December 5. They will accept orders but won't give you a firm conversion rate until Dec 5

Fri, 11/29/2013 - 02:01 | 4198569 Godisanhftbot
Godisanhftbot's picture

 I give up , I am selling everything I own , maxing out my credit card lines , and maybe mug an old lady to

 

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