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These 441 (And Rising) Retailers Are Offering "Bitcoin Black Friday" Deals

Tyler Durden's picture





 

If one of the initial fears surrounding Bitcoin, or rather digital currencies of which there suddenly appears to be a veritable tsunami now that anyone with an algorithm can become their own central bank (and all are exploding in value in what should make at least a few people nervous) is lack of adoption, that may be put to rest courtesy of a new initiative called "Bitcoin Black Friday" which, as TechCrunch reports, has been adopted by over 400 online retailers who starting on Friday will be offering special deals just for Bitcoin users.

Since this is Bitcoin's first unofficial Thanksgiving, having stormed on the public scene after exploding in price from under $100 to nearly trading on parity with an ounce of gold, many of the Bitcoin-only offers are gimmicky: "you can use bitcoins to buy a bacon-flavored lollipop or a ticket to space on Virgin Atlantic, for example. That's not really going to help you with your holiday shopping list, though. However, there are some decent choices on the site, too, but for obvious reasons, they tend to be a little more geeky in nature. Adafruit, for instance, is offering 10% off of everything in stock, including Raspberry Pi. Reddit is selling Reddit Gold. The Humble Bundle has deals up for grabs. There are also software, electronics, domain name and hosting deals, and so on."

A sampling of the deals from the site is shown below:

And while there are some good deals to be found...

Mobile gift card app Gyft is one of the better deals available, giving Bitcoin shoppers 4 percentage points back when you buy gift cards from its supported retailer partners, like Target, Gamestop, Gap, Zappos, Nike, Old Navy, and hundreds of others. If you were stocking up on gift cards anyway, that's worth taking advantage of. (For what it's worth, PayPal users will get 3% back, while credit card users get 2% back, the company says.)

... TechCrunch correctly observes that the catalog is no Amazon, for obvious reasons: "the deal quality on “Bitcoin Black Friday” is a good indicator of where Bitcoin is in terms of mainstream adoption. That is, not so much. There really aren't big-name retailers on board with the digital currency at this time... big-name tech companies like Google, Amazon and eBay aren't going to play along either, as they all have their own payment mechanisms to push (Google Wallet, PayPal and Amazon's one-click checkout experience, respectively)."

But the list of vendors is growing at a pace that only rivals the explosion in the price of Bitcoin itself:

The Bitcoin Black Friday movement is still growing, however. Earlier this week, it was touting that 250 retailers had signed up, and today there are nearly 200 more. Evan Greer of Fight the Future also tells us the site has seen over 30,000 unique visitors to date, almost half of which arrived yesterday. Meanwhile, over 4,000 people have signed up to get an email when the deals go live.

And even if the popularity of Bitcoin adoption also follows a parabolic curve, a bigger problem is accurately observed by TechCrunch. Consider that on one hand Internet activists Fight for the Future are trying to spread the word about the Bitcoin Black Friday efforts, somewhat radicalizing the event by pointing to Bitcoin's potential to be disruptive to the status quo. "Bitcoin is an amazing new technology, but because it challenges established industries, it will face serious political opposition–especially in the U.S. where those industries are strongest,” the message reads on the project's site. “Bitcoin will only be safe once millions of people rely on it every day.”

Yet on the other hand, it is the sheer surge in the USD-denominated value of Bitcoin itself that may be turning off many people due to the law of large numbers (Bitcoin can't do a reverse stock split), and instead potential entrants to the digital currency world are looking at far cheaper BTC competitors (and there are plenty), as an alternative:

Of course, Bitcoin won't reach those mainstream “millions” while speculators drive the price of the cryptocurrency to crazy new heights. That doesn't discount its long-term potential though as a money transfer platform, though. But as a payment mechanism for online shopping? While it's great that there are over 441 retailers on board with Bitcoin Black Friday, it would be better if there were more deals mainstream users would actually want to buy. Instead of say, Bitcoin t-shirts, stickers, glasses, mining equipment….and, oh yeah, more Bitcoin.

Then there is the flipside to the argument. If and when the inevitable correction comes, how many of those who decided to give bitcoin "a try" will end up losing substantial disposable income and be turned off by the whole concept of alternative currencies? Someone with a paranoid bent may see how such a scenario could be put to great use by those who can create fiat de novo and use it to bid up BTC to stratospheric levels only to force a crash subsequently.

* * *

And in totally unrelated news, and showing that sometimes nothing beats having a physical currency in one's hand is the story of James Howells from Wales, who bought 7500 Bitcoins in 2009, forgot about them, threw away his hard disk and is now scrambling to retrieve because the value of his "digital wallet" has exploded to over $7 million! From BBC:

A Newport man has been searching a landfill site in south Wales hoping to find a computer hard drive he threw away which is now worth over £4m.

 

James Howells's hard drive contains 7,500 bitcoins - which is a virtual form of currency for use online. It had sat in a drawer for years and he had forgotten it contained the bitcoins, which he obtained in 2009 for almost nothing, when he threw it out.

 

But this week, a single bitcoin's value hit $1,000 (£613) for the first time. It means Mr Howells's collection is now worth $7.5m (£4.6m).

 

A few years ago Mr Howells, who works in IT, had dismantled his computer after spilling a drink on it. "I stored a couple of parts away like the hard drive, and the rest of the bits and pieces which were still working I sold for spares," he told BBC Radio Wales.

 

"I kept the hard drive in a drawer in my office for three years without a second thought - totally forgot about bitcoin all together. I had been distracted by family life and moving house.

 

"Fast forward to 2013 which is when I had a clearout of my old IT equipment - I hadn't used this drive for over three years, I believed I'd taken everything off it... so it got thrown in the bin."

 

Mr Howells later realised what was left on the hard drive.

 

He added: "I had been hearing a few stories of a chap from Norway who had bought a number of coins for a very low price and had sold them for a high price and that's when I got back into checking the price and seeing what I'd done.

 

"When I found out what the price was, the penny dropped and I realised the coins I have 'mined' were on the drive I had thrown away.

 

"There was not a lot I could do."

Good luck James.

The irony here is that while many owners of the barbarous relic, (which may not be rising parabolically in price right now, but at least feels quite firm to the touch) are known to have "unfortunate boating accidents", water has a less than desired effect on electronics. But that's ok: we are confident that any Bitcoin lost in the electronic ether can always be retrieved eventually: just call 1-800-NSA.

 


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Thu, 11/28/2013 - 16:19 | Link to Comment Dear Infinity
Dear Infinity's picture

When bitcoin reaches a high enough price point, you won't even need to convert to fiat to use it. Bitcoin is the exit strategy. 

 

1 oz of Gold = 1.22 BTC

1 oz of Silver = 0.019 BTC

Thu, 11/28/2013 - 16:35 | Link to Comment nope-1004
nope-1004's picture

Exit by whom?  The average Joe wanting "freedom", only to be tracked?

 

1 oz gold in 2000 = 0.3 Enron shares

Pick your ratios wisely.

 

Thu, 11/28/2013 - 16:40 | Link to Comment fonestar
fonestar's picture

Read the title right?  It's spreading and your boot-licking, state-worshiping days are over! 

Thu, 11/28/2013 - 17:15 | Link to Comment BlackChicken
BlackChicken's picture

Alright, I've had enough of your little bitchy ass.

Nope-1004 has contributed more to this site than your hubris inflicted gloating little foreign ass could in the next ten years.

Just because he and others here, including myself, have suspicions about the current meteoric rise in valuation does not make us boot licking state worshipers.

I have never seen any shill before you talk his book harder. If you don't like us, our format, our conversations, or our country, than please GTFO of here.

Thu, 11/28/2013 - 17:23 | Link to Comment fonestar
fonestar's picture

I've been on here for years and I have sacrificied a lot ($1.05) to make the comment section of this blog what it is today.  Nowhere on signing up for fight club did I see any mention of the need to be American or anti-BTC.

Thu, 11/28/2013 - 17:29 | Link to Comment BlackChicken
BlackChicken's picture

I'm not anti Bit Coin. Don't put words in my mouth.

What I'm tired of is your obsession to place anyone with legitimate questions immediately in the knuckle dragging camp. The hubris and gloating aspect of your contributions is what is eating at me. You are obviously an intelligent contributor, but your words and opinions will reach much further when you don't come off like you "know" the future and its only solutions while using negative connotations to those of us who are a little seasoned in different aspects of investing.

Thu, 11/28/2013 - 17:33 | Link to Comment fonestar
fonestar's picture

I've never been rude to people who had legitimate questions regarding BTC, in fact I've pointed them in the right direction.  Only to people who were mocking and dismissive of something they clearly had no knowledge of, which in my mind is not compatible with ideas of liberty and freedom.

Thu, 11/28/2013 - 17:42 | Link to Comment BlackChicken
BlackChicken's picture

I don't believe that to be true.

Look, I really don't have time to go searching through your comments to find examples of rudeness/hubris in commenting about BC. We all have ideas and beliefs about liberty and freedom, but they are different because we are all different.

I am celebrating Thanksgiving today, a day set aside to remember and to be grateful for what we have. Not in a material possessions way (although that part does not hurt), but for family, friends, health, honor, and love.

I am grateful for people like you, who offer insight to different ways of expressing liberty and freedom. Can you do it in a less abrasive format? If you can pull that off, your ideas and input will go much further.

Thu, 11/28/2013 - 17:45 | Link to Comment fonestar
fonestar's picture

I will try and stick to what is factual and known.  Happy thanksgiving.

Thu, 11/28/2013 - 17:49 | Link to Comment BlackChicken
BlackChicken's picture

I will try to do the same. Happy Thanksgiving to you as well.

Tomorrow, we can go back to the fight right?

Thu, 11/28/2013 - 17:54 | Link to Comment fonestar
fonestar's picture

Fight Club is 24/7

Thu, 11/28/2013 - 18:57 | Link to Comment olto
olto's picture

fight club is dead, fonestar

words are not fighting

Thu, 11/28/2013 - 20:30 | Link to Comment knukles
knukles's picture

Fight Club is an allegory of man challenged by his very own ego.
It has nothing to do with arguments, fisticuffs or the like.
Hint hint hint....

:)

Thu, 11/28/2013 - 21:12 | Link to Comment SWRichmond
SWRichmond's picture

Bitcoin is controlled op.  If you guys cant see what a fucking psyop the whole bitcoin thing is (senate hearings...arrests...soaring "value"...all in the face of an obvious disintegrating reserve currency and empire) then you're stupid.

Thu, 11/28/2013 - 21:44 | Link to Comment fonestar
fonestar's picture

I've investigated every link I have come accross claiming that Bitcoin is a intelligence-controlled currency.  All I have found is whispers about so and so and how somebody knows someone that heard something.  Basically nothing but FUD and crapolla.

Thu, 11/28/2013 - 22:08 | Link to Comment SWRichmond
SWRichmond's picture

Then you should buy them and sleep well.

Fri, 11/29/2013 - 00:13 | Link to Comment TheHound73
TheHound73's picture

zzzzzzzzzz.

Fri, 11/29/2013 - 01:57 | Link to Comment fonestar
fonestar's picture

I would welcome any evidence you have to the contrary and study it objectively.  However, I very much doubt you have anything new and exciting in this regard.

The truth is that Satoshi was already working standing on the shoulders of past computing geniuses.  His brilliance was tying existing technology into a usable currency and solving the double-spending problem.  There is no reason to believe such a project required government or intelligence agencies to assist with it.

Thu, 11/28/2013 - 22:26 | Link to Comment PP
PP's picture

is there anyone still seat in front of srcreens? good thanksgivingday!

is Tyley here?

give you some important information regarding bitcoin and (AAAcoin to ZZZcoin) in China:

actually in 2007, Ministry of Security, Ministry of Culture, Ministry of Industry and and Information Technology and general administration of press and publication, that 4 ministry jointly annouced a regulation - you should understand in China, regulation is law - regulation is gongtongzi [2007]No.3 link: http://www.zjwh.gov.cn/zcfg/xzgz/bw/2012-01-19/117295.htm

That clearly says: Forbidden any kind of electronic currency to exchange back to CNY (Chinese Yuan) that law is directed against electronic currency like Q coin (a very famous visual currency issued by tencent)

So, from law bitcoin is illegal in China. the only question is whether Chinese government obey that law, or not. We think time for bitcoin and their cousins AAAcoin-ZZZcoin will be short.

And in internet most of people against such electronic currency becasue such currency issued by programmer, and developer, website and a few people hold a large portion of total issuing currency (so de-centralised is fake), that group of people use such ability to dilute society wealth and make counterfeit, some people in China have already bought house and car by issuing, trading electronic currency.

Everyone can be his own central bank and government, and can issue private currency / counterfeit money into system, then exchange back wealth from other people, this is wrong.

 

 

 


 


Thu, 11/28/2013 - 23:42 | Link to Comment nope-1004
nope-1004's picture

+1

"a few people hold a large portion of total issuing currency (so de-centralised is fake),"

Exactly as BOP outlined & observed in the other thread.

 

Thu, 11/28/2013 - 23:58 | Link to Comment Duke of Earl
Duke of Earl's picture

Not sure how impact the legality will have.  China is currently driving up the price despite the legal status.  In the US, everythiing is illegal unless expressly permitted and the buying continues.

You are dead wrong about everybody being a central bank with Bitcoin.  Perhaps you are talking about AAAcoin, if not this is a straw man argument. Every form of hacking of Bitcoin and the protocol was tried before anyone mainstream had heard of it and it still stands strong.

Fri, 11/29/2013 - 00:16 | Link to Comment PP
PP's picture

Bitcoin has two problems, as ZH reported, about top 500 holders (especially early holders) controls around 50% existing bitcoin, top 100 holders controls 20%, this is market cornering. and their wealth is created from thin air, this is exactly ponzi scheme is, or paramid selling, that early people create and hold very cheap bitcoin, then sell it to later people at 100-1000 times price

This is not hacking, this is producing counterfeit money there is no difference that you buy a money printer from Fed to print dollar, or you use AMD display card to create bitcoin. (but bitcoin miners and early buyers don't realize that)

total paper money supply is increased

Fri, 11/29/2013 - 00:27 | Link to Comment Duke of Earl
Duke of Earl's picture

I suppose it's a problem in the same sense that in IPO's there is a high concentration of wealth with the company founders.

It is correct to say that it *may* be a problem. The harder problem is how to introduce such a currency without a concentration of wealth.

To be a Ponzi scheme, there has to be an intent to defraud. Simply introducing a brilliant concept and profiting isn't criminal, not sure why you assume this.

The money is not counterfeit and is more genuine and provable than any other money you use. The supply is increasing at a publicly known rate. Try finding this level of transparency anywhere else.

Fri, 11/29/2013 - 02:04 | Link to Comment PP
PP's picture

other money has been exchanged from hard work, yes, from government (and always print more), bitcoin is created from thin air, and some young IT guys use it to exchange real thing and real money

 

Bitcoin is not money. Bitcoin is only a payment method.

 

Someone may think Chinese hate their government, but when there is big issue, like counterfeid flooded to China, most of citizens will support government to crack down it. there are 99.9% in Chinese internet urge government to do something to bitcoin and 99.99% say that one is ponzi shceme.

You may use your bitcoin worth $1000 or maybe one day worth $1,000,000 to buy goods in Amercia, but Chinese don't. Let's see.

No one can earn wealth without hard work, if they already use bitcoin to earn a lot of money, one day they will pay the price.

 

Fri, 11/29/2013 - 00:20 | Link to Comment TheHound73
TheHound73's picture

Bitcoin's "killer app" is subverting government controls. Anyways, BTCChina and a dozen other exchanges operate quite blatantly and openly on the mainland.

Thu, 11/28/2013 - 23:47 | Link to Comment CH1
CH1's picture

Bitcoin is controlled op.

Evidence, sir, I want actual (not "could be" or "imagine if")...

E V I D E N C E.

Sun, 12/01/2013 - 21:25 | Link to Comment daveO
daveO's picture

My sentiments, too. It's a great plan to distract from real money and balance the bankster's books(same way they front run other markets) at the same time. It will take a whole lot more buying to do much balancing, but who knows how far they can 'con' the internet generation. This is a golden oppurtunity, to buy real money.  

Thu, 11/28/2013 - 22:19 | Link to Comment olto
olto's picture

back to sleep knucks

some of us really love to fight

and i liked the film because it was like my history when younger than now

thanks for the educational, but i prefer to remain unschooled

good luck to you, though

Thu, 11/28/2013 - 18:55 | Link to Comment olto
olto's picture

blackchicken,

i'm fasting today in honor of those poor souls who fed the thankless pilgrims

i'm still embarrassed by the the treatment they received after that first thanksgiving

i'm grateful that i have never had to treat friends as the pilgrims did

Thu, 11/28/2013 - 20:31 | Link to Comment knukles
knukles's picture

If you like your sovereign land you can keep your sovereign land

If you want a tutorial about immigration, chat with a native American Indian.

Thu, 11/28/2013 - 22:31 | Link to Comment olto
olto's picture

Damn, Knuks---we keep meeting

I am an immigrant to south america since i arrived in 1994----'visa is immigrant/eeuu indefinido'---so i know all about being completely fucked over and made a fool of by the nationals---

i chat quite often with our hosts on turtle island when i am there----they offer no tutorials

I think that you have a lot of balls(excuse if you are a she) to------------well, i don't really give a shit to get into a pissing contest over these issues with someone who writes:

                                                                            'native American Indian'      

  i thought you were better schooled than that      i don't get out much anymore among folks because i like to fight and yours are fighting words

no threat of violence just an old reacting as though he is still a younger man              have a nice turkey    i'm sure you shot it in the forest

Fri, 11/29/2013 - 00:24 | Link to Comment PP
PP's picture

we don't care whether Bitcoin to be world currency or not, and how many US retailers are accepting Bitcoin, we care about China market.

Half an hour ago one Chinese policeman says (on the phone, not internet): Government will crack down bitcoin, you should not buy it, you have to wait government action. We don't know time (as we are not top levels) but we are waiting orders. CCTV is also preparing some TV shows to comment on bitcoin

It is better Chinese develops its own coin, not buying from US at $1200 a shit.

 

Fri, 11/29/2013 - 00:42 | Link to Comment greenbear
greenbear's picture

Lol, government shill with fake Chinee accent.  Funny stuff. 

 

Oh, the Chinese are buying alright.

http://fiatleak.com/

Fri, 11/29/2013 - 00:44 | Link to Comment TheHound73
TheHound73's picture

The FUD is strong with this one.

Thu, 11/28/2013 - 23:56 | Link to Comment greenbear
greenbear's picture

How can you say that Fonestar is talking his book when he has told you to invest in Bitcoin from $30?  If you would have just simply listened to him you could have bought 30 Bitcoins for under $1000 and sold one to let the other 29 ride for free.  You are proof positive that a gift horse should not be looked in the mouth.  But you don't even know what that means.

Thu, 11/28/2013 - 16:45 | Link to Comment AlaricBalth
AlaricBalth's picture

Bitcoin has now been accepted as a medium of exchange by the worlds oldest profession in Birmingham UK. This holiday season may be a tad more jolly for bitcoin proponents.

http://www.zdnet.com/the-worlds-first-bitcoin-escort-agency-7000021209/

Thu, 11/28/2013 - 16:49 | Link to Comment fonestar
fonestar's picture

All of the ladies like a virtual man with a loaded wallet.dat.

Thu, 11/28/2013 - 18:25 | Link to Comment Matt
Matt's picture

Birmingham, UK is the area where one of the biggest, and most useful bitcoin exchanges, Bitstamp, is located. The Bitstamp price should be the one quoted, in my opinion, in preference over the MtGox price.

Fri, 11/29/2013 - 00:48 | Link to Comment willwork4food
willwork4food's picture

Interesting statement Matt. Why would that be? And why did Bitstamp's price go over Mt. Gox's price several times this last week? I am curious what your response is. Anyone else?

Fri, 11/29/2013 - 05:30 | Link to Comment dark pools of soros
dark pools of soros's picture

liquidty & cash flows are a bit jagged at this early stage and there are a few that can sail the rough arb seas...  

Fri, 11/29/2013 - 15:36 | Link to Comment Matt
Matt's picture

If you sell Bitcoins on Bitstamp, you can actually get your dollars out. 

MtGox FAQ:

Please note the following rules :
- It is not possible to withdraw less than 10 EUR.
- Withdraws lower than 100.00 EUR are on average take less than a week.
- It takes at least a month on average for withdrawals larger than 10,000 EUR
- Withdrawals greater than 50,000 EUR need to be split it into multiple transfers or you can use the International Wire payment method.
- Due to the volume of withdrawals requests, each customer is currently only allowed 1 withdrawal every 20 days (estimate)

 Situation as of 29 November 2013: We are currently processing withdrawals requested 3 weeks and 2 days ago. (Users with several withdrawals in the queue must take the 20 day rule above into account)

So since Bitstamp actually moves real money, rather than just having your dollars sit there and take several months to withdraw, I consider Bitstamp the more reliable and useful price. AFAIK, BitPay uses Bitstamp as well.

Thu, 11/28/2013 - 17:06 | Link to Comment whatthecurtains
whatthecurtains's picture

Wow I now believe Bitcoin is for real.

Thu, 11/28/2013 - 17:14 | Link to Comment Handful of Dust
Handful of Dust's picture

Shucks! That old couch I threw away had a few Bitcoins lost between the cushions.

LMAO............................

Thu, 11/28/2013 - 17:59 | Link to Comment mantrid
mantrid's picture

...it's for 15 minutes.

Fri, 11/29/2013 - 04:16 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

1. Notice that there are FAR more readers for Bitcoin articles than for Gold.

2. Tylers and Bitcoin naysayers, please, please, please keep badmouthing Bitcoin until I've had my fill at prices I like.

3. Dear Santa, all I want for Christmas is a BTC dip, so I can BTFD.

Thu, 11/28/2013 - 17:30 | Link to Comment mantrid
mantrid's picture

sheeple have no exit strategy. they don't even know they need one. it may be: sell now, or sell never or anything else. but they learn they need one when BTC starts downtrend. all at the same time. guess which one they'll pick up :D

Fri, 11/29/2013 - 00:24 | Link to Comment TheHound73
TheHound73's picture

I'd pay you 1 btc if you can engineer a 25% drop right now.  :(

Thu, 11/28/2013 - 16:29 | Link to Comment Haole
Haole's picture

...Gyft, Shopify, eBay and Amazon (through intermediary payment processors)...

Thu, 11/28/2013 - 16:51 | Link to Comment fonestar
fonestar's picture

Is Bitcoin in a bubble?  Just google "bitcoin" and every article by a MSM puppet is telling me Bitcoin is in a bubble, therefore Bitcoin is not in a bubble.

Thu, 11/28/2013 - 17:18 | Link to Comment James_Cole
James_Cole's picture

Of course it's in a bubble, are you kidding? Whenever something enters the msm consciousness like this the price gets distorted horribly.

What's your case for why it's crossed 1000$ (and will remain above) rather than hanging out at 300$? There's no fundamentals behind these prices at all.

Thu, 11/28/2013 - 17:20 | Link to Comment fonestar
fonestar's picture

When you're contrasting nationalist inflationary currencies with anti-nationalist deflationary currencies fundamentals do not apply.  This is psychological warfare.

Thu, 11/28/2013 - 17:23 | Link to Comment James_Cole
James_Cole's picture

fundamentals do not apply. This is psychological warfare.

Then you're saying the price is almost entirely arbitrary.

Thu, 11/28/2013 - 17:27 | Link to Comment fonestar
fonestar's picture

Then you're saying the price is almost entirely arbitrary.

Correct.

Thu, 11/28/2013 - 17:35 | Link to Comment James_Cole
James_Cole's picture

Then how can you make a declaration it's not in a bubble? If the price is suddenly ramped very high unsupported by fundamentals (according to you) one would logically conclude a bubble...

Thu, 11/28/2013 - 17:40 | Link to Comment fonestar
fonestar's picture

Bitcoin is an international payment system.  So logically, if you are to assert Bitcoin is in a bubble (which would be difficult to quantify) you would have to agree dollars, yen, pounds, etc are in a much, much larger bubble.  I am just looking at this from a systems perspective.

Thu, 11/28/2013 - 17:48 | Link to Comment James_Cole
James_Cole's picture

So logically, if you are to assert Bitcoin is in a bubble (which would be difficult to quantify)

The point of btc is liquidity, yet that's been going down almost direct inverse to its price. So yeah, there are ways to quantify it.

you would have to agree dollars, yen, pounds, etc are in a much, much larger bubble. 

Don't see how.

Thu, 11/28/2013 - 18:00 | Link to Comment fonestar
fonestar's picture

Well I would agree that BTC is currently a pretty illiquid and misunderstood asset.  But I don't believe that will always be the case.  For a currency that can be used around the world by pretty much anyone BTC has made some good gains but it is still a tiny piece of the pie, almost too small to see with the naked QR scanner.

Sat, 11/30/2013 - 21:26 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

LOL: you're the one misunderstanding it. The rest of us have it figured out very well.

Sat, 11/30/2013 - 21:30 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

No, that's retard-logic. Real logic says that for the currencies like USD,EUR,YEN to be in a bubble all items priced USING them must to DOWN EXPONENTIALLY. That means BTC, wheat, corn, gold, silver, all drop to pennies each. ALL at once. When BTC goes up exponentially-squared in USD price that means BTC is in a hyper-bubble vs USD. And it is. It's NOT A PAYMENT SYSTEM, no one is using it for that. They're finding bag-holders to swap out for the real desired item: US dollars.

Thu, 11/28/2013 - 17:38 | Link to Comment noless
noless's picture

i don't even like either of you.

 

if you are using btc/CCs to gtfo then more power to you. but seriously, the buy in now is already far out of reach of basically everyone.

there's no fucking way i'de drop $1000 on a btc, even if i could, but i've been there since like $2 and will be there at $100,000 when it's all irrelevant to my life anyway, so whatever.

 

it really does look like a door rush on this, and if you can make that happen and actually transfer into real wealth on it, then more power to you, but christ.. i just can't imagaine this was actually the vehicle.

 

god fucking dammit.

Thu, 11/28/2013 - 17:42 | Link to Comment fonestar
fonestar's picture

That is not correct.  You can buy $5 worth of BTC just as easily (well more easily) than you could two years ago.  Except most sellers on localbitcoins.com are not going to bother with transactions < $50.

Thu, 11/28/2013 - 19:28 | Link to Comment noless
noless's picture

What does .05 buy me, it better get a soda or better.

Thu, 11/28/2013 - 19:37 | Link to Comment fonestar
fonestar's picture

.05 BTC will buy you a few flats of beer today.

Thu, 11/28/2013 - 20:49 | Link to Comment Prisoners_dilemna
Prisoners_dilemna's picture

but if you pay with monopoly money instead of BTC and sit on the BTC another few weeks it will buy you 2 flats.

 

Now maybe right now we can attribute that to BTC finding parity against gold and dollars, and speculation.

But when BTC is finally as stable as gold, you can still sit on the btc and it will buy 2 flats as thats how deflationary money works.

 

Yay! for savings!

 

I've been explaining it thusly,

"you live on the canadian border. You can accept two forms of money,  you can spend eithe rone, however one money will lose purchasing power over time, the other will gain in purchasing power over time. Which will you spend first?   That's correct, and when you run out of paper bills to spend THEN you spend the BTC.  Its just another money...  it just goes up in value over time"

 

People immediately grasp that bitcoin is just money, like the dollar or the loonie,   but it goes up in purchasing power rather than down.

Get on board quick.  We're gonna see a mania like we've never seen before.  a viral mania

Thu, 11/28/2013 - 22:19 | Link to Comment LM
LM's picture

That's not really correct. Merchants and money exchanges can also anticipate the diverging of the price, and respectively adjust the bitcoin- and dollar denominated price of the product or service he is selling you or the exchange rate accordingly, on average making it about equally attractive for you and other people to spend either bitcoins or dollars. Your explanation would only hold water if the exchange rate were set by law.

Sat, 11/30/2013 - 21:37 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

NO. Fanatics say it after convincing themselves. Normal people steer clear which is 99.99% or more of all humanity.
I would give you 0.1 gram of pocket lint for 1 bitcoin as fair exchange, nothing more. In-person, not online, 100% of people I have talked to MOCK BITCOIN if they know about it at all.

Sat, 11/30/2013 - 21:38 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Are you willfully dumb? Unless $5 = ONE full BTC the value is off.

Thu, 11/28/2013 - 17:31 | Link to Comment Drachma
Drachma's picture

"Bitcoin for Kids - The Trilogy"...training children to accept a completely digitized virtual world...my intuition tells me something is afoot, and it's not for the public's benefit. Cheers.

Thu, 11/28/2013 - 17:40 | Link to Comment noless
noless's picture

the people on the ground floor on this are going to realise gains that will allow them to reshape the world, consider who those people would likely be and their view of humanity and you have your conclusion.

 

im not passing judgment personally, just trying to point out an avenue of understanding.

Thu, 11/28/2013 - 17:46 | Link to Comment Drachma
Drachma's picture

What if those people are the same dominant minority who have been shaping the world all along? Just a thought.

Thu, 11/28/2013 - 20:53 | Link to Comment Prisoners_dilemna
Prisoners_dilemna's picture

We know who many of the early adopters are.

http://evoorhees.blogspot.com/

Read that dudes 2 articles. Read his short CV on that page.

Erik has already started multiple bitcoin related companies. His partner decided to open the bar EVR in NYC.

My point is,  these are not the same dominant minority.

Erik Voorheis for supreme dictator for life! With Ron Paul for Veep!

Sat, 11/30/2013 - 21:44 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

-1 This information is not verifiable.

Sat, 11/30/2013 - 21:44 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

+1 A GPG signed message from a trusted party assuring that he/she/they are the originators and are NOT part of the Cabal is the only way to be sure.

Thu, 11/28/2013 - 17:49 | Link to Comment fonestar
fonestar's picture

Perhaps I am getting conspiratorial but I can't help but wonder if the blue chips have already received "a talking to" about accepting Bitcoin?

Thu, 11/28/2013 - 17:57 | Link to Comment BlackChicken
BlackChicken's picture

I think you are right on this one, and its not a conspiracy to look at the obvious. The same can be said about gold/silver.

One thing I've wanted to add, is that I've personally walked into mom and pop shops and laid down a silver coin to see what they would do. 8/10 gladly accepted the trade. That is a powerful indicator of transnational capacity in real time (to me).

The big box stores, and any publicly traded company... No chance, just a fact.

Thu, 11/28/2013 - 18:06 | Link to Comment fonestar
fonestar's picture

Like how Buffett mysteriously liquidated his silver position back in the 90's after being so bullish on it.  A talking to.

Thu, 11/28/2013 - 18:13 | Link to Comment BlackChicken
BlackChicken's picture

Exactly...

If memory serves me correctly the price was about 6.50/Oz at the time. We can't have the most recognized name in the value investment community acknowledging the utility of physical metal as a means of transacting now can we..?

Thu, 11/28/2013 - 18:12 | Link to Comment fonestar
fonestar's picture

I've personally tried to offer silver as payment on several occasions over the years.  None of them wanted the silver except one guy at a gun show traded me a .30-06 for some silver dollars.

Thu, 11/28/2013 - 18:17 | Link to Comment BlackChicken
BlackChicken's picture

Jackpot for both of you.

Try small transactions at first, like 25.00 or less USD equivalent. I would place a 20 dollar bill alongside the coin and ask them which they wanted; worked like a charm. Then you both develop a level of trust and familiarity, from there try larger trades and see where it goes. Baby steps was the key for me, hope this is useful,

Fri, 11/29/2013 - 05:32 | Link to Comment dark pools of soros
dark pools of soros's picture

god you are as old and forgotten as a sheep dog

Sat, 11/30/2013 - 02:46 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

big box stores are beholden to the beast. The purpose of the beast is to remove the use of metals for money.

Sat, 11/30/2013 - 02:46 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

They're going right back TO the ground floor. That's the only lesson they're going to learn and it will be very painful.

Thu, 11/28/2013 - 18:14 | Link to Comment CoonT
CoonT's picture

So what do you think the price per bitcoin will be, 1 year from now? Thoughts?

Thu, 11/28/2013 - 18:28 | Link to Comment thermroc
thermroc's picture

Its hard to imagine something that has gone from cents to over a $1000 continuing to increase, hence the endless talk of bubbles.

Here's a perspective that may help...

Just image bitcoin is a corporation like Apple or Google (or more accurately Swift, co-owned by the major banks).

This corporation has launched and is rapidly proving the dominant global wealth storage, transfer and payment system.

But the shares in this corporation were never priced in private equity deals and finished off with a sheep fleecing IPO.

We're watching the IPO pricing now, in real time, and its only just started.

Whats the Market Cap of gadget maker Apple? $500 billion?

Whats the value of Swift to the Financial system? $x trillions?

Whats the market cap of bitcoin? $14 billion.

BUY! ITS A SCREAMING BUY!!!

Thu, 11/28/2013 - 18:54 | Link to Comment CoonT
CoonT's picture

Although I'll probably never stop kicking myself for not putting $1000 in, back when it was $37 per bitcoin; I won't let that stop me now. 

The way I see it: My ounces of gold are my "savings account," while my bitcoin, are like my chequing account. Not that I have too many of either one LOL! But for a simple tradesman like myself, I'd say I'm off to a pretty good start..

Sat, 11/30/2013 - 02:45 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

You won't feel that way when btc hits $10. Not $10,000 but TEN. My chequing account doesn't do that.

Sat, 11/30/2013 - 21:44 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

You've now truly crossed the Rubicon to nutter territory:
"fundamentals do not apply"
dotcom 2.0 bust.
Period.
Fundamentals apply above all else no matter what for eternity. The first thought it can't be so is the first sign you've committed financial suicide and you KNOW IT.

Thu, 11/28/2013 - 17:35 | Link to Comment CPL
CPL's picture

MSM has already lost all of it's viewership to 12 year olds on youtube making content people watch.  Now they are going to lose every pretend dollar they've ever made so they'll scream it from the rafters.  What they don't get though is everyone stopped listening to them all years ago once people lost their jobs and money because of them being choady fart catching suck ups.  Instead of doing their jobs and protecting the public with information.

The only places in English media that allow any sort of truth in the western world right now is far fewer than the regular news sources that are really news subscription rehashes.  More than likely written by machine so they don't have to pay a writer anymore.  Subject (X), emotive response (Y) = Literally manufacturing the news (Z). 

http://www.wired.com/gadgetlab/2012/04/can-an-algorithm-write-a-better-n...

So be aware that most of all those 'people' writing the articles don't exist except as a software package with strict definitions.  Unnamed source columnists are a good sign that it's AI writing it.  Reugers and AP do it all the time.  They both fired 80% of their staff years ago and have been sliding them out the door steadily since, yet the news volume coming from the agencies have increased.  So how do they do it?  Bots.

Thu, 11/28/2013 - 17:57 | Link to Comment olto
olto's picture

Yeah, CPL,

And maybe the the good bots and the bad bots are the same bots

I'll try and hedge with a bit or two, but i can't take digital fiat any more seriously than i can the old cambell's soup variety---

i am just absoloutely without faith in this species getting past the next decade or two

i don't believe anything or anyone----this planet is a ship of seven billion fools

i hope you are right and i am completely fucking mad!

Fri, 11/29/2013 - 01:19 | Link to Comment willwork4food
willwork4food's picture

Don't lose hope olto. I don't know how old you are but I've been to many events that our kids have performed in and I can tell you there are infinite ways to be encouraged. Young (Pre college age) kids that have exceptional talent they will offer to the world. Those are just here in my small neck of the woods ...and they are everywhere in the world. They still have the hope and faith that things will be good, and they will. Just not like us "Black Friday" people have grown up with.

 Evil self-destructs;they start eating their own. Think Bernie Maddoff, and others will follow suit. Hopefully it won't kill us all when it all goes *boom*.

Thu, 11/28/2013 - 20:03 | Link to Comment schadenfreude
schadenfreude's picture

I read daily several online news sites in UK, Germany and US and I can confirm, that most news on most popular news sites are identical. Western world news content is done centrally.

With regards to Bitcoin there is a bubble indicator, that works quite well. If big tabloids write about Bitcoin it's time to get out.

In the long run I am quite sure, that governments will prohibit Bitcoin if the CB's are threatened.

Thu, 11/28/2013 - 20:53 | Link to Comment StillSilence
StillSilence's picture

Bitcoin seems to have much value in a corrupt, monitored, fiat world such as we seem to have at the moment. If BTC is fully genuine and honest as it's presented, it would be fought hard by TPTB in this current paradigm, and therefore might be more trouble than it's worth considering its internet based and that's pretty simple to monitor and control. If we someday get to an honest free market society, I can't seem to see where a virtual currency would be of much value, being that more " freedom of transaction" would exist in 3D as well as online. It would be all about good and services, which could still be incorporated into the online world, but always based on real world production which is where it all starts.

Fri, 11/29/2013 - 01:24 | Link to Comment willwork4food
willwork4food's picture

3D? Do you mean quality, quanity and price?  Angie's List comes pretty close.

Fri, 11/29/2013 - 05:38 | Link to Comment dark pools of soros
dark pools of soros's picture

just answer one fucking question..  can you hold this webpage?? 

Fri, 11/29/2013 - 22:05 | Link to Comment StillSilence
StillSilence's picture

3D is just referring to real life transactions in the three dimensional world.

Hold the webpage in my hand?

 

All Im saying is that bitcoin would't have much value, as it wouldn't be needed, in a free market world without theft and oppression from the top. If people were free to transact as they chose and did not have to be concerned about the "government entities" stealing from them or prosectuting them for victimless nonsense, then assets/money in the real world could be exchanged openly as well as online....We wouldnt need virtual currencies to work around a criminal system if we didnt have a criminal system.

And bitcoin is either presented in truth, in which case it will become very difficult to conveniently use (sort of like PMs are now, but being internet based may make it even trickier) OR it is being misrepresented and being used as a type of trap by those who control the fiat world, in which case you would never want to be involved anyway.

Fri, 11/29/2013 - 22:46 | Link to Comment dark pools of soros
dark pools of soros's picture

why are you so religious to gold and not game theory?   who the hell cares what is used to gain against printed fiat

 

this was never a religous site..  the nutters tried to take over, but it began with game theory as the mantra, I go back to the beginning..  so many blind bats here swirling around their dusty stacks

Sat, 11/30/2013 - 03:22 | Link to Comment StillSilence
StillSilence's picture

Got something to do with real world production of goods and services and an accurate way to relfect and trade that value, you know the idea of money?

I can picture my descendants hundreds of years from now reading about the history of barter being simplified into precious metals money which stood the test of time for thousands of years, only to be overthrown by computer code for the rest of time.

When you throw out your trash for the garbage man to pick up, where does it go?

When you empty your computer trash, where does it go?

Sat, 11/30/2013 - 21:51 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

you ARE the nutter with a bitcoin religion, how can you be so blind to that?

Sat, 11/30/2013 - 21:50 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

you ARE the nutter with a bitcoin religion, how can you be so blind to that?

Sat, 11/30/2013 - 03:25 | Link to Comment StillSilence
StillSilence's picture

And no I cannot hold the webpage, nor can I hold light or sound or thought, but they are all pretty useful and I will likely continue to make use of them, at the same time realizing that they are not money and wont ever be money as long as we exist in life as we know it as human beings on planet earth.

Thu, 11/28/2013 - 16:29 | Link to Comment The Mist
The Mist's picture

And yet I believe bitcoin is in a bubble. Though I see a possible future for crypto currencies, all the traits of a bubble are present in the bitcoin market.

Thu, 11/28/2013 - 16:38 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

just wait when wanker-voo twins realize that their limited supply of btc is diluted by unlimited supply of crypto-coins and the bubble poops:

...anyone with an algorithm can become their own central bank

and then when the poor twins (and fonestar) attempt to convert their btc, let's say to gold/silver, and no bid. - no metal for vaporware.  who could've known.  free market is such a bitch.

Thu, 11/28/2013 - 16:55 | Link to Comment fonestar
fonestar's picture

If and when Bitcoin is superceeded by a superior technology then you should make the trade immediately or lose everything.  To hell with slow adopters.

Thu, 11/28/2013 - 17:03 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

but you forgot about the "me-too" products which cheapen the original innovation, improve on it, and make the original innovation obsolete very quickly - just watch and learn

Thu, 11/28/2013 - 18:53 | Link to Comment thermroc
thermroc's picture

don't be dumb.

best tech never wins. good enough tech with first mover advantage wins.

what happens when no one else follows you?

Thu, 11/28/2013 - 17:07 | Link to Comment seek
seek's picture

I don't know if "bubble" is the right word. Horrifically overbought, maybe?

This reminds me a lot of the big runups in gold that were followed by smaller crashes as we slowly racheted up to $1,900 before the big takedowns hit.

Thu, 11/28/2013 - 17:38 | Link to Comment Bay of Pigs
Bay of Pigs's picture

You are out of your mind. Gold has never seen a run up like that of BTC. Overbought? BTC is up 400% in a month.

You guys are getting delusional. I'm watching BTC ping between 960 and 1200 today. Why the massive spread? Thing looks so highly unstable and wild right now it defies any logical and rational explanation.

Thu, 11/28/2013 - 18:09 | Link to Comment fonestar
fonestar's picture

Yeah well the criminals own the exchanges and the paper gold so I don't understand what you were expecting to happen?  I've just been buying a bit of silver the whole time regardless of what they say the price is.

Thu, 11/28/2013 - 18:25 | Link to Comment Bay of Pigs
Bay of Pigs's picture

WTF are you are yapping about?

I was referring to seek's argument about gold rising reminding him of BTC, which is patently false.

Thu, 11/28/2013 - 19:01 | Link to Comment putaipan
putaipan's picture

Gold has never seen a run up like that of BTC .... uh, maybe because gold never started at 0 ? or was so much further back than 5000 years ago that we can't really grock what that even means ? there are only going to be 21 million of these "things" ever. there are only about 11 million now, with 6 billion of us. i have a hard time wrapping my head around it too as i became aware of them at 12$, but i do know it will start to seem lesss like a bubble when we get out talking about bitcoins and start refering to 'satoshi's'.

Thu, 11/28/2013 - 19:30 | Link to Comment One And Only
One And Only's picture

Bay of Pigs - Is it possible to mine more gold? Is it possible to get more than 24 million bitcoin?

There is a difference. I love gold, I love bitcoin. I own both. They are two totally separate assets that enable me to do the same thing (in different ways) diversify myself against fiat currencies controlled by reckless central banks and governments.

Don't forget FDR confiscated gold.

Thu, 11/28/2013 - 16:34 | Link to Comment Haole
Haole's picture

...discounts for using BTC... Countdown to BTC/Gold=0.9999...

Thu, 11/28/2013 - 16:41 | Link to Comment Skateboarder
Skateboarder's picture

What does it mean when one BTC > one ounce gold?

Whatever it means, it's still a fucking slap in the face, a kick to the nuts, and an atomic wedgie to every gold miner.

Thu, 11/28/2013 - 16:50 | Link to Comment fonestar
fonestar's picture

Bullshit.  My own relatives were some of the first ASIC miners to head west in search of BTC.

Thu, 11/28/2013 - 16:54 | Link to Comment Skateboarder
Skateboarder's picture

I hope you realize how gay that sounds. =P

Thu, 11/28/2013 - 16:57 | Link to Comment fonestar
fonestar's picture

You can ignore virtual technologies.  You cannot ignore the effects of ignoring virtual technologies.

Thu, 11/28/2013 - 17:03 | Link to Comment Skateboarder
Skateboarder's picture

As fossil fuel based electricity comes to an end, sure I can ignore whatever the hell I want to ignore.

I'm gonna build a decent sized yurt on some arable land. Maybe even a yurt community. Somewhere where people don't give a shit about iPads. We'll shit in holes in the ground and sing and dance around the fire every night.

What part of virtual is real to you?

Thu, 11/28/2013 - 17:07 | Link to Comment fonestar
fonestar's picture

Technology is not going anywhere, even in your tree fort/bunker/whatever paradise.  "Virtual" does not imply it is not real, fantasies on the other hand are a different story.  A lower EROI for fossil fuels is a good thing for people who already own BTC.

Thu, 11/28/2013 - 17:25 | Link to Comment Skateboarder
Skateboarder's picture

To each his own, amigo. I prefer simpler ways, loving friends, and shiny trinkets.

edit: let's take my folks and their friends and their friends and so forth as an example. Most of em have heard of this bitcoin thing. Maybe one out of a hundred has anything in it. The rest sure aint shit are gonna throw down a grand for something they can't measure the value of.

Fri, 11/29/2013 - 23:10 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

solar flares & EMP weapons say otherwise. Bitcoin down, networks down, most computers down.

Thu, 11/28/2013 - 22:36 | Link to Comment olto
olto's picture

Good plan, Skate

I'm considering a return to california

many of the people i could not deal with there are now showing up here

a small piece of a mountain and a yurt worked here---so why not there?

Plus, i get to be a test of what it will be like to live under a completely radiated jet stream

hard to get more exciting than that!

Thu, 11/28/2013 - 18:23 | Link to Comment olto
olto's picture

hey skate

i hope you are right====miners are shit

fuck the miners     they always do well with other people's money

like the oil guys, tech guys, bank guys, law guys, medical guys

and their government

i don't have a say---how about you?

keep on skating---it looks like pure joy

Thu, 11/28/2013 - 18:53 | Link to Comment Haole
Haole's picture

"What does it mean when one BTC > one ounce gold?"

I'm not too sure myself at this point but I do know it's going to be pretty frickin' entertaining in here when it happens...

Thu, 11/28/2013 - 16:37 | Link to Comment SpykerSpeed
SpykerSpeed's picture

So, zerohedge, tell us which retailers are offering goods and services for silver and gold.  Beuller?  Anyone?

Thu, 11/28/2013 - 16:42 | Link to Comment Dear Infinity
Dear Infinity's picture

I'll mow your lawn and take out your trash for 2 silver eagles.

Thu, 11/28/2013 - 17:08 | Link to Comment SpykerSpeed
SpykerSpeed's picture

Will you also embalm my dead cat and milk my cows?  Oh and sell me some organic free range chicken eggs after "the grid" goes down.

Thu, 11/28/2013 - 16:42 | Link to Comment nope-1004
nope-1004's picture

Your question is interesting, because by trying to be intelligent, you actually just proved that bitcoin is another fiat.  How about asking if anyone can buy groceries with farm land?

You don't know the difference between an asset and medium of exchange.

 

 

 

Thu, 11/28/2013 - 16:51 | Link to Comment SpykerSpeed
SpykerSpeed's picture

Apparently not.  Last i checked, "assets" were supposed to go up in value.

Nice try changing the goalposts, though.  Its not like gold bugs have been advocating the use of gold as a currency.  ;)

Thu, 11/28/2013 - 16:55 | Link to Comment oddjob
oddjob's picture

I got a silver quarter in my change a few weeks back, so apparently somebody is spending Silver and receiving goods, like its been done for thousands of years.

Thu, 11/28/2013 - 17:09 | Link to Comment seek
seek's picture

Any day I get silver in my change is a good day, especially quarters.

My ears are so finely tuned to that sound I know if they have one in the change tray when they sift through it to grab a coin.

Thu, 11/28/2013 - 18:13 | Link to Comment mantrid
mantrid's picture

somebody is throwing out silver for stuff they don't need? sounds like Gresham's Law to me. goodmoney is hoarded; crapmoney is spent. 

Thu, 11/28/2013 - 16:55 | Link to Comment nope-1004
nope-1004's picture

Oh really... assets only go up in value?  LOL.  Ever hear of a depreciating asset?  Next time you get in your car, ....... oh never mind.  Join fonestar and continue to be fooled by a fiat that has no backing, no history, claims to be "mined", has a gold logo, all instituted to fool you into believing it is an asset.

 

 

Thu, 11/28/2013 - 17:06 | Link to Comment SpykerSpeed
SpykerSpeed's picture

Yeah, my interest in Bitcoin is because the logo looks shiny like a gold coin.  Im basically a racoon, i love shiny stuff.  Nevermind the fact Bitcoin is the worlds first decentralized consensus protocol.  Nevermind the fact it has a larger network of businesses that accept it than gold and silver.

Thu, 11/28/2013 - 17:31 | Link to Comment Groundhog Day
Groundhog Day's picture

Trying going to turkey, india, china, Phillipines,  Venezuela or any emerging market country and see if you can convert gold or bitcoins faster

Thu, 11/28/2013 - 17:44 | Link to Comment mantrid
mantrid's picture

in Venezuela there's not one BTC exchange and now no one in their mind would take their currency for anything, BTC, USD, washing machines...

Thu, 11/28/2013 - 21:55 | Link to Comment TheHound73
TheHound73's picture

This time next year Bitcoin infrastructure will be in place humming like crazy in all of those countries.

Brazilian biggest exchange trading at $1400/BTC

 

Fri, 11/29/2013 - 12:16 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

This time next year 1 btc = 1 USD. Or less.

Thu, 11/28/2013 - 16:50 | Link to Comment WhiteNight123129
WhiteNight123129's picture

Foreign central banks are offering fiat paper for it and some idiot sell?!!!??

 

Thu, 11/28/2013 - 17:38 | Link to Comment quasimodo
quasimodo's picture

I can name 7 within a 5 mile radius of me for starters. Granted, it took effort on my part to talk to folks about the possibility if I wanted to do so, but they all agreed to, if not in full at least partly so. These are folks that sell to farmers markets and private individuals. Not sure if they are what you would call a typical retailer but at any rate I can use metals should I choose to do so. 

 

 

Thu, 11/28/2013 - 16:42 | Link to Comment WhiteNight123129
WhiteNight123129's picture

The problem with bitcoin is that its price tracks in no way what is going on with commodities, unlike gold.

Since March 2011, CRB food index is down, copper is down, Iron ore is down, all commodities are down (except tobacco, tobacco is better are tracking inflation than anything else).

 

The commodities are down due to slowdown in economic activirty in China and India, but when on fiat system Gold and other commodities move in synch, Bitcoin is unrelated to the physical world. 

Aside from that Bitcoin is a great way to circumvent the system.

Thu, 11/28/2013 - 16:42 | Link to Comment Robot Traders Mom
Robot Traders Mom's picture

50% of the 'Liberty movement' outed themselves as ignorant when they chose to follow Rand Paul.

 

We now know who the 50% is out of the gold/silver movement...but go ahead, buy Bitcoin instead of phsyical. Less demand is a lower price for me to buy. 

Thu, 11/28/2013 - 17:04 | Link to Comment Dear Infinity
Dear Infinity's picture

They don't need to be mutually exclusive. BTC can exist as a small % of a "hard money" portfolio. You never know...

Thu, 11/28/2013 - 17:57 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Yes, I agree, especially with that small percentage part.

Thu, 11/28/2013 - 18:06 | Link to Comment The Abstraction...
The Abstraction of Justice's picture

If bitcoin causes a bank run, then surely your/our PM holdings will get a good boost too? Don't be evil. 

Thu, 11/28/2013 - 16:43 | Link to Comment GumbyMe
GumbyMe's picture

This isn't necessarily sign of Bitcoin being widely embraced by the retail industry, as much as it is an act of desperation by marginal retailers for more business, any business.

Thu, 11/28/2013 - 16:50 | Link to Comment nope-1004
nope-1004's picture

Good point.

Thu, 11/28/2013 - 17:38 | Link to Comment mantrid
mantrid's picture

yeah, the stuff they give for bitcoins.. normally they give it away for free. it's called online marketing and it takes MBA to master it.

Thu, 11/28/2013 - 22:31 | Link to Comment TheHound73
TheHound73's picture

Amagi Metals, for instance?  Another hypothesis is they are trailblazers.

Fri, 11/29/2013 - 05:43 | Link to Comment dark pools of soros
dark pools of soros's picture

cool company with some interesting designs..   bought a few times from there, using BTC

Thu, 11/28/2013 - 16:53 | Link to Comment Dull Which
Dull Which's picture

Chucking it away at the dump ========> boating accident

Do NOT follow this link or you will be banned from the site!