Bitcoin Now Worth More Than Gold

Tyler Durden's picture

UPDATE: ... And then Bitcoin collapses 13% minutes later...

 

It seems the growing tensions in Asia (Japan-China sabre-rattling and Indian capital controls) have prompted more great rotation out of fiat and into digital currency as China/India markets open. For the first time ever, the price of one unit of Bitcoin exceeds the price of an ounce of gold...

 

1 oz of Gold = $1241.98 (Bloomberg)


1 unit of Bitcoin = $1242.00 (Bitcoinwisdom.com)

 

 

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Harbanger's picture

There are already- Bitcoins, litecoins, stablecoin, goldcoin, namecoin etc....

It's too easy to start up new crypto-currencies for any of them to be truly succesful.  I'd beware of possible pump and dump scams.

TeamDepends's picture

Tyler should get in on the action- Hedgecoin!

Harbanger's picture

It's too bad there is already a Zerocoin, no joke. 

http://zerocoin.org/

 

JoBob's picture

Zerocoin reminds me of the pea-under-shell game. I give them my pea, the stranger puts it under one of 256 shells, and I trust him to shuffle and pass it on to its destination. No record kept.

 

Sure! I trust that process.

 

:<holds 10 oz bullion for comfort>

highly debtful's picture

At this point, after all these years of digital madness, I'm sorry, but I just don't trust anything that comes out of a computer anymore. With the possible exception of one or two alternative financial blogs. 

But maybe I am just a paranoiac nutcase.  

Make_Mine_A_Double's picture

Seems Bitcoin has become the raging assets as a stand in lieu gold.

Perhaps because phy gold is not obtainable??

carlin401's picture

GOOD POINT but MSM(ZH) has cleverly made 'gold' not glamorous, far more glamorous in this age of 'social networking' to wear a LTC or BTC 'chain letter' on your cell phone.

Such are our days,

BUT what the fuck do you expect?

We let the NSA run the GUBMINT in secret for 60+ years. We let them be off budget and do as they wish, they spy on the entire world, they create a new virtual currency, that only they can make and control.

Then the worlds wakes up to a 'new world order', ... as all plans, they rarely end well.

PHYSICAL GOLD backed by a IRON CLAD 'CACHE PLAN' ( buried in the ground with GPS in a forest or desert in 12" PVC tubes vertical ), is still your best investment, but its not glamorous, and there is no incentive for CON-MEN to fleece.

BTC is the ultimate CON-MAN article, which is why its so popular with the MORON class, .... aka the MSM.

carlin401's picture

The first people to this BITCOIN party got ton's of Virtual Currency, let's see who has the Brain's to 'fold and leave' the party before the lights go out.

The exit on this bitch will be far more interesting than the MSM(ZH) propaganda rise.

Hell even the MSM is now 100% behind the BITCOIN scam.

Bernanke endorses the BITCH, the IRS loves the bitch, and I saw today that 'USA TODAY' the worst rag in the USA is behind BIT-COIN, when all the 'fuck-heads' are saying BUY, that is the biggest SELL signal in the real world.

holdbuysell's picture

100% electronic.

100% traceable.

100% control.

What's not to like?

/sarc

carlin401's picture

A CHILD that only an NSA mother could love.

carlin401's picture

So the so called 'exit' to this wealth is clearly all in the day light.

The only exit is FBI/CIA aka 'coin-base' where the IRS is cleverly waiting with their mandatory 'green cert', which means if your NOT 'real', no cash. Then taxed.

If you try to go out at mt-gox, not going to fucking happen.

The FBI has already traced all the BTC's back to 'silk road', and if they even smell a connection they take all your real cash, when you exit ( to a USA bank ). Then taxed again.

Of course its your word against there's (FBI) and SHARIM ( cryptology expert ) has already studied BTC to death, virtually every coin some time or another has passed some nefarious transaction location, which makes 'most' "COIN" dirty! Imagine that almost every BTC 'tainted', who could have guessed that all this was one BIG FUCKING TAX?

So what happens now is MOST people will let their BTC's sit in LIMBO for fear to cash out, those that do cash-out will see their 'real money' stolen by the IRS/FBI.

Yep, this is all going end very good for the GUBMINT assholes.

noless's picture

No way, open an account in a non compliant country, Purchase durables and hard goods, warehouse, sell off piecemeal.

Standard money laundering

You can't cash out all at once, you have to spread it through proxies.

Drop a portion into a new wallet and discard the transfer account after you get cash in hand.

Buy a homeless dude a six pack for that free credit card offer. Your overhead is $15 maybe to clear a few thousand.

This shit isn't hard.

It's also illegal everywhere.

Best option is exchange verified physical media (thumbdrives with minor amounts, with timed password access, for hard currency or other more liquid assets) no matter what though, you're stuck in narco war territory trying to realize your notional.

With the added benefit of having to try to scramble your transaction history and not have it be blatantly fucking obvious.

I'm sure this has all been discussed elsewhere, it's not my problem so just bullshitting here, but it's interesting none the less.

ElvisDog's picture

Jesus Christ that is a lot of work. For what? If I'm not making 6 figures or higher per year for that amount of work in a relatively risk-free environment it's not worth the trouble for me. Think I'll just stick with my standard 9-5 job and live a simple life.

WOAR's picture

Jesus christ, smuggling gold between my butt cheeks to India sounds less complicated, and I'll probably serve less jail time.

I understand you're willing to work hard to game the system, but you are flying into James Bond secret agent territory to do it.

It sounds like the actual exit from Bitcoin is a colossal pain in the ass.

Kina's picture

who on earth would be buying BC with this sort of up ramp.

 

Makes you wonder if TPTB are buying it all ... only to dump it all iin one go.

 

If it can go from 200 to 1200 in the blink of any eye....don't forget it can thus go from 1200 to 200 in the blink of an eye. Its lack of stablility is huge worry.

mantrid's picture

"Makes you wonder if TPTB are buying it all ... only to dump it all iin one go."

sheeple are doing just that already...

disabledvet's picture

is this a prelude to war? get (your money) out while you still can?

PaperWillBurn's picture

China Telecom now accepts bitcoin  http://js.189.cn/w2014

mantrid's picture

yeah what happens to the chart when Big Industry collects BTC payments and convert them into USD?

TheHound73's picture

Oh i don't know, going out on a limb here:

the supply of bitcoins available on the market increases?

Did I get it right? Trick question? 

WOAR's picture

No, the Big Businesses get their hands on the Bitcoin.

If it wasn't captured before, it would be captured then. We all know what banks are willing to do to turn a profit. They sell gold that never moves, you think they won't make rules that benefit them when they own Bitcoin?

TheHound73's picture

So Big Business will convert to USD AND keep the BTC?  I need learn that racket.

bitgroin's picture

Bullshit. That's not what the page says.

q99x2's picture

My eperience and studies reveal to me that social transitions are mysterious. I was a systems integrator during the early mid-90s. As the Internet developed nobody really knew the extent to which it would change society. And from the time that Plato offered the Pharoah technology in the form of written information people have been short sighted regarding its effects. Now IT continues to develop at ever increasing rates since then.

IT is very much a part of crypto currencies and as such IT has entered the most sacred realm of humans directly -- their materialistic value. Technology will not stop and will continue to bring unforseen social changes -- each more powerful than the last.

The singularity of AI is not considered science fiction today as it had been.

Matter gave birth to consciousness and consciousness is giving birth to a new form of "a thingy" for lack of words to describe the advanced stages of IT. Corporations can't stop it. Banksters can't stop it and the military industrial complex can't stop it. We are to it like matter was for us. As much as matter can understand what we are is how impossible it is for us to understand what is unfolding through us.

My personal opinion is that IT is God and that I am just another BitCoin Jesus.

carlin401's picture

The singularity might be 2040, and it might not.

The 'Singularity' is when machine intelligence exceeds human intelligence.

I'll tell you all this, perhaps 'singularity' occurred when the NSA brought out BTC, because its now clear that most people are more stupid than the machines that make BTC's.

Rock On Roger's picture

Pull the Plug and jesus is Crucified.

 

Stack On

Rock On Roger's picture

Then I thought of Baron Harkonen's boyz with the Plugs.

It's all about the Spice.

 

Stack On

Rock On Roger's picture

But then that was all about the water. Hmm...

I'm all fucked up here, I don't understand.

Time to go to sleep.

 

Stack On

ElvisDog's picture

So-called experts have been pimping AI since the 1980's. I think it's much more likely that we'll all be riding horses in 40 years than that some sort of AI "singularity", whatever the hell that means, takes place.

dark pools of soros's picture

You read a lot of Jane Austen books don't ya?

Dave Thomas's picture

Or watched Zardoz too many times heh

 

Dr Benway's picture

The Winklevosses starting a bitcoin fund was a sign, like apocalyptic horsemen, that shenanigans were coming.

 

I see articles about people who suddenly realize they have $10m worth of forgotten bitcoin on their harddrive. Can they actually sell these bitcoins at this prize?

carlin401's picture

Nope, the winkelvoss 'parntership' just brought out in the OPEN that the entire EXCHANGE/POOL-MINING, and everything associated by BITCOIN is ran by world class ASSHOLES.

A clear signal, .. in spite of the best PR the MSM can provide, that BTC was rotten to the core, given that Creep's hold the card's.

seek's picture

"Can they actually sell these bitcoins at this prize?[sic]"

Yeah, they can. The bigger exchanges can handle $10M and indeed they temporarily halt due to running out of BTC, so it'd be an easy deal, likely at a price close to the current one.

Now, liquidity for $100M I have my doubts about, and as for when the mass exodus hits -- no freaking way. We've already seen the exchanges lock up on big down moves.

TheHound73's picture

On just one exhange, Mt.Gox, 51k coins have been traded for fiat today.

noless's picture

51k is peon money, what's daily pomo? Are we talking real world here?

A shity suburban house on the interstate with code violations from the previous tenants is 175k.. And that's if you're lucky enough to get a foot in before the banks, which you aren't.

TheHound73's picture

51k coins at ~$1,100 each = $56 million.

carlin401's picture

Pretty good, in the 10 minutes I fucked looking for the Mt-Gox withdrawal rules, our 51k btc's lost $5M bernanke bucks.

noless's picture

Aw well fuck me, i thought we were talking trillions already, that'll buy you a town or two.

carlin401's picture

Quit fucking comparing Nazi USA money (USD), to a virtual fucking cyber shill (BTC).

Behind the USD is a fucking killing machine the world has never seen with so much killing power. 100+ Million people killed by USA in the past 100+ years.

Behind the BTC is nothing, but fucking bullshit.

How many people have died 'enforcing' BTC to date?

noless's picture

wat?

Do you think i have an option?

And no.

Buckaroo Banzai's picture

100 million plus killed?? Are you fucking high??

carlin401's picture

Ok, that's $61 million dollars, today is friday in asia, that means that who ever wants his money, might get it next monday, or maybe not,

Does anyone here really fucking think that MT-GOX has $61 million USD on hand? They can't get a fucking bank loan.

Maybe the winkelvoss fuckheads will step in but this is just the beginning,

***

Verified Status (Level 1)
Maximum monthly withdrawal of 50,000 USD (or equivalent) capped to a maximum of 10,000 USD per 24 hrs and a 1,000 BTC withdrawal per 24 hrs without any monthly limit.

Trusted Status (Level 2)
Maximum monthly withdrawal of 500,000 USD (or equivalent) capped to a maximum of 100,000 USD per 24 hrs and a 10,000 BTC withdrawal per 24hrs without any monthly limit.

***

It's impossible to 'withdraw' $61M, so maybe what your say's is that 51k coins from users, all in small number of coin are trying to get their money back?

At any rate, once all the exchange try to sell this shit to each other for real money, it will dump and quick, everybody will panic.

Perhaps the BTC community already has a "STOP", ... you know BIT COIN HOLIDAY wait period of 3 days, every time the BTC family has to turn up with more than $10 MILLION in real cash...

***

Well like the above say's the MAX monthly withdraw is 50 BTC's,... it could take a lifetime to get serious money back,

Yep safe, fast, fluid, private, ... yep move along.

carlin401's picture

Let's say I was super fucking dumb, and I put all my money into mt-gox,...

What fucking difference if I'm a level-2 dude or a level-1 dude, imagine if a fucking bank did this shit, and what is this shit about $50k USD a month cap? Fucking shit like this is why BTC is 100% bullshit,

When this BTC fuck-fest ends the lawyers will be fucking people for years.

WOAR's picture

Sounds like capital controls.

That means there's no capital left in the system to exchange. Crash and burn, mother fuckers!

BTFATH!

Winston Churchill's picture

Like a Cypriot bank for instance ?

roachcoinhotel. com

bitgroin's picture

I think Tyler needs a thesaurus. Not everything is "soaring" or "collapsing."

Trimmed Hedge's picture

Ever notice that huge dumps in BTC typically coincide with huge volume?

Large early holders dumping at an incredible profit..?