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Bitcoin Plunges Into Bear Market
UPDATE: BTC has rallied 26% off its lows in the last 55 minutes - with extreme volumes
From it's gold-matching highs at $1242 on Thursday night, the price of Bitcoin has collapsed over $400 (32%) to $840 on heavy volume. Of course, this is only a one-week low for the exuberant digital currency but still a significant plunge (as its smaller brethren Litecoin has collapsed 51% from its highs). Interestingly, this drops the price of Bitcoin in USD below the 'arb'-based price of Bitcoin in China ($965). It seems, all coincidence aside, that the BIS infamous plunge-protection-team has been re-trained...
and as BTC collapsed, Gold rallied...
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LOOOoook out below.......SHITCOIN coming !!
LOL !! HAHAHAHahaaa woooHOooooo.....HAHAHA!!!!
Suck it Bit-Tards !!! LOL !!!
0101011110111110001001011010001011110101010100000101111110010101101000000000000110101011011111111010010110100101101111101010010010101101010101010001010011100010101010101010101111111111101010010101011010101010111010001010101010111111111111111010101001000000000000101010011001110101010101010101010110111111010101010100101011010111111101111101001010101010101001100110001010101001010111101010111011011010010100010111010100101011101010010101010101011011011111011011011011001000110001010110100010101010101010101010101010111101010001101010110000101111111111110010101010101011111010101010001111001110101100110110100101010101011101010100000111010110101001010100101
Well....shit. I guess I'm going to have to hang on to this Shit-coin I just typed out until it hits higher than the price of gold again.
In the mean time.....I have some Magic the Gathering cards I'd like to trade.......plus the entire set of Babylon 5 playing cards new in the wrapper. Starting bid $800 per card. It's a steal.
Wow....I fell like a Central Banker already. Printing money is fun !!!
Hey, if you're looking for bargains...
Last Spring's old dried-up tulips are real cheap now!
Hell....I've got some from the ORIGINAL Tukip-Mania era. I'll even post a picture of the bar-code on the bulb VERIFYING that it was made in 1637.....by elves.....deep in the forest of Nevermore....and fertilized with organic Unicorn skittles.
Starting price.......$1,525 dollars......or 42,235 Shit Coins
Wagon of Fools ( a satire on Tulip mania) by https://en.wikipedia.org/wiki/Hendrik_Gerritsz_Pot
https://en.wikipedia.org/wiki/File:Tulip_price_index1.svg
Bitcoin has solid support in the $600 area which is where I would like to buy. We will see who has the last laugh fucktard.
"solid support"
So you're the new TA king of BTC too?
Yes.
Okay. You get a greenie for that. We will crown you King of Bitville now.
And how long did BTC stay at $600? A couple days maybe hours? Solid support?
HAHAHA...
We see massive upswings in BTC followed by 30 - 40% reversals and then it settles down for awhile until it gets the next big piece of news. That's been the pattern so far, not saying it can't change though.
Just jerking your chain a bit (knowing that you have seen TA all but destroyed in the gold and silver markets).
I have no idea how BTC will hold up with "massive swings" being normal type trading action.
TA is worthless in gold and silver right now. But that's also what makes trading BTC exciting because TA is very much valid in that theatre.
Famous. Last. Words.
You should do a technical analysis of shitcoins to convince yourself even more that the pipedream will last forever!
When life gives you sour grapes, make whine!
Bitcoin was $211 on Nov. 1, 2013. A 300% to 500% increase (accounting for today's dip) over 30 days is still fairly decent.
Still waiting for the sub-$150 coins many geniuses on this board promised early Nov.
I don't know why you are getting junked for that statement. it seems like it is making higher highs and higher lows.
The two steps forward, one step back behavior only lasts so long. It might 'correct' itself temporarily but this shit goin to the moon.
"but this shit goin to the moon."
There are too many other competing crypto-currencies for that to happen, and many new ones are on the way. That's it's achilles heal.
That's one of its many vulnerabilities. It's not yet clear which hit will sink it.
No other coin actually matters.
What if I told you... you can't release open-source, patent-free money without some people taking that source code and trying to roll their own. One good thing about alt-coins is that it allows a release valve for get-rich schemers (whom I hear about so often on this board) to go and lose their money on. In the meantime the pump-and-dumpers running the show on those alt-coins will be dumping their profits back into BTC. So it won't affect Bitcoin too much in the long run, possibly net positive. The things to watch are: Merchant acceptance and Mining hashrates.
I like the cut of your jib. You've got moxie, friend.
Bitcoin undercuts the power of the elite and bitcoinx will destroy the world's financial system as we know it. If you don't support it, it's probably because you don't understand it.
This man is your friend. He removes bankers.
As I posted on 11/13/2013, in the "Markets In Turmoil - Stocks Sliding As Bitcoin Tops $400" thread, BTC Close: 393.50 (Bitstamp)
The slope and intersection changed slightly, which resulted in a all-time high on Bitstamp of 1,163 and the end date shifting to near the end of November.
But of course, nobody here listened, as they're too busy thrashing about trying to prove something about how electrons aren't visible to the naked eye.
If only you could've just taken a breath, and maybe locked in some of that $769.50 per coin profit, using a trailing stop to capture the move.
But no, you're still here doing the usual fast-breathing ASCII hyper-troll routine.
So, its just like some unseen cartel, creating wealth from absolutely nothing, then dumping it into "a market" to pump it up, then extracting profits in regular ole taxable fiat.
Whocouldanowed?
It's all about techie people playing with cryptos. They love and are enthralled by the technical aspects - some like the maths others like the rig building aspect, some like following the technicals.
Even my buddy decided to get into mining litecoins with his new computer - on the side... and because it's kinda interesting.
Look at how complicated some of the exchange websites are designed - they have technicals and complex charting. Totally geared to mirror the FX gambling.
Hey, free world, whatever floats their boat.
But they always exchange it for some other kind of "money"...the prevailing view of fonestar (and the rest) is do it so it can be tracked on a on-line trading account...cuz he's gonna be rich or sumpin...lol.
I don't pretend to get rich with accepting BtC nmewn, I accept it to have one-possible unique payment venue that my competitors don't have. Then it's transfered into USD as soon as possible. There are quite a few people that have amassed nice profits that I wish to capture if they need our services. And it costs me nothing but hours of research and set up, which I've done. If I lose 10% on a job that I might have never got if it were not for accepting this venue, then I'll still rejoice.
It came back down to just over $800, an important level of resistance. The price spent 3 days here last week before running up over $1100. Bitcoin is still an ideavirus yet to spread, and Thanksgiving is oft when the student returns to spread the flu to loved ones. Betting many a person learned of the coin over turkey and stuffing, birthing new buyers after pie ala mode. Hence buying demand should return over this week as new entrants open accounts and get banking squared away. Bot a few between 800 and 9 Still waiting for the reversal. Next level down is 680, looks like a lot of supply there.
Sale over losers. Nothing to see here. Move along.
You must learn. The test is not the pull back. The test is the next EM currency crisis. Either that or the world is safe from all this sea of liquidity and coordinated CB Fiat printing. Which is it?
Send in Yellen the Clown so we can see Taper 2.0 take out India or S. Africa. Only to pull it again and double down on Qinfinity. Call it Infinity squared.
Scenario ==>
Big Banks with an endless sea of fiat dollars buy in big into BitCoin and drive up the price to Gold levels
Most of the people who got in for lower prices take profit at a certain moment
In the meanwhile some dumb suckers get drawn in at the high prices
When almost everybody (who bought cheap) is out and have taken profits, the big banks crash the value by selling everything to each other against low prices massively devaluating the Bitcoin currency.
Leaving everybody interested behind in “Shock and Awe” sick and defeated.
Put some media campaign behind it bashing the Bitcoin hype
Bey bey Bitcoin
Let see that $600 support area
I bot cheap and my target # sure aint gold.
12M BTC vs 12T USD.
Six zeros betwixt,
Plus one Yellen
A QEinfinity doublen, and
An EM currency crisis on deck,
Show me the bail-in,
I'll show you my trade
Just after the whales hit the BTC ask.
The rest is just too much Iron Maiden is better than Bon Jovi.
The Baxters on one side, the Rohos on the other - with you and Yellen in the middle :-)
who in their right minds would buy a bitcoin right now? if you were one of the early adopters who bought some when it was less than 50, the best thing you could do is to cash out now.
people take the existance of the internet for granted, especially young people who've grown up with it. they have no idea how vulnerable it really is, that it could go away tomorrow along with their bitcoins. then there's the government hounds who are sure to squash it once they realize they can't co-op or contol it, although they might be waiting for the NSA to crack it.
Whole numbers. Simple minds. True love.
Trippy man, that's like the list of my three favorite things.
Ok...fonestar. I've had my fill of you cocksucker.
You are nothing but another in a LOOOOOnnnng list of freeloaders. You think you and your ShitCoins are fighting some battle for freedom.
Fuck you......you're nothing but a parasite. You produce nothing. You have contributed nothing. All you do is let that fucking little PC and GPU of yours calculate......that's all it is ......a fucking overblown calculator. You did not build the technology behind it.....you did not engineer it.....you probably barely know enough to even comprehend the tech behind it.
And yet for a little while you gain from getting something from nothing and contributing nothing in return. A fucking parasite. Just like all money printers and money exchangers. You think you're giving the finger to the man. You silly twit. They OWN you. You and the world of SHIT COIN is so fucking small that is matters not in the large scheme of things. But the NSA knows all about you.....plus the intelligence agencies of most of the developed world. You're nothing but a plant for them to watch your comings and goings in order to get the big fish....while watching the BIGGER picture of illicit money creation.
You have GOT to be the MOST stupid, arrogant piece of shit on the planet if you think for ONE moment your little digital hobby means ANYTHING to ANYBODY, ANYWHERE in the long run.
But none of that truly measures up to the parasitic nature that makes you who you are. You're a money printer......therefore you are a fucking, cock sucking bastard like ALL money printers in this world.
Piece of shit. Fuck off and become homeless, junior.
Bitcoin to $1,000,000 and we take your labour goods for satoshi!!
You need more periods for pacing your irate arguments.
You know, like idiots do when they don't know how to write anything useful.
Maybe try some "***" or "~~~" as well, those seem to be popular with the particularly brain-challenged around here. (Or used to, lol)
"you have contributed nothing"
Yeah, like you're really putting all those atoms to work right now, with your masterful prose and takedown of something you don't like. We get it, you're old as the hills and can't understand these fancy 'COMPOOTERS at all. (Well, the keyboard is close enough to a typewriter so you can get your fear and rage out.)
Just take a deep breath, Jumbotron, and maybe watch some sports that feature your namesake - like a good consumerist drone.
Oh, and make sure to call into talk shows and vote, because man, isn't that what really makes a DIFFERENCE? Hahaha, oh god, I can't even type it without laughing.
Fuck you teenager. I don't even listen to bitch shows or call them. I haven't voted since the 90's. It's a rigged system and I just give it a little more undeserved legtiimacy if I do vote.
And fuck you on the ageism. I was hacking before your father put his dick in your skanky mother's pussy. Ever done any phone phreaking.....ever spoofed one by the very sound coming out of your mouth?
I have. I wrote code for an accounting firm in 1979. Been writing code since.
And my GPU's, when they are NOT being used to make graphics for high end sports clients, are being used to find pulsars and their gravitational waves. I have others doing protein folding calculations and a couple of more doing calculations on how light bounces off asteroids in order to tag and bag them better for investigation.
You pimple faced circle jerkers are calculating a number that some fuckwad convinced enough people had value. A shit sucking geek version of Ben-Fucking-Bernanke. Congratulations drone.
And furthermore.....calling me a consumerist. THAT'S FUCKING RICH BEYOND ANYTHING YOUR GPU CAN CRUNCH !!! What the fuck do you do with your shit coins other than CONSUME WITH THEM once you get enough?
What a sack of effluence from your mother's vagina you are. LOL !!!! Have fun kiddies. The grown ups will shut you down soon enough. Then you will find out like 10,000 generations before us......you and me and we were born on Prison Planet.....and ain't a fucking thing you can do about it.
Suck it !
lol we have a beigebox ventriloquist here... no one cares about your pulsars we all know the lizards just hung up some art deco in the universe for shits and giggles
What a sack of effluence from your mother's vagina you are..
You're really a treat @ parties aren't you Jumbo? It's not heroic not to vote, they would love if we didn't, but I understand where you're coming from. BtC is valuable from the global velocity of money that would not come about due to restraints in the system. Velocity is what makes an economy grow. The ones that might get hurt in this early cyber-currency endever are the speculators-as in FX trades. There are numorous companies that only accept BtCs for pmt @ current USD$ rates. I am one of them. I do not care if the value goes back down to $5/BtC or up to $25k/BtC..they will always be transfered to the current $ rate and transfered to my bank. Another thing, if this is the concept of the PTB, wouldn't they have squelched it in the early years as they did E-gold? Wouldn't it be in their best intrests to have the price of BtC go much further than the current offical price of gold to make gold look even worse of an investment? That is what I would do if I was in control to make PM's go down..
With slightly more civility than Jumbotron, one of the few advantages to being older is that we have lived through these kind of money-for-nothing scams in person, so we're rightly skeptical of this newest, greatest way to become rich while sitting on your ass. Young people tend to fall into the trap of not studying history. There is a natural tendency to think of themselves as smarter than the old geezers and this time it really is different.
Sounds like sour grapes about the Goyim horning in on the Chosen People's legal and God-given monopoly on money parasitism.
BitCoin is on a tear because it is more honest than the dominant monetary system (which isn't saying much). If the BitCoin prophecies are true, fonestar has singlehandedly shortened the life of the Great Ponzi by at least a week, simply through his efforts here. Such a great public service would merit a lifetime of hookers and blow. If BitCoin turns out to be a black hole, then fonestar has thrown his silver in.
my new blog on bitcoin>BITCOIN RISE TO THE DEAD END?
http://www.offgridminds.com/misinformation-blog/2013/12/1/bitcoin-rise-t...
I am now analysing changes in top 100 holders. strange changes there in past days
<crickets>
What kind of "currency" is this. My dinner was $100 when I ordered, $60 during the meal and $75 when the check came. Oh, and the same meal cost $13 a few weeks ago.
Just growing pains. The volatility will decrease above $10,000 and will be less noticeable for dinner-sized chunks at that valuation anyways.
Took the words rite out of my mouth. Is it over?
Bitcoin is a protocol. Many internet protocols have been around forty years already so I wouldn't hold my breath.
Oh, so before, bitcoin was a "virtual currency", now it's just a "protocol"?
So can I exchange a few tips of my hat for some produce at a farmer's market now too?
Its whatever he wants it to be, cuz it started as nothing and will end as nothing.
Last year it was the end of governments monopoly on "money". Last month it was a "currency" freely exchanged circumventing all central banks. Today its just a "trading vehicle" that government will be expecting a tax on profits from on any on-line account he's dickin around with it.
The circle is now complete on what he & it is.
@nmwen
How masterful, it started as nothing and ends as nothing? So sure, are we?
You barely seem to understand what it IS, much less able to construct any kind of cogent argument about it. That is the theme around here, just yell and go "BLAH BLAH YOU'RE NOTHING BLAH BLAH" and keep on going.
You guys seem to believe in fight club, but all I see here are a bunch of scared old men wondering if they've made a big mistake. Keep your STAWKS and bonds, and whatever grey-hair investment vehicle you have, you're really too damn inured to save.
Please, don't get involved, we need the SMART people in the system, thanks. The morons can queue up outside the WalMart for the Black Friday deals.
You assume quite a bit, but I'm guessing you wouldn't last all that long among a group of grizzled old ZH vets.
If you hadn't noticed, fonestar has changed his tune quite a few times recently, and these guys are simply asking why. I think that's a legitimate beef.
I know exactly what it is.
Its a virtual invention to move money around with REAL PEOPLE holding a patent on it (meaning state protection for them) and REAL PEOPLE converting absolutely nothing into usable fiat at the expense of the gullible...meaning YOU.
Scared old men?...lol...thats a good one, boy.
Old men have nothing to fear from anyone or anything, its a good place to be. I'm 54, hardly old but I understand the concept. They have seen and done more in their lives than you will ever see at the rate you're going.
Now I'll sit back and watch your head explode from this...there is no difference in BitCoin being created from absolutely nothing and a central bank (at the behest of government) digitizing debt to prop up any market.
YOUR market is "virtually" the same thing.
wow you still don't understand the concept of bitcoin... all these troll posts of yours and you just getting older and dumber
No way I'm going to defend the sheeple at Wally World.
But what do you get with your ShitCoins other than a double shot expresso with frothed up organic goat's milk at the only coffee bar in town that will accept ShitCoins ?
LOL !!!!!
Really? In 2013???
There's DOZENS if not HUNDREDS of ways to cash in on real assets with BtC. And it does not matter what the current market price of BtC is.
Prolly,
Douchen Bearings just bought some.About as contrarian as it gets.
Everytime he posts gold $55k/oz it drops.
Average Bitcoin cost for DoChenRollingBearing: $824.00
My best guess is that gold will get to "$55,000".
We'll see what happens.
EDIT:
The real Winston Churchill did have a great ad hominem sense of humor.
God damn, sorry for noticing, but those are some big fat titties.
You were meant to notice. They showin', I be lookin'.
and that's why http://www.reddit.com/r/Bitcoin/comments/1rua34/all_bitcoin_private_keys_leaked/
oh, okay ! if some guy on reddit named "harrybalsac" makes a claim like this, then it MUST be true , right ?!
2160 private keys? Good luck.
Yet no one has the keys to my safe.
I seem to have a spare set here, they're labeled: blowtorch and crowbar.
It's a joke.
or those who don't get the joke, this is simply every possible valid private key and the corresponding address. There are so many of them, hence the
Page 1 out of 904625697166532776746648320380374280103671755200316906558262375061821325312Don't worry, your keys are safe.
@sleigher
Good try man, really -- but these idiots don't get it, you might as well be trying to explain to cavemen that a jet plane can fly without feathers and a beak.
They'd just keep grunting at you "NO BEAK NO FLY!!" , "THAT NO BIRD", "CANT SEE FEATHERS, CANT TRUST IT"
Its a fucking circus of stupid in here sometimes.
You know what's stupid? People who think they will become filthy rich on money-for-nothing schemes. Read some history, Junior. When has that ever worked if you weren't the one who came up with the money-for-nothing scheme?
Bitcoin (and Gold and Silver) are just waiting for the next Crisis to propel it to new Heights...
Phonestar. Phonestar. Phonestar. Anbody seen Phonestar?
Eh, in all fairness to Phonestar I don't think he'd be here gloating if BC had spiked 31%.
Oh I am here and if you bothered reading my posts I said I was waiting for a pullback on BTC.
Yea i was all in at 1200 too.
mining hardware is cheap. Collect extra coin on the side with the hardware I have running anyways...
Call it a hedge on my electric bill if you want.
Mining is the only way to go if you can justify it.
You may want to widen your stance there fonestar...just saying.
Uh, to what exactly? FUD? Or maybe putting words in my mouth?
...now grab them ankles
Whether you are right or not on the future of bitcoin, your posts are those of an immature pussy. Btw, if you are truly trying to argue the merits of bitcoin, you are doing a piss poor job. Less is more.
I don't want you to buy Bitcoin. I'm doing a pretty good job of pissing off some ignorant Baboons though.
>> Oh I am here
Jerkin' yer chain bro. All in good fun. I hope you do well. I'll give you credit for showing up so fast in this thread. Not one to shy away from a bloody nose, you're ok by me.
Sure got a pullback. Lever it up, the bottom is in!
BTFD !!!!!!!!
(was I first?)
I just wanted to say it. Have no intention of doing it.
But if they came out with ShitCoin I might just buy one of those. Then I could tell people I can give a shit, I have a ShitCoin :)
15 mins later and it's back up to 920
Oh, there will be lots of happy "profit takers" in BTC all right. Until they think back a few years from now shaking their heads, wondering why they converted BTC into USD.
Word is that all that there is left to do is fuck the dollar. The rest of the pricks are useless.
BWAHAHAHAHAHAHAHAHAHA!!!
hey fonestar, i think your phone is ringing.
I'm converting to gold, but truth be told, I'll probably be looking back in a few years also shaking my head. But, a few ounces for an initial investment of $2K, with about $20K left to crash or grow, i can't complain.
FED "Operation Twist": Bitcoin Crashed To $820 from $$1120 on BitStamp
Update:
Now Bitcoin is at $795 at BitStamp and at $681 at BTC-E - It is a freefall.
Welcome to the adult world of the alternatives to FIAT currencies and "End The FED" fighters. Please never mix again the religion and Investment Valuation. In a thin Sunday trade - before the Chinese market opens - Bitcoin has collapsed from $1120 to $820 at the BitStamp today. You still can buy with Bitcoin a few copies of the very important book for all Bitcoin "investors": "Extraordinary Popular Delusions and the Madness of Crowds." We congratulate all traders, who has sold it higher than their purchase price. You are welcome to follow us with other 100 Crypto-Currencies now, but better watch Gold and Silver in the next few days. http://sufiy.blogspot.co.uk/2013/12/fed-operation-twist-bitcoin-crashed-... Bubbles Chronicles: Bill Still Is Pumping Quark vs Bitcoin - Collapse Is Near
All world has gone mad: Bill Still is pumping Quark! Just watch this video and remember how the Bubble stage looks like and what are the arguments presented to buy something "which definitely will go up." We must be very close to the Bitcoin final parabolic rise before the Crash. If Bill Still can not withstand the plot to get fast rich scheme, what can we tell about the other people?
It is very interesting that Bill talks about another 30 crypto-currencies and there are at least 100 else are in existence. Why on Earth to buy Bitcoin at $1200 if you can buy "the better" Quark, which was pumped by Bill Still only to 4.5 cents by now (more then 2000% as Bill proudly has noted!?). Just Sell you Bitcoin now and move down the food chain - "it will be a sure thing: all crypto-currencies will go up once Chinese will be able to buy it, particularly after the Bitcoin will be Crashed."
It looks like we have found finally our own youth portion and will spread our bets evenly among all 100 crypto-currencies, with this kind of sure gains how can we lose anyway? Can you imaging if India will join this crazy feast, what about Malaysia? You can monitor some of those Crypto-Currencies here: Crypto-Currency Market Capitalisation. Junkcoin is not doing well - must be something with its name ... all others are "solid investments". Can somebody tell Obama to put NSA to proper work finally? Just make the super duper NSAcoin with triple encryption, warranted from Spying and accepted for Tax payments and let Obama to Pump it a little bit ... 17 Trillion in Debt will be repaid very soon - at least we will have better roads and bridges. Can we get into this one as well at the start of Pumping? And yes, who needs Gold and Silver any more, particularly, when it goes nowhere in price or even down compare to Quark as Bill is reporting? All that dirt, billions of investments - who are those silly people buying all that Gold any more?
weak hands shook... coins grabbed by whales... rinse repeat next weekend
Bitcoin = the PUMP & DUMP scam that keeps on giving.
Yes, because in your simple pod, gold and silver should always go up. Everything else should always go down (especially tech) and if it doesn't it is a "pump and dump".
Gotcha.
Bitcoin is a ponzi based off of a ponzi.
Produced goods and rare commodities have value. Bit coin, no so much.
Calling bitcoin a ponzi only shows that you don't know what a ponzi is.
I like how you say that something that is valued by the market has no value. It's almost like you know less than the negative knowledge held by the Keynesians.
Now for a game of "Name That Economist". Can you name the economist who said the following?
"Everything is worth what its purchaser will pay for it."
For bonus points, please tell us how that fits with your comments.
I'll go crazy and say Bernie Madoff, without even bothering looking it up - heck, I'll bet that's Ben, Jon, Jamie and the whole gang of way too many's own motto...
Here's an improved freebie version for you, courtesy of yours truly: "everything is worth more than what its purchaser will pay for it, provided you can manage extract that extra something out of him".
what like all that crap at the dollar store?? and what commodites are really rare?? seems you cant go 3 blocks without tripping over silver
Originators, First Movers and yes, Governments have just destroyed the credibility of digital money with parabolic valuations and 20-40% daily moves!
Fools and their Monies are easily parted!
"Fools and their Monies are easily parted!"
but you'll be prying the Btc from their cold dead hands
I don't think it is a coincidence that Bitcoin failed to overtake the price of gold. It is quite insane to pay more for an intangible never-legitimate currency, than a tangible currency with thousands of years of history of being legitimate currency. I don't know what the fate of gold is in the next few years, but I know it will still be recogized as a store of value long after we are all dead.
Comparing an arbitrary amount of gold to an arbitrary amount of bitcoin is arbitrary. But it did happen, passing gold for a moment. I'm quite positive 1 BTC will trade above 1. oz AU again in the coming months and stay there.
I'm quite positive Bitcoin will reach $0 in the coming months and stay there.
Them's fightin' words.
I think the bitcoin=gold price level was a scam perpetrated by the big holders of bitcoin to try to gin up momentum and get some more fish into the game. "BITCOIN = GOLD!!" is a nice, tidy little headline that greedy fuckers will get sucked in by.
A weekly chart? BTC all the way back to 5 days ago?
Come on ZH, lose the shitty headlines.
Why the Tylers hate BTC, I dunno.
because bitcoins is for monkey's and rednecks only.
Ah, I see. You convinced me.
@Sudden Debt was a lot funnier before the Eurodollar took a 300 pip shit. I wonder what happened to him...
>> Why the Tylers hate BTC
I don't think you have hate it to be dumbfounded by the price action. Even in you're not in it it makes a great spectator sport.
1) Bitcoin validates exactly what Paul was suggesting - alternative currencies which don't have JPM, GS, BAC, etc as their primary interests
-
2) without the ability to counterfeit through futures markets. Naked short selling is counterfeiting, just cleaner, since there is no ink involved.
BITCOING IS THE WARM UP BAND
Main act just getting tuned up.
back to the Indians and europeans in the beginning; bitcoin offer you trinkets while you hand them gold...scam
Maybe some BTC expert can educate me as a BTC noob: when the bitcoin price first goes up from $200 to $1200 in a matter of weeks, then all of a sudden crashes double digits like today, is *anyone* actually able to get USD or EUR or whatever other currency out of the system fast enough, before everything goes to zero? Honest question... All I hear from people I know who 'trade' this thing is that they are still waiting for withdrawals they wanted to make 6 weeks ago. If you want to get out and have to wait 2 weeks, and BTC goes to say $500, do you get the exchange rate today (assuming you get anything at all, obviously)?
Good question. Is it worth the risk and volatility? (trading, not the buy and hold types)
mine and hold, mine and hold. Much less risk...
If it goes to zero then what a waste of cpu cycles right?
Mine litecoin, ftc, quark and a few others and see where it gets you in a year or 2.
cpu mining?? do you collect aluminum cans too?
I too would like this answered.
Honestly, it depends on your definition of "out."
With any kind of exchange, bitcoin, forex, stocks, etc, your assets are just numbers on their screen. You can transfer funds between banks and any kinds of exchanges, but this always takes time depending on if it's ACH, SEPA, wire transfer, whatever.
With the major bitcoin exchanges (Mt.Gox, Bitstamp, btc-e, bitfinex), there is plenty of volume to sell, even in turbulent markets. Sure, there could be slippage or the bid could drop away from your limit ask, but you can make the trade back into fiat. But your assets are still on their platform. If you want to exit the exchange and transfer your USD to a bank, then you usually have to do an international wire transfer since all of the major exchanges are overseas. (coinbase here in the us is not really an exchange). That can take time. Bitstamp and bitfinex have no problems sending and receiving wire transfers between them and the US. A couple of days an you've got it. The news of delays that you are refering to is about Mt.Gox. They have basically stopped USD wires (it's a long story). BTC-e is also somewhat questionable, being run by an anonymous group in Bulgaria (no shit!).
Coinbase here in the US does ACH transfers in and out and that takes a few days, but they lock in the price at the time of the transfer. It works great.
Of course when you have bitcoins, or any other crypto currency, you can transfer them to anyone in the world more or less instantly. When you start doing that you see how lame and slow the fiat transfer processes are.
Honestly, it depends on your definition of "out."
With any kind of exchange, bitcoin, forex, stocks, etc, your assets are just numbers on their screen. You can transfer funds between banks and any kinds of exchanges, but this always takes time depending on if it's ACH, SEPA, wire transfer, whatever.
If it's heavy, yellow and shiny, and it's in your hand, then you're out.
Everything else is credit.
I had to sell to do my Christmas shopping.
Scratch Harvard again. UCLA here I come.
Volume is good to the downside. We should get one more red bar to $625 for a 200% 2 day cleanup swing.
I find watching (though never investing in) crypto-currencies to be interesting, though I'm glad I've stuck with PM's.
http://www.youtube.com/watch?v=RU5KfTSUFDA
Oh look, another idiot who thinks a web site means bitcoin is hacked.
Better take that mask off, its clogging up your airpipe to your oxygen-starved brain.
Combine bitcoin and litecoin into one "currency" and call it BiteLoin. I'd like to thank the good folks at the NSA for suckering fuckers like "Dark Pools of Soros" to show us stackers why we do what we do. I wish y'all luck.
I keep advocating for MilfCoin - a series of 1's and 0's issued by hot MILF's. You can exchange them for sex with said MILF's.
Good luck to all the vendors that trade in bitcoin.
Ouch!!
ZH is AWESOME. Bit coin to shit coin and fucktards. Perfect for a Sunday.
I don't own BTC, but I have a huge respect from where it comes from - an alternative competing currency. And one thing for sure - BTC will never go to zero because its reason detre has clearly been validated in my opinion. the fact that the Senate banking commitee is looking at it is enough for me to give it 3 cheers from the cheap seats. For me, the fact that BTC offers something that the money changers cannot get their hands on and fuck it up.......BTC is alright by me and no less important than any other substitute that attempts to preserve an individual's assets.
Fuck the FED.
It comes from the NSA.
You and your 13 upvoters get all your news from rense.com?
Finally, a reasonable response to the bitcoin phenomena.
I honestly think you are misssing the point that the PTB have always controlled everything by buying in and creating demand and scarcity, so all they have to do is take that money spout that is pointed at the mortgage markets and point it at BTC for maybe a day or so and take over that market.
It's like people don't understand the issues that BTC has outside of the technical ones that say BTC are useless without the internet.
so. Who the fuck are you? Nobody creates demand and scarcity. In two sentences you diminish cogent arguments (on this site) and arrive at some bullshit about PTB taking over this market...taking over that market - fuck off! . If you pay any attention AT ALL to logical constructs, the PTB don't have any control over as much as you think. And most would argue on here - very little control at all. They can't even get a fucking website right!!
Thats the fucking point!
Let them corner BTC. Then let them short it. BTC to $5,000 - BTC to $100 (which btw we will never see again). Who gives a shit?
If BTC gets hooped, another replaces it - and another - and another.
You have to believe in something Nid. I happen to believe that free and unfettered markets will prevail. I have no idea what that will look like. But innovation always trumps coercion and corruption because these actions are by definition unproductive and destructive.
People will always back innovation - and in this case - a sort of bastardized notion of Schumpeter's creative destruction.
What do you offer Nid?
why do you try to wake them up?? they are the zombies they warned us about...
I believe that bitcoin is a con game. It's built on the confidence that not only does a series of 1's and 0's represent real, tangible wealth but that there will always be a greater fool who will exchange more and more wealth for those 1's and 0's. Confidence is a tricky thing, especially when it relates to con games. Once gone, it's gone for good.
oh yes.. the real tangible thingys in the virtual era... perhaps after WWIII we can go back to the stoneages and start over again
see ya then
Gold and Silver BITCHEZ! Anything else, is RUBBISH!
@f16hoser
Only if you're really, really old and don't understand 'COMPOOTERS.
Otherwise, people know better.
Really, explain to us your expertise with computers, Exponere. Does it extend beyond the Xbox? Are you a progammer? Or just some jerk-off who reads Scientific American?
you dont need to know nutin bout 'puters to know you missed the money bitcoin boat!!!
harhar!!!
Looks like the $40 million (USD) worth of Bitcoin stolen by the Sheep Marketplace operators has been sold off quickly so they could get out as millionares.
I'm sure Bitcoin will resume its uptrend once this stolen money has been exchanged for fiat.
I have long suspected that these flaws would be exposed if bitcoins ever got this high.
Might retrace back up to $1050, then it's a widow and orphan short to $0
Looks like the daily amount of bytes on bitcoin chatter will surpass the blockchain size anytime soon.
Bitcoin has devolved from a liberated alternative to Federal Reserve notes to a get rich quick scheme. Once BTC/USD conversion limits are reduced to $500/day, fun time is over.
How exhilarating to experience fear and greed working again in a free market. Thank you China.
The Chinese are a good contrary indicator when it comes to investments. Whenever they start moving into something, the top has been reached. Their recent attempt to stockpile copper comes to mind.
"Currencies"...that swing 30-50% over a weekend.
Whats not to love? ;-)