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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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Growing pains. Bitcoin is still trying to find which adoption curve is a best fit. As far as I can tell, we're still very much at the base of the curve.
Oh, I found your bitcoin begger, too.
sheep scared of the wide open hills!!! Showing your true colors and needing to be fenced in safely
Buy when the Tylers get the Html headlines on the chart.. back over 1030.
Bitcoins are tulips. Tulips are bitcoins.
http://www.elliottwave.com/images/marketwatch/mw%2004-21-10%20BobS.GIF
Tulips don't bounce with a coefficient of restitition > 1.
At least with Tulips you had a pretty flower to enjoy.
many people ended up taking delivery and eating the bulbs. they had nothing left to eat. the supposed millioniares.
Bitcoins don't increase exponentially in number.
But hey, feel free to revel in your own ignorance. Makes for more sour grapes, which quickly turn to whine.
you can divide them - the same by a different name.
1 btc / 2 = 0.5 btc + 0.5 btc.
Bet you can't do that magic with gold. *smirks*. Oh wait...
Sell! Sell! Sell!
really? lol
Your point? You can divide dollars too, that doesn't stop them from buying less and less.
Honestly, what kind of retard needs to be shown the value of deflation to those who hold currency? Oh, right, the negative knowledge less than idiot Keynesians.
What the NSA caper and Snowden has shown us is that the world was a CLICK away from total totalitarianism with all nations de facto handing over the NET to NSA controlled Portals and Cable systems word wide. One amazing fall out from this revelation is that World INC Under NSA and Pax Americana control is now a thing of the past. Every nation state will never accept being controlled by the likes of Google and Microsoft and Facebook networks and portal services. This spiral now public means the NSA system will now plunge into a BEAR market. Long live the bear market for Corporate spying and Pax Americana Oligarchy totalitarian lying.
Silver will behave like this once the manipulation stops. Stop your bitching, wait a few days, and then make a sensible comment.
Plunging now.. this is going to be awesome to watch. Only in Bernanke's world could this exist.
"@stacyherbert: #bitcoinexpo event made me realise just how amazing @maxkeiser is! I can't believe the number of lives he has impacted for positive."
Do the Greater fools sucked into the top of the market, and now nursing healthy losses, share this somewhat jaundiced view, one wonders?
Oh, I forgot, such losses are trivial, Bitcoin is the world's first decentralised global currency, that is not only going to bring the capitalist world order crashing down, but also, it is going to alleviate world poverty.
Get a grip.
Serious demeanor: "Max Keiser saves lives. He saved mine."
(crickets)
Was she on the witness stand?
While some are lamenting the fall of bitcoin to $865, personally I am astounded that it has even reached that level and I will be even more astounded if it stays at that level.
In any case I am happy to allow the market and its participants to determine the outcome.
Dead cat to the moon!
Which numpties here sold bitcoin?
If anyone thinks this is real money.. think again. It has Scam all over it.
Gawd!!! He mined 7,500 bitcoins in a WEEK with a LAPTOP! Wish I'd have been paying more attention and got in early like he did. However, unlike him, I wouldn't have thrown out the drive... ever, or would have at least been smart enough to make a backup:
IT worker throws out hard drive from old, broken laptop, loses $7.5 million Bitcoin fortune
http://worldnews.nbcnews.com/_news/2013/11/28/21654552-it-worker-throws-out-hard-drive-loses-75-million-bitcoin-fortune?lite
""It was just after the financial crash and when I found out about Bitcoin it seemed to me to be the perfect alternative," he said. "I knew it was going to be huge."
The 28-year-old "mined" the currency by running a computer program on his Dell laptop for almost a week, eventually having to turn it off because his girlfriend complained the fans in the machine were getting too hot and noisy at night.
Howells said he was forced to take the hard drive out of the laptop in 2010 when he poured a soft drink over the keyboard, and over the next three years it remained forgotten in his desk drawer.
He does not know exactly when he threw it away, but said it was at some point this summer."
I find it hard to believe that anyone could mine 7500 Bitcoins in a week with ANY type of laptop, no matter how powerful.
Will this prompt a $7 million mining operation at the land fill?
It was quite possible in the CPU days of 2009. You know, when people here were still saying that the market was going down any day now, and we'd be living in bunkers cackling over our gold coins.
Did that happen yet? Oh wait, its 2013.
That's it, I think I'll start my own virtual currency, CatchMeIfYouCanCoin.sucker.
For every one million dollars of CMIYCC.sucker you buy, you get a physical coin of one ounce of purest brass that you have to show to convert (sic) back to conventional moolah, and a toaster you get to keep forever.
There is no intrinsic value, but we guarantee to have higher volatility than any other available currency.
All coins are steganographed onto 1mb jpegs of naked girls by an undisclosed algorithm, you send in a picture and one out of a billion times we send it back with a value attached.
What could go wrong?
What could go wrong is that, since you are obviously superficial and profit-driven already at the concept-forming stage, nobody would trust the code that you wrote, thus nobody would bother with whatever you may come up with.
i would like to see a graph for bitcoin ownage function Y(X) that is X addresses posses at least Y bitcoins each
Um, two questions. First, is that how it works, does an address own a bitcoin? And second, is that a workable financial system when balances are made public?
First, is that how it works, you just make random mockings about things you dont understand?
you sound like a brogrammer
OMG it has collapsed in price to where it was three days ago! LOL.
You've made a key point here.
I bought more at 800. I am already +20%. How is your silver doing Austriasaurs?
You're not +20% until you sell. And you are going to lose everything if you hold, as the people smarter than you sell.
Have fun.
Actually, it is much much more than that. But you are missing the point. BTC is a medium of exchange. I use it a medium of exchange because it is a better store of wealth than my other alternative which is government fiat. I cannot use gold or silver as a medium of exchange. If I could, maybe I would do that too. I find it odd these proponents of sound money would rather use FRN than BTC. Keep stackin' in your caves guys. Maybe one day the end of the world will come and finally you will be happy.
must.....hate.......innovative........ideas..........from..........human.........action...........
It's a medium of exchange, but it's not a store of value. You are going to lose your shirt, no matter how you try to justify the fake coin.
They're talking about a digital currency backed by gold. Now that would be more intriguing than BTC.
Because it is not decentralized and introduces counter party risk to the third party storing the gold making it also less efficient?
There is always going to be counterparty risk unless you hold a physical, intrinstic coin. BTC has tremendous counterparty risk (no payment, no recourse for failure to pay, shady exchanges) and also technological risk (magnatism, harddrive failure, hacking, data/file corruption, etc).
Again, you are justifying your fake coin because you're emotionally and financially invested. Rhetoric about the asset being misunderstood is a classic bubble symptom.
lol everyone is smarter than you right? that why you scared of 'them' ?
the paranoid is strong in this one
BTC has tremendous counterparty risk (no payment, no recourse for failure to pay, shady exchanges) and also technological risk (magnatism, harddrive failure, hacking, data/file corruption, etc).
Actually it's worse than that. What if you sell something for BTC and, during the window of risk in which you're holding it, the BTC goes bidless?
The ones backing BTC are the bidders! If there's any time of day in which nobody is bidding for some BTC to make a transaction, and you want to sell them in order to complete it, then you're left holding the bag.
Silver isn't for profit per se but for preservation of wealth and emergency barter. While the precious metals markets have to contend with manipulation, Bitcoin could be shut down entirely by the Fed. That doesn't prevent a savvy person from benefiting in the meantime from Bitcoin, including shorting it when appropriate. (I've noted from facebook comments that when Bitcoin goes parabolic people dive in...in exactly the wrong time.)
BTC is manipulated. It isn't used in any transactions (look at the btc millionaire wallets and last transaction dates), and the early adopters are unloading slowly (and likely in coordination/collusion) to suckers. This reminds me a lot of 1999 when people bought .com stocks, knowing they were bad buys, just because they were going up. The explosion of digital currencies mimics it.
Actually, no. I recently bought an airline ticket with BTC. And you can buy just about anything from over 12,000 merchants with BTC alraedy. Jeez, what is up with these ZHers? You guys are like the crusty old man harping about how the TV has ruined radio. I guess the automobile was a horrible thing too. Better start riding a horse to work. Austrian economists: they once believed in creative destruction but now only believe in destroying creativity. Stay in your caves stacking and counting your ammo whie the rest of us move ahead with innovative ideas making lives better.
https://bitpay.com/directory#/
Yeah dude, and jerry's deli was going to revolutionize how we purchased cold cuts, circa 1999.
I will always laugh at trendsuckers.
They almost invariably are, or end up, as ..... well, suckers.
Yeah, all those trendsuckers talking about precious metals being the only store of value -- you're totally right about that. God, what are they - 90 years old? Hoo man, what a doozy.
Yeah, gold sure is a 'trend' analogous to shitcoin --- 5000+ years and counting.
Just another 20-something clueless asswipe without an ounce of historical knowledge or perspective.
5000 years... is that what the bible said?
Cell phones? Internet? Crypto-currencies potentially can liquidate the malinvestment tied up in central banking, banking, credit cards and money wire services. The economy will be more decentralized and the efficient use of scarce resources will be improved. How is this a bad thing to demonize?
Cell phones and internet weren't speculative bubbles. How old are you? I'd guess early 20s because you're clueless.
I'm mid 30s. A computer programmer. I understand bitcoin, and I lived through the .com bubble, so I understand those as well. If BTC were objectively sound I'd be buying it.
The technology is intriguing, but not in the current form.
The internet was not a speculative bubble? Um...ok. I am talking about the technology of crypto-currencies. The potential to streamline the money industry like never before. Come on guys, this is exciting innovation! Stop being grumpy old men because your gold and silver are down.
Internet stocks were a speculative bubble, not the internet.
It's interesting technology for peer to peer file sharing and such, but not as money in the current form. You've been sold the steak's sizzle, dood.
"On the blockchain, nobody knows you're a fridge."
- Richard Brown, executive architect IBM, thinks the future for crypto-currencies looks very bright.
you missed the boat dude and you are a sad man because of it... irony will be your job gets outsourced to some Indian contractor that takes BTC as payment
Missed what boat? I could buy a full bitcoin or a fractional bitcoin today, right now. And since they're going to the moon, I'd make a fortune. How can one miss the boat on BTC when BTC's value is infinite?
Seems like someone has SCRUMed and AGILEd his brains out. To not see the potential of money that has an API just boggles me. You don't write legacy COBOL do you? I'm trying to figure this out. Were you trapped in a datacenter too long and your brain froze in the cold aisle?
It has potential if it's backed by something, otherwise it's just fiat decreed by Max Keiser and the Winkledorks instead of government. Why on earth would I ever take a non-existent coin for a tangible good? I would never sell you anything I own for a BTC. Ever.
Excellent. I won't have to do business with folks like you in the future.
Sorry, I just had this image of you selling the inside of your mouth for a microBitcoin in some dystopian future. Not pretty indeed!
You should be more careful with your use of the term Austrian economists. Not every moron on ZH who claims he purchases gold is Austrian economist.
There are only two real economists on this site, as far as I know. Only one of them is Austrian.
Looks like I can buy some tee shirts, alpacas, some spices and visit the bitcoin museum with bitcoin.
Y U MAD BRO
How many of those companies receives THE ACTUAL BTC in payment, rather than USD from a middle-man company who sucks up all the risk?
Yeah, that's right. You think BitPay sends BTC to those companies? How are they going to pay their employees then? Nope, what really happens is that the moment you make a transaction, BitPay exchanges it for USD in the open market.
So what you're actually doing is SELLING your BTC for USD so you can buy stuff.
Got it. So don't buy BTC because it might be manipulated by the Fed. Instead by silver because it is currently Manipulated by the Fed. And how is that wealth preservation working out for you in the last two years of the greatest period of money supply inflation ever? My BTC has protected my wealth just fine, thank you.
Dude, then keep your bitcoins and see how it pans out. Nobody is telling you what to do; we're just pointing out BTC are not good things to own, even if they go up short-term. And we're slightly making fun of you for thinking BTC are good things to own. It could be that we're a little jealous we didn't get in early, but it is more likely that we're just dickheads who like to make fun of bad logic.
....Or you're just a fossil that can't wrap your head around new concepts that aren't OOP or unit tests. Chronological age aside, I really would love to know what convinced you that a monetary system that has an API isn't worthwhile.
Seriously, I'd love to see that articulated, if you even can.
Right, it is a misunderstood asset just like tulips, Jerry's Deli, Uranium, etc, etc, etc. Bubbles rely on the "greater fool" to keep bidding up prices, and you're too deep in it to realize that is you.
Okay, assume that I'm an old fossil who isn't young and brilliant and cool like you. Can you explain what "monetary system that has an API" means? Since I'm old and stupid and program in things like Java and C#, an API usually means built-in programming libraries to me, e.g. the Java API. I thought bitcoin was just a series of 1's and 0's.
Here's a Java implementation of the API from github.
I would have locked in gains also.
those two charts are different time frames...
<<<<short BTC
<<<<long BTC
Lol, the BTC market doesn't give a damn about a little survey on "some fringe blog".
Ok I see it. The greedy M'Fers in each of the last two times are taking it down to the base level preceeding the blow-off to a new all time high and then ramping it back up.
Got it.
The exchanges are fake.
Bitcoin is manipulated more than gold or stocks because the exchanges have no over-sight.
I think the exchanges are playing with the price of bitcoin because the chart itself is not free from being faked.
The easiest way to counterfeit bitcoins is by drawing the chart wrong.
Bitcoin is more centralized than the FED.
you know that there are a lot of exchanges, right? Dozens and dozens. And across many different currencies and countries?
And some exchanges (localbitcoins.com) are complied lists-of-face to face trades made in person with cash.
I don't think there is a global conspiracy to synchronize those data feeds. There doesn't need to be. They use another technique called price discovery.
You only have to control the price in the biggest exchanges.
The rest of the exchanges will naturally follow the mass buys and sells and the big exchanges have a lot of wiggle room to swing prices 5~15% above or bellow the "real" price at the moment , allowing them a back and forward spread (to short or buy) the coins, its easiert to push 1000 sheep off a cliff than it is 1 sheep off a cliff, because the sheep will follow the other sheep....off the cliff, while the 1 sheep would see the cliff and refuse to go near....
Everytime a coin is bought , all the other coins inflate in value because they are hoarded, hoarding takes coins out of circulation (deflation of supply).
Its the same thing as banks printing (inflating) and hoarding/destroying (deflating).
Just with bitcoins its spending (inflating) and hoarding (deflating).... most of the bitcoins spent are spent to buy dollars, not goods.
The hoarding actually drives the "value" of a bitcoin up.
When the hoarding gets too risky, people dump the coins for profit.
The exchanges CAN cheat the users, thats just a fact.
IF they are doing it remains to be proven, but to me the fact that different exchanges have different prices (some exchanges are over 100$ different in prices from others) proves to me that those exchanges that are too far above or bellow average prices between all exchanges are the ones manipulating.
Probably the biggest exchanges, because they have the volume to get away with it and mask it in the noise.
Demand drives the cost of them up. Hoarding, seriously? 500 years of economic evolution and you infantile morons still are using the hoarding excuse to justify things...
Lets take the banks for example.
They are hoarding reserves of dollars are they not?
What would happen if they dumped their hoarded reserves?
Hyperinflation.
It still applies.
Economics has devolved if anything.
The only evolution that took place was instant credit transactions.
All other economic "evolution" that took place was simple fraud for the most part.
Im sure people like you call derivatives a financial breakthrough..... lol
They are hoarding reserves of dollars are they not?
Nope. There's not such a thing as a "reserve of dollars". Every dollar (paper or not) is a debt contract with an asset side and a liability side.
When a bank (Fed or else) holds the liability side, we say this dollar is legal tender.
When a sucker (mortgage debt serf) holds the liability side, we say this dollar is "toxic debt" (but still the banks are happy to count it "as good as gold").
If I find one exchange is fixing the prices I will practice arbitrage to make a nice profit, and keep making a nice profit until Ive drained them dry.
This reminds me of Soros breaking the BoE.
Except you don't have Soros' big pocket.
@Dre4dwolf
Your post is fake, it is produced by the NSA.
Your ASCII is manipulated by the shadowy men at your fake keyboard with your fake lies.
The easiest way to fake one of your idiotic ideas is to attribute it to fakeness.
Your posts are more moronic than the FED.
Wow - it is fun to type like an idiot. I'll have to try that sometime when I'm drunk!
OH NOSE!
Good to see the bitcoin hoarders at least know to trade it for an oz of gold.
lol.. yeah, sure they did.
When it comes to horders most who own gold are true horders. Only Iran and others actually use Gold as barter.
Understanding economics well enough to not waste good money when bad money will suffice does not make a person a hoarder, it makes them a saver.
If it's not relevant and it will disappear, go to zero, etc. - then why are you spending so much time trying to prove that exact point? if you've been in the endzone more than once you wouldn't need to do a stupid touchdown dance. if it is worthless why is it getting so much attention?
Jerry's Deli, tulips, and sub prime mortgages got a lot of attention, too. 99% of the people who owned those things wound up broke.
Why? Because it's fun to point out the obvious and be right.
When will we know you are right and what will signify that?
Please bless us all with your presence and come back to assist in putting the final nail in the coffin of bitcoin tough guy. Conversely, if the opposite happens we'll just have to see if you pop in.
I own a piece. Actually, I'm considering increasing my position by a factor of five if/when it rests at a proper point on the chart that I feel is an appropriate place to make such a move.
One of the reasons I am more interested the more I analyze it is because of how many people out there share your "holier than thou" attitude as if the entire population of the world will just sit there and await instructions from self proclaimed geniuses like you on how to react to reckless fiat destruction. I've never considered socio-economic forces when evaluating an investment but I must admit it is a factor for me with bitcoin.
I've had better luck investing 10% chunks per day, and trying (not always successfully) to time the bottoms for each day.
Oh man, more classic bubble talk.
You'll know I'm right when 1 or 2 people are laughing their way to the bank while the other 99.9999% cry as it hits $1.25. This seems the correct price, giving it a 25% premium over the dollar in exchange for some anonymity (it is not completely anonymous as marketed).
Alas, alas, three times alas, just have to bear with (b)it.
SELL Plunging now with a new ZH HTML Chart!
Taylor, this is exactly why people should be investing in Bigcoin™...
I much prefer Bitchcoin.
The more you spend, the more end up in your wallet.
I have a digital tally stick design ready for production. On a low security scale, it can act as a prod. Upper end capabilities, mum is the word.
Ring, ring.. Oh, looks like I have an incoming phone call. cheerio
With that higher BTC arb in yuan and the yuan strengthening against usd, I'm guessing traders might be catching on to buying BTC in usd then selling them back in yuan and converting to usd. Rinse/repeat...
Way too many (violently) moving pieces in that strategy.
Not long ago you decrared another "bearmarket". Will it be for real this time?
Back above $1,100. That de-escallated quickly.
Tyler's "massive volume" involving less than 0.2% of the BTC supply, I guess trade of 0.5% of supply would be supernova blackhole territory. God help us all if we see 1% changing hands.
Admiral Liefken and Semper Augustus bulbs were good choices for a profitable ride in 1636, but then they were starting Harvard then and not teaching Evolution at the time.
And further, the comparison with Gold is just stupid. Market Cap of Gold is approx 500 times higher
Yeah also intrinsic value of bitcoin is $0. It is stupid to make comparisons.
Well, the question of "Intrisic value" could actually be debated. Its not zero as some suggest, but I will do that directly, where that is suggested.
Bitcoin does not exist in commodity form and is backed by nothing but air. Even though dollars are intrinsically worth $0, they are still legal tender and that does temporarily give it value so long as they can enforce this through the threat of physical violence.
USD is Legal Tender in the US. That's all. The value of the USD in the global market is purely based on faith.
You are required to pay taxes in USD. If you dont pay your taxes, the government has the right to imprison you. If you refuse imprisonment, you will be forced to comply under the threat/use of physical violence.
If you make a profit on US soil, you must somehow acquire USD to pay taxes. This creates a natural demand for USD.
Value in the global market is largely based on foreign central bank policy. Foreign nations must support the dollar or face economic sanctions, and ultimately military force.
:) All what you write is almost a direct quote of what Peter Schiff wrote the other day. Im not "required" to any US taxes at all. US !is just another market" to quote a CEO of a quite large company that does not reside in the US. US is approx 340 m out or the globes 7B or so inhabitants, and as I said, the USD only survived so far due to faith. Nothing else. That faith is fading, and its fading fast. "Foreign countries must support the dollar or face ....." Well slowly but surely. This is changing. There is no empire that has survived over time. They all crumble under their own weight. Look at history. That is just as certain as Gold has survived over time.
How many people have been killed to force the world to
trade in BTC's? ( I never get an answer )
How many people have been killed by the 'empire' since
1910 to make and keep the USD as reserve-currency? I estimate over 100 million people, have been murdered.
Make no fucking comparison of BTC with the USD.
It's like comparing universe to a pebble.
Pure and simple BTC is about 'gambling' and nothing more, and the folks that PIMP BTC are the normal morons that would be pimping cabbage patch dolls in another time.
Yesterday I counted that 90% of all ad's here on ZH,were for BTC mining HW, ... so no fucking guess why BTC is topical, cuz the more people who visit ZH, and click on those ad's the bigger $$$ for ZH, and we have already been told by the ZHPTB that they don't take BTC's, only USD's, for their ad revenue.
Saddam, Gaddafi, Assad, the Ayatollahs....physical force indeed.
I thought the consta fucking tution said only gold and silver is legal tender
USD will get you shit anywhere in the world, here in CHINA they will give their left-nut for those USD's.
Don't kid yourselves, the USD is 'respected' cuz everybody knows the meanest baddest ass killer on the planet 'backs' that paper.
What back's BTC? Faith in Baby-Jeebuz-Satoshi, and with that and $100 you can get a meth whore for an hour in Detroit.
god dammit that's what i get for listening to the likes of fonestar!
what happened to the days of investing in something for a modest 4-5% return a year. that's all i'd be happy with. FML
Don't know why people get so emotionallly anti Bitcoin...kinda petty stuff. Rather than wonder what is going on with it in a rational sense.
I tried the bitcoin mining, decided it was pointless without some serious computer power.
I wont buy into bitcoin because it is:
1. far too volatile to acutally know if it will become a stable form and
2. it is platform, electricity, data network and computer access dependent - too many facets required to keep your access to it in a hostile environment
However if it settles down into some sort of predictable form then I might buy into Bitcoin as an additional way to hold and transact money.
But am I going to buy into something that was a hundred dollars last week, 1000 the week after and 700 five seconds later.....?
The Question is ..why it happening in Bitcoin - profit taking... probably the sudden ramp up people didn't want to miss out on grabbing quick easy profits....and when somebody starts the selling...nobody wants miss out. OR are TPTB in the game and now fucking with everybody?
People get extremely emotional re BTC because BTC point out the faws in the present monetary system. The most emotional reaction you get from gold advocates because they fear competition. Gold is a commodity. Not a system of transacting value. Try and move 100M of Gold from US to Europe. Dont think the Germans have gotten their gold yet. Will they ever? We'll see but this evulotion is not over because you have extreme volatility. This is nothing new to BTC. Its happened several times before, and still it grows. Volatility will deminish with spread of use. It might take several years. But of course, nobody can wait. And since the concept attack present system the concept will continue to be attacked until it cant be attacked anymore.
It was really painful selling 24kg of silver over the past two years, but it always gave me the worry that I was not strong enough to walk off with it were the need to arise. With bitcoin I can carry arbitrary amounts in my head, in the form of the passwords to the system. Should I cash out bitcoin, and make a profit, touchwood, the next thing to buy is platinum.
Why platinum over gold?
10x rarer than gold and with heavy industrial usage in the chemical industry.
The fact that the Germans haven't gotten their gold yet should signal what? The fact that China and Russia are today's biggest buyers should signal what? The fact (conspiracy fact) that the CIA/Mossad offed Gadaffi for wanting to transact his country's oil using gold signals what?
What did they used to say? "HE that have the gold makes the rules"... It was called the "golden rule"
How do we apply that to BTC? He that have the 500 Terra-Hash mining center in ASIA make the rules? Not
Probably if the USA returned Germany's GOLD, then so for all else, the USA cleverly 'KEPT' this GOLD long ago for safe keeping, and the USA knows that in a game of 'reserve currency he that has the GOLD is king.
When the smoke clears on BTC, it will be fun to see who BOUGHT GOLD with their BTC's, ... but now there is no point in this analysis, things happening to fast, but the post-mortem will be fun.
Do any of these sovereign nations even have the gold that they claim to have? how do we know that they do?
Tell me how the physical accounting and inventory of how much gold exists and who owns it is more accurate than accounting for the whereabouts and ownership of all bitcoins.
If you loved it 20 mins ago at 1200, get in where u fit in...suckers
That "Cheap Airfares" site offering tickets for BTC can't be real happy right now.
The payment processor BITpay removes any risk of price volatility by acting as an intermediary depositing $$ into seller's bank account after accepting bitcoins equal to the $$ price requested at time of purchase. Bitpay accepts the risk for either a 1% trans fee w/ no mo. fee, or a reasonable monthly fee with no trans fee. Not anywhere near the cost of using a credit card payment processor, plus no risk of charge-backs.
The entrance of this agent on the field of BTC comerce is allowing people to put price swing fear aside knowing the risk is on Bitpay, and has given a direct competitive stab to traditional electronic payment services.
Wheteher you do or don't own Bitcoin, if you saw the ramp up to $1,200 and didn't expect a correction, even mini-crash, you are a fool.
Some things ramp up hard but not crash. I believe Bitcoin will come to be shown to be one of those things.
There was a big ramp to All Time Highs at $275. If I were sitting on the sidelines at that point, wanting to get in but not at the top... The next day ZH posted the $500, $600 news. I doubt $275 is around the corner, but anything is possible.
I trust bitcoin less than I trust joobux so that is to say not at all. The bitcoin guy isn't any better than any other ceo scumbag who gets rich no matter who else gets hurt.
So when the manipulation stops, you giving your silver away at the price you bought it?
And more generally, why should I have to follow your rules of what makes an ethical investment. We all have the freedom where to keep our money, whether in fiat, precious metals of various elements, housing, pensons, bonds. Are we to deliberately choose the bad investments, so that when things collapse we can be the ones bailing out other people to have the moral highground?
Yours is the sanctimony of the child who insists that all others must give their fair share, and yet gives nothing come his turn.
If only creating intangible computer digits could save the world...
http://www.fakenation.info/please/beauty-not-bitcoin-will-save-the-world
Oh really, another BTC thread on ZH full of prematurely ejaculated Bitcoin doom fantasy?
It's good I have ED, I moght be tempted to plunge
Quite a bid from China ... constant stream of trades on http://fiatleak.com/
Is feeling funny bone touched to see how world peoples is get so uppity about electronic digital invisible moneys.
Comes what when all electric is forever gone...like is in Gaza now?
http://www.telegraph.co.uk/news/worldnews/middleeast/palestinianauthorit...
http://www.youtube.com/watch?v=TpGMiAlVM6g
Is not know, mabe sanity not under controls of new world order IMF funny digital money tax, is track, and is total controlink all ones invisible money system.
People is funny...invisible money...
Same arguments we heard before during corrections in the most powerful bull market ever seen on earth:
1 cent to 30 cent - correction
30 cents to 3 dollars - correction
3 dollars to 32 dollars - correction
32 dollars to 266 dollars - correction
266 dollars to 1240 dollars - correction
Same old FUDsters, trolls, bashers, shills, etc. You'd think people on Zerohedge would know what BTFD means.
See you at 3000
The Bitcoin Channel
The infrastructure isn't in place to provide BTC with stability yet - nor has it reached any serious market penetration or capital depth. I for one would like to see short selling enabled broadly on exchanges, which would serve as a softening influence on nasty plunges.
Its early days - crypto currencies in general are going through an evolutionary process, and not all sub species will survive, and perhaps not even the fabled parent BTC. Regardless, crypto is not going away, and innovation is just going to make better and better entrants to the markets.
EDIT: And of course, just like the dotcomdaze - there is plenty of fraud, plenty of scams and plenty of action. Regardless of the dangers, crypto offers a unique solution to tyranical govts - and I think a durable solution.
The hash-chain is now 8gb and growing daily, in summary the thing is already too fucking big for most smart-mobile devices,
BTC 2.0 will come, but it will look nothing like this bitch,
Most likely they'll fork the principle roots of the tree off into country's not unlike the first few byes of a TCP-IP address.
Yep, durable solution, .e.g. crypto-currency's but us CS people simply see too many flaws in BTC as it stands, and the fixes means that it will be nothing like we see now, of course to the MORON user who see's nothing but their own greed, perhaps they can argue that its still BTC 'classic'.
The problem is this thing has to work on $1 mobiles in Africa and India, and thus it needs the backing of the IMF, and I have no fucking doubt that by magic in the near future 'satoshi' ( NSA ) will put BTC 2.0 out of its black-ass, ... but again it will look nothing like what we have now.
The block chain is simply too big to continue this model that every user have a copy, and thus what will happen is every user will have a branch of the tree, and some NODE ( country/agency ) will be dishing out the branches to the 'user', ... the P2P model can and never will work in the real world where the majority of users are on $1 mobile devices.
Then you have to think about tomorrow, where the bTC chain will be 1 terrabyte, and that ain't cheap even tomorrow for non-volatile memory.
In a closed 'nerd world' where every bTC user is a game player with a ati/nvidia card, and 8gb ram, and 1+ TB of hd, ok BTC is great, but that is not the real fucking world, the real world is to track the worlds poor, to track everybody on the face of the earth and his dog and control his spending and his acquistion.
They popped the Tulip
Nope. Picked up a few cheaper coins on that little dip, though.
Did you find a greater fool to hold them yet?
I'm your huckleberry. Looking for coinz 4 cash.
The rule is simple:
THOSE WHO SELL FIRST, WINS!
And the biggest winners:
Wall Street Fags!
i guess one way to discredit any asset is to induce extreme volatility ...
And we should give a shit about this why?
Wouldn't it be just beautiful if someone developed an open source voting system? That would really put the fear from hell up the fat, useless asses of governments.
I'm pretty sure bitcoins are here to stay but some of the supporting protocols need to be seriously streamlined or re-engineered.
Also the name is misleading and choosing BTC as the main unit when there will only ever be 21M of them was not a great decision imho. Once mBTC and uBTC equivalents are given names and adopted, things will become very interesting. In order to support huge purchases e.g. one country buying $100M worth of oil from another country in a single trade, the bitcoin market would need to grow to at least a few hundred billion dollars. Just give it time.
Just out of interest, do any of the bitcoin haters also refuse to listen to mp3s? Of course, one major difference between mp3s and bitcoins is that most people don't pay for mp3 files.
Sheep Sheered of $6M USD but probably more,... and more than a week ago, they quit letting customers 'remove' their BTC's, and now all are GONE, ... imagine that ...
ALL BTC's exchanges, mining op's, and Biz-Fronts are 'frauds'.
Who could have guessed?
****
http://www.forbes.com/sites/andygreenberg/2013/12/01/silk-road-competito...
***
Silk Road Competitor Shuts Down And Another Plans To Go Offline After Claimed $6 Million Theft
When a black market calls itself “Sheep,” it’s no surprise when someone gets fleeced. But the effects of a purported theft of thousands of bitcoins from the drug-selling site Sheep Marketplace have rippled across the dark web, and may lead to the shutdown of its biggest drug-selling site.
Step 1: start new website for buying/selling XYZ
Step 2: gather users and deposits in BTC
Step 3: all deposits are stolen, "oops"
Step 4: close down website, profit
Step 5: repeat, sheep aren't learning yet
“Fuck the [online] black market,” wrote a third. “After all this I don’t mind doing street deals anymore.”
The beauty of BTC is that when they rob you, there is NO fucking recourse,...
I really think this is why the NSA brought this new currency out to the masses, its a new dawn when the USA can rob you blind, and the system never has to fear to meet you for your day in 'court', no matter how or where you get robbed online in the BTC world, your fucked with no recourse, ...
But its a zero-sum game, for every loser, there is a happy BIT-COIN BANDIT! :)
Funny, the god-damn fucking scientology BTC-CULTIST's here never allow the discussion of BTC crime, ...
These day to day plunges are probably BTC-BANDITS clearing their BTC's to real money, then after the plunge some fuck-bot ran by the winkelvoss brothers works to run the BTC back up again,... but one of these day's "GOOD MONEY" will quit running the 'BTC plunge protection program', and then it will go to zero and quick.