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UK Royal Mint Working On Plans To Issue Gold-Backed Physical Bitcoins

Tyler Durden's picture




 

The implicit, and ever more explicit, institutional acceptance of the dominant cryptocurrency Bitcoin (we say dominant because as we pointed out last week, there has been an unprecedented spike of digital currencies one can pick and choose from) continues when following the surge in vendors willing to transact in BTC over Thanksgiving, the latest news comes from the birthplace of the modern central bank, the UK, where we learn that none other than the UK Royal Mint has been working on plans since this summer to issue physical Bitcoins in collaboration with the Channel Island of Alderney.

But where the story gets downright surreal is that as the FT reports, the same symbolic Bitcoin token issued by the Royal Mint "would have a gold content – a figure of £500-worth has been proposed – so that holders could conceivably melt and sell the metal if the exchange value of the currency were to collapse." In brief: a perfect, and utterly incomprehensible, fusion of (opposing) hard, soft and digital currencies all rolled into one...

From the FT:

The tiny Channel Island of Alderney is launching an audacious bid to become the first jurisdiction to mint physical Bitcoins, amid a global race to capitalise on the booming virtual currency.

 

The three-mile long British crown dependency has been working on plans to issue physical Bitcoins in partnership with the UK’s Royal Mint since the summer, according to documents seen by the Financial Times.

 

It wants to launch itself as the first international centre for Bitcoin transactions by setting up a cluster of services that are compliant with anti-money laundering rules, including exchanges, payment services and a Bitcoin storage vault.

So, convert a digital currency into fiat, issue plastic (or some other material) tokens (appropriately covered in some goldish color) representing "value" because suddenly the currency (supposedly) has the blessing of central banks, and then store them in some basement? Brilliant.

Just how is the UK Royal Mint involved?

The special Bitcoin would be part of the Royal Mint’s commemorative collection, which includes limited edition coins and stamps that are normally bought by collectors. It would have a gold content – a figure of £500-worth has been proposed – so that holders could conceivably melt and sell the metal if the exchange value of the currency were to collapse.

Wait, what: gold-backed Bitcoins? If so, that would be truly revolutionary because for the first time a Treasury (and by implication, a central bank) is effectively hinting that not only are they willing to fiat-ize Bitcoin, but also have the symbolic BTC token (after all Bitcoin is a digital currency by definition) serve as a commodity trap. Because once enough gold-backed physical Bitcoins are locked up in some basement in the UK, who has the master key? That's a rhetorical question by the way.

Naturally, the UK Mint is not quite eager to disclose full details while the plan is still being finalized:

David Janczewski, head of new business at the Royal Mint confirmed it had been approached by the finance minister of Alderney to “explore the possibility of manufacturing a physical commemorative coin with a Bitcoin theme”.

 

“Discussions have not progressed further and at this stage it remains nothing more than a concept,” he added.

 

But the controversy around Bitcoin has made the Alderney plan a sensitive subject. The Treasury, which owns the Royal Mint, declined to comment on the plans. George Osborne, the British chancellor, also holds the title of Master of the Mint.

Since there is understandably much confusion over what the minting process of a physical gold-backed token representing a digital currency, with the backing of an entity that does the bidding of an issuer that only believes in fiat currencies, here is the FT with the blow by blow.

An independent company will provide the Bitcoins. If the price plunged, neither Alderney nor the Royal Mint would lose anything.

 

The company would put the Bitcoins in an escrow account at an agreed price.

 

Meanwhile, the Royal Mint would take customers’ orders for its minted Bitcoins and receive money from those coin sales.

 

The virtual Bitcoins backing the physical coins would be held in digital storage facilities by Alderney.

 

The Mint would issue the commemorative Bitcoin, paying for the value of the gold content itself. Alderney would receive royalties from sales of the coins.

 

Coins could be redeemed for sterling at any point in Alderney for the price of a Bitcoin on that day.

All we can do at this point is sit back in wonder and amusement as we hit the pinnacle of monetary confusion, whereby the UK Royal Mint, willing to take full advantage of retail confusion, will mix hard, soft and digital currency, and produce a product... that is locked away on an island that belongs to the UK.

And all we can say is "brilliant", because if there is a better plan to meld the sentiment of both hard and digital-currency (and hence, anti-fiat) advocates, and to redirect it in a "fiat" pathway, we have yet to hear it.

 

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Sun, 12/01/2013 - 20:41 | 4204824 VD
VD's picture

whole point of BTC is that it's isnt chained to anything other than its crypto.

 

a whiff of CB desperation for sure.

Sun, 12/01/2013 - 20:43 | 4204828 fonestar
fonestar's picture

Desperation is right.

Backing = centralization.

Sun, 12/01/2013 - 20:45 | 4204830 VD
VD's picture

BTC is by default backed by its users and their code. they could buy gold with their BTCs specifically OUTSIDE the CB/gov that it is designed to circumnavigate. so another gov ploy to trick the sheeple.

Sun, 12/01/2013 - 20:45 | 4204834 fonestar
fonestar's picture

Correct.  It is funny to watch them in panic mode coming up with dumb and dumber contingency plans though.

Sun, 12/01/2013 - 20:53 | 4204866 kaiserhoff
kaiserhoff's picture

This piece is pure garbahje.  UK would never do it, and there is no need or possibility of linking any sovereign to bitcoin.  WTF?

Any small country in distress (Iceland, Ireland, Cypress...) could issue notes partially backed by sliver and run the table on the big boys, until the Marines arrived to render, ahem, assistance in regime change.

Sun, 12/01/2013 - 20:59 | 4204880 fonestar
fonestar's picture

Well they may not want to link to the mighty Bitcoin but at some point they will have to surrender to Bitcoin.

So this is your chance TPTB, surrender to fonestar.  I have a caboose out back we can formalize all of the paperwork.

Sun, 12/01/2013 - 21:01 | 4204891 Pladizow
Pladizow's picture

There's a sucker born every nano second!

Sun, 12/01/2013 - 21:38 | 4204995 Pinto Currency
Pinto Currency's picture

The commemorative Bitcoins are going to commemorate the death of the LBMA after being converted into a "physical gold market" that creates and trades infinite "physical" gold.

290 million oz. traded per day on the LBMA.  Quite an accomplishment. 

Now the Royal Mint is affiliating with Bitcoin.  That will really lend credibility to Bitcoin.  Cough.

The LBMA is dead!  Long live the LBMA!

 

Sun, 12/01/2013 - 22:02 | 4205128 ParkAveFlasher
ParkAveFlasher's picture

This isn't news.  The REAL news is that the Franklin Mint is issuing Elvis bitcoins plated in PURE 24k gold leaf, but for limited time only.  Call within the next 15 minutes and receive this free handsome display case with authentic serial number!

Sun, 12/01/2013 - 22:08 | 4205146 Pinto Currency
Pinto Currency's picture

 

The Royal Mint is issuing some new perfume called Eau de Skunke which they think will be a really big seller.

There will be a gold plated Royal Mint seal on the bottle.

Sun, 12/01/2013 - 22:11 | 4205165 clymer
clymer's picture

haha, please "fonestar", we're not as dumb as you look

As I said (so many time before, but first here: www.zerohedge.com/news/2013-05-12/visualizing-how-bitcoin-transaction-works

Look ZH, I love how BC uses 256bit PKI with salted hash to regulate and restrict the number of coins mined. I love how buyers and sellers can agree on it as a medium of exchange to work together without 3rd party interference. I get it. But here's the thing that prevents me from biting: it ain't backed by anything. And what the fuck is Keiser talking about when he says there will never be a competitor to bitcoin? Here's a novel idea: Anonymous puts a little time into understanding as much about banking and finance as they understand about scientology. As this understanding spreads between their more entrepreneurial members, say an offshoot, sub group that happens to work in certificate / key store management, they develop a similar algorithm, only they say, "look, we developed a similar model called 'crypto coin' won't just allow this to denominate in fiat that the 'cryptocoin' marketplace will back, we will tie specifically to gold and silver. The algo will ultimately mine 15x more silver colored cryptocoins than th gold colored ones, to represent what exists naturally in the crust of the earth. They then correspondingly create their own exchange (even say a virtual exchange represented by members), collectively owned by all cryptocoin holders. The balance of actual metal in the exchange is verified on a quarterly basis by the top 100 cryptocoin holders to verify that they maintain the same amount of precious metals in the exchange, as there exists cryptocoins in circulation. The crypto coins can then be redeemed in gold and / or silver. The same concept could be applied to oil contracts, shares in organic beef farms, or stock at company xyz. Till I see the next evolution cryptographic digital currency, I will keep hitting the coin shop and stacking. 

Intrinsic value is one thing. Tangible value is another. Combining the two is key

Observation: The bitcoin buyers / holders appear to be vitriolic toward those that prefer PM's. Understand that we are on the same side of this argument. Don't lose sight of the bigger picture; that we all now recognize how the monopolized private issuance of currency and credit has led us to this point

Sun, 12/01/2013 - 22:22 | 4205186 clymer
clymer's picture

To the rest of you, the only thing the UK royal mint is trying to do is the same thing that all money-sponging vampires try to do. This will bring a whole lot more people into the game. Metals will be re-introduced as money. From several different directions at once. Fonestar - one would think you'd be happy - you can keep your series of binary characters, or exchange them for ..money (?) geesh, think you'd be happy about bit coin finding a saviour out of all this hype..

Sun, 12/01/2013 - 22:38 | 4205269 mccoyspace
mccoyspace's picture

THey should just issue gold rounds with a bitcoin logo on one side and a naked woman on the other -- "Bits and Tits!"  Those things would just sell themselves.

Sun, 12/01/2013 - 23:52 | 4205515 Real Estate Geek
Real Estate Geek's picture

I'd buy that for a dollar!

Mon, 12/02/2013 - 01:42 | 4205716 Scarlett
Scarlett's picture

Unfortunately, it's impossible to back crypto with gold and/or silver WITHOUT COUNTERPARTY RISK.

Mon, 12/02/2013 - 03:32 | 4205804 i-dog
i-dog's picture

The future is digital ... Batcoin, Betcoin, Bitcoin, Botcoin, Buttcoin...etc. Not gold. Not gold backed. Just competing digital "coins" of a thousand flavours. There are currently hundreds of competing "old school" fiats. That's where digital will/must go. IMHO.

To THWART the globalists, we must not allow one iCoin to dominate, but let a thousand [peer-to-peer] flowers bloom (pardon the tulip pun!).

Mon, 12/02/2013 - 06:58 | 4205992 negative rates
negative rates's picture

That would be royally flushed down the drain beacuse when the heart of tungstun was exposed, it would show the lack of faith the creaters once initially had hope in.

Mon, 12/02/2013 - 07:58 | 4206027 GetZeeGold
GetZeeGold's picture

 

 

 

 

Having gold backed bitcoins is like having an NSA tracking collar around your neck.

 

The best thing about gold is that it's anonymous.....which is why politicians hate it so much.

 

We don't except foolsgold around these parts....I don't care how you dress it up.

Mon, 12/02/2013 - 03:59 | 4205847 Mad Mohel
Mad Mohel's picture

Norhing is as good as gold, except gold(PERIOD)

Anything else is just someone trying to fuck you over(PERIOD)

Mon, 12/02/2013 - 05:26 | 4205916 PT
PT's picture

You guys are missing the important points:

Well that takes care of 21 million ounces of gold.

Does this mean that the price of gold will get pushed up to match bitcoin?
Or will bitcoin get pushed down to match gold?

Mon, 12/02/2013 - 06:54 | 4205987 PT
PT's picture

Will bitcoin get slammed down whenever gold gets slammed down?
Will the price of gold jump all over the place when bitcoin jumps all over the place? 

Mon, 12/02/2013 - 08:26 | 4206036 GetZeeGold
GetZeeGold's picture

 

 

 

 

Yeah....gold is pretty expensive to the Fed.

 

It sures costs them a lot of cash on a daily basis....but I'm glad they do it.

Mon, 12/02/2013 - 00:29 | 4205600 funthea
funthea's picture

Well, to be fair... that pic it fake.

Mon, 12/02/2013 - 01:25 | 4205685 Manthong
Manthong's picture

I'd be interested in that Elvis coin only if it had a solid 24 micron gold leaf of 100% pure alloyed gold.

Mon, 12/02/2013 - 02:29 | 4205772 fockewulf190
fockewulf190's picture

So, now you need a pick ax and a computer to mine the stuff.  Let me guess, Litecoin gets backed with silver, and CirclejerkCoin gets backed with palladium and Bitchcoin gets backed with platinum  and.....

Mon, 12/02/2013 - 06:43 | 4205976 samcontrol
samcontrol's picture

I am really confused here maybe you or someone can help me out.
If the world mints and printing vampires want to re introduce metals as money .. why are they selling it to the public at so low prices.... is it a question of timing?
When do metals come into play in the deflation then hyperinflation scenario. It is now a casino to me . I can,t get my hands on physical , so I bet on 1.2,4,5 at the table (silver miners) , and will continue to exchange my fiat for miners in fiat in the next ten years. If it doesn't work out i will lose a shit loads of shit fiat , if it works and my fiat versus bricks raises then I will get that million dollar beach house somewhere(right now it would be Quintana Roo, way south..... north of chile...way north.. or Uruguay ..right in the middle .. the problem ...in ten years they will be worth 2. But then miners can go up ferociously ,, see my confusion here?

Sun, 12/01/2013 - 23:42 | 4205490 fonestar
fonestar's picture

What does that prove?  Your link to the archive server?  Your ideas about "intrinsic" and "tangible" value are perhaps ideal for primitive society and that's about it.  Or perhaps if you believe in magical objects.  I like silver as an asset and for its properties but not because of anything intrinsic in the objective sense, the point that it is tangible and of limited supply is a bonus though.

Mon, 12/02/2013 - 01:14 | 4205672 Deo vindice
Deo vindice's picture

If you really want to operate apart from controls, simply use cash for all transactions, and store wealth in PMs.

Sometimes the simple concept is the best.

Cash for transactions. Gold / silver for wealth preservation.

What a novel idea!

Mon, 12/02/2013 - 01:26 | 4205689 fonestar
fonestar's picture

Cash for transactions?  Right, so drive up demand for dollars so they can be used against the PMs, smart move.  Again, the "metals only" crew is its own worst enemy.  Marching off to battle with helmets on backwards and barrels pointed at their heads.

Mon, 12/02/2013 - 01:36 | 4205708 aerojet
aerojet's picture

If you call within the next 30 minutes, you will also receive a free Civil War chess set at no extra charge! A $5000 value, yours to keep even if yo ureturn the Elvis Bitcoins!

Sun, 12/01/2013 - 22:14 | 4205134 nope-1004
nope-1004's picture

So what was your first clue that Bitcoin wasn't a centrally planned digital currency to begin with?

If you look at all the NSA evidence, combined with the fact that this is a 100% digital currency made by someone that can't be confirmed even exists, you can clearly see it has central planners all over it.  Now they want to try to control the digital currency by associating it with gold to give it some credence, and by golly, guess what.... the bitcoin logo just happens to be gold already, so the shoe fits!

Pure ponzi.  100% pure, suckers ponzi.  iTulip is more appropriate.

 

Sun, 12/01/2013 - 22:17 | 4205194 fonestar
fonestar's picture

There is no reason to believe any intelligence agency had a hand in the creation of Bitcoin.  Bitcoin is based on extant and time-tested technology.  Satoshi's genius was bringing it all together and solving double-spending.

More FUD please.....

Sun, 12/01/2013 - 22:40 | 4205222 clymer
clymer's picture

not that bright, kid. Please. Stop sucking pseudo-Satoshi's dick

Sun, 12/01/2013 - 23:08 | 4205369 fonestar
fonestar's picture

Provide me with any credible evidence of any intelligence agencies involvement in the creation of Bitcoin and I will reward you 1 BTC or 1oz gold maple (your choice).

I have spent countless hours reading such articles and videos and all I have come up with is a bunch of chinese whispers from people who don't sound like they have a freaking clue what they are talking about (Chris Duane cough, cough).

Sun, 12/01/2013 - 23:29 | 4205448 fonestar
fonestar's picture

Here's my offer.  So put up or shut up.

What?  No takers?

Mon, 12/02/2013 - 00:25 | 4205594 sixsigma cygnus...
sixsigma cygnusatratus's picture

Does the offer come with a free Sham Wow?  

Fact of the matter is that Bitcoin is no different than the free money scheme Charles Ponzi came up with in the 1920s, except this one is done with algos.  It will all end the same way.  Period.  

Mon, 12/02/2013 - 00:31 | 4205602 fonestar
fonestar's picture

Seriously, stop the deflection bullshit and show me evidence that Bitcoin was created by intelligence organizations.  I'm not asking about your equally asinine ideas about "ponzi schemes".

So put up or shut up and if you can't don't bother responding.

Mon, 12/02/2013 - 00:36 | 4205615 sixsigma cygnus...
sixsigma cygnusatratus's picture

Most people on this site don't give a flying crap about whether Bitcoin was created by some intelligence organization or not.  The point remains that Bitcoin requires more buyers everyday to sustain, and when that supply runs out, you will be selling your Bitcoins as souvenirs on ebay, along with Enron stock certificates.

Mon, 12/02/2013 - 00:46 | 4205629 fonestar
fonestar's picture

Bitcoin does not require more buyers everyday.  It could stay where it is currently in terms of adoption and continue to serve as a dollar proxy for the black market and those that want privacy.  All of your FUD is so easily dismissed it amuses fonestar.

Mon, 12/02/2013 - 01:04 | 4205663 sixsigma cygnus...
sixsigma cygnusatratus's picture

Black market already uses cash and bartering and is very private.  What the hell do they need Bitcoin for? But I can pretty much guarantee that when Bitcoin runs out of buyers, it's game over.

Mon, 12/02/2013 - 01:20 | 4205677 fonestar
fonestar's picture

If you can't figure that out I don't know what to tell you.  Why do you think Silk Road was doing so much business?  Obviously, Bitcoin is going to explode in black markets.

Mon, 12/02/2013 - 01:25 | 4205684 sixsigma cygnus...
sixsigma cygnusatratus's picture

Yeah, that worked out really well for Silk Road, didn't it...

Mon, 12/02/2013 - 01:27 | 4205690 fonestar
fonestar's picture

It did because it helped get press for the dark web and publicity for Bitcoin.  Plus it's back up and running.

Now do you have anything to offer in terms of information I was asking for?

Mon, 12/02/2013 - 01:43 | 4205717 sixsigma cygnus...
sixsigma cygnusatratus's picture

Yes. Find out who is behind:

eShekel, iShekel, Bitshekel, [insert cute name here]Coin, and all the other competing internet currencies and you will find the truth you are seeking.  But you ain't gonna like it.

Mon, 12/02/2013 - 01:47 | 4205722 fonestar
fonestar's picture

Thanks for proving my point!  You're a bunch of f*cking idiots.  If you lack facts you will just pull shit out of your big stupid (and very "tangible") asses!

Mon, 12/02/2013 - 01:50 | 4205729 sixsigma cygnus...
sixsigma cygnusatratus's picture

Keep trying to convince yourself that you're right.  Isn't that what this is really about?

Mon, 12/02/2013 - 01:56 | 4205736 fonestar
fonestar's picture

The markets are proving me right, I love it!  I can get wealthy for being right.  Bitcoin isn't rising because of imaginary "speculators" it's rising because it is spreading throughout some of the largest markets in Europe and Asia.

So go and throw a "gold-backed" party but don't be surprised when nobody comes.

Mon, 12/02/2013 - 02:05 | 4205746 sixsigma cygnus...
sixsigma cygnusatratus's picture

Toronto?  Isn't that in Canada?

Mon, 12/02/2013 - 04:40 | 4205887 tallystick
tallystick's picture

You can be behind your very own competing digital currency, just fork it.  https://github.com/bitcoin/bitcoin

Mon, 12/02/2013 - 02:18 | 4205756 yepyep
yepyep's picture

ever tried getting large amounts of cash through an airport? bartering my donkey for your gold eagle?

 

whatever dude

Mon, 12/02/2013 - 02:29 | 4205775 sixsigma cygnus...
sixsigma cygnusatratus's picture

Ever tried to get your money back from a guy named Satoshi that you met on the internet?  I'll bet I keep my gold eagle and you will lose your ass.

Mon, 12/02/2013 - 02:59 | 4205800 e-man
e-man's picture

+1 for making me log in just to up arrow that one!

Mon, 12/02/2013 - 03:44 | 4205833 Clashfan
Clashfan's picture

I'm not sure if this piece supports that bitcoin is intel-created/supported or not (if it's read carefully/critically), but it's quite interesting, especially the assassination stuff.

 

http://www.forbes.com/sites/andygreenberg/2013/11/18/meet-the-assassination-market-creator-whos-crowdfunding-murder-with-bitcoins/

Mon, 12/02/2013 - 10:06 | 4206195 PT
PT's picture

sixsigma cygnus.. :

Charles Ponzi guaranteed a rate of return.  Bitcoin doesn't.  Ponzi assumed access to "unlimited" stamps.  Everyone knows the limits of Bitcoin.  I consider myself to be mostly "Bitcoin ignorant", but even I can see the holes in your comparison.  Please provide a more intelligent critique, or just join those of us who admit we don't know.

Cheers! 

EDIT:  This comment ended up in a mighty strange position, considering the comment it was replying to. 

Mon, 12/02/2013 - 06:49 | 4205979 samcontrol
samcontrol's picture

so how much shit coins do you have in fiat terms ?
I mean after so many posts licking shit coins you must have at least a thousand?!?

Sun, 12/01/2013 - 22:32 | 4205253 dryam
dryam's picture

Financialization is the main problem with this world.  When I say financialization I mean turning real world wealth into non-material things such as paper products, theoretical products like bitcoin, etc.  All of these non-material things are easily manipulated and wealth is skimmed away.  That game is up, and the world is yearning for wealth that can be stored in a material fashion.  Hint: bitcoin isn't it.

Mon, 12/02/2013 - 03:01 | 4205802 NidStyles
NidStyles's picture

You can't tell the Bittards anything though.

It's like they have completely forgot that Bitcoins still have to be converted to Fiat to be any use to anyone, and that means the CB's and the governments still have control of it. Add in that Bitcoin is popular because it's the worse of the two currencies when in direct comparison to the USD, which via Gresham's Law shows why it is popular. It's the same reason why derivatives were popular 10 years ago. Everyone liked earning something for no real effort using a worthless currency. This is merely a main stream market display of that trend being pushed into the open.

Sun, 12/01/2013 - 22:24 | 4205213 clymer
clymer's picture

no ..plain human decency among thieves. Another insult against the petrol dollar by Rothschild et al

Mon, 12/02/2013 - 02:59 | 4205801 Zero Point
Zero Point's picture

The beautiful way BTC co-operates with TOR, screams out warnings to me.

Who made TOR now hmmm...?

Yeah, yeah.. I know, I know, the US Naval research laboratory ain't the NSA, but in the end all those fucks answer to Keith Alexander through DOD.

But, how cute is it, that the NSA gets to murmer about how annoying tor is, and that it isn't them, and how difficult it makes policing blah blah.

Meanwhile they know EXACTLY what's going on through the network they invented.

Use at own risk, I won't touch that shit with a barge pole for anything even slightly illegal, which is the foundation of BTC's actual utility as a currency.

Fuck selling anything other than drugs with that shit, changing my prices every couple of minutes I need like another hole in my head. (Not trying to give you ideas Keith OK?).

Sun, 12/01/2013 - 21:03 | 4204897 knukles
knukles's picture

So, a digital currency of questionable online electronic security (as "they" can get anything anywhere, period, EOC) backed by precious metals stored somewhere via the City of London, subject to infinite rehyopthecation under LBMA standards including warehouse receipts that'll be unaudited in accordance with nobody's acceptable or better yet even questionable accounting standards.

Precisely!

Sun, 12/01/2013 - 21:29 | 4204969 Cobra
Cobra's picture

My understanding is they sell you the coin, and hold the BTC... Either way it's counter-party risk, I suppose.

Sun, 12/01/2013 - 21:32 | 4205014 Skateboarder
Skateboarder's picture

If "sell you the coin, hold the BTC" worked in principle, paper gold would all be redeemable, non?

Now... what is the difference between paper gold and 'gold-backed BTC'?

Sun, 12/01/2013 - 21:41 | 4205048 Cobra
Cobra's picture

Indeed, who would trade gold for paper... That's foolish!

Sun, 12/01/2013 - 22:29 | 4205237 clymer
clymer's picture

Hey - at the end of the day - buy the coins, shit its a no-brainer. But there is a nice perk in being able to transact anywhere, anytime

Sun, 12/01/2013 - 21:41 | 4205053 kaiserhoff
kaiserhoff's picture

There you go again.

Trying to impose logic on the turd polishers.

They don't like that;)

Sun, 12/01/2013 - 22:32 | 4205254 knukles
knukles's picture

Hey Kaiser!
Lookie here!

When the Investment Bankers and iDoltcoms start invading the patch, it's all down hwere from there.
Thing's gonna be Bitchedcoined by all the warps, teists, derivatives....

http://www.ft.com/intl/cms/s/0/943494ea-5aa5-11e3-b255-00144feabdc0.html

Sun, 12/01/2013 - 23:06 | 4205356 kaiserhoff
kaiserhoff's picture

They lost me at "no independent verification" much less the no reserves, no margin, no nuttin', but it's been straight up since I decided I wanted none of it, so who's the greater fool?

I think I'm going to securitize Mule Creek as "my old truck and pigs on clover.com"  No one in siliconville will have a clue what that's about.  Kaching.

Mon, 12/02/2013 - 00:39 | 4205610 Againstthelie
Againstthelie's picture

Whoever had any doubts, that's the proove that this project is no threat to the global banksters and probably a project of the global elite itself.

After Facebook, the biggest spying program in history where the sheeple deliver their data freely, follows Bitcoin, where the sheeple believe the internet was anonymous and free from influence of the governments...

NO NEED TO BUY GOLD. BITCOIN IS AS GOOD AS GOLD.

NO NEED TO BUY GOLD. BITCOIN IS AS GOOD AS GOLD.

NO NEED TO BUY GOLD. BITCOIN IS AS GOOD AS GOLD.

NO NEED TO BUY GOLD. BITCOIN IS AS GOOD AS GOLD.

NO NEED TO BUY GOLD. BITCOIN IS AS GOOD AS GOLD.

George Orwell would be stunned.

Mon, 12/02/2013 - 08:28 | 4206041 GetZeeGold
GetZeeGold's picture

 

 

We are Borg.....you will take our gold colored bitcoins....or be assimilated.

Mon, 12/02/2013 - 09:10 | 4206120 sleigher
sleigher's picture

This sounds to me like they are trying to split the market.  Divide and conquer?  Many will hold the coin in their personal wallets, while some may do this.  I suppose it will be interesting to see how it all shakes out.

Sun, 12/01/2013 - 21:24 | 4204974 nmewn
nmewn's picture

You're surprised that a bank would want hard earned "money" in exchange for, something it created...just like you?

Strange days indeed.

Sun, 12/01/2013 - 21:45 | 4205066 Bobbyrib
Bobbyrib's picture

Excuse my ignorance, but what did the banks create? This wouldn't be a whole lot different from Iran counterfeiting our bills then charging their citizens to own then.

Sun, 12/01/2013 - 22:16 | 4205193 nmewn
nmewn's picture

Nothing ignorant about the question at all.

They created something they want you to purchase from them with your saved past labor based on the popularity of BitCoins marketing campaign to the masses. If a two-faced coin of Barack Obama (lol) were popular or interesting they would do the same thing.

Its all about parting you FROM your money, as fonestar has so eloquently been describing in his taxable trading activities.

BitCoin is no different, it came from nothing but a twisted concept of what money really is.

A freemans money is simply their labor (past & present).

Sun, 12/01/2013 - 23:06 | 4205351 Bobbyrib
Bobbyrib's picture

I agree. Storing your wealth from your past work is becoming more difficult these days. 

In this case the UK mint is robbing someone else's intellectual "property" (no one really claims to have come up with the idea of Bitcoins) IMHO. It is theft on their part.

Mon, 12/02/2013 - 06:57 | 4205981 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

The two-faced Obama coin - ha! The broadly grinning visage of Obama on both sides, staring left at the prompter on one side, right on the other. In Talk We Trust. E Pluribus Alinsky. Of the most lightweight, low-grade, insubstantial of alloys, soft as foil. Undated, undocumented, unverifiable, cuz who cares. Multi-denominational, stamp it with whatever face-value you want from 2 dollah to 2 trillion. Distributed at borders and polling stations - get yours soon. After all, you're entitled.

Canada has the Loony. What shall we call this coin?

Mon, 12/02/2013 - 08:25 | 4206060 ebear
ebear's picture

The Kenyan of course.  

Sun, 12/01/2013 - 21:48 | 4205083 TeMpTeK
TeMpTeK's picture

Bitcoiners will get a fresh slap of reality when TPTB require all banks and any entity advertising BTC to Cash convertability to take names , addresses , SS#s, Occupation, etc and then subject them to verification/anti terrorism/anti-laundering/witholding/wait and hold times...Anonymity will be out the window when you want to cash out..this is how theyll reign this shit in.. theyve started already with Mt Gox..  Their closing in on all the payout windows....And i dont give a shit what fonestar says.. If you cant cash out without pulling your pants down, BTC value and novelty is severly diminished.

http://benswann.com/bitcoin-is-soaring-but-beware-mt-gox/

Sun, 12/01/2013 - 22:20 | 4205203 akak
akak's picture

For the children and national security!

Sun, 12/01/2013 - 23:12 | 4205310 Pure Evil
Pure Evil's picture

If not for the children, then, at least do it so that the homo's can get a divorce.

Sun, 12/01/2013 - 23:55 | 4205530 fonestar
fonestar's picture

You had better damn well care what fonestar says on these forums.

You do not need to provide any information while doing a branch deposit.  And you can always lie about what it's for if they do ask and say a friend's car broke down and you are sending money.

Mon, 12/02/2013 - 01:04 | 4205661 Deo vindice
Deo vindice's picture

So it's morally wrong to steal (e.g.banks, government, etc), but it isn't morally wrong to lie.

I'm always fascinated by those who are adamant against some kind of moral perversion ... just so long as it isn't theirs.

Mon, 12/02/2013 - 06:08 | 4205951 TeMpTeK
TeMpTeK's picture

Fonestar, With all the Bitcoin cheerleading youve been doing, you would think you'd have a better answer to the most obvious method of attack on BTCs autonomy.. At the end of the day the only thing anonymous is a person to person transaction// you will be prodded. molested, verified and identified at the cash out window ..Your Bitcoin mania has clouded your judgement as you are incapable of counting the ways your govt will pwn this shit..... What part of "bitcoin has not been authorized" do u not get? I suggest you cash out now while u still can... Oh wait..The volume is so thin any major offer to sell will Baumgartner BTC into the ground....The walls are closing in...speculators are rushing in and govts around the world are penning the legislation needed to neuter this shit.

Mon, 12/02/2013 - 06:59 | 4205996 negative rates
negative rates's picture

Sure, the easier to lift your bit coin wallet. I'll stick to gator skin.

Mon, 12/02/2013 - 07:43 | 4206025 The Merovingian
The Merovingian's picture

Are you drunk or just stupid?  Walk into ANY bank today and try to open an account.  You'll be asked for your name, address, phone, email, SSN, DOB, mother's maiden name, occupation, source of weath, etc. ... in industry vernacular it's called 'Know Your Customer', or KYC for short ... but, like anything that starts with KY, you know eventually you'll be bending over when it actually comes time to 'put something in, or take something out' ... do me a favor and google 'currency transaction report' you idiot ... oh, and btw it isn't a $10K threshold either ... it takes into consideration patterns and behavior too, not just amounts ... go back to the Iraqi Dinar boards, you are boring me.

Mon, 12/02/2013 - 06:58 | 4205994 negative rates
negative rates's picture

Red eyes at morning, sailor take warning!

Mon, 12/02/2013 - 07:01 | 4205997 chaartist
chaartist's picture

FAITH GAME WITH BITCOINS? I think so at these levels, game got ahead of itself without capital backing

http://www.offgridminds.com/misinformation-blog/2013/12/2/faith-game-wit...

Sun, 12/01/2013 - 21:00 | 4204889 tsx500
tsx500's picture

jeeeeeezzz talk about panic & desperation ... right now on CBS prime-time 60 Minutes, the eve of 'Cyber Monday' (total coincidence), the first story is a behind-the-scenes look at Amazon.com's warehouse ....  subliminal programming , anyone ??

Sun, 12/01/2013 - 21:10 | 4204929 A82EBA
A82EBA's picture

and Amazon Prime Air 30 min delivery by drones

Sun, 12/01/2013 - 21:33 | 4205019 explodinghead
explodinghead's picture

Right because thats why they want to allow 30k drones in our skies for benevolent reasons like Amazon delivery.  

Sun, 12/01/2013 - 22:54 | 4205316 Pure Evil
Pure Evil's picture

As long as I don't have to pay for the little yellow box they deliver it in.

Talk about a markup.

Sun, 12/01/2013 - 22:09 | 4205160 Bunders
Bunders's picture

I saw BBC News 24 run what was basically an advert for the PS4 and XBox360, or whatever it's called, so I switched over to RT to see what they were running and they had George Galloway and some other brit talking about Tony Blairs dodgy dealings and whether or not he should be considered a war criminal.

I think I might watch Dr. Strangelove again.

Sun, 12/01/2013 - 23:31 | 4205456 LawyerScum
LawyerScum's picture
Mein Führer... I CAN WALK !!
Sun, 12/01/2013 - 21:11 | 4204936 Occident Mortal
Occident Mortal's picture

This isn't the UK it's Auldernay.

It sounds like a test lab scenario though for something bigger.

This story just leaves me thinking BTC is a government invention.

Sounds like we are going to get an IMF crypto currency which may have a commodity backing.

Is this what SDR's will look like?

Sun, 12/01/2013 - 21:33 | 4205018 MrPoopypants
MrPoopypants's picture

Upvoted. Digital gold has been in the offing for some time, as a brainchild of the elite, but I could never figure out how they were going to pull it off.

Bitcoin or its successor is the planned new world reserve currency, the parallel currency that we will be driven into, when we are finally frightened out of dollars.

http://www.cfr.org/business-and-foreign-policy/digital-gold-flawed-globa...

Mon, 12/02/2013 - 00:39 | 4205211 akak
akak's picture

Alderney is part of the UK.

Trying to split hairs and pretend that it is not is like trying to pretend that Puerto Rico is not part of the USA.

Sun, 12/01/2013 - 23:42 | 4205491 Twodogs
Twodogs's picture

Cypress?? So money DOES grow on trees!

Mon, 12/02/2013 - 01:39 | 4205712 Flagit
Flagit's picture

they dont rally fight, they just supply material support and training for your new Al-qaed chapter.

Mon, 12/02/2013 - 03:08 | 4205808 tallystick
tallystick's picture

To back it's currency with silver, the country must first have the metal, no?

Mon, 12/02/2013 - 02:23 | 4205743 Kirk2NCC1701
Kirk2NCC1701's picture

As I already posted a few days ago, the Royal Canadian Mint has its own Chipcoin.

Interesting, but I'm waiting for them to issue Gold Maples with an embedded cyber-coin wallet.

Ergo, gold-backed cyber-coin in your wallet. That way, when the virtual/market value exceeds the price of 1oz of gold by more than a comfortable fraction, you can simply use the excess to buy another Gold Cyber-coin and rebalance the value of each wallet's contents.

Ditto for Silver Maples or Eagles. And, as always, the password phrase is only in your head.

Mon, 12/02/2013 - 13:38 | 4206906 chaartist
chaartist's picture

to fonestar: I see that  lot of ZHs got tired of explaning to you why are you mistaken. I am not as smart as you obviously but I will try to list you few things to remember:

1. bitcoin is backed by nothing, not even faith in Fed and speaks for itself

2. the more the price of bitcoin rises. the more redemption risk you face. it was fun when the price was around $20. Everyone can join the party and no one can question that so hot thing can lack capical cushion. But the more the bitcoin price rises, the more bigger capital cushion you need. Imagine someone with 10000 bitcoins wanting to cash in when the price of bitcoin hits $10000. Where would the bitcoin exchange get the capital? how long will it take? What will happen if US incorporated ban for these transactions? do you think some china exchnage will wait for you to get you 100 million dolars in cash? 

3. retailers can't get into this game until they are stupid. You can play the game with undeground stuff, games and online vouchers, but no one in economic crisis can get into risk that his profit margin will evaporate during the time of transfering money into cash. Every retailer woul become hostage of top bitcoin holders where 20% of the market belongs to top 100 bitcoin owners. Every bigger merchant woul strive to get the biggest share of bitcoin to manipulate the profit margins in their favor.

4. Walmart, McDonald’s, Apple or Google could all start up a bitcoin clone that would instantly have greater network possibilities than Bitcoin does now.What if Visa or Mastercard make their own version? There are surely no barriers to entry as software is open source and they have much larger capital and infrastructure on hand than bitcoin exchanges with questionable future legal framework.

5. FED prints 85 billion monthly, they can corner the market any moment. any bigger entity can do that. Apple has several times more cash on hand than the whole bitcoin market.

6. there will be no anonimity. nations will require bitcoin merchants and exchanges to provide information about transactions. They only need to secure the exits, other can play the game of bitcoin.

7. bitcoin is not a medium of exchange. bitcoin needs other mediums to become money, mainly electricity, hw, computer skills so the mass adoption is out of discussion.

8. any big holder of bitcoins or better more of them can paint the tape until they suck enough cash to go out.

9. al major bitcoinn wallets did not make any trade for months startin february till may, suddenly all of them traded around 27th november. 

10.Why is there suddenly new TOP bitcoin holder? Who would have interest in showing that there is even bigger concentration of power between top holders. That doesn’t play well for attractivness to join when the top100 holds more than 20%. I would rather chose to dilute my holdings into more wallets.

 

ps> bitcoin is neither gold nor silver

thank you, good luck

Mon, 12/02/2013 - 18:21 | 4207928 chaartist
chaartist's picture

Could you guys help me figure this out? I can get my head around this. Where I am making logical mistake in my analysis?

Bitcoin timeframe settlement issue?

http://www.offgridminds.com/misinformation-blog/2013/12/2/bitcoin-timefr...

Sun, 12/01/2013 - 20:47 | 4204837 kliguy38
kliguy38's picture

BWAAAAAAAAA.............. of course it will be backed.........sarcasm off

Sun, 12/01/2013 - 20:49 | 4204851 dryam
dryam's picture

When it comes to the UK, you can pretty much trust all aspects of their banking/financial industry.

Sun, 12/01/2013 - 21:42 | 4205057 akak
akak's picture

Yes, but trust them to do what?

Sun, 12/01/2013 - 21:51 | 4205096 dryam
dryam's picture

.....to rape & pillage, but in a very dignified way.

Mon, 12/02/2013 - 05:05 | 4205906 jeff montanye
jeff montanye's picture

screen keeps going blank.

Sun, 12/01/2013 - 20:50 | 4204857 fonestar
fonestar's picture

Backed by rehypothecated gold that you will never be allowed to see and devalued when they see fit.

Sun, 12/01/2013 - 21:20 | 4204958 misterb4096
misterb4096's picture

Fonestar, O/T but can you explain how a paper wallet works, is the public key stored on the network (not on your hard drive), and the private key is your password? If a public key can be found, is it easily hacked (despite the probability of finding it being in the neighborhood of 1:2^100)?

Sun, 12/01/2013 - 21:25 | 4204979 fonestar
fonestar's picture

Private keys cannot be accessed (or hacked) using your public keys.  The private key is your password (well your passphrase translates to it).  This site here does a pretty good job of explaining it....

 

https://en.bitcoin.it/wiki/Private_key

Sun, 12/01/2013 - 23:00 | 4205335 Ralph Spoilsport
Ralph Spoilsport's picture

Satoshi is a real person and posting on ZH as fonestar.

Mon, 12/02/2013 - 01:33 | 4205703 carlin401
carlin401's picture

Satoshi is an NSA PHD, Fonestar is an idiot, please don't confuse the two.

Mon, 12/02/2013 - 01:31 | 4205702 carlin401
carlin401's picture

There are already company's out there who will break your public/private BTC key's for a fee.

It's not that hard. It's doable and its a profitable business.

Once these 10's of 1,000's of 'mining machines' and asics
become dormant and resold on ebay for penny's smart folks
will snatch them up and run software to crack key's,

Mining is just cracking key's, once its too hard to mine new
block chain key's, then the same algo/technology can go back and 'steal', its going to happen, and its already happening.

A suspect that mining "stolen key's", will be bigger biz than original mining, that is an urban myth, and once you have key blocks, you spend that money, or sell those blocks to a black-market 3rd party just like atm cards are sold to the mafia.

Mon, 12/02/2013 - 03:20 | 4205816 tallystick
tallystick's picture

Your payoff on guessing random bitcoin wallet addresses is something like:

 

Expected value in bitcoins per address: 21 * 106 / 2160 = 1.44 * 10-41 BTC / Address

Expected value at 1 million USD per coin in dollars per address: 1.44 * 10-41 * 106 = 1.44 * 10-35 USD / Address

Energy to change one bit of an optimally efficient computer at 3 kelvin: 2.87 * 10-23 J

Addresses countable per kWh: 3.6 * 106 / 2.87 * 10-23 = 1.25 * 1029 Addresses / kWh

Expected value per kWh: 1.44 * 10-35 * 1.25 * 1029 = 1.80 * 10-6 USD / kWh

The inverse of the expected value per kWh is the same result as I got the previous post: 1 / 1.80 * 10-6 = 554757.67 kWh / USD

Energy cost to get that dollar through brute forcing at 10 cents per kWh: $55,475.77

Mon, 12/02/2013 - 06:52 | 4205985 samcontrol
samcontrol's picture

WTF ???

ok ok I get it now ;(

Mon, 12/02/2013 - 08:10 | 4206047 GetZeeGold
GetZeeGold's picture

 

 

I think we've just found Tesla's lost calculations.

Mon, 12/02/2013 - 08:34 | 4206074 ebear
ebear's picture

Written just moments before he burst into flames!

Sun, 12/01/2013 - 21:19 | 4204955 ZH Snob
ZH Snob's picture

isn't physical bitcoin an oxymoron?

Sun, 12/01/2013 - 21:26 | 4204988 fonestar
fonestar's picture

Yes.

Sun, 12/01/2013 - 22:42 | 4205280 thecoloredsky
thecoloredsky's picture

Hey fonestar. You're taking a beating here and I commend your persistence. After dipping my toes into the BTC waters not too long ago it made me realize there are other options out there. I was just at a dollar store today and on the credit swipe machine was an option to pay with PayPal. Never seen that before. Maybe BTC will show up as payment methods in the future.

As a whole, ZH'ers are right when they talk about physical gold/silver. I lost a lot in a recent boating accident so I can feel their pain. Physical in your posession definitely is the safest bet. But not only has gold survived thousand of years of revauluations, so has progress with inventions and people with ideas which changed the course of humankind. Not to say BTC is the answer, but its certainly putting a dent into the fiat debt system that we have to deal with.

The discussions I have with BTC traders is they still price (mainly) everything in USD. It's because all of our debt is in USD. If you have no debt, then there's no reason to price in USD unless you plan on paying for goods and services in USD. As more and more retailers allow payments in BTC then it will eventually phase out the need for USD I imagine in the long term. Of course there are issues with sporadic EMP's frying circuit boards, hyperinflation of the USD once the petrodollar is deemed irrelevant resulting in cash bonfires with all the cash stored in mattresses, and gold confiscation (although I would think gold confiscation is not going to work).

How will governments react to BTC? Currently BTC market cap is $12B dollars. Bennie and the Inkjets shit that out every day or so considering $85B in QE (which may rise) will never end. Gold market is manipulated, so buying at low prices is great for us in the know but maybe BTC (or another digital currency) has some legs in the future. I'm picturing some old gray-haired Rothschilds trying to figure out how to keep BTC tamed and its not very easy. The government is dysfunctional and I don't believe they have the power to mine BTC's and stop it in its tracks by selling enmasse. And on top of all of this there are generational changes like the fourth turning shit. Kids nowadays stare at their damn screens nonstop. It's a digital age so if they are going to be the next rulers why wouldn't they adopt a digital means of currency transactions for goods? The old and the new are clashing and I honestly have no idea who will prevail. But I think its wise to at least diversify a little bit and digital coins (shitcoins) may be part of that.

Sun, 12/01/2013 - 22:51 | 4205307 akak
akak's picture

 

Kids nowadays stare at their damn screens nonstop.

Behold the death of humanity in this observation.

Sun, 12/01/2013 - 22:58 | 4205327 Pure Evil
Pure Evil's picture

The zombiefication of the sheeple.

Sun, 12/01/2013 - 22:53 | 4205311 fonestar
fonestar's picture

Thank-you and I have thought and thought about the last part of your post quite a bit.  How would I play my opponent's hand here?  I think the only options they have are to try and somehow co-opt Bitcoin (which entails its own logistical nightmare), ban it outright everywhere (not even sure how that would work and would likely have the opposite effect).  So yeah, all I can say is that this is going to be an amazing period of history we are entering into.

Sun, 12/01/2013 - 23:26 | 4205439 thecoloredsky
thecoloredsky's picture

It sounds to me that BTC has added another thorn in their side. We just read how gold is purposefully manipulated to suppress prices. We know people are held hostage to the USD to buy oil which makes the wold go 'round. As the BTC market cap keeps rising it gives more incentives for banks to take their QE injected holdings and dump into BTC, which in turn will devalue the USD even further. On the other hand the BTC market opens up new ways to "hedge."

https://btc.sx/

Derivatives market in BTC trading. It's only at $15M right now but I'm not sure how this will play out. Will derivatives move the BTC price? It's very confusing at the least.

Sun, 12/01/2013 - 21:37 | 4205037 unrulian
unrulian's picture

So here's a question...in 10 years when my kids elmo-learn-to-read computer has enough power to make a 2013 super computer look like a wrist watch, how safe will Bitcoin's security algorythms be? is the security upgradable or does the BTC have a BB date?

Sun, 12/01/2013 - 21:54 | 4205080 ZH Snob
ZH Snob's picture

you won't have to wait that long to find out.  the NSA is developing a quantum computer that has processing power beyond our present comprehension.  it works with 3 bits instead the present 2 (1,0).  the third bit is not a number though, it is representative of a quantum possibility.  from what I understand, once this type of computing becomes stable, it will be able to crack any existing encryption.  at that point the only type of safe encryption will be one made by one of these, and you can be sure it will be safeguarded more than Area 51.

Sun, 12/01/2013 - 21:56 | 4205112 unrulian
unrulian's picture

They can make fun of the BC dissenters... but will i be able to pass my BC down to my kids?...grandkids? If you can't tell me it will exist for certain next year....then i'm out.

Sun, 12/01/2013 - 22:29 | 4205240 NIHILIST CIPHER
NIHILIST CIPHER's picture

unrulian               Let's see how gold stands up to your requirments.......................       

               will gold exist past next year?        yes                                                           

               will I be able to pass it down to my kids, grandkids?     yes                        

              Gold, when you absolutely, positively need to feel good about the future.     

              GOLD BITCHEZZZZZZZZZZZZZZZZZZZZZZZZZ 

Mon, 12/02/2013 - 07:55 | 4206031 unrulian
unrulian's picture

I concur, maybe you can make gobs of money trading BC...i'm not smart enough to be a trader; i'm more of a hoarder of sorts

 

Sun, 12/01/2013 - 22:23 | 4205195 Bunders
Bunders's picture

Google already have a quantum computer. 

http://www.wired.co.uk/news/archive/2013-11/15/quantum-nasa

 

 The web giant has spent the last decade fashioning a worldwide network of data centres and computer servers with the sole aim of delivering information to your web browser as quickly as possible.

Yeah, right.

Sun, 12/01/2013 - 22:24 | 4205215 seek
seek's picture

Assuming a fully capable quantum computer existed, Grover's algorithm would cut the keyspace size (in bits) in half.

See this discussion on key size here

Having just done this math, one quantum computer operating at speeds roughly equal to today's processors (but with qubits!) would have a 0.000000001% chance of finding a single key by brute force in 100 years. However, if you use more computers and have more keys (hey, you're a criminal, you don't care who you steal from) the odds go up. If every person on earth had a bitcoin wallet, the computer could in thery stumble on the keys of 3 of them in 100 years. This scales up with the number of computers, so a 100,000 processor quantum supercomputer could find by trial and error as much as 0.004 % of all wallets in 100 years. While small, this is pretty insecure, though far more secure than say a credit card is today, which sees 0.1% of all transactions (and a larger % of accounts) due to fraud.

Note that this math is skewed very favorably towards the attacker, it supposes you can search the blockchain for matches instantly (you can't, not even close) and that very large quantum processors exist and operate stably (they don't, not with enough bits to perform a key search of this magnitude.)

It should be pointed out that quantum computing isn't some sort of magic panacea of codebreaking. The performance improvement is massive (it takes a key search of 2n and makes it a key search of 2n/2 which is a truly huge leap) but the countermeasure is simply to make the key twice as big, and we're back where we were before. Therefore unlike what you're saying, it won't be able to crack any existing encryption, nor will the only safe encryption be made only by quantum computers. A larger keyspace is trivial to manage on any computer built in the last 20 years or so.

Mon, 12/02/2013 - 03:25 | 4205821 tallystick
tallystick's picture

It could be possible but you'll spend more on energy for the computing power than you'll steal in BTC.

Mon, 12/02/2013 - 00:07 | 4205560 scrappy
scrappy's picture

FUCK ELECTRONIC MONEY

How can we TRUST IT ???

- DATA RIGHTS ANYONE?

This system is not working.

 

Mon, 12/02/2013 - 04:44 | 4205893 chaartist
chaartist's picture

STRANGE MOVES IN BITCOIN TOP 100 HOLDERS. what is happening there?

http://www.offgridminds.com/misinformation-blog/2013/12/1/strange-moves-in-bitcoin-top-100-holders.html

Sun, 12/01/2013 - 20:52 | 4204863 garypaul
garypaul's picture

I would suggest that making something as complex as this 'fusion' is usually done to make it easier to fool others (the Fed game is becoming revealled and unravelled)

Sun, 12/01/2013 - 21:05 | 4204910 Exponere Mendaces
Exponere Mendaces's picture

Just so the retards in the comment population feel at home.

"HURR DURR CAN'T SEE IT DON'T WAN'T IT"

"ITS SHIT, YOU ARE SHIT AND I'M TALKING SHIT"

"LOOK, BITCOIN IS ALL OVER ZH WHAT THE HELLZ MAN - WE NEED MORE GOLD AND BUNKER STORIES"

"I BET THAT THAT GOVERNMENT HURR DURR MADE BITCOIN AND IT CAN BE HACKED DURR"

"ANYONE WHO BUYS BITCOIN IS A BIGGER RETARD THAN ME HOLDING GOLD... er whoops?"

There we go, that should address all of their 'concerns'.

Sun, 12/01/2013 - 21:12 | 4204935 Bay of Pigs
Bay of Pigs's picture

You need someone to give you a hug or what? Did Mommy slap you when you were a child?

Sun, 12/01/2013 - 22:27 | 4205229 Exponere Mendaces
Exponere Mendaces's picture

"HURR DURR DID YOUR MOMMY SLAP YOU HURRRR"

There, thanks for your contribution.

Sun, 12/01/2013 - 23:01 | 4205341 Pure Evil
Pure Evil's picture

All of that was absolutely hilarious!

Mon, 12/02/2013 - 08:13 | 4206049 GetZeeGold
GetZeeGold's picture

 

 

Gave me a chuckle.

Mon, 12/02/2013 - 11:41 | 4206483 superflex
superflex's picture

Sound more like Mommy violated him with her double dong.

HURRDURR

Sun, 12/01/2013 - 21:13 | 4204939 fonestar
fonestar's picture

YOU FERGET DER EMP THAT IS IMMINENT AT ANY MOMENT DURR

Sun, 12/01/2013 - 21:32 | 4205013 Millivanilli
Millivanilli's picture

What, pray tell, does bitcoin represent?  Answer:  a fiat currency.   Great.   Next...  

 

Industry REQUIRES silver and to a lesser extent gold.   Bitcoin is a milliamp expression of a creditbased fiatsco.  

 

Now eat shit, fuckwit.

Sun, 12/01/2013 - 21:35 | 4205024 nmewn
nmewn's picture

Wait.

You mean BitShit comes from nowhere just like BennyBucks?

Get outta here ;-)

Sun, 12/01/2013 - 21:49 | 4205078 wee-weed up
wee-weed up's picture

Comes from the same place as those rainbow Skittles that were shitted by the Magic Unicorn!

Sun, 12/01/2013 - 23:04 | 4205344 Pure Evil
Pure Evil's picture

I've been looking all over creation for that magical creature.

Sure would like to get my hands on some of dem shitted Skittles.

Sun, 12/01/2013 - 21:16 | 4204947 Millivanilli
Millivanilli's picture

Buy gold, cut out the middleman.  More flim flam from the banksters.  Fuck the coins too.   Ponzi on ponzi is still a ... drumroll  PONZI!

Sun, 12/01/2013 - 21:41 | 4205049 Race Car Driver
Race Car Driver's picture

> a whiff of CB desperation for sure.

Bullshit. TPTB are salivating over this digital currency shit. They're doing it the GOOG, FB way - throw out a few choices, get the public to pick one (any card!), accept it - then roll it out. Much easier (and cheaper) than forcing anyone to use it at gunpoint, like the d0llar.

 

Mon, 12/02/2013 - 00:08 | 4205563 rubiconsolutions
rubiconsolutions's picture

Thanks but no thanks. I'll take the physical.

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