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Meanwhile, Bitcoin Is Sliding...

Submitted by Tyler Durden on 12/06/2013 13:06 -0400

Along with the USD and JPY, Bitcoin is having a bad day. For the second time, following a 'touch' of the Gold, Bitcoin has fallen dramatically in the days after. Volume is also relatively heavy. It would seem that this drop in USD BTC has compressed the "arb" against China BTC to zero (from over $100 earlier in the week). USD BTC $940, China BTC 5771 (USD equiv. $946)

Chart: Bitcoinwisdom

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Fri, 12/06/2013 - 17:39 | 4222270 therealmonty

Bitcoin don't work when the power goes out. Gold and silver do though.

Fri, 12/06/2013 - 15:10 | 4222274 Godisanhftbot

I think some meth dealer is unloading his stash

Fri, 12/06/2013 - 15:20 | 4222316 ColoQ

Of meth or Bitcoin? I have a vision of meth-heads selling their bitcoins panic sticken with paranoia right now.

Fri, 12/06/2013 - 15:23 | 4222336 I Write Code

Yah, now that I've started paying even a tad of attention to Bitecoin, I think that my previous attitude of ignoring it completely was probably correct. There are clearly some interesting ideas at work there, but it's also pretty clearly Not Ready For Primetime.

In short, my impression (and it is certainly not rigorous) is that it will ONLY work with a central authority, but of course as soon as you do that there is at least the possibility of traceability. Traceability has many positive aspects, of which recovery when you drop your thumbdrive is probably at the top of the list, it also cuts down the possibility of theft, fraud and abuse by 99.9%++ ... although I'm sure it still leaves plenty, and that's *before* we start the tinfoil hat questions about back doors.

Fri, 12/06/2013 - 15:26 | 4222355 Godisanhftbot

i made a list of all the bc pumpers here.

will be for sale on ebay as the worlds biggest sucker list

Fri, 12/06/2013 - 15:37 | 4222409 Godisanhftbot

bc= 1 million imbeciles in a cluster f^ck, all telling each other how smart they are.

Fri, 12/06/2013 - 15:38 | 4222413 AgShaman