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Bitcoin Crashes, Loses Half Of Its Value In Two Days
It was inevitable that a few short days after Wall Street lovingly embraced Bitcoin as their own, with analysts from Bank of America, Citigroup and others, not to mention the clueless momentum-chasing, peanut gallery vocally flip-flopping on the "currency" after hating it at $200 only to love it at $1200 that Bitcoin... would promptly crash. And crash it did: overnight, following previously reported news that China's Baidu would follow the PBOC in halting acceptance of Bitcoin payment, Bitcoin tumbled from a recent high of $1155 to an almost electronically destined "half-off" touching $576 hours ago, exactly 50% lower, on very heave volume, before a dead cat bounce levitated the currency back to the $800 range, where it may or may not stay much longer, especially if all those who jumped on the bandwagon at over $1000 on "get rich quick" hopes and dreams, only to see massive losses in their P&Ls decide they have had enough.
Which incidentally, like gold, is to be expected when one treats what is explicitly as a currency on its own merits in a world of dying fiat - with the appropriate much required patience - instead of as an asset, with delusions of grandure that some greater fool will pay more for it tomorrow than it is worth today. Sadly, in a world of HFT trading, patience is perhaps the most valuable commodity.
As for Bitcoin, while the bubble may or may not have burst, and is for now kept together with the help of the Winklevoss bros bid, all it would take is for another very vocal institutiona rejection be it in China or domestically, where its "honeypot" features are no longer of use to the Fed or other authorities, for the euphoria to disappear as quickly as it came...
Two day chart, showing the epic move from $1155 to $576 in hours:
And longer term chart showing the overnight action in its full glory:
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It is Tyler, not Taylor. And there are at least two of them with quite different personalities.
"It's a madhouse... A MADHOUSE!"
He has plastic surgery every few months, nobody knows how he looks.
Taylor is the guy from the Planet of the Apes, you stupid, dirty ape!
Tulip. Fade to black.
Deliberate!
The attack on Bitcoin is deliberate. People are seeking a way out of a currency printed and controlled by a private banking cartel. It turns out, there’s no exit. Try to save yourself and you will be blown to bits.
This VISA appears to solve many of the issues with using Gold/Silver in day to day activities.
https://www.perpetualassets.com/
http://www.coinion.com/2013/12/07/united-states-dollar-almost-doubles-in...
it's all a matter of perspective!
it's all a matter of perspective!
it's all a matter of perspective!
2 month log chart doesn't look as crazy as those linears, but I still have to wonder how this functions as currency when the price I pay for any given item can swing 50%+ in either direction in a matter of hours. Say I wanted to buy one of those Teslas yesterday, how the hell does the dealer even price it?
It's sooooo complicated. Just give up. Stick to Federal Reserve notes. You are of a lower class, apparently unable to reason in your mind so you post your questions on a comment board expecting someone to be able to process what your mind cannot grasp.
The IQ of the poor keeps them there. Why do you think the rich arrange marriages?
Good answer, thanks douchebag. The question was rhetorical by the way (that means I don't expect an answer).
Exactly, you are poor.
You must have bought the dream at > 1000 and are now feeling a little antsy about all that hard earned cash you made runnin' the tilt-a-whirl disappearing on you over night. There, there, it will all come back, just keep dreaming your happy dreams.
Sure, I bought at whatever price makes the little story in your head work.
You are poor.
If there is some sort of year-end award given for the greatest amount of stupidity packed into six sentences, you've just secured the 2013 edition.
First you posit a hypothetical award, then you finish the same "thought" by declaring it to exist and you are in fact the judge of same.
Pot meet Kettle.
The dealer uses a service like BitPay, prices the car in $$dollars and BitPay and the consumer take care of the rest. If the Consumer has a BTC value equivalent to the $$ value placed on the item for sale, then BitPay will take the BTC, give $$ to retailer and viola, everyone wins! BTC person used BTC to purchase, Dealer got the type of currency it needed to pay bills, BitPay earned a little profit for absorbing the risk of price volatility.
Thanks for the answer, it's along the lines I expected - the car dealer receives a known USD price, its just that I the purchaser might pay between 25 and 50 BTC, depending on what time of the day I walk into the dealership. That just strikes me as a little impractical.
Just think of it as paying half price for your car. Or sometimes you can pretend you're buying two cars when you're actually buying one. I'm sure things will improve if we just believe in the magic.
You are correct, the purchaser of the BTC at this time is the most disadvantaged. Early adopters are probably less concerned since it's all gains for them. Obviously newcomers are not in the same boat. I hope as the concentration of ownership becomes more dispersed through usage, the price settles out a little less volatile. It's a new way of doing things and takes time to mature. Those that are skeptical now are justified in being so. But the community that sees it's potential will keep working with it, refining it and eventually may create something that is less deserving of skepticism. But, if we all give up on it, it will surely go nowhere.
WORD
in time this can become something that will change things
but 4 now we are looking at 50-100mm a day in liquidity
guess we gotta see if this fad plays out
It's funny how badly that works with large purchases where tons of Bitcoins have to be sold NOW in order for transaction to complete :-)
True, but this volatility is predictable, grade school if i were to say. bullion is the way to save. BTC you trade... You got 10M to trade? BTC markets will move on that. and i trade on that
How else could it be at this point? We are dealing with a grass-roots system that started at zero a few short years ago and who's whole reason-to-be is an open assault on banks and fiat currencies? Surely you didn't expect such a phenomenon to be a bedrock of stability in such a short time? Give it a while and get on board when it proves itself to your satisfaction. There will always be plenty of room on the right side of the decimal point.
Currently most people's labor is denominated in USD. So the car get's priced in USD and the buyer pays the current bitcoin exchange value to the seller who can choose to immediately convert the BTC to USD or just hold the BTC. In this scenario bitcoins are acting as more of a payment method than a currency, and that is just fine.
Bitcoin to ZeroHedge: "I love when you hate me. I don't have to pay for publicity."
ZeroHedge Blinders: "Many widgets rallied 50% today, but we'll focus on one, because, well we have a single brain cell"
Bitcoin troll: "I'll conflate real widgets and real things with an abstract set of computations that have no meaning in the real world. I'll do it on ZeroHedge, the one place I'm assured that most people know I'm talking out of my ass. You all didn't buy into this latest tulip mania, but I'll dismiss that because of cognitive dissonance. In my confused and financially illiterate mind you obviously don't like a really volatile and dangerous digial currency investment because you only have a single brain cell".
Okay, your master is obviously the Ben Bernanke, and since you seem to love your master so much why not load up on his bank notes.
Perishable flowers that replicate themselves automatically and the world's first distributed and trustless accounting system, pretty much the same thing right?
In the sense that you're a failed, absolutely.
By trustless I mean no trust is required.
...is to be expected when one treats what is explicitly as a currency on its own merits in a world of dying fiat
"Is to be expected"????
You lost me there, pilgrim.
Just as EBay added value to the garage sale by putting it on the web, Bitcoin adds value to the Ponzi scheme, that's the "play" at work here. Insofar as it has a maximum supply it's a *limited* game which is slightly different from the classic variety, but calling it a "currency" is like calling Caeser's Palace chips a "currency".
But perhaps the important point here is that EBay REALLY DOES add value to the garage sale (and pawn shop and any other way to turn random objects into cash). People like to play games, even Ponzi games. Add value to that, and you have something that many people will like, whatever the f it is.
Actually, a lot of money laundering in and out of China does use casino chips.
Nobody is forcing you to use bitcoin. On the other hand, whatever I and my partners agree on to use in completion of a trade is none of your business. Get used to it.
How many un-banked people are there in the world? One service Bitcoin provides: bank-like services for everybody. No forms to fill out, connect to the network and send money anywhere, anytime without needing permission from anybody.
>One service Bitcoin provides: bank-like services for everybody
Good point, and that's a real service. Is a service a "currency"? EBay adds to the value of goods by adding a wider location value - or removing location value limits, perhaps. So does Bitcoin, as electronic transactions all take place in the cloud. Banks charge extra for that kind of service.
So, I guess I'm arguing that bitcoin is neither fish nor fowl, it's something new. I might use it, or not. But I'm still going to snort at anyone who calls holding it an "investment".
dont think for one second that numerous sociopath rabid bankers have recieved a memo from Ben shalom to go rabbid and buy thee shit out of all of these digital currencies and short them to each other and create extreme volatility. They will make money off it and prevent price stability-the one thing that would give digital currencies credibility.
Don't think or don't doubt?
The dealership that sold the tesla just shit its pants.
Except they use bitpay and the BTC were converted to USD at time of purchase.
With all due respect you have NO CLUE as to when or whether and to what they were converted. If you can show me a site that is secure and will redeem them in less than 10 min, then you'll be showing me something that doesn't exist. Even 10 min is a lifetime with this amount of volatility.
Your post fell short of the mark and is rubbish (with all due respect to rubbish)
probably too much effort for you but here, from the first link in google.
"After checking into any legal issues and other research, the dealership worked with Bitcoin payment processor BitPay to handle the transaction."
http://www.ketknbc.com/news/someone-bought-a-100000-tesla-with-bitcoins
.... and this from th e second link
"Lamborghini Newport Beach sold the car for about $103,000, or 91.4 Bitcoins, in a transaction handled by payment processor BitPay, said Cedric Davy, marketing director for the Costa Mesa, California-based dealership. The sale cleared yesterday and the Model S will be delivered to its Florida-based buyer, who asked not to be identified, Davy said by telephone.
“We’re a dealership -- we’re not in the business of doing any speculation,” he said. “For us, it was just important that the money could be transferred into U.S. dollars.”
http://www.businessweek.com/news/2013-12-06/bitcoin-meets-tesla-in-calif...
How about two sites which provide bitcoin conversion payment processing.
Coinbase.com
Bitpay.com
Your rubbish joke was super funny though.
If you buy a bag o' crap with bitcoin, it that like garbage squared?
More rubbish jokes. Too good, too good.
Mea culpa.
Our daughter looked into Bitpay and was flat out told (or she's a liar) that we'd pay 0.99% fee and that there was a 15 minute window. I posted the same thing earlier in the thread.
"But the dealer didn't need to worry about the risks associated with the volatile currency. BitPay locked in Tuesday's Bitcoin price for both the buyer and the dealership, Davy said."
Tuesday's price? EOD or at the time of the purchase or what? The news piece makes it sounds as is the buyer would be charged whatever amount of Btc converted to $104K USD at the time that the buyer settled with Bitpay and that Bitpay settled with the seller. That then puts the risk squarely on Bitpay unless they in turn pass that on to the buyer who is required to surrender whatever Btc amounts to the $103K USD that they are giving the seller. That is in contrast to what our understanding was. If my risk would be limited to having Bitpay as the final counterparty, then we'll need to rethink this and will need to find out who (if anyone) is underwriting their failure to perform. End of the day, I need to be paid.
"when the invoice is created, the rate is locked in for 15 minutes. So buyers and merchants do not assume any volatility as long as the transaction can be paid within the time window. This allows commerce to take place in a volatile market, with no risk to the merchant of the volatility. BitPay assumes the risk for up to 15 minutes. Although most people pay within the first 1-2 minutes, so the risk window is shorter."
https://bitcointalk.org/index.php?topic=160515.msg1699225#msg1699225
"After checking into any legal issues and other research, the dealership worked with Bitcoin payment processor BitPay to handle the transaction."
See folks, it's just That easy!
Transacting fads... two peas in a pod.
I didnt know you could convert lead into gold
Of course you didn't.
all this btc downvoting.. how many accounts does Peter Schiff have?
I blame those Communist Chinese fuckers at Baidu. First they accept it, then they don't, but they accept it for some things, but not others.
WTF? They aren't Capitalists, they are still pinko commies, I don't care if the CEO is from Jersey.
Sometimes reality intercepts fantasies...
Tempest in a teapot
Don't write bit coin off yet. It still has $800 to lose.
Some aspects of the idea may have been great but can you imagine borrowing in bitcoin? Massive swngs in your loan amount either way.
moar volatile than gold, it is.
hah I posted on another thread during the slamdown to buy in the 600's and then sell in the 800's
It just retreated about 2 weeks worth of gains... look at the chart this year and it fits the same dips as before but getting stronger each time.
3 weeks ago we were in the 400's and we never got close to that on this one but hate away fools!!! see ya at 1500 when you start to like it again and we'll slam it down to 900
Precisely why I will never trade this ghost. Have fun and stay nimble.
Chaa, BTMFD, listen to me, just BTMFD ... ha ha
Fontas: the Bitcoin ramper;
http://www.valuewalk.com/2013/12/bitcoins-fraud/?utm_source=mailchimp&ut...
I don't trade in these, but I've seen his name pop up in the trollbox on BTC-E all the time. Seemingly sarcastic comments about him being arrested have been on there for the past few days. I never did know why he had such infamy on there.
I don't usually do schadenfreude, but this had me laughing. Obviously not at the earnest folks who are btc fans, but at the fund managers and bankers who recently and publicly went in heavy with btc.
There's a certain kind of madness with people today. It's difficult to put a finger on it, but it seems to permeate with foggy reasoning and desperation as though they all know tomorrow is going to be infinitely worse so they commit to risks they would not normally take, their senses closed to everything except what they want to see and hear. Tell a btc fan that it is vulnerable to both manipulation and technical limitations, well we've all seen what happens. Conversely, tell a gold bug the same, and although there used to be the same tantrums and anger, what we see these days is acknowledgement instead. The difference between the two: experience gathered from the progression of data, information, knowledge, that finally led to a kind of wisdom that gold is not a short term speculation, but security for an uncertain future.
A certain number of people have zero moral centre. Maybe they were born sociopathic, maybe they have sub 80 IQs and don't know any better. They just seem completely unable to distinguish right from wrong, fiction from reality. This is a true account: Last week, when I expressed anger at (British) politicians caught stealing from the public purse by claiming false expenses and flipping houses without paying capital gains tax. A reply was posted that if it is not illegal (it was), then there's nothing for me to complain about and that he hated "fucking moralizers".
That, in a nutshell is the problem. There are actual human shaped apes without the mental capacity to understand that all the laws we have to enable us to rub along together have the fundamental basis that asssult, theft, and murder cannot be tolerated in any group . They are so thick, to them, there's only legal and illegal; what they can get away with, and what they can't. That's why the world is in such a shit state, that's why every organisation from the government to multinationals display such complete disregard for what is right and instead do whatever they can get away with. These morons think they are Nietzsche.
The good news is, these groups of criminals and their followers are predictable. It is possible to make money playing with them and against them because they are vulnerable by their greed and limited scope of imagination. The bad news is they are taking over everywhere, and when morons run the planet outright, things will have a tendency to break down a lot. That's almost where we are today.
I AM ZOD and I MUST FIND THE DEFECTIVE GENE!!!!
Great post!
One possible reason we're fucked is that the oligarchs have managed to increase the rules/laws such that it locks them in their positions of power and locks others out. Population inceases tend to come with increases in laws and controls.
Nice post, and I also want to respond to 'Seer' below.
Civilization is built on culture before law, but law is recognized - it is not created. Law descends not from men, but rather from the Universe itself. Human law is in fact an articulation of the Law of Equilibrium, as it applies to human beings. When it is NOT a clear interpretation of the Law of Equilibrium, it is not a law at all - it is a human based edict, and can and should be protested with all necessary violence.
The equilibrium state for human society (with respect to the Law of Equilibrium), is the state of pure Justice. We recognize that a just society is stable, predictable, balanced and moral society. When the edicts of men disturb the scales of justice, then there will be social unrest, as the equilibrium point is no longer aligned with universal law.
Byzantium was the longest enduring Empire (according to current general opinion) in recorded history. It was founded on Christianity, which told people the following gems; "Your reward is in Heaven" (so endure injustice today, God will sort it out later), "It is harder for a rich man to enter the Kingdom of God than for a camel to pass through the eye of a needle" (poverty is spiritual success), "Render unto Caesar that which is Caesar's" (pay your taxes like a good little serf - remember where your reward is?), "Obey those who have the rule over you" (do what you are told, no arguments), "Turn the other cheek" (dont rise up against injustice), "Return good for evil" (rather than punishing the evil doers, because they are your rulers).
Christianity (according to some learned men) was created by the Fabian family of Rome. They who were Caesar's, and connected to Caesar's. Constantine being one of the most famous. The bible was compiled by Constantine around 300'ish AD and became the religion of the Byzantine Empire.
Regardless of the true moral lessons which are present in the bible, the concepts of submission, servitude and poverty are expounded by the New Testament as virtues themselves, making a tyrannical empire incredibly successful.
Religion is a requirement for a civilization, however I use the word religion very loosely here. A culture is dependent upon its myths, its music and art, its ceremonies, its ethics and philosophy reduced to simple tales or legends that are easily digested, and all parts of it need to have an emotional impact. If you are looking for the cause of cultural weakness, then it is to be found in a failure of religion - its core values, its application, and/or its relevance.
The teachings of any religion are invalidated if they conflict with the Law of Equilibrium - as they will only bring distress and inequality. Also to be rejected is personified religious authority - moral and religious authority exists as an action - not as person.
While I am obviously opposed to much of what is taught in Christianity, I am wholly supportive of 'religion' as the foundation of civilization - in fact I believe you cannot have a stable civilization without it. However, we need to distill the important, lawful and ethical aspects of religion, and maintain those - regardless of which religion it might be - if we intend for a moral civilization.
I would of course advocate a new religion, based on human dignity, sovereignty, property rights, the virtues of labor and compassion, the non aggression principle and the elimination of all monopolies. I am very much opposed to religions that promote laws which are not aligned with the Law of Equilibrium, or punishments that are not proportional.
The moral depredations of the clergy and religious adherents, their avarice for wealth and flesh, the irrelevance of most of their moral values and a paradoxical propensity for aggressive violence are the failings easily identified in modern religion - which I conclude stands at the heart of modern cultural decay.
Tulips anyone? They are better than cash.
Ah, the nursery is back down the hall and to your right.
Please help a Cal State LA student out.
WILL WORK FOR BITCOIN.
Last week whan I applied to UC Santa Barbara things seemed so wonderful.
Many of the cheerleaders point to a chart and say "see its going up in value", but here's the thing, the only thing that makes it valuable is the samething as what makes FRN's valuable. You just convince people that there is real value. BTC needs the same ponzi to keep its value up as fiat currencies. Gold is to fiat as fiber is to BTC.
you forgot about the whole part of governments increasing the amount of fiat... sure there are some big whales that can unleash large amounts and screw with the exchanges but it isn't like they just print more.. mining is getting a bit harder more and more
remember, people were using btc when they were less than $100... it's not going to die, it just might not be the beesknees every week.. mmkay?
BTC is deflationary, every bitcoin in time will buy more goods. Fiat decreases in value with time.
"BTC is deflationary, every bitcoin in time will buy more goods."
Hey buddy, you need to transact? Come here and you can use my computer for the small sum of...
Making such absolute statements without there being math to back it up is more than foolish.
Erik Voorhees Responds to Peter Schiff’s Bitcoin Criticism in an Open Letter (This is Excellent)
Source: libertyblitzkrieg.com, Posted on December 3, 2013
You say "Down 50% in two days", and I say "Up 3695% since January".
I'm not sweating.
The majority posters on this site/thread are mostly in it for the free Obama phones. They love the central planned economy. Anyting that is not central planned puts the fear in their eyes, they then hit the keyboards with endless rhetoric to defend their flag that was still there....as their USA train accelerates towards the cliff....85 billion a month is a sign of a healthy economy.
Are you stting that non-believers in Bitcoin are embracers of centralization?
And Bitcoin is dependent upon a highly controlled Internet, and usually electrons from your local electrical monopoly (which would be in bed with govt). Yeah, nothing even remotely equated with centralized power/control...
BitCoin versus gold.
Since when did they make bangles and necklaces with BitCoin?
Well, you're going to have egg on your face when dentists start filling teeth with Bitecoins!
BTC replica to all your bad words about it : http://www.youtube.com/watch?v=JnCW4nmJZv0
LOL
Well it sure as shit isn't a barbarous relic! Who wants that kind of volatility in a currency it's like Brazil in the 80s before they got inflation under control.
Junk away.
Once BTC is accepted it will be stable, then the only trade is BTC and you won't think in terms of FRNs, which will disappear. You will only trade BTC. I have $7k CDN in my desk drawer, I don't worry about what it's worth in USD even though the CDN is droping like a rock. A MCd's burger is still $4.50, same as it was last month.
And it will quadriple in the next 2 days and then it will lose half of that.... Its called volitility.
Exactly what makes the real world work! </sarc>
I swear to G-d, that one way trip to Mars looks better every day.
Keep track of all the goofball pumpers here. they will no doubt change their stinking nicks as soon as the crypto bubble dies.
bc only good if you sell it. when folks realize this is will be zero before you can say "fools crypto"
Can I keep quoting you at $10k, $25k, $100k?
Fiat currencies for all their many faults are still backed by the “force of law” and the national labour of citizens and the taxes they pay.
The ‘virtual’ programmer-created Bitcoin is backed by the wet dreams of international speculators who really really really want it to go to a million.
Can you spot the difference?
Governments and Central Banks can.
Expect more Chinese- like announcements from around the world … along the lines of “If you want to trade Bitcoins like virtual baseball cards …. go for it … but there ain’t a snowball’s chance in hell of Bitcoin becoming an official currency … just so everyone knows.”
Bitcoin has been like a pirate ship that has been operating under the radar, but everyone should understand that when a pirate ship decides to operate within the main shipping lanes, the navy is always despatched to eliminate the now actionable threat.
Looks like the Bitcoin junk visiting Hong Kong may have already been impounded.
I have spent the past 2 years running my computer 24/7 solving worthless mathematical problems in order to create blocks of nothing.... and now I want to sell them to you.
Well, if you're not from the govt or the Fed then, SURE! </sarc>
“If you want to trade Bitcoins like virtual baseball cards …. go for it … but there ain’t a snowball’s chance in hell of Bitcoin becoming an official currency … just so everyone knows.”
Competing currencies aren't allowed. So, Bitcoin would have to REPLACE the USD. Yeah, the USD WILL become extinct, but I would expect that any replacement would have control points attached, and if Bitcoin is as unemcumbered as the proponents say it is then that would tend to suggest that TPTB are going to walk right past it.
Called it! Too bad there are no put options on BTC. Going to ZERO!
Schiff pricks the bitcoin bubble..........priceless
especially the look on the bitcoin apostles face that he is debating.
http://www.youtube.com/watch?v=mFcTJAQ7zc4
Why i it either or? If people keep arguing over stupid shit like this, we secure gov issued fiat as the continuing future of money.
Unless, of course, you are really a banker or a gov agent.
I can't believe people who claim to be against gov fiat arew so fucking pig headed.
There are no put options because I think you may have trouble coming to market with something that is nothing, free, open source and of no value.
Buy the dip
Honey, I shrunk the bitcoins...
Hummm...feeling like taking the digital track and trace invisible money-god down today lord rottentic?
"Hurumph garble...blah...burb...er...oui...feeling like crashing bit coin today...gold tomorrow...burp...gurgle...burp...."
Yes master.
"China City" proposed for NY.
http://www.foxnews.com/politics/2013/12/07/massive-china-themed-city-pro...
Bitcoin = just another place to lose your ass.
There were a number of scum that claimed bashing bitcoin was a knee jerk reaction. Will those scum refund your losses?
I guess it took only the sale of one Tesla for BTCs to crash this puppy?
Wondering if that Cali high end dealership exchanged their BTC payments right away or if the Tesla buyer is now driving a better than Black Friday Tesla @ 50% off deal?
EDIT: I just learned the dealership converted to USD at the time of purchase
The guy who bought the Tesla is a genius imo. Anybody who can convert something from nothing for something tangible is a genius or a quasi alchemist.
walrus
ate my bitcoins
I notice most of the bc defenders are not in the house tonight.
That's what pumping SCUM do ,they dissapear when the game ends
I have to admit I have alot of respect if this is all just a very elaborate scam where everyone including the US Senate had an opinion on the fraud. This is taking the "Emperor Has No Clothes" and "Ponzi" to a whole new level. Very few came out openly saying that this thing wasn't backed by anything, is naked (has no clothes). The BOA analyst gave his stamp of approval but I've seen worse come out of more respectable organizations when it comes to aiding and abetting a fraud.
Wall Street is a criminal enterprise which walks more or less carelessly across the world in the open and does what it does best. It fleeces hard earned money from gulible people. But then again, when the basis for an entire world view has a fraudulent origin, why should anyone expect any different from Wall Street and that's Wall Street's excuse fyi.
The truth shall set you free.
Are you sniffing glue? Helllooooooooooo, we're on the 750th comment on this thread. 43k+ page views might put it in Tyler's Top 10 for the year.
Hearing it takes 3 hours to sell a physical bc tonight.
Where did you hear that? I just sold a bitcoin in a local coffee shop and it took all of about 10 minutes.
For years I've been reading this blog because I hold the general Libertarian aspirations of most others here. A distributed currency outside the control of the governments and central banks finally shows up and most of you hate it with vile spewing passion WTF ?
The wider its acceptance the stronger it gets. You should all be building independent nodes and promoting the shit out of it - strengthening it.
After a time, you may find that having is not so pleasing a thing, after all, as wanting
For years the crooks who carefully planned the BTC scam have learned how to scam self described Libertarians just like yourself the best way.
Offer an investment in something that threatens and challenges the establishment.
The miracle drug that cures all ails. The miracle currency of the 21st century that is better than fiat and is loved by Libertarians and loathed by Statists. Every news piece on BTC was a news release to feed your ego and conviction and entice you to surrender your fiat into the scam.
Nothing like this in our lifetime. It's grandiose and it won't go away quietly. Biggest and most elaborate scam ever.
Tipping my hat to the Satoshis out there. You even got the US Senate fooled. Simply WOW!
Scam-you keep using that word, I do not think it means what you think it means.
Please, enlighten us how it is a scam. If it is a scam because the price can go down, then gold and silver are also scams.
How is bitcoin worse than the dollar? It is much better than gold at crossing borders--doesn't even require kegel exercises.
Part of the scam is to discuss the subject as if it were something real, like let's say gold. Ever notice how bitcoins get compared to gold? As if BTC had even one iota of semblance to a rare metal which has been historically regarded and held as one of the most precious and rarest tangible assets on this planet. Heck, the Bit "coin" even looks golden.
It's perfect alchemy. You know, like the guy Merlin who was supposed to make gold from straw for the King. The inventors of BTC found a way to convince people they could make a gold like "asset" from nothing but hot computer air.
It is just a figment of some people's imagination. Very much like any religions. Very much like "Jesus". Don't worry, it will be around a bit longer. As long as gulible people are willing to regard it as real, the scam can continue and it can provide a nice income stream for some.
BTC is not a currency unless you want to regard any religion a currency. I guess the argument could be made that currency just like religion requires that all important ingredient "faith" to take off. People seem to have "faith" in BTC which is why it's got legs. Will those legs be strong enough to keep it standing for much longer? Perhaps for as long as other religions or currencies are willing to tolerate it.
The honest to God (pun intended) truth is though that BTC is a scam and the founders are laughing all the way to the bank (pun intended).
Bitcoin makes these claims: it is decentralized, fungible, scarce, durable, divisible and recognizable. Where gold is tangible, BTC is intangible.
I wonder what would happen if the process of converting bitcoins into vile fiat was suspended for any number of reasons. It would then appear your crypto "currency" would be lost in cyberspace forever. You could go on solving your useless math problems building blocks "mining" etc.
The whole process would take place in a weird but truly virtual world, where you can continue trading your magical tokens undisturbed.
Me, too. Bring it on. Probably turn out as well as stopping the conversion of marijuana into vile fiat. Governments run the risk of blowing their own game if their heavy fist shows absolutely no results.
You give ZHers too much credit. As a group they are no smarter, idealistic, enlightened, or principled that the population at large.
In fact - on this subject in particular - much of the general population would more likely be opinionless on BTC, whereas here you have a bunch of emo malcontents ranging between UN-informed and MIS-informed, who are perfectly comfortable mindlessly repeating tired and inaccurate condemnations of BTC as "Ponzi" or "tulip mania". Of course, they have little idea what exactly ARE the conditions of a Ponzi scheme, so naturally they can't possibly recognize that BTC couldn't be a Ponzi - if in fact they understood BTC well enough to accurately compare and contrast it with a Ponzi template. The "tulip mania" blather is even more unforgivable, since- for much of my adult life- Mackay's telling of the tulip mania has been known to be both exaggerated, and incompletely understood.
And just like the population at large, ZHers sieze on - and repeat - the words of those who appeal to their cognitive biases, and attack, dismiss, or ignore that which causes cognitive dissonance.
Part of the allure for Bitcoin seems to be that you don't get hosed by Western Union or whoever sending money home. Kind of like saving money using VOIP instead of AT&T. Could someone adapt Bitcoin to take advantage of this aspect but still make transactions in US dollars?
Yes.
http://www.hit.bme.hu/~buttyan/courses/BMEVIHIM219/2009/Chaum.BlindSigFo...
Look you fuckers. I am the 2016 presidential candidate for the Bitches and Blow Party, bitchez, and we accept Bitcoin donations.
If that's not a ringing endorsement for BTC, I don'tknow what the fuck is
. Now, DONATE, fuckers.
18qiuXPe2TLrfpCydvY5AdZEY1Y5Ju A7vb
Live by the sword, die by the sword
The volume was less than 1/5th what it was in April. Bitcoin is spreading out, diffusing across the globe. Panic has certainly not set in--yet. I wish Somalia or Paraguay or even Pittsburgh would start using it as their main currency.
The volume was less than 1/5th what it was in April. Bitcoin is spreading out, diffusing across the globe. Panic has certainly not set in--yet. I wish Somalia or Paraguay, Zimbabwee or even Pittsburgh would start using it as their main currency.
He who laughs last, laughs best and longest. ZeroHedge's user base has proven itself completely ignorant, which is a wonderful thing. Automated bots post quite a bit of comments too. Good thing all the comments are kept in history, it's the grand exposé their ignorance in the coming months, years, decades.
"Horray, to Fiat money and fractional reserve banking" they cheered, Circa Dec, 2013.
My eight year old daughter just found a shitload of BitCoins, LiteCoins, BrokeBackCoins, etc on her new MineCraft download but my three year old son only found bedrock. See?
Ben Bernanke thinks your bum looks nice and will lube it up good after he prints his next 85 Billion this month.
Has fonestar been on this thread all day? He cant resist a buttcoin brouhaha...Hey Fonestar! No evidence here, just wanted to say Fuck Off
Fonestar may have died from a JAVA script overdose but I can not confirm.
Had to get rid of my bitcoin to load up on twitter, tesla, and netflix.
So I see the bashing party continues unabated here. So Bitcoin is at $700 now. One month ago today it was $300.
Besides all the comments about how you can't hold it, and it's digital shit, can somone honestly say that people that bought this one month ago when it was surging are somehow upset that their investment only reaped them 133% in 30 days? Let alone the long term holders.
Someday, this may go to zero, but there is so much money behind this right now, it isn't going to all pull out overnight. There are also millions invested in mining hardware and those people aren't going to quit overnight either.
And despite reading all 13 pages of these comments, I can't understand why its such a personal affront to you that some people ascribe value to this or why its so pleasurable to watch it momentarily dip. 99% of you lost no money to Bitcoin. Most of the ones pushing it made money. And everyone here likely agrees with the idea that FRNs are out to fuck everyone that isn't connected. Yet, at the first real attempt to sidestep the manipulation of CBs and you all cheer when you think it's getting drown in a bathtub.
I see people saying when the shit hits the fan and gold goes to 10K an ounce, they will... blah blah blah. You all look like fawning Bieber fans to those comments and they are equally as retarded.
I wish most of you would man up and admit you're pissed that your chosen commodity hadn't increased in value parabolically as you think it should. Sorry this one did first.
As mentioned before, I don't own any bitcoins. As a financially impartial observer, you all sound like a bunch of hateful whiny bitches that won't accept anything but PMs as the future of money. We aren't ever going back there. And if we do, I'd much rather have 10 guns than 10 ounces of gold.
Why not hedge?
Let's say 4 guns, 3oz gold, 150oz silver, and 2 bitcoins ;)
I wouldn't keep more than about 10% in bitcoin at the moment, and I am a risk seeking reletively young person.
Make that 1000oz silver or 20 oz gold and it looks more reasonable to me.
my breakdown was relative to the 10 or 10 premise of his comment...
...and 10% BTC would be hard to quantify as well, relative to when you obtained it, what the current price is vs.the rest of a portfolio, and what is happening with your other assets currently. IMO, bitcoin's volatility defies having a %/investments discussion.
"I'd much rather have 10 guns than 10 ounces of gold."
Do you have either much less both? And what good is a gun going to do you without any ammo? What happens if you have no electricity for your cryptocurrency? You are acting like a petulant chld with your argument.
I can't help if you're an idiot and don't understand guns and ammo go hand in hand. And I only have the gold that exists in my wife's jewelry. I don't have any cypto, I already said that. You're argument was spiteful at best, and failed in most every other test of sound reasoning.
If there is no electricity and society falls apart as half the apocalyptic type on here see as happening soon, there is only one law - the law of possession. There is only one currency - needs. If it isn't food, water, shelter, or the means to take those items from someone else, it won't be worth shit.
I live in the now though and gold is a shitty investment and bitcoins are too speculative for me. I still find them interesting though.
Will fuck for bitcoin
crypto-whore!
Bitcoin will fuck bankers.
For free.
The Obama bots have taken over ZeroHedge and want their Obama phones!!!!!!!!!!!
Long live FIAT lovers. They are the reason for BTC's rise and the tag 'bitcoin' posts on ZeroHedge.
All they have is a little computer program to write comments. And they down arrow anything which Ben Bernanke does not conjure into existance.
hurry, Everyone back into FIAT Money, Janet Yellen has solved the Quadrillion dollar problem, with a trillion dollar coin... oh wait... reality check.. USA is debt ridden corpse of corn syrup drinking low IQ genetic rejects which watch more hours of TV than any other nation. Because, because, well, just because.
Shit FIAT... SHIAT money! LOL... what a bunch of tools on this site. Ben's experiment will work out... just vote another black president that plays more rounds of golf than the last one... and hands out iPads instead of Phones... becauise, well you can print prosperity with funny money...
The QE they launched isn't even the real QE as it was decribed academically. See, the tools at the FED can't even copy/paste a thesis and excute it, they f'ed that up too..... Goberment will be there to save you...
You are getting tiresome magnetic. I will preface by saying that I knew about BitCoin long before you did or most of anyone on ZH or MW so you can CAN it with the Luddite argument. What you and your ilk are doing by attacking so called gold bugs are very dissuasive arguments. Your assumptions that we do not understand what Cryptocurrencies are is an insult to our intelligence.
You are a tool plain and simple. That you have no understanding of economics makes this fact sparkling clear. You come here and you frag the market veterans, those who find the truth of the matter through diligence, those who have spent years studying economics or numismatics yet you expect us to take to heart anything you have to say.
You are trash. Anything you have say is going to be discounted to it's true value of zero.
I'm honored by down arrows, and I appreciate you exposing your igonorance with every keystroke.
Sure, you know everything before everyone, even people you've never met and write to over the internet. That makes you credible fool.
Sure, anything you have to say fit with your modis operandi Central Bankers and that of Bernanke's bed and pillow talk. Gold is not a panacee, if you think it is then you're confused.
In any event, you and your porn loving boys have no effect on intelligent men and women who see this from a change of consciousness, not the price of stuff.
This is not Gold vs Bitcoin as you seem to desire to frame it. It's about transactions, value and technology. Gold is an old hag already, while nobody is suggesting that it will be vanishing from existance, it stays in a vault and has no real meaning on a daily transaction basis.
Where's the FiatLeak.com for gold biatch??
How many gold ounces are in current existance today? How many will be mined out of ground over the next 3 decades... you're guessing because you can't verify anything.
BitCoin on the other hand is a hot sexy babe that all the young kiddos want to bang all night. She got 21 million coins and don't give a rats what you think.
You're a psychological warfare pawn. It only hurts you.
Omnipotent one, what then do you suggest I do with my gold, silver, guns and ammo?
Or farmland?
We've managed to convince ourselves that the virtual world can replace the real/physical one.
Use the gun and ammo to shoot yourself. 4 birds stoned at once.
From the one that claims he spent years studying economics... you poor degenerate.
OK, let's say that I shoot myself. I have a couple of questions: Where exactly should I shoot myself? I have a wife and two children, what of them should I shoot myself? You do seem to have all of the answers.
Oh, fuck, your kind is breading?!! Okay, well then just leave a nice note printed with an HP color printer made in China.
Then write somethigng like "I really don't know why I did this, some poster on ZH pushed me to the limit. Do you still love me?"
At least they have a fighting chance of not ending up upside down like you are.
I do enjoy making homemade bread in fact. It's an art form that is thousands of years old and not quite as easy as it would appear. Do you make digital bread and how exactly does that taste?