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Bitcoinaires Take To The Streets

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Mon, 12/09/2013 - 14:20 | Link to Comment The man with po...
The man with pointy horns's picture

That's one car ripe for a drone strike...

Mon, 12/09/2013 - 14:25 | Link to Comment nope-1004
nope-1004's picture

The true sign of the future of money, tangible, and secure.  So what's a holder of such wealth to do?  Why....  cash out and buy a depreciating asset!!

LMFAO. 

 

Mon, 12/09/2013 - 14:26 | Link to Comment fonestar
fonestar's picture

Bitcoin is the most secure financial instrument!!

Mon, 12/09/2013 - 14:25 | Link to Comment walküre
walküre's picture

don't be ridiculous

Mon, 12/09/2013 - 14:30 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

That baby-shit yellow Lotus probably belongs to a mining hardware manufacturer...

HashFast Sierra Batch 2

1200 GH/s

$7080

780 W

12/10/2013

-

-

-

12 days

CoinTerra TerraMiner IV

2000 GH/s

$5999

1200 W

1/14/2014

-

-

-

14 days

VMC Platinum 6 Module

1536 GH/s

$9039

1400 W

12/14/2013

-

-

-

14 days

HashFast Baby Jet Batch 2

400 GH/s

$2760

260 W

12/10/2013

-

-

-

15 days

CoinTerra TerraMiner II

1000 GH/s

$3499

600 W

1/14/2014

-

-

-

16 days

VMC Platinum 1 Module

256 GH/s

$2400

400 W

12/14/2013

-

-

-

25 days

KnCMiner Jupiter

400 GH/s

$4995

640 W

12/10/2013

-

-

-

32 days

HashFast Baby Jet Batch 1

400 GH/s

$5600

260 W

12/10/2013

-

-

-

37 days

KnCMiner Saturn

200 GH/s

$2995

320 W

12/10/2013

-

-

-

42 days

ButterflyLabs 600 GH/s

600 GH/s

$4680

350 W

1/14/2014

-

-

-

50 days

BitFury Full Kit Oct

400 GH/s

€6500

400 W

12/10/2013

-

-

-

94 days

                 
Mon, 12/09/2013 - 14:34 | Link to Comment kushmere
kushmere's picture

Ugh, I just wish my Asicminer stock would regain 50% of its losses!

 

http://bestbitcoinsites.wordpress.com

Mon, 12/09/2013 - 15:22 | Link to Comment Cult_of_Reason
Cult_of_Reason's picture

I saw a red Ferrari in LA with BERNANK license plate.

A friend of mine saw a Bentley with ♥YELLEN license plate in Newport Beach.

Mon, 12/09/2013 - 15:41 | Link to Comment Frank N. Beans
Frank N. Beans's picture

that pretty much says it all right there

Mon, 12/09/2013 - 15:49 | Link to Comment sixsigma cygnus...
sixsigma cygnusatratus's picture

I remember the good ol' days when companies like Pets.com and Friendster.com were the only ones that could afford Ferraris and Lamborghinis.  Solid companies, not like those wannabe companies that manufacture useful things.

Mon, 12/09/2013 - 15:51 | Link to Comment fonestar
fonestar's picture

BTC back at $900 USD on MtGox!!

WE LOVE YOU SATOSHI!!!!

Mon, 12/09/2013 - 15:56 | Link to Comment CH1
CH1's picture

WAIT... $900.???

I thought it was DEAD!!

All those desperate hopes for destruction shattered, again. LOL.

Mon, 12/09/2013 - 16:05 | Link to Comment malikai
malikai's picture

Don't worry.

I'm sure the 'crash' story from $5k to $3k will get at least 30k clicks.

Wed, 12/11/2013 - 04:20 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

such a drop would wipe out enoug bag-holders to scare the rest into dropping it like this:

5k-3k

then 3k 3.5k up

then 3.5k - 1.5k

then hold flat

then it's a vertical drop to 0.

On the other hand the likely reason to pull up to 5k is if the Fed prints money to get them. People flat out don't have the money to just throw at a non-existent bit-pattern token & it can't be used for purchasing goods at that volatility so it will ONLY be used for trading speculation. It will be a dot-com bust.

So if it hits 5k it either drops to 0 because it's garbage or it stays up but only in control of the Feds who have the infinite fiat with which to buy it. Fiat is the rule of the land & submitting btc on exchanges to the whims of fiat put the Fed in the driver's seat.

Mon, 12/09/2013 - 19:24 | Link to Comment nmewn
nmewn's picture

The BitOnepercenters...lol.

Tue, 12/10/2013 - 15:44 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

not to worry, it'll be 500 then 200 in 2 weeks then 2 weeks more. BTFD, right? Fool.

No bag-holders here.

Tue, 12/10/2013 - 00:30 | Link to Comment palmdetroit
palmdetroit's picture

Put some interest in the exchanges, esp ones that pay weekly dividends in BTC

Easy leverage on BTC... PHS up 45x last month priced in BTC

https://www.cryptsy.com/markets/view/86

Mon, 12/09/2013 - 14:46 | Link to Comment seek
seek's picture

Don't forget that difficulty is increasing (you make less BTC per day) and that some (if not most) hardware manufacturers have a terrible time hitting delivery schedules.

To put it in perspective -- if I'd spent what I did on hardware at the start of 2013 on bitcoin itself, or if the hardware was delivered on time -- I'd have made a 8700% return on my money, if not more. Well over $1M for my situation. Instead I'm at a 250% return at the moment.

Hardware is bad investment.

Mon, 12/09/2013 - 15:07 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

...hardware manufacturers have a terrible time hitting delivery schedules...

You don't think there would be any incentive for them to "test" those machines for a week or two before shipping them, do you?

Like I said, that baby-shit yellow Lotus probably belongs to a mining hardware manufacturer.

Mon, 12/09/2013 - 15:19 | Link to Comment seek
seek's picture

There's a huge incentive, but some made a point of testing on a test network so they didn't profit from it.

Avalon actually did that -- and then dragged their feet on delivery after shipping their first batch.

There's another incentive, though, that I think was in operation for most of 2013. All those manufacturers that were WAY late on delivery -- well, funny thing, if you don't deliver the miners, the difficulty doesn't go up much, and whoever had the most mining capacity (and sunk hardware costs) online at that time made the most money.

I have a conspiracy theory that the larger hardware suppliers were paid to be late. After almost a year of this and with lawsuits and AGs breathing down their neck, all of a sudden one ASIC miner manufacturer finally ships (over a year late) and then is joined by many other manufacturers. Suspicious as hell.

Mon, 12/09/2013 - 15:49 | Link to Comment Matt
Matt's picture

I think incompetence, supply chain issues, and greed sufficiently explain the delays. Avalon, the rumour is they had some sort of dispute about who gets how much of the profits and broke apart or something. Butterfly Labs, I think they had a mix of bad luck and incompetence. We'll see in March who delivers and who fails once more. 

Mon, 12/09/2013 - 17:24 | Link to Comment malikai
malikai's picture

ASICS and ASIC related kit has always remained the purview of large scale, highly refined development and manufacturing processes. It's not something you just mock up and send to some random factory in China then have a product in 1 year.

In other words, there's a reason high end network kit is very expensive and made by multibillion corps using many-year development and product lifecycles.

Maybe BFL and the rest will figure out how to do it. Maybe by then, Cisco/Juniper/AlcaLu will be making miners.

Tue, 12/10/2013 - 15:40 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

it goes up plenty: there are no such delivery delays with the NSA's super-computers you're competing against.

ASICS are yesterday, optical VLSI is the way to go.

Mon, 12/09/2013 - 15:43 | Link to Comment Matt
Matt's picture

However, selling hardware is fantastic, since you finance the entire operation, from engineering through production, with pre-sales, so you can avoid risking your own money.

Mon, 12/09/2013 - 16:02 | Link to Comment Dewey Cheatum Howe
Dewey Cheatum Howe's picture

In the gold rush the real money made was by the people selling pick axes and mining pans.

Mon, 12/09/2013 - 16:20 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

In the gold rush the real money made was by the people selling pick axes and mining pans.

...and Levi-Strauss.

 

I got tired of looking at the ass of that Lotus.

Mon, 12/09/2013 - 16:19 | Link to Comment malikai
malikai's picture

100x better than that fugly yellow lotus.

Mon, 12/09/2013 - 18:04 | Link to Comment sixsigma cygnus...
sixsigma cygnusatratus's picture

If that's the new ad for Buttcoin...now there's something I will get behind!

Mon, 12/09/2013 - 18:43 | Link to Comment Cap Matifou
Cap Matifou's picture

You surely had this one on mind

http://listentobuttcoin.com/

Mon, 12/09/2013 - 18:24 | Link to Comment acetinker
acetinker's picture

hedgeless, you never cease to amaze...  Wonder if I  turn my monitor around... YUM!

Mon, 12/09/2013 - 17:16 | Link to Comment AGAU
AGAU's picture

I got my rig from BFL so there were huge delays.

What do you think the delays will be like on the new 26nm asics?

Mon, 12/09/2013 - 21:03 | Link to Comment seek
seek's picture

Well BFL started shipping agressively on 65nm just as they went ROI negative.

If we say that bitcoin's price is at $1,000 USD/BTC, then for the 28nm ASICs boards from BFL, using the genesis block mining calculator with appropriate values, it goes negative ROI between February and March.

BFL claimed initial deliveries for the Monarch would be November/December. No delivery. I predict based on the negative ROI method, they'll ship around February 15th, +/- 2 weeks, unless the exchange rate rises. Even with double the exchange rate, it'll be ROI negative by April, so I'd say April 1 at the very latest or they might as well not ship.

No one is going to make much money from 28nm mining rigs. (Other than the manufacturers.) Best case they're probably looking at 100% ROI, tops.

Mon, 12/09/2013 - 16:04 | Link to Comment Headbanger
Headbanger's picture

Fuck it..    As long as the ONLY road song outta that rig is this:

http://www.youtube.com/watch?v=ru7M2dLkN4A

Tue, 12/10/2013 - 15:37 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

look at the wattage on those fuckers.
I could get a space-heater that directly gives me tangible value - heat - for $30 on the same wattage.
Those things will never turn out enough btc to translate to dollars (as no one wants btc, they want dollars, count profits in dollars, don't buy goods with btc, re-sell them for DOLLARS) to pay for the cost.
What a racket of bag-holder-finders.

Mon, 12/09/2013 - 14:30 | Link to Comment firstdivision
firstdivision's picture

fonestar is greek for ridiculous.

Mon, 12/09/2013 - 14:33 | Link to Comment fonestar
fonestar's picture

Please explain why Bitcoin can go to one figure, two, figures, three figures, four figures.....

But not five figures, six figures, seven figures?  Nope.  Impossible right?

Mon, 12/09/2013 - 14:38 | Link to Comment RockRiver
RockRiver's picture

Please explain why Bitcoin can go to one figure, two, figures, three figures, four figures.....

But not five figures, six figures, seven figures?  Nope.  Impossible right?

 

It can, but it would be helpful if you would explain why it will....

Mon, 12/09/2013 - 14:47 | Link to Comment fonestar
fonestar's picture

Because it fulfills a niche that no other currency offers, it is limited in supply, has massive demand and there is no force on Earth that can hold it down.

Mon, 12/09/2013 - 15:10 | Link to Comment boogerbently
boogerbently's picture

Yeah,

It's backed by the full faith and credit of......uh....those guys that make bitcoins......WHO are those guys, again??

Mon, 12/09/2013 - 15:25 | Link to Comment Bay of Pigs
Bay of Pigs's picture

Now it's a "currency" again?

Changes by the day around here.

Mon, 12/09/2013 - 15:56 | Link to Comment fonestar
fonestar's picture

Bitcoin is a system, a currency, a protocol and perhaps someday even a voting system.

Mon, 12/09/2013 - 15:58 | Link to Comment CH1
CH1's picture

and perhaps someday even a voting system.

FUCK voting!

Mon, 12/09/2013 - 17:02 | Link to Comment Haole
Haole's picture

Being involved in Bitcoin is voting in it's purest form.

 

Oh, wait...  You mean Bitcoin isn't dead?  Again?

I guess about 80% of the comments sections on ZH BTC threads have been spitting-up all over themselves again?  Shocked, I'm just shocked. /s

Mon, 12/09/2013 - 17:22 | Link to Comment CH1
CH1's picture

Being involved in Bitcoin is voting in it's purest form.

That's a rather loose definition of "voting," but I'll clarify anyway:

Fuck the state - every state. They are ALL organized crime. Relics from a barbaric past. Things to be forgotten and tinged with embarrassment.

Mon, 12/09/2013 - 18:12 | Link to Comment Haole
Haole's picture

It's not a "strained" (as you put it before editing) or "loose" definition of voting in the least.  Use of one's purchasing power and wealth, ability to preserve and maintain wealth and it's security to one extent or another, on one's own terms is one of the common man's most effective ways of voting in his/her world.   Spare me the Newman-esque state-hate-induced hysteria, ZH is all too full of that BS by people who pay it too much attention and grant it too much influence over their lives.  That is more a strained or loose proposition...

Mon, 12/09/2013 - 15:26 | Link to Comment Prisoners_dilemna
Prisoners_dilemna's picture

I was gonna type the whole thing for ya....

instead just go here.

http://evoorhees.blogspot.com/2012/04/bitcoin-libertarian-introduction.html

 

Thats why it will reach infinite.

Mon, 12/09/2013 - 15:28 | Link to Comment fonestar
fonestar's picture

Part of the beauty of the Bitcoin network is that it does not require human trust like banks do.

Tue, 12/10/2013 - 15:33 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

nonsense. Bitcoin requires 100% human trust.
Most humans don't understand algorithms & never will - they must trust.
Bitcoin has NO MOLECULES, NO ATOMS upon which real money gets value (physical utility of the atoms, chemistry) so the ONLY value is TRUST, FAITH, that a dumber bag-holder will come along and take bitcoins.
I'm no such bag-holder and their price is ZERO to me.

Mon, 12/09/2013 - 15:59 | Link to Comment tmosley
tmosley's picture

Noone makes bitcoins.  They were all made at one time, and set into the system.

The circumstances of their creation no longer matter, even if they were somehow fraudulent.  There can be no more systematic fraud.  This is as opposed to fiat currencies, where the fraud and theft continues each day.

Mon, 12/09/2013 - 17:58 | Link to Comment Straw Dog
Straw Dog's picture

And the paper currency, the US Dollar, is backed by the full faith and credit of the US Government. Would you argue that's a better backer than Bitcoin's backers? Who do you trust the most?

Like bitcoin, most of the "US dollars" used in transactions are nothing more than zeros and ones on some bank's computer.

Tue, 12/10/2013 - 15:30 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

it's about force, not trust.
US gov forces dollars to have value using massive weapons of war.
It's not a choice & the punishment for using none is severe / lethal.

Mon, 12/09/2013 - 15:12 | Link to Comment silverserfer
silverserfer's picture

becasue in order to be affected by a force, it must actualy exist in the physical realm. 

Bitcoin exists in the digimon world where you must defeat digital monsters to increase the level of bitcoins. 

Mon, 12/09/2013 - 15:46 | Link to Comment Frank N. Beans
Frank N. Beans's picture

massive demand?

probably half the earth's population doesn't even own a computer device

what do THEY do when bitcoin becomes THE world currency? 

Mon, 12/09/2013 - 15:56 | Link to Comment fonestar
fonestar's picture

Bitcoin is far more scalable to villages and small, remote locations than traditional currencies.

Tue, 12/10/2013 - 15:25 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

no, traditional local currency is local goods, barter, and that is the most versatile, most scalable.

Mon, 12/09/2013 - 16:02 | Link to Comment tmosley
tmosley's picture

They own phones, and they are used to using them for finance.  The transition would be a seamless one for them, should the market choose that route.

Mon, 12/09/2013 - 17:47 | Link to Comment fiftybagger
fiftybagger's picture

Correct.  Bitcoin would be the best thing for the African continent in 2000 years.

The Bitcoin Channel

Tue, 12/10/2013 - 15:25 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

I'll know when Nigerian princes are emailing everyone to let them know they have inherited bitcoins and need my help.

Mon, 12/09/2013 - 18:05 | Link to Comment TeamDepends
TeamDepends's picture

Frank, don't try to reason with these people.  They have apparently gone all in with this Satoshi/Jim Jones character.  It is possible they are paid shills trying to reel in suckers.  If you try to tell them you are merely sceptical, they label you a "hater" anyway.  They can't seem to grasp the fact that many people will never accept a "currency" which requires a device, a grid, electricity, etc., etc.  It wouldn't surprise us if they proposed this for the non-believers:  "OK, you can now carry your bitcoins around with you wherever you go in this RFID chip implanted in your right hand or forehead...."

Mon, 12/09/2013 - 23:27 | Link to Comment my_nym
my_nym's picture

They can't seem to grasp the fact that many people will never accept a "currency" which requires a device, a grid, electricity, etc., etc.  It wouldn't surprise us if they proposed this for the non-believers:  "OK, you can now carry your bitcoins around with you wherever you go in this RFID chip implanted in your right hand or forehead...."

 

Most people already accept currencies that require a device, a grid, electricity, etc.  When you find yourself trying to invest in apocalyptic events in which those things aren't needed, it's probably time to re-analyze.

 

As far as religion goes, all technology could be framed as building toward incorporating everyone as sheeple to be sheared or slaughtered at will in the New World Order Inc. owned by the Masonic/Talmudic bankers of 33rd Liberty Street... yet you're still using a computer on the internet? 

Technique is what you make of it.       

Tue, 12/10/2013 - 15:22 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

most people do NOT accept digital-only currency even if they have a grid, and most people on Earth have NO grid upon which to use such a thing.

Mon, 12/09/2013 - 23:09 | Link to Comment Exponere Mendaces
Exponere Mendaces's picture

Be happy to. The Swiss are currently considering a proposal to endorse Bitcoin as a currency. I believe it would be the first instance of a sovereign state doing so. This would certainly cause a change in attitudes among those that worry it isn't a "unit of account", would it not?

Reference Link: http://www.coindesk.com/swiss-lawmakers-bitcoin-foreign-currency

“This would be quite revolutionary, as it provides bitcoin with additional legitimacy and could serve as a precedent for other countries. Also, it would pave the way for businesses to use bitcoins without legal uncertainty in Switzerland.”

It seems, unsurprisingly, that the Swiss understand what is money and what isn't. Its a refreshing breath of air in rather turbulent times.

Mon, 12/09/2013 - 14:41 | Link to Comment firstdivision
firstdivision's picture

For the same simple reason that a Tulip can be worth 1, 2, 3 figures then drop to zero once people realize that there is nothing rare about it.  It can go to any figure you dream up, the problem is convincing others that it is worth what you want it to be worth.  The other problem is how it is intangible, but I digress.

 If only people put this much desire into folding over faux mining, we would be in a better world.

Mon, 12/09/2013 - 15:01 | Link to Comment fonestar
fonestar's picture

Pretty much everything that exists is intangible.  Much of it is worth more than gold too.  Not that facts should interefere with simpletons and their desire to explain away the perfectly obvious.

Mon, 12/09/2013 - 15:19 | Link to Comment GubbermintWorker
GubbermintWorker's picture

It's not even as tangible as Monopoly Money.

Mon, 12/09/2013 - 15:25 | Link to Comment fonestar
fonestar's picture

How many things are tangible and why should I care?

Mon, 12/09/2013 - 17:51 | Link to Comment fiftybagger
fiftybagger's picture

How tangible is Windows 7?  An Iphone app?  Google's algorithms?  Cisco's IOS?  Oh for heaven's sake, why am I wasting my breath?

The Bitcoin Channel

Mon, 12/09/2013 - 15:25 | Link to Comment firstdivision
firstdivision's picture

...also that one should know the definition of intangible before going on a tirade, especially if you're going on to the "there is no spoon" philosophical rant.

Mon, 12/09/2013 - 15:39 | Link to Comment fonestar
fonestar's picture

   

noun
4.
something intangible, especially an intangible asset: Intangibles are hard for knuckleheads to value.
Mon, 12/09/2013 - 16:14 | Link to Comment firstdivision
firstdivision's picture

Knuckleheads are quick to spot scams and swindlers trying to seperate us from true wealth =! hard to value

Mon, 12/09/2013 - 23:15 | Link to Comment Exponere Mendaces
Exponere Mendaces's picture

@firstdivision

Seal Troll Rating: 0

Issues: Lack of understanding between valuations of tangible and intangible assets, assumes that one subset of people are gifted in understanding all potential aspects of both.

Tue, 12/10/2013 - 15:15 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

They are.
Those special people have the mental ability to respond to mass held in hand and know it's a real thing.
Another particular category-name that helps is classifying those who don't have this special ability: 'delusional'

Mon, 12/09/2013 - 15:41 | Link to Comment Papasmurf
Papasmurf's picture

Not that facts should interefere with simpletons and their desire to explain away the perfectly obvious.

You should go back and read a week or two of your posts.  You say over and over bitcoin is going to the moon because it's going to the moon.  It's circular, simpleton reasoning.

Mon, 12/09/2013 - 21:34 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

buuut bitcoinz yooze electronz which spin in circles therefore cirkoolar logic gives p0w3rz to bitcoinz!

when MtQox crashes how much can I get for my Quatloos?!

Mon, 12/09/2013 - 23:20 | Link to Comment Exponere Mendaces
Exponere Mendaces's picture

@papasmurf

It is easy to get into the trap of reaffirming something that is known to be true, but the actual explanation is this - that the network effects of the entire system, which itself has been propagated world-wide, will continue to fill niches of payment and wealth transfer on a continuous basis.

On that note, it means that even if growth slows in the number of clients from time to time, the overall effect is that more people will become aware of it, and start to utilize it for its intended purpose. These kinds of effects usually mimic the "S-Curve" of adoption, and because of such a force, will increase in drastic numbers its influence until it reaches a plateau of saturation.

That is where we are headed, and the valuations in paper tokens is just one aspect of that. Later on, there won't be a need to compare, and most Bitcoin users won't need to even transfer out of the system, as end-to-end supply chains will have formed that allow usage without the need of "cashing out" through an exchange.

 

Mon, 12/09/2013 - 21:28 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

as I wrote in another comment, your brain is wired backwards.
That which has a chemical structure, mass, an atomic nucleus, is TANGIBLE.
That which is nothing but a pattern of polarizations, voltages, magnetic squiggles, is merely an intangible arrangement, and very far from permanent, of the underlying physical universe of tangibles.

Mon, 12/09/2013 - 23:22 | Link to Comment Exponere Mendaces
Exponere Mendaces's picture

@MeelionDollerBogus

It is curious that you consider arrangements of different patterns to have some kind of permanence, and therefore are superior. You must be confusing the storage mediums for the physical components themselves. If I were to inscribe the private key of a Bitcoin wallet on "german silver" a copper-nickle alloy, I'd have something that could hold up well to 2,000+ Farenheit.

Although you may be referring to the classic "I can't see it, so I can't trust it" trope, which then is usually based in the fear that something that is unseen will have influence over your life or finances, which some people have a real problem with.

Bitcoin isn't going to go away just because you can't see electrons unaided with your eyes.

Tue, 12/10/2013 - 15:48 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

you know how hard it is to break an atomic nucleus?
It's pretty hard, depending on the atom of choice.
It's about as permanent as anything ever could be in this universe besides time itself proceeding forward.

I'm not confused: storage mediums are the VALUE, patterns are of NO value.
The patterns IN THE STORAGE MEDIUM can't have value.
The value is what a thing DOES, e.g., contain, consume, push, pull, give/store heat, give power, etc.
Patterns within are no value as they do nothing for anyone but ONE person who may want them, or no one (btc).

Money isn't of value because I can see it or hold it, money is of value because I can MAKE medicine, tools, etc., out of it, which I will.

Mon, 12/09/2013 - 16:07 | Link to Comment tmosley
tmosley's picture

The same reason?  You mean they can go from ultra rare to common via reproduction?  Please, won't you tell where we can get bitcoin seeds?  I'd like to plant them so I can have some for next year.

Tue, 12/10/2013 - 15:52 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

come on Jack, I have some magic beans for sale!
I mean bitcoin mining rigs.

Mon, 12/09/2013 - 21:25 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

#1 bitcon has only 1 market: bag-holders
#2 bitcon has only one price: fiat price.
No one's making their living pricing markets of goods & services in BITCOINS intrinsically, only in FIAT and attempting to use bitconz to steal money from bag-holders.
These bag-holders will be homeless & poor in no time, always buying at tops and always speaking of profits in DOLLARS or EUROS or something.
The fact you even THINK of profits means you think of DOLLARS, not bitcoins, as MONEY.

I think of profits in TANGIBLES. When I get more GOLD OR SILVER for less dollars that is PROFIT.
When I get more FOOD or MORE time rented to live in a home for LESS DOLLARS I have PROFIT.
Your brain is wired backwards like the other fiat-fools.

Mon, 12/09/2013 - 15:22 | Link to Comment walküre
walküre's picture

fonestar is the equivalent to a bitcoin pornstar

Mon, 12/09/2013 - 15:36 | Link to Comment fonestar
fonestar's picture

I am Satoshi's bitdefender.  If you think you are going to abuse Zerohedge as a platform to attack Bitcoin, you are sadly mistaken.

Mon, 12/09/2013 - 16:12 | Link to Comment Agent P
Agent P's picture

If you want to be taken seriously, I suggest you not run around supporting fictitious Japanese characters with statements like, "I am Satoshi's bitdefender."  Might as well dress like He-Man and proclaim you have the power of Grayskull, or some such shit.  Just sayin'.

Mon, 12/09/2013 - 16:19 | Link to Comment fonestar
fonestar's picture

I can say whatever the hell I want because I'm just another node.  I don't care if I am taken seriously, or taken at all, I just care that I am right.

Mon, 12/09/2013 - 17:16 | Link to Comment Wen_Dat
Wen_Dat's picture

poop

Mon, 12/09/2013 - 17:17 | Link to Comment Wen_Dat
Wen_Dat's picture

you're right, it works

Mon, 12/09/2013 - 16:14 | Link to Comment Citxmech
Citxmech's picture

You will need to change your handle to:  "MilliondollarBitcoin" so folks will get your jokes.

Mon, 12/09/2013 - 17:25 | Link to Comment fonestar
fonestar's picture

I am not joking when I say Bitcoin is going to one-million dollars (and that's not hyper-inflated 2017 dollars or whatever).  It's just that far ahead of all other currencies we have.

Mon, 12/09/2013 - 21:21 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

re-selling bit-conz is no different than re-selling Herbalife inventory.

Tue, 12/10/2013 - 15:54 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

you're MillionFonerBonus_

Mon, 12/09/2013 - 23:24 | Link to Comment Exponere Mendaces
Exponere Mendaces's picture

@walküre

Funny you'd compare someone to another profession where they make a lot of money, fuck beautiful people, and generally live like kings. What a bizarre place this forum is.

Mon, 12/09/2013 - 15:25 | Link to Comment ToNYC
ToNYC's picture

How about a scatological coprophilic eyeball sucker?

Mon, 12/09/2013 - 21:18 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

I do believe the proper translation is ridonkoulos.

Mon, 12/09/2013 - 14:42 | Link to Comment frankTHE COIN
frankTHE COIN's picture

It appears that Bit Coins are nothing but Travelers Checks on crack.

Mon, 12/09/2013 - 15:05 | Link to Comment fonestar
fonestar's picture

Not crack.  Bitcoin is the "bath salts" of investments.

Mon, 12/09/2013 - 15:13 | Link to Comment walküre
walküre's picture

as the price goes up, volatility increases when converting perceived increased valuations into hard purchases or fiat

in other words... greater fools are harder and harder to come by

Mon, 12/09/2013 - 15:59 | Link to Comment CH1
CH1's picture

greater fools are harder and harder to come by

In your malicious dreams.

Mon, 12/09/2013 - 16:47 | Link to Comment dasein211
dasein211's picture

Greater fools?! Ever heard of the stock market- that's the greater fool palace.

Mon, 12/09/2013 - 21:16 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

LOL - you bought at the top.
You're stuck with the bag now.
The rest of us are too smart to be new bag-holders.

Mon, 12/09/2013 - 15:13 | Link to Comment ToNYC
ToNYC's picture

One very small step from Farmville cash.

Mon, 12/09/2013 - 18:20 | Link to Comment mt paul
mt paul's picture

TiT coin

 

buy em 

by the pair...

Mon, 12/09/2013 - 22:09 | Link to Comment WmMcK
WmMcK's picture

Bet you can't eat just 1.

Mon, 12/09/2013 - 14:26 | Link to Comment nope-1004
nope-1004's picture

All the more reason to sell it and buy a car, right?  LOL.

 

Mon, 12/09/2013 - 14:40 | Link to Comment fonestar
fonestar's picture

Yeah, like nobody takes profits in any other asset class and buys shit with it.  Fool.

Mon, 12/09/2013 - 14:41 | Link to Comment Bunga Bunga
Bunga Bunga's picture

This car will generate much more greed than fear, right?

Mon, 12/09/2013 - 15:02 | Link to Comment fonestar
fonestar's picture

The Bitcoiners will become hated in the next few years.  People shall cast their bits into the streets.

Mon, 12/09/2013 - 15:09 | Link to Comment dracos_ghost
dracos_ghost's picture

The Bitcoiners will become hated in the next few years

Next few years?!

Mon, 12/09/2013 - 15:14 | Link to Comment Bunga Bunga
Bunga Bunga's picture

Hate is good. When it turns into love, it really will become a bubble.

Mon, 12/09/2013 - 14:31 | Link to Comment firstdivision
firstdivision's picture

If it is the "most secure financial instrument", I can walk into any FX exchange and convert any amount of my BTC to the local currency simply and securly.......oh wait

Mon, 12/09/2013 - 15:02 | Link to Comment fonestar
fonestar's picture

.

Mon, 12/09/2013 - 15:09 | Link to Comment fonestar
fonestar's picture

Again, this story has nothing to do with the security of Bitcoin.  Comment on what you know.

Mon, 12/09/2013 - 15:53 | Link to Comment Papasmurf
Papasmurf's picture

Bitcon isn't money, it's a religion. 

Mon, 12/09/2013 - 16:09 | Link to Comment tmosley
tmosley's picture

You're thinking of the dollar there, friend.  Bitcoin doesn't have perceived scarcity, it has real scarcity, unlike the dollar.

Mon, 12/09/2013 - 16:15 | Link to Comment firstdivision
firstdivision's picture

Yes, cause electrons are really scarce...

creating an algo that takes computer cycles to compute does not create scarcity, just takes resources from productivity to play a trumped up version of Oregon Trail.

 

Mon, 12/09/2013 - 21:13 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

PRECISELY.
When I keep a good sources.list and an accurate set of keys for apt, THAT is a good use of electrons. Quick to produce so not wasteful yet HIGHLY valuable to ensure no backdoors are slipped into source repositories for apt (and synaptic) in Linux.
That's a good use of high intrinsic value to a particular pattern of electrons.
Bitcoin is a waste. I can't use it as a library, can't execute programs with it, can't upgrade my OS with it, can't control a 3D printer with it, and it has no PHYSICAL value either since electrons & photons aren't scarce and it has NO atoms of any value, no chemical compounds. All real money has an atomic nucleus.

Mon, 12/09/2013 - 21:11 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

you're mistaking scarcity for value.
I could make 10 unique pgp signature files and no more ever, it would be very unique, but have no value, yet more than BTC.
Dollars aren't a religion, they're SLAVERY.
Bitcoin is RELIGION born of the dementia CAUSED by the slavery.
Gold & silver money are of nature, of physics, pre-dating the government fiats & will outlive both fiat and bitcoin.

Mon, 12/09/2013 - 21:09 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

THE ONLY thing it's about is the security of bitcoins. Real money is invulnerable to this attack.

if you don't hold it you don't own it.

With bitcoin you never hold the value because there isn't a physical substance to it and ONLY the physical substance has value. Atoms. Nucleus.

Mon, 12/09/2013 - 15:33 | Link to Comment firstdivision
firstdivision's picture

hahahahahaha!  Love the name of the marketplace that sheered the customers of their Bitcoins.

Mon, 12/09/2013 - 14:50 | Link to Comment Crash Overide
Crash Overide's picture

"Bitcoin is the most secure financial instrument!!"

 

http://www.independent.co.uk/life-style/gadgets-and-tech/news/96000-bitc...

Mon, 12/09/2013 - 15:03 | Link to Comment fonestar
fonestar's picture

Yeah, lots of Bitcoins have been stolen online.  WTF does that have to do with anything?

Mon, 12/09/2013 - 15:12 | Link to Comment Saro
Saro's picture

Of course, gold and silver have never been confiscated, and the stock market is full of fine, upstanding gentlemen who would never engage in fraud.

Mon, 12/09/2013 - 15:18 | Link to Comment walküre
walküre's picture

what's the difference between BTC and a NASDAQ stock?

PCLN had a similar price increase and is much less volatile in the stratosphere

so BTC hit it out of the park for the founders and early buyers. big deal.

Mon, 12/09/2013 - 15:41 | Link to Comment fonestar
fonestar's picture

"what's the difference between BTC and a NASDAQ stock?"

 

GEE I KNOW!!  MAYBE ONE IS A CURRENCY AND THE OTHER IS A STOCK???  HURR DURR.......

Mon, 12/09/2013 - 16:15 | Link to Comment walküre
walküre's picture

BTC is a religion imo. Maybe the ultimate evolution of religion to mankind. Like other religions, it has the potential to suck in millions more and stick around much longer.

The founders and early adopters can build their Taj Mahal or Vatican equivalent one day.

It's still bullshit but that doesn't mean it can't be useful. I stick with real assets though, thanks. Not a religious person, ya know.

Mon, 12/09/2013 - 16:17 | Link to Comment FeralSerf
FeralSerf's picture

It is a part of the nature of money that the gift of faith is a very necessary component of its recognition.

Mon, 12/09/2013 - 21:06 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

no it's not.
The value I have in gold is physics, not faith.

Tue, 12/10/2013 - 15:01 | Link to Comment FeralSerf
FeralSerf's picture

You have already proven beyond a reasonable doubt that you don't know your ass from fat meat about physics.

Your nonsensical claim concerning free will and cause and effect was a classic stupidity.

Tue, 12/10/2013 - 15:59 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

I know precisely what's going on.
Bacteria have no evolved immunity to silver ions.
Gold is malleable & not corrosive so I use it for my teeth.
It's simple: real money has intrinsic physical value for conductivity, malleability, ductility, thermal conduction, etc.

as for free will, your arguments were LSD-induced nonsense.

Mon, 12/09/2013 - 17:50 | Link to Comment Crash Overide
Crash Overide's picture

BTC is more of a service than a currency.

Mon, 12/09/2013 - 21:04 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

nope. Both are stocks.
That's where you've been wrong all along.
A currency must be real solid money with an atomic nucleus, or, a fiat currency enforced by guns of the rulers of the land.
Nothing else is a currency.
Barter is MONEY so by default all items good for barter are solid money, which by default, are currency.

Bitcoin does not in any way act like a currency. At all. Ever.

Mon, 12/09/2013 - 15:23 | Link to Comment TWSceptic
TWSceptic's picture

Of course, gold and silver have never been confiscated

 

Correct, it was bought. People who didn't sell never got in trouble. It's about time the confiscation myth is put to rest.

Mon, 12/09/2013 - 16:25 | Link to Comment Not_Sure
Not_Sure's picture

@fonestar; "Yeah, lots of Bitcoins have been stolen online.  WTF does that have to do with anything?"

 

Really? You say that after telling us about how secure the system is? It has everything to do with it. I think I'd rather have the IRS steal my money than some phantom administration on a fake website. At least I MAY get a road fixed. The dishonesty I know is better than the dishonesty I don't know. 

 

Besides, the IRS only takes a percentage. The theives on-line will take EVERYTHING.

Mon, 12/09/2013 - 16:31 | Link to Comment fonestar
fonestar's picture

WTF does a website have to do with Bitcoin's security?  You seriously know jack shit about Bitcoin.

Mon, 12/09/2013 - 16:36 | Link to Comment Not_Sure
Not_Sure's picture

Wow! You are a deluded dipshit. If the BC's are so secure, why would anyone steal them? How could they extract them from the "secure wallet" or an on-line account? HOW COULD THEY BE STOLEN? Your logic is somewhere in doofusland.

Mon, 12/09/2013 - 16:38 | Link to Comment fonestar
fonestar's picture

I've worked in IT for years.  People like you are too stupid to waste time on.

Mon, 12/09/2013 - 16:59 | Link to Comment Not_Sure
Not_Sure's picture

IT. That explains it.

 

You're the guy that fixes my email. And I'm supposed to take your word on how wonderful a virtual currency is?

 

I think not.

 

If you told me you are a mathematician, I would be more likely to listen to you.

Mon, 12/09/2013 - 18:04 | Link to Comment Advoc8tr
Advoc8tr's picture

In this day and age if you need a guy to fix your email you are lost.   Try leaving a stack of crispy FRNs on your windowsill rather than in a properly secured safe and see how long they last.  Any dipshit that can't even fix their own email can steal that.   Offline Bitcoin wallet backed up onto paper and stored in a safe is as secure as anything else in that safe.

Mon, 12/09/2013 - 21:02 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

and uselessly unspendable.
Only a sucker would ever take it on paper with smart people knowing you could have spent the electronic versions already.
Only a sucker would fail to understand it has no value. Gold & silver can't be spent twice: if it's in your hand it's not spent, if it's spent it's not in your hand.
It's not electronic so it CAN'T be pilfered using snooped computers.
The IQ of murrikinz sure has dropped a lot in the last 20 years.

Mon, 12/09/2013 - 18:29 | Link to Comment fiftybagger
fiftybagger's picture

Not sure?  Clearly you are.  So please keep your mouth shut, you are embarrassing yourself.

Mon, 12/09/2013 - 21:01 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

EXACTLY.
I'm the programmer.
I'm the guy who can do the RSA math BY HAND, pen & paper.
fonetard is a cablejocky with install CD's.

Mon, 12/09/2013 - 21:00 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

And I've been programming since 1993 and I know you're full of shit.

Mon, 12/09/2013 - 20:59 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

You know jack shit.
Real money is impervious to this attack.

Mon, 12/09/2013 - 20:56 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

everything.
gold atoms & silver atoms can't be stored online so they can't be stolen online.
Real money has an atomic nucleus.

Mon, 12/09/2013 - 15:16 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

"A fool and his money... (are soon parted)".  The world is full of idiots:

You deserve EVERYTHING you get -- or don't get  -- for storing it online, instead of storing it offline in your Cold Wallet.  And if you didn't make at least one Backup and lost the only Cold Wallet, and then have to do Dumpster Diving (like that Brit), then you also deserve everything you don't get.

Remember:  Nature does not favor the unprepared.  Nor the overly scared, stupid or lazy. 

Also don't forget Murphy's Laws, and to take appropriate counter-measures:  Risk Mitigation!

Mon, 12/09/2013 - 15:11 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

Bitcoin is profoundly portable and nothing else is. 

Come Cyprus redux, that becomes all important.  Bitcoin need not have any other value than simply that.  It won't xray at the airport and get confiscated.

Mon, 12/09/2013 - 15:22 | Link to Comment walküre
walküre's picture

when Swiss bank accounts aren't safe from confiscation, all BTC talk will be irrelevant

Mon, 12/09/2013 - 20:54 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

actually, it will. Any device storing bitcoin will show up.
Any packets carrying bitcoin will show up in a network.
Any network can be shut down, filtered using firewalls & QoS or flat out turned off.
At least on a boat my gold is in no danger of drowning no matter how deep it might fall into the water. Bitcoin on electronic devices: not so much, same with paper copies unless laminated on waterproof paper & what good is it without the network? They are unspendable then. No one who understands bitcoin would take a paper copy of a bitcoin when the electronic version could be spent in advance.

Mon, 12/09/2013 - 14:53 | Link to Comment Pseudonymous
Pseudonymous's picture

Well, while I wouldn't bet the house on it, it is worth noting that Bitcoin is unique in its security in at least one aspect. If you encrypt your wallet properly you can achieve practically infallible security as far as confiscation is concerned. Even those who are afraid of the so-called rubber-hose cryptanalysis technique (a.k.a. torture) for obtaining the passphrase securing the wallet have tools that they can use to protect both themselves and their money (I'm personally not afraid, but I don't want someone else to be deterred by such fears). There are ways to encrypt stuff so that you can fool an interrogator as to what, if anything is encrypted. One implementation of such cryptography was made by none other than Julian Assange.

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