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42% Of Americans Know What Bitcoin Is

Tyler Durden's picture




 

While 6% believe Bitcoin is an "Xbox game", we are impressed that 42% of Americans polled by Bloomberg know what the virtual currency is. Furthermore, 55% believe it is "not better" that Bitcoin be regulated...

 

 

Source: Bloomberg

 

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Fri, 12/13/2013 - 16:36 | 4244428 InjectTheVenom
InjectTheVenom's picture

You didn't encrypt that !

Fri, 12/13/2013 - 16:46 | 4244464 Skateboarder
Skateboarder's picture

Bitcoins are digital arcade tokens. Did I get it right?

Fri, 12/13/2013 - 16:52 | 4244486 gmrpeabody
gmrpeabody's picture

Or is it a coin someone tested to see if it were really gold...?

Fri, 12/13/2013 - 17:51 | 4244765 Jack's Digestib...
Jack's Digestible Ideas's picture

So 42% know what it is, and 45% believe it should be regulated. This means that there's a large group of people who believe something which they know nothing about should be regulated by the government just because. Am I wrong to be so distraught about this notion?

Fri, 12/13/2013 - 17:55 | 4244777 DoChenRollingBearing
DoChenRollingBearing's picture

Part Five gets written up when I get my Au...

Fri, 12/13/2013 - 21:24 | 4245422 mmanvil74
mmanvil74's picture

For those who still can't grasp what Bitcoin is...

Bitcoin is an invention, like the automobile or electricity.  Bitcoin has a price in USD because it is used to transmit value and record transactions.  If electricity could have been denominated in dollars and purchased in finite amounts, would you have purchased some after it was invented?  If you were smart you would have, or by proxy you could have purchased shares of GE 100 years ago and done very well.  The difference here is that unlike electricity, segments of Bitcoin can be produced and "owned" by anyone.  It's ownership and control are not governed by corporations in the way that banks control the money supply or electricity companies control the supply of electricity.  It's production and ownership is decentralized, which is why it empowers the people who use it and own it.  It is the new form of money, get used to it, or better yet, get some.

Sat, 12/14/2013 - 10:48 | 4246292 Harlequin001
Harlequin001's picture

'Bitcoin has a price in USD because it is used to transmit value and record transactions.'

No it isn't. It is bought and held by the majority of speculators who expect to sell it to some other knob head later on for more money.

Sat, 12/14/2013 - 11:55 | 4246385 JamesBond
JamesBond's picture

repent harlequin

 

 

Fri, 12/13/2013 - 18:15 | 4244855 Pseudonymous
Pseudonymous's picture

But, you see, the second "question" tells them that it is a currency and goes as far as to insinuate that all currencies (the phrasing is "just like other currencies"... which is just dumb double-talk) are currently regulated, which is of course false.

Fri, 12/13/2013 - 16:53 | 4244492 TwoCats
TwoCats's picture

Glad that 42% of my fellow citizens know what "bits" and "coins" are, and can put two and two together on a multiple choice question.

Jay Leno should be on the streets asking people: "Do you know what Bitcoin is?"  Bet he'd get some real comedy.

Wait.... I've been away from TV for a while.  Is Jay Leno still on late night?

Fri, 12/13/2013 - 16:56 | 4244515 fonestar
fonestar's picture

I agree that the name "Bitcoin" is deceptive, it makes it sound like a coin, like a thing.  It doesn't really impute that it is a global, decentralized network.

Fri, 12/13/2013 - 17:00 | 4244532 InspectorBird
InspectorBird's picture

the "network" may be decentralized, but bitcoins themselves are very much centralized.

http://12160.info/photo/927-people-own-half-of-all-bitcoins

kinda lika dollars and central bank.

 

 

Fri, 12/13/2013 - 17:10 | 4244592 fonestar
fonestar's picture

Not at all like dollars.  We don't know how many people those addresses represent in reality.  We don't know who exactly owns the Fed but we do know they own all dollars + interest.  So comparitively Bitcoin is very much a level playing field.

Fri, 12/13/2013 - 17:24 | 4244667 silverserfer
silverserfer's picture

 yes, all suckers are welcome!

Fri, 12/13/2013 - 17:28 | 4244674 BLOTTO
BLOTTO's picture

Im surprised that the number is that high...

that means, the masses are starting to dig for information outside the controlled MSM=good thing.

Fri, 12/13/2013 - 17:42 | 4244730 fonestar
fonestar's picture

Many (most?) still heard of Bitcoin through their television set though.  So 42% of Americans have heard of Bitcoin which is far different than saying 42% of Americans know what Bitcoin is.

Fri, 12/13/2013 - 17:50 | 4244755 SilverIsKing
SilverIsKing's picture

I've read about Bitcoin on ZH, discussed it with you via our posts, and have purchased some Bitcoin.   I still don't know what it is.

Fri, 12/13/2013 - 17:55 | 4244772 fonestar
fonestar's picture

Well you've purchased some so that's good enough.

Sat, 12/14/2013 - 03:15 | 4246047 wintermute
wintermute's picture

People happily use smart-phones. The amount of technology which makes a cell-phone usable, let alone a smart-phone it absolutely phenomenal. Bitcoin is very clever, but much simpler in design and implementation.

It is not necessary for every phone user to understand cellular phone systems, integrated circuits, firmware, operating systems, applications.

Fri, 12/13/2013 - 17:16 | 4244620 malikai
malikai's picture

I'm pleased to say I clicked on that link, which led me right to this goldmine:

http://www.chron.com/technology/businessinsider/article/Bitcoin-Proves-The-Libertarian-Idea-Of-Paradise-5053528.php

"So the Bitcoin experience gives us a glimpse of Libertarian paradise: What life would be like with as little government interference as possible, in a market free of burdensome laws and taxes."

"Unfortunately, that experience looks like a total nightmare. It's characterized by radical instability, chaos, the rise of a boss-class of criminals who assassinate people they don't like, and a mass handover of wealth to a minority even smaller than the 1% that currently lauds it in the United States."

Man, that's some solid gold shit right there. You should have posted this link.

Fri, 12/13/2013 - 17:25 | 4244662 fonestar
fonestar's picture

I don't often click on FUD but when I do need a good laugh I click on Business Insider.

Fri, 12/13/2013 - 18:03 | 4244798 itchy166
itchy166's picture

All I need to know is that the MSM constantly tells me how horrible and scary they are.  Based on that alone, its worth owning some.

Fri, 12/13/2013 - 22:07 | 4244568 Kirk2NCC1701
Kirk2NCC1701's picture

Ed, It's Leno's last season.  You can tell:  He's getting saucier and more daring each week.

The "I don't care, I'm filthy rich" effect is plain to see. More of us would be more honest, if we did not have jobs or businesses to worry about.

Fri, 12/13/2013 - 16:58 | 4244511 InspectorBird
InspectorBird's picture

yes, bitcoin is ponzi of digital arcade tokens. thats pretty much it.

Fri, 12/13/2013 - 16:57 | 4244528 fonestar
fonestar's picture

...according to a birdbrain.

Fri, 12/13/2013 - 17:07 | 4244573 Skateboarder
Skateboarder's picture

I heard bitcoin was the new Pokemon for adults with a lot of spare time on their hands.

Fri, 12/13/2013 - 17:11 | 4244599 fonestar
fonestar's picture

Maybe if you're a dismissive idiot that lumps Bitcoin in with tech stocks and video games.

Fri, 12/13/2013 - 17:16 | 4244618 Skateboarder
Skateboarder's picture

lolololo your statement contains the answer. Bitcoin = tech stocks + video games.

Fri, 12/13/2013 - 17:31 | 4244686 silverserfer
silverserfer's picture

better be careful skateboarder, foenstar has the sword of staoshi, and has defeated the digital monster realitymon.

few can enter his realm(moms attic) and survive 

Fri, 12/13/2013 - 17:45 | 4244745 Skateboarder
Skateboarder's picture

What do pokemon and bitcoin have in common? They were both designed by Satoshis!

Sat, 12/14/2013 - 10:50 | 4246305 Harlequin001
Harlequin001's picture

Fonestar is talking through his arse, he's already conceded that his data is without substance and he hasn't the first clue about any of the 'hard facts' he persistently refers to.

 

Fri, 12/13/2013 - 18:25 | 4244885 ElvisDog
ElvisDog's picture

Just took a look at the 2 month chart of bitcoin. I'm not really seeing a pattern that indicates a rise to six-figures. Fonestar???

http://bitcoincharts.com/charts/mtgoxUSD#rg60ztgSzm1g10zm2g25zv

Fri, 12/13/2013 - 17:16 | 4244627 negative rates
negative rates's picture

I am becoming a bigger fan of mechanicals toys, and even tube sounding machines. They seem to be truely more random and better sounding for some reason.

Fri, 12/13/2013 - 18:04 | 4244803 Skateboarder
Skateboarder's picture

Buy some singing bowls. Very harmonious use of metal.

http://en.wikipedia.org/wiki/Singing_bowl

Fri, 12/13/2013 - 18:13 | 4244837 Exponere Mendaces
Exponere Mendaces's picture

I'm expecting further negative news in relation to the "regulation" aspect. Just long enough so I can double my position. Then as spring starts to roll around, the money that had been parked will flow like melting snowcaps on the mountain peaks, directly into the Bitcoin market.

It only natural that we get a slump from all-time highs, just part of the cycle. Get ready for some bargains and be positioned for the next wave, is what I say.

Or just sit here and bitch, either way.

 

Fri, 12/13/2013 - 18:20 | 4244872 silverserfer
silverserfer's picture

that sould very similar to your feindish master plan on oneday having a girlfriend. 

Fri, 12/13/2013 - 18:33 | 4244921 ElvisDog
ElvisDog's picture

You are on fire today, silverserfer, bravo....

Sun, 12/15/2013 - 05:40 | 4247916 Exponere Mendaces
Exponere Mendaces's picture

@silver"serf"er

I suppose you're too busy with your construction sign avatar to understand what I'm saying. That's okay, I have no problem making profits while you amuse your barking seal troll friends :)

I'm making my "fuck you" money while you're playing class clown at the ZH mixer. Some people just know their place, you know?

 

Fri, 12/13/2013 - 21:36 | 4245448 Yen Cross
Yen Cross's picture

 "Exponere Menace" learns some basic Financial Legaleze... Typical of the processor effaced generation...

Fri, 12/13/2013 - 18:28 | 4244892 JuliaS
JuliaS's picture

Think of how stupid the average person is, and realize half of them are stupider than that.

- George Carlin

Fri, 12/13/2013 - 16:41 | 4244439 TeamDepends
TeamDepends's picture

100% of foney know what Bitcoin is and he gon' tell yo ass right now.

Fri, 12/13/2013 - 16:53 | 4244504 fonestar
fonestar's picture

The people demanded answers. 

fonestar came to spread the word of Satoshi.

Fri, 12/13/2013 - 17:02 | 4244552 InspectorBird
InspectorBird's picture

you mean that cryptographer at NSA?

Fri, 12/13/2013 - 17:53 | 4244766 johny2
johny2's picture

You like bitcoins because you would like to make profit on back of it. Best to stay away from going fanatical about it, although in your case, it already happened. 

Fri, 12/13/2013 - 17:58 | 4244784 fonestar
fonestar's picture

Bitcoin is a truly monumental achievement both technically and financially.  If I can't get fanatical about this what is there to get fanatical about?

Fri, 12/13/2013 - 18:11 | 4244832 johny2
johny2's picture

that is what I mean. being fanatical about it means your perspective narrows to the point where you think it is the most important thing.

 

I thought about buying it around 70 usd with idea of making some profit, and the oportunity passed while I was thinking about it. It would have been a smart move, and I would have sold it for sure when it reached 700 usd. It is a good idea, but the idea seems also easily copied and repeated. It will face a strong competition from a similar thing backed by regime. Need to estimate correctly the will and power of the people who control the present system. Anyway it is your money, good luck with it.

Fri, 12/13/2013 - 20:45 | 4245320 NidStyles
NidStyles's picture

Except the the tech is not new, and the concept is not either.

Fri, 12/13/2013 - 16:42 | 4244447 nmewn
nmewn's picture

Good thing what you do on-line can't be tracked ;-)

Fri, 12/13/2013 - 16:54 | 4244499 fonestar
fonestar's picture

....if you're smart.

Fri, 12/13/2013 - 16:57 | 4244525 TwoCats
TwoCats's picture

foney, the only way I know to have a chance of buying/selling bitcoin anonymously is to transact in cash, in-person, while using TOR, and then be sure that your wallet never gets accessed from an IP traceable to you, and never touches an exchange, and never transacts with another wallet you control that does either of those things.  Its a bit like being a drug dealer.

Fri, 12/13/2013 - 17:01 | 4244538 fonestar
fonestar's picture

I like the live cd Linux distros.  May take a bit to setup a wallet with a package manager, but if you do it on some coffee wifi and then TOR you should be good.

Fri, 12/13/2013 - 17:06 | 4244563 InspectorBird
InspectorBird's picture

all that effort... did you forget that you provided your social security number and photo ID to that exchange you bought your bitcoins from and paid with your credit card?

Fri, 12/13/2013 - 17:16 | 4244617 fonestar
fonestar's picture

So if you don't understand what we are talking about you are commenting why exactly?

Fri, 12/13/2013 - 17:12 | 4244604 dracos_ghost
dracos_ghost's picture

I'd be wary of TOR lately...

http://rt.com/usa/nsa-target-tor-network-739/

Fri, 12/13/2013 - 17:13 | 4244613 fonestar
fonestar's picture

I'd be wary of everything online always.

Fri, 12/13/2013 - 17:47 | 4244744 Boondocker
Boondocker's picture

gee like bitcoin???  i see what you did there.... let your true NSA troll show....

Fri, 12/13/2013 - 17:49 | 4244758 fonestar
fonestar's picture

Yeah, because NSA and CIA work hard to destabilize their own dollar.  Makes perfect sense (to an 8 bit conspiratard).

Fri, 12/13/2013 - 20:53 | 4245340 NidStyles
NidStyles's picture

Gresham's Law hero, learn some economics before running your trap lease.

Fri, 12/13/2013 - 18:26 | 4244888 silverserfer
silverserfer's picture

ahh so your talking about ease of use and security of biticoins. sounds mello. 

Fri, 12/13/2013 - 17:11 | 4244588 Kirk2NCC1701
Kirk2NCC1701's picture

I also contend that if you're TRULY concerned about anonymity, then you have the PC or WiFi traced to you. 

Ergo... Long PCs from Pawnshops, paid in cash. Wear broad-rimmed hat, glasses.  Then used at popular free-Wifi places.

It's a helluva way to live though.  I feel 'dirty' just thinking about it.

Fri, 12/13/2013 - 17:15 | 4244610 Skateboarder
Skateboarder's picture

Man that's a scene out of a modern day Clint Eastwood spaghetti western.

Fri, 12/13/2013 - 17:20 | 4244646 fonestar
fonestar's picture

There's a reason they want to implement TPM so badly Kirk.

I'm long old mobo's lol.......

Fri, 12/13/2013 - 17:25 | 4244661 nmewn
nmewn's picture

Pretty much.

The spooks & FBI are dropping malware all over the damned place...to track people and their DEVICES, the thingy with the files on them...lol.

So fonestar should get his coffee to go ;-)

Fri, 12/13/2013 - 18:11 | 4244833 linniepar
linniepar's picture

Think I caught one so I immediately wiped.

Fri, 12/13/2013 - 18:35 | 4244917 nmewn
nmewn's picture

You missed a spot ;-)

"The FBI’s technology continues to advance as users move away from traditional computers and become more savvy about disguising their locations and identities. “Because of encryption and because targets are increasingly using mobile devices, law enforcement is realizing that more and more they’re going to have to be on the device — or in the cloud,” Thomas said, referring to remote storage services. “There’s the realization out there that they’re going to have to use these types of tools more and more.”

http://www.washingtonpost.com/business/technology/fbis-search-for-mo-suspect-in-bomb-threats-highlights-use-of-malware-for-surveillance/2013/12/06/352ba174-5397-11e3-9e2c-e1d01116fd98_story.html

Fri, 12/13/2013 - 17:05 | 4244564 nmewn
nmewn's picture

fonestar is smarter than the NSA, AT&T, CIA, FBI, DHS etc. combined. Thats quite the ego ya goin on there boy...lol.

Sun, 12/15/2013 - 05:45 | 4247918 Exponere Mendaces
Exponere Mendaces's picture

Seems we have a government fanboy in nmwen. Do you change your posters every time the CIA gets a new director, or are you more of a "spook follower"?.

Maybe he can't forget his first time as an informant and never got over the stockholm syndrome that followed.

 

Fri, 12/13/2013 - 16:45 | 4244450 Sufiy
Sufiy's picture


CEO of BTC China: China Does Not Allow Goods And Services To Be Sold In Bitcoin


 We have great interview to share today with everybody excited by the Bitcoin phenomena. You can decide whether it is bubble or not at this stage now. Making your "investment decision" about Bitcoin and other 42 Crypto-Currencies, please do not forget that you are listening to modern days California Gold Rush Shovels Shopkeepers.   There are a lot of interpretations about the recent ban by China for its Financial Institutions to use Bitcoin. So it is very important to get the full information about the actual rules implemented by China. Your opinions about implications of these rules for the Bitcoin's future can be different from other people, but at least we have to get to the plain field in order to make any analysis. We will point out to the excitement of the speaker with "tons of speculative money coming into the picture". And now Litecoin Pump is On. Just listen to the interview and separate hype from the facts and how the Bubbles look like this days. http://sufiy.blogspot.co.uk/2013/12/ceo-of-btc-china-china-does-not-allo...

Fri, 12/13/2013 - 17:18 | 4244626 Kirk2NCC1701
Kirk2NCC1701's picture

Real or FUD from shills working for nervous CBs?

Fri, 12/13/2013 - 16:46 | 4244451 Oldballplayer
Oldballplayer's picture

The better question to ask is: Have you heard of it? Can you tell me (unaided response.). And do you thing government regulation of international money transfers is appropriate.

But then they would not get the answer they are looking for.

Fri, 12/13/2013 - 16:46 | 4244468 seek
seek's picture

From my own sampling, this massively overstates how many people have heard of it, probably by a factor of 2X-4X.

Fri, 12/13/2013 - 16:58 | 4244523 fonestar
fonestar's picture

I've spoken personally to every Canadian.  Most of them have at least heard of it but few understand it, fewer own it and even less have any desire to buy any.

Fri, 12/13/2013 - 17:04 | 4244561 fonzannoon
fonzannoon's picture

You have spoken personally to every Canadian?

Fri, 12/13/2013 - 17:17 | 4244636 fonestar
fonestar's picture

Yes, Bob and Doug Mackenzie in their fishing shack.  Rob Ford in his crack shack, Stephen Harper in Ottawa and Celine Dion in her mansion.

Fri, 12/13/2013 - 17:21 | 4244643 fonzannoon
fonzannoon's picture

What are you talkin aboooooot!!!

Fri, 12/13/2013 - 17:21 | 4244655 seek
seek's picture

I think he's officially come out as a bitcoin troll with that one.

Fri, 12/13/2013 - 17:25 | 4244664 fonzannoon
fonzannoon's picture

well I will tell you what, I will personally speak to every American this weekend and will see how my stats match up with his. I have a feeling we got him pinned now. I'll see you later I have to get going

Fri, 12/13/2013 - 20:04 | 4245212 TheHound73
TheHound73's picture

65% of all statistics are fudged.

Fri, 12/13/2013 - 22:40 | 4245603 akak
akak's picture

And four out of three people are bad with fractions.

Sat, 12/14/2013 - 02:10 | 4245979 Kirk2NCC1701
Kirk2NCC1701's picture

What about Brian Adams, Michael j Fox, William SHATNER, Bobby Orr, Mike Meyers, Jim Carey, Michael Buble, Wayne Gretzky...?

Fri, 12/13/2013 - 17:23 | 4244652 negative rates
negative rates's picture

Well the queen is only one who counts so perhaps he is a money manager with too much time and money on his hands, who if he aint paid the piper yet, will soon find hisself being lead to the river, and we know the rest of that story.

Fri, 12/13/2013 - 18:44 | 4244964 jomama
jomama's picture

arguably one of the most credible things you've posted.

Fri, 12/13/2013 - 17:08 | 4244575 Non Passaran
Non Passaran's picture

I mentioned the concept to a group of friends over dinner last weekend.

They asked me twice in disbelief why would anyone want to part from their money for that shit.

I told them it's useful for various things, but Average Joe doesn't do "various things". They couldn't relate and couldn't see value in any of several examples I made for them.

 

 

Fri, 12/13/2013 - 17:12 | 4244595 fonzannoon
fonzannoon's picture

Tell them that we are printing 85 billion dollars every month and giving it to the banks and the banks are using it to buy stocks. Then ask them which is more believable, that, or a virtual currency has been created. I'd like to know the results of that poll.

Fri, 12/13/2013 - 17:29 | 4244681 seek
seek's picture

Anyone I talked to about it that deals with VISA on the business end gets it right away.

If bitcoin is successful it'll be due to being driven by point-of-sale margin improvements. I also suspect that if it continues to gain traction we might see the card processors change their fee structure to go easier on the small transactions.

Fri, 12/13/2013 - 17:32 | 4244690 fonestar
fonestar's picture

Average Joe never seems to see a global hyperinflationary depression forming.

Fri, 12/13/2013 - 19:14 | 4245057 Id fight Gandhi
Id fight Gandhi's picture

Most people, maybe 90% or more have no idea what a $ dollar is or how it's created.

Yet people use those and work their lives for them.

Fri, 12/13/2013 - 20:16 | 4245246 dark pools of soros
dark pools of soros's picture

Avg Joe is just glad there are a few more coors in the 30 pack

Fri, 12/13/2013 - 16:48 | 4244481 dick cheneys ghost
dick cheneys ghost's picture

ask the local cashier at the gas station or store if they accept FIAT, they usually call the manager

Fri, 12/13/2013 - 16:54 | 4244497 Skateboarder
Skateboarder's picture

Nonsense. Cash price is always ten cents lower than credit price for gas. Some day it will be a dollar difference, then ten, etc.

EDIT: But I totally agree with you for other places. The fear in people's eyes when they see a hundred...

Fri, 12/13/2013 - 18:01 | 4244794 dick cheneys ghost
dick cheneys ghost's picture

most people I know don't know the diff btw fiscal and monetary policy, let alone what a 'fiat currency' is

Fri, 12/13/2013 - 16:50 | 4244482 RockRiver
RockRiver's picture

Jeezuss...people are stupid.

Fri, 12/13/2013 - 18:31 | 4244905 silverserfer
silverserfer's picture

welcome to a bitcoin thread!

Sun, 12/15/2013 - 05:46 | 4247921 Exponere Mendaces
Exponere Mendaces's picture

Or as we like to call it "silver serf's clown time".

Fri, 12/13/2013 - 16:51 | 4244484 InTheLandOfTheBlind
InTheLandOfTheBlind's picture

you didn't blow that bubble... reggie did

Fri, 12/13/2013 - 16:55 | 4244505 smacker
smacker's picture

I can't bear to watch MSM all day, but I've never heard the word "Bitcoin" mentioned in Britland.

Whether that's because MSM are confused by it, don't think it's important or are simply following orders from the Almighty State, can't say.

Fri, 12/13/2013 - 17:23 | 4244663 dracos_ghost
dracos_ghost's picture

It was on nakednews.com. I think. But then again, I don't really care.

Fri, 12/13/2013 - 16:55 | 4244510 Ness.
Ness.'s picture

42% might have "heard" about BTC but I guarantee that 42% couldn't explain/understand how coins are mined and safely stored, which is all that really matters.

Fri, 12/13/2013 - 17:00 | 4244533 Skateboarder
Skateboarder's picture

You have to be a nerd in order to use bitcoin. Not everyone wants to be a nerd. In fact, some people still hate nerds.

Be only as nerdy as the situation requires.

Fri, 12/13/2013 - 16:56 | 4244513 Kirk2NCC1701
Kirk2NCC1701's picture

That's Nice.  But how many, pray tell, know what "The Creature of Jekyll Island" is?

Or how "Federal" the Federal Reserve is?  Or who owns them?

[crickets].  Thought so.

Fri, 12/13/2013 - 17:16 | 4244518 silverserfer
silverserfer's picture

QE4? Limit the scope of the conversation and you control 95% of the masses. I like how this article assumes that governments dont control bitcoin. How naive.  

Fri, 12/13/2013 - 20:18 | 4245253 dark pools of soros
dark pools of soros's picture

yup you are pretty much full of the shit you're shoveling... 

Fri, 12/13/2013 - 16:57 | 4244529 Papasmurf
Papasmurf's picture

How can 42% know what bitcoin is when 95% don't know what money is.

Fri, 12/13/2013 - 17:21 | 4244653 Angus McHugepenis
Angus McHugepenis's picture

100% know what EBT & SNAP is.

Fri, 12/13/2013 - 16:57 | 4244530 Trimmed Hedge
Trimmed Hedge's picture

Someday, 100% of Americans will be using BigCoin™ on a daily basis...

Fri, 12/13/2013 - 16:59 | 4244534 Kirk2NCC1701
Kirk2NCC1701's picture

How many know what the Exit Strategy is for its founders (Vinkel/Wankel Bros), or its Very Early Adopters?

Aside from monetizing up the price curve.

Fri, 12/13/2013 - 17:05 | 4244557 Non Passaran
Non Passaran's picture

The Wanker Bros for sure know.

I guess they'll invent and invest in the next virtual coin bubble. Why not? 

It also creates regulatory jobs. Think about it - it takes at least 50 (if not 500) bureaucrats to "oversee" each crypto currency. Obama would be delighted!

Fri, 12/13/2013 - 17:01 | 4244546 WaEver
WaEver's picture

Fonestar,

Can you please add a sell-side disclaimer to the drivel you post.
Would be most welcome

Otherwise, enjooy your bitcoin ride as long as it lasts.

Fri, 12/13/2013 - 17:58 | 4244790 fonestar
fonestar's picture

The only disclaimer I offer is that I am riding this rocket to the moon!!

Fri, 12/13/2013 - 18:48 | 4244970 geewhiz
geewhiz's picture

I like USD computer digits and cotton paper notes because Benny and Janet look like nice Jewish grandparents. Furthermore the USD enjoys the confidence that it is money because currently way more highly visionary zh readers accept it as money than accept the Bitcoin. I guess that just gives dumb idiots like me more time to buy more btc cheap. I'll start spending mine when they hit USD $1,000,000 to 1btc.

Sat, 12/14/2013 - 07:00 | 4246163 TheHound73
Fri, 12/13/2013 - 17:10 | 4244582 One And Only
One And Only's picture

Bitcoin is a clandestine plot by the illuminati to control our brains. Or so many commentors on zerohedge seem to believe. 

Fri, 12/13/2013 - 17:22 | 4244641 silverserfer
silverserfer's picture

a virtual currency free for all. On the internet only. or,

a virtual currency created by tptb new ponzi sceme to steal from people.

which do you believe?

Fri, 12/13/2013 - 17:30 | 4244687 NaiLib
NaiLib's picture

Nothing comes for free, except that is maybe what JPM will want you to thik´nk of their money...

Fri, 12/13/2013 - 17:12 | 4244583 One And Only
One And Only's picture

Bitcoin is a clandestine plot by the illuminati to control our brains. Or so many commentors on zerohedge seem to believe. If you own bitcoin and listen very closely you can actually here the illuminati speaking through your bitcoin directing you to bathe in the blood of your first born. 

Fri, 12/13/2013 - 17:23 | 4244649 silverserfer
silverserfer's picture

no they just ant you to slave away for their new and improved intangible assset. Your compliance is apreciated.

Fri, 12/13/2013 - 17:22 | 4244656 Arbysauce
Arbysauce's picture

Given 4 choices and what do you think "bitcoin" is.... the results are almost meaningless.

Fri, 12/13/2013 - 17:28 | 4244685 Yen Cross
Yen Cross's picture

     That's about the same %age as Zeros approval numbers. Hmmmm.

Fri, 12/13/2013 - 18:08 | 4244819 One World Mafia
One World Mafia's picture

NSA backdoors give the govt control of bitcoin mining.

"Prefer symmetric cryptography over public-key cryptography. Prefer conventional discrete-log-based systems over elliptic-curve systems; the latter have constants that the NSA influences when they can."

http://www.theguardian.com/world/2013/sep/05/nsa-how-to-remain-secure-su...

Fri, 12/13/2013 - 18:07 | 4244827 css1971
css1971's picture

Whoops.

Just passed the "Media Attention" stage of the Bitcoin Bubble and are clearly in the "Enthusiasm" stage.

http://upload.wikimedia.org/wikipedia/commons/4/4b/Stages_of_a_bubble.png

Here come the  "Greed", "Delusion" and "NEW PARADIGM!!!!!!!!!!!!!!" stages. Man that's going to be a pain in the arse on this site.

Anyone got a good way to "short" bitcoiners?

Fri, 12/13/2013 - 18:12 | 4244835 IridiumRebel
IridiumRebel's picture

Deer 'Merica:

Bitcoin is what?

A) Computer part for ma windows
B) them little gold chocolates Israelis eat
C) two bits as a whole or a quarter
D) them little tokens at Chucky Cheese
E) Fandangled money in Siberian Space

Fri, 12/13/2013 - 18:25 | 4244862 Yen Cross
Yen Cross's picture

   That's a nasty hammer on the daily chart for BTC.  Looks like BTC want's to test the $750 area short term. If that area breaks, it could be back in the high 500s in no time.

  http://bitcoin.clarkmoody.com/

Fri, 12/13/2013 - 18:51 | 4244989 IridiumRebel
IridiumRebel's picture

I rarely use chart porn for BTC, but when I do, I use Yen Cross.
Stay Birsty my friends!

Fri, 12/13/2013 - 18:43 | 4244961 jomama
jomama's picture

and less than 1% owns investment grade physical bullion.

Fri, 12/13/2013 - 20:36 | 4245292 pipes
pipes's picture

...and virtually 100% of them know what THAT is...

Fri, 12/13/2013 - 18:54 | 4244994 polak potrafi
polak potrafi's picture

gold silver ratio

going down

on LTC/BTC

 

Fri, 12/13/2013 - 19:08 | 4245039 polak potrafi
polak potrafi's picture

cryptocurrencies sing along:

Hey brother, there's an endless a-hole to discover

Fri, 12/13/2013 - 19:33 | 4245111 Kirk2NCC1701
Kirk2NCC1701's picture

I like the quote: "...do we have the Mexican standoff between Gold backed China, FED backed US Dollar and ... NSA, sorry Satoshi Nakamoto backed Bitcoin?"

from the site http://sufiy.blogspot.co.uk/2013/12/ceo-of-btc-china-china-does-not-allo...

Fri, 12/13/2013 - 21:15 | 4245399 polak potrafi
polak potrafi's picture

docenic a neat piece of info

 

Hashcash SHA

two five six

brings Ke$ha

to all dicks... ;)

 

... Timbaa

(and Pumbaa)

 

Fri, 12/13/2013 - 20:37 | 4245294 I Write Code
I Write Code's picture

1.  What Captain Hook did to that doubloon.

2.  One of those shareware programs to calculate stuff like the phases of Uranus.

3.  What robots use to pay for human slaves.

4.  All of the above.

5.  Stop bothering me or I'll bite you.

Sat, 12/14/2013 - 08:04 | 4246191 danster82
danster82's picture

That is immpressive, Love America.

Sat, 12/14/2013 - 10:07 | 4246260 Sufiy
Sufiy's picture

EBA has release action plan how to Kill Bitcoin:

 

European Banking Authority Warns Consumers On Virtual Currencies

 


EBA joins with its warning China, South Korea, Norway, France and other financial authorities from different countries. This warning and presented footprint for actions by authorities in order to attack and seize the assets involved is the most explicit among the ones we have seen so far. Unless Bitcoin is not the Special Op created by the FED to celebrate its Anniversary and 100 Year War On Gold, U.S. will follow soon with its actions. You can guess yourself whether it will be difficult to find evidence that some transactions on the particular exchange were involved in criminal activity and can affect Everybody Involved. Major risks according to EBA: You may lose your money on the exchange platform
  Your money may be stolen from your digital wallet
  You are not protected when using virtual currencies as a means of payment
  The value of your virtual currency can change quickly, and could even drop to zero
  Transactions in virtual currency may be misused for criminal activities, including money laundering

And the punchline and footprint for further actions against Crypto-Currencies:

"Transactions in virtual currencies are public, but the owners and recipients of these transactions are not. Transactions are largely untraceable, and provide virtual currency consumers with a high degree of anonymity. It is therefore possible that the virtual currency network will be used for transactions associated with criminal activities, including money laundering. This misuse could affect you, as law enforcement agencies may decide to close exchange platforms and prevent you from accessing or using any funds that the platforms may be holding for you." http://sufiy.blogspot.co.uk/2013/12/european-banking-authority-warns.htm...

Sat, 12/14/2013 - 10:37 | 4246289 Winston Churchill
Winston Churchill's picture

Looks like Iceland will be the only place left to use BTC.

Hope fonestar likes lots of fish.

Sat, 12/14/2013 - 10:54 | 4246304 Ayr Rand
Ayr Rand's picture

So, in other words, Bitcoin is at least as stable and valuable as any other currency.

Please, everybody, please BUY BITCOIN!! Since the NSA invented it, there is every reason to believe that the mysterious core of users who own but rarely trade most of the bitcoins are either NSA employees, former NSA employees, or the NSA itself. This is your contribution to their pension plans. They have done their job. Do yours. Thank you.

As acknowleged by anybody with technical understanding, Bitcoin is not anonymous. In fact, it was engineered to be 100% cryptographically traceable if you have the tools and resources.

With all that, it still has enormous potential value as a medium of exchange. And especially valuable (due to its light weight) for Chinese leaders looking for a rathole when their economy inevitably plunges due to the fact they have incurred far more debt than America during the economic crisis. 

Sat, 12/14/2013 - 10:59 | 4246280 Ayr Rand
Ayr Rand's picture

Actually, Bitcoin was architected by the NSA to be 100% cryptographically traceable (in conjunction with other resources known to be available to the NSA). If you overlook this fact,and the fact that most bitcoins are held by users from the beginning of the program (i.e., NSA employees), the Bitcoin is indeed a useful program. Just do not assume it is anonymous -- that is an insult not only to your intelligence, but also to everybody else's. Bitcoin is 100% not anonymous. But very easy to carry wealth -- pay attention Chinese overlords who know your country is in trouble! 

Sat, 12/14/2013 - 12:44 | 4246467 Downtoolong
Downtoolong's picture

6% believe Bitcoin is an "Xbox game"

So, they are confusing it with E-Trade and the NASDAQ then?

Sat, 12/14/2013 - 14:55 | 4246715 palmdetroit
palmdetroit's picture

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

On the 1 month, It's beginning to look alot like Christmas 

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