This page has been archived and commenting is disabled.
Bitcoin Tumbles After PBOC Rumors Confirmed
UPDATE: The earlier rumors have been confirmed: People’s Bank of China told more than 10 third-party payment service providers yesterday not to give clearing services to online Bitcoin exchanges, China Business News reports, citing a central bank meeting with the companies. This news is pressuring Bitcoin to $678 (on Mt.Gox) but more notably, BTC China rates imply a $588 equivalent price - down 57% from its highs. From a $100-plus premium, BTC China now trades $130 cheap to Mt.Gox as the 'arb' flips.
Talk from the PBOC (via Sina) that "the central bank directs: third party payment institutions shall not undertake business with Bitcoin hosted sites," appears to be responsible for the slump in the virtual currency once again. This expands the PBOC's earlier Bitcoin ban to other institutions. Bitcoin prices have dropped over 20% from their overnight highs - trading at around $715 now. Perhaps even more notable is the relationship between Bitcoin and the precious metals today with the early Bitcoin weakness corresponding almost perfectly to gold and silver strength (and again mid-morning in the US).
»
- 37637 reads
- Printer-friendly version
- Send to friend
- advertisements -
Que....fonestar's endless commentary.
What does this article mean for Barrick gold ? Why would they be hedging now ? Apparently Thornton is an ex-Goldie.
http://www.bloomberg.com/news/2013-12-05/barrick-s-thornton-weighs-retur...
The miners have historically hedged at the wrong times!
Negetive sentiment is always greatest at the bottom and must occur to switch trend!
Well Barrick has a long history of collusion with the government so any hedging is probably being sold to the fed. Just speculatin'.
I don't understand how they can't "dig it up" for less than $1200 an ounce now, when just a few years ago it was $500.
Those deposits have been exploited and new ones are more difficult. Costs are up as well.
Basically, the same reasons you can't fill up your car for $20.00 any more, get an easy $200k home equity line of credit, or find any decent jobs out there.
Oh no! Bitcoin is dead again!!!
LOL
same as gold is (was) dead many times...
China long a few hundred tons; China short a few bitcoins; China kept mining gold...Can it be fools' parade?
Two sides of any trade. Who sold?
china sees the threat to its efforts to overthrow the dollar, and thats good enough for me, im pro bitcoin.
good money, sound money, always pushes out bad.
other way around there four chizzles
As we learned the other day here on ZH.
http://en.wikipedia.org/wiki/Gresham%27s_law
But, what if... The "good" money was BTC and ended up backing the "bad" currency which was mostly used for transactions.
Value can be stored in BTC, but would be converted to the preferred "bad" currency before transacting with it. Annoying, yes.. but a safe way to store your wealth when it isn't being used.
Why would you possibly want to store your value in bitcoin if you aren't going to transact in it and not gold?
We can transact in it, but it would (for the time being) be through an intermediary like BitPay. No government is going to accept anything other than their currency for taxes any time soon.
Once BTC reaches its full value (when 1 satoshi = the value of the smallest logical transactable value (maybe the value of a pack of gum or such)), then it will start to make sense to go full BTC.
It makes more sense to store value in BTC because we live in a digital age and many transactions are done over the internet. Credit card fraud is everywhere, and credit cards were not invented for use on the internet. When I say "but would be converted to the preferred "bad" currency before transacting with it" I am referring to the conversion that BitPay (or similar) does, converting BTC to USD in real time.
Of course it always makes sense to have gold and/or silver as a backup.
'Value can be stored in BTC, but would be converted to the preferred "bad" currency before transacting with it.'
That's what you said. You haven't answered the question. Why store value in bitcoin as opposed to gold and silver if you are going to transact in paper or even digital 'other' money?
'It makes more sense to store value in BTC because we live in a digital age and many transactions are done over the internet. '
Many more transactions are not done over the internet so I would take issue with this statement as well. Gold still seems far better.
'Credit card fraud is everywhere, and credit cards were not invented for use on the internet.'
Credit cards are as good as anything else for transacting over the net, and just as traceable... Not convinced.
..when all this crap is over, all I will have left is a few crummy pieces of silver and gold..
..bummer.
I blame Sir Isaac Newton really.
The year was 2013.....and we thought the price of nothing could go up forever.
On retrospect....maybe we should had at least converted it to fiat.
I store value in BTC because I can. I like to diversify and believe in the technology. I feel there is more upside potential to BTC than gold and I'm willing to gamble.
Dump the logic and go with your feelings.....beats throwing darts while wearing a blindfold.
And the independency from governments and Central Banks is most impressing... :P
At some point Bitcoin will just slough off the dictats of world superpowers. In it's current early-adopter phase, some turbulence is to be expected. I think it is holding it's own fairly well under these conditions.
I invest in Easter beanie babies because I can. I like to diversify so I also buy cabbage patch dolls.
papasmurf +1 Smurf that was too funny, I feel the same way about the bitcoin mentality.
Go knock yourself out, kid, since you believe so strongly in bennie baby and cabbage patch doll tech. Who am I to step in your way?
You can store an unlimited amount of wealth on a thumb drive in bitcoin. Gold, on the other hand, is contraband in most places and will be confiscated at the border.
Wealth on a thumb drive......yeah......that screams privacy.....until you plug it into a computer.
Red herring.
And my 6-year degree is in mathematics - and I paid it off years ago - and the taxpayers paid for most of it - and college is a terrible investment unless you get into a top-tier institution - and it makes more sense economically to go to trade school and become a plumber ...
And what does this have to do with bitcoin again?
We've got your IP......you're not anywhere close to a border.....but we still see you.
Would you like to know where you live?
Gold is contraband in most places? Really?
The thumb drive won't store anything once the blockchain gets long enough.
Gold is contraband in most places?
Just let him go.....he's rolling.
.
CH1 "Oh no! Bitcoin is dead again!!! LOL"
Comment"
LOL is right. Wouldn't it be funny if the Chinese Gov were buying bitcoins to manipulate the current holders. LOL
Oil and overall energy costs are way up over the last decade. So are transportation costs and mining supplies (big rigs, drilling equipment, tires, etc...).
In other words, inflation numbers have been distorted and understated by a significant amount when it comes to all in costs of mining gold (and silver).
Yes, well said Bay.
Bitcoin has had an amazing run these past few months. I'm still calling for five and six figure Bitcoin as more and more people around the globe begin to realize that central banks and the governments they own are in an intractable position.
$638, can I get $638? No?
https://btc-e.com/
PPC, NVC, LTC all dumping! Who coulda know'd!
Posted this in the dark web article, bu why not here too, enjoy
@fonestar
while shilling for Bitcoin takes a lot of time, I can't help but ask why you continue to apparently believe the fallacy that
"crypto-currency" or "virtual currency" EQUALS Bitcoin.
Bitcoin is AN example of those things, they are not it. You straw man the idea that virtual/crypto-currencies are here to stay, which is true, and then fallaciously follow up with Bitcoin is here to stay.
The single claim I have seen you or anyone make as to why this should be the case, is "first adopter" status, and that is a VERY weak reason to not turn paper profits into real ones by cashing out. If the powers that be, (as you supposedly think you are opposing with BTC), choose to create an officially sanctioned, properly supported, fully-convertible "crypto-currency" that is equivalent to legal tender, their USCoin would wipe BTC out in a day.
Don't fool yourself to think privacy, anonymity, fighting fiat, or any other nonsesnse would stop it. What people are chasing with BTC is easy money, that's why shoeshine boys are telling me about how their buddy set up a mining rig, and why LTC et al see growth as people chase the next e-Coin with a lower entry margin.
BTC is 50% penny stock, and 50% commodity (virtual commodity) and 0% currency. It can and will be vaporized, either by a far more convertible official alternative, or by advancing technology leading to its undoing. It will never reach "a million dollars" and it is completely driven by speculators and controlled by the 20%ers.
Feel free to shill some FUD in response, I'm all ears, and you've just been....refer to ID-name ;)
fone...i give u credit...you showed up...most wouldnt....
Too busy buying ;) ...added 10% to BTC stacks.
amazing run these past few months.
Kinda like throwing a match on a pile of gunpowder......wait till the smoke clears and let's find out what's left.
Aye, actually the price is right back where it was 10 days ago -- the last time China's Central Bank opened it's big fat mouth. Also consider, over these past 10 days 36,000 bitcoins were freshly minted. Also, you gotta pay to play, arm-chair quaterbacking from the sidelines is free, though.
don't criticize
What you can't understand
Your sons and your daughters
Are beyond your command
Your old road is
Rapidly agin'
Please get out of the new one
If you can't lend your hand
For the times they are a-changin
Nonsense. People are looking for a way to AVOID being ripped off by the "powers that be." Only a bankster could be so delusional as to believe that the "official" status of a currency adds value. No - creation of "value" through legislative fiat is nothing but a fraud. Producers create value, not governments or banksters.
Edit: just to add - the reason that you stack gold is because YOU don't think that the treasury secretary's signature on a green piece of paper confers value.
Nonsense. People are looking for a way to AVOID being ripped off by the "powers that be." Only a bankster could be so delusional as to believe that the "official" status of a currency adds value. No - creation of "value" through legislative fiat is nothing but a fraud. Producers create value, not governments or banksters.
The people buying BTC for that reason are 0.00000000000001% of the BTC owners and are irrelevant to its ultimate outcome. The reason an official one would have "value" (which is not what i said), is because it could be accepted and used everywhere and would offer a way for people to move "in and out" of it easily.
Edit: just to add - the reason that you stack gold is because YOU don't think that the treasury secretary's signature on a green piece of paper confers value.
I am not saying anything in defense of fiat or the FED. My point is that the 0.000000000000001% of people buying BTC on principle are irrelevant to its "value" in terms of its exchange rate for USD, and irrelevant to the ultimate outcome and fate.
Also, that anyone who has made millions or even thousands on BTC already, and is too stupid to cash out and take the free money, is greedy and foolish beyond belief. fonestars FUD (of 'future' profits) pimping of BTC is gibberish.
Source? If pulling this out of your ass I'll expect that reference in APA citation style.
0.00000000000001% of all humans on earth is literally 1 butt hair of 1 human.
"I'm still calling for five and six figure Bitcon."
Yes, we're well aware of that. Now, can I ask an honest question and get an honest answer instead of the knee-jerk down arrow?
More than once you've posted that you sold some Btc at ~ $200 USD/Btc in order to pay some bills. Subsequent to the huge rise in Nov you've told us that you've bought more.
You sold at ~ $200 and bought those same Btc back for ~$800 to $1200. Were you far less bullsh and optimistic when you sold, or do you have less courage in your convictions than you'd like everyone else to have? If you're convinced in as little as a 4 digit Btc then why not borrow at even a Shylockish 20% APR to pay your bills instead of paying 2400% APR to feed your Btc 'habit? Certainly outlooks change, and we change with them, but your published outlook has never wavered here or at other sites (while simultaneously your investments have).
Regards
I never said I was less bullish when I sold. I had some unexpected debts. I have always been psychotically bullish on Bitcoin. Just buy as much as I can, when I can and go crazy.
I'm still calling for five and six figure Bitcoin
Wait a minute. A week ago you were calling for six figure bitcoin. Now you're calling for "five and six figure" bitcoin. Losing confidence are we? Next week will it be "four or five figure" bitcoin???
He called for seven figures not long ago too. Yes, $1M a coin.
...and I am still calling that. I am not sure when Bitcoin goes past five figures and then six and seven. Perhaps another few years but I think five figure Bitcoin is doable in 12 - 24 months.
.00001
Stack On
fonestar, i see you posted here, after my main post and didnt reply. Defend your BTC son, lets here the 'future profit' FUD defense....
Rule #1: never fall in love with an investment
Rule #2: if you're up big, take some off
Rule #3: your first loss is your best loss
Any questions?
edit:
oh, and one more: never try to catch a falling knife.
Rule #1: that's why I won't buy bitcoin. It's not supposed to be an investment, but 'money'. It's supposed to be a 'store of wealth' but it isn't' right now it's an investment. Investments go up relative to money, and they go down relative to money. Soon bitcoin may find it's true value as a store of wealth and therefore money, but until then, I'm not buying.
well ok then.
But it sure is starting to look like a bell curve isn't it. And it CAN be manipulated can't it. Satoshi made a ton of money no doubt.
I think you'll have to kill of the Rothschilds some other way.
Yet another rule, which is really more of an observation:
Parabolic moves almost never end well. Why? See rules # 2 and 3.
With a bedroom stuffed with little white ty tigers, and now bitcoin crashing, looks like state schools for my kids.
But no, seriously, I'm good. Every day my Elm, Ash, and Chestnut trees are growing taller. See y'all in Fiji in a few!
Best thing to do with beanie babies is put them in the back window of your car. People will think you're Chinese and give you a wide berth... heh.
this is fonestars 3rd get rich scheme,
1st was a chiuahua breeding kennel which waas decimated by a hawk
2nd was a organic exterminator service where hippies only could trade weed for his services and now
3rd he bout 3 biticoins and he spends 12 hours a day tirelessly pumping them up in hopes of 6 figure returns
oddly enough if he would have just stfu about his biticoins 250 people on ZH would would have actually bought into them but diddnt beacuse of how irritated they are by all the noise coming from some gilf's attic.
seems legit
True on the cost, haul truck tires were $30,000 a tire ten years ago are now just over $70,000 a tire. A truck was 3.8 million is now just shy of 8 million. Mining costs have more than doubled, hauls get longer, pits get deeper, ore grades get poorer, regulations get stricter and PR is an ever increasing concern.
FYI, for those who watched Big History on the H2 channel, know that the Earth has enough gold in its molten region, to cover the entire earth surface with gold that's 15 feet (5m) deep. That's a LOT of gold.
The problem is an extreme technical one, i.e. getting at it, as the combination of pressures + temperatures are beyond today's technology.
Lots of gold beneath the ocean floor if you could mine it profitably (which you can't).
Maybe Exponere Mendaces (aka Johnny Asteroid) can weigh in with his expertise on this?
@Bay of Pigs
You've got nothing to worry about, of course - rocks never fall from the sky, and once something is valuable it remains that way forever.
Funny how you bring it up again and again, though. Trouble sleeping? Or you just have nothing else better to do?
Now that you mention it, I haven't been sleeping well.
I do find it funny you BTC guys all have PhD's in geology and are experts at space mining too. Kind of amazing isn't it?
People with an interest in science and technology know about science and technology?
Must be a CONSPIRACY.
Tmos, I need to have some fun needling these guys a bit. Good grief, look at the month they just had.
They troll gold and silver but I can't return the jabs? Come on man...
But they don't troll gold and silver. They own gold/silver AND bitcoin.
Rather, what I see is 24/7 trolling of bitcoiners by scared goldbugs. Maybe now they can relax a little bit and think about how they are going to get their wealth out of their local mafia jurisdiction after currency controls are imposed.
I, for one, don't fancy shoving gold up my ass.
The hell they don't. This Exponere Mendaces guy you are defending rips gold to shreds every single day.
Maybe you should pay more attention?
Bullshit, again.
I own loads of gold and silver, as well as bitcoin. I am not alone.
Perhaps if you lot would take a deep breath and try to think clearly, you'd see that.
Unfortunately for you lot, you missed the 800% run up over the last two months because your too scared to think outside the box.
Comprehension issues? I was referring to Exponere, as tmos was defending him and his idiotic asteroid mining claim.
Good for you pal. Load up on BTC. Like many here, I have my reasons for avoiding it. It has nothing to do with "being scared to think outside the box".
"Tmos, I need to have some fun needling these guys a bit. Good grief, look at the month they just had. They troll gold and silver but I can't return the jabs? Come on man..."
Memory issues?
.
@Bay of Pigs
I'm an expert in making you reply :)
Gotta go, have some more BTC trades to take care of. But carry on, and be all witty and whatever - I'm sure that keeps the lights on.
It's amazing what you can learn in Teh basement of the schience building, and by that I mean mom's basement.
6300 KM to the core is a pretty deep well!
If an element has an affinity for iron, causing it to concentrate in the Earth's core, then that same affinity would cause it to concentrate in (rare) iron-based asteroids. Iron-based asteroids are pieces of the cores of shattered planetesimals. Mine gold in the asteroid belt!
And yes, you could learn that from Wikipedia in your mom's basement.
For the same reason that you can't mine bitcoins with your CPU or Graphics card anymore.
Inflated costs duh.
Inflation.
The mining sector experience a greater inflation than reported by Government liars.
They are not shielded, not inside and not outside the US, from money printing effect.
If mines close down, better for the value of my gold and silver (and good also for my bitcoins)
Great buying opportunity, keep stackin
I agree, BTC < $800 is definitely a buy!!
That's arbitrary and speculative.
I don't care what the USD price of bitcoin is once I have my position (which I do). I value it in terms of gold now.
That said, it is, in fact, a buy at 0.56 toz Au.
I wouldn't trade an ounce of silver for a bitcoin. I wouldn't mind gambling 10 bucks on 1 but that's about it. I know the pricing mechanism for bitcoin is reverse of how we think about money but still. Bitcoin is just too volatile, even more so than silver, and too young to be anything but speculative.
Good to see you tmosely.
BTFD! I love this market, I really do. It is so easy to make money. Just BTFD or you're a fucking idiot.
https://www.youtube.com/watch?v=jllJ-HeErjU
p.s. (at +2/-1 score): Should I have used the "/sarc" tag?
No, let the downvotes give you an idea of the collective intelligence.
http://etfdailynews.com/2013/12/16/miners-should-launch-a-gold-cartel-or...
Its on Sale, FUCKING DAMN IT...BUY THE SHIT.
Silver bitch!!
Rips
Why do you care? you shouldn't have time to read anouncements about the mining industry. No one should own mining stocks; they're very stupid and very volatile. Buy the metal, instead.
"...very stupid and very volitile."
Takes one to know one.
Awesome observations! Now, can you use fonestar-like persistence and zeal and convince everyone of that?I'd be interested in buying all of those stock after everyone takes your advice and dumps them. Talk about pennies on the dollar.
got to agree, mining stocks are awful investment. physical or noting. If you want stocks, pick one that actualy has respect for thir shareholders. they are few and far between and way far away from miners.
The USD price of a bitcoin is the least interesting thing about bitcoin.
Yeah, who buys anything hoping to make money?
You confuse money with currency.
The USD price of a bitcoin is the least interesting thing about bitcoin.
Absolutely. And the haters just can't wrap their minds around it.
They still won't grasp Bitcoin at $10,000. They're just not that bright.
@fonestar
They'll just scream its another tulip bubble at 10,000 - of course ignoring all the OTHER times they did the same thing and Bitcoin didn't go to zero. (Which is what bubbles do, they deflate, permanently.)
But who needs facts when you have a keyboard and Zerohedge?
Apparently they don't, that's for sure.
You've conferred upon your the title of "Sole Arbiter of What Defines a Bubble"?
Bubbles do not always burst violently and they do not of necessity deflate permanently. If enough windbags pump air in you can be left with a flimsy asymetric structure where outflow exceeds input, but when the pumpers become exasperated and as new pumpers become scarcer, then they might find a structure that might have been sustainable if it wasn't so large.
Charts on that 1633-37 period are not available but most contemporaneous reports had a steady rise followed by a crash; Btc on the other hand is on a roller coaster. I'd say that information is much more quickly discovered and that of course in 1637 news traveled slowly and was accordingly smoothed, but that would assume that Btc buyers/sellers are actually basing their speculation on a flow of information.
If you'd like to defend that the buyers/sellers are in fact basing their decisions on information, then I would like very much to hear some actual examples of such. (# of reprted merchants accepting it, for example, does not correlate well with the rise. Neither does # of users, What correlates with the fall? PBOC? Sure. Rise: US Congress hearing? Sure, but the timing is not at all exact in either case, and accounts for very little of the volatility).
regards,, but
p.s. the windbag and pumper comments were inserted only to flesh out the analogy and were not intended to offend Btc enthusiasts
Well, I'm watching this BTC trading site and there in no trading coming from China at all. As in none.
This used to be the fiatlink.com site, but that one disappeared and I never heard why. Any ideas what is going on?
http://btccast.com/
expomanure, you prove your own point with the whole facts and keyborad thing. Funny you are attempting to lay down the FACTS and pump biticoins. Your facts I would see as asumptions. Dangerous assumptions in FACT.
@silver"serf"er
You have a funny definition of a "pumper". You do know I'm expecting prices to DECLINE, right? You are paying attention to that, eh? The antithesis of what you would call a "pumper", would it not?
-1 for lack of attention to details, lol
Wait..bubbles goes to zero...permanently?
Bah, why didn't anybody tell me that?! I should have gotten my house for free then.
What's the best way to buy small amounts of BTC (.1)? I created a wallet, and account on MtGox, went to fund it...get charged to send a bank wire, and they charge to receive it...
'Libertarians' who badmouth BTC need to have their IQ or their Agenda questioned, since BTC and Gold share a common enemy: CBs and their fiat currencies. The CBs must love the D&C (divide & conquer) PR they are pulling off on the fake-libertarians.
As I had indicated numerous time before*, Gold+BTC = Perfect Pair (for Parallel Economy) = Fiat_killer
* Sat, 12/07/2013 - 13:42 | 4224727
What one won't do (in damage), the other one will: Both take fiat out of the VoM game and foster a Parallel Economy. And we all know how desperate the Fed and their CB friends are to use QE to ignite VoM, and how much they hate competition.
Most of these "libertarians" are just fakes paying lip service to all the right stuff like Bush 3.0.
That's not a fair comment.
Tyler may need to update this yet again - seems there's a possibility that the whole thing was a complete rumor:
http://www.reddit.com/r/Bitcoin/comments/1t2mec/youve_been_duped_china_m...
Some more here, with translation in comments by user "dashenyang"
http://www.reddit.com/r/BitcoinMarkets/comments/1t2ba4/btc38_says_china_...
Posted for reference:
EDIT: OK, the translation is now posted in full.
Here's what I have so far. I'll update with an edit when I finish.
According to the rumor tools of the Central Bank, the market experienced a plunge as multiple parties caused a panic through market manipulation. Key words: Central Bank; rumors; tools Dec. 16, 2013 (afternoon) News: This afternoon many news items were disseminated which stated that the Central Bank was poised to halt third party payment service processing of bitcoin exchange payment and clearing services. The source presented the news in a serious tone, as if it were true.
At first, hardly anyone believed the rumors, but due to Okcoin (the second largest domestic exchange) ceasing usage of the Tenpay withdrawal service several days prior, there were some authenticated Weibo (Chinese twatter) users who tweeted as follows:
Weibo authenticated user “Li Wenbo” tweeted (the tweet has already been deleted):
After this, still more QQ members posted fake photoshopped announcements from the Central Bank, see below:
QQ group member posted the fake announcement from the People's Bank.
Xiao Bian purposefully opened the Central Bank's “Payment and clearing department” page. (URL), The mentioned announcement simply didn't exist. As you can see, the rumormongers went to great lengths to convince others that the rumors were true.
Under the various levels of pressure, the market began to panic, those speculating in virtual currencies began to dump, in the end leading to a snowball effect. The (Agebits) of a lesser-known exchange Bit Age (the company that I, Xiao Bian, am at), at that instant dropped from over 2 Yuan to 0.9 Yuan, halving in value. Although there was a later recovery, it stayed low at its current value near 1.5. Here's a screenshot:
In a similar vein, I bought some (Zhishubi – Prime Bits?) that fell from 22 Yuan to 16.51, causing me to sweat as I had put in at 25. But as I am a bit crazy (not sure here), I not only didn't sell off, but took the opportunity to buy low, and at 19.5 invested 3000 Yuan, sold at 20, and made a nice small profit.
It's not clear if this “Rumor of the Central Bank Halting Payment” event is or isn't so-called “experts at adding fuel to the fire”. But as far as I'm concerned, there were definitely experts who took advantage of it to make out like bandits.
There are great risks associated with investment in virtual currencies, definitely not merely limited to the inherent ups and down of the instrument. One must also consider the fluctuations due to rumors started in QQ groups. I respectfully invite all Bit Age clients to maintain their vigilance, and exert caution by reviewing multiple verification sources to avoid being taken advantage of by similar rumors, and suffering great losses.
--------------------
So, you have a photoshopped website pic, deleted tweets, and other dodgy material. Guess the truth will come out eventually.
You don't hear from him on the way down, he's one of those positive thinkin folks who are becoming ever more depressed at their shrinking ranks.
We about to get raped
That story about the Chinaman (pardon the nomenclature) and the shoes was bullshit. That was Fonestar.
Also giving myself a -1 for replying to myself.
you shouldn't have worn that skirt...
It feels so nice though.
The good thing about being raped on multiple occassions is the fact it hurts less each time, I am actually beginning to enjoy it.
yes master, can I have another one master!
Who is this "we" you're talking about, Kemosabe?
Please fonestar........no more Satoshi crap cause i'll puke
Pukestar must be busy readjusting his sell orders
He went insolvent today.
Because we all know you can't eat gold....We need to ask Fonestar what Battered Bitcoin taste like?
Who could possibly want less of Satoshi in their lives?
At my house we are doing a Bitcoin Christmas to celebrate the cyberchrist's creation.
Cyberchrist...? Are you kidding me?
nobody wants to sell their beanie babies at a loss
jb
Nobody with a brain is trading their Bitcoin for paper rectangles.
Even the muppets...ops..the people who bought at the top?
When did you buy fonestar? Did you buy at $800?
Just ask'n
I don't even really pay attention to the price when I buy silver or Bitcoin. I just buy some more when I can. I did buy some more around $200, $400 and $900 though.
Nice, good luck to you.
You have turned the stupid up to 11. The only reason to have bitcoin is to eventually find someone (stupid) enough to exchange real, tangible goods or services for it. If you just store them on your hard drive forever, what the hell good are they? The USD price is relevant because it is a measure of the relative purchasing power of a bitcoin.
Face it, you and CH1 are getting butt-raped these last few days on your bitcoin "investments". By all means, keep buying all the way down.
The only reason to have fiat is to eventually find someone (stupid) enough to exchange real, tangible goods or services for it. If you just store your fiat in the bank forever, what the hell good is it?
Don't worry guys. Bitcoin's intrinsic value is somewhere around $2000. The tea leaves told me.
What do your tea leaves tell you about ANY OTHER commodity on the planet? Please....
They say gold and silver are good buys because they're priced below cost.
Q1: Who's "they"? Gold miners? Gold shops? Gold-blog sites? Portfolio managers who cater to Libertarians?
Q2: Define "below cost". Cost of (a) "mining+refining", or (b) cost of "Cash for Gold"?
There's plenty of gold jewelry to be bought up, even if 80% of the mines close. Especially as unemployed people get more economically/financially desperate. And let's not kid anyone... it's the chain of middlemen (wholesale and/or retail) who make the biggest margins. The End-users always pays the Tab for all others before them.
Here's a good article on silver costs (if you want to get into the real numbers anyway).
http://srsroccoreport.com/what-did-it-cost-to-mine-silver-q3-2013/what-d...
I call BULLSHIT on your "plenty of jewelry to be bought up" thesis.
You ever try to take jewelry from a woman ? If so, best of luck searching the roadsides for your severed penis....
Its amazing how ZH can compare a <10B market Cap asset with a 6 trillion Mcap asset as if they actually were connected. Really puts thinking in perspective :)
What's amazing to me is five guys in a room in London setting the price of gold at 8am EST.
Not setting, fixing.
Of course they fix it every day; when something is broken really bad it needs lots of fixing.
It apprears that therer are THOSE at ZH who thinks its FUNNY to pit bitcoin and PM backers together and have words.
Lest they wish anarchy, it would be wise to KNOCK IT OFF!
This is Highlander son. There can be only one. For now Bitcoin is scaring the shit out of the dollar printers, so it's useful. Eventually that shit will have to be snuffed out though.
gold briefly touched $1250 and was quickly slammed down... wonder if that was a coincidence or the free market work?
some are selling at 1250 and buying at 1200
Again, this is EXPECTED. At least for traders who know the cycles of how Bitcoin trades. I keep explaining this, but its all "Beanie Babies SELL SELL SELL" and whatever else the usual suspects post in every thread.
I completely expect to increase my position on the downswing, and when everyone is considering all hope lost, to get back in for the next ride up, like the last THREE TIMES it happened. Long term charts people, just look at the patterns. It isn't that difficult.
That's so precious.....
Its better than "precious", its also highly profitable. But keep on slinging mud, I suppose if you're only good at something, then you have no choice but to continue doing it...
Yeah, how did "buying all the way down" work with the Nikkei back in the late 80's, early 90's. Sometimes things go down and stay there. For decades.
@ElvisDog
Okay, awesome - so if Bitcoin rallies again after making a low around say - 260's, then you'll admit you're wrong? I could live with that.
Please define under what terms would be considered your viewpoint to be flawed, I love playing this game.
Your move.
The chart looks awful, at least gold wasn't in a bubble. This thing though seems to be over. The signs were actually there, when people started calling for 5 figures and more.
Consider this, oh market guru, what happens when some of those 927 people holding half of all bitcoins decide to start spending some of those ill gotten gains? You'll get what needs to happen... a price drop and a distribution of bitcoin out of concentrated hands. In the end, perhaps bitcoin will be all that. but it needs to get out of that concentrated position first.
@funthea
Oh right, the variant on the "what if someone dumps all at once theory" in addition to the old standard "what if the government buys all the bitcoins". Look, the probability of that happening is rather remote, and if it did - I'd be snapping up so many coins I'd make the Treasury look like a cheapskate.
To either scenario - PLEASE DO IT. I'm ready, either way.
The "927" to which you refer are visionaries...as such they know in their hearts where Bitcoin is going. Aside from passing a few to keep the lights on, none of them will dump any significant amount anytime soon...there won't be anymore $12 million pizzas...