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Bitcoin Crashes After China Bans New Deposits; PBOC Gets DDOSed In Retaliation

Tyler Durden's picture




 

Yesterday it was the US Treasury's Financial Crimes Enforcement Network that tightened its grip on businesses that accept Bitcoin. Today, it is China, where the world's largest Bitcoin exchange by trading volume, BTCChina announced that he had received word from "above" that his platform would no longer be able to accept renminbi from BTC buyers. "As of right now, we have received notice from our third-party payment company that they will disallow customers from making deposits into our exchange," Bobby Lee, a former Yahoo developer who co-founded BTCChina this year, told the Financial Times.  The result, not surprisingly, is an overnight crash in BTC, which crashed by 50% from $900 two days ago to just $455 hours ago.

More from the FT:

With its booming market for commerce, China had been seen by Bitcoin enthusiasts as fertile ground for the virtual currency. However, regulators were concerned that people could use Bitcoins to skirt the country’s capital controls. They also grew alarmed at the rampant speculative demand for Bitcoins, warning it had the makings of a bubble.

 

The Chinese central bank took a hard line two weeks ago, banning the country’s financial institutions from handling Bitcoin transactions.

 

Although the People’s Bank of China said individuals were still free to trade it at their own risk, the ban on third-party payment service providers from doing Bitcoin business effectively makes new purchases of the virtual currency impossible.

 

“I’m not that surprised,” said Hong Hao, chief China strategist at Bank of Communications. “Even if the amount of Bitcoin in circulation wasn’t that large yet, it was a potential threat to the monetary system.”

 

Mr Lee of BTCChina said the emphasis of the notice was on deposits, meaning that customers with existing renminbi balances would still be able to withdraw their cash from the exchange. “They are completely safe,” he said, adding that people with money already deposited on the exchange still had the option of buying Bitcoins.

 

...

 

China’s capital controls mean it takes time for investors to arbitrage the difference between prices in and outside the country.

In a world where the central banks are actively engaged in gold capital controls (and have been for over 40 years), and the BIS has its own in-house gold prices suppression team, nobody could have possibly seen this coming.

We are, of course, joking. But some who apparently were angry and did not see this coming, were the computer hackers of the world. As @george_chen reports, the PBOC reported it was promptly DDOSed in retaliation for China's overnight crackdown on Bitcoin.

 

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Wed, 12/18/2013 - 08:24 | 4256496 doomandbloom
doomandbloom's picture

I trusted fonestar :(

Wed, 12/18/2013 - 08:26 | 4256502 negative rates
negative rates's picture

No he just settled for the loss.

Wed, 12/18/2013 - 08:34 | 4256526 Popo
Popo's picture

Penny stocks are dangerous stuff.

Wed, 12/18/2013 - 08:45 | 4256554 Sudden Debt
Sudden Debt's picture

They'll always have their bits... even if it's worthless.

Wed, 12/18/2013 - 08:48 | 4256565 Occident Mortal
Occident Mortal's picture

Bitcoin..... Yawn.

That's soooooooo 2013.

Wed, 12/18/2013 - 09:02 | 4256606 Harlequin001
Harlequin001's picture

Bitcoin... Yawn.

That's sooooo... $1.00

Wed, 12/18/2013 - 09:21 | 4256672 The They
The They's picture

Damn it! now my bitcoins are only up 5X this year from when i bought them at $90

Wed, 12/18/2013 - 09:24 | 4256688 Harlequin001
Harlequin001's picture

Just wait a minute, I don't think this will take very long...

Wed, 12/18/2013 - 09:26 | 4256692 Gief Gold Plox
Gief Gold Plox's picture

Whoever said "take your profits now" a few days ago... good call man.

Wed, 12/18/2013 - 09:34 | 4256724 Harlequin001
Harlequin001's picture

Fonestar, fonestar, where for art thou fonestar...

 

 

 

fonestar....

 

 

Oi fonestar, any fucking chance?

 

 

How do I get my fucking money out now?

 

*crickets*

Wed, 12/18/2013 - 09:50 | 4256776 TeamDepends
TeamDepends's picture

RIP, our intervention failed.  He just flat-out refused to seek help.

Wed, 12/18/2013 - 09:58 | 4256793 Harlequin001
Harlequin001's picture

Nah, I suspect he just couldn't pay the bill... with his bitcoins...

Still, we tried, let it not be said that we didn't try, many times...

May he rest er... quietly...

Wed, 12/18/2013 - 11:17 | 4257045 BaBaBouy
BaBaBouy's picture

Switch Into Real GOLD... While You Can !!!

Wed, 12/18/2013 - 11:46 | 4257161 malikai
malikai's picture

I'm certain that this was all caused by the Alan Parsons Project. They did this to us!

http://www.youtube.com/watch?v=-1IXQ1pKl_Q

Wed, 12/18/2013 - 11:18 | 4257055 kaiserhoff
kaiserhoff's picture

Do not mess around in the affairs of Dragons,

  for you are crunchy and good with ketchup!

        Courtesy of my favorite Wiccan;)

Wed, 12/18/2013 - 11:25 | 4257092 Manthong
Manthong's picture

hmm.. old master says grasshopper good with tomato sauce. 

Wed, 12/18/2013 - 10:01 | 4256810 gold-is-not-dead
gold-is-not-dead's picture

this is quite boring actually, still in the daily range of hundreds... daily range of tens of thousands next... and big thanks to all the people who panicked...

Wed, 12/18/2013 - 10:09 | 4256841 Harlequin001
Harlequin001's picture

That's it, whenever you're facing insurmountable odds and almost certainty of loss, and not a little personal bankruptcy, my experience is that blind optimism always helps...

yeah...

Wed, 12/18/2013 - 10:17 | 4256876 Colonel Klink
Colonel Klink's picture

I'm still buying at $700..............ish

Wed, 12/18/2013 - 10:21 | 4256884 Harlequin001
Harlequin001's picture

What now? Fuck me have they gone up again already?

Wed, 12/18/2013 - 10:30 | 4256909 BigJim
BigJim's picture

BTC makes silver look boring

Wed, 12/18/2013 - 10:39 | 4256931 HoofHearted
HoofHearted's picture

Good...now all the Chinese can get back to buying precious metals, like they should have all along.

Now, if there was a TITcoin out there, then maybe there would be more investors.

Wed, 12/18/2013 - 10:47 | 4256959 fredquimby
fredquimby's picture

Will sexcoin do?

http://sexcoin-project.org/

Cheers!

Wed, 12/18/2013 - 17:13 | 4258660 gold-is-not-dead
gold-is-not-dead's picture

making money on btc drops is so easy and it'll certainly draw more people in with major impact to price stabilisation... and one more observation, the lowest noted prices on all exchanges are some fake bot thingy products, even though price dropped to 450 you could not realize a buy bellow 550... $100 spread off set...

Wed, 12/18/2013 - 10:35 | 4256923 TheHound73
TheHound73's picture

Most people here can't read a chart?  The bottom of the chart Tyler posted is $500, not $0.00, fighting back towards $600.

Wed, 12/18/2013 - 10:45 | 4256952 fonestar
fonestar's picture

WHooHOOO!!! CH3@P C0In5 ARe HeRE AGA!N!!!!

BUY NOW!!!!!

Wed, 12/18/2013 - 10:58 | 4256984 Ness.
Ness.'s picture

Do you have this same model but with a CD player and whitewall tires?

 

Oh, and I want the insider's deal, you know, free undercoating.

Wed, 12/18/2013 - 13:26 | 4257581 fonestar
fonestar's picture

Up 500% one month, crashing 60% the next month.

This is just another boring day in the life of a Bitcoiner.

Thu, 12/19/2013 - 01:46 | 4259845 TruthHammer
TruthHammer's picture

still waiting for that reply...

Wed, 12/18/2013 - 13:29 | 4257590 silverserfer
silverserfer's picture

keep commenting fonestar.

so we can watch live your descent into maddness and ruin!

Wed, 12/18/2013 - 13:37 | 4257617 fonestar
fonestar's picture

Oh yes, I am being ruined as Bitcoin spreads and goes to new highs!!   Hahahahahaha!

Wed, 12/18/2013 - 11:17 | 4257053 fonestar
fonestar's picture

"What now? Fuck me have they gone up again already?"

Harlequin001 just admitted to me in the previous BTC thread that he respects "laws" and sees them as being good things.  He believes these "laws" (theories about how the world should work) should be applied to Bitcoin.  Thinks they will be relevant.

Wed, 12/18/2013 - 11:28 | 4257104 Harlequin001
Harlequin001's picture

link please...

Wed, 12/18/2013 - 13:56 | 4257675 fonestar
fonestar's picture

Law-abider Harlequin001 writes:

 

"Prisons the world over are full of people who agree with you.

No wonder you like bitcoin."

Wed, 12/18/2013 - 15:18 | 4258083 Harlequin001
Harlequin001's picture

oh well, that explains it all then. Not.

The comment was in reply to your statement that you could evade taxes  and get away with it using bitcoin.

and you can't.

Wed, 12/18/2013 - 11:29 | 4257109 prains
prains's picture

PRO TIP: pull out.......your finger that is...from your nose

Wed, 12/18/2013 - 12:41 | 4257394 Manipuflation
Manipuflation's picture

Gonna give me my BTC back?

Wed, 12/18/2013 - 13:29 | 4257591 fonestar
fonestar's picture

Um, if you'd like?  I did respond to your post on page 2.

Wed, 12/18/2013 - 10:27 | 4256899 ElvisDog
ElvisDog's picture

still in the daily range of hundreds... daily range of tens of thousands next

I'm not even going to be snarky towards bitcoin-istas this morning. I feel sorry for them. It's hard when your dreams of worldwide revolution and untold riches are dashed on the lee shore of reality.

Wed, 12/18/2013 - 10:46 | 4256951 Hobbleknee
Hobbleknee's picture

Yeah.  I support anything that competes with the fiat funny money, even if I didn't use it myself. It's a shame it's not working out better for them.

Wed, 12/18/2013 - 11:46 | 4257177 Bendromeda Strain
Bendromeda Strain's picture

If it's not anonymous, it's not anarchist. If it's not anarchist, it's system... or in this case, pre-system. It will be embraced (regulated, monitored and taxed) in the West, and outlawed in the escape routes. It is a trap, and greed is the snare.

Wed, 12/18/2013 - 10:48 | 4256957 fonestar
fonestar's picture

Uh, why would you need to feel sorry for us as we BTFBTCD?

Wed, 12/18/2013 - 11:16 | 4257049 Harlequin001
Harlequin001's picture

er, this is not a bottom...

Wed, 12/18/2013 - 11:20 | 4257061 Sudden Debt
Sudden Debt's picture

I think that he means that he himself can't fall any lower

Wed, 12/18/2013 - 12:19 | 4257296 NIHILIST CIPHER
NIHILIST CIPHER's picture

OOOOOOOOOOOOOOOOOuch ! bittercoin.  Too bad fonestar, I see a bottom coming.

Wed, 12/18/2013 - 13:06 | 4257507 What you talkin...
What you talkin about Willis's picture

Yeah yesterday fony was spoting out that his btfd price was 700,  whoops. 

Wed, 12/18/2013 - 11:20 | 4257063 Citxmech
Citxmech's picture

So when is BC going to go through the price of gold like a hot knife through butter again?

Wed, 12/18/2013 - 11:21 | 4257071 fonestar
fonestar's picture

Sometime in the next few months I suspect.  Or whenever the bail-ins begin.

Wed, 12/18/2013 - 12:04 | 4257235 NidStyles
NidStyles's picture

Your religion will smack you in the face someday, and then reality will rear it's face that you are merely supporting angry basement dwellers as they con you into helping them become pseudo rich which will not last because your Bitcoins are still only valued in dollars.

 

I wouldn't support anyone that has to use coercion or DDOS atacks to get their way. It makes you no better than the assholes in the Fed system.

Wed, 12/18/2013 - 12:54 | 4257458 outamyeffinway
outamyeffinway's picture

But you're still using dollars or you go to jail (been coerced lately?) and trapped in the Fed system and you will most likely NEVER spend gold as money. Just like all the other Zerohedger community that is hating BTC right now. It defies the imagination!

 

I used to have respect for Zhedger's but it appears that most are either too old to be able to fight or to young to know they are fucked. Either that or they are just too cynical to care about anything anymore.

 

Unbelievable you thick heads! What are the alternatives? You think Congress is gonna find religion and Austrian economics? Go back to a gold standard? No fucking way. If gold comes back into the system it will be at the Gov level for balancing trade deficits. Not for you shitbags to spend and get supremely wealthy off of. What are you smoking? Did ZH get run over by the Freshman class of the local community college?

 

And by the way Nidstyles, you're a douche. The ad hominem attack on BTC'ers as basement dwellers is just a little cliche don't you think? It might sound clever to others who are wading in the same intellectual shallows as you, buuuuuuuut it's not.

Wed, 12/18/2013 - 13:25 | 4257567 jcaz
jcaz's picture

That's right, they don't have basements in China....

Go back to your Junk and pump harder.

Wed, 12/18/2013 - 14:19 | 4257776 outamyeffinway
outamyeffinway's picture

Fuck off.

Wed, 12/18/2013 - 15:23 | 4258113 Harlequin001
Harlequin001's picture

That'll be the teddy bear out of the cot then...

The truth hurts. get used to it, no one's going to cut you any slack out here.

Wed, 12/18/2013 - 13:35 | 4257605 fonestar
fonestar's picture

What is pathetic is to watch the "metals only" crew resort to the same stupid FUD as used by the cartel to dissuade people from buying silver & gold.  Perhaps they could understand Bitcoin and why it is where it is today but that would involve sitting down, shutting up and learning something.

Wed, 12/18/2013 - 16:35 | 4258516 Exponere Mendaces
Exponere Mendaces's picture

@fonestar

Funny how they forget that I was EXPECTING a decline, eh? This is all part of the cycle after we come off of a exponential rally. But I guess they're used to the old-man markets, where a decline is as rare as a unicorn, and rallies are the order of the day.

Some good prices here, but I think we're going to get another push at least near the 260 - 300's before we start to level out. I'll keep posting about it, even if the barking seal trolls have five-second memories...

Now back to trading :)

Wed, 12/18/2013 - 18:13 | 4258856 Bay of Pigs
Bay of Pigs's picture

Let me guess, an Elliot Wave guy?

Wow, pretty astute analysis there Expo....keep up the good work!

Wed, 12/18/2013 - 20:58 | 4259257 Exponere Mendaces
Exponere Mendaces's picture

@Bay of Pigs

No, I have a probem with a method that allows you a "do over" if you get your wave count wrong. How is that at all objective? Some people have luck with it, but I've never liked the backfitting aspect of it, at all.

Anyway, magnitude is a bitch for estimation - I can get the trend calls right, its just the magnitude that is more of a challenge. Much like the heisenberg uncertainty principle, I can know Bull or Bear, but not plus or minus points.

Of course that infers the reverse should be true, and I'm searching for that kind of solution.

Wed, 12/18/2013 - 11:27 | 4257089 eclectic syncretist
eclectic syncretist's picture

Has anyone here ever actually sold a bitchcoin and got their money back, with profit or not?

Wed, 12/18/2013 - 11:38 | 4257134 TheHound73
TheHound73's picture

Sure, Coinbase, MtGox, and localbitcoins.com all the time.

Wed, 12/18/2013 - 11:43 | 4257143 Harlequin001
Harlequin001's picture

No, you don't do that, you just keep them, forever.

And then come onto ZH and try and bullshit everyone about how wealthy you are.

Wed, 12/18/2013 - 12:59 | 4257476 outamyeffinway
outamyeffinway's picture

That's a stupid fucking comment.

 

Is this what it's come to on Zhedge? People just blatantly making shit up? I've sold and made money. Not everyone holds them forever.

 

Are we in the land of make believe now? You fukkers are starting to sound like the shills on TV. Just telling rampant lies and making shit up so that you can bash BTC with no validation. No facts. Just anger and cynicism. Completely lacking in any intellectual discourse whatsoever.

 

Losers. Let us know when you want to come back to reality.

Wed, 12/18/2013 - 14:18 | 4257770 ParkAveFlasher
ParkAveFlasher's picture

I bought some bitcoin.  I can always afford a new experience.  I went to bitcoin.org and downloaded the client.  I'm still downloading blocks/transaction history though, I have an old slow computer.  I'm something like 40 weeks behind and I've been running it on and off for a week now.   Anyone have any tips?

Wed, 12/18/2013 - 20:54 | 4259253 TheHound73
TheHound73's picture

The full client is no longer recommeneded by bitocin.org for most users.  They recommend Multibit.org client.  That being said, if you do use the full-block chain client, it is much faster to download the bootstrap blockchain over torrent first: https://bitcointalk.org/index.php?topic=145386.0

Wed, 12/18/2013 - 15:21 | 4258102 Harlequin001
Harlequin001's picture

Look dickhead, tell me how many people hold more than 50% of all bitcoins and then shut the fuck up.

You're a fucking idiot, and you deserve to lose your money.

Wed, 12/18/2013 - 17:35 | 4258746 greenbear
greenbear's picture

The nastiest bitcoin haters on ZH are probably gubbermint plants and shills. 

Wed, 12/18/2013 - 11:14 | 4257032 Hulk
Hulk's picture

fonestar is sharing a flat with Leo now, china having destroyed them both...

Wed, 12/18/2013 - 11:20 | 4257065 fonestar
fonestar's picture

How did China "destroy" me moron?  I got most of my BTC under $50, bought some more around $200 and $300 and a bit at $800.  You people have no fucking clue what a Bitcoin is, but pull all this bullshit out of your ass going as far as dreaming up conspiracies to explain it.

Wed, 12/18/2013 - 11:27 | 4257085 Herd Redirectio...
Herd Redirection Committee's picture

Dreaming up conspiracies?  Dude, the Satoshi story is the conspiracy.

Wed, 12/18/2013 - 12:08 | 4257260 NidStyles
NidStyles's picture

You hopped in at 50 son. Some of us were involved from the start. Some of us are actually well enough educated to understand that Bitcoin merely satisfies Gresham's Law as well. Perhaps someday you will understand more than your desire to be wealthy.

Wed, 12/18/2013 - 11:27 | 4257101 kaiserhoff
kaiserhoff's picture

Chinee Sholah, foreveh Beeechus!

  HORY SHEETS!

Wed, 12/18/2013 - 10:31 | 4256913 Groundhog Day
Groundhog Day's picture

phone star is busy trying to cash out his b**** porn

Wed, 12/18/2013 - 10:47 | 4256960 fonestar
fonestar's picture

Why would I ever cash out?  I buy more!

BUY NOW!!!

Wed, 12/18/2013 - 11:07 | 4257019 Groundhog Day
Groundhog Day's picture

your right fonestar, it's on sale and you should  acquire all you can at these levels, and i will acquire some silver and gold at these levels.  We're both the same you and I, we believe in our convictions and will go dowm with the ship. The only thing is I have 5000 years of history behind me and you have maybe 500 days.  Good Luck!

Wed, 12/18/2013 - 14:25 | 4257801 outamyeffinway
outamyeffinway's picture

I understand your point about silver and gold, I own them both, but the Egyptians didn't have email either. Should we all stop using email?

 

This is the year 2013 people. Hello? Are we on a gold standard now? Hello???

Wed, 12/18/2013 - 11:21 | 4257070 Sudden Debt
Sudden Debt's picture

THANK GOD!!

THAT MEANS THAT THOSE WITH 2 BRAINCELLS STILL HAVE A CHANCE TO GET OUT!!

Wed, 12/18/2013 - 19:10 | 4258999 chemystical
chemystical's picture

Why would you ever cash out?

Um, you've already told us more than once that you sold some Btc at ~ 400 USD to pay some bills.  Later you told us that you bought back in a couple months later at 800 USD.

So there's at least one answer to your question. 

MY question is, "If you truly believe your daily bullshit that Btc will go to 5 digits, then why the fuck would you ever sell at 400 and then buy them back at 800?"

Bills huh?  You could have maxed out your VISA and paid even as much as 25% APR to pay your bills instead of paying 2400% APR like you already admitted your did.  And you expect anyone to take financial advice from you?  I'll pass.

 

Wed, 12/18/2013 - 09:37 | 4256737 Headbanger
Headbanger's picture

Bitcoin is the epitome of this speculative bubble bullshit that's just suckered in the techno wankers thinking it's the next big thing.

Fuckin A,  How many times has the Brooklyn Bridge been sold??   Add a few million times more to it!

Wed, 12/18/2013 - 10:52 | 4256968 fonestar
fonestar's picture

OH NO!! 

It's all over!  SELL NOW!!

(Or you can donate those unloved BTC to me and I will dispose of them in an enviromentally-virtualfriendly manner 18pGo9aLQUtz2r666aBAwQsFsD7wLvBxXb )

Wed, 12/18/2013 - 12:13 | 4257257 DoChenRollingBearing
DoChenRollingBearing's picture

Yesterday, I agreed to buy some BTC via localbitcoins.com.  The deal happens today.  The seller and I have agreed to "split the difference" between the price when we meet and the price we agreed on yesterday.

So, I am BTFD.  FWTF.  It's been a great ride.

I am optimistic, and it will be fascinating to watch the Big Bad .govs try to crush BTC.  Maybe they will, but then there WILL be unitended consequences...

fonestar, I believe I saw that you have PMs, do not let them go.

fonestar will be fine, he may yet join the 1%.  That would make my day.  The Bearing has always had a soft spot for non-violent radicals...

 

Wed, 12/18/2013 - 12:12 | 4257271 Harlequin001
Harlequin001's picture

I suspect that that deal won't be on offer for too long now, not if he wants to stay in business...

Wed, 12/18/2013 - 13:14 | 4257531 Manipuflation
Manipuflation's picture

I too think fonestar has been beaten up a little too much.

Wed, 12/18/2013 - 13:54 | 4257674 walküre
walküre's picture

My balls aren't as big as your bearings. I can't commit to putting a dime into BTC. Makes for a great story though. Adding silver from parts of farming profits every week though.

Wed, 12/18/2013 - 19:20 | 4259027 chemystical
chemystical's picture

Whoah, hold on a bitsec.  He/she/it said the he/she/it owns PM's?  Then why the fuck would he/she/it have sold Btcat ~ $400 to "pay some bills" and then bought back in a few months later at $800 (as he/she/it has already stated more than once)?

That COMPLETELY defies logic (even his/hers/its).  He/she/it has already denounced PM as flat, and touted Btc as going to 5 digits.

I've already questioned the sanity (and veracity) of selling what he/she/it claims is a wildly aprreciating asset (sic) when he/she/it could have borrowed from VISA or the dreaded bankster at 10 to 25% APR instead ofin essence paying 2400% APR.

Now, you tell me that he/she/it owns PM's??  My question to him/her/it is NOW, "Why not sell some of those PM to pay those alleged bills?"

I'm calling BS on this clown who wants us all to buy buy buy but doesnt have any courage in his/her/its own convictions (else why sell the Btc to 'pay some bills'?  BS.  Complete BS.  I use the word 'liar' sparingly, but the cat's out of the bag on this clown.

Wed, 12/18/2013 - 09:31 | 4256705 Mad Mohel
Mad Mohel's picture

TPTB didn't even exert any heavy force yet. BTC is being crushed by relatively light actions. If they wanted to shut this shit completely down, it could be done overnight. That shit should have stayed in the shadows as the currency of scoundrels and bums.

Wed, 12/18/2013 - 09:35 | 4256727 i-dog
i-dog's picture

A fully traceable crypto-currency WILL be the currency of scoundrels...the globalist politburo. BitCoin was just a proof of concept to get the kiddies excited about receiving their government cheese without 'FRN' printed on it.

Like lambs to slaughter.....

Wed, 12/18/2013 - 09:39 | 4256744 Headbanger
Headbanger's picture

Damn dude.  You got my rant against it beat!

Wed, 12/18/2013 - 09:50 | 4256781 fonzannoon
fonzannoon's picture

Look at this fuckin spike in the 10 yr you fuckin mook!

http://www.marketwatch.com/investing/bond/TMUBMUSD10Y?countrycode=BX

Wed, 12/18/2013 - 09:54 | 4256801 TeamDepends
TeamDepends's picture

Tonight we're gonna party like it's 1933

Yeeeeaaaahhhhh

Wed, 12/18/2013 - 09:59 | 4256808 Harlequin001
Harlequin001's picture

PUBLIC INFORMATION NOTICE

 

Fonestar is not deaed, he has been recently sighted clinging precariously to the wheel of a very fast aircraft heading for Helsinki.

Apparently he is in no rush to get his money out.

Honest.

 

THANK YOU.

Wed, 12/18/2013 - 10:03 | 4256818 TeamDepends
TeamDepends's picture

It's not a Cessna, is it?  Damn, he just wouldn't listen.

Wed, 12/18/2013 - 10:12 | 4256834 Harlequin001
Harlequin001's picture

Nah, I suspect he just couldn't pay for a proper airline ticket... with his bitcoins...

Still we tried (shaking head)...

Wed, 12/18/2013 - 10:31 | 4256912 Headbanger
Headbanger's picture

So glad I got you to pay attention to it you fuckin mook-tard!

Wed, 12/18/2013 - 10:33 | 4256918 BigJim
BigJim's picture

 Look at this fuckin spike in the 10 yr you fuckin mook!

I see you finally read the memo, Fonz!

Wed, 12/18/2013 - 10:45 | 4256947 RSloane
RSloane's picture

Holy crapola Fonz! Up, up and away.

Wed, 12/18/2013 - 10:46 | 4256956 fonzannoon
fonzannoon's picture

headbanger gets very excited about 1 basis point moves....and don't you dare ask him to explain it.

Wed, 12/18/2013 - 10:53 | 4256977 RSloane
RSloane's picture

I'll have a go.

Its hinged to the shifting probability that the giant supervolcano under Yellowstone Park will explode on any given day.

Did I win a cookie? With chocolate and sprinkles?

Wed, 12/18/2013 - 11:06 | 4257014 fonzannoon
fonzannoon's picture

Thats a great theory, but now you are involved. be prepared to be called a mooktardturd. I should not have brought others into this ad hominem waterfall of weirdness. I'm so sorry.

Wed, 12/18/2013 - 11:03 | 4257003 BigJim
BigJim's picture

Explanations are for mooks

Wed, 12/18/2013 - 11:10 | 4257030 fonestar
fonestar's picture

Bitcoin is a protocol, how could they shut it down?  Face it, most of you are too fucking dumb to understand anything about Bitcoin.

Wed, 12/18/2013 - 11:20 | 4257059 Harlequin001
Harlequin001's picture

China seems to have pretty well understood it.

Wed, 12/18/2013 - 11:25 | 4257091 Sudden Debt
Sudden Debt's picture

What is bitcoin?

Wed, 12/18/2013 - 13:44 | 4257639 silverserfer
silverserfer's picture

pokemon tears

Wed, 12/18/2013 - 14:18 | 4257103 Citxmech
Citxmech's picture

They can shut it down effectively by making the perception of adopting it too costly for any legitimate end user.  The weight of the state can be quite heavy - and as it was stated, they haven't even begun to shit on BC yet.

That's not even considering the effects of dilution, competition, and underground attacks like viruses or rumors of viruses. 

Whatever - this will be a tough but important lesson regarding how markets really work out there.

Wed, 12/18/2013 - 09:31 | 4256709 Nostradumbass
Nostradumbass's picture

Well duh!

The early ponzi participants make out best... others who got in late take the big hits.

Wed, 12/18/2013 - 09:36 | 4256733 wallstreetapost...
wallstreetaposteriori's picture

THe Fonestar shits his pants again!....  funny how he told me I was a dipshit when I told him to let everyone know how the second leg down felt.  This one goes to 300.  Even Fonestar is so stunned he cant even comment.  All cylinders are firing on processing those cryptoanarchist currencies.  

 

Cryptoanarachists = socially introverted people with no concept of anything... other than their parents basement.

Wed, 12/18/2013 - 09:47 | 4256764 Harlequin001
Harlequin001's picture

and now gravity, funny old thing...

Wed, 12/18/2013 - 10:56 | 4256979 Herd Redirectio...
Herd Redirection Committee's picture

Come on, cryptophiles give socially introverted basement dwellers a bad name.

Wed, 12/18/2013 - 11:05 | 4257002 ilikepies
ilikepies's picture

Can we just call this bitcrash version 2.0 and be done with it.

Will be interesting to see how this gets reported on the Keiser Report. Out of everyone on the idiot box this guy has been pushing bitfraud the most..

Pies bitches.

 

Wed, 12/18/2013 - 12:04 | 4257237 Harlequin001
Harlequin001's picture

Yeah, we used to refer to being 'Baumgartnered' but now we should just call it 'bitcoined'...

Wed, 12/18/2013 - 10:35 | 4256921 BigJim
BigJim's picture

To be fair on FoneStar... he may actually be out at work/school/kindergarten and away from his parents' laptop. I'm sure we haven't heard the last from him... and he's been banging on about BTC for a LONG time.. he's probably still up 1000% at least.

More than most of us with our silver or gold, I daresay :-p

Wed, 12/18/2013 - 10:56 | 4256980 fonestar
fonestar's picture

I did most of my buying of BTC < $50.  I plan on doing some more buying here too, I am not waiting to see if it goes down to $300 as it could just as easily bottom and go to $800 next.

Wed, 12/18/2013 - 10:59 | 4256991 jcaz
jcaz's picture

Wow-  I did most of my buying at < $1 and all my selling at > $1000-

Guess you're not very bright, boy.....

Wed, 12/18/2013 - 11:06 | 4257013 fonestar
fonestar's picture

I'm sure you did..... you probably never owned BTC in your life (couldn't get past the double-click on windoze executable part)

Wed, 12/18/2013 - 11:08 | 4257023 Manipuflation
Manipuflation's picture

Hi there fonestar.  You have been writing a lot of stuff for a quite a while now.  Now that you see that I am throwing about some tiny chunks of bitcoin to my fellow ZHer's, don't you think you should be explaining why Bitcoin is has value instead of just bragging about yourself?  You claim to represent Bitcoin but I do not see it.  I have six dollar silver so good for me, whoop dee fucking doo.  Why don't you use your purported knowledge base and explain how cryptos work by actually usng them with other ZHer as I am doing?  Better yet, why in the fuck should a gold bug have to do what you should be doing?  I really do not understand you. 

Wed, 12/18/2013 - 11:34 | 4257118 Mad Mohel
Mad Mohel's picture

You're not meant to understand him, JUST BUY BTC!!!!! BUY BUY BUY!

Don't try reasoning with him, he's an asshole with an agenda. Just enjoy the mental contortions he exhibits as he gets his ass torn out.

Wed, 12/18/2013 - 11:40 | 4257135 Citxmech
Citxmech's picture

Thank you Mani. for your helpful attitude.  I have a question for you:  How does a buyer know they are actually getting a "legitimate" BC, when they purchase?  

Wed, 12/18/2013 - 12:17 | 4257298 Manipuflation
Manipuflation's picture

I will give you part of a bitcoin Citxmech.  You need a wallet.  If you do not have one then set up a blockchain wallet.

  https://blockchain.info/wallet

 

Once you do you will receive a very specific wallet address where I can send you part of a bticoin.  I will be further up the board.

Wed, 12/18/2013 - 13:24 | 4257563 fonestar
fonestar's picture

Hi there Manipuflation.  If you've been following the threads you will have seen that I have done my best to answer honest questions regarding Bitcoin to the best of my knowledge.  Unfortunately, most of the responses here have nothing to do with questions about how Bitcoin works, why Bitcoin is valuable, etc.  All of the Tyler's posts on Bitcoin are construed as BTC-negative and are just trying to bash Bitcoin.  I am not involved in the mining of Bitcoin so I haven't gotten into those threads.  I don't believe I have ever been bragging about myself here.

Wed, 12/18/2013 - 20:19 | 4259172 dracos_ghost
dracos_ghost's picture

Are you friggin kidding me? You have been the most arrogant, bloviating and disrepectful troll next to Exponere Mendaces about BTC. I hope your joking about the "I don't believe I have ever been bragging about myself here." statement. If not, you need help son or at least up your meds.

Anytime anyone has reached out to try and have an honest discussion, the response is always along the lines of "Satoshi is God" or crypto-Jesus Christ, everyone is too fucking stupid to understand crypto. Or even better, some non-sequitur about how the majority of existense is outside the visible spectrum, "don't you understand epoch time you asshole, and my favorite "Bitcoin can't be stolen it's open source and .... GPL (NOT)".

@Manipuflation

No matter what side is trolled about BTC, it's version 1.0(actually, 0.8.6) of the software and ecosystem. It's still young and has some headwinds. Tread carefully. I serious doubt this is the end of BTC and virtual coins.

 

Wed, 12/18/2013 - 16:43 | 4258543 Exponere Mendaces
Exponere Mendaces's picture

@Manipuflation

Probably because it was attempted by others, like Seek, who has infinite patience. Some was done by myself, until the barking seal trolls here made it an exercise in futility. Explaining crypto in the middle of a "BEANIE BABIES, LOL" and "VIRTUAL BITSHIT" comments gets old, fast.

So now, fuck 'em.

When I get to a few millions in valuation I'll sign a message with my private key to prove it - but these assholes probably will say that's fake too. So why try to win with these guys, just keep posting what you think will happen - I'm currently waiting for the decline to fall to 260 - 300's again - and profit off of it.

I'd tell these monkeys where to short it like I do, but nah, they can do their own goddamned homework. I'm done trying to spoon-feed these elitist assholes.

 

Wed, 12/18/2013 - 11:16 | 4257041 ElvisDog
ElvisDog's picture

as it could just as easily bottom and go to $800 next

Umm, the price action sure looks like bitcoin is cascading downwards. No evidence of a bottom prior to a 50% rise.

Wed, 12/18/2013 - 11:27 | 4257097 Sudden Debt
Sudden Debt's picture

so... you expect it to drop another 50%...

but you're still not selling...

YOU SO SMART!!!

Wed, 12/18/2013 - 09:54 | 4256788 TeamDepends
TeamDepends's picture

Sell Sell Sell!!!!

Wed, 12/18/2013 - 10:44 | 4256950 HoofHearted
HoofHearted's picture

So glad that government intervention doesn't play an effect in markets. This just proves that the gold and silver markets are certainly not manipulated, just like LIBOR (shit, they caught us), T-bills (don't you talk about monetization), feel free to name your favorite example below...

Wed, 12/18/2013 - 10:20 | 4256882 gallistic
gallistic's picture

Better quit while you are ahead.

Wed, 12/18/2013 - 09:04 | 4256611 Event Horizon
Event Horizon's picture

I went out to my back yard and dug up my stash of bitcoins to check and they still aren'nt there..

Wed, 12/18/2013 - 09:12 | 4256622 Harlequin001
Harlequin001's picture

Has anyone found fonestar yet?

I believe he was caught up in the rush for the exit, which wasn't there by the way.

Wed, 12/18/2013 - 09:13 | 4256637 AUD
Wed, 12/18/2013 - 09:13 | 4256639 Sudden Debt
Sudden Debt's picture

He was a pusher. He'll have his profits.

To bad for the looney's who got caught in the con game.

Wed, 12/18/2013 - 09:23 | 4256681 NoDebt
NoDebt's picture

Somehow, I doubt it.  Either he never owned any (just an internet pumper) or he got slammed.  I threw a "Bill Ackman" warning at him not more than a week ago that "true-believers" are easy pickins' for the market and that ANY investment can lose money.  Didn't seem like he listened.  Hopefully some of his internet followers did, though.

How to lose half your money in a couple weeks- ignore the fact that powerful governments can come in and swat little things like BitCoin around at their discretion when they sense a growing threat.

Wed, 12/18/2013 - 10:23 | 4256829 fallout11
fallout11's picture

To be fair to Fonestar and the other BTC pumpers (Exponere mendaces, fiftybagger, etc) he was just talking his book. However he forgot that in a free and open market for every buyer there is a seller, and that what he considered "valuable" others might not. Their shilling became tedious, however. If you like your BTC, you can keep your BTC. 

 

Wed, 12/18/2013 - 10:29 | 4256904 Ying-Yang
Ying-Yang's picture

Bitcoin will never be allowed by the bank cartel.... fonestar make hay while you can.

Wed, 12/18/2013 - 09:33 | 4256713 Mad Mohel
Mad Mohel's picture

He's still down on the corner waxing poles to earn the cash for his second bitcoin. The upside is that now it will take less blowin to buy it, so he should be here soon.

Wed, 12/18/2013 - 10:11 | 4256849 Event Horizon
Event Horizon's picture

Bitcoin , the newest member to be voted out of survivor, Bitcoin you need to bring me your torch, Bitcoin the tribe has spoken, you will have a chance to get back into this game, grab your stuff and head to redemption island..

Wed, 12/18/2013 - 08:30 | 4256503 AlaricBalth
AlaricBalth's picture

Pop

The first of many bubbles to burst.

Wed, 12/18/2013 - 08:35 | 4256529 CH1
CH1's picture

Bitcoin is dead, hurrah, hurrah!

Bitcoin is dead, hurrah, hurrah!

Come on Hedgers! The tool of our victory must be destroyed!

Bitcoin is dead, hurrah, hurrah!

Bitcoin is dead, hurrah, hurrah!

 

Wed, 12/18/2013 - 08:45 | 4256557 Sudden Debt
Sudden Debt's picture

TOOL OF VICTORY?!!

WHOEHAHAHAHAHAHAHA

BITCOINS IS THE SYMBOL OF ALL FIAT CURRENCIES!!!!

DESTROY IT!!

Wed, 12/18/2013 - 08:54 | 4256581 blabam
blabam's picture

Fiat _ Authorization or sanction: government fiat. How the fuck is bitcoin fiat? 

Wed, 12/18/2013 - 09:05 | 4256609 Sudden Debt
Sudden Debt's picture

Well, that game is over so let's never talk about it ever again :)

It was only backed by the foolish beliefs of the greedy lemmings while it wasn't even worth a tulip.

Wed, 12/18/2013 - 09:18 | 4256644 Harlequin001
Harlequin001's picture

You think that's bad, I know of a guy in Helsinki who's just bought himself an ATM.

Now he really is pissed...

Wed, 12/18/2013 - 10:30 | 4256910 ElvisDog
ElvisDog's picture

I have to think that was just a publicity stunt, like buying a Super Bowl ad.

Wed, 12/18/2013 - 23:59 | 4259703 TheHound73
TheHound73's picture

Why should he be pissed? The ATM just buys/sells BTC at the market rate (plus fees). It doesn't matter what the price of a coin is to the ATM owner.

Wed, 12/18/2013 - 09:54 | 4256795 PT
PT's picture

Can you get tulips for free or do they cost money now?  50 cents?  2 dollars?  Tulips might have hit zero for a while but then they then reverted to their true value.  And there was never a limit of 21 million tulips.  What is the true value of bitcoin?  If it is flawed, then zero.  If not, who knows?

So the Chinese govt banned bitcoin.  Boo hoo hoo.  Did prohibition stop alcohol?  Did all the law enforcers stop using alcohol when it was banned?  Given the short history of bitcoin, I won't believe that it is dead until its value has been exactly zero for a year or two. After all, what does that graph look like when extended back over the last 12 months?

Disclaimer:  I don't think bitcoin is your average tulip but the truth is, I really don't have a clue.  Feel free to enlighten us.

Wed, 12/18/2013 - 10:11 | 4256851 Sudden Debt
Sudden Debt's picture

REally? :)

Now you're compairing Bitcoins to alcohol?

I agree it's a better salespitch but... really? :)

 

And to be honest... I don't think there's 21 million tullips on the market right now... SO THEY'LL GO TO 1 MILLION $ PRETTY SOON?!

 

 

Wed, 12/18/2013 - 11:43 | 4257151 Citxmech
Citxmech's picture

BC may never be completey stamped-out, but I also don't think it'll achieve the wide-spread adoption the faithful are seeking either.

Wed, 12/18/2013 - 10:16 | 4256874 Againstthelie
Againstthelie's picture

People can consume alcohol without any logistics provided and overlooked by government.

Bitcoin uses the TOTALLY CONTROLLED web. When will you sheeple finally understand, that the web is not anonymous, that the bitcoin protocol recording each and every transaction - the dream of big brother (and therefore it is no coincidence it was invented by DARPA/NSA).

 And ofcourse bitcoin is the ultimate FIAT currency. Contrary to normal FIAT money, which is at least covered by the capability of the state to collect taxes, BTC is covered by absolutely nothing. And it is nothing else than the solution of an equation and there are almost unlimited numbers of equations possible, to create an unlimited amount of Bitcoins (BTC2.0, BTC3.0,...).

This was the first try of the globalists how many sheeple are willing to accept a totally controlled virtual currency. And you have passed the test - they only need to attach a few words to it, like "mining" for solving a equation, or "coin" for a currency unit, and promote it with one of the most stupid lies, that the web was free, anonymous and independent, and enough sheeple from the gold community will bite the bait.

Congratulations! You are freely using a total control globalist currency and you don't even recognize it.

Wed, 12/18/2013 - 10:39 | 4256932 john39
john39's picture

desperation makes people do silly things.  i expect that most here literally hate the current financial system for reasons discussed daily.  but the desire to escape the current system sets people up for carefully constructed traps...  like a digital fiat curreny.  does anyone really think that TPTB can't easily control bitcoin?  they designed computer viruses that can literally jump through audio devices into other machines, no connections necessary...  stuxnet?  flame?  and who knows what else lies undiscovered, but lurking.   bitcoin will some how defeat them?   not a chance.

Wed, 12/18/2013 - 11:04 | 4257004 Herd Redirectio...
Herd Redirection Committee's picture

That bits are called coins does not make them coins.  That it is called 'mining' does not make it mining.

Do NOT follow this link or you will be banned from the site!