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Bitcoin Crashes After China Bans New Deposits; PBOC Gets DDOSed In Retaliation
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.
BREAKING NEWS: CHINA CENTRAL BANK (PBOC) WEB UNDER ATTACK; UNSTABLE FOR ACCESS; LOCAL MEDIA BLAME BITCOIN INVESTORS pic.twitter.com/uXEoPWfxoP
— George Chen (@george_chen) December 18, 2013
MORE: PBOC TOLD MEDIA THIS AFTERNOON "WAS FIXING WEB"; MEDIA BLAMED "FOREIGN BITCOIN INVESTORS" FOR DDOS ATTACK story:http://t.co/E1KCVS73X7
— George Chen (@george_chen) December 18, 2013
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If it was pegged like the GBP to the EU over a decade ago watch the run one way or the other. UK had to withdraw from the rate fixing because "the level of money being created" within 2 regions was very different. May have looked good on the government statistics the markets felt otherwise.
Now link Bitcoin to the dollar, dollar v bitcoin creation rate? Bitcoin will rise on that and the demand to escape the level of dollar creation. If anything the dollar creation issue brings into being bitcoin that if this issue was never created bitcoin would never exist.
Fixed marker to market measure bitcoin would rapidly increase in value to its comparison and WOULD NEVER STOP WITH THE LEVEL OF MONEY CREATION EXPOSED IN QE OR HIDDEN IN BANK LEVERAGE. After that bitcoin would become a measure of inflation not tied to sovereign but starts to impose barriers on soveregin behaviour.
Can't hide nothing after that. China gone first is all more a measure of the issue there on a not so sheep population by the central bank others to follow soon.
Because its price is determined by a free market (which governments can only influence indirectly) so there is no authority who can 'peg' it to anything.
One way that BTC does point the way toward the future -- all currencies will someday be priced by the free market only, and not by 'governments' who criminally force their own citizens to accept currencies.
Indeed. You don't have a idea :)
Why would anybody buy something that is pegged to the dollar 1 on 1 and pay a transaction fee for it?!
BitCOIN and all the other cypto currencies are and will be the biggest con going forward.
Can't peeple see they are being suckerd into the biggest Daisey chain letter going.
I would not be supprised if the money to develope thease coins came from NIGERA!
yes I know peeple have made money out of it...............but that is the art off all good cons....................
They mark you.................let you win then.......................
only this is better .....cause marks are bringing other marks in and it's one big Ponsi
if XAU XAG says it, it must be true.
Well, you can't peg BTC to the dollar, simply because you can't link 21 million units of BTC (of which around 14M are existing right now) to the gazillions of USD in circulation (take M1, M2 or Mwhatever).
If you would rather say peg 1mBTC to the dollar or (most probably) 1?BTC to the dollar, that's a very different story.
LOL. Wow.
Oh my God! The price is where it was A MONTH AGO! The horror. The horror.
>> The horror. The horror.
Well it certainly is to folks who bought in the last month. Ask some silver bugs about buying at $40. Ask some gold bugs about buying at $1,700. It still hurts. One of your better known compatriots was just boasting about buying at $700. I'm sure if he did it hurts, already.
And you think Bitcoin is all about exchange price... how ignorant. You should stay out.
>> is all about exchange price
No, I'm well aware many folks buy bitcoin with the intent of losing money, must like metal bugs, just to show the PTB who's boss. GMAFB.
bitcoin is about the exchange price, because the exchange price is a measure of the purchasing power of bitcoin relative to fiat currencies, which is the whole point, right? That bitcoin will protect your purchasing power against the evil machinations of the world Central Banks?
Shouldn't you be opening another ZH account by now?
We'd all recognise his photo
pretty good likeness eh...
<spit take> Ah, so all those chart spike touchdown dances were in our imagination??
Gee, enlighten us Yoda.
Queue the Crytpo-Anarchist Combat Zen drivel.
There are too many 22 year old tech geniuses buying into bitcoin to pay off their student loans. They had never seen anything like this before. They were day trading with $85. And for a couple of weeks they made money. Now they can tell their kids a story.
I like Bitcoin. I think it has a future. But not bouncing around 15% a day.
I used my profits to pay for Christmas and a boatload of silver. But I know how to read a chart, and this one looked like one of those college kids after mixing whiskey and beer. One look and you knew it was going to puke all over its shoes.
Now the kids can put on their Jammie's, drink some cocoa and talk about Bammie-care while the grown ups take charge.
Somehow I think the recovery will be a little quicker than with gold and silver.
Absolutely.
Same as my Semper Augustus tulip bulbs. I paid 5000 guilders apiece for those damn things, man. When they come roaring back, I will be the master of the entire Dutch empire!
Well, anyone WHO thought this was going fly to begn with was DREAMING,continue to use it, and you will get your foreskins nailed to the wall.No soverign is going to allow an alternate currenc they do NOT control and cash in on.
As soon as Wall Street got involved it was going to peak out in some way. Wall Street buys tops and sells bottoms. They are the dumb money herd.
The good part of Bitcoin is they can not naked short it in any way.
No war was won without a little blood shed - this isnt even a warm up.
Crypto's are simply not going away, 'they' can offer their controlled alternatives, or use legal means, even shoot people for using crypto's - ultimately they will lose. Some of us dont give a fk about the consequences, this isnt about money, this is about freedom.
Anyone who fights the power is alright in my book, but be careful. These are evil fuckers.
Word up there dawg.....they are legion....and pretty damn proud about it.
Where there is a willl, there is a way.
As long as capital controls exist there will be those who feel they have the right to the "fruits of their labor"
Keeping what is yours, who would have thought that idea would be outlawed.
wif u wike oar bitcoin u khan kweep yoar bitcoin
James Joyce, back from the dead?
I thought for certain I would see the BTFD meme rolled out.
This one is actually BTFC.
Does the ban on Bitcoin extend to other cryptocurrencies such as Quark?
Bitcoin has some utility....just has to go through this process and be regulated into the system.
I'm still sitting back watching to see if it ends up with some sort of stable entity. It needs to be regulated into the system to remove that risk.
What's really happening is that the idea of "regulation" is dying.
And about time.
No authority but the free market.
Strong rebound
last chance to buy???
BTC RT-quots:
http://btcpost.net/index.php
Buy now before you are priced out forever.
I think I'll go ahead and take a chance on being priced out forever.
I'm pretty sure I will be able to get crypto whenever I need it.
After the bashing bitcoin still has ANY value?
Nope. No value left at all. May as well send all your bitcoin to me. 1JtanujQyfSL3FWbPiFy4KwSTPvEv9avx3
Already sold them all at $1200
You left $42 a bitcoin on the table then.
Of course you did. And you bought at 20 bucks? Lol. You also bought NFLX at 65 bucks earlier this year and bought FB at 19.50 last fall. Man.... you're rich.
No. I mined them in the early days for nearly nothing
Morality : In a CP corpocracy, a one political party system, who could imagine that a bottom up currency construct that gives power to the little guy to hide his wealth and escape CB control, would be tolerated by the top dog Kleptocracy?
Logical, like water flowing downhill. This is the world of realpolitik!
again..."yuan is a contrivance based upon a fiction of growth." the greatest Ponzi ever. with so much refined products and energy now coming out of the USA there is no shortage of dollar production. China? that's debt production. they take the bulk of their currency holdings and purchase IOU's with it. sure...NOW they buy gold...but the cat's out of the bag. this whole China/USA thing is based on a fraudulent conveyance namely the dollar/yuan "exchange" rate. that thing can't be traded. that's a set rate between two huge State's "subject to revision at any time." there is a THEORY that the rate only moves in one direction..."yuan higher/dollar lower." but this is a THEORY...nothing more. since everyone is a market timer "never bet on price direction" and ALWAYS watch your leverage. once the markets move against you (London Whale) the losses can become exponential very quickly.
It seems Bitcoin "crashes" 50% almost every week. Yet, it is still changing hands at $500. It's not over yet. Far from it.
<-- I lost money playing the lottery yesterday.
<-- Fuck the lottery.
at least I can eat my bitcraps,......right?
This is good for stocks..........right?
I think this is what the Fed meant by withdrawing QE stimulus, every other option is far to risky :-0
That's it hackers, hit em where it hurts...make that website stop working, fuck yeah! Cover them in DDOS cum! That'll make em think rong-and-rard.
http://www.pbc.gov.cn/
It came from nothing and it went to nothing - so what have you lost?
Given that you think that 500 dollars is nothing, can you send me nothing lots of nothing?
BTC investor or BTC amateur ???
,,,,was waiting to get in @ 2000....so, I guess I'll need to wait some more!
Anyone buying the dip??
STFB. Sell the fucking bounce. It's under key daily MAs now, so let the suckers buy it and sell the bounce. Oh wait you can't because there isn't an established counterparty market to arb the short side of the trade.
I get that many of you are goldbugs and can't stand Bitcoin (I'm not into Bitcoins my self) but to see you all gloat over the losses due to goventment crackdown is odd. I assume most of you are libertarians? Why are you doing that? You missed the ride up?
because its disgusting to see day in and day out how some ponzi pyramid con game is pushed for fighting tptb, after all we are against dishonest systems that benefit few and enslave many, not for it (less than 100 people hold more thatn 50% of all bitcoins)... so of course we dont like this bitcoin bs.
"benefit few and enslave many, not for it (less than 100 people hold more thatn 50% of all bitcoins)"
But...the same can be said for gold..no? I believe I read somewhere that less then 1% of people are invested in gold.
But anyone can buy gold, hell, they sell it down at the pawn shop on the corner. You don't have to have an account at Mt. Gox, and online connectivity, and can walk out with it in your hand immediately. Best of all, the bloke down the street will immediately recognize it for what it is, valuable (when you have to "educate" your counterparty to the perceived worth of your asset, its not much of an asset), tangible, and pre-authenticated, and can initiate trade with it immediately, without 3rd party involvement.
"But...the same can be said for gold..no? I believe I read somewhere that less then 1% of people are invested in gold."
I dont "invest" in gold, I buy gold to protect the accumulated wealth of my work from the freeshit people
Men det er jo altså stadig en investering kære hr. BlåSkæg.
Du schal tale mæ den richtige stimme! (Monrad og Rislund, døgnkiosken)
:-)
Nej kære Hr. Gumbum, det er en konvertering, ikke investering
REDUX: Feds stamp on cash pipeline to Mt Gox, Bitcoin's Wall Street
Warrant served on account used to transfer crypto-dosh
http://www.theregister.co.uk/2013/05/15/mt_gox_us_court/
Seizure warrant:
https://www.documentcloud.org/documents/701175-mt-gox-dwolla-warrant-idg...
I've been stacking physical AU and AG for a couple years now and will continue to do so until I die or it is no longer physically available. There's nothing else like these elements and those who continue holding and stacking will be vindicated(if you care about that sort of thing). I don't, I'm too busy enjoying the sale that began April 12th to care. Those 2014 silver maples are looking mighty nice!
But still, earlier this year I bought a little under 2 BTC(when it was $65) for the hell of it. If BTC goes somewhere in the future, great! If it goes to shit, whatever I lost $100. I don't know what the end game is for BTC, but I don't think we're there yet, not hardly. Either way, keep stacking!
I kind of believed bitcoin was nsa crap but now that they've banned it's exchange I think it really is a threat. Still, can't see how it's better than physical (other than gov confiscation). I admit I've never even tried to understand bitcoin, digital money is not real, at this point I want real, not promises. Good luck bitcoiners and good luck techies.
Fonz, no gold on purpose? Are you too far into wall street that you believe in it?
But -- if I were pushing something like BTC, the very second thing I would do would be to 'ban' it.
Do you think that Al Capone was in favor of repealing Prohibition?
Here's how BTC is better than gold: you can transfer your BTC electronically, and almost instantaneously, across the world, virtually for free.
And, gold and BTC can work TOGETHER, people. You like gold, but want a way to transmit it electronically? Convert it to BTC, transmit, then the new holder can keep the BTC, or convert it back to gold on their end.
Get with the program!
If anyone is completely fed up and just wants out, 1HzbYdmsJTvh7Nw3tJojrrJM83a5rwYdC4 :)
i see you have 0 bitcoins... thats good, stay away from thos crap :)
I don't have 0 bitcoins. I have multiple wallets. Hot and cold...
So can we all agree that BTC is not some New World Order plot for one global currency, the mark of the beast etc. etc.?
This attack on BTC should be recognised for what it is, a sign of fear.
The ball is back in the crypto court and we need better exchanges.
No, not quite.
Hey -- here's a question for all you BTC smart guys.
How would you mount an attack on BTC if you had compute power measured not in teraflops, but in acres?
Nobody has a monopoly on technology. When one person has that level of compute power, so will most everyone else who matters.
This is a giant, distributed network. You need to beat 50.1% of the ENTIRE network to take over BTC.
THE ENTIRE NETWORK.
One entity had that level of compute power many years ago.
Wow, you smart and good at maffs. You got it all figured out.
first explain to me how any honest person can support "currency" where less than 100 people own more than 50% of total and then we can talk...
I wouldn't be surprised if the figures are similar for gold and the dollar. Have you a reference for your info?
50% of bitcoins haven't been mined yet.
If you want a currency free from printing and manipulation you have to fight for it by taking risk and putting yourself through inconvenience as well as fear of prosecution. TBTB trust in our greed as well as our fear of loss. If BTC fails it's because collectively we hadn't the balls to stand up for ourselves.
more than 50% of all currently mined.
and no, i will not transfer my wealth to some shmuck, thank you very much.
You don't need to transfer everything you own to BTC, I have a very modest amount of coin, but i'm using the system and giving it my vote by mining and supporting businesses that accept BTC.
"collectively we hadn't the balls to stand up for ourselves".
The problem is not everybody is able to understand how it works. And even if they do, most of the people still don't understand what scam the monetary and banking system are, and the advantages of cryptos. So awareness is a major obstacle too. I thought the ZH crowd was educated, but even here many don't understand cryptos and prefer to rant about it instead of having a serious look at it.
Laying the runway for a corporate 'user friendly' crypto currency now that the model has been tested?
And that model worked out well. No way will any government allow this to operate on a large scale. The only way something like Bitcoin survives is if it stays out of the public eye. The minute it was on the news and on CNBC and all over the media... it's days were numbered. Especially since everyone was buying into it to make money. lol. Pigs are gonna get slaughtered over this. So be it.
Just like piratebay?
It's the tech behind btc thats causing everyone to freak out. It isn't the price discovery adventure, although that is pretty cool too.
If it were possible to make an individual "coin" that is trackable, publically countable, not-respendable and guaranteed to be fraud-free you could re-invent voting.
Oh we just did. That's what has Govts shitting themselves imo.
Piratebay has moved countries at least 4 times in the last 3 years, trying to stay out of the clutching hands of TPTB, most recently this month. The founders went to jail. Not sure that is a track record of success.
I was meaning the global P2P network behind the piratebay which btc takes even further (and conveniently, there is no founder to jail).
It is called Bit Torrent and it is not a network. It is merely a bunch of people porting through a server list to transmit data. It is not untrackable and it is very easy to get full lists and identify the users. Which makes it perfect for law enforcement and confiscation... Sort of the whole point about why people don't trust it.
Exactly. I myself have been "tracked" and received a cease and desist letter from an IP predator for sharing something online via P2P. Anonymous it is not.
$455 ZH "bitcoin crashes" BTFD call <- Tyler is the new stolper! haha (or whoever it is people use as a contrarian indicator!)
BTC has now already crashed back over $570
Good god trading this btc beast is fun.I just can't believe you ZH lot are standing around fiddling with your baubles rather than getting amongst it!
Yo feckin' alfredo - you quote BC prices like they were falling off of a ticker "CRashed back over 570". When you trade you wait a day to get your confirm price. Trading BC is a long term endeavor (at least 2 days for a round trip trade).
So stop with the carnival barking and if you have some strategy thats real then post it, otherwise you are just out there in a tight fitting Lassie suit ..barking and cheerleading.....
Thanks for the laugh.
Keep up the good work Clowny!
Cheers!
alfredo - you definitely have a winning trade strategy. You feckin' clown. You sir, act and think like....a clown on acid.
As long as you have fiat and/or BTC on an exchange, you can trade back and forth all day long (while paying the trading fee). Only takes days when you move money off the exchange and out to the banks.
Heres the asked for btc trading strategy by the way. (Don't laugh, it really works)
Buy a bitcoin, pick a sell number like you would normally for gold or shares, double it and add a bit more, fuck off to pub, get pissed, come home, see it sold, pat yourself on back, pick a low, minus half as much again, go to bed, wake up.
Rinse, repeat.
Cheers!
I am honestly starting to wonder if the whole bitcoin thing is a scam.
I was pretty excited about the opportunity to make some quick coin but this is looking like a roller coaster at Six Flags.
/sarc
I'm in the City, working the bitcoin beat with Satoshi, my trained seal. The fog has just lifted and a couple of nattily-dressed bankers are blowing each other behind an ATM.
I'm a long way from the bunko detail and the world is stranger by the moment, but I have a job to do... I just don't know exactly what it is. All I know is bitcoin is real. Now, if I can find a way to extract this cryto-wallet from my forehead, I should be on to the next caper.
Same crash after silkroad got shutdown. Everyone said "this is the end of bitcoin" and now once bitcoin leaps over this hurdle it'll be at new highs.
People forget this has all happened before with bitcoin. It's already up $100 off of the lows and China is now gone.
Lest we forget:
http://www.imgur.com/i5w3yPj
Charting the last 7 bitcoin peaks (each one followed by many OMG btc is dead! calls)
I bought some bitcoin this morning.
All the people who were like "I wish I bought some when it was cheaper"
This is your chance. This sell-off was a gift from god.
Strikingly similiar sentiment to what gold and silver buyers have been saying. Reminds me of the "trying to catch a falling knife" meme.
it was only a matter of time before the money masters turn bitcoin into butthurtcoin..
If it wasn't for the BTC clowns and the silver pumpers these message boards would be so much more useful. How about for one day BTC and silver "stackers" say nothing that way I could read other people's comments and try to learn how other readers are interpreting the market. I would really like that. I like reading. I like ZH when they aren't being over dramatic. I like real people and not blog trolls who make all these claims and never own up to being wrong or own up to being a zombie apocalypse weirdo. Anyway...good day all. Hope you have a Merry Christmas.
inevitability (in e' vit uh bil' uh tee) n. 1. the quality of being inevitable; unable to be avoided, evaded or escaped.
But I loved ButtCoin.
It was once the only thing you could shove up your arse that would rise in value.
Oh well, back to gold.
What. A. fRucking. surprise.
The latest news: the Chinese have just landed on the moon, and found a dead cat called bitcoin. They say it must have just bounced back.
I know nothing about bitcoins, how they originated or how much they are worth, ecxchanged, etc., but I have intuitively stayed away from them for one reason: Since the governments can censor/limit or even shut down the internet, mass media, and cell phones there is no real security in any form of electronic crediting/transfer system via Bitcoin, and therefore the ability to TAX bitcoins exists front and center.
Which means, the age old masters are smiling back at us: "You see? We have been trying to tell you all along. No matter what you do, you'll always have to return to PHYS silver and gold."
And I don't buy the argument that the government can tax or confiscate physical gold. That's the point of owning physical. The other party wants to receive physical gold as payment so it doesn't have to report it as income. Black markets have been around since governments came into existence.
If it were easy to tax gold and silver, Satan wouldn't have given us fiat currency.
The end of bitcoin!
For the 15th time in a year...
Chicken Little would be proud.
Bitcoin is failing - If nobody is seeing this you are blind.
Do NOT wait too long to sell! Millions of people made the same mistake - they ended up frustrated.
Don't be a dick - Sell Bitcoin
I wonder if the Dingleberry twins are feeling their wallets a bit lighter this morning ?
They may want to cancel that order for their new Yacht they were going to purchase to sail the Greek aisles in search of the REAL MODERN DAY CALIGULA ...
Now they can go back to bitching and moaning about getting screwed out of billions in the AssFace launch by Zuckerterd.
I don't own Bitcoin, and you can hit the down arrow all you want, but this will turn out to be another buying opportunity when all is said and done.....
"Yesterday it was the US Treasury's Financial Crimes Enforcement Network that tightened its grip on businesses that accept Bitcoin"
YET NO BANKERS ARE IN PRISON FOR COMMITTING MASSIVE FELONY FINANCIAL FRAUD.
Shawking!
I'm gonna cry. Boo hoo. Oh noes.
How many of us understand how Bitcoin and other cryptos work ? I was very skeptical too until I understood it. Basically, I can hold and exchange money without having to trust a bank. That's huge. There is no monopoly for creation of units, although the max number is capped.
I don't understand why the ZH community became so anti Bitcoin recently. I don't like the flow of speculators that were attracted by the hype around it, but the concept remains extremely powerful and useful. Regulators stepping in is a proof, I think. Now what the future holds for cryptos, I don't know. But I hope it won't sink.
Wow, that's very inciteful, and really opened my eyes....
I know what you should do- you should open up your OWN crypto-currency.....
In fact, we ALL should open our own cypto-currency- every one of us- we can all join hands and sing Kum-ba-ya.....
It truly is a miracle Christmas after all, Timmy!
It means that Cypriots with Bitcoin or Litecoin were not Cyprus'd. You can pay someone on another continent for a 0 fee. If you are American, have u ever tried to wire money to Europe or Asia ? This is awfully expensive. With cryptos, u can do it outside the banking system, with no fee. Those are my arguments, and there are many other advantages (as I said, maybe it's an utopia, but it could be the solution). What are yours, except sarcasms ?
Actually I'm thinking about it, a crypto that would be pegged in some ways to gold (ratio to what exists and will be mined). Difficulty would be linked to the gold price (harder to mine when it's low, the same way production decreases when price is low in the real world). But as I said, u probably don't have a clue how it works.
And again, the mysterious "you don't have a clue how it works" defense from the BTC experts. Englighten us. 'Splain it to all us hill billies hoss.
<- agree
<- sucking virtual balls
they will be next time.
next time routers will all be updated to look for encrypted traffic that looks like bitcoin, or unencrypted packets that definite say they are for bitcoin, and scrub them.
I have every clue how it works.
You need a reliable network.
Since you don't control the wires or air-space or geography upon which the network resides in the physical world, you're screwed.
if you DID control all the power & infrastructure, that's another story. Do you?
No.
h0h0h0
merrrry cryptmas!
I understand it very well.
I would rather trust the banking network system & fiat system than unregulated fiat-btc exchange grids & unsecured network segments with actual money-value tied to it and no reversibility for transactions.
I'm anti-ponzi anti-fraud and the recent bitcoin activity has been in those categories. If it was purely btc for goods or services I'd only be concerned about the digital grid.
I've said the same of digital dollars and for that reason HOLD real gold & silver coins.
Like I¨ve been saying since March... Bitcoin is like any risky investment, if you´re lucky enough to have gotten in early - Dont get greedy, take profits along the way! Precious Metals are undervalued and as safe an investment as there is - therefore its the logical place to invest part of those profits. Go back and look at my previous posts, I dont know if Bitcoin is done or not (I still own exactly 100 BTC´s which I have no intention to sell for now, even if they go to zero), but the 150 BTC´s I´ve sold between April and last month have paid for many times more in PM´s than what I could have purchased with the $15,075 total that I´ve put into this adventure. The lesson like always is ¨Dont let greed get the best of you¨
Just waiting for the hype & volatility & spikes to die down. It'll probably settle around €250 or so in next couple months when all the poor fuckers who read the MSM articles the last few weeks have become utterly disillusioned and clear off, vowing never to buy into digital currencies again.
Same deal as last night. I will give you 0.001 bitcoin if you promise to give it back. There is no catch. I am simply studying it. I started with 0.01 BTC but I now only have 0.0092 BTC. That's a bit of a problem. Hmm. I use a blockchain wallet but I realize that there are others. Is there a transaction fee? Where did the 0.0008 go? I did two transactions last night and you should be able to see them. One guy was using a different wallet. Do we have to have an exchange fee between different kinds of wallets?
1Miqw7N9F2b47pZr2zgNa9TCb825ESWqXf is my wallet address. You give me your wallet crypto whatever it is and I will send you 0.001 bitcoin. You send it back. I would like to know where the degradation is occurring.
Wow. If there was no disclosure - that is completely fucked-up.
The one guy said there was a charge for a small transaction. I want to duplicate that. I really don't care about 50 cents. My btc purchase is already a loss but shouldn't be for what we can learn from it. Transaction fees? I am doing this for everyone on ZH. Let's get it over with already.
There is a small transaction fee that goes to the Miners securing the network.
https://en.bitcoin.it/wiki/Transaction_fees
Ok, fine, send me 0.001 bitcoins:
this is me: 1FtTiyvhyxeESTAYbaZpy33Fd8jif4Fose
I will return it to:
1Miqw7N9F2b47pZr2zgNa9TCb825ESWqXf
they print dollars and other moneys every month dont they ?
its not like they could sell bitcoin ETFs, so they persuade their chineese friends to do this but when they have used their last arrows what will they do ?
bitcoin is nice to trade through internet like gold to trade otherwise, just be patient
There are many methods of control. Bitcoin is global control, no different than the cdntral banks. The story of some lone hacker dreaming up Bitcoin is a good one, but probably just that a story. Reality is it was probably dreamed up by Mossad, the CIA, etc. Perhaps to weed out competitors in the black market space. The silk road itself is lrobanly run by the CIA. There are always useful criminals. The bootleggers during prohibition made a lot of politicians rich.
The lottery is control. Look at the fervor over the Mega Millions jackpot, even though you have the same odds winning $20 million as $650 million. Most mega jackpots end up being shared, netting an individual less money than winning a smaller jackpot. It makes a good story though. Mega Jackpots make people believe they can make all of their problems disappear for $1. Who wouldn't take that chance?
TPTB need get rich quick schemes to keep people controlled. If people believe there is a way to escape their misery, they will continue to play the game. They pile on the latest scheme, the fraud runs fast. Just one month ago people got burned trying to buy PS4s and XBOXOnes to sell on Ebay. The first people expected to wait in line for hours and make double thier money. Instead they found they could only get thier money back.
Everything is control. All advertising is control to get you to support Wall Street. Same with the media. One you figure out that everyone is a shrill for the big government corporate complex, you can't watch it anymore. One side talks their book, the other talks thiers. In thebend both sides just want your money so they don't have to work.
From the beggining Bitcoin gave me a bad vibe. It wasn't Zerohedge where I saw it first. It was on the video card 3D Mark forum in early 2010. People were talking about using GeForce cards to mine Bitcoin for cash. It sounded like the clickbots you could use in 1999 to make money clicking ads. You made a Bitcoin account and ran a mining app, then traded the Bitcoin for a small amount of cash. People didn't realize at the time that what they were doing was laundering money for the silk road.
Somehow Bitcoin got pumped because people believed it could make them rich. Sadly the scam wasn't stopped before it took off. But they never are. The Power Balance scam should have been stopped from day one, but millions of people around the world got scammed into trading $35 for a $.20 piece of worthless rubber. CNBC proclaimed it product of the year, even put a $3 billion target on the sales of "energy bands". CNBC believed along with the rest of the Wall Street apparatus that Power Balance and the other companies like it would propel the next wave of IPO billions.
Desperate people are easy marks and they are still fueling the biggest bubble of them all, the stock exchange.
Maybe someday we will get back to making an honest buck. Trading labor of value for goods of value. It means people can't get filthy rich quick, but at least people won't kill thoer neighbor over a Beanie Baby.
Come on adr work with me. You just had that great post about wanting to run over people with your car that you hate but end up fixing their toilet. You know that I am as redneck as can be but yet I am offering Bitcoin fractions with the understanding that you will give it back. I am studying the transactions, what they look like and who charges what. I am pretty good with a wrench too my friend and damned good with a chainsaw. I did not learn any of that by not paying attention. We figure out how things work, it is what we do. No disrespect intended.
Wait, is it too late for me to get in at an all time high? I have this bag in my hand I swear up and down I was told I should just hold this a few minutes...
Wow kettle black by fiat.
I see this as a good sign. This means that they see bitcoin as a real threat.
Mess with my money. I'll DDOS your ass off!
I have it on good authority from a Beanie Baby chartist that this is just a correction...
(a dark and stormy night)
In a Swiss Chalet, lit by a roaring fire, the Intrenational Bankster Mafia is gathered.
"Have you made the calls, Cecil?"
"Yes, Lord X."
Good lad. Our co-ordinated attack begins tomorrow. Brandy, anyone?"
LOL. No brandy for me. No hard liquor either save for perhaps some Laphroaig. I would rather just drink all of your beer. I am trying to do something for us regarding all of this bitcoin noise. I do not think that bitcoiners are that bad of folks. I think there have been a lot of people around here trying their damnedest to make them look really bad. If you know any Bitcoiners outside of ZeroHedge you know that they are some of the nicest and most intelligent people that there are. They also tend to hold PM's unlike the ZH breed of BTC troll.
I am not a bitcoiner. I am a goldbug tried and true but I am willing to listen. I also need to see how it works. Bitcoins for nothing and the chicks for free.:-)
A lot of people are saying bitcoin was a bubble and now it has popped.
Question to everyone reading this - How many people do you honestly know that own or have owned bitcoin? I can almost guarntee the majority of people reading this maybe know 1 if any. In order for there to be a bubble you need everyone in and mass hysteria. That has not yet occured with bitcoin, not even close.
We will be right back at the highs much sooner than anyone could ever anticipate and when it happens without China a new generation of bitcoiners will be born through amazement.
And let's keep this "crash" in perspective. Bitcoin was $100 a month ago. Wish all of my assets would crash like that.
Owned it, know three other guys who do.
Own em, bought 'em low, not concerned in the least about this noise. I agree with your outlook.
a BITCOIN bubble can be considered never to be of the masses:
those who could get in did get in, those who didn't would never have & that's that.
Bubble. Saturated. Popped.
Bitcoin will be $100 a month from now, then pennies.
You should never wish for your assets to slam up or down, but to be reliable. A slam-up is a ponzi-grab that makes a lot of people broke because it won't last. Never has. Ever. For anything. ever.
So, Jan 19th? Marked my calandar, homie, Problem is you've been promissing $100 coins for months now.
This 4th bitcoin bubble started at $100 and popped to $500.
There is only ONE bitcoin bubble: the entire existence. It has never had a 2nd bubble & never will.
We already slammed down to 455 which is far, FAR below 1200, and 100 is not far off - and of course 140. It's coming. Better get your grabbing hands ready if you're going to step up & be the Bagholder in Chief (fonestar being the el Presidente of bagholders).
economics of minning will reach some sort of supply and demand equilibrum. Well half true (slice BTC into fractions) But AND BIG BUT fiat cannot stop printing... China beating FED at own game printing..... The Chinese buy assets the FED funds warfare welfare sinecurist usury.
Now hold on a minute. China declares no bitcoin, so now one China renminbi is worth MORE bitcoins? Shouldn't it be the other way around - shouldn't the renminbi lose value, if they won't accept bitcoins?
only semi-sarc
For me and all my brothers here that realized btc was the height of idiocy, congrats.
The rest of ya..... you suck
BTC = BAD TURD CRASHING
Bitcoin's been written off as dead & buried a dozen times before, many times by the same ZHer's who're doing so with such gusto today. I wouldn't be surprised in the least if it recovers from these setbacks too. Paper losses are only real if one sells. But for those who jumped in at 700+, this reminder is cold comfort today.
go pump your garbage elsewhere
And a very Merry Christmas to you as well!
no, paper GAINS are only realized if one SELLS btc for them.
Until then you have 100% losses - the electrons are worth NOTHING.