This page has been archived and commenting is disabled.

BofAML Asks "Is This The End Of Bitcoin?"

Tyler Durden's picture





 

Following David Woo's initial $1300 fair-value price target for Bitcoin, the BofAML strategist has had to suffer through some significant changes; not the least of which is China's increasingly strict Bitcoin regulation. The shifts, he notes, raise key questions about the future of Bitcoin as he asks "is this the end of Bitcoin?"

 

Via BofAML's David Woo,

Although this has yet to be officially confirmed, there are reports that the People’s Bank of China (PBOC) has banned third-party Bitcoin payment companies from making renminbi deposits to Bitcoin exchanges. The news follows a move by PBOC two weeks ago preventing Chinese traditional financial institutions from handling Bitcoin transactions noting the risks Bitcoin posed because of its volatility, ease of use for money laundering, and risks that it can be used by criminal organizations.

What does this mean?

Two largest Bitcoin exchanges in China, BTC China and OkCoin have stated they cannot accept new yuan deposits, though current balances may still be exchanged for BTC or withdrawn. Bitcoin prices have fallen significantly on the back of the news and the CNY’s share of overall transactions has fallen from the high of 78% on 12/15 to 33% on 12/18 (see chart below).

 

The last time CNY's share of transactions was below 40% on two consecutive days (Nov 6-7), Bitcoin was trading at $313 in USD terms, below current prices of $670. The government appears to be looking to hamper Bitcoin speculation with this move effectively preventing new inflows to the Bitcoin ecosystem in China. New yuan-based investors will have no ability to purchase Bitcoins on the mainland.

The easiest way to understand this latest development is that China is adopting the same tougher regulatory stance as the US. This tough stance is the reason there are very few Bitcoin exchanges in the US. China’s relatively lax regulation, until recently, in this regard explains the strong growth of Bitcoin exchanges there. Unlike the US, Chinese exchanges are not required to gain regulatory approval as money services businesses (MSBs) prior to opening. In the US, with a few exceptions, all states require Bitcoin exchanges to obtain MSB approval. If the China story turns out to be correct, the success or failure of Bitcoin exchanges in their quest to acquire licenses as money transmitters in the US over the next 2-3 months becomes even more crucial.

Given China is now taking a tougher regulatory stance with regard to Bitcoin, the regulatory arbitrage between CNY and USD exchanges will likely be minimized. Indeed, the premium of BTCCNY premium has turned negative recently in response to these tougher regulations (see chart below). In the past, China was seen as an easier place to set up operations because of the lower regulatory thresholds.

Switzerland is another important country to watch in this regard. The Swiss federal government is currently writing a report assessing Bitcoin opportunities for the Swiss financial sector. Additionally, they are assessing if Bitcoin can be considered a legal foreign currency and regulated under their existing laws which would potentially provide a legal way forward for institutional Bitcoin investors.

Is this the end of Bitcoin?

These reports raise key questions about the future of Bitcoin. The outcome of Bitcoin exchanges currently applying for money services businesses licenses in the U.S over the next 2-3 months becomes even more important should the China news turn out to be correct.

There are three sources of uncertainty over the licensing process.

First, it is not clear whether the states will coordinate to set common requirements for granting licenses (this will take more time) or that they will act independently of each other.

 

Second, how onerous will the requirements on anti-money laundering provisions be? It is easy to see how this is a non-trivial challenge for the would-be exchanges. While it is likely that people setting up Bitcoin accounts will have to disclose their identity and transactions as a first step, it is unclear whether regulation would also require disclosure of transactions within their Bitcoin-denominated account.

 

In addition to uncertainty with regard to licensing, Bitcoin's tax treatment is also an important issue. The General Accounting Office has asked the IRS to draft regulation to clarify the taxation of Bitcoin transactions and capital gains.

Together these factors will likely mean that Bitcoin users make a small sacrifice by ceding some of the anonymity Bitcoin provides. However, we view such sacrifices as a necessary part of legitimizing Bitcoin within the regulatory framework and potentially paving the way for more wide-scale use.
 

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 12/24/2013 - 18:36 | Link to Comment knukles
knukles's picture
In Hoc Anno Domini

 

 

When Saul of Tarsus set out on his journey to Damascus the whole of the known world lay in bondage. There was one state, and it was Rome. There was one master for it all, and he was Tiberius Caesar.

Everywhere there was civil order, for the arm of the Roman law was long. Everywhere there was stability, in government and in society, for the centurions saw that it was so.

But everywhere there was something else, too. There was oppression—for those who were not the friends of Tiberius Caesar. There was the tax gatherer to take the grain from the fields and the flax from the spindle to feed the legions or to fill the hungry treasury from which divine Caesar gave largess to the people. There was the impressor to find recruits for the circuses. There were executioners to quiet those whom the Emperor proscribed. What was a man for but to serve Caesar?

There was the persecution of men who dared think differently, who heard strange voices or read strange manuscripts. There was enslavement of men whose tribes came not from Rome, disdain for those who did not have the familiar visage. And most of all, there was everywhere a contempt for human life. What, to the strong, was one man more or less in a crowded world?

Then, of a sudden, there was a light in the world, and a man from Galilee saying, Render unto Caesar the things which are Caesar's and unto God the things that are God's.

And the voice from Galilee, which would defy Caesar, offered a new Kingdom in which each man could walk upright and bow to none but his God. Inasmuch as ye have done it unto one of the least of these my brethren, ye have done it unto me. And he sent this gospel of the Kingdom of Man into the uttermost ends of the earth.

So the light came into the world and the men who lived in darkness were afraid, and they tried to lower a curtain so that man would still believe salvation lay with the leaders.

But it came to pass for a while in divers places that the truth did set man free, although the men of darkness were offended and they tried to put out the light. The voice said, Haste ye. Walk while you have the light, lest darkness come upon you, for he that walketh in darkness knoweth not whither he goeth.

Along the road to Damascus the light shone brightly. But afterward Paul of Tarsus, too, was sore afraid. He feared that other Caesars, other prophets, might one day persuade men that man was nothing save a servant unto them, that men might yield up their birthright from God for pottage and walk no more in freedom.

Then might it come to pass that darkness would settle again over the lands and there would be a burning of books and men would think only of what they should eat and what they should wear, and would give heed only to new Caesars and to false prophets. Then might it come to pass that men would not look upward to see even a winter's star in the East, and once more, there would be no light at all in the darkness.

And so Paul, the apostle of the Son of Man, spoke to his brethren, the Galatians, the words he would have us remember afterward in each of the years of his Lord:

Stand fast therefore in the liberty wherewith Christ has made us free and be not entangled again with the yoke of bondage.

December 24, 2013 Wall Street Journal
Tue, 12/24/2013 - 18:51 | Link to Comment nmewn
nmewn's picture

So Caesar has decided to license (read tax/fee) and tax outright yet another product or service people use.

I know, I know, its shocking...lol.

Tue, 12/24/2013 - 19:28 | Link to Comment Apostate2
Apostate2's picture

Happy Christmas to you nmewn and to Dr Engali, DoChen, Fonzanoon and so on. Must not forget the comedy duo Akak and the fourth stooging who would have had to invent the irascible AnAnon if he(?) didn't exist. Thanks for the laughs.Cheers to the more annoying brethren--Rev fonestar and the bitcoin miracle deliverance centre 2.0 that carried on the stubborn tradition that a point made once is never enough (Freddie never fails to deliver). It is Christmas morn here on the far side of the world-bless all the wit, visual combat a la WB7 and vulgarity on ZH. May you rest peacefully and may joy come in the mroning.  

Tue, 12/24/2013 - 19:42 | Link to Comment nmewn
nmewn's picture

Merry Christmas to you & yours Apostate...its definitely a diverse population here at the Hedge.

(I think AnAnon was real...but still, it was entertaining...lol)

Tue, 12/24/2013 - 20:02 | Link to Comment FEDbuster
FEDbuster's picture

My wife's new gold necklace looks so much better than a Bitcoin necklace would.

Tue, 12/24/2013 - 20:43 | Link to Comment nmewn
nmewn's picture

And it weighs less than a laptop/i-phone around the neck of a lady, requires no encryption codes to unfasten and is more artistically appealing under any light.

Merry Christmas FB ;-)

Wed, 12/25/2013 - 10:43 | Link to Comment CH1
CH1's picture

Yes, Bitcoin is DEAD!

You don't have to worry about it ever again!

Your evil enemy is gone and will never return!

Sleep comfy dear children.

Wed, 12/25/2013 - 11:59 | Link to Comment nmewn
nmewn's picture

I didn't say anything about BitCoin being dead or call it my "enemy", so stop with the strawmen CH.

I was remarking on the observable differences between the real and the surreal ;-)

Wed, 12/25/2013 - 16:22 | Link to Comment CH1
CH1's picture

If I had been commenting to you directly, I would have quoted the passage I was referencing.

Wed, 12/25/2013 - 18:02 | Link to Comment nmewn
nmewn's picture

Fair enough, peace.

Tue, 12/24/2013 - 21:32 | Link to Comment auric1234
auric1234's picture

But can you eat it?

 

Tue, 12/24/2013 - 22:48 | Link to Comment Harlequin001
Harlequin001's picture

Maybe not, but for the last 5,000 years she would have been able to swap it for something that she could.

Unlike bitcoin or fiat etc, etc ad infinitum... Merry Christmas everybody...

Tue, 12/24/2013 - 20:10 | Link to Comment DaddyO
DaddyO's picture

Merry Christmas to all the merry misfits on ZeroHedge.

What an irascible bunch you have all proven to be this past year.

Fight Club lives...

DaddyO

Tue, 12/24/2013 - 20:48 | Link to Comment nmewn
nmewn's picture

Merry Christmas DaddyO.

"Listen up, maggots. You are not special. You are not a beautiful or unique snowflake. You're the same decaying organic matter as everything else."

Fight Club lives ;-)

Wed, 12/25/2013 - 02:40 | Link to Comment mmanvil74
mmanvil74's picture

Merry Christmas Ladies and Gents of the ZH - You are ALL special.  While your physical body exists in the 3D, the rest of your "body" is multidimensional and unlike any other.  Fight Club Lives!

Wed, 12/25/2013 - 11:06 | Link to Comment AvoidingTaxation
AvoidingTaxation's picture

We don't have a great war in our generation, or a great depression, but we do, we have a great war of the spirit.  We have a great revolution against the culture.  The great depression is our lives.  We have a spiritual depression.  ~Chuck Palahniuk, Fight Club, Chapter 19

Tue, 12/24/2013 - 18:51 | Link to Comment Apostate2
Apostate2's picture

Vaya con Dios Mr Knuckles.

Happy Christmas.

Tue, 12/24/2013 - 20:11 | Link to Comment Hulk
Hulk's picture

Merry Fucking Christmas Knukles !!!

Tue, 12/24/2013 - 20:56 | Link to Comment DaddyO
DaddyO's picture

Bah Humbug, you big green galoot...

DaddyO

Wed, 12/25/2013 - 05:26 | Link to Comment Amagnonx
Amagnonx's picture

 "Truly I tell you, unless you change and become like little children, you will never enter the kingdom of heaven." Matthew 18:3

Stop thinking for yourselves, and just obey.

 

"Obey them that have the rule over you, and submit yourselves" Hebrews 13:17

Really, stop thinking, don't rebell - your slavery will go easier.

 

"Then saith he unto them, Render therefore unto Caesar the things which are Caesar's" Matthew 22:21

Oh, and pay your taxes.

 

"Sell your possessions, and give to the needy." Luke 12:33

"Again I say to you, it is easier for a camel to go through the eye of a needle, than for a rich man to enter the kingdom of God." Matthew 19:24

Poverty is virtue!  If you are poor, and suffering - then you are blessed indeed.

 

"Rejoice and be glad, for your reward in heaven is great" Matthew 5:12

Finally, regardless of the way you are enslaved, used, and subjugated - be happy!!


Christianity was not a release from the slavery of Rome, it was developed by Rome in order to more easily enslave the world.

Wed, 12/25/2013 - 13:36 | Link to Comment knukles
knukles's picture

Oh dear....
Temporal interpretations of spiritual matters....

Wed, 12/25/2013 - 16:20 | Link to Comment nmewn
nmewn's picture

Yeah, except every libtard I've ever known interprets just about all of it wrong.

17.Obey them that have the rule over you, and submit yourselves: for they watch for your souls, as they that must give account, that they may do it with joy, and not with grief: for that is unprofitable for you.

They usually shorten the passage or quote it completely out of context to make some inane point about progressive statism. Is the above FULL passage talking about government leadership or leadership in the church?

When they do this, its generally known as deception, something honest and/or truly pious men can never do ;-)

Wed, 12/25/2013 - 16:25 | Link to Comment CH1
CH1's picture

The usual cherry-picked (and boring) atheist attacks.

Now, tell me how atheism makes your life better.

<crickets>

Wed, 12/25/2013 - 17:57 | Link to Comment nmewn
nmewn's picture

Hard to say exactly what his major issue was or is. But it was an attack solely on Christianity, its the only one he referenced and he certainly didn't hang around to explain his thesis of Rome inventing Christianity.

Which would have been an absolute hoot...lol.

Fri, 12/27/2013 - 20:41 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Rome. Vatican. Council of Nicea, popes, world domination through genocidal invasion.
R u SRS?

Fri, 12/27/2013 - 20:39 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

a life of atheism is a life free of self-deception, which very much defeats the deception of others.
It's like being the only person for miles around who is NOT colour-blind & crippled.
It's amazing. Sad to look at some others in their condition but personally, it's amazing.

Fri, 12/27/2013 - 20:38 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

so the escape from tyranny is delusion?
Hmmmm, no thanks

Tue, 12/24/2013 - 18:14 | Link to Comment One And Only
One And Only's picture

China also wasn't an early adopter of the internet and we all know the internet failed.

So let me get this right...

A little over a month ago bitcoin was trading at $100. China banned it and it is now at $700. The question is - Is this the end of bitcoin?

Tue, 12/24/2013 - 18:42 | Link to Comment Apostate2
Apostate2's picture

China wasn't an early adopter of the internet because all information was/is controlled by the State--until they figured out how to regulate it. Ever read the State Secrets Law? Bitcoin falls under the same MO.

Tue, 12/24/2013 - 19:36 | Link to Comment uranian
uranian's picture

Buy! Buy! BUY!

 

(sorry I've been on GLP too much today)

Tue, 12/24/2013 - 18:15 | Link to Comment FieldingMellish
FieldingMellish's picture

Hugh Hendry is crying.

Tue, 12/24/2013 - 18:14 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

My *guess* is that Bitcoin will survive all of this just fine.

 

 

Merry Christmas, fishez!

Tue, 12/24/2013 - 19:49 | Link to Comment seek
seek's picture

Yes, thus far all this stuff merely influences exchange rates, not existence.

Merry Christmas back at you, from a fellow fish.

Wed, 12/25/2013 - 16:28 | Link to Comment CH1
CH1's picture

DoChen: Did that BTC transaction you talked about turn out well?

Tue, 12/24/2013 - 18:16 | Link to Comment Intoxicologist
Intoxicologist's picture

I don't know about bitcoin. All I know is its Christmastime in Wisconsin and, therefore, time to dive into a vat of brandy.

Happy Festivus, my fellow brothers and sisters in Zero Hedge Town!

Tue, 12/24/2013 - 18:57 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

"I find tinsle distracting''

 

Tue, 12/24/2013 - 18:16 | Link to Comment applelover
applelover's picture

bitcoin is dead sell sell sell.  buy gold and guns!!!

Wed, 12/25/2013 - 01:59 | Link to Comment Abitdodgie
Abitdodgie's picture

at leat Bitcion moves in price and is not controled by bankers yet, and is cheap to move money around the world so you can buy arms for the up coming civl war hear iin the USSA.The USSA supplied wepons for the Afgans now so will Russia for the USA (hopefully).

Tue, 12/24/2013 - 18:20 | Link to Comment Tinky
Tinky's picture

A CHRISTMAS TALE

 

"Go on honey, open up your present!"

<frenzied unwrapping activity>

"What is it, daddy?"

"It's a paper wallet!"

"A paper wallet?"

"Yes, honey!"

"What's it for?"

"To hold your Bitcoins!"

<stunned disbelief turns quickly into a flood of tears and complimentary wailing>

"But I wanted a gold Maple Leaf!"

Tue, 12/24/2013 - 18:26 | Link to Comment Goldilocks
Goldilocks's picture

Merry Christmas, ya’ll

Tue, 12/24/2013 - 18:58 | Link to Comment nmewn
nmewn's picture

Merry Christmas Goldi...for you ;-)

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

Tue, 12/24/2013 - 18:39 | Link to Comment Debeachesand Je...
Debeachesand Jerseyshores's picture

You know TPTB are getting nervous about Bitcoin etc,when talk about taxes and regulations for these cyber-space currencies.

 

They will use everything in their "toolbox" to rein-in Bitcoin etc.Once these cyber-space curriencies escape their regulatory grasp,a shitstorm of the First Magnitude awaits their fate.

 

Tue, 12/24/2013 - 18:54 | Link to Comment CynicLaureate
CynicLaureate's picture

BitCoin will survive just fine.  Just don't trust anyone to keep your wallet for you.  That means you'll need to allocate a chuck of a disk-drive to holding the blockain and wallet and enough bandwidth to keep it sync'ed.

 

Wed, 12/25/2013 - 00:05 | Link to Comment halfacanuck
halfacanuck's picture

Good luck with that, when it "explodes" in popularity as is apparently inevitable.

Do the math. See the problem?

http://www.testosteronepit.com/home/2013/4/9/bitcoin-bait-and-switch.html

Tue, 12/24/2013 - 18:58 | Link to Comment I Write Code
I Write Code's picture

The more I look at bitcoin the sillier it seems, and I'd go full tinfoil hat on it and say it's a honeypot set up with NSA connivence if not direct management, probably has a back door or several.

Of course it isn't going to go away soon since there are a lot of people in at a basis cost of nothing with a paper value of a bunch, not to mention there are a lot of suckers out there, a new one born every minute.  Obama could get on tv and read out a bunch of people's balances and encodings, and some people would still go for it whole hog.

And who knows, some people might even be right, as long as they go in with eyes wide open, it does provide a certain utility no matter how crooked it is.

Tue, 12/24/2013 - 19:26 | Link to Comment Prisoners_dilemna
Prisoners_dilemna's picture

The redcoats said "let us into your home" and by doing so you will be legitimizing yourslf into our regulatory framework.

 

What did the spirit of liberty respond with?

Tue, 12/24/2013 - 19:44 | Link to Comment AGAU
AGAU's picture

Well the beauty of BTC is you don't have to give a flying fuck what the governments of the world think, just do a DoChenRollingBearing on it and buy with cash. Wait till the bail ins happen in anger before we consign BTC to the annals of history.

BTC is backed by the desire to escape outright theft, unfathomable computer hashing power and millitary grade encryption, it's not perfect but it makes sense along side the metals. JMO

Wed, 12/25/2013 - 16:27 | Link to Comment CH1
CH1's picture

BTC is backed by the desire to escape outright theft

Beautifully said, AGAU!

Tue, 12/24/2013 - 19:46 | Link to Comment spdrdr
spdrdr's picture

Has fonestar finally been locked into one of those rooms with bouncy walls and zero-harm fixtures?

Tue, 12/24/2013 - 19:59 | Link to Comment AGAU
AGAU's picture

I'm standing in for Fonestar tonight, he has no power due to snowstorm but he assures me that his wallet will be safe even when the interwebs are down.

Oh and he said to say that you're all a bunch of decrepid metal fondling geriatric old fools..

Tue, 12/24/2013 - 19:55 | Link to Comment exodus11
exodus11's picture

The USA is irrelevant. If their regulations/laws are restrictive or coercive, an exchange operator has a choice of hundreds of other countries to locate their exchange in. Who says an exchange has to be in the USSA?

Additionally, who cares if the Chinese gov. restricts an exchange from accepting the Chinese currency. That also is irrelevant as buyers of BTC can meet in person with sellers and do a person to person live exchange. The gov. can only impede certain flows activity. They cannot stop all activity as much as they would like to.

 

Tue, 12/24/2013 - 23:56 | Link to Comment Bunga Bunga
Bunga Bunga's picture

Exactly, and the Chinese don't have to go that far. New exchanges in Hong Kong and Singapore are popping up where the PBoC has no authority to regulate.

https://anx.hk/

https://www.bitfinex.com/

https://www.fybsg.com/

https://www.itbit.com/

 

 

 

 

Wed, 12/25/2013 - 06:47 | Link to Comment malikai
malikai's picture

Bitfinex is dead. Not sure about the others.

Thu, 12/26/2013 - 14:34 | Link to Comment Idisq
Idisq's picture

Bitfinex is dead? How do you define "dead"?

Thu, 12/26/2013 - 07:32 | Link to Comment nolocimes
nolocimes's picture

bitfinex is a European company registered in hk.  they are not reachable in any real sense. 

anx is interesting as they a founded by a bunch of disillusioned IB guys. you can visit their office,  they have an open door policy and are extremely approachable. 

when I dropped in to see who was holding my funds there was about 20 total geeks saying hello lol

Tue, 12/24/2013 - 20:02 | Link to Comment hangemhigh77
hangemhigh77's picture

Me doust think the bankster bastards protest too much. BitCoin will be a rogue currency that won't need the approval of crooked banksters and stupid politicians. All this regulatory bullshit proves BitCoin is valuable. If they're so worried about money laundering why don't they figure out how Wells Fargo laundered. $400 billion which is probably just the tip of the iceburg. Clean up your own backyard first you criminal motherfuckers.

Tue, 12/24/2013 - 20:03 | Link to Comment hangemhigh77
hangemhigh77's picture

No problem if these bankster bastards deny moving dollars for BitCoin, I'll take gold instead. Ahahahaha. Fuck the bsnksters and fucktard politicians. Who wants their shitty paper?

Tue, 12/24/2013 - 20:10 | Link to Comment seek
Tue, 12/24/2013 - 20:45 | Link to Comment CryptoCoinUser
CryptoCoinUser's picture

Wall Street can't think outside the Banks.

Tue, 12/24/2013 - 22:08 | Link to Comment Haole
Haole's picture

The end of Bitcoin?  A more relevant question is when does the anti-BTC rhetoric end because the Honey Badger of money doesn't give a shit about China.  BTC as a payment system and a technology isn't going anywhere.  India on deck and heading for the plate with it's game face on.

Fri, 12/27/2013 - 20:32 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

GOLD is the honey badger of money.
Not bitcoin.

Tue, 12/24/2013 - 21:08 | Link to Comment MieleBauknecht
MieleBauknecht's picture

just like the Bernank can print $ as much as he wants so can the NSA print als many bitcoins as they want because of their backdoor on the SHA256 on which bitcoin is based

Tue, 12/24/2013 - 21:17 | Link to Comment Haole
Haole's picture

Why am I surprised that you don't know what you're talking about?  /s

 

Tue, 12/24/2013 - 21:36 | Link to Comment TheHound73
TheHound73's picture

If I were you I would stay away from Bitcoin.  Thanks.

Wed, 12/25/2013 - 02:02 | Link to Comment Dre4dwolf
Dre4dwolf's picture

If you look at the value of US Dollars the chart did the same thing.

Whats the fukn diff?

Atleast bitcoin transactions are near untaxable.

If bitcoin takes over its the end of big banks and big government and wars all over as we know it.

worth a risk if you ask me.

just dont dump your life savings into it.

 

I like the idea of bitcoin, the implementation needs work.

Wed, 12/25/2013 - 03:25 | Link to Comment One And Only
One And Only's picture

Hi!

Wed, 12/25/2013 - 08:34 | Link to Comment q99x2
q99x2's picture

Did the idget even consider for a moment that the price and volume 7 months ago xceeded the current volatility without a single Chicom involved.

These schmucks make up any old pipe dream and try to sell it. CNBC last year used to come out with all kinds of reasons why gold was up or gold was down. By the time their story was published the price had already moved in entirely the opposite direction.

Arrest them. They are propagating deletarious genes. Hold them accountable. Don't give them air time.

Wed, 12/25/2013 - 09:45 | Link to Comment supersajin
supersajin's picture

YEA, yet ANOTHER negative ZH article on Bitcoin, must mean the price is going up again. Thanks to not listening to anything ZH has said about Bitcoin in 2013 I've had a FANTISTIC year. ZH has gret info but too often is so negative all the time. Capital markets are on the brink of collapse, Bond market is blowing up, Wall Street bubble, Bitcoin is a tulip etc. etc. Yet, for those who follow trends and pretty much did the opposite of ZH likely had the best year investing EVER!!

Keep hating on Bitcoin, while I keep stacking!!

Wed, 12/25/2013 - 09:59 | Link to Comment WhiteNight123129
WhiteNight123129's picture

Is is the end of BofAML? 

Wed, 12/25/2013 - 11:09 | Link to Comment pipes
pipes's picture

However, we view such sacrifices as a necessary part of legitimizing Bitcoin within the regulatory framework and potentially paving the way for more wide-scale use."

 

These myopic dimwits don't get it. Bitcoin neither requires "legitimizing" within their flawed, anti-human framework, nor does it want it. It could go back to $60/Btc next week, and it will STILL be used, it will STILL grow in popularity and utility, and it will STILL MAKE THESE BLATHERING DOLTS OBSOLETE.

 

 

Sat, 12/28/2013 - 15:51 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

LOL.
If it hit 60 next week no one would ever use it again.

http://flic.kr/p/iFQMoV

It's coming

Wed, 12/25/2013 - 12:36 | Link to Comment jballz
jballz's picture

when bureaucracies are outlawed, only outlaws will be bureaucrats.

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