"Resilient" Bitcoin Surges Above $1000 As Zynga Confirms Adoption

Tyler Durden's picture

It seems the adoption of major US-based vendors of the digital currency is trumping the Chinese clamp-down on Bitcoin as first Overstock and now Zynga confirm their adoption of the crypto-currency. For the first time since the PBOC issued its statement, Bloomberg reports Zynga is partnering with BitPay to test Bitcoin payments. As ConvergEx's Nick Colas notes, "Bitcoin has been remarkably resilient in the face of all the bad news out of China. The strength shows a continued interest, which is a very positive sign."

 

 

Via Bloomberg,

Dani Dudeck, a spokeswoman for San Francisco-based Zynga, confirmed a post introducing a plan to test Bitcoin payments by the company on the reddit.com community website. Players will be able to pay via the BitPay payments service for players of FarmVille 2, CastleVille and other games, Zynga said.

 

“We look forward to hearing from our players about the Bitcoin test so we can continue in our efforts to provide the best possible gaming experience,” Zynga said.

 

Victoria’s Secret Stores LLC has signed up with Gyft, an app that lets users buy gift cards with Bitcoins. Overstock.com Inc. plans to start accepting Bitcoins next summer, Chief Executive Officer Patrick Byrne said in an interview last month.

 

We think there’s an underserved part of the market that wants to use Bitcoins and can’t,” Byrne said. The company needs time before it starts accepting Bitcoins in order to figure out how to process Bitcoin transactions and to hedge Bitcoin sales (the currency is highly volatile), he said.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Abitdodgie's picture

So Bitcoin is going up again and Goldcoin  has also gone up by $38 dollars ,but Goldcoin will go down when the real owners of the wealth of gold decide to take some more money from you and you cannot do a dam thing about it , so I guess you are the Bankers Bitchez

 

IridiumRebel's picture

You truly know everything.

Oh regional Indian's picture

btc is missing a key piece...universal adoption will not happen without it.

ease of use.huge market opportunity...

ori

a little health advisory...

http://aadivaahan.wordpress.com/2014/01/05/h1n1-uscanada-exploding-global-pandemic-potential-possible-healingdefense-please-share-widely/

CH1's picture

WAIT!

It's dead. I know it's dead!

Intimidating bots on ZeroHedge said so!!!

tmosley's picture

Probably not much of that.  From what I saw, it was mostly terrified and battered goldbugs.  They didn't realize that bitcoin and gold are compliments, not adversaries.

Manthong's picture

Geez, isn’t this a little ridiculous?

I am actually starting to like the idea of crypto currency, but significant price action because you can buy a pretend pig or cow?

Am I missing something here?

fonestar's picture

Because something is virtual does not mean it's "pretend".  Virtual cows and pigs are real.

akak's picture

The intelligence of your argument is also virtual.

Popo's picture

All I have to say is: Zynga??? LOL. The company is a joke. Who cares?

akak's picture

Well, all the muppets on CNBC have to have SOMETHING to blather about in between singing hosannas to and fellating Bernanke, don't they?

foodisgood's picture

Futures markets were made a mockery of in the 1630 by tulips.

Naggers who will never work a day in their life cause some daddy gave em a trust fund is why BitCon has any value today whatsoever. BOTTOMLINE

The day the the MSM tells a story of a dozen orphan children selling their 'hard earned bitcoin for a million(s)' is the day fonestar has to get a job.

The only way I will be wrong is when MY idea becomes real:

http://www.youtube.com/watch?v=r5_hFHHJhd4

malikai's picture

First of all, you only need to hit 'Save' once.

Second of all, please, if you're going to comment, try to be coherent.

foodisgood's picture

bitcon's value is determined by folks who do not want to work for a living - they are the kind of people who fuk their mom 4$ and admire stars who wear pants below their ass (which has been a long time sign in prison that you were available for poking - makes sense, no?)

samcontrol's picture

anyone want to share the best short for zinga ?

TeamDepends's picture

Mmmmm...  Virtual bacon!  Can you almost smell it?

Manthong's picture

You might be on to something, there.

This might be an opportunity for Yellen to respond to the Bitcoin threat by issuing a Benjamin with a scratch and sniff that smells like steak or bacon.

Freewheelin Franklin's picture

Bacon backed currency? 

 

Muh piggies

TheLooza's picture

I really want a 3x bitcoin etf so I can buy weekly options on them. Leverage on top of leverage with an extra helping of leverage. That's how I eat my lunch...urrr, get my lunch eaten. Anyways, I'm hungry.

digi's picture

Buy yourself some actual bitcoin and you can leverage it 10x in either direction on btx.sx

DaddyO's picture

Had to give you a green even though I'm a bitcoin skeptic...

DaddyO

chemystical's picture

Zynga has operating income near $500MM USD.  Just ask founder Marc Pincus.

Victoria's Secret has OI in excess of $1BN.  Just ask Leslie Wexner the CEO of its parent company.   (Considering Wexner's intimate ties with sex trafficker and convicted pedophile Jeffery Epstein, maybe consumers in Palm Beach will be able to buy sex with 12-yr olds using Btc.  Considering Wexner's ties with ISR Ecstasy trafficking, perhaps that too can be purchased using Btc).

ILoveDebt's picture

My house sits in the shadow of Wexner's house.  Sadly, it's over a block away from his.  

 

It's almost as ridiculous as I make it out to be. 

USisCorrupt's picture

What's even more funny are the morons that think green paper and electronic digits have value. I put more faith in Bitcoin personally. It's ALL about CONfidence. It's ONLY to be used as a means of exchange for REAL WEALTH, nothing more. Naturally PHYSICAL Gold and Silver come first. It comes down to being DIVERSIFIED. So many Muppets and they don't even realize what they are?

And we wonder why we are where we are? Truly AMAZING. They are known as virtural SHEEPLE, look in the mirror. 

Harbanger's picture

"They didn't realize that bitcoin and gold are compliments, not adversaries."

Why are TPTB in the WEST smashing PM prices with paper and while at the same time getting on-board with bitcoin?  Does China's central bank and other countries CB's buying up Gold at record levels feel battered?  Yes, battered by bullshit from us.

nmewn's picture

And Harbanger BANGS IT HOME...lol.

"Why are TPTB in the WEST smashing PM prices with paper and while at the same time getting on-board with bitcoin?"

ANY ELECTRONIC TRANSFER can and will be tracked for a host of reasons...but leaving aside marketing & sales weasels and just looking at .gov...they see what you bought, how much was bought, when you bought it, how much you paid, what taxes were collected...and most importantly...where you were when you bought it.

nmewn's picture

Could you find it in your virtual heart to expand on that or do I have to go through your blockchain of thoughts stored on ZH?

Musashi Miyamoto's picture

Sure,

Zerocoin is essentially a Trustless mixing service

http://zerocoin.org/ - How Zerocoin works

Zerocoin operates like a distributed laundry where the laundry is implemented within the Bitcoin network itself.

Zerocoin achieves this by creating a separate anonymous currency that operates side-by-side with traditional Bitcoin on the block chain. Zerocoins can be thought of literally as coins. They’re issued in a fixed denomination (for example, 1 BTC), and any user can purchase a zerocoin in exchange for the correct quantity of bitcoin. This purchase is done by placing a special new “Zerocoin Mint” transaction into the block chain.

Once a Mint transaction has been accepted by the Bitcoin peers, the same user can redeem her zerocoin back into bitcoins. She simply embeds a (preferably new) destination Bitcoin address into a “Zerocoin Spend” transaction, then sends it into the network. If the transaction checks out, the Bitcoin peers will treat it just like a normal Bitcoin transfer – meaning that she’ll receive the full bitcoin value of the coin (minus transaction fees) at the destination address.

The key to this process is to ensure that the bitcoins received at the end of this process are completely unlinked to the bitcoins that were used in the beginning. This is accomplished using a variety of cryptographic components, including digital commitments and zero-knowledge proofs. The end result is that it is mathematically infeasible to link the particular bitcoins used at the beginning and end of this process, other than through educated guesswork.
.
.
Drop - Anonymous address which is unconnected to the Reciever, where packages can be sent.

Commonly used when buying contraband online. Possibly a foreclosed house. There are several ways to drop items. Look around on the darknet for more info

nmewn's picture

Sorry I asked...lol.

"Zerocoin achieves this by creating a separate anonymous currency that operates side-by-side with traditional Bitcoin on the block chain."

So you're transposing/counterfeiting/creating an "anonymous currency" to replace another supposedly anonymous currency.

"Zerocoins can be thought of literally as coins."

Ummm, no they can't. Did Satoshi invent these too?

"They’re issued in a fixed denomination (for example, 1 BTC), and any user can purchase a zerocoin in exchange for the correct quantity of bitcoin."

Who issues them and what is the accounts of ledger?

"This purchase is done by placing a special new “Zerocoin Mint” transaction into the block chain."

Am I to assume the purchase is free of charge? And if not, who profits?

"Once a Mint transaction has been accepted by the Bitcoin peers, the same user can redeem her zerocoin back into bitcoins."

And what recourse does one have if the "BitCoin peers" refuse to accept the ZeroCoin?

malikai's picture

I only did a little bit of research into it. But IIRC, zerocoin 'rides' on the bitcoin blockchain. Its purpose is to 'mix' the actual bitcoin somewhat like a decentralized a laundry service.

There's a paper out there that talks about it and explains it quite well, maybe one of the guys around here has a link to it. I don't.

nmewn's picture

So what he's saying was...lets just say, imprecise at this point.

ZeroCoin is a part/feature of BitCoin that does not need to be purchased separately as he described?

Musashi Miyamoto's picture

Correct. If implemented you would not need any third party laundry service to clean your coins.

wintermute's picture

Zerocoin is too radical a change to the core bitcoin software. CoinJoin achieves much the same anonymity, works on top of bitcoin, and has a $40k bounty for its development.

 

Musashi Miyamoto's picture

Anoncoin is working on implementation - https://anoncoin.net//TheCoin.html

Also the developers intend on releasing their own coin. - https://twitter.com/matthew_d_green/status/401797786347114496

discopimp's picture
Zerocoin: Anonymous Distributed E-Cash from Bitcoin http://zerocoin.org/media/pdf/ZerocoinOakland.pdf

 

Musashi Miyamoto's picture

you said "ANY ELECTRONIC TRANSFER can and will be tracked" I say you are wrong. regardless of what the bitcoin community chooses to do. Zerocoin will be implemented. let me address your specific concerns. a more detailed paper can be found at - http://zerocoin.org/media/pdf/ZerocoinOakland.pdf

For more general knowledge also read Chaum - http://cs.jhu.edu/~sdoshi/crypto/papers/chaum-c82.pdf for information on blind signatures

"Did Satoshi invent these too?"

no. the white paper was published by Ian Miers, Christina Garman, Matthew Green and Aviel D. Rubin

"Who issues them and what is the accounts of ledger?"
transaction details are then propagated to other node

Zerocoin written the into the blockchain through a
"Zerocoin Mint Transaction" then the

"Am I to assume the purchase is free of charge? And if not, who profits?"

Yes it is free. nominal transaction fees apply if one wishes to increase the priority of an order

"And what recourse does one have if the "BitCoin peers" refuse to accept the ZeroCoin?"

"accepted by the bitcoin peers" refers to the propagation of blockchain between p2p nodes. all transactions requires 6 successful confirmations to protect against double spending. the only reason the bitcoins could refuse is if you attempted to double spend or sent coins to a non-existent address.

view http://www.reddit.com/r/ZeroCoin for more resources on zerocoin

I enjoy reading many of your posts however on this issue your position is incorrect. i understand where you are coming from and i would encourage you to do your due diligence on computer-cryptography in general you find find several useful tools.

Non-interactive zero-knowledge and its applications - https://dl.acm.org/citation.cfm?doid=62212.62222

"The knowledge complexity of interactive proof systems" - http://crypto.cs.mcgill.ca/~crepeau/COMP647/2007/TOPIC02/GMR89.pdf

nmewn's picture

I'm not the least bit interested in clicking on the links provided by one week olds, who have just been outed as a fool by those in the ZH community who I actually trust.

But...thanks for playing anyways ;-)

StychoKiller's picture

So, rather than investigate a way out of the FRN matrix, you'd rather stay plugged in?  Say it ain't so!

Please, someone implode the Fed already!

nmewn's picture

I've already offered my opinion of what it is...and most importantly, what it is not.

It is a vehicle to move money around, not money itself. Again, real money doesn't need anything besides its mere presence in the REAL WORLD to be described or accepted AS money.

A fucking bum on the street corner is not going to have a flash drive because...he's a bum. But he/she will accept cash or coin. The BitSters have a long way to go to get it from the stratosphere of  their imagination (where the elites with real money reside & dwell) to actual money everyone can use.

And...I'm not the least byte interested in subsidizing a bums flash drive to make it happen, he'll sell it and beg for another ;-)