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Fiat Faith Falters As Bitcoin Surges 7% Post-Greferendum Decision
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The bitcoin miners/servers at JPM and Goldman Sachs could not be happier...
out of the frying pan and...
Yup, makes sense, playing with dimes at JPM and GS. :roll_eyes:
Let me be clear, there are lots of cryptocurrency choices out there. They are great hedges in the absence of any real honest market short (VIX etc.) but they are not backed by anything fucking real, period, and therefore not without risk.
Wake me the western governments start accepting tax payments in bitcoin and their soldiers are happy to accept bitcoin payments.
Same argument for paper currencies.
(Full Faith and Trust)
Really? Last time I checked, there were some sizable military forces standing behind that paper.
The paper is of course being fully devalued. Once the soldiers figure that out, then, and only then, will all hell break loose. in the meantime it it not theirs to ask why but only to do and to die.
Not all paper is created equal, what is standing behind the yuan, that is the most important question for you to ponder.
Yes. I like the concept of Bitcoin but the filthy joos are the ones who created it, not some Japanese genius.
Have you seen the code? Perfectly written and with comments galore. Who the fuck writes code like that?
I'll tell you who. The people who the filthy joos hired to write it.
The joos did all the early mining before anyone had a chance and they cornered all the 'free' coins. Now they throw some small change to the goy miners. They say that there is a limit on coins but that is false too. Early on they mined so many that they will always have control of it.
Forget about "backing" and be more concerned with counterparty RISK!!!!!
~"Forget about "backing" and be more concerned with counterparty RISK!!!!!"~
Say, speaking of which, would someone please reach over a poke gold and silver in the ribs? It seems as if they are sleeping through this here Grexit and Puerto Rican tent-folding. .
They aren't sleeping--they get clubbed as soon as they sit up.
SATOSHI WE LOVE YOU!!!!!!!!!
SUCK IT SATOSHI
Yeah, that's because of the ETN/ETF sphere of investment's of paper fronted gold and silver. The ETF's are highlighting what a PM reserve backed currency would function like in a world market. Except they are a tiny microcosm of financial instrumentation only used by a couple of million people. Just imagine how fucked up it would get if billions were doing the same thing. Doubt it would last a week.
You forget that in this paper market, the asset is decoupled from reality in that it has been sold hundreds of times with hundreds beliving they own the underlining asset. This market is not what it would look like it the asset were only allowed to be traded ONCE.
Nope, didn't forget that at all. If people honestly believe that it'll be different people managing the gold standard before and after. I got news for them. All that happens in that situation is the people managing the gold and silver price action today get to sit right next to your stack of PM's instead of having that thick insulation of paper. Just inviting the fox into the hen house.
Then again maybe that's not such a bad thing, it would help speed this bullshit up.
What? But gold is up two bucks and silver three cents!
Seriously, this fuckan farce is hard to comprehend anymore...
FUCK YEAH BITCOIN!!!!!!!!!!!!!!
Lol I found Fonestar!
Why, my ounces have not changed at all!!! That is the fucking point! Yes, thanks for helping!
Bitcoin has no counterparty risk!
Bullshit, it can and has lost value, oddly enough, I have never seen an ounce dissappear in my safe.
Um, how did it "lose value" if it was less than $1, five short years ago? Stop making shit up!!
Yes, because bitcoin is a fucking bubble and nothing more. It was created out of nothing, it produces nothing, it exchanges nothing, it does not possess military. It's a fucking fiction that dissapears as soon as the internet is shut down. Blockchain is a joke and so are the bitcoin speculators who don't really give a shit about freedom and all the other Max Kaiser and DaVinci bullshit. It's all about a fucking GREED for $$$ and you've all been duped by the promotors and now you promote it further to find enough fools to hold the bag for you. Tic-tac for bitcoin and all the moronic bitcoin johnny-come-lately community. BC Max Keiser&Co. pushers are LONG gone @$1,200!
Price risk isn't the same as counterparty risk.
Seriously, stop talking.
The idea of counterparty risk is a red herring it Does not exist...and it's an old lie. It's the same lie every gambler tells themselves when they'll get luckier if they double down. Guess what, the house of math always wins the game.
In the current situation all 'risk' has been managed, mitigated, packaged, lied about and ignored since the 1980's with the Savings and Loans scandals. That's why none of the traditional activities to allow the market to correct itself should happen are happening. It's why the market will never heal or repair itself under the conditions with the given tools. Even the tools to repair this mess aren't useful. The tools have also been 'managed' which means trying to fix a broken economy with broken tools just makes it worse. Again, there is no counterparty risk in the old system. Sometimes things break and can never be repaired, as kid's everyone is taught that lesson at least once. Even go so far to learn nursery ryhme's on the subject based on a kingdom's nest egg.
Humpty Dumpty sat on a wall,
Humpty Dumpty had a great fall.
All the king's horses and all the king's men
Couldn't put Humpty together again.
The counterparty risk and tools were systemically removed over the course of 30 years. To get to this point, it was little changes over time, completely disregarded as a problem because people were making "money". Add up all those little changes = big problem. It's why PM's are worthless at the counterparty risk they once were. It's why property has been rendered worthless as counterparty risk. It's why even running a business is no no longer a hedge against counterparty risk. What is being highlighted is the currencies all these assets trade in are the risk.
There is no stopping this from collapsing, mathematically and socially it's a guarantee. Only functioning economy on the planet right now with any real growth at the moment is BitCoin. It's either the wild west of BTC, or sit and watch "elite" idiots attempt to put humpty dumpty back together again. There aren't many options in the situation.
Bitcoin is the greatest thing since digitally sliced bread!
Why are you complaining about free software?
Have you seen the code? Perfectly written and with comments galore. Who the fuck writes code like that?
But have you *actually* seen the code of its first release, version 0.1? It's an unholy mess, riddled with security flaws. I'm in awe what has the free software cummunity turned the code into. And since you ask, I do write code like that and so do people in my team.
Bitcoin has no needs for military men backing it. Because when it comes down to it, strength in numbers overwhelms strength in guns.
Don't believe me? Put 100 armed men up against 1,000,0000 with clubs!
In the future, wars will be fought on the internet. Bitcoin has an army for that. We are legion.
The codes been re-written over time. The limit cant be changed without a hard fork that nobody will agree to run.
Correct, that's why the decimal point goes to the right and inversely transaction speed quickens as adoption happens with node strength improving. Originally BTC was seven zeros after the decimal place, now it's nine. The more people use it, more decimal places get added on. The top end limit is 21 million in total. Total amount of ounces of coin/bar gold used as currency in circulation is 21 million. That is not a mistake btw. The crypto is built to be a 1:1 ratio, 1 BTC to 1 Ounce of Gold, if gold is ever backed into it. Since PM price action and optics are severely damaged, it is doubtful the PM market will ever adjust properly to compensate.
21000000.000000000---> decimal point slides to the right. BTC is built to scale to a world economy and be backed with 21 million of 'whatever'.
So my investment options are Faith & Trust, or Coercion?
I will take physical assest TYVM
So will the govt. They will take your physical assets.
crypto currencies are accepted by the system because the NSA has the master key to all of them.
<insert-captain-pickard-facepalm-meme-image-here>
No they don't have any "master key". They do have backdoor hardware access which is troubling....
The CME needs to start a bitcoin futures market so the FED can control the price.
Gold isn't backed by anything real.
Wake me when western governments start accepting tax payments in gold and their soldiers are happy to accept gold payments.
Don't let the actions or opinions or the idiots in charge, or the sheep in wolf's clothing in the military sway your judgement. Especially avoid doublethink, which is the sum total of all pro-gold anti-bitcoin arguments. They are the same asset class.
it's amazing to me that the millenials are so far from recognizing real value they do not understand that gold is backed by itself, that it is the ultimate value and reserve of all other currencies.
Gold isn't backed by itself. That's stupid. By that logic, dollars are back by themselves.
You guys really REALLY need to learn what money is. It could save your life one day.
Here's a hint: if it costs almost as much to issue a new unit of it as the unit itself is worth--it's probably money.
Trying to explain bitcoin to Flat Earther's is extremely difficult.
You have to do is slooooowly , try to imagine explaining what an electric light is to a retard and they may finally 'get-it'
try to imagine explaining what an electric light is to a retard and they may finally 'get-it'
tungsten?
No, indium-gallim nitride, or something like that.
Seems like a fundamental problem, no?
CrazyTech +1, thank you for that. Lmao
BitGold --- The ability to make and receive payment with physical.
https://www.bitgold.com/?gclid=CjwKEAjw2cOsBRD3xNbRp5eQxzYSJADZGYbzANrPX...
Forget "backing" and think counterparty risk.
backed by itself is a facetious and sarcastic descript to drive home the point that it stands on its own, and has no counterparty risk.
Millenials are smart enough to know that in the absence of intrinsic value, it is the utility of the underlying network that provides the Bitcoin tokens with its value.
The potenital utility of Bitcoin is almost limitless, there will be a million uses for it, all of which will require Bitcoin.
I would agree with that, Al. bc is certainly liquid and useable. and its value is in its network.
did you know that networking, particularly the internet was created by DARPA?
The gold in my 'wallet' is not in the same asset class as Bitcoin in my 'wallet'.
Your wishful thinking is enlightening, though.
They are both liquidity money. With the 24/7 worldwide bitcoin network vs coin and pawn shops, bitcoin might even be more liquid than gold for small players.
You really should sit and think for literally 5 minutes before you decide to hate something. Also helps to actually do a little research.
By the way, did you escape Mintpal with all your stash intact?
(I lost a few blackcoins ... )
"They are the same asset class." -- Really? How much gold versus how much bitcoin is held in Fort Knox?
Take the tin foil hat off already.
I already said bitcoin, as well as other cryptocurrencies have been great ways to hedge, but hedging is still risky.
You are nuts to think they are the same asset on a balance sheet or in a vault, again, who is the conspiracy nut now?
LOL!!!
The same amount. In fact, the .gov at this point probably holds more bitcoin than gold, due to its seizure of the Silk Road assets.
Also, nice total non-sequitur ad hominem there. You think asset classification is a conspiracy theory? Did someone hit you in the head with a hammer recently?
LOL!!!! Bitcoin and other crypto currencies can go down just as fast as they go up. Whereas an ounce is an ounce is an ounce. Forget about "backing" and be concerned with counterparty RISK!
Again LMAFO!!!
I will take the profits on my bitcoin and buy more physical ounces, thank very much. What happened to that "house full of silver"? Looks like like someone hit you on the head, not me. YOU were the mouthpiece for physical, what the fuck happened?
Go up and down in terms of what? Dollars? Gold does that too.
Bitcoin doesn't have counterparty risk. You are a complete ignoramus on the subject, and would do well to remain silent.
And what kind of moron thinks you can't own PMs AND bitcoin? Apparently the kind right in front of me.
i thought they cancelled each other out?
With an earth shattering KABOOM, like matter and antimatter, I guess.
Profits from Bitcoin?
What profits?
Bitcoin has lost 57% in just the last year...
Bitcoin has lost 78% from its all-time high a mere 18 months ago.
Even FRN's kick Bitcoin's A** for preservation of purchasing power...
Actually bitcoin has gone up around 5,000,000% in the last 5.5 years.
Did you know that the first transaction was 10,000 bitcoins for 1 Pizza ?
You can choose time lines to fit any theory.
By that same logic FRN's kick Gold and Silver's A**es for preservation of purchasing power...
You can cherry pick your data and timeline but careful not to destroy your own argument next time.
Fort Knox: Gold = $0. At least that is the only reasonable presumption when faced with decades of rabid resistance to a count that I could perform myself in one weekend.
A solid balance sheet has gold (in physical possession) and Bitcoin - and a little fiat to pay your city, county, state, and federal protection rackets. Oh, and when handled properly, I hear Bitcoin can be TSA-proof, and bail-in proof, and bankster Holiday proof.
Fort Knox: Gold = $0. At least that is the only reasonable presumption when faced with decades of rabid resistance to a count that I could perform myself in one weekend.
A solid balance sheet has gold (in physical possession) and Bitcoin - and a little fiat to pay your city, county, state, and federal protection rackets. Oh, and when handled properly, I hear Bitcoin can be TSA-proof, and bail-in proof, and bankster Holiday proof.
Gold represents a debt that has already been paid.
The time, expense, resources, energy and man hours required to obtain it is all right there in the gold you hold.
All of the CB's warez are IOU's, redeemable only for more IOU's.
Yes, and bitcoin is the same. Contrary to popular belief, it isn't easy to create a bitcoin. It costs quite a bit in terms of electricity and capital. Really more than the coin itself is worth currently, which is why mining rig sales have flatlined.
On the contrary, a $100 bill costs 4 cents to print.
Anyone who can't see the difference needs to keep their money in a piggy bank--they aren't qualified to be using financial instruments of any description. Like cattle trying to operate the slaughterhouse. The results will be messy, and just plain bad for all involved.
LOL!!! And when the power goes out and the government shuts down the internet how does one access those "bits". Yes, the government would love to see the cashless online cryptocurrency come to pass. What happened to that "house full of silver" Tmosley?!?!?!?
I think I will sell some some bitcoin and buy a bit more physical, thank you very much. I can always access that, regardless of the state of the powergrid or internet.
Here's the problem with you people believing that "one needs to be able to access those bits floating somewhere on the internet".
No. This is not how Bitcoin network works, but I'm sick and tired trying to educate you, so just remember this: In Bitcoin, if you don't hold it*, you don't own it. Stunned yet?
* - the private keys to unlock your bitcoins.
NSA would love for everyone to use cryptocurrencies...
"Yes, and bitcoin is the same. Contrary to popular belief, it isn't easy to create a bitcoin. It costs quite a bit in terms of electricity and capital. Really more than the coin itself is worth currently, which is why mining rig sales have flatlined."
This is true. It is the virtual equivalent of gold mining, which is why it's called bitcoin mining. A bitcoin has a production cost.
That said, bitcoin suffers from a variety of potential issues and is reliant on a working blockchain.
Gold however has no counterparty risk and cannot be hacked or disappeared.
YES!! Tmosley is back. The question is why has this long time loudmouth asshat for physical metals suddenly having a change of heart and going all in on crypotocurrency or digital fiat? Yes, the government would love to see eveyone putting all their wealth into digital form and would love nothing more than all commerce to be conducted in the digital world...
It is continually astounding that the staunch ZH anti-BTC league naturally assumes that anyone who holds/uses/trades Bitcoin has either no PM exposure as a rule or has sold it all to go "all in" on BTC.
It's fascinating psychology really and exposes a virtually crippling bias in such thought processes.
You must have a brain the size of a walnut to think that you can't own both.
My entire crypto portfolio is less than 2% of my wealth, just the same as it was two years ago.
And stop making the government out to be a God. They aren't all powerful. They're not even VERY powerful when it comes to new domains like the blockchain.
Dancing around the elephant exercises.
I am not letting the gov decide for me what to personally think.
Wake me when the average pal on the street accepts bitcoin payments, but not gold payments.
I paid my (Canadian) income tax bill with Bitcoin using this service: www.bylls.com ..
Precisely, the bankers/financiers behind bitcoin and governments would love to see this "cashless" society become reality...
There's a lot of cryptocurrencies out there. There's only one Bitcoin!
We are legion.
JPM and GS HATE Bitcoin!
somewhere, fonestar is satisfied and smug.
fonestar is with you! And also with you!
Their nickname for Bitcoin over at JPM and GS is "Ethercoin" - just don't tell the faithful.
Why would they be happy?
*Finally* I can start unloading all these old graphics cards I've been sitting on.
$932 for my ATI Radeon R260R.
There you go, buy low and sell high...
same as it ever was...
LOL! I hear you, raises hand.
A positive use is using those graphics cards to solve protein folding to help find drugs and cures for common diseases: http://folding.stanford.edu/
Just as well someone's keeping the gold/silver prices neatly capped. Nothing to see here.
Only surprised they haven't been smashed to show how under control everything is. Yet.
It'll be interesting to see what rabbit they pull out of their hat to unwind the open interest in Silver going into first notice later this week. They may have a timing issue with this Greek default thingy. Would love to see some shorts get it stuck up their ass finally.
Where were you, the day fiat died? http://fiatobituaries.com
freekun Goat here D:
:p
I remember how Bitcoin surged after the Cyprus fiasco...
Greece could adopt Bitcoins and write history. I believe they also have very large gold holdings that could come in handy.
Ben Bernanke: (December 2010) “I wish I'd been omniscient and seen the crisis coming.”
Bitconn is a trap.
Binary fiat.
http://bitcoinobituaries.com/page/4/
Just shorted the EUR/USD. This rally is getting ridiculous now.
The Danse Macabre of the currencies has begun, again. Stocks and bonds are approaching the dance floor.
Bitcoin is a bankster approved alternative so it's up. PMs are not so they go nowhere.
may i complement you on your pretty tin foil hat
And the fact that Blythe Masters is into btc doesn't tell you anything? Stooge.
She was into gold and silver too, friend.
Yea the word is manipulation.
And the list of "Corporations" that are accepting it grows and grows and grows. Corporations, Corporations, Corporations been reading about Corporations some where recently, can't really remember the site because I'm blinded from all this shiny Bitcoin in my invisible hand.
Think, your brain will like it!!!!!!!!!!!!!!!!!
Blythe Masters may be a crook (or not?) ... but she is definitely smart - you do not have to like her to realise she can make a good call on future opportunities. She clearly thinks that secure blockchain based services is a major opportunity. And the most secure blockchain, by far, is Bitcoin
BTC isn't as manipulated as gold and silver. Yet. But it gives a small indication of what would/should have happened to the PMs if fed wasn't intervening. Janet will need new CTL and P keys installed after the last couple of days.
If gold is leveraged 10x on paper there could be a million tonns dumped on the market as counterparties disintegrate. You'll know when SHTF when gold takes a monster dive.
PM certificates will be wallpaper very soon.
Physical is for holding not trading.
yeah what about that yellow metal? - its moment is here and pffft
Physical or paper gold? Big fucking difference.
And does that not tell you something about the state of the 'Market' in these metals?
Keeping the PM prices low is as important to maintaining the facade as keeping interest rates low. Only when the Central Banks lose control completely will gold and silver react in a 'Normal' fashion to market forces.
yes, and central banks around the world, but especially in Asia are accumulating physical like crazy. do as the do, ignore what they say...
again it's moment is here staring it straight in the face and can only muster $10? while I believe it has a place in one's portfolio (either physical or paper) this is the kind of day/wk that it should really be shining - pun intended.
If the fact that gold and silver alone out of all asset classes have done NOTHING today, in the face of all that's happened, does not tell you all you need to know about how their prices are set then I don't know what will.
Bitcoin is fiat!
What central authority issues it at no cost?
None?
Then it isn't fiat, idiot.
bitcoin has none of the attributes or a fiat currency.
Good luck down there wallowing in your own ignorance, I hope you manage to wake up one day.
ZH comment sections on Bitcoin threads at ZH are laughing stocks with regards to anything Bitcoin, always have been, likely always will be.
Gold is Fiat.
Gold is a Ponzi scheme.
There, I think that's a farly straightforward representation of how utterly drooling-on-one's-self retarded one looks when calling Bitcoin Fiat or a Ponzi.
BTC, BTChez.
WHat's it going to take for Gold to skyrocket, daed bankers?
Dead Banks.
All you BTC lovers can join this bitch in her pursuit of failure.
http://www.coindesk.com/former-jp-morgan-exec-blythe-masters-swaps-wall-...
Banks closed in Greece. Western Union closed in Greece. Bitcoin still works.
Unfortunately, Bitcoin breaks if more than 5/1000th of 1% of the world actually uses it per day. The goombahs in central control of the source code won't increase the capacity of the network. This means it only takes 2 dudes on reddit to clog the network up. One more little half-ass pump and then it is Selling Time!
Scaling up can and will be done ... and central control of the source code is a myth. Anyone can create full node software if they have the skillset.. You can even take the existing reference code as a starting point to roll your own.
Sorry but that is incorrect.
Currently MAX_BLOCK_SIZE = 1MB , that means around 7 TPS (Transactions Per Second) , my nodes have MAX_BLOCK_SIZE=20MB , that means my nodes can handle 120 TPS , I am ready to run 1200 TPS in the near future , as the transaction volume increses , the majority of nodes will increase MAX_BLOCK_SIZE to allow for the increased transaction rate.
It won't be long before 1000 TB hard drives cost 50 bucks , if you don't beleive me ask somebody who paid 50k for a 1MB hard drive in 1979 , the size of a washing machine and required 3KW of electriciry to run it.
BTW the source code could be re-written by anybody , in fact there are already several different versions of bitcoin all written by independant programmers , as long as the code is compatible with the bitcoin blockchain then anybody can write code for it. There is no central authority.
I'll believe > 1 MB blocks when I see it. Don't hold your breath. The majority of the mining pools have stated they'll only feed off of what the Core Committee serves up. Your 7 transactions per second is under ideal circumstances with the smallest transaction data size imaginable. Real life ain't like that, more like 3 TPS tops. Anyways 7 TPS is a still a joke of a transacation system.
Yeah and I will believe modem speeds can go above 2600 baud , and computers doing graphics on my TV set in colour , when I see it. Yawn.
Don't be suckered by the Bitcoin scam. This is just another fiat, only this one is controlled by the same people that brought you Facebook, Google, etal. You know, the companies that act as both data collection and dissemination vehicles for the cabal, and are the biggest screaming shorts on Wall Street. Use your noodle.
If Bitcoin had a future, I wonder why Russia and China are buying up all the gold and silver - gee I guess they must not "understand" it either.
The problem with Bitcoin is not a technical one, it has to do with people's desire to have a portable and concentrated store of value that represents scarcity and utility (gold and silver are commodities that have economic value in industry as well as monetary value). Even if Bitcoin could provide this, the world-wide acknowledgement of the portable intrinsic value that Gold and Silver represent that is NOT technologically dependent is exactly what people are seeking now.
I am not a “gold bug”. However, I can see the forest for the trees. World-wide, our cabalist controlled central banking systems are failing, and until confidence is restored, stores of value that have the characteristics of gold and silver are what the public (and increasingly governments world-wide) are demanding. When confidence is restored, I may change my tune.
Bitcoin is doing exactly what PM's would be doing if they weren't being artificially suppressed by the cabal - and if you think they can continue to do it under the pressures that we are about to experience, you are probably either a cabalist yourself or delusional.
Turned on CNBC to check data and they are interviewing some Jazz artist who is pissed because he isn't getting enough of his cut. What next Miss America going tranny?
You would first have to get past the local Miss America pagaents -- but I could see some radical state organization passing a tranny throughm-- especially with Trump having a hand in pagaents!
Running from one Electronic currency to another.
An internet access to Bitcoin is an ATM by another name.
Less fungible.
Fun fact #275: Bitcoin does not need the Internet to operate. Bitcoin transaction can go peer-to-peer over bluetooth, NFC, or be scribbled on the papper if needs be.
And the verification (by the buyer) that the same bitcoin hasn't already been spent then goes by... sifting through piles of scribbled paper pieces?
If you can exchange the backlog of blocks via bluetooth, there is no need to verify them on the network. Just re-do the hashing on your own and see if hash matches the block. Then you can trust the blockchain as it's proovably correct.
This is just speculators betting on another Cyprus like surge.
Anyone know what happened to that douchebag Fonestar? I bet he is creaming his panties today.
BitCoin needs to be regulated -- let's put it under COMEX just like the barbarous relic....
It was tough finding 90% last week -- it is even worse this week. Premiums in the high $3 to over $4 an ounce, and lots of stuff marked as out of stock. Its either hard to find (the buy prices suck out there), or the dealers are hanging on in hopes of a Greek price pop.
Don't trust digital buttcoin, ALWAYS ask for physical BTC. If they can't deliver with whatever BS excuse: fuck 'm.
buttcoin ? Sounds like another dodgy Alt Coin to me , steer clear..
Bitcoin is fiat but it is interesting to watch because it behaves differently than gold at times which is a tell in itself. The kitco bitcoin boards are a mess to read.
Definition of fiat is below, FYI. Sad, the pathetic level of understanding of Bitcoin displayed by otherwise usually coherent posters on this thread. Open source, competitive, deflationary, trust-less, ALTERNATIVE to fiat is more like it. The originators of Bitcoin were unequivocally hard money and anti-fiat; and that is the overwhelming philosophy of most of the present-day users and supporters of Bitcoin. If the State begins to try to get its mitts on Bitcoin, believe me, a free-market fork will take over. Even the goon squad knows this, which is why they haven't (really) tried to ban it outright yet.
fi·at ?f??t,?f??ät/ noun noun: fiat; plural noun: fiats"adopting a legislative review program, rather than trying to regulate by fiat" synonyms: decree, edict, order, command, commandment, injunction, proclamation, mandate, dictum, diktat
"a political union imposed through imperial fiat"
"the appraisal dropped the value from $75,000 to $15,000, rendering it worthless by bureaucratic fiat"
A lot of people know nothing about BTC, money and even PM's in this thread, what a mess...
At first glance, I thought that Fiat had introduced a new model.
Bringing in the thieves. Bringing in the thieves. We will come rejoicing bringing in the thieves.
Yes, because bitcoin is a fucking bubble and nothing more. It was created out of nothing, it produces nothing, it exchanges nothing, it does not possess military. It's a fucking fiction that dissapears as soon as the internet is shut down. Blockchain is a joke and so are the bitcoin speculators who don't really give a shit about freedom and all the other Max Kaiser and DaVinci bullshit. It's all about a fucking GREED for $$$ and you've all been duped by the promotors and now you promote it further to find enough fools to hold the bag for you. Tic-tac for bitcoin and all the moronic bitcoin johnny-come-lately community. BC Max Keiser&Co. pushers are LONG gone @$1,200!
1200 will look really cheap in a couple of years time....
Bitcoin discounters:
If you could take the worlds 500 fastest and most powerful supercomputers and combine their power, then multiply that by 10 would it be worth something?
Well that's how powerful the Bitcoin decentralised network of nerds joining their processing power is.
That fact changed my skepticism.