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Bitcoin Surges After Initial Forecasts Show "No" Vote Ahead
If the early bitcoin markets are an indication of what will happen once New Zealand opens for illiquid FX trade, it will be a risk off kinda day.
And that doesn't even take into account the pandemonium that will be unleashed in China in a few hours after the PBOC just went all-in to halt the crashing stock market. What if it fails to get a green close before tomorrow's US open?
Source: Bitcoin Wisdom
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The idea of a non central bank currency is appealing, but Shitcoin is not the answer.
Bitcoin is a currency, but not money. Money must have tangible and intrinsic value. Only gold is money.
There is no such thing as intrinsic value.All value is subjective. If you dont believe me ask a monkey what he would prefer a banana or a truckful of gold bars. He would choose the banana. He would be choosing the gold if it genuinely had any 'intrinsic' vaue.
I remain a bitcoin skeptic but the reaction of bitcoin to these small crisis’s makes a small allocation to the crypto currency make sense for when the big one hits. As with gold a zero allocation doesn't make sense. I would hate to make all the right calls on the economy and the wrong one on how to protect myself and family. Explained further here.
2% allocation
BTChezzzz
Yep, Bitcoin is 'surging'...
Right back to where it was last week.
It's already just smashed through 270 actually.
This can only be bearish for Gold.
wow... 270... smashed! lol
that's like if the Dow was "smashing" back through 4000
You Flat Earthers were miffed when it blew through silver.
You're quite the Bitcoin ambassador. Right up there with fonestar and RU-GAY2 ..
OMG SATOSHI WE LOVE YOU AND CANNOT CONTAIN OUR BLADDERS WALKING IN YOUR FOOTSTEPS!!!
That is a flattering comment. fonestar will go down as a legend on these boards.
store your btc yourself using an encrypted wallet with lots of backups of your wallet.
Start off with bitcoin core. It will take some time to sync , but will give you a wallet address as soon as you start the software.
Buy bitcoins from localbitcoins.com , coinbase , bitstamp , do not store your bitcoins on an exchange otherwise you could get Corzined.
thanks
We only reccomend a sizeable portion of your net worth to invest in Bitcoin... lik 85% or so.
That is a bit conservative. I thought you were a Bitcoin fan!
Bitcoin is going to smash through 180 trillion!
Considering Bitcoin was worth a dollar just a few years ago, no, it's not like that at all.
Bitcoin keeps smashing higher and higher... from $0 to $270 in five years... we were so stupid for buying this, weren't we?
Bitcoin will be back over $1,000 USD soon.
Pawn your mother's jewellry and buh Bitcoins!!
I remain a Bitcoin skeptic....., grow some balls.
Thats like saying I'm against Gay marriage as you suck off your best friend.
Yeah, perfect analogy. I simply have seen evidence (not 100% conclusive) that bitcoin was developed by those who may not have economic freedom at heart. That said I am humble enough to know I do not know everything, and will not ignore bitcoins performance in times of economic turmoil, which I believe we will see much more of. I’m amazed at the strong reactions on both sides to Bitcoin. An absolute conclusion of a zero allocation to bitcoin considering my economic view simply doesn’t make sense despite my reservations.
Well said, Captain.
When I post in these Bitcoin threads, it's mostly just to tweak the true zealots who believe they will get rich buying Bitcoin.
That mentality has been the same throughout time immemorial from tulips, to south-seas, to 1920's Florida swamps, to 1929 stocks, to Dot-Com, unreal-estate, and now again to stock bubbles (most notably China, with other world markets to follow).
Bitcoin only makes sense from an asset-diversification and wealth-preservation standpoint.
Frankly, that's the same reason to hold Cash, Bonds, and Gold; don't expect to get rich from them; merely hope to preserve your wealth through the coming economic storms.
I guess the question boils down simply to: If you currently have wealth/savings, what investment vehicles AT THIS EXACT POINT IN TIME will help preserve (and hopefully grow) that wealth?
We can probably all agree thaat stocks and real-estate are currently priced well into bubble territory.
So what does that leave us?...
I have been pretty skeptical myself - based mainly upon the availability of infinite competing cryptocoins, however, this seems to me to be BC's moment to shine.
Victory won't have anything to do with BC's valuation though IMHO - it will be if/when a substantial number of Greeks adopt transacting businiss in BC (5-10%?) over the next few months.
The alt-coins are numerous however the computing power mining (auditing) any given blockchain (public ledger) is finite.The majority of computing power is pointed towards the Bitcoin blockchain.
The Bitcoin blockchain (distributed public ledger) records bitcoin transactions. Bitcoin is the market selected crypto-currency to date.
Why is the majority of computer power directed at the Bitcoin blockchain and not Ecuradorcoin or USGovcoin or any of the other alt-coins??
Because bitcoin was coded to be finite like gold. The computer geeks are pointing the computer power towards digital gold rather than digital fiat.
Good for us.
What is it about the availability of competition that makes you skeptical?
To answer, I'll have to explain a little more. Right now, BC, IMHO has a bit of an identity crisis: is it money, an investment, or justa vehicle for transactions?
I think most everybody can agree that as a facilitator of transactions, BC is pretty good as is, although some seem to have legitimate concerns regarding the implications for an every-increasing block-chain in terms of verification. In this capacity, competition will have little to no effect, besides relieving some of the block-chain concerns. Basically, you transfer currency A into BC, transact your business, and get the hell out before the value can move down too much.
As an investment, competing cyrpto-coins will work to cap appreciation. Kind of like a stock market with an endless supply of penny stocks coming in. The highest percentage of appreciation will be for the new coins. We've seen this already to some degree I think.
As money, BC offers utility and value in terms of transactability, but I'd want to see if more than just a few of the techies adopt it, and I think this is why the situation in Greece will be prophetic for the future of BC. This is the perfect opportunity for it to take-off, if it's going to.
Bitcoin hopes to be all of the above. The vision is that one day it becomes an important and trusted part of that which circulates in the world's economy for the facilitation of trade and for storage of value.
First, it became a speculative investment (2010 onwards), but that role would have to diminish at some point in time when it realizes its full potential, starts getting superseded or fails. Ideally, its speculative investment aspect transitions gradually into a relatively stable store of value aspect.
After that (~2011), it started being used for trade and, arguably, it absolutely needs people accepting it as a payment in order to be successful and survive, so it is a crucial part of its identity. Being a vehicle for transactions is only a good start, but it also needs people who are willing to hold it in order to allow growth. There is a spectrum of users between those who only want to transact with it and try to minimize their exposure, through those that hold some during their business for convenience and to those who hold it for the long haul (speculators/investors). All of those push the value upwards, which enables a few positive feedback loops for a nascent cryptocurrency. Higher value incentivizes more mining, thus better security and lower risk of an attack. It also enables higher value transactions to take place. Bitcoin is simply no good for e.g. a billion dollar value transaction at today's market cap. So I'd say Bitcoin does need someone to hold the currency and to make it appreciate for the time being.
We have and have had stock markets where practically anyone can bring new penny stocks. Capitalism works - most of the penny stocks turn out to add nothing of value and go to zero. The few that survive tend to be deserving of their high appreciation. Ultimately they don't decrease the market cap of the older, more established companies, unless they really make them obsolete. You have to beat the competition in every respect, and then some, in order to supersede them. And that's a good thing.
Same with the cryptocurrencies. The vast majority of them have been copycats that add nothing significant and many of those are now history. There have been others that try to add different features, but those don't make Bitcoin obsolete in any way. They generally don't try or want to compete with Bitcoin, and indeed recently there is the trend to try and use Bitcoin's blockchain when possible, instead of alternative blockchains, for alternative tokens and all kinds of layers and applications on top of Bitcoin. Some altcoins have behaved like leveraged Bitcoin derivatives both on the upside, and now on the downside too, which must be an existential crisis for many of them.
There is one market segment where Bitcoin has a massive competitive edge, and you are seeing really rapid growth in actual usage.
The remittances market.
If Bitcoin gains a significant share of that market alone, it's exchange rate will climb an order of magnitude at least
Here is a report about the growth from one of the companies supporting that segment ...
https://www.reddit.com/r/Bitcoin/comments/3bzncr/almost_exactly_one_year...
I remain a bitcoin jesus and this small crisis makes me richer bitchez.
We don't want to see "small allocations" from vous peoples in Bitcoin. We want to see rabid fanaticism, we want to see you dance like a monkey, we want you to sell everything you own! That and only that is worthy of Satoshi conciousness!
So let's say there is a demand for gold, which there is, for bullion and other resources, then there is a cost to dig said gold out of the ground. This cost is it's percieved intrinsic value.
So yes, value is percieved, but it is the perception based on cost that determines value.
Exactly the same with bitcoin. Price of bitcoin gravitates toward cost of production. Except bitcoin has far more uses for currency systems than gold could ever dream of.
There is no production of bitcoin. It was produced at no cost already. It's like if gold was laying in the streets and all someone had to do was bend over and pick it up.
Gold's cost takes into account oil costs, machine coasts, and labor costs. Bitcoin has none of those costs.
Maybe you might want to google 'massive chinese Bitcoin mining operation' before you open your mouth again.
Every single country which has cheap electricity and the required infrastrucutre have bitcoin mines, china, india, iceland, etc.
Hey what was that bitcoin exchange that got Corzine'd? SILK ROAD.
http://money.cnn.com/2014/02/14/technology/security/silk-road-bitcoin/
:)
Silk Road was a market place not an exchange.
Using your logic does a bank robbery mean dollars have lost value ?
The fact that people are trying to steal bitcoins only prooves they have value.
Stop trying to argue with crazytechnician.. he knows his shit. Just buh Bitcoin.
Or you'll do what?!?! Defend a crypto-currency like it is the next reserve currency?!
LOL
I think you might be thinking of Ripple because you obviously have zero idea of what you're talking about with regards to BTC.
Big surprise on ZH... /s
New bitcoins are issued as a reward for the miners/accountants who provide the processing power to secure Bitcoin transactions.
Since hardware and electricity aren't free, there clearly are costs.
So the cost is hardware and support systems. Ok, what's it take to make those. Oil for plastics - check. Precious metals for processing - check. So where here does the value lie?
In the commodity of the system - oil and gold.
You're getting there. When you'll understand btc fully, it'll blow your mind.
It's the energy and the added value on top like the myriad of utilities, strength of the network and userbase.
The main value lies in the incorruptible ledger and the permissionless transaction network. The commodities required to power it play into it, but I'd argue their part is smaller than the perceived value of the network.
Bitcoins are very expensive to manufacture. You need to do more research. Bitcoin mining currently uses around 40 TerraWatt / Hours of electricty per annum to operate , which is increasing steadily. From that , currencly around 3400 bitcioins are generated per day. That figure halfes every 4 years. The last and final bitcoin to be generated will be in the year 2140.
So, you're willing to bet the internet will still be around in 125 years?
Mankind couldn't even fly 110 years ago...
Naa, the Internet won't be around , just like flying isn't around today , moron.
LOL
I'm pretty sure commercial aviation, anything close to as we know it today, will not be around in 125 years.
Man you must be a rocket scientist visionary or something. You are really trying to say that aviation (flying) in 125 years will be different from aviation today ? Hell , who would have known that.....
I mean it will essentially be defunct, smart-ass.
Check out Kurzweil's The Law of Accelerating Returns
LOL
Like everything else he says, Kurzweil just made that shit up and you bought it because it sounds pretty.
What a pathetic argument. I spy that you don't even know what you're talking about.
Time will tell if Kurzweil is right.
So can my credit card. One click shopping on Amazon and 2 day free Prime shipping. Don't really need Bitcoin there.
You'll need to report all capital gains and losses for each Bitcoin transaction, too. The IRS is watching. You've been keeping track, right?
Bitcoin is great for replacing wire services. That's about it. Sure, you can use an online ledger for many other purposes, but I'd rather go through an institution where there is a chain of responsibility for transactions. Someone gets ahold of my credit card, my bank will correct the problem. Someone gets ahold of my private key - I'm fucked. People wonder why wires take so long. It's because you've got bankers who are responsible for not losing your money. If it does get lost, there is a dispute mechanism. I like dispute mechanisms. Joe Six Pack likes dispute mechanisms. With Bitcoin, your ass is hanging in the sling. That is fine for some, but not for most.
Let's not forget the gravity of having a military to back a currency.
It's a fun experiment, but it has a very long way to go and will probably never "get there". Governments are hostile to it. You can live in the land of theory or the land of reality, your choice.
This pre-Grexit pump isn't being initiated by Greeks. It's being initiated by non-Greeks who think Greeks will buy Bitcoin. Same thing happened in 2013. The Chinks fell for it hook, line and sinker, bringing BTC to 1200 only to crash down sub $200 for a bit.
Also, the only thing Bitcoin has on technologically superior coins like Monero is name recognition and hash rate. Shaky ground.
And no, I'm not a BTC luddite. I made a tidy sum off it and saw the same "To the moon" mentality on those forums as we see here. ZHers beware, those who preach BTC have much to gain from you coming onboard, just like wives pushing Amway.
You are so full of shit.
BTW , did you know that a single machine built by Alan Turing for 100,000 GBP took on and basically defeated the entire Nazi military machine ? Used correctly encryption and mathematics are far more powerful tools than standing armies and all their destructive technology.
Now , get back and start sucking some banker balls , somebody used your CC and you need the payment reversed.
No rebuttal? Awww.
Actually my rebuttal was to your lame statement:
"Let's not forget the gravity of having a military to back a currency."
You probably never read what I said about about Alan Turing. Hint: bitcoin does not need to be backed by military might , cryptography and mathematics are far superior to standing armies and advanced weaponry.
No, they're not "far superior" to a military, they just accomplish different goals. It's like saying "math is better than bananas". I am familiar with Turing, I built more Turing machines than I care to admit while at the uni. I love how you weakly rebutted my statement by conjuring up Turing but failed to address any other points I made.
So I repeat:
"a single machine built by Alan Turing for 100,000 GBP took on and basically defeated the entire Nazi military machine. Used correctly encryption and mathematics are far more powerful tools than standing armies and all their destructive technology."
If you do not understand that then I suggest you grow a brain.
This might be an entirely new Banking system actually.
If these "Bitcoin ATM's" start springing up all over the place your "digital dollars" will suddenly be convertible.
The question becomes "into what...
Bitcoin coins silly ......
Pennies, nickels and dimes?
Only if they're made out of copper, nickel and silver.
If these "Bitcoins" convert into actual CASH...the question becomes "what cash?" Dollars? Yuan? Yen?
In other words "define convertibility"...
It is convertable into physical gold already : Bitgold.com
I really like Mish, but I'm still very skeptical of BitGold.com
https://www.bullionvault.com/gold-news/bitgold-goldmoney-052720152
Whose vaults are the 'gold' stored in?
In times of extremis, will you still be able to take delivery?
I'm especially concerned after what happened to Bullion-Direct...
They are stored in Brinks vaults of your choice. Toronto, Hong Kong, Zurich, etc. And they are insured, and remain yours and not rehypothicated..
So far I have used their service, and made one withdrawal to fiat. I have yet to try and take physical delivery. Also, they will be issuing debit cards that allow you to spend your gold balance at any POS terminal. Time will tell...
"They are stored in Brinks vaults of your choice. Toronto, Hong Kong, Zurich, etc. And they are insured, and remain yours and not rehypothicated.."
........ You hope .........
Just as you hope that your keys will never be out of your control.
They would not be called 'Private Keys' if they were not private.
You are free to leave your wallet on a train , good luck getting it back. Bitcoin brings back something many don't understand: It's called Personal Responsibility. Good luck trusting those banks with your deposits.
herding the sheeple...woo-freakin-hoo bitcoin!!!
@crazytechnician There are birds who collect shiny over bananas....so all animals are not equal in this regard. 'Intrinsic value' is subjective without absolute truth....which comes from the Creator. ..as in Right vs. Wrong. (If you don't belive in a Creator, then rape and murder are good? No such thing as right and wrong? Only some social norm??? FUCK THAT!) ) You and I...and for sure not some bank, do not decide what is 'money'. Keceph Anah
I love the metaphor but unfortunately, we are not monkeys. We know that a truckful of gold bars buys the whole island, hookers, blow, and all the bananas you could ever want. That has a lot of value to most of us. What you seem to be saying is you can't eat gold. A popular meme in these parts.
yes...we have no bananas
Actually its not, though I do agree with your point of view on Bitcoin.
The intrinsic value is you can carry and protect wealth over borders undetected by governments. Lets see somone do that with Gold Bars come the Zombie holocaust.
Given the Monkey hammering that the "Store of Value" that is Gold has taken for several YEARS, I think that it's wiser to take the Pragmatic view of PM, than an inflexible Ideological view.
Moral: If you want practical Mediums of Exchange, then Crypto or CB Currency will do fine (depending on the duration of time for which you store your Value in said Medium). Other forms/Mediums just aren't practical enough (fungible, portable, unit of exchange...).
Advice/Opinion: If you seek long term preservation of Wealth and you want to mitigate Risk, then there is no way around the tried-and-proven model: A mix of PM, Hi-End Art (Appreciating Assets), and quality Real Estate. Although any one of them will have its own roller-coaster price curve over a short or medium term (1-7 years), in the longer term (>7 years) or in combination, they will serve you well. And unless you're a pathological gambler or tried-and-proven speculator, over-allocating in any one asset class increases risk and lowers the odds of overall wealth preservation.
What an incredibly flawed argument. A monkey has no concept of "tomorrow" and the banana will be brown and mushy soon.
However, if I find myself having to barter with monkeys, I'll come to you for some bananas. Oh, by the way...they understand "bits" even less than "tomorrow".
And do I have to say it? Human beings are NOT animals.
It all boils down to 1) the utility one derives from a possession and 2) the utility others might derive from the possession. It's the monkey's stupidity that prevents him from recognizing utility #2.
Fallacious reasoing. It sounds smart but is stupid. Intrinsic is not univeral among other errors you made.
@Soul Glow : The problem is they've been able to make a derivative paper nightmare out of gold. Probably means gold will be either flat or down again this week based on a "no" vote when logic would say it should spike hard. Until the CTRL ALT PRINT button stops working I expect them to keep gold capped. So we get to watch cryptocurrencies made out of thin air spike while gold remains flat. Infuriating!
PorkChop, I get it, the paper market is manipulated so what's the point in caring. Well soon, and not if but when, the physical market will collapse and a large shipment of bullion will be stiffed. This is why Venezuela asked for their gold from JPM - and even after all Chavez did to destroy the bankers this was why they gave him cancer.
Germany, France, Holland, everyone is asking for their gold. Why? Because it's musical chairs and someone isn't going to sit down.
Anything can be money if enough people agree on it.
Gold makes for a good money because of its characteristics like scarcity, fungibility, recognizability, durability....
All of those characteristics are shared by Bitcoin, so it can be money too.
I think bitcoin is not money because it does not have significant non-medium of exchange use. There is also no limit to the number of alt-coins that can be created, so it is much more inflationary than say gold, which is limited by mining.
Bitcoins might not have alternate uses but the underlying blockchain protocol certainly does. Alt coins are a dime a dozen but that's more a feature, not a bug. Bitcoin itself is designed to be deflationary so having alt-coins which use bitcoin as a conversion hub to fiat enhances the chances that BTC will remain liquid with a market available to exit to. The different alt coins that catch on all have one thing in common. They all share a cultural commonality. Doge culture is different than dash culture which is different than bitcoin. People will use the coins that they have a cultural affinity with inside their own social circles and that's going to create natural markets for successful alt-coins.
Currency is only one usage. There a dozen more and more are being developed.
Smart contracts, and everything which benefits from an uncensorable "database", timestamp network and many more.
Nothing has intrinsic value. A good property of money (I agree gold is money) is that it has uses and is valued apart from it's role as a medium of exchange. Gold can be used in jewelry, electronics, ornamentation, dental fillings, etc. Gold is subjectively valued apart from it's use as money. Silver is also money, ciagerettes can serve as money, etc.
Actually, having alternate uses for a moeny token is a bad thing.
http://www.theperfectcurrency.org/main-history-of-money/history-of-money
Read about the Egyptian Wheat Currency.
The problem, not mentioned in that article, but mentioned somewhere on von mises site (I can not find it quickly), is that some people accumulate their wealth. IE. Hold on to large amounts of Wheat in that system.
This leads to food shortages for the poor - IE. The alternate function of that money (as food) gets compromised.
This leads to the slightly odd observation that the best money has zero alternate usages. That way, hording of it has no secondary effects in the real economy. Fiat money has this attribute.
Gold was perfect for this until we discovered its uses in electronics. Early use as a decorative item was just a different format of storage, rather than as an economic input into the production of goods and services.
Bitcoin has reintroduced a form of money that had zero alternate uses - by design - but has the limited supply attribute that makes gold to attractive to savers. An attribute national fiat currencies do not have.
Why? Money should be like a ruler or kilogram weight.. The unit should be precise so the market can make wise desision.
The more precise the better. It doesn't get more precise than bitcoin.
Me thinks that in the near future Greeks will regard gyros, olives, retsina and cigarettes as money.
Like anything else that represents 'freedom', it is allowed to gain wide public acceptance. Then it is co-opted.
I have come to the conclusion that Bitcoin is a release valve for Gold and Silver prices.......for now. ......Until it isn't.
BS. Precious metals and bitcoin are complementary.
With the help of bitcoin, the manipulation of gold and other physical assets can be ended for once and for all. E.g: registering and tracking physical gold on the blockchain, which is an uncorruptible and transparent database.
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Could this be the day getting to green doesn't matter?
Could the sheeple finally clue in that printing IS THE PROBLEM?
If "dollar savers" get their revenge here...
"The idea of a non central bank currency is appealing, but Shitcoin is not the answer."
WHY ?
It's difficult to transact in, succeptible to fraud (look up the newest double-spend issue), and it's regarded as seculative.
It serves the purpose of sticking a crowbar between the central banks and us, who knows if it will be the global curency one day but it certainly will show the masses what real money is susposed to do.
OH NO ITS SPECULATIVE!!!! DID THE MSM TELL YOU THAT?
SINCE WHEN DO PEOPLE ON HERE BUY GOLD HOPING ITS NOT SPECULATIVE...
In s SHTF scenario where the grid goes down what would buy you more food... a gold or silver coin, or the promise of a Bitcoin once the grid come back on. Just asking...
LOL, THE GRID...
Can I suggest you google 'map of the world' cause last thing I heard no one can turn of the whole fucking grid for it...
I lived through a SHTF scenario where power was lost for quite a while until they could replace the hundreds of transformers that blew up and replace the power lines that were destroyed. I'm lost on the point of googling 'map of the world'...
damn that must of been a great time with you not being able to comment on zerohedge... if you love the grid being off so much, then LEAVE!! you can jump off the grid right now and never post on zero hedge again!! the internet is as evil as bitcoin so you better turn it all off!!
pro tip: if there is no electric ANYWHERE than your gold ain't gonna be worth much since production will go to shit and so will the population... you probably cant even survive without a microwave
You almost made sense there until you started typing.
If the grid goes down you will have much bigger things to worry about. Like Fukishima & Chernobyl x 400. You would be searching for something to wash down that radioactive dust that will be the only food source for a couple of million years. You Flat Earthers crack me up.
It's much more likely that our dystopia won't be SHTF but rather a grey, grimy slide downhill with small moguls that give hope to the suckers. For that more likely scenario bitcoin works fine and better than gold or silver in enough circumstances that it should be part of your toolkit.
I believe in preparedness, not post apocalyptic romanticism.
I would agree with you except for 1 thing: all of the bitcoin-fanatics dismiss the obvious consequences of the grid going down. That is enough of a tell for me.
Their dismissal of precious metals and repeating the "flat earther" meme clearly demonstrates their mischievous bias as well as their fear.
Trading Bitcoin told me that it's speculative.
Everything which has value attracts speculators. Bitcoin is absolute, transparent and capped, the old-school manipulation techniques fail if it gets distributed and adopted widely.
I think bitcoin is the same as dollars EXCEPT it's not centrally controlled. I think that bitcoin is the same as gold EXCEPT it has no non-monetary uses. There are two main flaws in bitcoin, in my opinion.
1) It has no non-monetary use (some people erroneously call this "intrinsic value")
2) There is no limit to the number of competing alt-coins that can be created. If bitcoin gets too expensive, it makes altcoins more attractive. There aren't competing metals that have the same properties as gold, I can make an alt-coin (okay someone smarter than me) can make an altcoin that has the exact same properties as bitcoin.
Yes. from 2011 to 2014 msm did nothing but parrot volatility risk, illicit uses (as if cash or virtual fiat wasn't used for anything illegal) and all central banks warned against it.
In most countries banks are still very hostile against bitcoin companies which slows down adoption considerably.
Hypocrisy makes it easy to recognize idiots.
Actual goods are priced in it.
So are TRILLIONS in assets.
"But can I get cash for them...
Btc is digital cash.
It is difficult to transact at first, I agree. There are many solutions out there to alleviate this problem if you are willing to do the legwork. Bank cards that draw off your Bitcoin balance are available for example.
Double spends are still possible, but there too you can protect yourself from them as well.
For international remittance though, there is nothing better..
Gold is a wonderful currency because it is so small "and weighs a TON."
Makes for very good ballast!
Paper is more "ironical" as "currency" because you only "get what you pay for."
Interesting that Bitcoin is the "gold standard" for international transactions though...
It's a lot easier to transact in bitcoin thn in gold. Try sending an ounce of gold 9000 miles in 10 seconds. Can be done with bitcoin.
This. Would imply a "sudden shortage of dollars" and a reset to CASH..not gold.
So, for your SHTF preparing, are you stocking up on Bitcoin, or gold?
SHTF , you guys are deluded. I'm stocking up on maps of the Flat Earth and stale prepper food I can sell to you guys when it really does happen. And I will only be accepting bitcoin.
If SHTF happens in (5) years I could see your scenario. Wide acceptance, recognition, ease-of-use (quite possibly without the aid of an electronic hand-held gadget -- or even the grid), and sheer numbers, it could play out. Between now and the next 2 - 3 years though...? We observe and find out.
Both you idiot.
No shit, you can make the same argument for real estate or cars. Yet, people hoard them.
The REAL problem Bitcoin has is the global push for cashless society. That means governments plans on switching to some sort of digital currency at some point. Guess what? It won't be Bitcoin. Like it or not, the value of a Bitcoin is 100% determined from the value other people put on it. You cannot eat a Bitcoin nor smelt it. Just like fiat currency, it has no value to the holder himself. All value is derived from others. If your neighbor prefers the Govcoin to Bitcoin (and he will), forget about it. The government hates competition. So really, when you mock the SHTF people, you mock yourself, because only in a crazy, inverted world where government has no power will Bitcoin establish dominance.
bingo. cashless society = digital currency. i wish i understood btc better.
Bitcoin is constantly evolving, it's already the easiest payment method (once you are in the network, eg. exited fiat), and the number of speculators are completely natural at this stage. We are witnessing the early bootstrapping and price discovery phase of a new ecosystem.
Learn about its properties, peasant.
Why do you care?
<<Learn about its properties, peasant.>>
Something stinks. Do you need the peasants participation??
If bitcoin really was valuable, you would keep your mouth shut while you laughed at the peasants.
I like fighting bullshit.
I have one question: when all fiat currencies fail, what will BTC be redeemable in? or if you think that's too much of a longshot, how about hyperinflation? would BTC keep pace with a severly devaluating dollar? and even if it did you are still left with the dollar's troubles, so how exactly does it hedge anything?
"what will BTC be redeemable in"
Goods & Services.
When a fiat currency fails, it's always followed by something else. Bitcoin will establish an exchange rate with each and every replacement as they go through the same fiat currency lifespan.
Bitcoin will eat your world. :)
ZH tards, please educate yourselves if you have some freetime between masturbating to doom articles and prepping.
Why do you care? Do you need educated ZHers?
I like fighting bullshit.
The only certain outcome is that gold will be down.
Yay! Way to go Bitcoin! Now, will gold follow? Or...
It's HAMMER TIME!
As long as gold continues to trade down, then Wall Street will argue that everything is fine, and Greece is an asterisk. Italy, Spain & Portugal won't matter either...
Now that the horses have escaped the barn let's close the door. This is pure market bending so a few people can make money on the coming panic......
Yes, I'm going to have to sneak some sleep in somewhere today, getting rather interesting.
Too bad that TPTB will have the hand of God come down and stabilize evrything tomorrow. We will finish in the the green and everything will be calm and business as usual. Everything is rigged. The FED cannot have the people scared because that will ruin the game plan for them.
only fools buy bitcoin,,,, buy silver or gold!
What will you do when the economy collapses and Gold is still only $1,000. You will cry but Gold should be worth thousands and the governemnt will say not by 'OUR CHART' it isn't.
OT ALERT:
20MB block size implemented. 20MB will go live once >50% of nodes are upgraded.
Brings bitcoin upto 140 Transactions Per Second capability.
Download from:
https://github.com/bitcoinxt/b...
Ratio of 1MB to 20MB nodes can be seen here:
http://www.xtnodes.com/
People are fleeing from one disaster to another
It works since 03.01.2009.
Anyone who manages to break the system could be amazingly rich as they could short the fall.
Bitcoin is great but Gemz is going to make a lot of people some money once it goes viral.
http://getgems.org
The only thing viral is the clap I caught from a Romanian biatch at FKK Magnum.
A dab of BitGold also makes sense in an era of suppression - even if its alleged redeemability is false.
Bitcoin = independence